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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) September 25, 1997
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of September 1, 1997, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1997-3)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-21485 36-1414142
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates, Sub-Pool 1 and Sub-Pool 2
On September 25, 1997 a single series of certificates, entitled AFC
Mortgage Loan Asset Backed Certificates, Series 1997-3 (the "Certificates") were
issued pursuant to a pooling and servicing agreement (the "Agreement") attached
hereto as Exhibit 4.1, dated as of September 1, 1997, among Superior Bank FSB,
as depositor (the "Depositor"), Lee Servicing Company, a division of Superior
Bank FSB, as servicer (the "Servicer") and LaSalle National Bank, as trustee
(the "Trustee"). The Certificates consist of seven classes identified as Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5 (collectively, the "Class
1A Certificates"), Class 2A (the "Class 2A Certificates", together with the
Class 1A Certificates, the "Class A Certificates") and Class R (the "Class R
Certificates"). The Certificates evidence in the aggregate the entire beneficial
ownership interest in a trust fund comprised of Sub-Pool 1 and Sub-Pool 2 (the
"Trust Fund"), consisting primarily of first and second liens on single-family
properties, multifamily properties and mixed residential and commercial
structures (the "Mortgage Loans") with an aggregate principal balance of
$190,960,693.38 as of September 1, 1997 (the "Cut-off Date") and an aggregate
amount of $46,413,349 deposited on the Closing Date in the Sub-Pool 1
Pre-Funding Account and an aggregate amount of $69,619,200 deposited on the
Closing Date in the Sub-Pool 2 Pre-Funding Account. The Class A Certificates
were sold by the Depositor to Merrill Lynch, Pierce, Fenner & Smith Incorporated
("Merrill") and J.P. Morgan Securities Inc. ("J.P. Morgan"), pursuant to an
underwriting agreement dated September 12, 1997 among the Depositor, Merrill and
J.P. Morgan.
The Class A Certificates evidence, in the aggregate, $300,000,000 principal
amount as of the Cut-off Date. The Class 1A-1 Certificates will be entitled to
payments of interest accrued on the outstanding Class 1A-1 Principal Balance at
a variable pass-through rate. The Class 1A-2 Certificates will be entitled to
payments of interest accrued on the Class 1A-2 Principal Balance at a fixed rate
of 6.62% per annum. The Class 1A-3 Certificates will be entitled to payments of
interest accrued on the Class 1A-3 Principal Balance at a fixed rate of 6.69%
per annum. The Class 1A-4 Certificates will be entitled to payments of interest
accrued on the Class 1A-4 Principal Balance at a fixed rate of 7.07% per annum.
The Class 1A-5 Certificates will be entitled to payments of interest accrued on
the Class 1A-5 Principal Balance at a fixed rate of 6.90% per annum. The Class
2A Certificates will be entitled to payments of interest accrued on the
outstanding Class 2A Principal Balance at a variable pass-through rate. In
addition, on each Remittance Date, each of the Class A Certificates will be
entitled to distributions allocable to principal which will, as more fully
described in the Agreement, include the principal portion of all scheduled and
unscheduled payments received on the Mortgage Loans during an Accrual Period.
Credit support in respect of certain losses realized on the Mortgage Loans
will be covered by a certificate insurance policy (the "Certificate Insurance
Policy") issued by Financial Guaranty Insurance Company (the "Certificate
Insurer") and, if the related Remittance Date is prior to the
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Cross-over Date, Excess Spread received by the Servicer. The Certificate
Insurance Policy will irrevocably and unconditionally guaranty payment on each
Remittance Date to the Holders of the Class A Certificates of the related Class
A Remittance Amount. If the related Remittance Date is prior to the Cross-Over
Date with respect to a particular Sub-Pool, Holders of the Class A Certificates
will have a right to 100% of the related Excess Spread to fund the amount by
which the related Class A Remittance Amount with respect to all Classes of
related Class A Certificates exceeds the related Available Remittance Amount for
such Remittance Date. To the extent available, the Net Excess Spread and Excess
Principal with respect to a Sub-Pool will then be applied to cover any Available
Funds Shortfall with respect to the other Sub-Pool. Capitalized terms used in
the second paragraph hereof and not otherwise defined shall have the meanings
assigned to them in the Agreement.
On September 30, 1997 following the closing of the initial issuance of the
Certificates, pursuant to the Agreement, the Trustee purchased from the
Depositor Subsequent Mortgage Loans, as defined in the Agreement, with an
aggregate principal balance equal to $16,722,285.65 with respect to Sub-Pool 1
with funds on deposit in the Sub-Pool 1 Pre-Funding Account, and $23,051,842.54
with respect to Sub-Pool 2 with funds on deposit in the Sub-Pool 2 Pre-Funding
Account, both established pursuant to the Agreement at a purchase price equal to
the principal balance thereof, which Subsequent Mortgage Loans were conveyed to
the Trustee pursuant to a Subsequent Transfer Instrument, dated September 30,
1997, between the Depositor and the Trustee (the "September 30 Instrument").
Attached to the September 30 Instrument is the Mortgage Loan Schedule with
respect to each Sub-Pool listing the related Subsequent Mortgage Loans that are
the subject of such September 30 Instrument.
Items 3 through 6 and Item 8 are not included because they are not
applicable.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
4.1 Pooling and Servicing Agreement, dated as of September 1, 1997,
by and among Superior Bank FSB, as Depositor, Lee Servicing Company, a division
of Superior Bank FSB, as Servicer and LaSalle National Bank, as Trustee.
4.2 Subsequent Transfer Instrument, dated September 30, 1997,
between Superior Bank FSB as Depositor and LaSalle National Bank as Trustee.
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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
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Name: William C. Bracken
Title: Senior Vice President
and Chief Financial Officer
Dated: September 30, 1997
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EXHIBITS TABLE
4.1 Pooling and Servicing Agreement, dated as of September 1, 1997,
by and among Superior Bank FSB, as Depositor, Lee Servicing Company, a division
of Superior Bank FSB, as Servicer and LaSalle National Bank, as Trustee.
4.2 Subsequent Transfer Instrument, dated September 30, 1997,
between Superior Bank FSB as Depositor and LaSalle National Bank as Trustee.
EXECUTION COPY
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POOLING AND SERVICING AGREEMENT
Dated as of September 1, 1997
LASALLE NATIONAL BANK
(Trustee)
SUPERIOR BANK FSB
(Depositor)
and
LEE SERVICING COMPANY,
A DIVISION OF SUPERIOR BANK FSB
(Servicer)
AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3
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TABLE OF CONTENTS
PAGE
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ARTICLE I
DEFINITIONS..............................................................2
ARTICLE II
SALE AND CONVEYANCE OF THE TRUST FUND...................................41
Section 2.01 Sale and Conveyance of Trust Fund; Priority and
Subordination of Ownership Interests.....................41
Section 2.02 Possession of Mortgage Files.............................41
Section 2.03 Books and Records........................................41
Section 2.04 Delivery of Mortgage Loan Documents......................42
Section 2.05 Acceptance by Trustee of the Trust Fund; Certain
Substitutions; Certification by Trustee..................45
Section 2.06 [Reserved]...............................................48
Section 2.07 Execution of Certificates................................48
Section 2.08 Fees and Expenses of the Trustee.........................48
Section 2.09 Application of Principal and Interest....................48
Section 2.10 Conveyance of the Subsequent Mortgage Loans..............48
ARTICLE III
REPRESENTATIONS AND WARRANTIES..........................................53
Section 3.01 Representations of the Depositor.........................53
Section 3.02 Individual Mortgage Loans................................55
Section 3.03 Purchase and Substitution................................64
ARTICLE IV
THE CERTIFICATES........................................................67
Section 4.01 The Certificates.........................................67
Section 4.02 Registration of Transfer and Exchange of Certificates....67
Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates........72
Section 4.04 Persons Deemed Owners....................................72
Section 4.05 Information Reports to be Filed by the Servicer..........72
ARTICLE V
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS......................74
Section 5.01 Duties of the Servicer...................................74
Section 5.02 Liquidation of Mortgage Loans............................76
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Section 5.03 Establishment of Principal and Interest Accounts;
Deposits in Principal andInterest Accounts...............77
Section 5.04 Permitted Withdrawals From the Principal and Interest
Account..................................................78
Section 5.05 Payment of Property Taxes, Insurance and Other Charges...80
Section 5.06 Transfer of Accounts; Monthly Statements.................80
Section 5.07 Maintenance of Hazard Insurance..........................81
Section 5.08 Maintenance of Mortgage Impairment Insurance Policy......81
Section 5.09 Fidelity Bond............................................82
Section 5.10 Title, Management and Disposition of REO Property........82
Section 5.11 Right to Repurchase Defaulted Mortgage Loans.............85
Section 5.12 Collection of Certain Mortgage Loan Payments.............85
Section 5.13 Access to Certain Documentation and Information
Regarding the Mortgage Loans.............................86
Section 5.14 Superior Liens...........................................86
Section 5.15 Environmental Matters....................................87
Section 5.16 Acknowledgment of Duties and Obligations.................87
ARTICLE VI
PAYMENTS TO THE CERTIFICATEHOLDERS......................................88
Section 6.01 Establishment of Certificate Account; Deposits in
Certificate Account......................................88
Section 6.02 Permitted Withdrawals from Certificate Account...........88
Section 6.03 Establishment of Trustee Expense Account; Deposits
in Trustee Expense Account; Permitted Withdrawals
from Trustee Expense Account.............................89
Section 6.04 Payment of Monthly Premium to Certificate Insurer........91
Section 6.05 Investment of Accounts...................................91
Section 6.06 Priority and Subordination of Distributions..............92
Section 6.07 Insufficiency of Amount Available or Net Excess
Amount Available........................................106
Section 6.08 Statements..............................................107
Section 6.09 Advances by the Servicer................................112
Section 6.10 Compensating Interest...................................112
Section 6.11 [Reserved]..............................................113
Section 6.12 Pre-Funding Account.....................................113
Section 6.13 Interest Coverage Account...............................114
Section 6.14 Reserve Account.........................................115
Section 6.15 [Reserved] .......................................117
Section 6.16 Compliance with Withholding Requirements................117
ARTICLE VII
GENERAL SERVICING PROCEDURE............................................118
Section 7.01 Assumption Agreements...................................118
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Section 7.02 Satisfaction of Mortgages and Release of
Mortgage Files..........................................118
Section 7.03 Servicing Compensation..................................120
Section 7.04 Annual Statement as to Compliance.......................120
Section 7.05 Annual Independent Public Accountants' Servicing
Report and Comfort Letter...............................121
Section 7.06 Certificateholder's, Trustee's and Certificate
Insurer's Right to Examine Servicer Records.............121
Section 7.07 Reports to the Trustee; Principal and Interest
Account Statements......................................122
ARTICLE VIII
REPORTS TO BE PROVIDED BY SERVICER.....................................123
Section 8.01 Financial Statements....................................123
ARTICLE IX
THE SERVICER...........................................................124
Section 9.01 Indemnification; Third Party Claims.....................124
Section 9.02 Merger or Consolidation of the Depositor
and the Servicer........................................125
Section 9.03 Limitation on Liability of the Servicer and Others......125
Section 9.04 Servicer Not to Resign..................................125
Section 9.05 Representations of the Servicer.........................126
Section 9.06 Accounting Upon Resignation or Termination of Servicer..127
ARTICLE X
DEFAULT................................................................129
Section 10.01 Events of Default.......................................129
Section 10.02 Trustee to Act; Appointment of Successor................132
Section 10.03 Waiver of Defaults......................................134
ARTICLE XI
TERMINATION............................................................135
Section 11.01 Termination.............................................135
Section 11.02 Additional Termination Requirements.....................137
Section 11.03 Depositor's Right to Depositor's Yield Absolute.........137
ARTICLE XII
THE TRUSTEE............................................................139
Section 12.01 Duties of Trustee.......................................139
Section 12.02 Certain Matters Affecting the Trustee...................141
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Section 12.03 Trustee Not Liable for Certificates or Mortgage Loans...142
Section 12.04 Trustee May Own Certificates............................143
Section 12.05 Servicer to Pay Trustee's Fees and Expenses.............143
Section 12.06 Eligibility Requirements for Trustee....................143
Section 12.07 Resignation and Removal of the Trustee..................144
Section 12.08 Successor Trustee.......................................145
Section 12.09 Merger or Consolidation of Trustee......................145
Section 12.10 Appointment of Co-Trustee or Separate Trustee...........146
Section 12.11 Tax Returns.............................................147
Section 12.12 Appointment of Custodians...............................147
Section 12.13 Trustee May Enforce Claims Without Possession
of Certificates.........................................147
Section 12.14 Suits for Enforcement...................................147
Section 12.15 Control of Remedies by Certificate Insurer
and Certificateholders..................................148
ARTICLE XIII
REMIC PROVISIONS.......................................................149
Section 13.01 REMIC Administration....................................149
Section 13.02 Prohibited Transactions and Activities..................152
Section 13.03 Servicer and Trustee Indemnification....................152
ARTICLE XIV
MISCELLANEOUS PROVISIONS...............................................153
Section 14.01 Acts of Certificateholders..............................153
Section 14.02 Amendment...............................................153
Section 14.03 Recordation of Agreement................................154
Section 14.04 Duration of Agreement...................................154
Section 14.05 Governing Law...........................................154
Section 14.06 Notices.................................................154
Section 14.07 Severability of Provisions..............................155
Section 14.08 No Partnership..........................................156
Section 14.09 Counterparts............................................156
Section 14.10 Successors and Assigns..................................156
Section 14.11 Headings................................................156
Section 14.12 The Certificate Insurer.................................156
Section 14.13 Paying Agent............................................156
Section 14.14 Actions of Certificateholders...........................157
Section 14.15 Grant of Security Interest..............................158
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EXHIBIT A CONTENTS OF MORTGAGE FILE
EXHIBIT B-1 FORM OF CLASS 1A CERTIFICATE
EXHIBIT B-2 FORM OF CLASS 2A CERTIFICATE
EXHIBIT B-3 FORM OF CLASS R CERTIFICATE
EXHIBIT B-4 FORM OF REVERSE OF CERTIFICATE
EXHIBIT C PRINCIPAL AND INTEREST ACCOUNT LETTER AGREEMENT
EXHIBIT D RESALE CERTIFICATION
EXHIBIT E ASSIGNMENT
EXHIBIT E(1) WIRING INSTRUCTIONS FORM
EXHIBIT F FORM OF TRUSTEE INITIAL CERTIFICATION
EXHIBIT F-1 FORM OF TRUSTEE INTERIM CERTIFICATION
EXHIBIT G FORM OF TRUSTEE FINAL CERTIFICATION
EXHIBIT H-1 MORTGAGE LOAN SCHEDULE FOR SUB-POOL 1
EXHIBIT H-2 MORTGAGE LOAN SCHEDULE FOR SUB-POOL 2
EXHIBIT I REQUEST FOR RELEASE OF DOCUMENTS
EXHIBIT J TRANSFER AFFIDAVIT
EXHIBIT J-1 FORM OF TRANSFER CERTIFICATE
EXHIBIT K SPECIAL POWER OF ATTORNEY
EXHIBIT L CUSTODIAL AGREEMENT
EXHIBIT M FORM OF LIQUIDATION REPORT
EXHIBIT N FORM OF DELINQUENCY REPORT
EXHIBIT O CERTIFICATE INSURANCE POLICY
EXHIBIT P PRINCIPAL PAYMENT TABLES
EXHIBIT Q FORM OF SERVICER'S MONTHLY REMITTANCE REPORT TO
TRUSTEE
EXHIBIT R PROPOSED SUBSEQUENT MORTGAGE LOAN SCHEDULE
EXHIBIT S MORTGAGE LOANS 30 OR MORE DAYS DELINQUENT
EXHIBIT T SUBSEQUENT TRANSFER INSTRUMENT
EXHIBIT U FORM OF ADDITION NOTICE
EXHIBIT V OFFICER'S CERTIFICATE
EXHIBIT W FORM OF AGREEMENT OF APPOINTMENT AND ACCEPTANCE OF
SEPARATE TRUSTEE
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Pooling and Servicing Agreement dated as of September 1, 1997, among
LaSalle National Bank, as trustee (the "Trustee"), Superior Bank FSB, as
depositor (the "Depositor"), and Lee Servicing Company, a division of Superior
Bank FSB, as servicer (the "Servicer").
PRELIMINARY STATEMENT
In order to facilitate the servicing of certain Mortgage Loans by the
Servicer, the Servicer and the Depositor are entering into this Agreement with
the Trustee. The Depositor is transferring the Sub-Pool 1 Mortgage Loans and
Sub-Pool 2 Mortgage Loans to the Trustee for the benefit of the
Certificateholders under this Agreement, pursuant to which seven classes of
Certificates are being issued on the Closing Date, denominated on the face
thereof as AFC Mortgage Loan Asset Backed Certificates, Series 1997-3, Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 2A and Class R,
respectively.
The Class 1A, Class 2A and the Class R Certificates represent, in the
aggregate, a 100% undivided ownership interest in the Mortgage Loans and all
proceeds thereof due after the Cut-off Date with respect to the Initial Mortgage
Loans and due after a Subsequent Cut-off Date with respect to the Subsequent
Mortgage Loans (other than the Depositor's Yield). The Sub-Pool 1 Initial
Mortgage Loans have an aggregate outstanding principal balance of $75,270,504.81
as of the Cut-off Date, and the Sub-Pool 2 Initial Mortgage Loans have an
aggregate outstanding principal balance of $115,690,188.57 as of the Cut-off
Date, after application of payments received by the Depositor on or before such
date. The aggregate outstanding principal balance of both Sub-Pools is
$190,960,693.38 as of the Cut-off Date. Sub-Pool 1 consists of fixed rate
mortgage loans and Sub-Pool 2 consists of adjustable rate mortgage loans. The
Class 1A-1 Certificates will have a variable pass-through rate, the Class 1A-2
Certificates have a fixed Class 1A-2 Pass-Through Rate of 6.62% per annum, the
Class 1A-3 Certificates have a fixed Class 1A-3 Pass-Through Rate of 6.69% per
annum, the Class 1A-4 Certificates have a fixed Class 1A-4 Pass-Through Rate of
7.07% per annum and the Class 1A-5 Certificates have a fixed Class 1A-5
Pass-Through Rate of 6.90% per annum. The Class 2A Certificates will have a
variable pass-through rate. As provided herein, the Class R Certificates are
subordinate to the Class A Certificates. As provided herein, the Servicer will
make an election that the segregated pool of assets subject to this Agreement,
including the Mortgage Loans, be treated for federal income tax purposes as a
"real estate mortgage investment conduit" (a "REMIC"). The Class 1A-1, Class
1A-2, Class 1A- 3, Class 1A-4, Class 1A-5 and Class 2A Certificates will be
"regular interests" and the Class R Certificates will be the sole Class of
"residual interests" in such REMIC.
The parties hereto agree as follows:
[Intentionally Left Blank]
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ARTICLE I
DEFINITIONS
Whenever used in this Agreement, including the Preliminary Statement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings. This Agreement relates to the Trust Fund consisting of
Sub-Pool 1 and Sub-Pool 2, evidenced by AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3, Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4,
Class 1A-5, Class 2A and Class R. All calculations of interest pursuant to this
Agreement, unless otherwise specified, are based on a 360-day year consisting of
twelve 30-day months.
ACCOUNT: Any of the Certificate Accounts, Trustee Expense Accounts,
Interest Coverage Accounts, Reserve Accounts, Principal and Interest Accounts or
Pre-Funding Accounts established by the Trustee and held in trust by the Trustee
for the Certificateholders. The Trustee's obligation to establish and maintain
the Accounts is not delegable, except with respect to the Principal and Interest
Accounts.
ACCRUAL PERIOD: With respect to the Class 1A-1 and Class 2A Certificates
and with respect to any Remittance Date other than the October 1997 Remittance
Date, the period commencing on the immediately preceding Remittance Date and
ending on the day immediately preceding such Remittance Date. With respect to
the October 1997 Remittance Date, the period commencing on the Closing Date and
ending on the day immediately preceding the October 1997 Remittance Date.
ADDITION NOTICE: With respect to the transfer of Subsequent Mortgage Loans
to the Trust Fund pursuant to Section 2.10 of this Agreement, a notice,
substantially in the form of Exhibit U, which shall be given not later than two
Business Days prior to the related Subsequent Transfer Date, of the Depositor's
designation of Subsequent Mortgage Loans to be sold to the Trust Fund and the
aggregate principal balance of such Subsequent Mortgage Loans.
ADDITIONAL PRINCIPAL: With respect to the Class 1A or Class 2A Certificates
and any Remittance Date, an amount equal to the lesser of (i) the amount
necessary to reduce the related Class 1A or Class 2A Principal Balance so that
the Overcollateralization Amount for the related Sub-Pool equals the related
Required Overcollateralization Amount for such Sub-Pool and (ii) the sum of (a)
the Remaining Net Excess Spread for such Sub-Pool, (b) the Available Transfer
Cashflow for such Sub-Pool and (c) the Net Excess Principal for such Sub-Pool.
ADJUSTMENT DATE: With respect to each Sub-Pool 2 Mortgage Loan, a date on
which the Mortgage Rate may adjust, as provided in the related Mortgage Note.
ADVERSE REMIC EVENT: As defined in Section 13.01(f).
AFFILIATE: With respect to any Person, any other Person controlling,
controlled by or under common control with such Person. For the purposes of this
definition, "control"
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means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.
AGREEMENT: This Pooling and Servicing Agreement and all amendments hereof
and supplements hereto.
AMOUNT AVAILABLE: With respect to any Sub-Pool and for a particular
Remittance Date, the sum of (i) the Available Remittance Amount for such
Sub-Pool (reduced by the related Monthly Premium to be paid to the Certificate
Insurer pursuant to Section 6.04), (ii) the Excess Spread with respect to such
Sub-Pool for such Remittance Date, (iii) if an Available Funds Shortfall exists
in such Sub-Pool, (a) first, the Net Excess Spread from the other Sub-Pool, to
the extent of such Available Funds Shortfall, (b) second, the Excess Principal
from the other Sub-Pool, to the extent of any remaining Available Funds
Shortfall and (c) third, any amounts in respect of any remaining Available Funds
Shortfall withdrawn from the related Reserve Account and deposited in the
related Certificate Account, (iv) if such Remittance Date is prior to the
related Cross-Over Date, (a) first, the Available Transfer Cashflow, to the
extent necessary to reach the Required Overcollateralization Amount for such
Sub-Pool and (b) second, the Net Excess Principal, to the extent necessary to
reach the Required Overcollateralization Amount for such Sub-Pool and (v) any
Insured Payments with respect to such Sub-Pool.
AMOUNTS HELD FOR FUTURE DISTRIBUTION: With respect to any Sub-Pool and as
to any Remittance Date, the aggregate amount held in the Principal and Interest
Account with respect to such Sub-Pool on account of all Monthly Payments, or
portions thereof, received in respect of scheduled principal and interest due
after the Due Period related to such Remittance Date for application on the
scheduled Due Date at the request of the Mortgagor.
ANNUAL TRUSTEE EXPENSE AMOUNT: As of each Remittance Date, with respect to
each Mortgage Loan, an amount equal to one-twelfth of the product of 0.03%
multiplied by the related Principal Balance.
APPRAISED VALUE: The appraised value of the Mortgaged Property based upon
the appraisal made by or for the originator at the time of the origination of
the related Mortgage Loan, or the sales price of the Mortgaged Property at the
time of such origination, whichever is less.
ASSIGNMENT OF LEASES: With respect to any Mortgaged Property related to the
Multifamily Loans and Mixed Use Loans, any assignment of leases, rents and
profits or similar document or instrument executed by the related Mortgagor in
connection with the origination of the related Multifamily Loan or Mixed Use
Loan assigning to the mortgagee all of the income, rents and profits derived
from the ownership, operation, leasing or disposition of all or a portion of
such Mortgaged Property.
ASSIGNMENT OF MORTGAGE: With respect to each Mortgage Loan, an assignment
of the Mortgage, notice of transfer or equivalent instrument sufficient under
the laws
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of the jurisdiction wherein the related Mortgaged Property is located to reflect
of record the sale of the Mortgage to the Trustee for the benefit of the
Certificateholders.
AUTHORIZED DENOMINATIONS: Each of the Class 1A and Class 2A Certificates
are issuable only in the minimum Percentage Interest corresponding to a minimum
denomination of $100,000 or integral multiples of $1,000 in excess thereof
(except that a single Certificate for each of the Class 1A-1, Class 1A-2, Class
1A-3, Class 1A-4, Class 1A-5 and Class 2A Certificates may be issued in a
different amount which is less than the related minimum dollar denomination).
AVAILABLE FUNDS CAP CARRY FORWARD AMOUNT: With respect to Sub-Pool 2 and
any Remittance Date up to and including (but not after) the Remittance Date on
which the Class 2A Principal Balance is reduced to zero, an amount equal to the
sum of (i) the excess, if any, of (x) the Class 2A Interest Remittance Amount
for the immediately preceding Remittance Date calculated pursuant to clause (i)
of the definition of Class 2A Pass-Through Rate, but in no event greater than
Class 2A Cap Rate over (y) the Class 2A Interest Remittance Amount for the
immediately preceding Remittance Date calculated pursuant to clause (ii) of the
definition of Class 2A Pass-Through Rate, (ii) the amount of any Available Funds
Cap Carry Forward Amount for such preceding Remittance Date to the extent not
distributed to the Class 2A Certificateholders on such preceding Remittance Date
and (iii) interest accrued on the amounts described in clause (i) and (ii) above
during the Accrual Period for the current Remittance Date at the Class 2A
Pass-Through Rate for such Remittance Date.
AVAILABLE FUNDS SHORTFALL: With respect to any Sub-Pool and for a
particular Remittance Date, the amount by which the Available Remittance Amount
plus Excess Spread for such Sub-Pool is less than the Required Payments (other
than in respect of the Class A Principal Remittance Amount after the related
Cross-over Date) for such Sub-Pool.
AVAILABLE PRINCIPAL AMOUNT: With respect to any Sub-Pool and for a
particular Remittance Date, the excess, if any, of the amount described in the
definition of Class A Principal Remittance Amount without giving effect to
clause (a) thereof over the amount described in the definition of Class A
Principal Remittance Amount, after giving effect to clause (a) thereof.
AVAILABLE REMITTANCE AMOUNT: With respect to each Sub-Pool and Remittance
Date, the sum of the following: (i) the sum of all amounts described in clauses
(i) through (vii), inclusive, of Section 5.03 received by the Servicer or any
Subservicer (including any amounts paid by the Servicer or the Depositor and
excluding any Excess Spread with respect to the related Sub-Pool, any related
Amounts Held for Future Distribution, any amounts not required to be deposited
in the related Principal and Interest Account pursuant to Section 5.03 and any
amounts withdrawn by the Servicer pursuant to Section 5.04(ii), (iii), (vi) and
(vii) as of the related Determination Date) during the related Due Period and
deposited into the related Certificate Account as of the related Determination
Date, (ii) the amount of any Advances and Compensating Interest payments with
respect to the related Sub-Pool remitted by the Servicer for such Remittance
Date, (iii) with respect to the final Remittance Date in connection with the
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purchase of all the Mortgage Loans and REO Properties by the Servicer or
Certificate Insurer, the Termination Price remitted by the Servicer and (iv) the
amount of any Interest Coverage Addition with respect to the related Sub-Pool
for such Remittance Date. No amount included in the computation of the Available
Remittance Amount with respect to any Remittance Date by virtue of being
described by any component of the definition thereof shall be included more than
once by virtue of also being described by any other component or otherwise.
AVAILABLE TRANSFER CASHFLOW: With respect to each Sub-Pool and for a
particular Remittance Date, an amount equal to the Remaining Net Excess Spread
for the other Sub-Pool remaining after the payment, if any, of Additional
Principal on the Class A Certificates related to such other Sub-Pool.
BALLOON MORTGAGE LOAN: Any Mortgage Loan that provided on the date of
origination for an amortization schedule extending beyond its stated maturity
date.
BALLOON PAYMENT: With respect to any Balloon Mortgage Loan, as of any date
of determination, the Monthly Payment payable on the stated maturity date of
such Mortgage Loan.
BOOK-ENTRY CERTIFICATE: Any Class 1A or Class 2A Certificate registered in
the name of the Depository or its nominee.
BUSINESS DAY: Any day other than (i) a Saturday or Sunday, or (ii) a day on
which banking institutions in the States of New York, Illinois or New Jersey are
authorized or obligated by law or executive order to be closed; provided,
however, that the Servicer shall provide the Trustee with a list of dates on
which banking institutions in the State of New Jersey are authorized or
obligated by law or executive order to be closed and such list shall be revised
annually thereafter and delivered to the Trustee prior to the expiration of the
most recent list provided. Failure to provide such list shall not constitute an
Event of Default; provided that the Trustee may rely on the most recently
delivered list without further investigation.
CERCLA: The Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended.
CERTIFICATE: Any Class 1A-1 Certificate, Class 1A-2 Certificate, Class 1A-3
Certificate, Class 1A-4 Certificate, Class 1A-5 Certificate, Class 2A
Certificate or Class R Certificate executed by the Trustee on behalf of the
Trust Fund and authenticated by the Trustee, substantially in the applicable
form annexed hereto as Exhibits B-1 through B-3.
CERTIFICATE ACCOUNT: With respect to each Sub-Pool, as described in Section
6.01. With respect to Sub-Pool 1, the Certificate Account shall be known as the
Sub-Pool 1 Certificate Account and with respect to Sub-Pool 2, the Certificate
Account shall be known as the Sub-Pool 2 Certificate Account.
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CERTIFICATEHOLDER or HOLDER: The Person in whose name a Certificate is
registered in the Certificate Register, except that, neither a Disqualified
Organization nor a Non-United States Person shall be a Holder of a Class R
Certificate for any purposes hereof and, solely for the purposes of giving any
consent, waiver, request or demand pursuant to this Agreement, any Certificate
registered in the name of the Depositor, the Servicer or any Subservicer, or
registered in the name of any Person known to a Responsible Officer of the
Trustee to be an Affiliate of any of them, shall be deemed not to be outstanding
and the undivided Percentage Interest evidenced thereby shall not be taken into
account in determining whether the requisite Percentage Interest of Certificates
necessary to effect any such consent, waiver, request or demand has been
obtained. For purposes of any consent, waiver, request or demand of
Certificateholders pursuant to this Agreement, upon the Trustee's request, the
Depositor, the Servicer and any Subservicer shall provide to the Trustee a
notice identifying any of their respective affiliates that is a
Certificateholder as of the date(s) specified by the Trustee in such request.
All references to "Holders" or "Certificateholders" shall reflect the rights of
Certificate Owners as they may indirectly exercise such rights through the
Depository and participating members thereof, except as otherwise specified
herein; provided, however, that the Trustee shall be required to recognize as a
"Holder" or "Certificateholder" only the Person in whose name a Certificate is
registered in the Certificate Register.
CERTIFICATE INSURANCE POLICY: The certificate guaranty surety bond, policy
number 97010571, dated the Closing Date, issued by the Certificate Insurer for
the benefit of the Holders of the Class A Certificates, pursuant to which the
Certificate Insurer guarantees Insured Payments, a copy of which is attached
hereto as Exhibit O.
CERTIFICATE INSURER: Financial Guaranty Insurance Company, a New York stock
insurance corporation, or any successor thereof, as issuer of the Certificate
Insurance Policy.
CERTIFICATE OWNER: With respect to a Book-Entry Certificate, the Person who
is the beneficial owner of such Certificate as reflected on the books of the
Depository or on the books of a Person maintaining an account with the
Depository (directly or as an indirect participant, in accordance with the rules
of the Depository).
CERTIFICATE REGISTER: As defined in Section 4.02.
CERTIFICATE REGISTRAR: Initially, the Trustee, and thereafter, any
successor appointed pursuant to Section 4.02.
CLASS: Collectively, Certificates bearing the same numerical or
alphabetical designation (1A, 1A-1, 1A-2, 1A-3, 1A-4, 1A-5, 2A or R).
CLASS 1A CERTIFICATE: Either a Class 1A-1, Class 1A-2, Class 1A-3, Class
1A-4 or Class 1A-5 Certificate.
CLASS 1A CERTIFICATEHOLDER: A Holder of a Class 1A-1, Class 1A-2, Class
1A-3, Class 1A-4 or Class 1A-5 Certificate.
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CLASS 1A INTEREST REMITTANCE AMOUNT: As to any Remittance Date, the sum of
the Class 1A-1 Interest Remittance Amount, the Class 1A-2 Interest Remittance
Amount, the Class 1A-3 Interest Remittance Amount, the Class 1A-4 Interest
Remittance Amount and the Class 1A-5 Interest Remittance Amount.
CLASS 1A-1 CERTIFICATE: A Certificate denominated as a Class 1A-1
Certificate.
CLASS 1A-2 CERTIFICATE: A Certificate denominated as a Class 1A-2
Certificate.
CLASS 1A-3 CERTIFICATE: A Certificate denominated as a Class 1A-3
Certificate.
CLASS 1A-4 CERTIFICATE: A Certificate denominated as a Class 1A-4
Certificate.
CLASS 1A-5 CERTIFICATE: A Certificate denominated as a Class 1A-5
Certificate.
CLASS 1A-5 CERTIFICATE AMOUNT: As to any Remittance Date an amount equal to
the product of (x) a fraction, the numerator of which is the Class 1A-5
Principal Balance immediately preceding such Remittance Date and the denominator
of which is the aggregate Class 1A Principal Balance of all Class 1A
Certificates immediately preceding such Remittance Date and (y) the Class A
Principal Remittance Amount with respect to Sub-Pool 1 for such Remittance Date.
CLASS 1A-1 CERTIFICATEHOLDER: A Holder of a Class 1A-1 Certificate.
CLASS 1A-2 CERTIFICATEHOLDER: A Holder of a Class 1A-2 Certificate.
CLASS 1A-3 CERTIFICATEHOLDER: A Holder of a Class 1A-3 Certificate.
CLASS 1A-4 CERTIFICATEHOLDER: A Holder of a Class 1A-4 Certificate.
CLASS 1A-5 CERTIFICATEHOLDER: A Holder of a Class 1A-5 Certificate.
CLASS 1A-1 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, the
interest accrued at the Class 1A-1 Pass-Through Rate for the Accrual Period on
the Class 1A-1 Principal Balance.
CLASS 1A-2 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30 days'
interest at the Class 1A-2 Pass-Through Rate on the Class 1A-2 Principal Balance
outstanding immediately prior to such Remittance Date.
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CLASS 1A-3 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30 days'
interest at the Class 1A-3 Pass-Through Rate on the Class 1A-3 Principal Balance
outstanding immediately prior to such Remittance Date.
CLASS 1A-4 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30 days'
interest at the Class 1A-4 Pass-Through Rate on the Class 1A-4 Principal Balance
outstanding immediately prior to such Remittance Date.
CLASS 1A-5 INTEREST REMITTANCE AMOUNT: As to any Remittance Date, 30 days'
interest at the Class 1A-5 Pass-Through Rate on the Class 1A-5 Principal Balance
outstanding immediately prior to such Remittance Date.
CLASS 1A-5 LOCKOUT PERCENTAGE: As to any Remittance Date occurring during
the periods set forth below, an amount equal to as follows:
Period (dates inclusive)
Class 1A-5 Lockout Percentage
-----------------------------
October 27, 1997-September 2000........... 0%
October 2000-September 2002............... 45%
October 2002-September 2003............... 80%
October 2003-September 2004............... 100%
October 2004 and thereafter............... 300%
CLASS 1A-5 LOCKOUT REMITTANCE AMOUNT: As to any Remittance Date, an amount
equal to the product of (x) the Class 1A-5 Lockout Percentage and (y) the Class
1A-5 Certificate Amount for such Remittance Date.
CLASS 1A MAJORITY CERTIFICATEHOLDERS: The Holder or Holders of Class 1A-1,
Class 1A-2, Class 1A-3, Class 1A-4 and Class 1A-5 Certificates possessing Voting
Rights in excess of 51% in the aggregate.
CLASS 1A-1 PASS-THROUGH RATE: As to any Remittance Date, the least of (i)
One-Month LIBOR plus 0.09% per annum, (ii) the weighted average of the Mortgage
Rates of the Sub-Pool 1 Mortgage Loans minus, with respect to Sub-Pool 1, the
sum of (a) the Servicing Fee Rate, (b) the rate at which the Annual Trustee
Expense Amount is calculated and (c) the Premium Percentage and (iii) 10.50% per
annum; provided, however, that on any Remittance Date on which the Servicer does
not exercise its option to purchase the Mortgage Loans and REO Properties
pursuant to Section 11.01, the rate provided in clause (i) will be One-Month
LIBOR plus 0.49% per annum. For purposes of calculating the Class 1A-1
Pass-Through Rate for any Remittance Date, because most of the Sub-Pool 1
Mortgage Loans provide for the calculation of interest on a basis other than a
360-day year and the actual number of days elapsed (an "Actual/360 Basis")
(which is the basis on which interest is calculated on the Class 1A-1
Certificates), the basis on which interest is computed on the Sub-Pool 1
Mortgage Loans will be deemed adjusted to an Actual/360 Basis that will result
in the same amount of interest being due
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as would be due using the method of computation of interest that is used to
calculate interest on the Sub-Pool 1 Mortgage Loans.
CLASS 1A-2 PASS-THROUGH RATE: The fixed annual rate of interest payable to
the Class 1A-2 Certificateholders which shall be equal to 6.62%; provided,
however, that on any Remittance Date on which the Servicer does not exercise its
option to purchase the Mortgage Loans and REO Properties pursuant to Section
11.01, the rate shall be increased by 0.40% per annum.
CLASS 1A-3 PASS-THROUGH RATE: The fixed annual rate of interest payable to
the Class 1A-3 Certificateholders which shall be equal to 6.69%; provided,
however, that on any Remittance Date on which the Servicer does not exercise its
option to purchase the Mortgage Loans and REO Properties pursuant to Section
11.01, the rate shall be increased by 0.40% per annum.
CLASS 1A-4 PASS-THROUGH RATE: The fixed annual rate of interest payable to
the Class 1A-4 Certificateholders which shall be equal to 7.07%; provided,
however, that on any Remittance Date on which the Servicer does not exercise its
option to purchase the Mortgage Loans and REO Properties pursuant to Section
11.01, the rate shall be increased by 0.40% per annum.
CLASS 1A-5 PASS-THROUGH RATE: The fixed annual rate of interest payable to
the Class 1A-5 Certificateholders which shall be equal to 6.90%; provided,
however, that on any Remittance Date on which the Servicer does not exercise its
option to purchase the Mortgage Loans and REO Properties pursuant to Section
11.01, the rate shall be increased by 0.40% per annum.
CLASS 1A PRINCIPAL BALANCE: With respect to the Class 1A Certificates and
as of any date of determination, the Original Class 1A Principal Balance reduced
by the sum of (A) all amounts (including that portion of Insured Payments, if
any, made in respect of principal) previously distributed to the Class 1A
Certificateholders in respect of principal on all previous Remittance Dates on
account of amounts described in clauses (a) or (b)(i) or each of clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount or amounts described in the last sentence of the definition of
Class A Principal Remittance Amount, (B) all amounts previously distributed to
the Class 1A Certificateholders in respect of principal pursuant to Sections
6.06(c)(A)(X)(xiii) through (xvii) and (C) all amounts previously distributed to
the Class 1A Certificateholders pursuant to the last paragraph of Section
6.06(c).
CLASS 1A-1 PRINCIPAL BALANCE: With respect to the Class 1A-1 Certificates
and as of any date of determination, the Original Class 1A-1 Principal Balance
reduced by the sum of (A) all amounts (including that portion of Insured
Payments, if any, made in respect of principal) previously distributed to the
Class 1A-1 Certificateholders in respect of principal on all previous Remittance
Dates on account of amounts described in clauses (a) or (b)(i) or each of
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clauses (c)(i) through (iv), inclusive, and clauses (c)(v) (to the extent the
payment pursuant to clause (c)(v) is in respect of principal not previously
covered by an Insured Payment), (c)(vi) and (c)(viii) of the definition of Class
A Principal Remittance Amount or amounts described in the last sentence of the
definition of Class A Principal Remittance Amount, (B) all amounts previously
distributed to the Class 1A-1 Certificateholders in respect of principal
pursuant to Section 6.06(c)(A)(X)(xiii) and (C) all amounts previously
distributed to the Class 1A-1 Certificateholders pursuant to the last paragraph
of Section 6.06(c).
CLASS 1A-2 PRINCIPAL BALANCE: With respect to the Class 1A-2 Certificates
and as of any date of determination, the Original Class 1A-2 Principal Balance
reduced by the sum of (A) all amounts (including that portion of Insured
Payments, if any, made in respect of principal) previously distributed to the
Class 1A-2 Certificateholders in respect of principal on all previous Remittance
Dates on account of amounts described in clauses (a) or (b)(i) or each of
clauses (c)(i) through (iv), inclusive, and clauses (c)(v) (to the extent the
payment pursuant to clause (c)(v) is in respect of principal not previously
covered by an Insured Payment), (c)(vi) and (c)(viii) of the definition of Class
A Principal Remittance Amount or amounts described in the last sentence of the
definition of Class A Principal Remittance Amount, (B) all amounts previously
distributed to the Class 1A-2 Certificateholders in respect of principal
pursuant to Section 6.06(c)(A)(X)(xiv) and (C) all amounts previously
distributed to the Class 1A-2 Certificateholders pursuant to the last paragraph
of Section 6.06(c).
CLASS 1A-3 PRINCIPAL BALANCE: With respect to the Class 1A-3 Certificates
and as of any date of determination, the Original Class 1A-3 Principal Balance
reduced by the sum of (A) all amounts (including that portion of Insured
Payments, if any, made in respect of principal) previously distributed to the
Class 1A-3 Certificateholders in respect of principal on all previous Remittance
Dates on account of amounts described in clauses or (a) or (b)(i) or each of
clauses (c)(i) through (iv), inclusive, and clauses (c)(v) (to the extent the
payment pursuant to clause (c)(v) is in respect of principal not previously
covered by an Insured Payment), (c)(vi) and (c)(viii) of the definition of Class
A Principal Remittance Amount or amounts described in the last sentence of the
definition of Class A Principal Remittance Amount, (B) all amounts previously
distributed to the Class 1A-3 Certificateholders in respect of principal
pursuant to Section 6.06(c)(A)(X)(xv) and (C) all amounts previously distributed
to the Class 1A-3 Certificateholders pursuant to the last paragraph of Section
6.06(c).
CLASS 1A-4 PRINCIPAL BALANCE: With respect to the Class 1A-4 Certificates
and as of any date of determination, the Original Class 1A-4 Principal Balance
reduced by the sum of (A) all amounts (including that portion of Insured
Payments, if any, made in respect of principal) previously distributed to the
Class 1A-4 Certificateholders in respect of principal on all previous Remittance
Dates on account of amounts described in clauses (a) or (b)(i) or each of
clauses (c)(i) through (iv), inclusive, and clauses (c)(v) (to the extent the
payment pursuant to clause (c)(v) is in respect of principal not previously
covered by an Insured Payment), (c)(vi) and (c)(viii) of the definition of Class
A Principal Remittance Amount or amounts described in the last sentence of the
definition of Class A Principal Remittance Amount, (B) all amounts previously
distributed to the Class 1A-4 Certificateholders in respect of principal
pursuant to Section
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6.06(c)(A)(X)(xvi) and (C) all amounts previously distributed to the Class 1A-4
Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 1A-5 PRINCIPAL BALANCE: With respect to the Class 1A-5 Certificates
and as of any date of determination, the Original Class 1A-5 Principal Balance
reduced by the sum of (A) all amounts (including that portion of Insured
Payments, if any, made in respect of principal) previously distributed to the
Class 1A-5 Certificateholders in respect of principal on all previous Remittance
Dates on account of amounts described in clauses (a) or (b)(i) or each of
clauses (c)(i) through (iv), inclusive, and clauses (c)(v) (to the extent the
payment pursuant to clause (c)(v) is in respect of principal not previously
covered by an Insured Payment), (c)(vi) and (c)(viii) of the definition of Class
A Principal Remittance Amount or amounts described in the last sentence of the
definition of Class A Principal Remittance Amount, (B) all amounts previously
distributed to the Class 1A-5 Certificateholders in respect of principal
pursuant to Section 6.06(c)(A)(X)(xvii) and (C) all amounts previously
distributed to the Class 1A-5 Certificateholders pursuant to the last paragraph
of Section 6.06(c).
CLASS 1A REMITTANCE AMOUNT: As of any Remittance Date, the sum of the Class
A Remittance Amount with respect to the Class 1A-1 Certificates, the Class 1A-2
Certificates, the Class 1A-3 Certificates, the Class 1A-4 Certificates and the
Class 1A-5 Certificates.
CLASS 1A SUB-POOL FACTOR: As of any date of determination, the then
applicable Class 1A Principal Balance divided by the Original Class 1A Principal
Balance.
CLASS 2A CAP RATE: As to any Remittance Date, the weighted average of the
Maximum Mortgage Rates of the Sub-Pool 2 Mortgage Loans minus, with respect to
Sub-Pool 2, the sum of (a) the Servicing Fee Rate, (b) the rate at which the
Annual Trustee Expense Amount is calculated, (c) the Premium Percentage and (d)
0.50% per annum.
CLASS 2A CERTIFICATE: A Certificate denominated as a Class 2A Certificate.
CLASS 2A CERTIFICATEHOLDER: A Holder of a Class 2A Certificate.
CLASS 2A INTEREST REMITTANCE AMOUNT: As to any Remittance Date, the
interest accrued at the Class 2A Pass-Through Rate for the Accrual Period on the
outstanding Class 2A Principal Balance.
CLASS 2A MAJORITY CERTIFICATEHOLDERS: The Holder or Holders of Class 2A
Certificates possessing Voting Rights in excess of 51% in the aggregate.
CLASS 2A PASS-THROUGH RATE: As to any Remittance Date, the least of (i)
One-Month LIBOR plus 0.20% per annum, (ii) the weighted average of the Mortgage
Rates of the Sub-Pool 2 Mortgage Loans minus, with respect to Sub-Pool 2, the
sum of (a) the Servicing Fee Rate, (b) the rate at which the Annual Trustee
Expense Amount is calculated, (c) the Premium Percentage and (d) 0.50% per annum
and (iii) the Class 2A Cap Rate; provided, however, that on
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any Remittance Date on which the Servicer does not exercise its right to
purchase Mortgage Loans and REO Properties pursuant to Section 11.01, the rate
provided in clause (i) will be One-Month LIBOR plus 0.60%. For purposes of
calculating the Class 2A Pass-Through Rate for any Remittance Date, because most
of the Sub-Pool 2 Mortgage Loans provide for the calculation of interest on a
basis other than a 360-day year and the actual number of days elapsed (an
"Actual/360 Basis") (which is the basis on which interest is calculated on the
Class 2A Certificates), the basis on which interest is computed on the Sub-Pool
2 Mortgage Loans will be deemed adjusted to an Actual/360 Basis that will result
in the same amount of interest being due as would be due using the method of
computation of interest that is used to calculate interest on the Sub-Pool 2
Mortgage Loans.
CLASS 2A PRINCIPAL BALANCE: With respect to the Class 2A Certificates and
as of any date of determination, the Original Class 2A Principal Balance reduced
by the sum of (A) all amounts (including that portion of Insured Payments, if
any, made in respect of principal) previously distributed to the Class 2A
Certificateholders in respect of principal on all previous Remittance Dates on
account of amounts described in clauses (a) or (b)(i) or each of clauses (c)(i)
through (iv), inclusive, and clauses (c)(v) (to the extent the payment pursuant
to clause (c)(v) is in respect of principal not previously covered by an Insured
Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount or amounts described in the last sentence of the definition of
Class A Principal Remittance Amount, (B) all amounts previously distributed to
the Class 2A Certificateholders in respect of principal pursuant to Section
6.06(c)(B)(X)(iv) and (C) all amounts previously distributed to the Class 2A
Certificateholders pursuant to the last paragraph of Section 6.06(c).
CLASS 2A REMITTANCE AMOUNT: As of any Remittance Date, the Class A
Remittance Amount with respect to the Class 2A Certificates.
CLASS 2A SUB-POOL FACTOR: As of any date of determination, the then
applicable Class 2A Principal Balance divided by the Original Class 2A Principal
Balance.
CLASS A CARRY-FORWARD AMOUNT: With respect to either the Class 1A or Class
2A Certificates and as to any Remittance Date, the sum of (i) the amount, if
any, by which (x) the related Class 1A or Class 2A Remittance Amount as of the
immediately preceding Remittance Date exceeded (y) the amount of the actual
distribution, exclusive of any related Insured Payments made to the related
Classes of Class A Certificateholders, made pursuant to Sections
6.06(c)(A)(X)(i) through (xi) or pursuant to 6.06(c)(A)(Y)(i) through (xi), with
respect to Sub-Pool 1, or pursuant to Sections 6.06(c)(B)(X)(i) and (ii) or
pursuant to Sections 6.06(c)(B)(Y)(i) and (ii), with respect to Sub-Pool 2, on
such immediately preceding Remittance Date and (ii) interest on the amount, if
any, described in clause (i) above, to the extent that the amount in clause (i)
represents Insured Payments made by the Certificate Insurer, at the weighted
average of the Class 1A-1 Pass-Through Rate, the Class 1A-2 Pass-Through Rate,
the Class 1A-3 Pass-Through Rate, the Class 1A-4 Pass-Through Rate and the Class
1A-5 Pass-Through Rate with respect to Sub-Pool 1, and the Class 2A Pass-Through
Rate with respect to Sub-Pool 2 from such immediately preceding Remittance Date.
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CLASS A CERTIFICATE: A certificate denominated as a Class 1A-1, Class 1A-
2, Class 1A-3, Class 1A-4, Class 1A-5 or Class 2A Certificate.
CLASS A CERTIFICATEHOLDER: A Holder of a Class 1A Certificate or a Class 2A
Certificate.
CLASS A INTEREST REMITTANCE AMOUNT: Any of the Class 1A-1 Interest
Remittance Amount, the Class 1A-2 Interest Remittance Amount, the Class 1A-3
Interest Remittance Amount, the Class 1A-4 Interest Remittance Amount, the Class
1A-5 Interest Remittance Amount or the Class 2A Interest Remittance Amount.
CLASS A PASS-THROUGH RATE: As to any Remittance Date, any of the Class 1A-1
Pass-Through Rate, the Class 1A-2 Pass-Through Rate, the Class 1A-3 Pass-Through
Rate, the Class 1A-4 Pass-Through Rate, the Class 1A-5 Pass-Through Rate or the
Class 2A Pass-Through Rate.
CLASS A PRINCIPAL BALANCE: As of any date of determination, the Class 1A
Principal Balance, with respect to Sub-Pool 1, or the Class 2A Principal
Balance, with respect to Sub-Pool 2.
CLASS A PRINCIPAL REMITTANCE AMOUNT: With respect to a Sub-Pool and as to
any Remittance Date (other than the Remittance Date described in the next
succeeding sentence), the amount required to be distributed on such Remittance
Date from available funds in respect of the related Class 1A or Class 2A
Certificates, such amount being equal to the least of (a) that amount required
to reach the Required Overcollateralization Amount with respect to such
Sub-Pool, or thereafter, to maintain such Required Overcollateralization Amount
on such Remittance Date, (b) the sum of (i) the related Class 1A or Class 2A
Principal Balance immediately prior to such Remittance Date and (ii) the amounts
described in clauses (c)(v) (to the extent the amount in clause (c)(v)
represents prior Insured Payments made by the Certificate Insurer with respect
to the related Sub-Pool or interest accrued thereon in accordance with the
definition of Class A Carry Forward Amount) and (c)(vii) below and (c) the sum
of (i) each payment of principal received by the Servicer or any Sub-Servicer
(exclusive of Curtailments, Principal Prepayments, the principal portion of
Amounts Held for Future Distribution and amounts described in clause (c)(iii)
hereof) during the related Due Period, including any Excess Payments; (ii) all
Curtailments and all Principal Prepayments received by the Servicer during such
related Due Period; (iii) the principal portion of all Insurance Proceeds,
Released Mortgaged Property Proceeds and Net Liquidation Proceeds received
during the related Due Period; (iv) an amount equal to the Unrecovered Class A
Portion with respect to the related Sub-Pool; (v) the Class A Carry-Forward
Amount with respect to the related Sub-Pool; (vi) (a) that portion of the
purchase price (as indicated in Section 2.05(b)) actually received by the
Trustee of any repurchased Mortgage Loan with respect to the related Sub-Pool
which represents principal and (b) the principal portion of any Substitution
Adjustments deposited in the Principal and Interest Account with respect to the
related Sub-Pool as of the related Determination Date; (vii) any amounts
recovered from the related Class 1A or Class 2A Certificateholders during the
related Due Period that constituted a Monthly Payment on a related Mortgage Loan
or an Advance with respect to the
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related Sub-Pool that was recovered as a Preference Amount by a trustee in
bankruptcy pursuant to the United States Bankruptcy Code in accordance with a
Final Order; and (viii) the amount, if any, by which (a) the Class 1A or Class
2A Principal Balance with respect to the related Class 1A or Class 2A
Certificates immediately prior to such Remittance Date minus the amounts to be
distributed on such Remittance Date pursuant to clauses (c)(i), (ii), (iii) and
(iv) above and pursuant to Sections 6.06(c)(A)(X)(xiii) through (xvii) with
respect to Sub-Pool 1 or Section 6.06(c)(B)(X)(iv) with respect to Sub-Pool 2
and applied to reduce the related Class 1A or Class 2A Principal Balance,
exceeds (b) the related Scheduled Class A Principal Balance for such Remittance
Date as set forth in the related Principal Payment Table. As to the final
Remittance Date in connection with the purchase by the Servicer of all the
Mortgage Loans and REO Properties pursuant to Section 11.01, the amount of
principal required to be distributed on such Remittance Date from available
funds in respect of the related Class A Certificates, such amount being equal to
the amount described in clause (b) of the immediately preceding sentence with
respect to such Remittance Date.
CLASS A REMITTANCE AMOUNT: For any Class of Class A Certificates and as to
any Remittance Date, the sum of (i) the related Class A Principal Remittance
Amount and (ii) the related Class A Interest Remittance Amount.
CLASS R CERTIFICATE: A Certificate denominated as a Class R Certificate.
CLASS R CERTIFICATEHOLDER: A Holder of a Class R Certificate.
CLOSING DATE: September 25, 1997.
CODE: The Internal Revenue Code of 1986.
COMBINED LOAN-TO-VALUE RATIO OR CLTV: With respect to any Sub-Pool 1
Mortgage Loan, the sum of the original principal balance of such Sub-Pool 1
Mortgage Loan and the outstanding principal balance of any related First Lien as
of the date of origination of the Sub-Pool 1 Mortgage Loan, divided by the
lesser of (i) the value of the related Mortgaged Property based upon the
appraisal made at the origination of the Sub-Pool 1 Mortgage Loan or (ii) the
purchase price of the Mortgaged Property if the Sub-Pool 1 Mortgage Loan
proceeds are used to purchase the Mortgaged Property.
COMPENSATING INTEREST: As defined in Section 6.10.
CROSS-OVER DATE: With respect to each Sub-Pool, the date on and after which
the related Subordinated Amount is reduced to zero.
CURTAILMENT: With respect to a Mortgage Loan, any payment of principal
received during a Due Period as part of a payment that is in excess of four
times the amount of the Monthly Payment due for such Due Period and which is not
intended to satisfy the Mortgage Loan in full, nor is intended to cure a
delinquency.
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CUSTODIAL AGREEMENT: The agreement for the retention of the Trustee's
Mortgage Files initially in the form attached as Exhibit L.
CUSTODIAN: The custodian appointed pursuant to a Custodial Agreement and
Section 12.12, which is not affiliated with the Servicer or the Depositor which
initially shall be LaSalle National Bank.
CUT-OFF DATE: September 1, 1997.
CUT-OFF DATE PRINCIPAL BALANCE: With respect to any Initial Mortgage Loan,
the outstanding principal balance of such Mortgage Loan as of the close of
business on the Cut-off Date.
DEFINITIVE CERTIFICATES: As defined in Section 4.02(e).
DELETED MORTGAGE LOAN: A Mortgage Loan replaced by a Qualified Substitute
Mortgage Loan.
DELINQUENCY CALCULATION AMOUNT: With respect to any Determination Date and
with respect to Sub-Pool 1, the sum of:
(a) 5.375% of the aggregate Principal Balance of the Sub-Pool 1
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 30 to 59 days Delinquent;
(b) 10.75% of the aggregate Principal Balance of the Sub-Pool 1
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 60 to 89 days Delinquent;
(c) 21.5% of the aggregate Principal Balance of the Sub-Pool 1
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 90 or more days Delinquent; and
(d) without duplication of the amounts determined under clauses (a),
(b) and
(c) above, 21.5% of the aggregate Principal Balance of all REO
Property with respect to Sub-Pool 1 held by the Servicer as of the end of
the last Business Day of the month preceding such Determination Date.
With respect to any Determination Date and with respect to Sub-Pool 2, the
sum of:
(a) 5.375% of the aggregate Principal Balance of the Sub-Pool 2
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 30 to 59 days Delinquent;
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(b) 10.75% of the aggregate Principal Balance of the Sub-Pool 2
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 60 to 89 days Delinquent;
(c) 21.5% of the aggregate Principal Balance of the Sub-Pool 2
Mortgage Loans that, as of the end of the last Business Day of the month
preceding such Determination Date, are 90 or more days Delinquent; and
(d) without duplication of the amounts determined under clauses (a),
(b) and (c) above, 21.5% of the aggregate Principal Balance of all REO
Property with respect to Sub-Pool 2 held by the Servicer as of the end of
the last Business Day of the month preceding such Determination Date.
DELINQUENT: A Mortgage Loan is delinquent if any payment due thereon is not
made by the close of business on the Due Date. A Mortgage Loan is "30 days
delinquent" if such payment has not been received by the close of business on
the corresponding day of the month immediately succeeding the month in which
such payment was due, or, if there is no such corresponding day (e.g., as when a
30-day month follows a 31-day month in which a payment was due on the 31st day
of such month) then on the close of business on the last day of such immediately
succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and
so on.
DEPOSIT PREMIUM: As defined in the Insurance Agreement.
DEPOSITOR: Superior Bank FSB, a federally chartered stock savings bank, and
any successor thereto.
DEPOSITOR'S YIELD: For each Mortgage Loan, the prepayment penalties and
premiums collected on such Mortgage Loan. The Depositor's Yield is retained by
the Depositor and is not part of the Trust Fund.
DEPOSITORY: The initial Depository shall be The Depository Trust Company,
the nominee of which is CEDE & Co., as the registered Holder of the Class 1A and
Class 2A Certificates. The Depository shall at all times be a "clearing
corporation" as defined in Section 8-102(3) of the Uniform Commercial Code of
the State of New York.
DEPOSITORY PARTICIPANT: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
DETERMINATION DATE: The 22nd day of each month (or if such day is not a
Business Day, the immediately following Business Day but in no event fewer than
two Business Days prior to the Remittance Date immediately following such 22nd
day).
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DIRECTLY OPERATE: With respect to any REO Property relating to a
Multifamily Loan or Sub-Pool 1 Mixed Use Loan, the furnishing or rendering of
services to the tenants thereof, the management or operation of such REO
Property, the holding of such REO Property primarily for sale to customers, the
performance of any construction work thereon or any use of such REO Property in
a trade or business conducted by the Trust Fund REMIC other than through an
independent contractor; provided, however, that the Trustee (or the Servicer or
any Subservicer on behalf of the Trustee) shall not be considered to Directly
Operate an REO Property solely because the Trustee (or the Servicer or any
Subservicer on behalf of the Trustee) establishes rental terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance, or makes decisions
as to repairs or capital expenditures with respect to such REO Property.
DISQUALIFIED ORGANIZATION: Any of the following (i) the United States or
any possession thereof, any State or any political subdivision thereof, or any
agency or instrumentality of any of the foregoing (other than an instrumentality
which is a corporation if all of its activities are subject to tax, and, except
for the FHLMC, a majority of its board of directors is not selected by such
governmental unit), (ii) a foreign government, international organization or any
agency or instrumentality of either of the foregoing, (iii) any organization
(except certain farmer's cooperatives described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code unless such
organization is subject to the tax imposed by Section 511 of the Code, (iv)
rural electric and telephone cooperatives described in Section 1381 of the Code
or (v) any other Person so designated by the Trustee based upon an Opinion of
Counsel provided to the Trustee that the holding of any ownership interest in a
Residual Certificate by such Person may cause the Trust Fund REMIC or any Person
having an ownership interest in any Class of Certificates, other than such
Person, to incur liability for any federal tax imposed under the Code that would
not otherwise be imposed but for the transfer of an ownership interest in the
Residual Certificate to such Person. The terms "United States," "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code.
DUE DATE: The day of the month on which the Monthly Payment is due from the
Mortgagor on a Mortgage Loan.
DUE PERIOD: With respect to each Remittance Date, the period commencing on
the second day of the month immediately preceding the month in which such
Remittance Date occurs and ending on the first day of the month in which such
Remittance Date occurs.
ELIGIBLE ACCOUNT: Either (A) a segregated account or accounts maintained
with an institution whose deposits are insured by and held up to the limits
insured by the Bank Insurance Fund or the Savings Association Insurance Fund of
the FDIC, the unsecured and uncollateralized debt obligations of which shall be
rated "A" or better by S&P and A2 or better by Moody's and in one of the two
highest short-term rating categories by S&P and the highest short term rating
category by Moody's, and which is either (i) a federal savings and loan
association duly organized, validly existing and in good standing under the
federal banking laws, (ii) an institution duly organized, validly existing and
in good standing under the applicable banking laws of any state, (iii) a
national banking association duly organized, validly existing and in good
standing under the federal banking laws, (iv) a principal subsidiary of a bank
holding
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company, or (v) approved in writing by the Certificate Insurer, Moody's and S&P
or (B) a trust account or accounts (which shall be a "special deposit account")
maintained with the trust department of a federal or state chartered depository
institution or trust company, having capital and surplus of not less than
$50,000,000, acting in its fiduciary capacity. Any Eligible Accounts maintained
with the Trustee shall conform to the preceding clause (B).
EVENT OF DEFAULT: As described in Section 10.01.
EVENT OF NONPAYMENT: An event of nonpayment shall occur with respect to
each Sub-Pool and with respect to any Remittance Date if (i) on or prior to the
related CrossOver Date, the amounts remitted by the Servicer and available to
the Trustee pursuant to Sections 5.04(i), 6.05(e), 6.09 and 6.10 (to the extent
not included in 5.04(i)) for deposit in the related Certificate Account that are
not subject to an automatic stay under Section 362 of the United States
Bankruptcy Code pursuant to an order of a United States bankruptcy court of
competent jurisdiction, plus the amount of any Net Excess Spread from the other
Sub-Pool, plus the amount of any Excess Principal from the other Sub-Pool, plus
any amounts on deposit in the related Reserve Account prior to the related
Cross-Over Date, plus the amount to be paid pursuant to the last paragraph of
Section 6.06(c) (if any), will not, taken together, be sufficient to pay the sum
of (x) all of the related Class A Remittance Amount (exclusive of any related
Class A Carry-Forward Amount representing amounts previously paid to the related
Class A Certificateholders as Insured Payments, or representing interest accrued
in respect of such Insured Payments) and (y) the related Monthly Premium to be
withdrawn from the related Certificate Account to be paid to the Certificate
Insurer pursuant to Section 6.02(i) in respect of such Remittance Date, or (ii)
after the related Cross-Over Date, the related Available Remittance Amount
remitted by the Servicer to the Trustee pursuant to Section 5.04(i) plus that
additional portion of the Amount Available constituting Excess Spread available
to pay the related Class A Interest Remittance Amount pursuant to Sections
6.06(c)(A)(Y)(i) through (v) with respect to Sub-Pool 1, and Section
6.06(c)(B)(Y)(i) with respect to Sub-Pool 2, the amounts remitted by the
Servicer to the Trustee pursuant to Sections 6.05(e), 6.09 and 6.10 (to the
extent not included in 5.04(i)) for deposit in the related Certificate Account
that are not subject to an automatic stay under Section 362 of the United States
Bankruptcy Code pursuant to an order of a United States bankruptcy court of
competent jurisdiction, will not, taken together, be sufficient to pay the sum
of (x) all of the related Class A Remittance Amount (exclusive of any related
Class A Carry-Forward Amount representing amounts previously paid to the related
Class A Certificateholders, as Insured Payments, or representing interest
accrued in respect of such Insured Payments) and (y) the related Monthly Premium
to be withdrawn from the related Certificate Account to be paid to the
Certificate Insurer pursuant to Section 6.02(i) in respect of such Remittance
Date, or (iii) the sum of all Realized Losses with respect to such Sub-Pool
since the Closing Date exceeds 75% of the related Subordinated Amount as of
November 25, 1997.
EXCESS PAYMENTS: With respect to a Due Period, any principal amounts
received on a Mortgage Loan in excess of the principal amount included in the
Monthly Payment due on the Due Date in such Due Period which does not constitute
either a Curtailment or a Principal Prepayment.
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EXCESS PRINCIPAL: With respect to any Sub-Pool and for a particular
Remittance Date, the lesser of (i) the portion, if any, of the Available
Principal Amount for such Sub-Pool that is not required to be included in the
related Class A Principal Remittance Amount for such Sub-Pool for such
Remittance Date as a result of the application of clause (a) of the definition
of Class A Principal Remittance Amount and (ii) the amount of such portion
described in clause (i) remaining after the application of the related Available
Remittance Amount to cover the Required Payments for such Sub-Pool.
EXCESS PROCEEDS: With respect to any Mortgage Loan (including a Mortgage
Loan as to which the related Mortgaged Property has become an REO Property) that
became a Liquidated Mortgage Loan during any Due Period, the excess, if any, of
(a) the total Net Liquidation Proceeds received in respect thereof during such
Due Period, over (b) the Principal Balance of such Mortgage Loan as of the date
such Mortgage Loan became a Liquidated Mortgage Loan plus interest thereon at
the Mortgage Rate from the date through which interest was last paid by the
Mortgagor or advanced by the Servicer to but not including the Due Date in such
Due Period.
EXCESS SPREAD: With respect to Sub-Pool 1 and for a particular Remittance
Date, the sum of (a) the excess of (x) all payments received or advanced on
account of interest on the Sub-Pool 1 Mortgage Loans during the related Due
Period over (y) the sum of (i) the Class 1A Interest Remittance Amount for such
Remittance Date, (ii) the Sub-Pool 1 Annual Trustee Expense Amount for such
Remittance Date, (iii) the Monthly Premium for such Remittance Date and (iv) the
Servicing Fee for such Remittance Date and (b) with respect to the October 27,
1997 and November 25, 1997 Remittance Dates, Excess Spread shall also include an
amount with respect to the Pre-Funded Amounts to be determined by the
Certificate Insurer and deposited into the Sub-Pool 1 Interest Coverage Account
by the Depositor on the Closing Date.
With respect to Sub-Pool 2 and for a particular Remittance Date, the sum of
(a) the excess of (x) all payments received or advanced on account of interest
on the Sub-Pool 2 Mortgage Loans during the related Due Period over (y) the sum
of (i) the Class 2A Interest Remittance Amount for such Remittance Date, (ii)
the Sub-Pool 2 Annual Trustee Expense Amount for such Remittance Date, (iii) the
Monthly Premium for such Remittance Date and (iv) the Servicing Fee for such
Remittance Date and (b) with respect to the October 27, 1997 and November 25,
1997 Remittance Dates, Excess Spread shall also include an amount with respect
to the Pre-Funded Amounts to be determined by the Certificate Insurer and
deposited into the Sub-Pool 2 Interest Coverage Account by the Depositor on the
Closing Date.
FDIC: The Federal Deposit Insurance Corporation and any successor thereto.
FHLMC: The Federal Home Loan Mortgage Corporation and any successor
thereto.
FIDELITY BOND: As described in Section 5.09.
FINAL ORDER: As defined in Section 6.06(b).
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FIRST LIEN: With respect to any Sub-Pool 1 Mortgage Loan which is secured
by a second priority lien, the Mortgage Loan relating to the corresponding
Mortgaged Property having a first priority lien.
FNMA: The Federal National Mortgage Association and any successor thereto.
FNMA LOAN: Any Mortgage Loan originated substantially in accordance with
FNMA and FHLMC underwriting guidelines in effect on the date the Mortgage Loan
was originated.
FUNDING PERIOD: With respect to each Sub-Pool, the period beginning on the
Closing Date and ending on the earlier of the date on which (a) the amount on
deposit in the related Pre-Funding Account is zero or (b) the close of business
on November 21, 1997.
GROSS MARGIN: With respect to each Sub-Pool 2 Mortgage Loan, the fixed
percentage amount set forth in the related Mortgage Note to be added to the
related Index to determine the Mortgage Rate on each Adjustment Date, and which
is set forth in the related Mortgage Loan Schedule.
INDEX: With respect to the Sub-Pool 2 Mortgage Loans, the index for the
adjustment of the Mortgage Rate set forth as such in the related Mortgage Note,
such index being either (i) the weekly average yield on United States Treasury
Securities adjusted to a constant maturity of one year, as published in the
Federal Reserve Statistical Release H.15 (519), as most recently announced as of
a date 45 days preceding such Mortgage Loan's Adjustment Date (the "One-Year
Treasury Index") or (ii) the average of interbank offered rates for six-month
U.S. dollar-denominated deposits in the London market as published in The Wall
Street Journal "Money Rates" table, and as most recently available as of the
date 45 days before such Mortgage Loan Adjustment Date if such date falls on a
Friday or, if such date does not fall on a Friday, then as most recently
available as of the Friday immediately preceding the date 45 days before each
such Mortgage Loan Adjustment Date (the "Six-Month LIBOR Index"). If the
applicable Index becomes unavailable, the Servicer, on behalf of the Trustee,
will select an alternative index for mortgage loans on single family residential
properties, based upon comparable information, over which it has no control and
which is readily verifiable by mortgagors.
INDEPENDENT PERSON: When used with respect to any specified Person, any
such Person who (a) is in fact independent of the Depositor, the Servicer and
their respective Affiliates, (b) does not have any direct financial interest in
or any material indirect financial interest in any of the Depositor or the
Servicer or any Affiliate thereof, and (c) is not connected with the Depositor
or the Servicer or any Affiliate thereof as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar functions;
provided, however, that a Person shall not fail to be Independent of the
Depositor or the Servicer or any Affiliate thereof solely because such Person is
the beneficial owner of 1% or less of any class of securities issued by the
Depositor or the Servicer or any Affiliate thereof, as the case may be.
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INITIAL ADJUSTMENT DATE: With respect to each Sub-Pool 2 Mortgage Loan, the
first adjustment date following the origination of such Mortgage Loan.
INITIAL MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage Loan, the
Mortgage Rate in effect prior to the Initial Adjustment Date.
INITIAL MORTGAGE LOAN: A Mortgage Loan assigned and transferred to the
Trustee on the Closing Date.
INITIAL MORTGAGE LOANS: Collectively, the Initial Mortgage Loans.
INITIAL RESERVE ACCOUNT DEPOSIT: With respect to each Sub-Pool, the amount,
if any, deposited by the Depositor in the related Reserve Account on the Closing
Date pursuant to Section 6.14, which amount is $0.00 for Sub-Pool 1, and $0.00
for Sub-Pool 2.
INSURANCE AGREEMENT: The agreement dated as of the Closing Date by and
among the Certificate Insurer, the Depositor, the Servicer and the Trustee, as
amended from time to time by the parties thereto, relating to, among other
things, the Premium Percentage.
INSURANCE PROCEEDS: Proceeds paid to the Trustee or the Servicer by any
insurer (except the Certificate Insurer) or by the Servicer pursuant to a
deductible clause under a blanket policy insuring against fire and hazards of
extended coverage on all of the Mortgage Loans pursuant to Section 5.08, in
either event pursuant to any insurance policy covering a Mortgage Loan,
Mortgaged Property, or REO Property or any other insurance policy net of any
expenses which are incurred by the Servicer or the Trustee in connection with
the collection of such proceeds and not otherwise reimbursed to the Servicer,
other than proceeds to be applied to the restoration or repair of the Mortgaged
Property, or released to the Mortgagor in accordance with customary first and
second mortgage servicing procedures in the case of Sub-Pool 1 Mortgage Loans
and customary first mortgage servicing procedures in the case of Sub-Pool 2
Mortgage Loans.
INSURED PAYMENT: With respect to each Sub-Pool and as of each Remittance
Date, the amount, if any, by which (1) the related Class A Remittance Amount
(excepting clause (c)(vi) of the definition of Class A Principal Remittance
Amount to the extent such amount is due but not paid by the Depositor) exceeds
(2) the sum of (a) the related Available Remittance Amount (minus the related
Monthly Premium withdrawable from the related Certificate Account to be paid to
the Certificate Insurer pursuant to Section 6.02(i)), plus (b) (I), if such
Remittance Date is prior to the related Cross-Over Date, the lower of (X) the
Excess Spread deposited into the related Certificate Account pursuant to Section
5.04(i) as of such Remittance Date, plus the Net Excess Spread from the other
Sub-Pool, if any, plus Excess Principal from the other Sub-Pool, if any, and (Y)
the related Subordinated Amount, or (II), if such Remittance Date is on or after
the related Cross-Over Date, that additional portion of the Amount Available
constituting Excess Spread with respect to the related Sub-Pool available to pay
the related Class A Interest Remittance Amount pursuant to Sections
6.06(c)(A)(Y)(i) through (v) with respect to Sub-Pool 1 and Section
6.06(c)(B)(Y)(i) with respect to Sub-Pool 2, plus (c) any amount transferred
from the related
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Reserve Account to the related Certificate Account pursuant to Section 6.14(c),
plus (d) the aggregate amount of any previous Insured Payments for which the
Certificate Insurer has not been reimbursed pursuant to Section 6.06(b),
together with that portion of the amounts described in the preceding clause (1)
that represents interest accrued in respect of such Insured Payments in
accordance with the definition of Class A Carry-Forward Amount; provided,
however, that the determination of Insured Payments shall not be affected in any
way by any recharacterization of the transactions contemplated by this Agreement
as a financing in any bankruptcy, insolvency or similar proceeding to which the
Depositor may be subject and the related Available Remittance Amount shall for
the purpose of this definition be deemed to be decreased by the amount thereof
that has been deposited in the related Certificate Account but may not be
withdrawn therefrom pursuant to an order of a United States bankruptcy court of
competent jurisdiction imposing a stay pursuant to Section 362 of the United
States Bankruptcy Code.
INTEREST COVERAGE ACCOUNT: With respect to each Sub-Pool, the Account
established and maintained pursuant to Section 6.13, which must be an Eligible
Account. With respect to Sub-Pool 1, the Interest Coverage Account shall be
known as the Sub-Pool 1 Interest Coverage Account and with respect to Sub-Pool
2, the Interest Coverage Account shall be known as the Sub-Pool 2 Interest
Coverage Account.
INTEREST COVERAGE ADDITION: With respect to the related Sub-Pool and as to
any Remittance Date, the sum of the amounts described in Sections 6.13(b) and
6.13(c).
INTEREST COVERAGE AMOUNT: With respect to each Sub-Pool, the amount to be
paid by the Depositor to the Trustee for deposit into the related Interest
Coverage Account pursuant to Section 6.12(a) on the Closing Date, which amount
is $1,206,166.91 for Sub-Pool 1, and $1,569,564.86 for Sub-Pool 2.
LIQUIDATED MORTGAGE LOAN: Any defaulted Mortgage Loan or REO Property as to
which the Servicer has determined that all amounts which it reasonably and in
good faith expects to recover have been recovered from or on account of such
Mortgage Loan or REO Property.
LIQUIDATION PROCEEDS: Any cash amounts received in connection with the
liquidation of defaulted Mortgage Loans, whether through trustee's sale,
foreclosure sale, REO Disposition or otherwise, and any other amounts required
to be deposited in the Principal and Interest Account pursuant to Section 5.10.
LOAN-TO-VALUE RATIO: The fraction, expressed as a percentage, the numerator
of which is the original Principal Balance of the related Mortgage Loan and the
denominator of which is the Appraised Value at the time of origination of the
related Mortgaged Property.
MAJORITY CERTIFICATEHOLDERS: With respect to Sub-Pool 1, the Class 1A
Majority Certificateholders. With respect to Sub-Pool 2, the Class 2A Majority
Certificateholders.
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MANUFACTURED HOME: A manufactured home within the meaning of 42 United
States Code Section 5402(6).
MANUFACTURED HOME LOAN: Any Mortgage Loan which is secured by a first lien
on real estate to which a Manufactured Home has been permanently affixed.
MAXIMUM MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage Loan, the
maximum rate of interest set forth in the related Mortgage Note.
MINIMUM MORTGAGE RATE: With respect to each Sub-Pool 2 Mortgage Loan, the
minimum rate of interest set forth in the related Mortgage Note.
MIXED USE LOAN: Any Sub-Pool 1 Mortgage Loan which is secured by a mixed
residential and commercial structure.
MIXED USE PROPERTY: With respect to Sub-Pool 1 Mortgage Loans, a property
which consists of a mixed residential and commercial structure.
MONTHLY ADVANCE: An advance made by the Servicer pursuant to Section 6.09.
MONTHLY PAYMENT: The scheduled monthly payment or Periodic Payment(s) of
principal and/or interest required to be made by a Mortgagor on the related
Mortgage Loan during any month, as set forth in the related Mortgage Note.
MONTHLY PREMIUM: With respect to each Sub-Pool, the monthly premium payable
to the Certificate Insurer equal to the product of (i) one-twelfth of the then
applicable Premium Percentage and (ii) the then outstanding related Class 1A
Principal Balance or Class 2A Principal Balance.
MOODY'S: Moody's Investors Service, Inc. or any successor thereto.
MORTGAGE: The mortgage, deed of trust, Land Trust Mortgage or other
instrument creating a first or second lien in accordance with applicable law on
a Mortgaged Property.
MORTGAGE FILE: As described in Exhibit A annexed hereto.
MORTGAGE IMPAIRMENT INSURANCE POLICY: As described in Section 5.08.
MORTGAGE LOAN: An individual mortgage loan which is assigned and
transferred to the Trustee pursuant to this Agreement or a Subsequent Transfer
Instrument, together with the rights and obligations of a holder thereof and
payments thereon and proceeds therefrom, the Mortgage Loans originally subject
to this Agreement being identified on the
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Mortgage Loan Schedule annexed hereto as Exhibits H-1 and H-2. As applicable,
Mortgage Loan shall be deemed to refer to the related REO Property.
MORTGAGE LOAN SCHEDULE: With respect to each Sub-Pool, the schedule of
Mortgage Loans attached hereto as Exhibit H-1 or H-2, as supplemented by each
schedule of Subsequent Mortgage Loans attached to a Subsequent Transfer
Instrument, as such schedule may be amended or supplemented from time to time,
such schedule identifying each Mortgage Loan by address of the Mortgaged
Property and the name of the Mortgagor and setting forth as to each Mortgage
Loan the following information: (i) the Principal Balance as of the Cut-off Date
or Subsequent Cut-off Date, (ii) the account number, (iii) the original
principal amount, (iv) the Loan-to-Value Ratio or Combined Loan-to-Value Ratio,
as the case may be, as of the date of origination of the related Mortgage Loan,
(v) the Due Date, (vi) the first date on which a Monthly Payment is due under
the Mortgage Note, (vii) the Monthly Payment, (viii) the maturity date of the
related Mortgage Note, (ix) the remaining number of months to maturity as of the
Cut-off Date or Subsequent Cut-off Date, (x) the applicable Mortgaged Property
State, (xi) the current Mortgage Rate and (xii) with respect to the Sub-Pool 2
Mortgage Loans only: (1) the Gross Margin, (2) the next Adjustment Date after
the Cut-off Date, (3) the Maximum Mortgage Rate, (4) the Minimum Mortgage Rate
and (5) the Index.
MORTGAGE NOTE: The note or other evidence of indebtedness evidencing the
indebtedness of a Mortgagor under a Mortgage Loan.
MORTGAGE RATE: With respect to each Sub-Pool 1 Mortgage Loan, the fixed
annual rate of interest borne by the related Mortgage Note, as shown on the
related Mortgage Loan Schedule. With respect to each Sub-Pool 2 Mortgage Loan,
the annual rate of interest borne by the related Mortgage Note from time to
time.
MORTGAGED PROPERTY: A Single Family Property, Multifamily Property or Mixed
Use Property which secures a Mortgage Loan.
MORTGAGOR: The obligor on a Mortgage Note.
MULTIFAMILY LOAN: Any Mortgage Loan which is secured by Multifamily
Property.
MULTIFAMILY PROPERTY: With respect to a Mortgage Loan, a residential
property consisting of five or more dwelling units.
NET EXCESS AMOUNT AVAILABLE: With respect to any Sub-Pool and for a
particular Remittance Date, the sum of (i) the Available Remittance Amount for
such Sub-Pool (reduced by the related Monthly Premium to be paid to the
Certificate Insurer pursuant to Section 6.04) and (ii) any Insured Payments with
respect to such Sub-Pool.
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NET EXCESS PRINCIPAL: With respect to any Sub-Pool and for a particular
Remittance Date, the Excess Principal for such Sub-Pool remaining after the
application thereof to cover an Available Funds Shortfall with respect to the
other Sub-Pool.
NET EXCESS SPREAD: With respect to any Sub-Pool and for a particular
Remittance Date, the Excess Spread for such Sub-Pool remaining after the
application thereof to cover Required Payments with respect to such Sub-Pool
(other than in respect of the Class A Principal Remittance Amount after the
related Cross-Over Date).
NET LIQUIDATION PROCEEDS: Liquidation Proceeds net of (i) any
reimbursements to the Servicer made therefrom pursuant to Section 5.04(ii) and
(ii) any related accrued and unpaid Annual Trustee Expense Amounts as of the
date on which such Liquidation Proceeds were received.
NET MORTGAGE RATE: With respect to each Mortgage Loan, and at any time, the
per annum rate equal to the related Mortgage Rate less the Servicing Fee Rate.
NONRECOVERABLE ADVANCES: With respect to any Mortgage Loan, (i) any
Servicing Advance or Monthly Advance previously made and not reimbursed from
late collections pursuant to Section 5.04, or (ii) a Servicing Advance proposed
to be made in respect of a Mortgage Loan or REO Property which, in the good
faith business judgment of the Servicer would not be ultimately recoverable from
late collections, Released Mortgaged Property Proceeds, Insurance Proceeds or
Liquidation Proceeds on such Mortgage Loan or REO Property.
NON-UNITED STATES PERSON: Any Person other than a United States Person.
NOTICE: As defined in Section 6.06(b).
OFFICER'S CERTIFICATE: A certificate delivered to the Trustee signed by the
President or an Executive Vice President or a Senior Vice President or a Vice
President or an Assistant Vice President of either the Depositor or the
Servicer, as required by this Agreement.
ONE-MONTH LIBOR: With respect to the Class 1A-1 and Class 2A Certificates,
as determined by the Trustee on the second Business Day preceding the beginning
of each Accrual Period, the London interbank offered rate for the relevant
Accrual Period for one-month U.S. dollar deposits for a term equal to the
relevant Accrual Period as such rates appear on Telerate Page 3750, as of 11:00
a.m. (London time) on such date. If such rate does not appear on Telerate Page
3750, the rate for that day will be determined on the basis of the rates at
which deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to banks in the London
interbank market for a term equal to the relevant Accrual Period. The Trustee
will request the principal London office of each of the Reference Banks to
provide a quotation of its rate. If at least two such quotations are provided,
the rate for that day will be the arithmetic mean of the quotations. If fewer
than two quotations are provided as requested, the rate for that day will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the Servicer, at approximately 11:00 a.m., New York City time, on
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that day for loans in United States dollars to leading European banks for a term
equal to the relevant Accrual Period. If the Trustee is unable to determine One
Month LIBOR for an Accrual Period, the rate for such Accrual Period shall be One
Month LIBOR as determined for the previous Accrual Period. Notwithstanding the
foregoing, however, One-Month LIBOR for an Accrual Period shall not be based on
One-Month LIBOR for the previous Accrual Period for three consecutive Accrual
Periods. If, under the priorities described above, One-Month LIBOR for an
Accrual Period would be based on One-Month LIBOR for the previous Accrual Period
for the second consecutive Accrual Period, the Trustee shall select a comparable
alternative index (over which the Trustee has no control) used for determining
one-month Eurodollar lending rates that is calculated and published (or
otherwise made available) by an independent third party.
OPINION OF COUNSEL: A written opinion of counsel, who may, without
limitation, be counsel for the Servicer, reasonably acceptable to the Trustee
and experienced in matters relating to the subject of such opinion; except that
any opinion of counsel relating to (a) the qualification of the Trust Fund REMIC
as a REMIC or (b) compliance with the REMIC Provisions must be an opinion of
counsel who (i) does not have any direct financial interest or any material
indirect financial interest in the Servicer or in any Person known to a
Responsible Officer of the Trustee to be an Affiliate thereof and (ii) is not
connected with the Servicer as an officer, employee, director or person
performing similar functions.
ORIGINAL CLASS 1A PRINCIPAL BALANCE: $120,527,857.
ORIGINAL CLASS 1A-1 PRINCIPAL BALANCE :$35,000,000.
ORIGINAL CLASS 1A-2 PRINCIPAL BALANCE: $30,500,000.
ORIGINAL CLASS 1A-3 PRINCIPAL BALANCE: $12,000,000.
ORIGINAL CLASS 1A-4 PRINCIPAL BALANCE: $22,027,857.
ORIGINAL CLASS 1A-5 PRINCIPAL BALANCE: $21,000,000.
ORIGINAL CLASS 2A PRINCIPAL BALANCE: $179,472,143.
ORIGINAL POOL PRINCIPAL BALANCE: $190,960,693.38, equal to the sum of the
Original Sub-Pool 1 Principal Balance and the Original Sub-Pool 2 Principal
Balance.
ORIGINAL PRE-FUNDED AMOUNT: With respect to each Sub-Pool, the amount
deposited by the Depositor in the related Pre-Funding Account on the Closing
Date, which amount is $46,413,349 for Sub-Pool 1, and $69,619,200 for Sub-Pool
2.
ORIGINAL SUB-POOL PRINCIPAL BALANCE: Either the Original Sub-Pool 1
Principal Balance or the Original Sub-Pool 2 Principal Balance, as applicable.
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ORIGINAL SUB-POOL 1 PRINCIPAL BALANCE: The aggregate Cut-off Date Principal
Balances of the Sub-Pool 1 Initial Mortgage Loans, which amount is equal to
$75,270,504.81.
ORIGINAL SUB-POOL 2 PRINCIPAL BALANCE: The aggregate Cut-off Date Principal
Balances of the Sub-Pool 2 Initial Mortgage Loans, which amount is equal to
$115,690,188.57.
OVERCOLLATERALIZATION AMOUNT: With respect to any Sub-Pool and for a
particular Remittance Date, the excess, if any, of (i) the sum of (a) the
related Sub-Pool Principal Balance, (b) the related Pre-Funded Amount and (c)
the amount, if any, on deposit in the related Reserve Account as of the close of
business on the last day of the related Due Period over (ii) the related Class A
Principal Balance after giving effect to distributions of the related Class A
Principal Remittance Amount for such Sub-Pool on such Remittance Date.
OWNER-OCCUPIED MORTGAGED PROPERTY: A Residential Dwelling that the related
Mortgagor represented an intent to occupy as such Mortgagor's primary, secondary
or vacation residence at the origination of the Mortgage Loan.
PAYING AGENT: Initially, the Trustee, and thereafter, the Trustee or any
other Person that meets the eligibility standards for the Paying Agent specified
in Section 14.13 and is authorized by the Trustee to make payments on the
Certificates on behalf of the Trustee.
PERCENTAGE INTEREST: With respect to a Class 1A-1, Class 1A-2, Class 1A-3,
Class 1A-4, Class 1A-5 or Class 2A Certificate, the portion of the Class
evidenced by such Certificate, expressed as a percentage rounded to four decimal
places, equivalent to a fraction the numerator of which is the denomination
represented by such Certificate and the denominator of which is the Original
Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5 or Class 2A Principal
Balance, as applicable. With respect to the Class R Certificates, the portion of
the Class evidenced by such Certificate as stated on the face thereof; provided,
however, that no more than 100% Percentage Interests in the Class R Certificates
shall be outstanding at any one time.
PERIODIC RATE CAP: With respect to each Sub-Pool 2 Mortgage Loan, the
provision in each Mortgage Note that limits permissible increases and decreases
in the Mortgage Rate on any Adjustment Date, (i) with respect to the Sub-Pool 2
Mortgage Loans with a One-Year Treasury Index, to not more than two percentage
points, and (ii) with respect to the Sub-Pool 2 Mortgage Loans with a Six-Month
LIBOR Index (the "Six-Month LIBOR Loans"), to not more than one percentage
point, or, with respect to the Six-Month LIBOR Loans which are subject to an
adjustment after an initial twenty-four month period, increase to not more than
two percentage points on the initial Adjustment Date only.
PERIODIC PAYMENT: With respect to any Periodic Payment Loan, as of any date
of determination, the scheduled payment of principal and/or interest required to
be made by a Mortgagor as set forth in the related Mortgage Note.
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PERIODIC PAYMENT LOANS: Any Mortgage Loan that provided, on the date of
origination, for Periodic Payments to be made every twenty-eight (28) days.
PERMITTED INSTRUMENTS: As used herein, Permitted Instruments shall include
the following:
(i) direct general obligations of, or obligations fully and
unconditionally guaranteed as to the timely payment of principal and
interest by, the United States or any agency or instrumentality thereof,
provided such obligations are backed by the full faith and credit of the
United States, FHLMC senior debt obligations, and FNMA senior debt
obligations, but excluding any of such securities whose terms do not
provide for payment of a fixed dollar amount upon maturity or call for
redemption;
(ii) federal funds, certificates of deposit, time and demand deposits
and banker's acceptances of any bank or trust company incorporated under
the laws of the United States or any state thereof (in each case having
maturities of less than 365 days), provided that the short-term debt
obligations of such bank or trust company at the date of acquisition
thereof have been rated "A-1" or better by S&P and Prime-1 by Moody's;
(iii) deposits of any bank or savings and loan association, provided
that the long-term unsecured debt obligations of such bank or savings and
loan association have been rated Baa3 or better by Moody's or "BBB-" or
better by S&P and which has combined capital, surplus and undivided profits
of at least $3,000,000, which deposits are insured by the Bank Insurance
Fund or the Savings Association Insurance Fund of the FDIC;
(iv) commercial paper (having original maturities of not more than 180
days) or demand notes rated "A-1" or better by S&P and Prime-1 by Moody's
and issued by an entity having a long-term rating of A2 or better by
Moody's;
(v) investments in money market funds rated "AAAm" or "AAAm-G" by S&P
and Aaa by Moody's; and
(vi) investments approved by S&P, Moody's and the Certificate Insurer
in writing delivered to the Trustee;
provided that no instrument described hereunder shall evidence either the right
to receive (a) only interest with respect to the obligations underlying such
instrument or (b) both principal and interest payments derived from obligations
underlying such instrument and the interest and principal payments with respect
to such instrument provided a yield to maturity at par greater than 120% of the
yield to maturity at par of the underlying obligations; and provided, further,
that no instrument described hereunder may be purchased at a price greater than
par.
PERMITTED TRANSFEREE: Any transferee of a Class R Certificate other than a
Disqualified Organization or Non-United States Person.
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PERSON: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, national banking association,
unincorporated organization or government or any agency or political subdivision
thereof.
POOL PRINCIPAL BALANCE: As of any date of determination, the aggregate of
the Sub-Pool 1 Principal Balance and the Sub-Pool 2 Principal Balance.
PREFERENCE AMOUNT: As defined in Section 6.06(b).
PRE-FUNDED AMOUNT: With respect to each Sub-Pool and with respect to any
Determination Date, the amount on deposit in the related Pre-Funding Account.
PRE-FUNDING ACCOUNT: With respect to each Sub-Pool, the account established
and maintained pursuant to Section 6.12. With respect to Sub-Pool 1, the
Pre-Funding Account shall be known as the Sub-Pool 1 Pre-Funding Account and
with respect to Sub-Pool 2, the Pre-Funding Account shall be known as the
Sub-Pool 2 Pre-Funding Account.
PREMIUM PERCENTAGE: With respect to each Sub-Pool and as of any Remittance
Date, the percentage designated as such in the Insurance Agreement.
PREPAYMENT ASSUMPTION: With respect to Sub-Pool 1, 2% per annum of the then
outstanding principal balance of the Sub-Pool 1 Mortgage Loans in the first
month of the life of the Sub-Pool 1 Mortgage Loans, and an additional 1.2% per
annum in each month thereafter until the twenty-first month and in each month
thereafter during the life of the Sub-Pool 1 Mortgage Loans, 26% per annum each
month. With respect to Sub-Pool 2, an assumed constant rate of prepayment equal
to 26% per annum.
PRINCIPAL AND INTEREST ACCOUNT: With respect to each Sub-Pool, the
principal and interest account established by the Servicer pursuant to Section
5.03. With respect to Sub-Pool 1, the Principal and Interest Account shall be
known as the Sub-Pool 1 Principal and Interest Account and with respect to
Sub-Pool 2, the Principal and Interest Account shall be known as the Sub-Pool 2
Principal and Interest Account.
PRINCIPAL BALANCE: With respect to any Mortgage Loan or related REO
Property, at any date of determination, (i) the Cut-off Date Principal Balance
of such Mortgage Loan (or the principal balance outstanding as of the Subsequent
Cut-off Date with respect to a Subsequent Mortgage Loan or as of the applicable
substitution date with respect to a Qualified Substitute Mortgage Loan), after
application of principal payments received on or before such Cutoff Date (or on
or before such Subsequent Cut-off Date or substitution date), minus (without
duplication) (ii) the sum of (a) the principal portion of the Monthly Payments
received during each Due Period ending prior to the most recent Remittance Date
and deposited in the related Principal and Interest Account pursuant to Section
5.03, and (b) all Principal Prepayments, Curtailments, Excess Payments,
Insurance Proceeds, Net Liquidation Proceeds, Released Mortgaged Property
Proceeds, the principal portion of any Periodic Payment deferred and
subsequently forgiven and net income from any REO Property to the extent applied
by the Servicer as recoveries of principal,
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which were distributed pursuant to Section 6.06 on any previous Remittance Date.
The Principal Balance of any Liquidated Mortgage Loan in the month following the
month in which such loan became a Liquidated Mortgage Loan is zero.
PRINCIPAL PAYMENT TABLE: The table with respect to each Sub-Pool set forth
as Exhibit P.
PRINCIPAL PREPAYMENT: Any payment or other recovery of principal on a
Mortgage Loan equal to the outstanding principal balance thereof, received in
advance of the final scheduled Due Date which is intended to satisfy a Mortgage
Loan in full.
PROPOSED SUBSEQUENT MORTGAGE LOAN SCHEDULE: With respect to each Sub-Pool,
the proposed schedule of mortgage loans or potential mortgage loans from which
the majority of the Subsequent Mortgage Loans will be obtained, attached hereto
as Exhibit R.
PROSPECTUS: The prospectus and prospectus supplement, as supplemented,
prepared by the Depositor in connection with the initial issuance and sale of
the Class 1A and Class 2A Certificates.
PURCHASE PRICE: As defined in Section 5.11.
QUALIFIED MORTGAGE: "Qualified Mortgage" shall have the meaning set forth
from time to time in the definition thereof at Section 860G(a)(3) of the Code
(or any successor statute thereto).
QUALIFIED SUBSTITUTE MORTGAGE LOAN: A Mortgage Loan substituted by the
Depositor for a Deleted Mortgage Loan pursuant to Section 2.05 or 3.03, which,
(A) with respect to any Sub-Pool 1 Mortgage Loan, (i) has a fixed
mortgage interest rate of not less than (and not more than two percentage
points higher than) the Mortgage Rate of the Deleted Mortgage Loan; (ii)
relates to the same type of Mortgaged Property as the Deleted Mortgage Loan
and has the same lien priority as the Deleted Mortgage Loan; (iii) has a
remaining term to maturity no greater than (and not more than one year less
than that of) the Deleted Mortgage Loan; (iv) has a Loan-to-Value Ratio, or
a Combined Loan-to-Value Ratio, as the case may be, no higher than that of
the Deleted Mortgage Loan; (v) has a principal balance (after application
of all payments received on or prior to the date of substitution) equal to
or less than the Principal Balance of the Deleted Mortgage Loan as of such
date; (vi) satisfies the criteria set forth from time to time in the
definition of "qualified replacement mortgage" at Section 860G(a)(4) of the
Code (or any successor statute thereto); (vii) has the same or lower credit
risk, as measured by credit risk category, under the Depositor's
underwriting guidelines; and (viii) complies with each representation and
warranty set forth in Sections 3.01, 3.02(a) and 3.02(b), and
(B) with respect to any Sub-Pool 2 Mortgage Loan, (i) has a Maximum
Mortgage Rate no lower than (and not more than two percentage points higher
than) the Maximum
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Mortgage Rate of the Deleted Mortgage Loan, and has a Minimum Mortgage Rate
no lower than (and not more than one percentage point higher than) the
Minimum Mortgage Rate of the Deleted Mortgage Loan; (ii) has the same Index
and Periodic Rate Cap as that of the Deleted Mortgage Loan and a Gross
Margin not less than that of the Deleted Mortgage Loan and, if Mortgage
Loans equal to 1% or more of the Pool Stated Principal Balance of the
Mortgage Loans as of the Cut-off Date have become Deleted Mortgage Loans,
not more than two percentage points more than that of the Deleted Mortgage
Loan; (iii) shall be accruing interest at a rate no lower than and not more
than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) has
a principal balance (after application of all payments received on or prior
to the date of substitution) equal to or less than the Principal Balance of
the Deleted Mortgage Loan as of such date; (v) has a Loan-to-Value Ratio no
higher than that of the Deleted Mortgage Loan; (vi) has a remaining term to
maturity no greater than (and not more than one year less than that of) the
Deleted Mortgage Loan; (vii) satisfies the criteria set forth from time to
time in the definition of "qualified replacement mortgage" at Section
860G(a)(4) of the Code (or any successor statute thereto); (viii) has the
same or lower credit risk, as measured by credit risk category, under the
Depositor's underwriting guidelines; (ix) has a Net Mortgage Rate (net of
any portion of the interest on such Mortgage Loan that may be retained by
the Depositor) within two percentage points of that of the Deleted Mortgage
Loan; and (x) complies with each representation and warranty set forth in
Sections 3.01, 3.02(a) and 3.02(c).
REALIZED LOSS: With respect to each Liquidated Mortgage Loan, an amount
(not less than zero or greater than the related Principal Balance as of the date
of liquidation) equal to the outstanding Principal Balance of such Mortgage Loan
as of the date of liquidation minus that portion of Net Liquidation Proceeds
actually distributed to Class A Certificateholders pursuant to Section 6.06(c)
in respect of such Liquidated Mortgage Loan.
RECORD DATE: The Business Day immediately preceding the related Remittance
Date, with respect to the Class 1A-1 Certificates and the Class 2A Certificates,
and the last Business Day of the month immediately preceding the month of the
related Remittance Date, with respect to all other Classes of Certificates.
REFERENCE BANKS: Such leading banks selected by the Trustee and engaged in
transactions in Eurodollar deposits in the international Eurocurrency market.
REIMBURSABLE AMOUNTS: As of any date of determination, an amount payable to
the Servicer or the Depositor with respect to (i) Monthly Advances and Servicing
Advances not previously reimbursed and (ii) any advances reimbursable pursuant
to Section 9.01 and not previously reimbursed pursuant to Section 6.03(c) or
6.06(c).
RELEASED MORTGAGED PROPERTY PROCEEDS: As to any Mortgage Loan, proceeds
received by the Servicer in connection with (a) a taking of an entire Mortgaged
Property by exercise of the power of eminent domain or condemnation or (b) any
release of part of the Mortgaged Property from the lien of the related Mortgage,
whether by partial
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condemnation, sale or otherwise; which are not released to the Mortgagor in
accordance with applicable law, customary mortgage servicing procedures and this
Agreement.
REMAINING NET EXCESS SPREAD: With respect to any Sub-Pool and for a
particular Remittance Date, the Net Excess Spread for such Sub-Pool remaining
after the application thereof to cover an Available Funds Shortfall with respect
to the other Sub-Pool.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC PROVISIONS: Provisions of the federal income tax law relating to real
estate mortgage investment conduits, which appear at Sections 860A through 860G
of the Code, and any related provisions and proposed, temporary and final
Treasury regulations and published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time.
REMITTANCE DATE: The 25th day of any month or if such 25th day is not a
Business Day, the first Business Day immediately following, commencing on
October 27, 1997.
RENTS FROM REAL PROPERTY: With respect to any REO Property relating to a
Multifamily Loan or Sub-Pool 1 Mixed Use Loan, gross income of the character
described in Section 856(d) of the Code.
REO DISPOSITION: The final sale of a Mortgaged Property acquired in
foreclosure or by deed in lieu of foreclosure.
REO PROPERTY: As defined in Section 5.10.
REQUIRED OVERCOLLATERALIZATION AMOUNT: With respect to any Sub-Pool and at
any time, the overcollateralization amount required by the Certificate Insurer
and set forth as the "Required Overcollateralization Amount" in the Insurance
Agreement with respect to each Sub-Pool.
REQUIRED PAYMENTS: With respect to any Sub-Pool and for a particular
Remittance Date, the amount required to pay the Class A Interest Remittance
Amount with respect to all Classes of Class A Certificates, the Class A
Principal Remittance Amount with respect to all Classes of Class A Certificates,
the related Annual Trustee Expense Amount and the related Monthly Premium to be
paid to the Certificate Insurer pursuant to Section 6.04.
RESERVE ACCOUNT: With respect to each Sub-Pool, and if required by the
Certificate Insurer, the Account established and maintained pursuant to Section
6.14, which must be an Eligible Account. With respect to Sub-Pool 1, the Reserve
Account shall be known as the Sub-Pool 1 Reserve Account and with respect to
Sub-Pool 2, the Reserve Account shall be known as the Sub-Pool 2 Reserve
Account.
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RESIDENTIAL DWELLING: A one- to four-family dwelling, a unit in a planned
unit development, a unit in a condominium development or a manufactured home.
RESPONSIBLE OFFICER: When used with respect to the Trustee, any officer
assigned to the Asset-Backed Securities Trust Services Department (or any
successor thereto), including any Vice President, Senior Trust Officer, Trust
Officer, Assistant Trust Officer, any Assistant Secretary, any trust officer or
any other officer of the Trustee customarily performing functions similar to
those performed by any of the above officers and having direct responsibility
for the administration of this Agreement, and also, with respect to a particular
matter, any other officer, to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject. When used
with respect to the Depositor or the Servicer, the President or any Executive
Vice President, Senior Vice President, Vice President, Assistant Vice President,
or any Secretary or Assistant Secretary, or any Treasurer or Assistant
Treasurer.
SERIES: 1997-3.
SERVICER: Lee Servicing Company, a division of Superior Bank FSB, or any
successor appointed as provided herein.
SERVICER'S CERTIFICATE: As defined in Section 6.08.
SERVICER'S MONTHLY REMITTANCE REPORT: A report prepared by the Servicer
substantially in the form of Exhibit Q.
SERVICING ADVANCES: All customary, reasonable and necessary "out of pocket"
costs and expenses incurred in connection with a default, delinquency or other
unanticipated event by the Servicer in the performance of its servicing
obligations, including, but not limited to, the cost of (i) the preservation,
restoration and protection of the Mortgaged Property, including without
limitation advances in respect of real estate taxes and assessments and
insurance premiums on fire, hazard and flood insurance policies, (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of an REO Property, (iv) compliance with the
obligations under Sections 5.01(e), 5.02, 5.05, 5.07, 5.15 and Article XIII,
which Servicing Advances are reimbursable to the Servicer to the extent provided
in this Agreement and (v) in connection with the liquidation of a Sub-Pool 1
Mortgage Loan, expenditures relating to the purchase or maintenance of the First
Lien pursuant to Section 5.14, for all of which costs and expenses the Servicer
is entitled to reimbursement in accordance with this Agreement. Notwithstanding
anything herein to the contrary, no Servicing Advance shall be required to be
made hereunder if such Servicing Advance would, if made, constitute a
Nonrecoverable Advance. The determination by the Servicer that it has made a
Nonrecoverable Advance or that any proposed Servicing Advance, if made, would
constitute a Nonrecoverable Advance, shall be evidenced by an Officer's
Certificate delivered to the Certificate Insurer, the Depositor and the Trustee
no later than the Business Day following such determination.
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SERVICING COMPENSATION: The Servicing Fee and other amounts to which the
Servicer is entitled pursuant to Section 7.03. The Servicer's right to Servicing
Compensation may be reduced as set forth in Section 6.10.
SERVICING FEE: As to each Mortgage Loan (including any Mortgage Loan as to
which the related Mortgaged Property has become REO Property), the annual fee
payable to the Servicer. Such fee shall be calculated and payable monthly only
from the amounts received in respect of interest on such Mortgage Loan and shall
be computed by multiplying (i) the principal balance on which interest accrues
on the Mortgage Loan by (ii) the Servicing Fee Rate and by further multiplying
the product thereof by (iii) a fraction, the numerator of which is the number of
days in the period elapsed since the date to which interest was last paid by the
Mortgagor or advanced by the Servicer and the denominator of which is the number
of days in the annual period for which interest accrues on the related Mortgage
Loan. The Servicing Fee is payable solely from the interest portion of (i)
Monthly Payments, (ii) Liquidation Proceeds, (iii) Insurance Proceeds or (iv)
Released Mortgaged Property Proceeds collected by the Servicer, or as otherwise
provided in Section 5.04. The Servicing Fee includes any servicing fees owed or
payable to any Subservicer.
SERVICING FEE RATE: 0.65% per annum.
SERVICING OFFICER: Any officer of the Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans whose name and
specimen signature appears on a list of servicing officers annexed to an
Officer's Certificate furnished on the Closing Date to the Trustee and the
Certificateholders by the Servicer, as such list may from time to time be
amended.
SINGLE FAMILY PROPERTY: A one- to four-family residential property
individual condominium unit, manufactured home, or unit in a planned unit
development.
S&P: Standard & Poor's Ratings Services, A Division of the McGraw-Hill
Companies, Inc., or any successor thereto.
SPECIAL POWER OF ATTORNEY: As defined in Section 2.04(f).
STARTUP DAY: The day designated as such pursuant to Section 13.01.
SUB-POOL: Either Sub-Pool 1 or Sub-Pool 2.
SUB-POOL FACTOR: With respect to each Sub-Pool and as of any date of
calculation, the related Sub-Pool Principal Balance after giving effect to the
distributions to be made on the related Remittance Date as of such date divided
by the sum of the Original Sub-Pool Principal Balance with respect to such
Sub-Pool and the Principal Balances of all Subsequent Mortgage Loans with
respect to such Sub-Pool as of the Subsequent Cut-off Date.
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SUB-POOL PRINCIPAL BALANCE: Either the Sub-Pool 1 Principal Balance or the
Sub-Pool 2 Principal Balance.
SUB-POOL 1: (i) the Sub-Pool 1 Mortgage Loans as from time to time are
subject to this Agreement, together with the Mortgage Files relating thereto and
all proceeds thereof, (ii) such assets as from time to time are identified as
REO Property with respect to Sub-Pool 1 or are deposited in the Sub-Pool 1
Certificate Account, Sub-Pool 1 Principal and Interest Account, Sub-Pool 1
Trustee Expense Account, Sub-Pool 1 Pre-Funding Account, Sub-Pool 1 Interest
Coverage Account or Sub-Pool 1 Reserve Account, including any amounts on deposit
in the foregoing accounts and invested in Permitted Instruments, (iii) the
Trustee's rights under all insurance policies with respect to the Sub-Pool 1
Mortgage Loans required to be maintained pursuant to this Agreement and any
Insurance Proceeds with respect thereto, (iv) the Certificate Insurance Policy,
(v) Liquidation Proceeds with respect to Sub-Pool 1 Mortgage Loans and (vi)
Released Mortgaged Property Proceeds with respect to Sub-Pool 1 Mortgage Loans.
The Depositor's Yield and amounts received after the Cut-off Date in the case of
the Sub-Pool 1 Initial Mortgage Loans, or after a Subsequent Cut-off Date in the
case of the Sub-Pool 1 Subsequent Mortgage Loans, in respect of interest accrued
on the Sub-Pool 1 Mortgage Loans on or prior to the Cut-off Date, or a
Subsequent Cut-off Date, as the case may be, do not constitute part of Sub-Pool
1.
SUB-POOL 1 CERTIFICATE ACCOUNT: The Certificate Account with respect to
Sub-Pool 1.
SUB-POOL 1 INITIAL MORTGAGE LOANS: The Initial Mortgage Loans with respect
to Sub-Pool 1.
SUB-POOL 1 INTEREST COVERAGE ACCOUNT: The Interest Coverage Account with
respect to Sub-Pool 1.
SUB-POOL 1 MORTGAGE LOANS: The Mortgage Loans subject to this Agreement
included in Sub-Pool 1.
SUB-POOL 1 PRE-FUNDING ACCOUNT: The Pre-Funding Account with respect to
Sub-Pool 1.
SUB-POOL 1 PRINCIPAL AND INTEREST ACCOUNT: The Principal and Interest
Account with respect to Sub-Pool 1.
SUB-POOL 1 PRINCIPAL BALANCE: As of any date of determination, the
aggregate Principal Balances of the Sub-Pool 1 Mortgage Loans.
SUB-POOL 1 RESERVE ACCOUNT: The Reserve Account with respect to Sub- Pool
1.
SUB-POOL 1 SUBSEQUENT MORTGAGE LOAN: A Sub-Pool 1 Mortgage Loan assigned
and transferred by the Depositor to the Trustee pursuant to Section 2.10, such
Sub-
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Pool 1 Mortgage Loan being identified on the related Mortgage Loan Schedule
attached to a Sub-Pool 1 Subsequent Transfer Instrument.
SUB-POOL 1 SUBSEQUENT TRANSFER INSTRUMENT: Each Subsequent Transfer
Instrument dated as of a Subsequent Transfer Date executed by the Trustee and
the Depositor substantially in the form of Exhibit T, by which Sub-Pool 1
Subsequent Mortgage Loans are transferred and assigned to the Trustee.
SUB-POOL 1 TRUSTEE EXPENSE ACCOUNT: The Trustee Expense Account with
respect to Sub-Pool 1.
SUB-POOL 2: (i) the Sub-Pool 2 Mortgage Loans as from time to time are
subject to this Agreement, together with the Mortgage Files relating thereto and
all proceeds thereof, (ii) such assets as from time to time are identified as
REO Property with respect to Sub-Pool 2 or are deposited in the Sub-Pool 2
Certificate Account, Sub-Pool 2 Principal and Interest Account, Sub-Pool 2
Trustee Expense Account, Sub-Pool 2 Pre-Funding Account, Sub-Pool 2 Interest
Coverage Account, and Sub-Pool 2 Reserve Account, including any amounts on
deposit in the foregoing accounts and invested in Permitted Instruments, (iii)
the Trustee's rights under all insurance policies with respect to the Sub-Pool 2
Mortgage Loans required to be maintained pursuant to this Agreement and any
Insurance Proceeds with respect thereto, (iv) the Certificate Insurance Policy,
(v) Liquidation Proceeds with respect to Sub-Pool 2 Mortgage Loans and (vi)
Released Mortgaged Property Proceeds with respect to Sub-Pool 2 Mortgage Loans.
The Depositor's Yield and amounts received after the Cut-off Date in the case of
the Sub-Pool 2 Initial Mortgage Loans, or after a Subsequent Cut-off Date in the
case of the Sub-Pool 2 Subsequent Mortgage Loans, in respect of interest accrued
on the Sub-Pool 2 Mortgage Loans on or prior to the Cut-off Date, or a
Subsequent Cut-off Date, as the case may be, do not constitute part of Sub-Pool
2.
SUB-POOL 2 CERTIFICATE ACCOUNT: The Certificate Account with respect to
Sub-Pool 2.
SUB-POOL 2 INITIAL MORTGAGE LOANS: The Initial Mortgage Loans with respect
to Sub-Pool 2.
SUB-POOL 2 INTEREST COVERAGE ACCOUNT: The Interest Coverage Account with
respect to Sub-Pool 2.
SUB-POOL 2 MORTGAGE LOANS. The Mortgage Loans subject to this Agreement
included in Sub-Pool 2.
SUB-POOL 2 PRE-FUNDING ACCOUNT: The Pre-Funding Account with respect to
Sub-Pool 2.
SUB-POOL 2 PRINCIPAL AND INTEREST ACCOUNT: The Principal and Interest
Account with respect to Sub-Pool 2.
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SUB-POOL 2 PRINCIPAL BALANCE: As of any date of determination, the
aggregate Principal Balances of the Sub-Pool 2 Mortgage Loans.
SUB-POOL 2 RESERVE ACCOUNT: The Reserve Account with respect to Sub- Pool
2.
SUB-POOL 2 SUBSEQUENT MORTGAGE LOAN: A Sub-Pool 2 Mortgage Loan assigned
and transferred by the Depositor to the Trustee pursuant to Section 2.10, such
Sub-Pool 2 Mortgage Loan being identified on the related Mortgage Loan Schedule
attached to a Sub-Pool 2 Subsequent Transfer Instrument.
SUB-POOL 2 SUBSEQUENT TRANSFER INSTRUMENT: Each Subsequent Transfer
Instrument dated as of a Subsequent Transfer Date executed by the Trustee and
the Depositor substantially in the form of Exhibit T, by which Sub-Pool 2
Subsequent Mortgage Loans are transferred and assigned to the Trustee.
SUB-POOL 2 TRUSTEE EXPENSE ACCOUNT: The Trustee Expense Account with
respect to Sub-Pool 2.
SUBORDINATED AMOUNT: With respect to each Sub-Pool, the amount set forth as
such in the Insurance Agreement.
SUBSERVICER: Any Person with whom the Servicer has entered into a
Subservicing Agreement and who satisfies any requirements set forth in Section
5.01(a) in respect of the qualification of a Subservicer.
SUBSERVICING AGREEMENT: Any agreement between the Servicer and any
Subservicer relating to subservicing and/or administration of certain Mortgage
Loans as provided in Section 5.01(a), a copy of which shall be delivered, along
with any modifications thereto, to the Trustee.
SUBSEQUENT CUT-OFF DATE: With respect to those Subsequent Mortgage Loans
which are transferred and assigned to the Trustee pursuant to a Subsequent
Transfer Instrument, the close of Business on the day prior to the related
Subsequent Transfer Date.
SUBSEQUENT MORTGAGE LOAN: A Sub-Pool 1 Subsequent Mortgage Loan or a
Sub-Pool 2 Subsequent Mortgage Loan.
SUBSEQUENT TRANSFER DATE: The date on which a Subsequent Mortgage Loan is
transferred and assigned to the Trustee, which date shall be no later than
November 21, 1997.
SUBSEQUENT TRANSFER INSTRUMENT: A Sub-Pool 1 Subsequent Transfer Instrument
or a Sub-Pool 2 Subsequent Transfer Instrument.
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SUBSTITUTION ADJUSTMENT: As to any date on which a substitution occurs
pursuant to Sections 2.05 or 3.03, the amount (if any) by which the aggregate
principal balances (after application of principal payments received on or
before the date of substitution) of any Qualified Substitute Mortgage Loans as
of the date of substitution, are less than the aggregate of the Principal
Balances, together with accrued and unpaid interest thereon to the date of
substitution, of the related Deleted Mortgage Loans.
TAX MATTERS PERSON: The Person or Persons designated from time to time to
act as the "tax matters person" (within the meaning of the REMIC Provisions).
TAX MATTERS PERSON RESIDUAL INTEREST CERTIFICATE: The interest in the Class
R Certificates held by the Tax Matters Person pursuant to Section 13.01(c).
TAX RETURN: The federal income tax return on Internal Revenue Service Form
1066, "U.S. Real Estate Mortgage Investment Conduit Income Tax Return,"
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of the Trust Fund REMIC, due to its classification as a REMIC under
the REMIC Provisions, together with any and all other information reports or
returns that may be required to be furnished the Certificateholders or filed
with the Internal Revenue Service or any other governmental taxing authority
under any applicable provision of federal, state or local tax laws.
TELERATE PAGE 3750: The display page currently so designated on the Dow
Jones Telerate Service (or such other page as may replace the page on that
service for the purpose of displaying comparable rates or prices).
TERMINATION PRICE: As defined in Section 11.01.
TRANSFER AFFIDAVIT: As defined in Section 4.02(c)(ii).
TRANSFER CERTIFICATE: As defined in Section 4.02(c)(ii).
TRIGGER EVENT: With respect to Sub-Pool 1, a trigger event shall occur if
(i) with respect to any Determination Date occurring prior to August 2002, the
sum of (x) the aggregate Realized Losses with respect to Sub-Pool 1 experienced
as of such Determination Date and (y) the Delinquency Calculation Amount with
respect to such Determination Date exceeds $10,119,229 or (ii) with respect to
any Determination Date occurring prior to August 2007, the sum of (x) the
aggregate Realized Losses with respect to Sub-Pool 1 experienced as of such
Determination Date and (y) the Delinquency Calculation Amount with respect
thereto exceeds $13,492,305.71.
With respect to Sub-Pool 2, a trigger event shall occur if (i) with respect
to any Determination Date occurring prior to August 2002, the sum of (x) the
aggregate Realized Losses with respect to Sub-Pool 2 experienced as of such
Determination Date and (y) the Delinquency Calculation Amount with respect to
such Determination Date exceeds $11,518,831.59 or (ii) with
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respect to any Determination Date occurring prior to August 2007, the sum of (x)
the aggregate Realized Losses with respect to Sub-Pool 2 experienced as of such
Determination Date and (y) the Delinquency Calculation Amount with respect
thereto exceeds $15,358,442.12.
TRUST: AFC Mortgage Loan Asset Backed Certificates, Series 1997-3.
TRUST FUND: Collectively, Sub-Pool 1 and Sub-Pool 2.
TRUST FUND REMIC: The Trust Fund, exclusive of the Interest Coverage
Accounts established pursuant to Section 6.13.
TRUSTEE: LaSalle National Bank, or its successor in interest, or any
successor trustee appointed as herein provided.
TRUSTEE EXPENSE ACCOUNT: With respect to each Sub-Pool, the account
established and maintained by the Trustee in accordance with Section 6.03. With
respect to Sub-Pool 1, the Trustee Expense Account shall be known as the
Sub-Pool 1 Trustee Expense Account and with respect to Sub-Pool 2, the Trustee
Expense Account shall be known as the Sub-Pool 2 Trustee Expense Account.
TRUSTEE'S MORTGAGE FILE: The documents delivered to the Trustee or the
Custodian pursuant to Section 2.04.
UNITED STATES PERSON: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof (except, in the
case of a partnership, to the extent provided in the regulations) , or an estate
whose income is subject to United States federal income tax regardless of its
source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States fiduciaries have the authority to control all substantial decisions of
the trust.
UNRECOVERED CLASS A PORTION: With respect to either the Class 1A or the
Class 2A Certificates and any Remittance Date, the excess, if any, of (A) the
related Class 1A or Class 2A Principal Balance minus the sum of (i) all amounts
(excluding that portion of Insured Payments with respect to the related
Sub-Pool, if any, to be made in respect of principal) to be distributed to the
related Class 1A or Class 2A Certificateholders in respect of principal on such
Remittance Date on account of amounts described in clauses (c)(i) through
(c)(iii), inclusive, and clauses (c)(v) (to the extent the amount in clause
(c)(v) represents a right to receive principal not previously covered by an
Insured Payment), (c)(vi) and (c)(viii) of the definition of Class A Principal
Remittance Amount, (ii) all other amounts to be distributed to the related Class
1A or Class 2A Certificateholders constituting Additional Principal to the
extent necessary to reach the Required Overcollateralization Amount for the
related Sub-Pool on such Remittance Date, and (iii) all amounts distributed to
the related Class 1A or Class 2A Certificateholders as a mandatory prepayment
pursuant to the last paragraph of Section 6.06(c) (only on the Remittance Date
occurring on November 25, 1997), over (B) the sum of (i) the related Sub-Pool
Principal Balance
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plus (ii) the related Pre-Funded Amount minus the sum of (x) the principal
portion of the Monthly Payments received during the related Due Period and
deposited in the related Principal and Interest Account pursuant to Section
5.03, and all Principal Prepayments, Curtailments, Excess Payments, Insurance
Proceeds, Net Liquidation Proceeds, Released Mortgaged Property Proceeds and net
income from any REO Property with respect to Mortgage Loans with respect to the
related Sub-Pool to the extent applied by the Servicer as recoveries of
principal in respect of the related Mortgage Loans, which will be distributed to
the related Class 1A or Class 2A Certificateholders pursuant to Section 6.06 on
such Remittance Date, plus (y) the aggregate of, as to each related Mortgage
Loan which became a Liquidated Mortgage Loan during the related Due Period, an
amount (not less than zero or greater than the related Principal Balance) equal
to the excess, if any, of (i) the Principal Balance of such Liquidated Mortgage
Loan over (ii) the principal portion of the related Net Liquidation Proceeds
included in item (b)(iii) of the definition of Class A Principal Remittance
Amount that will actually be distributed to the related Class 1A or Class 2A
Certificateholders on such Remittance Date, pursuant to Sections
6.06(c)(A)(X)(vii) through (xi) and 6.06(c)(A)(Y)(vii) through (xi) with respect
to Sub-Pool 1 and Sections 6.06(c)(B)(X)(ii) and 6.06(c)(B)(Y)(ii) with respect
to Sub-Pool 2.
VOTING RIGHTS: The portion of the voting rights of all of the Certificates
which is allocated to any Certificate. As of any date of determination, 100% of
all of the Voting Rights with respect to Sub-Pool 1 shall be allocated among
Holders of Class 1A-1 Certificates, Class 1A-2 Certificates, Class 1A-3
Certificates, Class 1A-4 Certificates and Class 1A-5 Certificates in the
proportion that the related Class Principal Balance bears to the sum of the
Class 1A-1 Principal Balance, the Class 1A-2 Principal Balance, the Class 1A-3
Principal Balance, the Class 1A-4 Principal Balance and the Class 1A-5 Principal
Balance on such date, and allocated among the Certificates of each such Class in
accordance with their respective Percentage Interests. As of any date of
determination, 100% of all of the Voting Rights with respect to Sub-Pool 2 shall
be allocated among Holders of Class 2A Certificates in accordance with their
respective Percentage Interests.
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ARTICLE II
SALE AND CONVEYANCE OF THE TRUST FUND
Section 2.01 Sale and Conveyance of Trust Fund; Priority and Subordination
of Ownership Interests.
(a) The Depositor does hereby sell, transfer, assign, set over and convey
without recourse to the Trustee, but subject to the subordination described
below in this Section and the other terms and provisions of this Agreement, all
of the right, title and interest of the Depositor in and to the Sub-Pool 1 and
Sub-Pool 2 Mortgage Loans, together with any amounts due after the Cut-off Date
with respect to the Initial Mortgage Loans or after a Subsequent Cut-off Date
with respect to the Subsequent Mortgage Loans (other than the Depositor's
Yield), and all other assets included or to be included in the Trust Fund for
the benefit of the Certificateholders.
(b) The rights of the Certificateholders to receive payments with respect
to the Mortgage Loans in respect of the Certificates, and all ownership
interests of the Certificateholders in such payments, shall be as set forth in
this Agreement. In this regard, all rights of the Class R Certificateholders to
receive payments in respect of the Class R Certificates are subject and
subordinate to the preferential rights of the Class A Certificateholders to
receive payments in respect of the Class A Certificates, to the extent set forth
herein. In accordance with the foregoing, the ownership interest of the Class R
Certificateholders in amounts deposited in the Principal and Interest Accounts
and the Certificate Accounts from time to time shall not vest unless and until
such amounts are distributed in respect of the Class R Certificates in
accordance with the terms of this Agreement.
Section 2.02 Possession of Mortgage Files.
(a) Upon the issuance of the Certificates, and upon delivery of each
Subsequent Mortgage Loan or Qualified Substitute Mortgage Loan, the ownership of
each Mortgage Note, the Mortgage and the contents of the related Mortgage File
is vested in the Trustee for the benefit of the Certificateholders.
(b) Pursuant to Section 2.04, the Depositor has delivered or caused to be
delivered to the Trustee or the Custodian each Trustee's Mortgage File with
respect to the Initial Mortgage Loans.
Section 2.03 Books and Records.
The sale of each Mortgage Loan shall be reflected on the Depositor's
balance sheets and other financial statements as a sale of assets by the
Depositor. The Depositor shall be responsible for maintaining, and shall
maintain, a complete set of books and records for each Mortgage Loan which shall
be clearly marked to reflect the ownership of each Mortgage Loan by the Trustee
for the benefit of the Certificateholders.
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Section 2.04 Delivery of Mortgage Loan Documents.
The Depositor, contemporaneously with the delivery of this Agreement, has
delivered or caused to be delivered to the Trustee or, if a Custodian has been
appointed pursuant to Section 12.12, to the Custodian, the Certificate Insurance
Policy and each of the following documents for each Initial Mortgage Loan. The
Depositor, contemporaneously with delivery of a Subsequent Transfer Instrument,
shall deliver or cause to be delivered to the Trustee or, if a Custodian has
been appointed pursuant to Section 12.12, to the Custodian, each of the
following documents for each related Subsequent Mortgage Loan.
(a) The original Mortgage Note, showing a complete chain of endorsements
and endorsed by the last endorsee thereof, "Pay to the order of
_____________________ [or LaSalle National Bank, as Trustee under the Pooling
and Servicing Agreement, dated as of September 1, 1997, Series 1997-3,] without
recourse" and signed, by facsimile or manual signature, by such last endorsee.
(b) Either: (i) the original Mortgage, with evidence of recording thereon,
(ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of
the Depositor or by the closing attorney, or by an officer of the title insurer
or agent of the title insurer which issued the related title insurance policy,
or commitment therefor, if the original has been transmitted for recording until
such time as the original is returned by the public recording office or (iii) a
copy of the Mortgage certified by the public recording office in those instances
where the original recorded Mortgage has been lost;
(c) Either: (i) (A) the original Assignment of Mortgage from the last
assignee of the related Mortgage assigned to the Trustee, with evidence of
recording thereon, or (B) an original assignment of mortgage from the last
assignee of the related Mortgage assigned in blank, or (ii) if an original
Assignment of Mortgage has not yet been provided in accordance with clause (i),
an Assignment of Mortgage to the Trustee, certified by an appropriate officer or
approved signatory of the Depositor or the closing attorney or any officer of
the title insurer that issued the related title insurance policy, or commitment
therefor, or its duly authorized agent, as being a true and complete copy of the
original of such Assignment of Mortgage to the Trustee submitted for recording
(provided, however, that an appropriate officer or approved signatory of the
Depositor may complete one or more blanket certificates attaching copies of one
or more Assignments of Mortgage to the Trustee relating thereto) or (iii) a copy
of such original Assignment of Mortgage to the Trustee, with evidence of
recording thereon, certified to be true and complete by the Depositor or the
appropriate public recording office, in those instances where such original
Assignment of Mortgage has been recorded but subsequently lost; any such
Assignment of Mortgage may be made by blanket assignments for Mortgage Loans
secured by the Mortgaged Properties located in the same county, if permitted by
applicable law;
(d) The original policy of title insurance or a true copy thereof or, if
such policy has not yet been delivered by the insurer, the commitment or binder
to issue same and, with respect to a Manufactured Home Loan, a manufactured
housing unit (American Land Title
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Association 7) endorsement from the title insurer stating that the insurer
agrees that the related manufactured housing unit is included within the term
"land" when used in such title policy;
(e) Either: (i) originals of all intervening assignments, if any, showing a
complete chain of assignment from the originator to the last assignee of the
related Mortgage, including any recorded warehousing assignments, with evidence
of recording thereon, or, (ii) if the original intervening assignments have not
yet been returned from the recording office, a copy of the originals of such
intervening assignments together with a certificate of a Responsible Officer of
the Depositor or the closing attorney or an officer of the title insurer which
issued the related title insurance policy, or commitment therefor, or its duly
authorized agent certifying that the copy is a true copy of the original of such
intervening assignments or (iii) a copy of the intervening assignment certified
by the public recording office in those instances where the original recorded
intervening assignment has been lost;
(f) Either: (i) the original assumption agreement and/or modification
agreement, if any, with evidence of recording thereon, or (ii) if the original
of such agreement has not yet been returned from the recording office, a copy of
such original, certified by an appropriate officer or approved signatory of the
Depositor or the closing attorney or any officer of the title insurer that
issued the related title insurance policy, or commitment therefor, or its duly
authorized agent, as being a true and complete copy of the original of such
assumption and modification agreement submitted for recording, or (iii) a copy
of an original assumption and modification agreement, with evidence of recording
thereon, certified to be true and complete by the Depositor or the appropriate
public recording office, in those instances where such original recorded
assumption or modification agreement has been lost; and
Within 45 days after the Closing Date, with respect to each Multifamily
Loan and Sub-Pool 1 Mixed Use Loan, (i) if such item is a document separate from
the Mortgage either (A) an original copy of the related Assignment of Leases, if
any (with recording information indicated thereon), or (B) if the original of
such Assignment of Leases has not yet been returned from the recording office, a
copy of such original, certified by an appropriate officer or approved signatory
of the Depositor or the closing attorney or any officer of the title insurer
that issued the related title insurance policy, or commitment therefor, or its
duly authorized agent, as being a true and complete copy of the original of such
Assignment of Leases submitted for recording; (ii) an original assignment of any
related Assignment of Leases, if any (if such document is a document separate
from the Mortgage and not incorporated in the Assignment of Mortgage), in blank
and in recordable form; (iii) if such item is a document separate from the
Mortgage either (A) an original copy of all intervening assignments of
Assignment of Leases, if any (with recording information indicated thereon), or
(B) if the original of such intervening assignments of Assignment of Leases has
not yet been returned from the recording office, a copy of such original,
certified by an appropriate officer or approved signatory of the Depositor or
the closing attorney or any officer of the title insurer that issued the related
title insurance policy, or commitment therefor, or its duly authorized agent, as
being a true and complete copy of the original of such intervening assignment of
Assignment of Leases submitted for recording; (iv) either, (A) a copy of the
UCC-1 financing statement and any related continuation statements, if any, each
showing the Mortgagor as debtor and mortgagee as secured party and each with
evidence of filing thereon,
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or (B) if the copy of the UCC-1 financing statement has not yet been returned
from the filing office, a copy of such UCC-1 financing statement, certified by
an appropriate officer or approved signatory of the Depositor or the closing
attorney or any officer of the title insurer that issued the related title
insurance policy, or commitment therefor, or its duly authorized agent, as being
a true and complete copy of the original of such UCC-1 financing statement
submitted for filing; (v) an original executed form UCC-2 or UCC-3 financing
statement, in form suitable for filing, disclosing the assignment in blank, of
the security interest in the personal property constituting security for
repayment of the Mortgage Loan; and (vi) either (A) an original copy of all
intervening assignments of UCC-3 financing statements, if any (with recording
information indicated thereon), or (B) if the original of such intervening
assignments of UCC-3 financing statements has not yet been returned from the
recording office, a copy of such original, certified by an appropriate officer
or approved signatory of the Depositor or the closing attorney or any officer of
the title insurer that issued the related title insurance policy, or commitment
therefor, or its duly authorized agent, as being a true and complete copy of the
original of such intervening assignments of UCC-3 financing statements submitted
for recording. If in connection with any Mortgage Loan the Depositor cannot
deliver any such financing statement(s) with evidence of filing thereon because
such financing statement(s) has not yet been returned by the public filing
office where such financing statement has been submitted for filing, then the
Depositor shall deliver or cause to be delivered a photocopy, or the secured
party's carbon copy with the debtor's signature of such financing statement(s)
(certified by the Depositor to be a true and complete copy) together with an
officers' certificate stating that such financing statement(s) has been
dispatched to the appropriate public filing office for filing.
Within 45 days after the Closing Date, the Servicer shall have completed
each Assignment of Mortgage and Assignment of Leases, if any, originally
assigned in blank to "LaSalle National Bank, as Trustee, under the Pooling and
Servicing Agreement, dated as of September 1, 1997, Series 1997-3" and, within
such period (or if later, within 30 days after its receipt of the original
recorded Mortgage and intervening assignment), shall have submitted each such
Assignment of Mortgage to the appropriate public recording office for recording;
provided however, that the Servicer shall not be required to submit an
Assignment of Mortgage for recording with respect to a Mortgaged Property,
where, in the Opinion of Counsel to the Depositor (which opinion shall be
delivered to the Certificate Insurer within the 45-day or 30-day period, as
applicable, specified herein), such recordation of the Assignment of Mortgage is
not required (i) to effect the sale and conveyance of the Mortgage Loan by the
Depositor to LaSalle National Bank, as Trustee for AFC Mortgage Loan Asset
Backed Certificates, Series 1997-3, pursuant to and as provided in Section 2.01
or the granting and perfecting of the security interest in the Mortgage Loan
pursuant to and as provided in Section 14.15 or (ii) to defeat any ownership,
security interest or other adverse claim to the Mortgage Loan by any creditor of
the Depositor or by any purported transferee of such Mortgage Loan in a
purported transfer thereof by the Depositor subsequent to such sale and
conveyance. Any such Assignment of Mortgage that is not required to be recorded
pursuant to this paragraph shall be delivered by the Depositor to the Trustee
within such 45-day period. Each such Assignment of Mortgage delivered by the
Depositor to the Trustee shall, subject to receipt of the original recorded
Mortgage as described above, be in recordable form. Within such 45-day period,
the Depositor also shall deliver to the Trustee an original executed power of
attorney ("Special Power of Attorney"), substantially in the
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form of Exhibit K, with respect to the Assignments of Mortgage that are not
required to be recorded under this paragraph, authorizing the Trustee to record
the Assignments of Mortgage if necessary or advisable to protect the interests
of the Certificateholders and the Certificate Insurer. Pursuant to such power of
attorney, the Trustee also may execute a new Assignment of Mortgage for any
Mortgage Loan if the original Assignment of Mortgage delivered by the Depositor
to the Trustee is not in recordable form at such time as the Assignment of
Mortgage is to be recorded by the Trustee.
Within 45 days after the Closing Date, the Servicer shall complete any
UCC-2 or UCC-3 financing statements with respect to the Multifamily Loans and
Mixed Use Loans, such that the assignee of creditor is listed as "LaSalle
National Bank, as Trustee under the Pooling and Servicing Agreement, dated as of
September 1, 1997, Series 1997-3." The Depositor shall no later than ten
Business Days after the receipt thereof, and in any event, within one year of
the Closing Date, deliver or cause to be delivered to the Trustee or the
Custodian: (a) the original recorded Mortgage in those instances where a copy
thereof certified by the Depositor was delivered to the Trustee or the
Custodian; (b) the original recorded Assignment of Mortgage from the Depositor
to the Trustee, which, together with any intervening assignments of Mortgage,
evidences a complete chain of assignment from the originator to the Trustee in
those instances where copies thereof certified by the Depositor were delivered
to the Trustee or the Custodian; (c) the title insurance policy required in
clause (d) above; (d) the original recorded assumption and modification
agreement in those instances in which a copy was delivered; (e) the original
Assignment of Leases in those instances in which a copy was delivered and (f)
the copy of the UCC-1 financing statement and any related continuation
statements with evidence of filing thereon returned from the recording office if
a copy was previously delivered as set forth in clause (iv)(B) in the second
preceding paragraph. Notwithstanding anything to the contrary contained in this
Section 2.04, in those instances where the public recording office retains the
original Mortgage, Assignment of Mortgage or the intervening assignments of the
Mortgage, Assignment of Leases or assignment of Assignment of Leases after it
has been recorded, the Depositor shall be deemed to have satisfied its
obligations hereunder upon delivery to the Trustee or the Custodian of a copy of
such Mortgage, Assignment of Mortgage or intervening assignments of the
Mortgage, Assignment of Leases or assignment of Assignment of Leases certified
by the public recording office to be a true copy of the recorded original
thereof. From time to time the Depositor may forward or cause to be forwarded to
the Trustee or the Custodian additional original documents evidencing an
assumption or modification of a Mortgage Loan. All Mortgage Loan documents held
by the Trustee or the Custodian as to each Mortgage Loan are referred to herein
as the "Trustee's Mortgage File."
All recording required pursuant to this Section 2.04 shall be accomplished
by and at the expense of the Depositor.
Section 2.05 Acceptance by Trustee of the Trust Fund; Certain
Substitutions; Certification by Trustee.
(a) The Trustee agrees to execute and deliver on the Closing Date and on
each Subsequent Transfer Date an acknowledgment of receipt (or if a Custodian
has been appointed,
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a receipt by the Custodian) of, for each Mortgage Loan transferred and assigned
to the Trustee on such date, the items listed in Section 2.04 (a) through (f)
above, in the form attached as Exhibit F, and declares that it will hold such
documents and any amendments, replacements or supplements thereto, as well as
any other assets included in the definition of Trust Fund and delivered to the
Trustee or the Custodian, as Trustee in trust upon and subject to the conditions
set forth herein for the benefit of the Certificateholders. The Trustee or
Custodian (such Custodian being so obligated under a Custodial Agreement)
agrees, for the benefit of the Certificateholders, to review (or cause to be
reviewed) each Trustee's Mortgage File within 45 days after the Closing Date
(or, with respect to any Subsequent Mortgage Loan or Qualified Substitute
Mortgage Loan, within 45 days after the receipt by the Trustee or Custodian
thereof) and to deliver to the Depositor, the Servicer and the Certificate
Insurer a certification in the form attached hereto as Exhibit F-1 to the effect
that, as to each Mortgage Loan listed in the related Mortgage Loan Schedule
(other than any Mortgage Loan paid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification) and
except as noted therein, (i) all documents required to be delivered to it
pursuant to this Agreement are in its possession or in the possession of the
Custodian on its behalf (other than items listed in Section 2.04(f) above), (ii)
any and all documents delivered by the Depositor pursuant to Section 2.04 above
have been reviewed by it or the Custodian on its behalf and have not been
mutilated, damaged, torn or otherwise physically altered (handwritten additions,
changes or corrections shall not constitute physical alteration if initialled by
the Mortgagor) and relate to such Mortgage Loan, (iii) based on its examination,
or the examination of the Custodian on its behalf, and only as to the foregoing
documents, the information set forth on the related Mortgage Loan Schedule
accurately reflects the information set forth in the Trustee's Mortgage File and
(iv) each Mortgage Note has been endorsed as provided in Section 2.04 above. The
Trustee or Custodian shall be under no duty or obligation to inspect, review or
examine any such documents, instruments, certificates or other papers to
determine that they are genuine, enforceable, or appropriate for the represented
purpose or that they are other than what they purport to be on their face.
Within 375 days after the Closing Date, the Trustee shall deliver (or cause to
be delivered by the Custodian, if any) to the Servicer, the Depositor and the
Certificate Insurer a final certification in the form attached hereto as Exhibit
G covering both the Initial Mortgage Loans and all Subsequent Mortgage Loans
evidencing the completeness of the Trustee's Mortgage Files (other than items
listed in Section 2.04(f) above). Following delivery of the Final Certification,
the Trustee shall (or cause the Custodian to) provide to the Certificate
Insurer, the Depositor and the Servicer no less frequently than quarterly, and
the Servicer shall provide to the Certificate Insurer, no less frequently than
quarterly, updated certifications indicating the then current status of
exceptions, until all such exceptions have been eliminated.
(b) If the Certificate Insurer, the Trustee or the Custodian, if any, on
the Trustee's behalf during the process of reviewing the Trustee's Mortgage
Files finds any document constituting a part of a Trustee's Mortgage File which
is not executed, has not been received, is unrelated to the Mortgage Loan
identified in the related Mortgage Loan Schedule, or does not conform to the
requirements of Section 2.04 above or the description thereof as set forth in
the related Mortgage Loan Schedule, the Trustee, the Certificate Insurer or the
Custodian (pursuant to the Custodial Agreement), as applicable, shall promptly
so notify the Servicer, the Depositor, the Certificate Insurer, the Custodian
and the Trustee. In performing any such review, the Trustee
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may conclusively rely on the Depositor as to the purported genuineness of any
such document and any signature thereon. It is understood that the scope of the
Trustee's review of the Mortgage Files is limited solely to confirming that the
documents listed in Section 2.04 above (other than the items listed in Section
2.04(f) above) have been received and further confirming that any and all
documents delivered pursuant to such Section 2.04 have been executed and relate
to the Mortgage Loans identified in the related Mortgage Loan Schedule. The
Trustee shall have no responsibility for determining whether any document is
valid and binding, whether the text of any assignment or endorsement is in
proper or recordable form, whether any document has been recorded in accordance
with the requirements of any applicable jurisdiction, or whether a blanket
assignment is permitted in any applicable jurisdiction. The Depositor agrees to
use reasonable efforts to remedy a material defect in a document constituting
part of a Trustee's Mortgage File of which it is so notified by the Trustee. If,
however, within 60 days after the Trustee's or Custodian's notice to it
respecting such defect the Depositor has not remedied the defect and the defect
materially and adversely affects the interest of the Certificateholders in the
related Mortgage Loan or the interests of the Certificate Insurer, the Depositor
will on the Determination Date next succeeding the end of such 60 day period (i)
substitute in lieu of such Mortgage Loan a Qualified Substitute Mortgage Loan in
the manner and subject to the conditions set forth in Section 3.03 or (ii)
purchase such Mortgage Loan at a purchase price equal to the Principal Balance
of such Mortgage Loan as of the date of purchase, plus all accrued and unpaid
interest on such Mortgage Loan to but not including the Due Date in the Due
Period most recently ended prior to such Determination Date computed at the
Mortgage Rate plus the amount of any unreimbursed Servicing Advances made by the
Servicer with respect to such Mortgage Loan, which purchase price shall be
deposited in the Principal and Interest Account (after deducting therefrom any
amounts received in respect of such repurchased Mortgage Loan and being held in
the related Principal and Interest Account for future distribution to the extent
such amounts represent recoveries of principal not yet applied to reduce the
related Principal Balance or interest (net of the Servicing Fee) for the period
from and after the Due Date in the Due Period most recently ended prior to such
Determination Date). For purposes of calculating the Available Remittance Amount
for any Remittance Date, amounts paid by the Depositor pursuant to this Section
2.05 in connection with the repurchase or substitution of any Mortgage Loan that
are on deposit in the related Principal and Interest Account as of the
Determination Date for such Remittance Date shall be deemed to have been paid
during the related Due Period and shall be transferred to the related
Certificate Account pursuant to Section 5.04(i) on the Determination Date for
such Remittance Date.
(c) Upon receipt by the Trustee of a certification of a Servicing Officer
of the Servicer of such substitution or purchase and the deposit of the amounts
described above in the related Principal and Interest Account (which
certification shall be in the form of Exhibit I), the Trustee shall release (or
cause to be released) to the Servicer for release to the Depositor the related
Trustee's Mortgage File and shall execute, without recourse, representation or
warranty, and deliver such instruments of transfer presented to it by the
Servicer as shall be necessary to transfer such Mortgage Loan to the Depositor.
On the Remittance Date in January of each year, the Trustee or the
Custodian, if any, shall deliver to the Depositor, the Servicer and the
Certificate Insurer a certification detailing
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all releases with respect to the Mortgage Loans for which the Trustee or the
Custodian holds a Trustee's Mortgage File pursuant to this Agreement. Such
certification shall be limited to a list of all Trustee's Mortgage Files which
were released by or returned to the Trustee or the Custodian during the prior
calendar year, the date of such release or return, the reason for such release
or return, and the Person to whom the Trustee's Mortgage File was released and
the Person who returned the Trustee's Mortgage File.
Section 2.06 [Reserved].
Section 2.07 Execution of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans and the
delivery of the Trustee's Mortgage Files to it and, concurrently with such
delivery, has executed and caused to be authenticated and delivered to or upon
the order of the Depositor, in exchange for the Mortgage Loans, the Trustee's
Mortgage Files and the other assets included in the definition of the Trust
Fund, Certificates in Authorized Denominations evidencing the entire ownership
of the Trust Fund.
Section 2.08 Fees and Expenses of the Trustee.
Subject to Section 12.05 hereof, the fees and expenses of the Trustee
hereunder including (i) the annual fees of the Trustee, payable annually in
advance beginning on the Closing Date and on each anniversary thereof, (ii) any
other fees, expenses, disbursements and advances to which the Trustee is
entitled, and (iii) reimbursements to the Servicer for any advances made by the
Servicer to the related Trustee Expense Account pursuant to Section 6.03, shall
be paid from the related Trustee Expense Account in the manner set forth in
Section 6.03; provided, however, that the Depositor shall be liable for any
expenses of the Trust Fund incurred prior to the Closing Date. The fees due to
the Trustee on the Closing Date pursuant to Section 2.08(i) above shall be paid
by the Depositor on the Closing Date from its own funds.
Section 2.09 Application of Principal and Interest.
In the event that Net Liquidation Proceeds or Insurance Proceeds on a
Liquidated Mortgage Loan are less than the related Principal Balance plus
accrued interest thereon, or any Mortgagor makes a partial payment of any
Monthly Payment due on a Mortgage Loan, such Net Liquidation Proceeds, Insurance
Proceeds or partial payment shall be applied to payment of the related Mortgage
Note as provided therein, and if not so provided or if the related Mortgaged
Property has become an REO Property, first to interest accrued at the related
Mortgage Rate and then to principal.
Section 2.10 Conveyance of the Subsequent Mortgage Loans.
(a) Subject to the conditions set forth in paragraph (b) below in
consideration of the Trustee's delivery on the related Subsequent Transfer Dates
to or upon the order of the Depositor of all or a portion of the balance of
funds in the related Pre-Funding Account with
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respect to the related Sub-Pool, the Depositor shall on any Subsequent Transfer
Date sell, transfer, assign, set over and convey without recourse to the Trustee
but subject to the subordination described above in Section 2.01(b) above and
the other terms and provisions of this Agreement all of the right, title and
interest of the Depositor in and to (i) the Subsequent Mortgage Loans identified
on the related Mortgage Loan Schedule attached to the related Subsequent
Transfer Instrument, delivered by the Depositor on such Subsequent Transfer
Date, excepting the Depositor's Yield, (ii) principal received and interest
accruing on the Subsequent Mortgage Loans after the related Subsequent Cut-off
Date and (iii) all items with respect to such Subsequent Mortgage Loans to be
delivered pursuant to Section 2.04 above and the other items in the related
Mortgage Files; provided, however, that the Depositor reserves and retains all
right, title and interest in and to principal (including Prepayments,
Curtailments and Excess Payments) received and interest accruing on the
Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date.
The transfer to the Trustee by the Depositor of the Subsequent Mortgage Loans
identified on the related Mortgage Loan Schedule shall be absolute and is
intended by the Depositor, the Servicer, the Trustee and the Certificateholders
to constitute and to be treated as a sale of the Subsequent Mortgage Loans by
the Depositor to the Trust Fund.
The purchase price paid by the Trustee from amounts released from the
Pre-Funding Account shall be one-hundred percent (100%) of the aggregate
principal balances of the Subsequent Mortgage Loans so transferred. This
Agreement shall constitute a fixed-price purchase contract in accordance with
Section 860G(a)(3)(A)(ii) of the Code.
(b) The Depositor shall transfer to the Trustee the Subsequent Mortgage
Loans and the other property and rights related thereto described in Section
2.10 (a) above, and the Trustee shall release funds from the related Pre-Funding
Account, only upon the satisfaction of each of the following conditions on or
prior to the related Subsequent Transfer Date:
(i) except with respect to the first conveyance of Subsequent Mortgage
Loans to the Trustee, the Depositor shall have provided the Trustee and the
Certificate Insurer with a timely Addition Notice and shall have provided
any information reasonably requested by the Trustee or the Certificate
Insurer with respect to the Subsequent Mortgage Loans;
(ii) the Depositor shall have delivered to the Trustee a duly executed
Subsequent Transfer Instrument, which shall include a Mortgage Loan
Schedule, listing the Subsequent Mortgage Loans;
(iii) as of each Subsequent Transfer Date, the Depositor shall not be
insolvent nor shall it have been made insolvent by such transfer nor shall
it be aware of any pending insolvency;
(iv) such sale and transfer shall not result in a material adverse tax
consequence to the Trust Fund or the Certificateholders;
(v) the Funding Period shall not have terminated;
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(vi) the Depositor shall have delivered to the Trustee an Officer's
Certificate, substantially in the form of Exhibit V, confirming the
satisfaction of each condition precedent and representations specified in
this Section 2.10(b), and Section 2.10(c) with respect to Sub-Pool 1, and
Section 2.10(d) with respect to Sub-Pool 2 below in the related Subsequent
Transfer Instrument;
(vii) the Depositor shall have delivered to the Trustee and the
Certificate Insurer Opinions of Counsel addressed to the Certificate
Insurer, Moody's, S&P and the Trustee with respect to the transfer of the
Subsequent Mortgage Loans substantially in the form of the Opinions of
Counsel delivered to the Certificate Insurer and the Trustee on the Closing
Date regarding certain bankruptcy and corporate matters; and
(viii) the Trustee shall have delivered to the Certificate Insurer and
the Depositor an Opinion of Counsel addressed to the Depositor, Moody's,
S&P and the Certificate Insurer with respect to the Subsequent Transfer
Instrument substantially in the form of the Opinion of Counsel delivered to
the Certificate Insurer and the Depositor on the Closing Date regarding
certain corporate matters relating to the Trustee.
(c) Any conveyance of Sub-Pool 1 Subsequent Mortgage Loans on a Sub-Pool 1
Subsequent Transfer Date is subject to the following representations and
warranties of the Depositor: (i) each Sub-Pool 1 Subsequent Mortgage Loan must
satisfy the representations and warranties specified in the Sub-Pool 1
Subsequent Transfer Instrument and this Agreement; (ii) the Depositor will not
select such Subsequent Mortgage Loans in a manner that it believes is adverse to
the interests of the Certificateholders; (iii) the Depositor will deliver
certain opinions of counsel with respect to the validity of the conveyance of
such Subsequent Mortgage Loans; (iv) as of the respective Subsequent Cut-off
Date, the Sub-Pool 1 Subsequent Mortgage Loans will satisfy the following
criteria: (A) such Subsequent Mortgage Loan may not be 30 or more days
contractually delinquent as of the related Subsequent Cut-off Date; (B) the
original term to maturity of such Subsequent Mortgage Loan will not be less than
60 months and will not exceed 360 months; (C) such Subsequent Mortgage Loan may
not provide for negative amortization; (D) such Subsequent Mortgage Loan will
have a Mortgage Rate not less than 8.50%; (E) such Subsequent Mortgage Loan will
be underwritten in accordance with the criteria set forth under "The
Depositor--Underwriting Criteria--Sub-Pool 1" in the Prospectus; (F) such
Subsequent Mortgage Loan will have been serviced by the Servicer since
origination or purchase by the Depositor; (G) such Subsequent Mortgage Loan will
not have a Combined Loan-to-Value Ratio greater than 91%; and (H) such
Subsequent Mortgage Loans will have (1) as of the end of the Sub-Pool 1 Funding
Period, a weighted average number of months since origination of not over 4
months and (2) not over 20% by aggregate principal balance with a first payment
date in January 1998. In addition, following the purchase of any Sub-Pool 1
Subsequent Mortgage Loan by the Trust Fund, the Sub-Pool 1 Mortgage Loans
(including the Sub-Pool 1 Subsequent Mortgage Loans) as of the end of the
Sub-Pool 1 Funding Period will: (i) have a weighted average Mortgage Rate of at
least 10.96%; (ii) have a weighted average remaining term to stated maturity of
not more than 275 months and not less than 180 months; (iii) have a weighted
average Combined Loan-to-Value Ratio of not more than 83%; (iv) have not in
excess of 50% by aggregate principal balance of Sub-Pool 1 Mortgage Loans that
are Balloon Mortgage Loans; (v) have no Sub-Pool
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1 Mortgage Loan with a principal balance in excess of $850,000; (vi) not have in
excess of 15% by aggregate principal balance of Sub-Pool 1 Mortgage Loans
secured by non-owner occupied Mortgaged Properties; (vii) not have a
concentration of Mortgaged Properties in a single zip code in excess of 4% by
aggregate principal balance of Sub-Pool 1 Mortgage Loans; (viii) not have in
excess of 5% by aggregate principal balance of Sub-Pool 1 Mortgage Loans secured
by Mortgaged Properties that are condominiums; (ix) have at least 74% by
aggregate principal balance of Sub-Pool 1 Mortgage Loans secured by fee simple
interests in attached or detached Single Family Properties (including units in
planned unit developments); (x) not have in excess of 10% by aggregate principal
balance of Sub-Pool 1 Mortgage Loans secured by Multifamily Properties and Mixed
Use Properties; (xi) not have in excess of 5% by aggregate principal balance of
Sub-Pool 1 Mortgage Loans secured by Manufactured Homes; and (xii) not have in
excess of 10% by aggregate principal balance of Sub-Pool 1 Mortgage Loans that
are Periodic Payment Loans. The Certificate Insurer may, in its reasonable
discretion, reject for purchase by the Trust Fund a proposed Sub-Pool 1
Subsequent Mortgage Loan which the Certificate Insurer reasonably believes would
adversely affect the interests of the Certificateholders or the Certificate
Insurer in the Mortgage Pool if included therein; provided that the Certificate
Insurer may, in its reasonable discretion, choose to accept such proposed
Sub-Pool 1 Mortgage Loan for purchase upon the Depositor depositing an amount
determined by the Certificate Insurer in the Reserve Account with respect to
such proposed Sub-Pool 1 Subsequent Mortgage Loan. In the sole discretion of the
Certificate Insurer, Sub-Pool 1 Subsequent Mortgage Loans with characteristics
varying from those set forth in this paragraph may be purchased by the Trust
Fund; provided, however, that the addition of such Mortgage Loans will not
materially affect the aggregate characteristics of Sub-Pool 1.
(d) Any conveyance of Sub-Pool 2 Subsequent Mortgage Loans on a Sub-Pool 2
Subsequent Transfer Date is subject to the following representations and
warranties of the Depositor: (i) each Subsequent Mortgage Loan must satisfy the
representations and warranties specified in the Sub-Pool 2 Subsequent Transfer
Instrument and this Agreement; (ii) the Depositor will not select such
Subsequent Mortgage Loans in a manner that it believes is adverse to the
interests of the Certificateholders; (iii) the Depositor will deliver certain
opinions of counsel with respect to the validity of the conveyance of such
Subsequent Mortgage Loans; (iv) as of the respective Subsequent Cut-off Date the
Sub-Pool 2 Subsequent Mortgage Loans will satisfy the following criteria: (A)
such Sub-Pool 2 Subsequent Mortgage Loan may not be 30 or more days
contractually delinquent as of the related Sub-Pool 2 Subsequent Cut-off Date;
(B) the original term to maturity of such Sub-Pool 2 Subsequent Mortgage Loan
will not be less than 180 months and will not exceed 360 months; (C) such
Subsequent Mortgage Loan may not provide for negative amortization; (D) such
Subsequent Mortgage Loan will have a Gross Margin not less than 2.75%; (E) such
Subsequent Mortgage Loan will be underwritten in accordance with the criteria
set forth under "The Depositor--Underwriting Criteria--Sub-Pool 2" in the
Prospectus; (F) such Subsequent Mortgage Loan will have been serviced by the
Servicer since origination or purchase by the Depositor; (G) such Subsequent
Mortgage Loan will not have a Loan-to-Value Ratio greater than 91%; (H) such
subsequent Mortgage Loan will have a Maximum Mortgage Rate not less than 13.50%
and (I) such Subsequent Mortgage Loans will have (1) as of the end of the
Sub-Pool 2 Funding Period, a weighted average number of months since origination
of not over 4 months and (2) not over 20% by aggregate principal balance with a
first payment date in January 1998. In
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addition, following the purchase of any Sub-Pool 2 Subsequent Mortgage Loan by
the Trust Fund, the Sub-Pool 2 Mortgage Loans (including the Sub-Pool 2
Subsequent Mortgage Loans) as of the end of the Sub-Pool 2 Funding Period will:
(i) have a weighted average Gross Margin of at least 5.27% and a weighted
average coupon of at least 9.47%; (ii) have a weighted average remaining term to
stated maturity of not more than 356 months and not less than 348 months; (iii)
have a weighted average Loan-to-Value Ratio of not more than 83%; (iv) have no
Sub-Pool 2 Mortgage Loan with a principal balance in excess of $850,000; (v) not
have in excess of 10% by aggregate principal balance of Sub-Pool 2 Mortgage
Loans secured by non-owner occupied Mortgaged Properties; (vi) not have a
concentration of Mortgaged Properties in a single zip code in excess of 5% by
aggregate principal balance of Sub-Pool 2 Mortgage Loans; (vii) not have in
excess of 6% by aggregate principal balance of Sub-Pool 2 Mortgage Loans secured
by Mortgaged Properties that are condominiums; (viii) have at least 76% by
aggregate principal balance of Sub-Pool 2 Mortgage Loans secured by fee simple
interests in attached or detached Single Family Properties (including units in
de minimis planned unit developments); (ix) will not be secured by Multifamily
Properties; (x) will not be secured by Mixed Use Properties and (xi) not have in
excess of 5% by aggregate principal balance of the Sub-Pool 2 Mortgage Loans
secured by Manufactured Homes. The Certificate Insurer may, in its reasonable
discretion, reject for purchase by the Trust Fund a proposed Sub-Pool 2
Subsequent Mortgage Loan which the Certificate Insurer reasonably believes would
adversely affect the interests of the Certificateholders or the Certificate
Insurer in the Mortgage Pool if included therein; provided that the Certificate
Insurer may, in its reasonable discretion, choose to accept such proposed
Sub-Pool 2 Mortgage Loan for purchase upon the Depositor depositing an amount
determined by the Certificate Insurer in the Reserve Account with respect to
such proposed Sub-Pool 2 Subsequent Mortgage Loan. In the sole discretion of the
Certificate Insurer, Sub-Pool 2 Subsequent Mortgage Loans with characteristics
varying from those set forth in this paragraph may be purchased by the Trust
Fund; provided, however, that the addition of such Sub-Pool 2 Mortgage Loans
will not materially affect the aggregate characteristics of Sub-Pool 2.
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ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section 3.01 Representations of the Depositor.
The Depositor hereby represents and warrants to the Trustee, the
Certificate Insurer and the Certificateholders as of the Closing Date:
(a) The Depositor is a federally chartered stock savings bank, duly
organized, validly existing and in good standing under the laws of the United
States and has all licenses necessary to carry on its business as now being
conducted and is licensed, qualified and in good standing in each Mortgaged
Property State if the laws of such state require licensing or qualification in
order to conduct business of the type conducted by the Depositor and perform its
obligations as Depositor hereunder; the Depositor has the power and authority to
execute and deliver this Agreement and to perform in accordance herewith; the
execution, delivery and performance of this Agreement (including all instruments
of transfer to be delivered pursuant to this Agreement) by the Depositor and the
consummation of the transactions contemplated hereby have been duly and validly
authorized by all necessary action; this Agreement evidences the valid, binding
and enforceable obligation of the Depositor; and all requisite action has been
taken by the Depositor to make this Agreement valid, binding and enforceable
upon the Depositor in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, moratorium and other, similar laws
relating to or affecting creditors' rights generally or the application of
equitable principles in any proceeding, whether at law or in equity;
(b) All actions, approvals, consents, waivers, exemptions, variances,
franchises, orders, permits, authorizations, rights and licenses required to be
taken, given or obtained, as the case may be, by or from any federal, state or
other governmental authority or agency (other than any such actions, approvals,
etc. under any state securities laws, real estate syndication or "Blue Sky"
statutes, as to which the Depositor makes no such representation or warranty),
that are necessary in connection with the purchase and sale of the Certificates
and the execution and delivery by the Depositor of the documents to which it is
a party, have been duly taken, given or obtained, as the case may be, are in
full force and effect, are not subject to any pending proceedings or appeals
(administrative, judicial or otherwise) and either the time within which any
appeal therefrom may be taken or review thereof may be obtained has expired or
no review thereof may be obtained or appeal therefrom taken, and are adequate to
authorize the consummation of the transactions contemplated by this Agreement
and the other documents on the part of the Depositor and the performance by the
Depositor of its obligations as Depositor or Servicer under this Agreement and
such of the other documents to which it is a party;
(c) The consummation of the transactions contemplated by this Agreement
will not result in the breach of any terms or provisions of the charter or
by-laws of the Depositor or result in the breach of any term or provision of, or
conflict with or constitute a default under or result in the acceleration of any
obligation under, any material agreement, indenture or loan or credit agreement
or other material instrument to which the Depositor or its property is subject,
or
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result in the violation of any law, rule, regulation, order, judgment or decree
to which the Depositor or its property is subject;
(d) Neither this Agreement nor the Prospectus nor any statement, report or
other document prepared by the Depositor and furnished or to be furnished
pursuant to this Agreement or in connection with the transactions contemplated
hereby contains any untrue statement of material fact or omits to state a
material fact necessary to make the statements contained herein or therein not
misleading;
(e) There is no action, suit, proceeding or investigation pending or, to
the best of the Depositor's knowledge, threatened against the Depositor which,
either in any one instance or in the aggregate, may result in any material
adverse change in the business, operations, financial condition, properties or
assets of the Depositor or in any material impairment of the right or ability of
the Depositor to carry on its business substantially as now conducted, or in any
material liability on the part of the Depositor or which would draw into
question the validity of this Agreement or the Mortgage Loans or of any action
taken or to be taken in connection with the obligations of the Depositor
contemplated herein, or which would be likely to impair materially the ability
of the Depositor to perform under the terms of this Agreement;
(f) The Depositor is not in default with respect to any order or decree of
any court or any order, regulation or demand of any federal, state, municipal or
governmental agency, which default might have consequences that would materially
and adversely affect the condition (financial or other) or operations of the
Depositor or its properties or might have consequences that would materially and
adversely affect its performance hereunder;
(g) Upon the receipt of each Trustee's Mortgage File by the Trustee under
this Agreement, the Trustee will have good title on behalf of the Trust Fund to
each Mortgage Loan (other than the Depositor's Yield and amounts received on or
after the Cut-off Date in the case of Initial Mortgage Loans or on or after a
Subsequent Cut-off Date in the case of Subsequent Mortgage Loans in respect of
interest accrued on the Mortgage Loans prior to the Cut-off Date or prior to the
Subsequent Cut-off Date, as the case may be) and such other items comprising the
corpus of the Trust Fund free and clear of any lien (other than liens which will
be simultaneously released);
(h) The transfer, assignment and conveyance of the Mortgage Notes and the
Mortgages by the Depositor pursuant to this Agreement are not subject to the
bulk transfer laws or any similar statutory provisions in effect in any
applicable jurisdiction;
(i) The origination and collection practices used by the Depositor with
respect to each Mortgage Note and Mortgage have been in all material respects
legal, proper, prudent and customary in the first and second mortgage
origination and servicing business with respect to Sub-Pool 1, and legal,
proper, prudent and customary in the first mortgage origination and servicing
business with respect to Sub-Pool 2; and
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(j) Considering the size of each Pre-Funding Account and the frequency of
prepayments, defaults, "fall-out" due to the borrower choosing another lender or
exercising its right of rescission, defective documentation and other
circumstances that would disqualify a mortgage loan from being purchased as a
Subsequent Mortgage Loan hereunder, the mortgage loans listed on each Proposed
Subsequent Mortgage Loan Schedule do not represent an unreasonably large pool of
mortgage loans from which to obtain the majority of the related Subsequent
Mortgage Loans.
Section 3.02 Individual Mortgage Loans.
(a) With respect to the Mortgage Loans, the Depositor hereby represents and
warrants to the Trustee, the Certificate Insurer and the Certificateholders,
with respect to each Initial Mortgage Loan, as of the Closing Date, and with
respect to each Subsequent Mortgage Loan, as of the related Subsequent Transfer
Date the following, subject to Section 2.10(c) and 2.10(d) above and modified to
the extent stated therein in the case of Subsequent Mortgage Loans:
(i) The information with respect to each Mortgage Loan set forth in
the related Mortgage Loan Schedule is true and correct;
(ii) All of the original or certified documentation required to be
delivered by the Depositor to the Trustee or to the Custodian on the
Closing Date or a Subsequent Transfer Date or as otherwise provided in
Section 2.04 above has or will be so delivered as provided;
(iii) Each Mortgaged Property is improved by a Single Family Property,
Multifamily Property or Mixed Use Property, which, to the best of the
Depositor's knowledge, does not include cooperatives and does not
constitute other than real property under state law;
(iv) Each Mortgage Loan is being serviced by the Servicer or one or
more Subservicers;
(v) Except with respect to liens released immediately prior to the
transfer herein contemplated, immediately prior to the transfer and
assignment herein contemplated, the Depositor held good and indefeasible
title to, and was the sole owner of, each Mortgage Loan subject to no
liens, charges, mortgages, encumbrances or rights of others; and
immediately upon the transfer and assignment herein contemplated, the
Trustee will hold good and indefeasible title to, and be the sole owner of,
each Mortgage Loan subject to no liens, charges, mortgages, encumbrances or
rights of others;
(vi) There is no delinquent tax or assessment lien on any Mortgaged
Property, and each Mortgaged Property is free of material damage and is in
average repair;
(vii) The Mortgage Loan is not subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury, nor will
the operation of any of the terms of the Mortgage Note or the Mortgage, or
the exercise of any right thereunder, render either the Mortgage Note or
the Mortgage unenforceable in whole or in part, or subject to any right of
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rescission, set-off, counterclaim or defense, including the defense of
usury, and no such right of rescission, set-off, counterclaim or defense
has been asserted with respect thereto;
(viii) There is no mechanics' lien or claim for work, labor or
material affecting any Mortgaged Property which is or may be a lien prior
to, or equal with, the lien of such Mortgage except those which are insured
against by the title insurance policy referred to in Section 3.02(a)(x)
below;
(ix) Each Mortgage Loan at the time it was made complied in all
material respects with applicable state and federal laws and regulations,
including, without limitation, usury, equal credit opportunity and
disclosure laws;
(x) With respect to each Mortgage Loan, a written commitment for a
lender's title insurance policy, issued in standard American Land Title
Association or California Land Title Association form, or other form
acceptable in a particular jurisdiction, by a title insurance company
authorized to transact business in the state in which the related Mortgaged
Property is situated, together with a condominium endorsement or a
manufactured housing unit (American Land Title Association 7) endorsement
(stating that the insurer agrees that the related manufactured housing unit
is included with the term "land" when used in the title policy), if
applicable, in an amount at least equal to the original Principal Balance
of such Mortgage Loan insuring the mortgagee's interest under the related
Mortgage Loan as the holder of a valid first or second mortgage lien of
record with respect to Sub-Pool 1, or a valid first mortgage lien of record
with respect to Sub-Pool 2, on the real property described in the Mortgage,
subject only to exceptions of the character referred to in Section
3.02(a)(v) above, was effective on the date of the origination of such
Mortgage Loan, and, as of the Closing Date, such commitment will be valid
and thereafter the policy issued pursuant to such commitment shall continue
in full force and effect. With respect to each Mortgage Loan, the mortgagee
is the sole named insured of such mortgage title insurance policy, and such
mortgage title insurance policy is in full force and effect and will be in
full force and effect and inure to the benefit of the Trustee upon the
consummation of the transactions contemplated by this Agreement. No claims
have been made under such mortgage title insurance policy and no prior
holder of the related Mortgage, including the mortgagee, has done, by act
or omission, anything that would impair the coverage of such mortgage title
insurance policy;
(xi) The improvements upon each Mortgaged Property are covered by a
valid and existing hazard insurance policy with a generally acceptable
carrier that provides for fire and extended coverage representing coverage
described in Sections 5.07 and 5.08;
(xii) A flood insurance policy is in effect with respect to each
Mortgaged Property with a generally acceptable carrier in an amount
representing coverage described in Sections 5.07 or 5.08, if and to the
extent required by such Section 5.07 or 5.08;
(xiii) Each Mortgage and Mortgage Note is the legal, valid and binding
obligation of the maker thereof and is enforceable in accordance with its
terms, except only as such enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or other
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similar laws affecting the enforcement of creditors' rights generally and
by general principles of equity (whether considered in a proceeding or
action in equity or at law), and all parties to each Mortgage Loan had full
legal capacity to execute all Mortgage Loan documents and convey the estate
therein purported to be conveyed;
(xiv) The Depositor has caused or will cause to be performed any and
all acts required to be performed to preserve the rights and remedies of
the Trustee in any insurance policies applicable to the Mortgage Loans
including, without limitation, any necessary notifications of insurers,
assignments of policies or interests therein, and establishments of
co-insured, joint loss payee and mortgagee rights in favor of the Trustee;
(xv) The terms of the Mortgage Note and the Mortgage have not been
impaired, altered or modified in any material respect, except by a written
instrument which has been recorded or is in the process of being recorded,
if necessary, to protect the interest of the Certificateholders and which
has been or will be delivered to the Trustee or the Custodian. The
substance of any such alteration or modification is reflected on the
related Mortgage Loan Schedule. Each original Mortgage was recorded, and
all subsequent assignments of the original Mortgage have been recorded in
the appropriate jurisdictions wherein such recordation is necessary to
perfect the lien thereof as against creditors of the Depositor (or, subject
to Section 2.04 above, are in the process of being recorded, or are, in the
Opinion of Counsel to the Depositor, not required to be recorded);
(xvi) No instrument of release or waiver has been executed in
connection with the Mortgage Loan, and no Mortgagor has been released, in
whole or in part;
(xvii) There are no defaults in complying with the terms of the
Mortgage, and all taxes, governmental assessments, insurance premiums,
water, sewer and municipal charges, leasehold payments or ground rents
which previously became due and owing have been paid, or an escrow of funds
has been established in an amount sufficient to pay for every such item
which remains unpaid and which has been assessed but is not yet due and
payable. Except for payments in the nature of escrow payments, including
without limitation, taxes and insurance payments, the Servicer has not
advanced funds, or induced, solicited or knowingly received any advance of
funds by a party other than the Mortgagor, directly or indirectly, for the
payment of any amount required by the Mortgage, except for interest
accruing from the date of the Mortgage Note or date of disbursement of the
Mortgage proceeds, whichever is greater, to the day which precedes by one
month the Due Date of the first installment of principal and interest;
(xviii) There is no proceeding pending or threatened for the total or
partial condemnation of the Mortgaged Property, nor is such a proceeding
currently occurring, and such property is undamaged by waste, fire,
earthquake or earth movement, windstorm, flood, tornado or other casualty,
so as to affect adversely the value of the Mortgaged Property as security
for the Mortgage Loan or the use for which the premises were intended;
(xix) To the best of the Depositor's knowledge, all of the
improvements which were included for the purpose of determining the
appraised value of the Mortgaged Property
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lie wholly within the boundaries and building restriction lines of such
property, and no improvements on adjoining properties encroach upon the
Mortgaged Property;
(xx) To the best of the Depositor's knowledge, no improvement located
on or being part of the Mortgaged Property is in violation of any
applicable zoning law or regulation. To the best of the Depositor's
knowledge, all inspections, licenses and certificates required to be made
or issued with respect to all occupied portions of the Mortgaged Property
and, with respect to the use and occupancy of the same, including but not
limited to certificates of occupancy and fire underwriting certificates,
have been made or obtained from the appropriate authorities and the
Mortgaged Property is lawfully occupied under applicable law;
(xxi) The proceeds of the Mortgage Loan have been fully disbursed, and
there is no obligation on the part of the mortgagee to make future advances
thereunder. Any and all requirements as to completion of any on-site or
off-site improvements and as to disbursements of any escrow funds therefor
have been complied with. All costs, fees and expenses incurred in making or
closing or recording the Mortgage Loans were paid;
(xxii) Except with respect to certain of the Multifamily Loans and
Mixed Use Loans, the related Mortgage Note is not and has not been secured
by any collateral, pledged account or other security except the lien of the
corresponding Mortgage and, in the case of such Multifamily Loans and Mixed
Use Loans, the related Assignment of Leases and UCC financing statements,
if any.
(xxiii) No Mortgage Loan was originated under a buydown plan;
(xxiv) There is no obligation on the part of the Depositor or any
other party to make payments in addition to those made by the Mortgagor;
(xxv) With respect to each Mortgage constituting a deed of trust, a
trustee, duly qualified under applicable law to serve as such, has been
properly designated and currently so serves and is named in such Mortgage,
and no fees or expenses are or will become payable by the
Certificateholders to the trustee under the deed of trust, except in
connection with a trustee's sale after default by the Mortgagor;
(xxvi) No Mortgage Loan has a shared appreciation feature, or other
contingent interest feature. No Mortgage Loan provides for negative
amortization. Except with respect to certain of the Periodic Payment Loans,
no Mortgage Loan provides for deferred interest. No Sub-Pool 2 Mortgage
Loan requires or permits the Mortgagor to convert the Mortgage Rate to a
fixed rate;
(xxvii) All parties which have had any interest in the Mortgage Loan,
whether as mortgagee, assignee, pledgee or otherwise, are (or, during the
period in which they held and disposed of such interest, were) (1) in
compliance with any and all applicable licensing requirements of the laws
of the state wherein the Mortgaged Property is located, and (2)(A)
organized under the laws of such state, or (B) qualified to do business in
such state, or (C) federal
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savings and loan associations or national banks having principal offices in
such state, or (D) not doing business in such state so as to require
qualification or licensing;
(xxviii) The Mortgage contains a customary provision for the
acceleration of the payment of the unpaid principal balance of the Mortgage
Loan in the event the related Mortgaged Property is sold without the prior
consent of the mortgagee thereunder;
(xix) Any future advances made prior to (and excluding) the Cut-off
Date have been consolidated with the outstanding principal amount secured
by the Mortgage, and the secured principal amount, as consolidated, bears a
single interest rate and single repayment term reflected on the related
Mortgage Loan Schedule. The consolidated principal amount does not exceed
the original principal amount of the Mortgage Loan. The Mortgage Note does
not permit or obligate the Servicer to make future advances to the
Mortgagor at the option of the Mortgagor;
(xxx) The related Mortgage contains customary and enforceable
provisions which render the rights and remedies of the holder thereof
adequate for the realization against the Mortgaged Property of the benefits
of the security, including, (a) in the case of a Mortgage designated as a
deed of trust, by trustee's sale, and (b) otherwise by judicial
foreclosure. There is no homestead or other exemption available to the
Mortgagor which would materially interfere with the right to sell the
Mortgaged Property at a trustee's sale or the right to foreclose the
Mortgage except as set forth in the Prospectus;
(xxxi) There is no default, breach, violation or event of acceleration
existing under the Mortgage or the related Mortgage Note and no event
which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a default, breach, violation or
event of acceleration; and neither the Servicer nor the Depositor has
waived any default, breach, violation or event of acceleration;
(xxxii) All parties to the Mortgage Note and the Mortgage had legal
capacity to execute the Mortgage Note and the Mortgage and each Mortgage
Note and Mortgage have been duly and properly executed by such parties;
(xxxiii) All amounts received after the Cut-off Date with respect to
the Mortgage Loans (other than the Depositor's Yield and amounts in respect
of interest accrued on the Mortgage Loans on or prior to the Cut-off Date)
have been deposited into the Principal and Interest Account and are, as of
the Closing Date, in the Principal and Interest Account;
(xxxiv) Each Mortgage Loan conforms, and all such Mortgage Loans in
the aggregate conform, to the description thereof set forth in the
Prospectus;
(xxxv) The Mortgage Loans were not selected by the Depositor for
inclusion in the Trust Fund on any basis intended to adversely affect the
Trust Fund;
(xxxvi) A full appraisal was performed in connection with each
Mortgaged Property;
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(xxxvii) As of the Cut-off Date, the Depositor does not know or have
reason to know of any circumstances that would cause any Mortgagor to
default under its Mortgage Loan or the related Mortgage Note;
(xxxviii) As of the Cut-Off Date, with respect to any Mortgaged
Property, the Depositor has no actual knowledge that there exist any
hazardous substances, hazardous wastes or solid wastes, as such terms are
defined in CERCLA, or other federal, state or local environmental
legislation; and
(xxxix) With respect to each Mortgaged Property subject to a land
trust (a "Land Trust Mortgage") (i) a trustee, duly qualified under
applicable law to serve as such, has been properly designated and currently
so serves and is named as such in the land trust agreement and such trustee
is named in the Land Trust Mortgage as Mortgagor; (ii) all fees and
expenses of the land trustee which have previously become due on owing have
been paid and no fees or expenses are or will become payable by the
Certificateholders or the Trust to the land trustee under the land trust
agreement; (iii) the beneficiary is solely obligated to pay any fees and
expenses of the land trustee and the priority of the lien of the Land Trust
Mortgage is not and will not be primed by the land trustee; (iv) if the
Mortgaged Property is owner-occupied, the Mortgaged Property is occupied by
the beneficiary under the land trust agreement and, if such land trust
agreement terminates, the beneficiary will become the owner of the
Mortgaged Property; (v) the beneficiary is obligated to make payments under
the Note and will have personal liability for deficiency judgments to the
extent permitted by law; (vi) the Land Trust Mortgages were made in
compliance with their respective land trust agreements, were validly
entered into by their respective land trust trustee and did not, do not
currently, and will not in the future, violate any provision of their
respective land trust agreement, nor any agreement between or amongst the
beneficiaries of any one land trust; (vii) the Land Trust Mortgages are the
first (or in the case of Sub-Pool 1, first or second) liens on the
Mortgaged Properties; no liens are in place against the beneficial
interests, or any part thereof of any Land Trust Mortgage or collateral
assignment of beneficial interest, which liens are superior to the interest
held by the Seller; and the beneficial interest, or any part thereof, of
any Land Trust Mortgage or collateral assignment of beneficial interest has
not been pledged as security for any other debt; and the land trust trustee
is forbidden, pursuant to a written agreement between the land trust
trustee and the Mortgagee, from using the land trust property, or any part,
as security for any other debt until the expiration date of its respective
Note; and (viii) the terms and conditions of the land trust agreement do
not prevent the free and absolute marketability of the Mortgaged Property.
As of the Cut-off Date, the Principal Balance of Land Trust Mortgage Loans
with related Mortgaged Properties subject to land trusts does not exceed
20% of the Original Pool Principal Balance.
(xl) As of the Cut-off Date, no more than 5% of the Original Pool
Principal Balance are Mortgage Properties located in Maryland subject to
ground leases.
(xli) As of the Cut-off Date, no payment on any FNMA Loan was
delinquent 60 or more days (three or more payments missed) during the
twelve month period prior to the Cut-off Date.
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(xlii) Each of the Manufactured Homes is a "single residence" which
has a minimum of 400 square feet of living space and a minimum width in
excess of 102 inches and which is of a kind customarily used at a fixed
location.
(b) With respect to the Sub-Pool 1 Mortgage Loans, the Depositor hereby
represents and warrants to the Trustee, the Certificate Insurer and the
Certificateholders, with respect to each Sub-Pool 1 Initial Mortgage Loan, as of
the Closing Date, and with respect to each Sub-Pool 1 Subsequent Mortgage Loan,
as of the related Subsequent Transfer Date the following, subject to Section
2.10(c) above and modified to the extent stated therein in the case of Sub-Pool
1 Subsequent Mortgage Loans; provided, however, that in the case of the
Subsequent Mortgage Loans, reference to the "Original Sub-Pool 1 Principal
Balance" shall mean the Original Sub-Pool 1 Principal Balance plus the aggregate
principal balance of the Sub-Pool 1 Subsequent Mortgage Loans as of the end of
the Funding Period:
(i) The Mortgage Note related to each Mortgage Loan bears a fixed
Mortgage Rate;
(ii) Approximately 35.23% of the Original Sub-Pool 1 Principal Balance
are balloon loans which provide for a final Monthly Payment substantially
greater than the preceding Monthly Payments. All of such balloon loans
provide for Monthly Payments based on either a 25-year or 30-year
amortization schedule with a final balloon payment at the end of the 15th
year. Mortgage Loans constituting approximately 5.40% of the Original
Sub-Pool 1 Principal Balance are Periodic Payment Loans. Mortgage Loans
constituting approximately 4.73% of the Original Sub-Pool 1 Principal
Balance are Periodic Payment Loans which provide that the related Mortgagor
may, at its option, defer the principal portion of any or all of 26
Periodic Payments due thereunder. Approximately 4.60% of the Original
Sub-Pool 1 Principal Balance are Periodic Payment Loans which provide that
the related Mortgagor may, at its option, defer the first Periodic Payment
or the first and the second Periodic Payment due thereon together with
interest accrued from the date of origination to the date the first or
second Periodic Payment, as the case may be, is due and, under certain
limited circumstances, the interest portion of such payment will be
forgiven on the final maturity date of the Mortgage Note. Each other
Mortgage Note will provide for a schedule of substantially equal Monthly
Payments which are, if timely paid, sufficient to fully amortize the
principal balance of such Mortgage Note on or before its maturity date.
(iii) Each Mortgage is a valid and subsisting first or second lien of
record on the Mortgaged Property subject, in the case of any second
Mortgage Loan, only to a First Lien on such Mortgaged Property and subject
in all cases to the exceptions to title set forth in the title insurance
policy, with respect to the related Mortgage Loan, which exceptions are
generally acceptable to second mortgage lending companies, and such other
exceptions to which similar properties are commonly subject and which do
not individually, or in the aggregate, materially and adversely affect the
benefits of the security intended to be provided by such Mortgage;
(iv) No more than approximately 0.76% of the Original Sub-Pool 1
Principal Balance is secured by Mortgaged Properties located within any
single zip code area;
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(v) Approximately 92.25% of the Original Sub-Pool 1 Principal Balance
is secured by Mortgaged Properties that are maintained by the Mortgagors as
primary residences, and approximately 93.28% of the Original Sub-Pool 1
Principal Balance is secured by Owner-Occupied Mortgaged Property;
(vi) With respect to each Mortgage Loan secured by a second priority
lien, the related First Lien requires equal monthly payments, or if it
bears an adjustable interest rate, the monthly payments for the related
First Lien may be adjusted no more frequently than monthly; with respect to
substantially all of the Mortgage Loans secured by a second priority lien,
at the time of the origination of the Mortgage Loan the related First Lien
was at least 12 months old and at least 11 Monthly Payments had been made
by the Mortgagor;
(vii) Either (a) no consent for the Mortgage Loan is required by the
holder of the related First Lien or (b) such consent has been obtained and
is contained in the Mortgage File;
(viii) With respect to any First Lien that provides for negative
amortization or deferred interest, the balance of such First Lien used to
calculate the CLTV for the Mortgage Loan is based on the maximum amount of
negative amortization or deferred interest possible under such First Lien;
(ix) The maturity date of each Mortgage Loan secured by a second
priority lien is prior to the maturity date of the related First Lien if
such First Lien provides for a balloon payment, except if the CLTV does not
exceed 55%;
(x) Approximately 73.59% of the Original Sub-Pool 1 Principal Balance
was originated and underwritten by the Depositor and the remainder of the
Mortgage Loans were purchased and re-underwritten by the Depositor in
accordance with the underwriting criteria set forth in the Prospectus;
(xi) The Mortgage Rate as of the Cut-off Date is not less than
approximately 8.58% and not more than approximately 17.90%;
(xii) As of the Cut-off Date, no payment on any Mortgage Loan is 30
days or more delinquent (two or more payments missed). Six Mortgage Loans
secured by Single Family Properties have been 30 days delinquent (two
payments missed) on one occasion prior to the Cut-Off Date; and
(xiii) Approximately 78.65% of the Original Sub-Pool 1 Principal
Balance is secured by attached or detached one-family dwelling units (not
including Manufactured Homes). Approximately 0.23% of the Original Sub-Pool
1 Principal Balance is secured by units in condominiums. Approximately
2.72% of the Original Sub-Pool 1 Principal Balance is secured by
Manufactured Homes. No more than approximately 11.21% of the Original
Sub-Pool 1 Principal Balance is secured by units in properties consisting
of two- to four-family dwelling units. Approximately 1.57% of the Original
Sub-Pool 1 Principal Balance is secured by units in a
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planned unit development. Approximately 3.52% of the Original Sub-Pool 1
Principal Balance is secured by Multifamily Properties, and no more than
approximately 2.10% of the Original Sub-Pool 1 Principal Balance is secured
by Mixed Use Properties.
(c) With respect to the Sub-Pool 2 Mortgage Loans, the Depositor hereby
represents and warrants to the Trustee, the Certificate Insurer and the
Certificateholders, with respect to each Sub-Pool 2 Initial Mortgage Loan, as of
the Closing Date, and with respect to each Sub-Pool 2 Subsequent Mortgage Loan,
as of the related Subsequent Transfer Date the following, subject to Section
2.10(d) above and modified to the extent stated therein in the case of Sub-Pool
2 Subsequent Mortgage Loans; provided, however, that in the case of the
Subsequent Mortgage Loans, reference to the "Original Sub-Pool 2 Principal
Balance" shall mean the Original Sub-Pool 2 Principal Balance plus the aggregate
principal balance of the Sub-Pool 2 Subsequent Mortgage Loans as of the end of
the Funding Period:
(i) None of the Mortgage Loans are balloon loans. Approximately 18.71%
of the Original Sub-Pool 2 Principal Balance is subject to a One Year
Treasury Index, and approximately 81.29% of the Original Sub-Pool 2
Principal Balance is subject to a Six-Month LIBOR Index. With respect to
each Mortgage Loan on each Adjustment Date, the Mortgage Rate will be
adjusted to equal the related Index plus the Gross Margin, rounded to the
nearest 0.125%, subject to the related Periodic Rate Cap, the Maximum
Mortgage Rate and the Minimum Mortgage Rate. Under each Mortgage Note,
interest is payable in arrears. The Mortgage Loans have a Mortgage Rate
subject to annual or semiannual adjustment after an initial six-month,
twenty-four month or sixty month period. Each Mortgage Loan has an original
term to maturity from the date on which the first Monthly Payment is due of
[360] months;
(ii) Each Mortgage is a valid and subsisting first lien of record on
the Mortgaged Property subject in all cases to the exceptions to title set
forth in the title insurance policy, and such other exceptions to which
similar properties are commonly subject and which do not individually, or
in the aggregate, materially and adversely affect the benefits of the
security intended to be provided by such Mortgage;
(iii) No more than approximately 1.19% of the Original Sub-Pool 2
Principal Balance is secured by Mortgaged Properties located within any
single zip code area;
(iv) 96.74% of the Original Sub-Pool 2 Principal Balance is secured by
Mortgaged Properties that are maintained by the Mortgagors as primary
residences, and approximately 96.83% of the Original Sub-Pool 2 Principal
Balance is secured by Owner Occupied Mortgaged Property;
(v) Approximately 83.03% of the Original Sub-Pool 2 Principal Balance
is secured by attached or detached one-family dwelling units (not including
Manufactured Homes). Approximately 2.07% of the Original Sub-Pool 2
Principal Balance is secured by units in condominiums. No more than
approximately 11.75% of the Original Sub-Pool 2 Principal Balance is
secured by units in properties consisting of two- to four-family dwelling
units. Approximately 2.34% of the Original Sub-Pool 2 Principal Balance is
secured by units in planned
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unit developments. Approximately 0.81% of the Original Sub-Pool 2 Principal
Balance is secured by Manufactured Homes. Approximately 13.40% of the
Original Sub-Pool 2 Principal Balance is secured by investor properties.
None of the Sub-Pool 2 Mortgage Loans are secured by Multifamily Properties
or Mixed Use Properties.
(vi) With respect to each Mortgage Loan, no loan junior in lien
priority to such Mortgage Loan and secured by the related Mortgaged
Property was originated by the Depositor at the time of origination of such
Mortgage Loan;
(vii) The Gross Margins on the Mortgage Loans range from approximately
2.750% to 9.000% and the weighted average Gross Margin as of the Cut-off
Date is approximately 5.731%;
(viii) Approximately 60.02% of the Original Sub-Pool 2 Principal
Balance were originated and underwritten by the Depositor and the remainder
of the Mortgage Loans were purchased and re-underwritten by the Depositor
in accordance with the underwriting criteria set forth in the Prospectus;
(ix) The Mortgage Rates borne by the Mortgage Loans as of the Cut-off
Date range from 6.750% per annum to 13.875% and the weighted average
Mortgage Rate as of the Cut-off Date is 10.026% per annum;
(x) Each Mortgage Loan that was originated on or after November 27,
1991 has an initial or next Adjustment Date no later than September 1,
1999;
(xi) Each Mortgage Loan bears interest based on a 360-day year
consisting of twelve 30-day months; and
(xii) As of the Cut-off Date, no payment on any Mortgage Loan is 30
days or more delinquent (two or more payments missed). Five Mortgage Loans
secured by Single Family Properties have been 30 days delinquent (two
payments missed) on one occasion prior to the Cut-off Date.
Section 3.03 Purchase and Substitution.
It is understood and agreed that the representations and warranties set
forth in Sections 3.01 and 3.02 above with respect to the related Sub-Pool shall
survive the transfer and assignment of the Mortgage Loans to the Trustee and
delivery of the Certificates to the Certificateholders. Upon discovery by the
Depositor, the Servicer, any Subservicer, the Custodian, the Trustee, the
Certificate Insurer or any Certificateholder of a breach of any of such
representations and warranties which materially and adversely affects the value
of Mortgage Loans or the interest of the Certificateholders, or which materially
and adversely affects the interests of the Certificate Insurer or the
Certificateholders in the related Mortgage Loan in the case of a representation
and warranty relating to a particular Mortgage Loan (notwithstanding that such
representation and warranty was made to the Depositor's best knowledge), the
party discovering
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such breach shall give prompt written notice to the others. The Depositor shall
either (a) within 60 days of the earlier of its discovery or its receipt of
notice of any breach of a representation or warranty, promptly cure such breach
in all material respects, or (b) on the Determination Date next succeeding the
end of the 60 day period described in clause (a), either (1) purchase such
Mortgage Loan, in the manner and at the price specified in Section 2.05(b) above
or (2) remove such Mortgage Loan from the Trust Fund (in which case it shall
become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute
Mortgage Loans, provided such substitution is effected not later than the date
which is two years after the Startup Day or at such later date, if the Depositor
delivers to the Trustee and the Certificate Insurer an Opinion of Counsel that
such substitution would not constitute a prohibited transaction under the REMIC
Provisions or cause the Trust Fund REMIC to fail to qualify as a REMIC at any
time any Certificates are outstanding. Any such substitution shall be
accompanied by payment by the Depositor of the Substitution Adjustment, if any,
to be deposited in the related Principal and Interest Account. For purposes of
calculating the related Available Remittance Amount for any Remittance Date,
amounts paid by the Depositor pursuant to this Section 3.03 in connection with
the repurchase or substitution of any Mortgage Loan that are on deposit in the
related Principal and Interest Account as of the Determination Date for such
Remittance Date shall be deemed to have been paid during the related Due Period
and shall be transferred to the related Certificate Account pursuant to Section
5.04(i) on the Determination Date for such Remittance Date.
As to any Deleted Mortgage Loan for which the Depositor substitutes a
Qualified Substitute Mortgage Loan or Loans, the Servicer shall effect such
substitution by delivering to the Trustee a certification in the form attached
hereto as Exhibit I, executed by a Servicing Officer, and the documents
constituting the Trustee's Mortgage File for such Qualified Substitute Mortgage
Loan or Loans.
The Servicer shall deposit in the related Principal and Interest Account
all payments received in connection with such Qualified Substitute Mortgage Loan
or Loans after the date of such substitution. Monthly Payments received with
respect to Qualified Substitute Mortgage Loans on or before the date of
substitution will be retained by the Depositor. The Trust Fund will own all
payments received on the Deleted Mortgage Loan on or before the date of
substitution, and the Depositor shall thereafter be entitled to retain all
amounts subsequently received in respect of such Deleted Mortgage Loan. The
Servicer shall give written notice to the Trustee and the Certificate Insurer
that such substitution has taken place and shall amend the related Mortgage Loan
Schedule to reflect the removal of such Deleted Mortgage Loan from the terms of
this Agreement and the substitution of the Qualified Substitute Mortgage Loan.
The Servicer shall promptly deliver to the Trustee a copy of the related amended
Mortgage Loan Schedule. Upon such substitution, such Qualified Substitute
Mortgage Loan or Loans shall be subject to the terms of this Agreement in all
respects, and the Depositor shall be deemed to have made with respect to such
Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the
covenants, representations and warranties set forth in Sections 3.01 and 3.02
above. On the date of such substitution, the Depositor will remit to the
Servicer, and the Servicer will deposit into the related Principal and Interest
Account, an amount equal to the Substitution Adjustment, if any.
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It is understood and agreed that the obligations of the Depositor set forth
in Sections 2.05 and 3.03 above to cure, purchase or substitute for a defective
Mortgage Loan as provided in such Sections 2.05 and 3.03 constitute the sole
remedies of the Trustee, the Certificate Insurer and the Certificateholders
respecting a breach of the representations and warranties.
Any cause of action against the Depositor relating to or arising out of a
defect in a Trustee's Mortgage File as contemplated by Section 2.05 above or the
breach of any representations and warranties made in Sections 3.01 or 3.02 above
shall accrue as to any Mortgage Loan upon (i) discovery of such defect or breach
by any party and notice thereof to the Depositor or notice thereof by the
Depositor to the Trustee, (ii) failure by the Depositor to cure such defect or
breach or purchase or substitute such Mortgage Loan as specified above, and
(iii) demand upon the Depositor by the Trustee for all amounts payable in
respect of such Mortgage Loan.
Notwithstanding any contrary provision of this Agreement, with respect to
any Mortgage Loan which is not in default or as to which no default is
reasonably foreseeable, no purchase or substitution pursuant to Section 2.05(b)
above or this Section 3.03 shall be made unless the Depositor provides to the
Trustee an Opinion of Counsel, addressed to the Trustee, to the effect that such
purchase or substitution would not (i) result in the imposition of taxes on
"prohibited transactions" of the Trust Fund REMIC, as defined in Section 860F of
the Code, or a tax on contributions to the Trust Fund REMIC, under the REMIC
Provisions, or (ii) cause the Trust Fund REMIC to fail to qualify as a REMIC at
any time that any Certificates are outstanding. Any Mortgage Loan as to which
purchase or substitution was delayed pursuant to this paragraph shall be
purchased or substituted (subject to compliance with such Sections 2.05 and
3.03) upon the earlier of (a) the occurrence of a default or imminent default
with respect to such loan and (b) receipt by the Trustee of an Opinion of
Counsel to the effect that such purchase or substitution will not result in any
of the events described in clauses (i) and (ii) of the preceding sentence. The
Trustee shall give prompt written notice to Moody's, S&P and the Certificate
Insurer of any repurchase or substitution made pursuant to this Section 3.03.
The Trustee shall have no duty to conduct any affirmative investigation
other than as specifically set forth in this Agreement as to the occurrence of
any condition requiring the repurchase or substitution of any Mortgage Loan
pursuant to this Section or the eligibility of any Mortgage Loan for purposes of
this Agreement, and may rely conclusively on any Opinion of Counsel delivered to
it under this Section 3.03.
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ARTICLE IV
THE CERTIFICATES
Section 4.01 The Certificates.
The Certificates shall be substantially in the form annexed hereto as
Exhibits B-1 through B-3, and shall, upon original issue, be executed (not in
its individual capacity, but solely as Trustee) and delivered by the Trustee to
the Certificate Registrar for authentication and delivery to or upon the order
of the Depositor, concurrently with the transfer and assignment to the Trustee
of the Mortgage Loans pursuant to Section 2.01 above. All Certificates shall be
issued in Authorized Denominations. So long as the Class 1A-1, Class 1A-2, Class
1A-3, Class 1A-4, Class 1A-5 and Class 2A Certificates are Book-Entry
Certificates, each Class of such Certificates shall be evidenced by one or more
certificates representing the entire amount of the related Original Class
Principal Balance. All Certificates shall be executed and authenticated by
manual or facsimile signature on behalf of the Trust Fund by an authorized
officer of the Trustee and on behalf of the Certificate Registrar by an
authorized officer of the Certificate Registrar. Certificates bearing the
signatures of individuals who were at the time of the execution of the
Certificates the proper officers of the Trustee shall bind the Trust Fund,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the delivery of such Certificates or did not hold such offices
at the date of such Certificates. All Certificates issued hereunder shall be
dated the date of their authentication.
Section 4.02 Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at its office in Chicago, Illinois,
or at its designated agent, a Certificate Register in which, subject to such
reasonable regulations as it may prescribe, it shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Certificate Register shall contain the name, remittance
instructions, Class and Percentage Interest of each Certificateholder, as well
as the Series and the number in the Series. The Trustee hereby accepts
appointment as Certificate Registrar for the purpose of registering Certificates
and transfers and exchanges of Certificates as herein provided (the "Certificate
Registrar").
(b) The Class R Certificates have not been registered or qualified under
the Securities Act of 1933, as amended (the "1933 Act"), or any state securities
laws or "Blue Sky" laws. No transfer, sale, pledge or other disposition of any
Class R Certificate shall be made unless such disposition is made pursuant to an
effective registration statement under the 1933 Act and effective registration
or qualification under applicable state securities laws or "Blue Sky" laws, or
is made in a transaction which does not require such registration or
qualification. In the event that a transfer of a Class R Certificate is to be
made in reliance upon an exemption from the 1933 Act, the Trustee or the
Certificate Registrar shall require, in order to assure compliance with the 1933
Act, that the Certificateholder desiring to effect such disposition and such
Certificateholder's prospective transferee each certify to the Trustee or the
Certificate Registrar in writing the facts surrounding such disposition
substantially in the form of Exhibit D. In the event that such
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certification of facts does not on its face establish the availability of an
exemption under the 1933 Act, the Trustee may require an Opinion of Counsel
satisfactory to it that such transfer may be made pursuant to an exemption from
the 1933 Act, which Opinion of Counsel shall not be an expense of the Trustee or
the Trust Fund. None of the Servicer, the Depositor nor the Trustee are
obligated under this Agreement to register the Class R Certificates under the
1933 Act or any other securities law or to take any action not otherwise
required under this Agreement to permit the transfer of such Certificates
without such registration or qualification.
(c) Each Person who has or who acquires any Percentage Interest in a Class
R Certificate shall be deemed by the acceptance or acquisition of such
Percentage Interest to have agreed to be bound by the following provisions and
to have irrevocably appointed the Servicer or its designee as its
attorney-in-fact to negotiate the terms of any mandatory sale under clause (vi)
below and to execute all instruments of transfer and to do all other things
necessary in connection with any such sale, and the rights of each Person
acquiring any Percentage Interest in a Class R Certificate are expressly subject
to the following provisions:
(i) Each Person holding or acquiring any Percentage Interest in a
Class R Certificate shall be a Permitted Transferee and shall promptly
notify the Servicer and the Trustee of any change or impending change in
its status as a Permitted Transferee.
(ii) No Percentage Interest in a Class R Certificate may be
transferred (including any transfer to the initial holder) and the Trustee
shall not register the transfer of the Class R Certificate unless the
Trustee shall have been furnished with (A) an affidavit (a "Transfer
Affidavit") of the proposed transferee substantially in the form attached
hereto as Exhibit J and (B) a certificate (a "Transfer Certificate") of the
transferor substantially in the form attached hereto as Exhibit J-1 to the
effect that (1) such transferor has no actual knowledge that the proposed
transferee is not a Permitted Transferee and (2) no purpose of such
proposed transfer is to impede the assessment or collection of tax.
(iii) Each Person holding or acquiring any Percentage Interest in a
Class R Certificate shall agree (A) to require a Transfer Affidavit from
any other Person to whom such Person attempts to transfer its Percentage
Interest in a Class R Certificate, (B) to require a Transfer Affidavit from
any Person for whom such Person is acting as nominee, trustee or agent in
connection with any transfer of a Class R Certificate, (C) to deliver a
Transfer Certificate to the Trustee in connection with any such attempted
transfer and (D) not to transfer its Percentage Interest in a Class R
Certificate or to cause the transfer of a Percentage Interest in a Class R
Certificate to any other Person if it has actual knowledge that such Person
is not a Permitted Transferee or if any purpose of such transfer is to
impede the assessment or collection of tax.
(iv) Each Person holding or acquiring a Percentage Interest in a Class
R Certificate, by purchasing a Percentage Interest in such Certificate,
agrees to give the Trustee and the Depositor written notice that it is a
"pass-through interest holder" within the meaning of Temporary Treasury
Regulations Section 1.67-3T(a)(2)(i)(A) immediately
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upon acquiring a Percentage Interest in a Class R Certificate, if it is, or
is holding a Percentage Interest in a Class R Certificate on behalf of, a
"pass-through interest holder."
(v) Any attempted or purported transfer of any Percentage Interest in
a Class R Certificate in violation of the provisions of this Section 4.02
shall be absolutely null and void and shall vest no rights in the purported
transferee. If any purported transferee shall become a Holder of a Class R
Certificate in violation of the provisions of this Section 4.02, then the
last preceding Permitted Transferee shall be restored to all rights as
Holder thereof retroactive to the date of registration of transfer of such
Class R Certificate. The Trustee shall notify the Servicer upon receipt of
written notice or discovery by a Responsible Officer that the registration
of transfer of a Class R Certificate was not in fact permitted by this
Section 4.02. Knowledge shall not be imputed to the Trustee with respect to
an impermissible transfer in the absence of such a written notice or
discovery by a Responsible Officer. The Trustee shall be under no liability
to any Person for any registration of transfer of a Class R Certificate
that is in fact not permitted by this Section 4.02 or for making any
payments due on such Certificate to the Holder thereof or taking any other
action with respect to such Holder under the provisions of this Agreement
so long as the transfer was registered after receipt of the related
Transfer Affidavit and Transfer Certificate. The Trustee shall be entitled,
but not obligated to, recover from any Holder of a Class R Certificate that
was in fact not a Permitted Transferee at the time it became a Holder or,
at such subsequent time as it became other than a Permitted Transferee, all
payments made on such Class R Certificate at and after either such time.
Any such payments so recovered by the Trustee shall be paid and delivered
by the Trustee to the last preceding Holder of such Certificate.
(vi) If any purported transferee shall become a Holder of a Class R
Certificate in violation of the restrictions in this Section 4.02, then the
Servicer or its designee shall have the right, without notice to the Holder
or any prior Holder of such Class R Certificate, to sell such Class R
Certificate to a purchaser selected by the Servicer or its designee on such
reasonable terms as the Servicer or its designee may choose. Such purchaser
may be the Servicer itself or any Affiliate of the Servicer. The proceeds
of such sale, net of commissions, expenses and taxes due, if any, will be
remitted by the Servicer to the last preceding purported transferee of such
Class R Certificate, except that in the event that the Servicer determines
that the Holder or any prior Holder of such Class R Certificate may be
liable for any amount due under this Section 4.02 or any other provision of
this Agreement, the Servicer may withhold a corresponding amount from such
remittance as security for such claim. The terms and conditions of any sale
under this clause (vi) shall be determined in the sole discretion of the
Servicer or its designee, and it shall not be liable to any Person having a
Percentage Interest in a Class R Certificate as a result of its exercise of
such discretion.
(vii) The Servicer, on behalf of the Trustee, shall make available,
upon written request from the Trustee, all information necessary to compute
any tax imposed (A) as a result of the Transfer of a Percentage Interest in
a Class R Certificate to any Person who is a Disqualified Organization,
including the information regarding "excess
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inclusions" of such Class R Certificates required to be provided to the
Internal Revenue Service and certain Persons as described in Treasury
Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result
of any regulated investment company, real estate investment trust, common
trust fund, partnership, trust, estate or organization described in Section
1381 of the Code that holds a Percentage Interest in a Class R Certificate
having as among its record holders at any time any Person who is a
Disqualified Organization. Reasonable compensation for providing such
information may be required by the Servicer from such Person.
Transfers of the Class R Certificates to Persons other than Permitted
Transferees are prohibited.
No transfer of a Class R Certificate or any interest therein shall be made
to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, that is subject to the Employment Retirement Income
Security Act of 1974, as amended ("ERISA"), or the Code (each, a "Plan"), unless
the prospective transferee of a Class R Certificate provides the Servicer and
the Trustee with a certification of facts and, at its own expense, an Opinion of
Counsel which establish to the satisfaction of the Servicer and the Trustee that
such transfer will not result in a violation of Section 406 of ERISA or Section
4975 of the Code or cause the Servicer or the Trustee to be deemed a fiduciary
of such Plan or result in the imposition of an excise tax under Section 4975 of
the Code.
None of (i) the Trust Fund, (ii) the Servicer, (iii) the Depositor or (iv)
any Subservicer shall be a Class A Certificateholder. Any attempted or purported
transfer in violation of the preceding sentence shall be absolutely null and
void and shall vest no rights in the purported transferee. If any purported
transferee shall become a Holder of a Class A Certificate in violation of such
sentence, then the last preceding Holder shall be restored to all rights as
Holder thereof retroactive to the date of registration of transfer of such
Certificate. The Trustee shall notify the Servicer of any transfer in violation
of this paragraph upon receipt of written notice thereof. The Trustee shall be
under no liability to any Person for any registration of transfer of a Class A
Certificate not permitted by this paragraph or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the transfer
was registered without such receipt. The Trustee shall be entitled, but not
obligated, to recover from any Holder of a Class A Certificate that was in fact
not a permitted Holder under this paragraph, all payments made on such
Certificate at and after such time. Any such payments so recovered by the
Trustee shall be paid and delivered by the Trustee to the last preceding Holder
of such Certificate.
Subject to the preceding paragraphs, upon surrender for registration of
transfer of any Certificate at the Chicago, Illinois office of the Trustee (or
at the office of the designated Certificate Registrar), the Trustee shall
execute, authenticate and deliver in the name of the designated transferee or
transferees, a new Certificate of the same Class and Percentage Interest
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and dated the date of authentication by the Trustee. The Certificate Registrar
shall notify the Servicer of any such transfer.
At the option of the Certificateholders, Certificates may be exchanged for
other Certificates of Authorized Denominations of a like Class and aggregate
Percentage Interest, upon surrender of the Certificates to be exchanged at such
office. Whenever any Certificates are so surrendered for exchange, the Trustee
shall execute, authenticate and deliver the Certificates which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer substantially in the form
attached hereto as Exhibit E, or such other endorsement or written instrument of
transfer as is satisfactory to the Trustee, duly executed by the Holder thereof
or his attorney duly authorized in writing, together with wiring instructions,
if applicable, in the form attached hereto as Exhibit E(1).
No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Certificate Registrar may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
All Certificates surrendered for registration of transfer and exchange
shall be marked "cancelled" by the Trustee.
(d) Except as provided in paragraph (e) below, the Book-Entry Certificates
shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of the Class A Certificates may not
be transferred by the Trustee except to another Depository; (ii) the Depository
shall maintain book-entry records with respect to the Certificate Owners and
with respect to ownership and transfers of such Class A Certificates; (iii)
ownership and transfers of the Class A Certificates on the books of the
Depository shall be governed by applicable rules established by the Depository;
(iv) the Depository may collect its usual and customary fees, charges and
expenses from its Depository Participants; (v) the Trustee shall deal only with
the Depository for purposes of exercising the rights of Holders of Class A
Certificates under this Agreement.
All transfers by Certificate Owners of Book-Entry Certificates shall be
made in accordance with the procedures established by the Depository Participant
or brokerage firm representing such Certificate Owner. Each Depository
Participant shall only transfer Book-Entry Certificates of Certificate Owners it
represents or of brokerage firms for which it acts as agent in accordance with
the Depository's normal procedures.
(e) If (x)(i) the Servicer advises the Trustee in writing that the
Depository is no longer willing or able to properly discharge its
responsibilities as Depository, and (ii) the Servicer is unable to locate a
qualified successor, (y) the Servicer at its option may advise the Trustee in
writing that it elects to terminate the book-entry system through the Depository
or (z) after the occurrence of an Event of Default, the aggregate of the
Majority Certificateholders of the Sub-Pool(s) affected by such Event of Default
may advise the Trustee in writing that the continuation
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of a book-entry system through the Depository, to the exclusion of Definitive
Certificates, is no longer in the best interests of the related Certificate
Owners, the Trustee shall notify all of the related Certificate Owners, through
the Depository, of the occurrence of any such event and of the availability of
definitive, fully registered Class 1A or Class 2A Certificates (the "Definitive
Certificates"), as the case may be, to the Certificate Owners requesting the
same. Upon surrender to the Trustee of the related Class A Certificates by the
Depository, accompanied by registration instructions from the Depository for
registration of transfer, the Trustee shall issue the Definitive Certificates.
Neither the Servicer nor the Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Definitive Certificates all
references herein to obligations imposed upon or to be performed by the
Depository shall be deemed to be imposed upon and performed by the Trustee to
the extent applicable with respect to such Definitive Certificates and the
Trustee shall recognize the Holders of the Definitive Certificates as
Certificateholders hereunder.
Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate, and (ii) there is delivered to
the Trustee and the Certificate Registrar such security or indemnity as may
reasonably be required by each of them to save each of them harmless, then, in
the absence of notice to the Servicer, the Trustee and the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, upon receipt
of written notice from the Servicer that it has received adequate security or
indemnity and no notice that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, deliver and authenticate, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor, Class and Percentage Interest, but bearing a number
not contemporaneously outstanding. Upon the issuance of any new Certificate
under this Section 4.03, the Servicer and the Trustee may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses connected therewith. Any
duplicate Certificate issued pursuant to this Section 4.03 shall constitute
complete and indefeasible evidence of ownership in the Trust Fund, as if
originally issued, whether or not the mutilated, destroyed, lost or stolen
Certificate shall be found at any time.
Section 4.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Servicer, the Depositor, the Trustee and the Certificate Registrar may treat
the Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving remittances pursuant to Section 6.06
and for all other purposes whatsoever, and the Depositor, the Servicer, the
Trustee and the Certificate Registrar shall not be affected by notice to the
contrary.
Section 4.05 Information Reports to be Filed by the Servicer.
The Servicer or the Subservicers shall file the information reports with
respect to the receipt of mortgage interest received in a trade or business,
foreclosures and abandonments
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of any Mortgaged Property and the information returns relating to cancellation
of indebtedness income with respect to any Mortgaged Property required by
Sections 6050H, 6050J and 6050P of the Code, respectively, and deliver to the
Trustee an Officers' Certificate stating that such reports and returns have been
filed. Such reports and returns shall be in form and substance sufficient to
meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P
of the Code.
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ARTICLE V
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS
Section 5.01 Duties of the Servicer.
(a) The Servicer, as independent contract servicer, shall service and
administer the Mortgage Loans and shall have full power and authority, acting
alone, to do any and all things in connection with such servicing and
administration which the Servicer may deem necessary or desirable and consistent
with the terms of this Agreement. The Servicer may enter into Subservicing
Agreements for any servicing and administration of Mortgage Loans with any
institution which is in compliance with the laws of each state necessary to
enable it to perform its obligations under such Subservicing Agreement and (x)
has been designated an approved seller-servicer by FHLMC or FNMA for first and
second mortgage loans with respect to Sub-Pool 1, and for first mortgage loans
with respect to Sub-Pool 2 or (y) is an Affiliate of the Servicer. The Servicer
shall give written notice to the Certificate Insurer and the Trustee of the
appointment of any Subservicer. Any such Subservicing Agreement shall be
consistent with and not violate the provisions of this Agreement. The Servicer
shall be entitled to terminate any Subservicing Agreement in accordance with the
terms and conditions of such Subservicing Agreement and to either itself
directly service the related Mortgage Loans or enter into a Subservicing
Agreement with a successor subservicer which qualifies hereunder.
(b) Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Servicer and
Subservicer or reference to actions taken through a Subservicer or otherwise,
the Servicer shall remain obligated and primarily liable to the Trustee and
Certificateholders for the servicing and administering of the Mortgage Loans in
accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer and to the
same extent and under the same terms and conditions as if the Servicer alone
were servicing and administering the Mortgage Loans. For purposes of this
Agreement, the Servicer shall be deemed to have received payments on Mortgage
Loans when the Subservicer has received such payments. The Servicer shall be
entitled to enter into any agreement with a Subservicer for indemnification of
the Servicer by such Subservicer, and nothing contained in this Agreement shall
be deemed to limit or modify such indemnification.
With respect to any Mortgage Note released by the Trustee to the Servicer
or to any Subservicer in accordance with the terms of this Agreement, other than
a release or satisfaction pursuant to Section 7.02, prior to such release, the
Trustee or, if a Custodian has been appointed pursuant to Section 12.12, the
Custodian shall (a) complete all endorsements in blank so that the endorsement
reads "Pay to the order of LaSalle National Bank, as Trustee under the Pooling
and Servicing Agreement, dated as of September 1, 1997, Series 1997-3" and (b)
complete a restrictive endorsement that reads "LaSalle National Bank is the
holder of the mortgage note for the benefit of the Certificateholders under the
Pooling and Servicing Agreement, dated as of September 1, 1997, Series 1997-3"
with respect to those Mortgage Notes currently endorsed "Pay to the order of
holder", if any.
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(c) Any Subservicing Agreement that may be entered into and any
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Servicer alone, and the Trustee, the Certificate Insurer
and Certificateholders shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to the
Subservicer except as set forth in Section 5.01(d).
(d) In the event the Servicer shall for any reason no longer be the
Servicer (including by reason of an Event of Default), the Trustee or its
designee shall, subject to Section 10.02, thereupon assume all of the rights and
obligations of the Servicer under each Subservicing Agreement that the Servicer
may have entered into, unless the Trustee elects to terminate any Subservicing
Agreement in accordance with its terms. The Trustee, its designee or the
successor servicer for the Trustee shall be deemed to have assumed all of the
Servicer's interest therein and to have replaced the Servicer as a party to each
Subservicing Agreement to the same extent as if the Subservicing Agreements had
been assigned to the assuming party, except that the Trustee (or its designee)
shall have no liability or obligations under any Subservicing Agreements with
respect to any period prior to becoming the new Servicer, whether for acts or
omissions of the Servicer or otherwise, and the Servicer shall not by virtue of
such replacement be relieved of any such liability or obligations under the
Subservicing Agreements. The Servicer at its expense and without right of
reimbursement therefor, shall, upon request of the Trustee, deliver to the
assuming party all documents and records relating to each Subservicing Agreement
and the Mortgage Loans then being serviced and an accounting of amounts
collected and held by it and otherwise use its best efforts to effect the
orderly and efficient transfer of the Subservicing Agreements to the assuming
party.
(e) Consistent with the terms of this Agreement, the Servicer may waive,
modify or vary any term of any Mortgage Loan or consent to the postponement of
strict compliance with any such term or in any manner grant indulgence to any
Mortgagor if in the Servicer's determination such waiver, modification,
postponement or indulgence is not materially adverse to the interests of the
Certificateholders and the Certificate Insurer, provided, however,
notwithstanding any provision of this Agreement to the contrary, the Servicer
shall not consent to, make or permit (i) any modification with respect to any
Mortgage Loan that would change the Mortgage Rate, reduce or increase the
principal balance (except for reductions resulting from actual payments of
principal) or change the final maturity date on such Mortgage Loan unless (A)
the related Mortgagor is in default with respect to the Mortgage Loan or, in the
judgment of the Servicer, such default is reasonably foreseeable and (B) in the
sole judgment of the Servicer such modification would increase the proceeds of
such Mortgage Loan and (C) the Certificate Insurer has consented to such
modification, or (ii) any modification, waiver or amendment of any term of any
Mortgage Loan that would both (A) effect an exchange or reissuance of such
Mortgage Loan under Section 1001 of the Code (or Treasury regulations,
promulgated thereunder) and (B) cause the Trust Fund REMIC to fail to qualify as
a REMIC under the Code or the imposition of any tax on "prohibited transactions"
or "contributions after the startup date" under the REMIC Provisions. No costs
incurred by the Servicer or any Subservicer in respect of Servicing Advances
shall for the purposes of distributions to Certificateholders be added to the
amount owing under the related Mortgage Loan. Without limiting the generality of
the foregoing, and subject to the
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consent of the Certificate Insurer, the Servicer shall continue, and is hereby
authorized and empowered to execute and deliver on behalf of the Trustee and
each Certificateholder, all instruments of satisfaction or cancellation, or of
partial or full release, discharge and all other comparable instruments, with
respect to the Mortgage Loans and with respect to the Mortgaged Properties. If
reasonably required by the Servicer, the Trustee shall furnish the Servicer with
any powers of attorney and other documents necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties under this
Agreement.
Notwithstanding anything to the contrary contained herein, the Servicer, in
servicing and administering the Mortgage Loans, shall employ or cause to be
employed procedures (including collection, foreclosure, REO Property management
procedures and the making of Servicing Advances) and exercise the same care that
it customarily employs and exercises in servicing and administering mortgage
loans for its own account, in accordance with accepted first and second mortgage
servicing practices of prudent lending institutions with respect to Sub-Pool 1,
and in accordance with accepted first mortgage servicing practices of prudent
lending institutions with respect to Sub-Pool 2, and giving due consideration to
the Certificate Insurer's and the Certificateholders reliance on the Servicer.
(f) On and after such time as the Trustee receives the resignation of, or
notice of the removal of, the Servicer from its rights and obligations hereunder
with respect to a Sub-Pool, and with respect to resignation pursuant to Section
9.04, after receipt of the Opinion of Counsel required pursuant to such Section
9.04, the Trustee or its designee shall assume all of the rights and obligations
of the Servicer hereunder with respect to such Sub-Pool, subject to Section
10.02. The Servicer shall, upon request of the Trustee but at the expense of the
Servicer, deliver to the Trustee all documents and records relating to the
related Mortgage Loans and an accounting of amounts collected and held by the
Servicer and otherwise use its best efforts to effect the orderly and efficient
transfer of servicing rights with respect to such Sub-Pool and obligations to
the assuming party.
Section 5.02 Liquidation of Mortgage Loans.
In the event that any payment due under any Mortgage Loan and not postponed
pursuant to Section 5.01 above is not paid when the same becomes due and
payable, or in the event the Mortgagor fails to perform any other covenant or
obligation under the Mortgage Loan and such failure continues beyond any
applicable grace period, the Servicer shall take such action as it shall deem to
be in the best interest of the Certificate Insurer and the Certificateholders.
The Servicer shall foreclose upon or otherwise comparably effect the ownership
in the name of the Trustee for the benefit of the Certificateholders on behalf
of the Certificateholders of Mortgaged Properties relating to defaulted Mortgage
Loans as to which no satisfactory arrangements can be made for collection of
delinquent payments in accordance with the provisions of Section 5.10, provided,
however, that the Servicer shall not be obligated to foreclose in the event that
the Servicer, in its good faith reasonable judgment, determines that it would
not be in the best interests of Certificateholders or the Certificate Insurer,
which judgment shall be evidenced by an Officer's Certificate delivered to the
Trustee and the Certificate Insurer. In connection with such foreclosure or
other conversion, the Servicer shall exercise collection and foreclosure
procedures
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with the same degree of care and skill in its exercise or use as it would
exercise or use under the circumstances in the conduct of its own affairs. Any
amounts advanced in connection with such foreclosure or other action shall
constitute Servicing Advances.
After a Mortgage Loan has become a Liquidated Mortgage Loan, the Servicer
shall promptly prepare and forward to the Trustee and the Certificate Insurer
and, upon request, any Certificateholder, a Liquidation Report certified by a
Responsible Officer, in the form attached hereto as Exhibit M, detailing the
Liquidation Proceeds received from the Liquidated Mortgage Loan, expenses
incurred with respect thereto, and any loss incurred in connection therewith.
Section 5.03 Establishment of Principal and Interest Accounts; Deposits in
Principal and Interest Accounts.
With respect to each Sub-Pool, the Servicer shall cause to be established
and initially maintained with the Trustee one or more Principal and Interest
Accounts, which shall be Eligible Accounts, titled, with respect to Sub-Pool 1,
"Sub-Pool 1 Principal and Interest Account, Lee Servicing Company, a division of
Superior Bank FSB, in trust for the registered holders of AFC Mortgage Loan
Asset Backed Certificates, Series 1997-3" and with respect to Sub-Pool 2,
"Sub-Pool 2 Principal and Interest Account, Lee Servicing Company, a division of
Superior Bank FSB, in trust for the registered holders of AFC Mortgage Loan
Asset Backed Certificates, Series 1997-3." Subsequent to the Closing Date, the
Servicer may transfer the related Principal and Interest Account to another
institution, provided that each Principal and Interest Account shall be an
Eligible Account and all amounts therein shall be invested only in Permitted
Instruments. The creation of any Principal and Interest Account shall be
evidenced by a letter agreement in the form of Exhibit C. A copy of such letter
agreement shall be furnished on the Closing Date to the Trustee, the Certificate
Insurer and, upon request, any Certificateholder. With respect to each Sub-Pool,
the Servicer shall deposit (without duplication) the following amounts with
respect to such Sub-Pool within one (1) Business Day of receipt of good funds in
the related Principal and Interest Account and retain therein:
(i) all payments due after the Cut-off Date with respect to the
Initial Mortgage Loans or after a Subsequent Cut-off Date with respect
to the Subsequent Mortgage Loans on account of principal on the
Mortgage Loans and all Excess Payments, Principal Prepayments and
Curtailments received after the Cut-off Date, or after the Subsequent
Cut-off Date, as the case may be, and other than the Depositor's
Yield;
(ii) all payments due after the Cut-off Date with respect to the
Initial Mortgage Loans, or after a Subsequent Cut-off Date with
respect to the Subsequent Mortgage Loans, on account of interest on
the Mortgage Loans;
(iii) all Net Liquidation Proceeds;
(iv) all Insurance Proceeds;
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(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any
Mortgage Loan and the amount of any Substitution Adjustment pursuant
to Sections 2.05 and 3.03 above; and
(vii) any amount required to be deposited in the related
Principal and Interest Account pursuant to Section 5.04 or 11.01.
The foregoing requirements for deposit in the related Principal and
Interest Account shall be exclusive; it being understood and agreed that,
without limiting the generality of the foregoing, the Depositor's Yield, the
Servicing Fee with respect to each Mortgage Loan, late payment charges and
assumption fees, to the extent permitted by Sections 7.01 and 7.03, and Excess
Proceeds need not be deposited by the Servicer in the related Principal and
Interest Account. Any interest earnings on funds held in the related Principal
and Interest Account shall be for the account of the Servicer and may only be
withdrawn from the related Principal and Interest Account by the Servicer
immediately following its monthly remittance of the Available Remittance Amount
to the Trustee. Any reference herein to amounts on deposit in the related
Principal and Interest Account shall refer to amounts net of such investment
earnings.
Section 5.04 Permitted Withdrawals From the Principal and Interest Account.
With respect to each Sub-Pool, the Servicer shall withdraw or cause to be
withdrawn funds from the related Principal and Interest Account for the
following purposes:
(i) to effect the remittance to the Trustee on the Determination
Date of the Excess Spread and the amounts set forth in clause (i) of
the definition of Available Remittance Amount. For the purposes of
this Section 5.04(i), the calculation of the Available Remittance
Amount shall be made without reference to the actual deposit of funds
in the related Certificate Account;
(ii) to reimburse itself for any accrued unpaid Servicing Fees,
unreimbursed Monthly Advances and unreimbursed Servicing Advances and
any amount described in Section 6.13(b) or Section 6.13(c) deposited
in the related Certificate Account and attributable to the conveyance
to the Trustee of a Subsequent Mortgage Loan that does not have a
payment date during the related Due Period, if the Servicer is the
Depositor. The Servicer's right to reimbursement for accrued and
unpaid Servicing Fees and unreimbursed Servicing Advances shall be
limited to late collections on the related Mortgage Loan, including
Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance
Proceeds and such other amounts as may be collected by the Servicer
from the related Mortgagor with respect to a Sub-Pool or otherwise
relating to the Mortgage Loan in respect of which such unreimbursed
amounts are owed (including amounts paid by the Depositor in
connection with the purchase or substitution of Mortgage Loans
pursuant to Section 2.05 or 3.03 above). The Servicer's right to
reimbursement for
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unreimbursed Monthly Advances and amounts described in Section 6.13(b)
or Section 6.13(c) (if the Servicer is the Depositor) shall be limited
to collections of interest on any Mortgage Loan; provided that the
Servicer shall not be entitled to reimbursement from Liquidation
Proceeds for Monthly Advances made pursuant to Section 6.09(c) or
Section 6.09(d), or for amounts deposited in the related Certificate
Account pursuant to Section 6.13(b) or Section 6.13(c) and
attributable to the conveyance to the Trustee of a Subsequent Mortgage
Loan that does not have a payment date during the related Due Period.
It is understood that the Servicer's right to reimbursement pursuant
hereto shall be senior to the rights of Certificateholders unless the
Depositor or any of its affiliates is the Servicer and the Depositor
is required to repurchase or substitute a Mortgage Loan pursuant to
Section 2.05 or 3.03 above, in which case the Servicer's right to such
reimbursement shall be subordinate to the rights of Certificateholders
to receive the purchase price or substitution adjustment pursuant to
such Sections 2.05 and 3.03;
(iii) to withdraw any amount received from a Mortgagor that is
recoverable and sought to be recovered as a Preference Amount by a
trustee in bankruptcy pursuant to the United States Bankruptcy Code in
accordance with a final, nonappealable order of a court having
competent jurisdiction;
(iv) (a) to make investments in Permitted Instruments and (b) to
pay to itself interest earned in respect of Permitted Instruments or
on funds deposited in the related Principal and Interest Account;
(v) to withdraw any funds deposited in the related Principal and
Interest Account that were not required to be deposited therein (such
as Servicing Compensation) or were deposited therein in error;
(vi) to pay itself Servicing Compensation pursuant to Section
7.03 to the extent not retained or paid pursuant to Section 5.03 or
5.04(ii);
(vii) to withdraw funds necessary for the conservation and
disposition of REO Property pursuant to the third paragraph of Section
5.10;
(viii) to remit to the Trustee any amount which was deposited by
the Certificate Insurer pursuant to Section 11.01 to cover unpaid fees
and expenses of the Trustee; and
(ix) to clear and terminate the related Principal and Interest
Account upon the termination of this Agreement with any amounts on
deposit therein being paid to the Servicer and/or the Depositor to the
extent of any Reimbursable Amounts and the remainder to the Class R
Certificateholders.
So long as no Event of Default shall have occurred and be continuing, and
consistent with any requirements of the Code, the funds held in the related
Principal and Interest
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Account may be invested by the Servicer (to the extent practicable) in Permitted
Instruments, as directed in writing to the Trustee by the Servicer. In either
case, funds in the related Principal and Interest Account must be available for
withdrawal without penalty, and any Permitted Instruments must mature not later
than the Business Day immediately preceding the Determination Date next
following the date of such investment (except that if such Permitted Instrument
is an obligation of the institution that maintains the related Principal and
Interest Account, then such Permitted Instrument shall mature not later than
such Determination Date) and shall not be sold or disposed of prior to its
maturity. All Permitted Instruments in which funds in the related Principal and
Interest Account are invested must be held by or registered in the name of "Lee
Servicing Company, a division of Superior Bank FSB, in trust for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1997-3." All
interest or other earnings from funds on deposit in the related Principal and
Interest Account (or any Permitted Instruments thereof) shall be the exclusive
property of the Servicer, and may be withdrawn from the related Principal and
Interest Account pursuant to clause (iv) above and the penultimate sentence of
Section 5.03 above. The amount of any losses incurred in connection with the
investment of funds in the related Principal and Interest Account in Permitted
Instruments shall be deposited in the related Principal and Interest Account by
the Servicer from its own funds immediately as realized without reimbursement
therefor.
Section 5.05 Payment of Property Taxes, Insurance and Other Charges.
With respect to each Mortgage Loan, the Servicer shall maintain accurate
records reflecting fire and hazard insurance coverage.
With respect to each Mortgage Loan as to which the Servicer
maintains escrow accounts, the Servicer shall maintain accurate records
reflecting the status of ground rents, real estate taxes and assessments, water
rates and other charges which are or may become a lien upon the Mortgaged
Property and the status of primary mortgage guaranty insurance premiums, if any,
and fire and hazard insurance coverage and shall obtain, from time to time, all
bills for the payment of such charges (including renewal premiums) and shall
effect payment thereof prior to the applicable penalty or termination date and
at a time appropriate for securing maximum discounts allowable, employing for
such purpose deposits of the Mortgagor in any escrow account which shall have
been estimated and accumulated by the Servicer in amounts sufficient for such
purposes, as allowed under the terms of the Mortgage. To the extent that a
Mortgage does not provide for escrow payments, the Servicer shall monitor such
payments to determine if they are made by the Mortgagor. Any out-of-pocket
expenses incurred by the Servicer pursuant to this Section 5.05, including
without limitation any advances of such payments, shall constitute Servicing
Advances.
Section 5.06 Transfer of Accounts; Monthly Statements.
Notwithstanding Section 5.03 above, the Principal and Interest Accounts and
each of the other Accounts shall be established, as of the Closing Date, with
the Trustee as Eligible Accounts pursuant to clause (B) of the definition
thereof. The Principal and Interest Accounts and each of the Accounts or any of
them may, upon written notice to the Trustee and the Certificate
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Insurer, be transferred to a different depository institution so long as such
transfer is to an Eligible Account. The Certificate Insurer shall be provided
with a monthly statement of activity in the Principal and Interest Accounts and
the Accounts from each party holding such accounts.
Section 5.07 Maintenance of Hazard Insurance.
The Servicer shall cause to be maintained, subject to the provisions of
Section 5.08, fire and hazard insurance with extended coverage customary in the
area where the Mortgaged Property is located, in an amount which is at least
equal to the least of (a) the outstanding principal balance owing on the
Mortgage Loan, and the First Lien, with respect to Sub-Pool 1, (b) the full
insurable value of the premises securing the Mortgage Loan and (c) the minimum
amount required to compensate for damage or loss on a replacement cost basis. If
at the origination of the Mortgage Loan or at any time during the term of the
Mortgage Loan the Servicer determines that the Mortgaged Property is located in
an area identified on a Flood Hazard Boundary Map or Flood Insurance Rate Map
issued by the Flood Emergency Management Agency as having special flood hazards
and flood insurance has been made available, the Servicer will cause to be
purchased a flood insurance policy meeting the requirements of the current
guidelines of the Federal Insurance Administration with a generally acceptable
insurance carrier, in an amount representing coverage not less than the lesser
of (i) the outstanding principal balance of the Mortgage Loan or (ii) the
maximum amount of insurance which is available under the National Flood
Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National
Flood Insurance Reform Act of 1994, as amended. The Servicer shall also
maintain, to the extent such insurance is available, on REO Property, fire and
hazard insurance in the amounts described above, liability insurance and, to the
extent required and available under the National Flood Insurance Act of 1968, as
amended, and the Servicer determines that such insurance is necessary in
accordance with accepted first and second mortgage servicing practices of
prudent lending institutions with respect to Sub-Pool 1, and in accordance with
accepted first mortgage servicing practices of prudent lending institutions with
respect to Sub-Pool 2, flood insurance in an amount equal to that required
above. Any amounts collected by the Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the Mortgaged Property, or
to be released to the Mortgagor in accordance with customary first and second
mortgage servicing procedures with respect to Sub-Pool 1, and with customary
first mortgage servicing procedures with respect to Sub-Pool 2) shall be
deposited in the Principal and Interest Account with respect to the related
Sub-Pool, subject to retention by the Servicer to the extent such amounts
constitute Servicing Compensation or to withdrawal pursuant to Section 5.04
above. It is understood and agreed that no earthquake or other additional
insurance need be required by the Servicer of any Mortgagor or maintained on REO
Property, other than pursuant to such applicable laws and regulations as shall
at any time be in force and as shall require such additional insurance. All
policies required hereunder shall be endorsed with standard mortgagee clauses
with losses payable to the Servicer. Any out-of-pocket expenses incurred by the
Servicer pursuant to this Section 5.07, including without limitation any
advances of premiums on insurance policies required by this Section 5.07, shall
constitute Servicing Advances.
Section 5.08 Maintenance of Mortgage Impairment Insurance Policy.
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In the event that the Servicer shall obtain and maintain a blanket policy
insuring against fire and hazards of extended coverage on all of the Mortgage
Loans or all of the Mortgage Loans in a Sub-Pool, then, to the extent such
policy names the Servicer as loss payee and provides coverage in an amount equal
to the aggregate unpaid principal balance on the related Mortgage Loans without
co-insurance, and otherwise complies with the requirements of Section 5.07
above, the Servicer shall be deemed conclusively to have satisfied its
obligations with respect to fire and hazard insurance coverage under Section
5.07 above, it being understood and agreed that such blanket policy may contain
a deductible clause, in which case the Servicer shall, in the event that there
shall not have been maintained on the related Mortgaged Property a policy
complying with Section 5.07 above, and there shall have been a loss which would
have been covered by such policy, deposit in the related Principal and Interest
Account the difference, if any, between the amount that would have been payable
under a policy complying with Section 5.07 above and the amount paid under such
blanket policy. On the Closing Date, such blanket policy is maintained with St.
Paul Insurance Company.
Section 5.09 Fidelity Bond.
The Servicer shall maintain with a responsible company, and at its own
expense, a blanket fidelity bond and an errors and omissions insurance policy,
in a minimum amount acceptable to FNMA or FHLMC or otherwise as is commercially
available at a cost that is not generally regarded as excessive by industry
standards, with broad coverage on all officers, employees or other persons
acting in any capacity requiring such persons to handle funds, money, documents
or papers relating to the Mortgage Loans ("Servicer Employees"). Any such
fidelity bond and errors and omissions insurance shall protect and insure the
Servicer against losses, including losses resulting from forgery, theft,
embezzlement, fraud, errors and omissions and negligent acts of such Servicer
Employees. Such fidelity bond shall also protect and insure the Servicer against
losses in connection with the release or satisfaction of a Mortgage Loan without
having obtained payment in full of the indebtedness secured thereby. No
provision of this Section 5.09 requiring such fidelity bond and errors and
omissions insurance shall diminish or relieve the Servicer from its duties and
obligations as set forth in this Agreement. Upon the request of the Trustee or
the Certificate Insurer, the Servicer shall cause to be delivered to the Trustee
or the Certificate Insurer a certified true copy of such fidelity bond and
insurance policy.
Section 5.10 Title, Management and Disposition of REO Property.
In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure (an "REO Property"), the deed or
certificate of sale shall be taken in the name of the Trustee for the benefit of
the Certificateholders.
The Servicer shall manage, conserve, protect and operate each REO Property
for the Certificateholders solely for the purpose of its prudent and prompt
disposition and sale. The Servicer shall, either itself or through an agent
selected by the Servicer, manage, conserve, protect and operate the REO Property
in the same manner that it manages, conserves, protects and operates other
foreclosed property for its own account, and in the same manner that similar
property in the same locality as the REO Property is managed. The Servicer shall
attempt to sell
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the same (and may temporarily rent the same) on such terms and conditions as the
Servicer deems to be in the best interest of the Certificate Insurer and the
Certificateholders. Any out-of-pocket expenses incurred by the Servicer pursuant
to this Section 5.10 shall be Servicing Advances.
The Servicer shall cause to be deposited, no later than five Business Days
after the receipt thereof, in the related Principal and Interest Account, all
revenues received with respect to the conservation and disposition of the
related REO Property and shall retain, or withdraw from such amounts, funds
necessary for the proper operation, management and maintenance of the related
REO Property and the fees of any managing agent acting on behalf of the
Servicer.
The disposition of REO Property shall be carried out by the Servicer at
such price, and upon such terms and conditions, as the Servicer deems to be in
the best interest of the Certificateholders and, as soon as practicable
thereafter, the expenses of such sale shall be paid. The proceeds of sale of the
REO Property shall be promptly deposited in the related Principal and Interest
Account, net of Excess Proceeds, any related unreimbursed Servicing Advances,
accrued and unpaid Servicing Fees and unreimbursed Monthly Advances payable to
the Servicer in accordance with Section 5.04 above, for distribution to the
Certificateholders in accordance with Section 6.06.
In the event any Mortgaged Property is acquired as aforesaid or otherwise
in connection with a default or imminent default on a Mortgage Loan, the
Servicer shall sell such Mortgaged Property for cash within two years after its
acquisition of such Mortgaged Property for purposes of Section 860(G)(a)(8) of
the Code unless the Servicer either (i) applies, at the expense of the Trust
Fund (as a Servicing Advance), more than 60 days prior to the expiration of such
two year period, and is granted an extension of time by the Internal Revenue
Service to sell such Mortgaged Property (in which case the Servicer shall sell
such Mortgaged Property prior to the expiration of any extension to such
two-year grace period) or (ii) receives an Opinion of Counsel to the effect that
the holding of such Mortgaged Pro perty subsequent to two years after its
acquisition will not result in the imposition of taxes on "prohibited
transactions" as defined in section 860F of the Code or cause the Trust Fund
REMIC to fail to qualify as a REMIC at any time that any Class A Certificates
are outstanding. Notwithstanding any other provision of this Agreement, (i) no
Mortgaged Property acquired by the Servicer pursuant to this Section shall be
rented (or allowed to continue to be rented) or otherwise used for the
production of income by or on behalf of the Trust Fund, and (ii) no construction
shall take place on such Mortgaged Property in such a manner or pursuant to any
terms, such that in the case of either clause (i) or (ii) such action would
cause such Mortgaged Property to fail to qualify as "foreclosure property"
within the meaning of section 860G(a)(8) of the Code or result in the receipt by
the Trust Fund or any "net income from foreclosure property" which is subject to
taxation within the meaning of Sections 860G(c) and 857(b)(4)(B) of the Code.
Any out-of-pocket expenses incurred by the Servicer including any Opinions of
Counsel pursuant to this Section 5.10 shall constitute Servicing Advances. If a
period greater than two years is permitted under this Agreement and is necessary
to sell any REO Property, the Servicer shall give appropriate notice to the
Trustee and the Certificate Insurer and shall report monthly to the Trustee as
to the progress being made in selling such REO Property.
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With respect to each Multifamily Loan and Mixed Use Loan:
(i) Prior to the acquisition of title to such property, the
Servicer shall review the operation of such property and determine the
nature of the income that would be derived from such property if it
were acquired by the Trust Fund. If the Servicer determines from such
review that:
(A) None of the income from Directly Operating such property
would be subject to tax as "net income from foreclosure property"
within the meaning of the REMIC Provisions or would be subject to
the tax imposed on "prohibited transactions" under Section 860F
of the Code (either such tax referred to herein as an "REO Tax"),
such property may be Directly Operated by the Servicer as REO
Property;
(B) Directly Operating such property as an REO Property
could result in income from such property that would be subject
to an REO Tax, but that a lease of such property to another party
to operate such property, or the performance of some services by
an Independent Contractor with respect to such property, or
another method of operating such property would not result in
income subject to an REO Tax, then the Servicer may (provided,
that in the good faith and reasonable judgment of the Servicer,
it is commercially feasible) acquire such property as REO
Property and so lease or operate such REO Property; or
(C) It is reasonable to believe that Directly Operating such
property as REO Property could result in income subject to an REO
Tax and that no commercially reasonable feasible means exists to
operate such property as REO Property without the Trust Fund
incurring or possibly incurring an REO Tax on income from such
property. The Servicer shall give written notice to the Trustee
and the Certificate Insurer summarizing a proposed plan
("Proposed Plan") to manage such property as REO Property. Such
notice shall include potential sources of income, and to the
extent reasonably feasible, estimates of the amount of income
from each such source. Within a reasonable period of time after
receipt of such notice, the Servicer shall consult with the
Trustee and the Certificate Insurer and shall advise the Trustee
and the Certificate Insurer of the Servicer's federal income tax
reporting position with respect to the various sources of income
that the Trust Fund would derive under the Proposed Plan. In
addition, the Trustee shall (to the extent feasible) advise the
Servicer and the Certificate Insurer of the estimated amount of
taxes that the Trust Fund would be required to pay with respect
to each such source of income. After the Servicer has provided
the Trustee and the Certificate Insurer with the information
described in the two preceding sentences, the Servicer shall
either (A) implement the Proposed Plan (after acquiring the
respective property as REO Property) or (B) manage and operate
such property in a manner that would not result in the imposition
of an REO Tax on the income derived from such property. The
Servicer's decision as to how each REO Property shall be managed
and operated shall be based in either case on the good faith and
reasonable judgment of the Servicer after consultation with the
Certificate Insurer as to which means would be in the best
interest of the Certificateholders and the Certificate Insurer by
maximizing (to the
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extent commercially feasible) the net after-tax REO Proceeds
received by the Trust Fund with respect to such property and, to
the extent consistent with the foregoing, in the same manner as
would prudent mortgage loan servicers and asset managers
operating acquired mortgaged property comparable to the
respective property. The Servicer, the Trustee and the
Certificate Insurer may consult with counsel in connection with
determinations required under this Section 5.10(i)(C). The cost
of such consultation by the Servicer shall constitute a Servicing
Advance. Neither the Servicer nor the Trustee shall be liable to
the Certificateholders, the Trust Fund, the Trustee, the Servicer
or each other for errors in judgment made in good faith in the
exercise of their discretion while performing their respective
responsibilities under this Section 5.10(i)(C). Nothing in this
Section 5.10(i)(C) is intended to prevent the sale of a Defaulted
Mortgage Loan pursuant to the terms and subject to the conditions
of Section 5.11.
Section 5.11 Right to Repurchase Defaulted Mortgage Loans .
The Servicer, in its sole discretion, shall have the right to elect (by
written notice sent to the Trustee) to purchase on any Determination Date for
its own account from the Trust Fund any Mortgage Loan which is 90 days or more
delinquent at a price equal to the Principal Balance of such Mortgage Loan as of
the date of purchase, plus all accrued and unpaid interest on such Mortgage Loan
through the end of the Due Period in which such Determination Date falls,
computed at the Mortgage Rate plus the amount of any unreimbursed Servicing
Advances made by the Servicer with respect to such Mortgage Loan (the "Purchase
Price"). The Purchase Price for any Mortgage Loan purchased hereunder shall be
deposited by the Servicer in the related Principal and Interest Account and the
Trustee, upon receipt of a Request for Release and confirmation of such deposit
from the Servicer in the form of Exhibit I, shall release or cause to be
released to the purchaser of such Mortgage Loan the related Mortgage File and
shall execute and deliver such instruments of transfer or assignment prepared by
the purchaser of such Mortgage Loan, in each case without recourse,
representation or warranty, as shall be necessary to vest in the purchaser of
such Mortgage Loan any Mortgage Loan released pursuant hereto and the purchaser
of such Mortgage Loan shall succeed to all the Trustee's right, title and
interest in and to such Mortgage Loan and all security and documents related
thereto. Such assignment shall be an assignment outright and not for security.
The purchaser of such Mortgage Loan shall thereupon own such Mortgage Loan, and
all security and documents, free of any further obligation to the Trustee or the
Certificateholders with respect thereto.
Section 5.12 Collection of Certain Mortgage Loan Payments.
The Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Mortgage Loans, and shall, to the
extent such procedures shall be consistent with this Agreement, comply with the
terms and provisions of any applicable hazard insurance policy. Consistent with
the foregoing, the Servicer may in its discretion waive or permit to be waived
any late payment charge, prepayment charge, assumption fee or any penalty
interest in connection with the prepayment of a Mortgage Loan or any other fee
or charge which the Servicer would be entitled to retain hereunder as servicing
compensation and extend the due date for payments past due on a Mortgage Note
for a period (with respect to each payment as to which
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the due date is extended) not greater than 125 days without the Certificate
Insurer's prior written consent, and in no event later than the final maturity
date of the Mortgage Loan, provided that such extension would not be considered
a new mortgage loan for federal income tax purposes. In the event the Servicer
shall consent to the deferment of the Due Dates for payments past due on a
Mortgage Note, the Servicer shall nonetheless make payment of any required
Monthly Advance with respect to the payments so extended to the same extent as
if such installment were due, owing and delinquent and had not been deferred,
and shall be entitled to reimbursement therefor in accordance with Section
5.04(ii) above.
Section 5.13 Access to Certain Documentation and Information Regarding the
Mortgage Loans.
The Servicer shall provide to the Trustee, the Certificateholders, the
Certificate Insurer and any supervisory agents or examiners of each of the
foregoing access to the documentation regarding the Mortgage Loans (such access
in the case of supervisory agents or examiners being limited to that
documentation required by applicable state and federal regulations) being
afforded without charge but only upon reasonable request and during normal
business hours at the offices of the Servicer designated by it.
Section 5.14 Superior Liens.
With respect to any Sub-Pool 1 Mortgage Loan, the Depositor or the Servicer
shall file (or cause to be filed) of record a request for notice of any action
by a superior lienholder under a First Lien for the protection of the Trustee's
interest, where permitted by local law and whenever applicable state law does
not require that a junior lienholder be named as a party defendant in
foreclosure proceedings in order to foreclose such junior lienholder's equity of
redemption. The Servicer must also notify any superior lienholder in writing of
the existence of the Mortgage Loan and request notification of any action (as
described below) to be taken against the Mortgagor or the Mortgaged Property by
the superior lienholder.
With respect to any Sub-Pool 1 Mortgage Loan, if the Servicer is notified
that any superior lienholder has accelerated or intends to accelerate the
obligations secured by the First Lien, or has declared or intends to declare a
default under the mortgage or the promissory note secured thereby, or has filed
or intends to file an election to have the Mortgaged Property sold or
foreclosed, the Servicer shall take, on behalf of the Trust Fund, whatever
actions are necessary to protect the interests of the Certificateholders, and/or
to preserve the security of the related Mortgage Loan, subject to the
application of the REMIC Provisions. The Servicer shall advance the necessary
funds to cure the default or reinstate the superior lien, if such advance is in
the best interests of the Certificate Insurer and the Certificateholders. The
Servicer shall not make such an advance except to the extent that it determines
in its reasonable good faith judgment that the advance would either be
recoverable from the Liquidation Proceeds on the related Mortgage Loan or
increase the Net Liquidation Proceeds available to the Trust Fund. The Servicer
shall thereafter take such action as is necessary to recover the amount so
advanced. Any expenses incurred by the Servicer pursuant to this Section 5.14
shall be Servicing Advances with respect to Sub-Pool 1.
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Section 5.15. Environmental Matters .
Notwithstanding any other provision of this Agreement to the contrary, with
respect to any Mortgage Loan as to which the Servicer has received actual notice
of, or has actual knowledge of, the presence of any regulated substance, toxic
substance, hazardous waste or hazardous substance or any similar or like
classification (as such terms are defined or used in CERCLA or any federal,
state or local statutes, laws, rules or regulations pertaining to environmental
matters) on the related Mortgaged Property, the Servicer shall not, on behalf of
the Trustee, either (i) obtain title to such Mortgaged Property as a result of
or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession of,
or take any other action, with respect to, such Mortgaged Property, unless the
Servicer has obtained the prior written consent of the Certificate Insurer. The
preceding sentence shall not apply to the presence, use or storage on the
related Mortgaged Property of hazardous substances that are generally recognized
to be appropriate to normal residential use and maintenance of the related
Mortgaged Property.
Section 5.16 Acknowledgment of Duties and Obligations.
Any provision hereof to the contrary notwithstanding, the Depositor
acknowledges that (i) as of the Closing Date the Servicer is an unincorporated
division of the Depositor, (ii) actions and agreements by an unincorporated
division of the Depositor are those of the Depositor and (iii) the Depositor is
responsible for all duties and obligations of its unincorporated division
hereunder.
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ARTICLE VI
PAYMENTS TO THE CERTIFICATEHOLDERS
Section 6.01 Establishment of Certificate Account; Deposits in Certificate
Account.
With respect to each Sub-Pool, and no later than the Closing Date, the
Trustee will establish and maintain with itself one or more segregated trust
accounts that are Eligible Accounts, which shall be titled, with respect to
Sub-Pool 1, "Sub-Pool 1 Certificate Account, LaSalle National Bank, as trustee
for the registered holders of AFC Mortgage Loan Asset Backed Certificates,
Series 1997-3" and with respect to Sub-Pool 2, "Sub-Pool 2 Certificate Account,
LaSalle National Bank, as trustee for the registered holders of AFC Mortgage
Loan Asset Backed Certificates, Series 1997-3." With respect to each Sub-Pool,
the Trustee shall, promptly upon receipt, deposit in the related Certificate
Account and retain therein:
(i) the portion of the related Available Remittance Amount remitted by
the Servicer pursuant to Section 5.04(i) above;
(ii) the related Monthly Advance and the related Compensating Interest
remitted to the Trustee by the Servicer;
(iii) the Excess Spread with respect to the related Sub-Pool remitted
to the Trustee by the Servicer pursuant to Section 5.04(i) above and
Insured Payments with respect to the related Sub-Pool pursuant to Section
6.06(b);
(iv) all income or gain from investments of funds on deposit in the
related Certificate Account pursuant to Section 6.05(e) and amounts
required to be paid by the Servicer pursuant to such Section 6.05(e) in
connection with losses on investments of amounts in the related Certificate
Account;
(v) the Termination Price; and
(vi) any amounts required to be deposited in the related Certificate
Account pursuant to Sections 6.13(b), 6.13(c) and 6.14(c).
Section 6.02 Permitted Withdrawals from Certificate Account.
With respect to each Sub-Pool, the Trustee shall, based upon information
set forth in the Servicer's Certificate for such Remittance Date, withdraw
amounts on deposit in the related Certificate Account on each Remittance Date in
the following order of priority:
(i) except as to the final Remittance Date hereunder, to pay the
Certificate Insurer the related Monthly Premium pursuant to Section 6.04;
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(ii) to effect the distributions described in Section 6.06(c),
exclusive of the distributions described in the last paragraph of Section
6.06(c);
(iii) except as to the final Remittance Date hereunder, to make
deposits in the related Trustee Expense Account pursuant to Section
6.03(a)(i);
and also, in no particular order of priority:
(iv) to invest amounts on deposit in the related Certificate Account
in Permitted Instruments pursuant to Section 6.05;
(v) to pay on a monthly basis to the Servicer interest paid and
earnings realized on Permitted Instruments in the related Certificate
Account;
(vi) to withdraw any amount not required to be deposited in the
related Certificate Account or deposited therein in error; and
(vii) to clear and terminate the related Certificate Account upon the
termination of this Agreement in accordance with Article XI of this
Agreement.
Section 6.03 Establishment of Trustee Expense Account; Deposits in Trustee
Expense Account; Permitted Withdrawals from Trustee Expense
Account.
(a) With respect to each Sub-Pool and no later than the Closing Date, the
Trustee will establish and maintain with itself one or more segregated trust
accounts that are Eligible Accounts, which shall be titled, with respect to
Sub-Pool 1, "Sub-Pool 1 Trustee Expense Account, LaSalle National Bank, as
trustee for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3", and with respect to Sub-Pool 2, "Sub-Pool 2
Trustee Expense Account, LaSalle National Bank, as trustee for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1997-3." With
respect to each Sub-Pool, the Trustee shall deposit into the related Trustee
Expense Account:
(i) on each Remittance Date (other than the final Remittance Date
hereunder) from the amounts on deposit in the related Certificate Account
an amount equal to the Annual Trustee Expense Amount, subject to the
provisions of Section 6.06(c); and
(ii) upon receipt, all income or gain from investments of funds on
deposit in the related Trustee Expense Account pursuant to Section 6.05(e)
and all amounts required to be paid by the Servicer pursuant to such
Section 6.05(e) in connection with losses on investments of amounts in the
related Trustee Expense Account.
If at any time the amount then on deposit in any Trustee Expense Account shall
be insufficient to pay in full the fees and expenses of the Trustee then due
with respect to a Sub-Pool, the Trustee
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shall make demand on the related Servicer to advance the amount of such
insufficiency, and the Servicer shall promptly advance such amount. If the
related Servicer fails to make such advance, the Depositor shall do so upon
demand of the Trustee. Thereafter, the Servicer and the Depositor shall be
entitled to reimbursement solely from the related Trustee Expense Account
pursuant to subclause (c)(ii) below for the amount of any such advance from any
excess available after payment of Trust Fund expenses.
(b) The Trustee may withdraw amounts on deposit in the Trustee Expense
Account with respect to each Sub-Pool for investment in Permitted Instruments
pursuant to Section 6.05, and the Trustee shall withdraw amounts on deposit in
the related Trustee Expense Account:
(i) to pay, as described in Section 2.08 above, the Trustee's fees and
expenses allocable to or incurred in connection with the Certificates with
respect to the related Sub-Pool;
(ii) to pay on a monthly basis to the Servicer interest paid and
earnings realized on Permitted Instruments in the related Trustee Expense
Account;
(iii) to withdraw any amounts not required to be deposited in the
related Trustee Expense Account or deposited therein in error; and
(iv) to clear and terminate the related Trustee Expense Account upon
termination of this Agreement with any amounts on deposit therein being
paid to the Servicer and/or the Depositor to the extent of any Reimbursable
Amounts and the remainder to the Class R Certificateholders.
(c) On the twelfth Remittance Date following the Closing Date, and on each
twelfth Remittance Date thereafter, the Trustee shall determine whether all
payments required to be made pursuant to subclauses (b)(i), (b)(ii) and (b)(iii)
above, have been made, and from any amounts remaining in the related Trustee
Expense Account, the Trustee shall, based upon information set forth in the
Servicer's Certificate for such Remittance Date (in the following order of
priority):
(i) pay any amounts not previously paid and required to be paid
pursuant to subclauses (b)(i), (b)(ii) and (b)(iii) above;
(ii) reimburse the Servicer and/or the Depositor, for Reimbursable
Amounts;
(iii) reimburse the Servicer and/or the Depositor for advances made by
it pursuant to the last paragraph of subclause (a) above; and
(iv) remit to the Servicer as additional Servicing Compensation any
amounts remaining in the related Trustee Expense Account after payments
made pursuant to subclauses (b)(i), (b)(ii), (b)(iii), (c)(i) and (c)(ii),
above.
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Section 6.04 Payment of Monthly Premium to Certificate Insurer.
With respect to each Sub-Pool and on each Remittance Date commencing on
October 27, 1997 (other than the final Remittance Date hereunder), from the
amounts on deposit in the Certificate Account with respect to the related
Sub-Pool, prior to making the remittances required pursuant to Section 6.06(c),
the Trustee shall pay the Certificate Insurer the Monthly Premium with respect
to such Sub-Pool.
Section 6.05 Investment of Accounts.
(a) So long as no Event of Default shall have occurred and be continuing,
and consistent with any requirements of the Code, all or a portion of any
Account, except the Pre-Funding Accounts held by the Trustee, shall be invested
and reinvested by the Trustee, as directed in writing, or by telephone or
facsimile transmission confirmed in writing, by the Servicer, in one or more
Permitted Instruments. Subject to the last paragraph of Section 5.04 above in
the case of the Principal and Interest Accounts, no such investment in any
Account shall mature later than the Business Day immediately preceding the next
Remittance Date. Consistent with any requirements of the Code, all or a portion
of the Reserve Accounts held by the Trustee shall be invested and reinvested by
the Trustee, as directed in writing, or by telephone or facsimile transmission
confirmed in writing, by the Holders of a majority in Percentage Interest of the
Class R Certificates in one or more Permitted Instruments. No such investment
shall mature later than the Business Day immediately preceding the next
Remittance Date.
(b) If any amounts are needed for disbursement from any Account held by the
Trustee and sufficient uninvested funds are not available to make such
disbursement, the Trustee shall cause to be sold or otherwise converted to cash
a sufficient amount of the investments in such Account. The Trustee shall not be
liable for any investment loss or other charge resulting therefrom unless the
Trustee's failure to perform in accordance with this Section 6.05 is the cause
of such loss or charge or if the Trustee is the obligor and has defaulted
thereon.
(c) Subject to Section 12.01, the Trustee shall not in any way be held
liable by reason of any insufficiency in any Account held by the Trustee
resulting from any investment loss on any Permitted Instrument included therein
(except to the extent that the Trustee is the obligor and has defaulted
thereon).
(d) The Trustee shall invest and reinvest funds in the Accounts held by the
Trustee, to the fullest extent practicable, in such manner as the Servicer or
the Holders of a majority in Percentage Interest of the Class R Certificates, as
applicable, shall from time to time direct as set forth in Section 6.05(a)
above, but only in one or more Permitted Instruments.
(e) All income or other gain from investments in any Account held by the
Trustee shall be deposited in such Account immediately on receipt, and the
Trustee shall notify the Servicer, or the Depositor, or the Holders of a
majority in Percentage Interest of the Class R Certificates as the case may be,
of any loss resulting from such investments. Upon receipt of such
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notification, the Servicer, in the case of all Accounts other than the Interest
Coverage Accounts and the Reserve Accounts, the Depositor, in the case of the
Interest Coverage Accounts and the Class R Certificateholders in the case of the
Reserve Accounts, shall promptly remit the amount of any such loss from their
own funds, without reimbursement therefor, to the Trustee for deposit in the
Account or Accounts from which the related funds were withdrawn for investment.
Section 6.06 Priority and Subordination of Distributions.
(a) The rights of the Certificateholders to receive distributions from the
proceeds of the Trust Fund, and all ownership interests of the
Certificateholders in such distributions, shall be as set forth in this
Agreement. In this regard, all rights of the Class R Certificateholders to
receive distributions in respect of the Class R Certificates shall be subject
and subordinate to the preferential rights of the Class A Certificateholders to
receive distributions in respect of the Class A Certificates, to the extent set
forth herein. In accordance with the foregoing, the ownership interests of the
Class R Certificateholders in amounts deposited in the Accounts from time to
time shall not vest unless and until such amounts are properly distributed in
respect of the Class R Certificates in accordance with the terms of this
Agreement. Notwithstanding anything contained in this Agreement to the contrary,
no Certificateholder shall be required to refund any amount properly distributed
to it pursuant to the terms of this Agreement.
(b) As soon as possible, and in no event later than 10:00 a.m.
Chicago time on the Business Day immediately preceding each Remittance Date,
subject to receipt by the Trustee of the Servicer's Certificate, the Trustee
shall furnish the Certificate Insurer and the Servicer with a completed notice
in the form set forth as Exhibit A to the Certificate Insurance Policy (the
"Notice") indicating that an Insured Payment is necessary. The Notice shall
specify the amount of Insured Payment and shall constitute a claim for an
Insured Payment pursuant to the Certificate Insurance Policy. Upon receipt of
Insured Payments on behalf of the Class A Certificateholders under the
Certificate Insurance Policy, the Trustee shall deposit such Insured Payments in
the related Certificate Account and shall distribute such Insured Payments in
accordance with Section 6.02(ii) above and Section 6.06(c) and (d).
Each Class A Certificateholder shall promptly notify the Trustee in writing
upon the receipt of a court order as described in clause (c)(vii) of the
definition of Class A Principal Remittance Amount. The Trustee shall promptly
notify the Certificate Insurer upon its receipt from any Certificateholder of
any such court order. If the payment of any portion or all of any amount that is
insured by the Certificate Insurer under the Certificate Insurance Policy is
voided pursuant to a final order of a court exercising proper jurisdiction in an
insolvency proceeding to the effect that the Trustee or the Class A
Certificateholder, as the case may be, is required to return any such payment or
portion thereof prior to the expiration date of the Certificate Insurance Policy
because such payment was voided under the U.S. Bankruptcy Code, with respect to
which order the appeal period has expired without an appeal having been filed (a
"Final Order"), and, as a result, the Trustee or any Class A Certificateholder
is required to return such voided payment, or any portion of such voided payment
made in respect of the Class A Certificates (a "Preference Amount"), the
Certificate Insurer will pay an amount equal to each such Preference Amount, on
the second Business Day following receipt by the Certificate Insurer of (x) a
certified copy of the
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Final Order, (y) an assignment, in form reasonably satisfactory to the
Certificate Insurer, irrevocably assigning to the Certificate Insurer all rights
and claims of the Trustee and/or such Class A Certificateholder relating to or
arising under such Preference Amount and appointing the Certificate Insurer as
the agent of the Trustee and/or such Class A Certificateholder in respect of
such Preference Amount, and (z) a Notice appropriately completed and executed by
the Trustee or such Class A Certificateholder, as the case may be. Such payment
shall be made to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Final Order and not to the Trustee or Class A
Certificateholder directly (unless a Class A Certificateholder has previously
paid such amount to such receiver, conservator, debtor-in-possession or trustee
named in such Final Order in which case payment shall be made to the Trustee for
distribution to the Class A Certificateholder upon proof of such payment
reasonably satisfactory to the Certificate Insurer). Notwithstanding the
foregoing, in no event shall the Certificate Insurer be (i) required to make any
payment under the Certificate Insurance Policy in respect of any Preference
Amount to the extent such Preference Amount is comprised of amounts previously
paid by the Certificate Insurer thereunder, or (ii) obligated to make any
payment in respect of any Preference Amount, which payment represents a payment
of the principal amount of the Class A Certificates, prior to the time the
Certificate Insurer otherwise would have been required to make a payment in
respect of such principal.
Each Class A Certificateholder, by its purchase of the Class A
Certificates, the Servicer and the Trustee hereby agree that the Certificate
Insurer may at any time during the continuation of any proceeding relating to a
preference claim direct all matters relating to such preference claim,
including, without limitation, the direction of any appeal of any order relating
to such preference claim and the posting of any surety, supersedeas or
performance bond pending any such appeal. In addition and without limitation of
the foregoing, the Certificate Insurer shall be subrogated to the rights of the
Servicer, the Trustee and each Class A Certificateholder in the conduct of any
such preference claim, including, without limitation, all rights of any party to
an adversary proceeding action with respect to any court order issued in
connection with any such preference claim.
The Trustee shall receive, as attorney-in-fact of each Holder of a Class A
Certificate, any Insured Payment with respect to the related Sub-Pool from the
Certificate Insurer and disburse the same to each Holder of a Class A
Certificate with respect to the related Sub-Pool in accordance with the
provisions of this Section 6.06. Insured Payments disbursed by the Trustee from
proceeds of the Certificate Insurance Policy shall not be considered payment by
the Trust Fund nor shall such payments discharge the obligation of the Trust
Fund with respect to such Class A Certificates, and the Certificate Insurer
shall become the owner of such unpaid amounts due from the Trust Fund in respect
of Class A Certificates. The Trustee hereby agrees on behalf of each Holder of a
Class A Certificate for the benefit of the Certificate Insurer that it
recognizes that to the extent the Certificate Insurer makes Insured Payments
with respect to a Sub-Pool, either directly or indirectly (as by paying through
the Trustee), to the related Class A Certificateholders, the Certificate Insurer
will be subrogated to the rights of such Class A Certificateholders, with
respect to such Insured Payment, shall be deemed, to the extent of the payments
so made, to be a registered Class A Certificateholder and shall receive all
future related Class A Remittance Amounts with respect to such Sub-Pool until
all such Insured Payments by the Certificate Insurer
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have been fully reimbursed, subject to the following paragraph. To evidence such
subrogation, the Trustee shall, or shall cause the Certificate Registrar to,
note the Certificate Insurer's rights as subrogee on the registration books
maintained by the Trustee or the Certificate Registrar upon receipt from the
Certificate Insurer of proof of payment of any Insured Payment. Except as
otherwise described herein, the Certificate Insurer shall not acquire any voting
rights hereunder as a result of such subrogation. The effect of the foregoing
provisions is that, to the extent of Insured Payments made by it, the
Certificate Insurer shall be paid before payment of the balance of the Class A
Remittance Amount with respect to the related Sub-Pool for which an Insured
Payment was made, is made to the other Holders of the related Class A
Certificates, subject to the following paragraph.
It is understood and agreed that the intention of the parties is that the
Certificate Insurer shall not be entitled to reimbursement on any Remittance
Date for amounts previously paid by it with respect to a Sub-Pool unless on such
Remittance Date the related Class A Certificateholders shall also have received
the full amount of the related Class A Remittance Amount with respect to the
related Class of Class A Certificates (exclusive of any related Class A
Carry-Forward Amount, to the extent representing amounts previously paid to such
related Class A Certificateholders as Insured Payments or representing interest
accrued in respect of Insured Payments) for such Remittance Date.
(c) On or before each Remittance Date, the Servicer shall determine the
Overcollateralization Amount for each Sub-Pool after giving effect to the
distribution of the related Class A Principal Remittance Amount to the Holders
of the related Class of Class A Certificates on such Remittance Date and the
amount of the related Net Excess Spread. On each Remittance Date the Trustee
shall withdraw from each Certificate Account the related Amount Available, and
make distributions thereof, based upon the information set forth in the
Servicer's Certificate for such Remittance Date, in the following order of
priority to the extent available, except to the extent that the priority set
forth in Section 6.07 shall be applicable:
(A) With respect to the Class 1A Certificates and Sub-Pool 1:
(X) If the Remittance Date is prior to the Cross-Over Date, the
Trustee shall distribute the indicated amounts in the following order of
priority:
(i) to the Class 1A-1 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), an amount equal to the lesser of:
(A) the Amount Available with respect to Sub-Pool 1; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-1 Certificates;
(ii) to the Class 1A-2 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), an amount equal to the lesser of:
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(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clause (X)(i) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-2 Certificates;
(iii) to the Class 1A-3 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) and (ii)
above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-3 Certificates;
(iv) to the Class 1A-4 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(iii) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-4 Certificates;
(v) to the Class 1A-5 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(iv) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-5 Certificates;
(vi) to the Class 1A-5 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-5 Principal Balance
until the Class 1A-5 Principal Balance has been reduced to zero and to
make payments in respect of the amounts described in clauses (c)(v)
(to the extent the amount in clause (c)(v) represents prior Insured
Payments by the Certificate Insurer or interest accrued thereon
pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of the Class A Principal Remittance Amount,
the lesser of:
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(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through (v)
above; and
(B) the Class 1A-5 Lockout Remittance Amount;
(vii) to the Class 1A-1 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-1 Principal
Balance, to the extent described below, until the Class 1A-1 Principal
Balance thereof is reduced to zero and to make payments in respect of
the amounts described in clauses (c)(v) (to the extent the amount in
clause (c)(v) represents prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(vi) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clause (X)(vi) above;
(viii) at such time as the Class 1A-1 Principal Balance has been
reduced to zero, to the Class 1A-2 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-2 Principal
Balance, to the extent described below, until the Class 1A-2 Principal
Balance thereof is reduced to zero and to make payments in respect of
the amounts described in clauses (c)(v) (to the extent the amount in
clause (c)(v) represents prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(vii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(vi) and (vii)
above;
(ix) at such time as the Class 1A-2 Principal Balance has been
reduced to zero, to the Class 1A-3 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-3 Principal
Balance, to the extent described below, until the Class 1A-3 Principal
Balance thereof is reduced to zero and to make payments in respect of
the amounts described in clauses (c)(v) (to the extent the amount in
clause (c)(v) represents prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
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(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(viii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(vi) through (viii)
above;
(x) at such time as the Class 1A-3 Principal Balance has been
reduced to zero, to the Class 1A-4 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-4 Principal
Balance, to the extent described below, until the Class 1A-4 Principal
Balance thereof is reduced to zero and to make payments in respect of
the amounts described in clauses (c)(v) (to the extent the amount in
clause (c)(v) represents prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(ix) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(vi) through (ix)
above;
(xi) at such time as the Class 1A-4 Principal Balance has been
reduced to zero, to the Class 1A-5 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-5 Principal
Balance, to the extent described below, until the Class 1A-5 Principal
Balance thereof is reduced to zero and to make payments in respect of
the amounts described in clauses (c)(v) (to the extent the amount in
clause (c)(v) represents prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through (x)
above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (X)(vi) through (x)
above;
(xii) to the Sub-Pool 1 Trustee Expense Account, an amount equal
to the lesser of the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through (xi)
above and any accrued and unpaid Annual Trustee Expense Amount with
respect to Sub-Pool 1;
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(xiii) to the Class 1A-1 Certificateholders to be applied to
reduce the Class 1A-1 Principal Balance until the Class 1A-1 Principal
Balance has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xii) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xiv) to the Class 1A-2 Certificateholders to be applied to
reduce the Class 1A-2 Principal Balance until the Class 1A-2 Principal
Balance has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xiii) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xv) to the Class 1A-3 Certificateholders to be applied to reduce
the Class 1A-3 Principal Balance until the Class 1A-3 Principal
Balance has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xiv) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xvi) to the Class 1A-4 Certificateholders to be applied to
reduce the Class 1A-4 Principal Balance until the Class 1A-4 Principal
Balance has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xv) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
(xvii) to the Class 1A-5 Certificateholders to be applied to
reduce the Class 1A-5 Principal Balance until the Class 1A-5 Principal
Balance has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through
(xvi) above; and
(B) the Additional Principal with respect to Sub-Pool 1;
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(xviii) to the Servicer and/or the Depositor, an amount equal to
the lesser of the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (X)(i) through (xvii)
above and any expenses incurred in connection with any third party
claims that remain unreimbursed;
(xix) to the Servicer, an amount equal to the lesser of the
balance of the Amount Available with respect to Sub-Pool 1 after
payments described in clauses (X)(i) through (xviii) above and the
aggregate of any Nonrecoverable Servicing Advances and Nonrecoverable
Monthly Advances with respect to Sub-Pool 1 previously made by the
Servicer and not previously reimbursed; and
(xx) to the Class R Certificateholders, the balance of the Amount
Available with respect to Sub-Pool 1, if any, after payments described
in clauses (X)(i) through (xix) above.
(Y) If the Remittance Date is on or after the Cross-Over Date, the Trustee
shall distribute the indicated amounts in the following order of priority:
(i) to the Class 1A-1 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), the lesser of:
(A) the Amount Available with respect to Sub-Pool 1; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-1 Certificates;
(ii) to the Class 1A-2 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clause (Y)(i) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-2 Certificates;
(iii) to the Class 1A-3 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) and (ii)
above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-3 Certificates;
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(iv) to the Class 1A-4 Certificateholders (including for purposes
of this Section 6.06(c), t he Certificate Insurer as the subrogee
thereof), the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through
(iii) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-4 Certificates;
(v) to the Class 1A-5 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through
(iv) above; and
(B) the Class 1A Interest Remittance Amount with respect to
the Class 1A-5 Certificates;
(vi) to the Class 1A-5 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-5 Principal Balance to
the extent described below, until the Class 1A-5 Principal Balance has
been reduced to zero and to make payments in respect of the amounts
described in clauses (c)(v) (to the extent the amounts described in
clause (c)(v) represent prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of Class
A Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses (Y)(i)
through (v) above; and
(B) the Class 1A-5 Lockout Remittance Amount;
(vii) to the Class 1A-1 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-1 Principal
Balance until the Class 1A-1 Principal Balance has been reduced to
zero and to make payments in respect of the amounts described in
clauses (c)(v) (to the extent the amounts described in clause (c)(v)
represent prior Insured Payments by the Certificate Insurer or
interest accrued thereon pursuant to the definition of Class A
Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses (Y)(i)
through (vi) above; and
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(B) the balance of the related Class A Principal Remittance
Amount after payments described in clause (Y)(vi) above;
(viii) to the Class 1A-2 Certificateholders (including for
purposes of this Section 6.06(c), the Certificate Insurer as the
subrogee thereof), to be applied to reduce the Class 1A-2 Principal
Balance until the Class 1A-2 Principal Balance has been reduced to
zero and to make payments in respect of the amounts described in
clauses (c)(v) (to the extent the amounts described in clause (c)(v)
represent prior Insured Payments by the Certificate Insurer or
interest accrued thereon pursuant to the definition of Class A
Carry-Forward Amount) and (c)(vii) of the definition of Class A
Principal Remittance Amount, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses (Y)(i)
through (vii) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(vi) and (vii)
above;
(ix) to the Class 1A-3 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-3 Principal Balance
until the Class 1A-3 Principal Balance has been reduced to zero and to
make payments in respect of the amounts described in clauses (c)(v)
(to the extent the amounts described in clause (c)(v) represent prior
Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount)
and (c)(vii) of the definition of Class A Principal Remittance Amount,
the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses (Y)(i)
through (viii) above; and
(B) the balance of the Class A Principal Remittance Amount
after payments described in clauses (Y)(vi) through (viii) above;
(x) to the Class 1A-4 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-4 Principal Balance
until the Class 1A-4 Principal Balance has been reduced to zero and to
make payments in respect of the amounts described in clauses (c)(v)
(to the extent the amounts described in clause (c)(v) represent prior
Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount)
and (c)(vii) of the definition of Class A Principal Remittance Amount,
the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses (Y)(i)
through (ix) above; and
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(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(vi) through (ix)
above;
(xi) to the Class 1A-5 Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 1A-5 Principal Balance
until the Class 1A-5 Principal Balance has been reduced to zero and to
make payments in respect of the amounts described in clauses (c)(v)
(to the extent the amounts described in clause (c)(v) represent prior
Insured Payments by the Certificate Insurer or interest accrued
thereon pursuant to the definition of Class A Carry-Forward Amount)
and (c)(vii) of the definition of Class A Principal Remittance Amount,
the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 1 after payments described in clauses (Y)(i)
through (x) above; and
(B) the balance of the related Class A Principal Remittance
Amount after payments described in clauses (Y)(vi) through (x)
above;
(xii) to the Sub-Pool 1 Trustee Expense Account, an amount equal
to the lesser of the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through (xi)
above and any accrued and unpaid Annual Trustee Expense Amount with
respect to Sub-Pool 1;
(xiii) to the Servicer and/or the Depositor, an amount equal to
the lesser of the balance of the Amount Available with respect to
Sub-Pool 1 after payments described in clauses (Y)(i) through (xii)
above and any expenses incurred in connection with any third party
claims that remain unreimbursed;
(xiv) to the Servicer, an amount equal to the lesser of the
balance of the Amount Available with respect to Sub-Pool 1 after
payments described in clauses (Y)(i) through (xiii) above and the
aggregate of any Nonrecoverable Servicing Advances and Nonrecoverable
Monthly Advances with respect to Sub-Pool 1 previously made by the
Servicer and not previously reimbursed; and
(xv) to the Class R Certificateholders, the balance of the Amount
Available with respect to Sub-Pool 1, if any, after payments described
in clauses (Y)(i) through (xiv) above.
(B) With respect to the Class 2A Certificates and Sub-Pool 2:
(X) If the Remittance Date is prior to the Cross-Over Date, the
Trustee shall distribute the indicated amounts in the following order of
priority:
(i) to the Class 2A Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), the lesser of:
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(A) the Amount Available with respect to Sub-Pool 2; and
(B) the Class 2A Interest Remittance Amount with respect to
the Class 2A Certificates;
(ii) to the Class 2A Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 2A Principal Balance, to
the extent described below, until the Class 2A Principal Balance
thereof is reduced to zero and to make payments in respect of the
amounts described in clauses (c)(v) (to the extent the amount in
clause (c)(v) represents prior Insured Payments by the Certificate
Insurer or interest accrued thereon pursuant to the definition of
Class A Carry-Forward Amount) and (c)(vii) of the definition of the
Class A Principal Remittance Amount, the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 2 after payments described in clause (X)(i) above; and
(B) the Class A Principal Remittance Amount with respect to
the Class 2A Certificates;
(iii) to the Sub-Pool 2 Trustee Expense Account, an amount equal
to the lesser of the balance of the Amount Available with respect to
Sub-Pool 2 after payments described in clauses (X)(i) and (ii) above
and any accrued and unpaid Annual Trustee Expense Amount with respect
to Sub-Pool 2;
(iv) to the Class 2A Certificateholders to be applied to reduce
the Class 2A Principal Balance until the Class 2A Principal Balance
has been reduced to zero, an amount equal to the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 2 after payments described in clauses (X)(i) through
(iii) above; and
(B) the Additional Principal with respect to Sub-Pool 2;
(v) to the Servicer and/or the Depositor, an amount equal to the
lesser of the balance of the Amount Available with respect to Sub-Pool
2 after payments described in clauses (X)(i) through (iv) above and
any expenses incurred in connection with any third party claims that
remain unreimbursed;
(vi) to the Servicer, an amount equal to the lesser of the
balance of the Amount Available with respect to Sub-Pool 2 after
payments described in clauses (X)(i) through (v) above and the
aggregate of any Nonrecoverable Servicing Advances and Nonrecoverable
Monthly Advances with respect to Sub-Pool 2 previously made by the
Servicer and not previously reimbursed;
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(vii) to the Class 2A Certificateholders until the Class 2A
Principal Balance has been reduced to zero, an amount equal to the
lesser of:
(A) the balance of the Remaining Net Excess Spread with
respect to Sub-Pool 2, if any, after payments described in
clauses (X)(iv) through (vi) and payments of Additional
Principal, if any, to the Class 1A Certificateholders; and
(B) the Available Funds Cap Carry Forward Amount, if any;
and
(viii) to the Class R Certificateholders, the balance of the
Amount Available with respect to Sub-Pool 2, if any, after payments
described in clauses (X)(i) through (vii) above.
(Y) If the Remittance Date is on or after the Cross-Over Date, the Trustee
shall distribute the indicated amounts in the following order of priority:
(i) to the Class 2A Certificateholders (including for purposes of
this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), the lesser of:
(A) the balance of the Amount Available with respect to
Sub-Pool 2; and
(B) the Class 2A Interest Remittance Amount with respect to
the Class 2A Certificates;
(ii) to the Class 2A Certificateholders (including for purposes
of this Section 6.06(c), the Certificate Insurer as the subrogee
thereof), to be applied to reduce the Class 2A Principal Balance until
the Class 2A Principal Balance has been reduced to zero and to make
payments in respect of the amounts described in clauses (c)(v) (to the
extent the amounts described in clause (c)(v) represent prior Insured
Payments by the Certificate Insurer or interest accrued thereon
pursuant to the definition of Class A Carry-Forward Amount) and
(c)(vii) of the definition of Class A Principal Remittance Amount
below, the lesser of:
(A) the balance of the Net Excess Amount Available with
respect to Sub-Pool 2 after payments described in clause (Y)(i)
above; and
(B) the Class A Principal Remittance Amount with respect to
the Class 2A Certificates;
(iii) to the Sub-Pool 2 Trustee Expense Account, an amount equal
to the lesser of the balance of the Amount Available with respect to
Sub-Pool 2 after payments described in clauses (Y)(i) and (ii) above
and any accrued and unpaid Annual Trustee Expense Amount with respect
to Sub-Pool 2;
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(iv) to the Servicer and/or the Depositor, an amount equal to the
lesser of the balance of the Amount Available with respect to Sub-Pool
2 after payments described in clauses (Y)(i) through (iii) above and
any expenses incurred in connection with any third party claims that
remain unreimbursed;
(v) to the Servicer, an amount equal to the lesser of the balance
of the Amount Available with respect to Sub-Pool 2 after payments
described in clauses (Y)(i) through (iv) above and the aggregate of
any Nonrecoverable Servicing Advances and Nonrecoverable Monthly
Advances with respect to Sub-Pool 2 previously made by the Servicer
and not previously reimbursed; and
(vi)to the Class 2A Certificateholders until the Class 2A
Principal Balance has been reduced to zero, an amount equal to the
lesser of:
(A) the balance of the Remaining Net Excess Spread with
respect to Sub-Pool 2 after payments described in clauses (Y)(i)
through (v) above and payments of Additional Principal, if any,
to the Class 1A Certificateholders; and
(B) the Available Funds Cap Carry Forward Amount, if any;
and
(vii) to the Class R Certificateholders, the balance of the
Amount Available with respect to Sub-Pool 2, if any, after payments
described in clauses (Y)(i) through (vi) above.
As contemplated by Section 6.06(b) above, amounts distributed to the
related Class A Certificateholders purs uant to Sections 6.06(c)(A)(X)(i)
through (xi) and 6.06(c)(A)(Y)(i) through (xi) with respect to Sub-Pool 1, and
Sections 6.06(c)(B)(X)(i) and (ii) and 6.06(c)(B)(Y)(i) and (ii) with respect to
Sub-Pool 2 above shall be applied first to distributions to the actual
Certificateholders, to the extent of, as applicable, the related Class A
Remittance Amount with respect to the related Classes of Class A Certificates
(exclusive of any Class A Carry-Forward Amount to the extent representing
amounts previously paid to the related Classes of Class A Certificateholders, as
Insured Payments or representing interest accrued in respect of Insured
Payments), and then to reimbursement payments to the Certificate Insurer as
subrogee to such Certificateholders.
Upon the earlier to occur of (i) the November 25, 1997 Remittance Date and
(ii) the termination of this Agreement, the Trustee shall distribute any amount
remaining in the related Pre-Funding Account to the related Class 1A or Class 2A
Certificateholders, in proportion to the related Class 1A Principal Balance and
the Class 2A Principal Balance, respectively, to reduce the related Class 1A
Principal Balance and the Class 2A Principal Balance until the related Class 1A
Principal Balance and the Class 2A Principal Balance are zero.
(d) Except as otherwise provided in the next succeeding sentence and
Sections 6.06(e) and 6.07, all distributions made to the Class 1A
Certificateholders, Class 2A
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Certificateholders or Class R Certificateholders as a Class on each Remittance
Date will be made on a pro rata basis among the Certificateholders of record of
the respective Class on the immediately preceding Record Date, except that the
initial distribution on all Classes of Certificates other than the Class 1A-1
Certificates and the Class 2A Certificates will be made to Certificateholders of
record as of the Closing Date, based on the Percentage Interest represented by
their respective Certificates, and shall be made by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
own of record (i) any Class R Certificate, or (ii) any Class A Certificate with
an initial related Class A Principal Balance in excess of $5,000,000 appearing
in the Certificate Register and shall have provided timely and complete wiring
instructions, and otherwise by check mailed to the address of such
Certificateholder appearing in the Certificate Register. The final distribution
on each Certificate will be made in the manner, but only upon presentment and
surrender of such Certificate at the location specified in the notice to
Certificateholders of such final distribution.
(e) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, which shall credit the amount of such distribution to
the accounts of its Depository Participants in accordance with its normal
procedures. Each Depository Participant shall be responsible for disbursing such
distribution to the Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the Certificate Owners that it represents. All such credits
and disbursements with respect to a Book-Entry Certificate are to be made by the
Depository and the Depository Participants in accordance with the provisions of
the Class A Certificates. None of the Trustee, the Certificate Registrar, the
Depositor nor the Servicer shall have any responsibility therefor except as
otherwise provided by applicable law.
To the extent applicable and not contrary to the rules of the Depository,
the Trustee shall comply with the provisions of the form of the respective Class
A Certificate as set forth in Exhibits B-1 and B-2.
Section 6.07 Insufficiency of Amount Available or Net Excess Amount
Available.
If as of any Remittance Date the Amount Available, if such Remittance Date
is prior to the Cross-Over Date, or the related Net Excess Amount Available plus
that additional portion of the Amount Available constituting Excess Spread
available to pay the related Class A Interest Remittance Amount with respect to
the related Class of Class A Certificates pursuant to Sections 6.06(c)(A)(Y)(i)
through (v) with respect to Sub-Pool 1 and Section 6.06(c)(B)(Y)(i) with respect
to Sub-Pool 2 above, if such Remittance Date is on or after the Cross-Over Date,
is insufficient to pay the related Class A Certificateholders the related Class
A Interest Remittance Amount, then the related Amount Available or related Net
Excess Amount Available, plus that additional portion of the related Amount
Available constituting Excess Spread with respect to the related Sub-Pool
available to pay the related Class A Interest Remittance Amount with respect to
the related Class of Class A Certificates pursuant to Sections 6.06(c)(A)(Y)(i)
through (v) with respect to Sub-Pool
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1, and Section 6.06(c)(B)(Y)(i) with respect to Sub-Pool 2 above, as the case
may be, shall be distributed by the Trustee to the related Class A
Certificateholders (including the Certificate Insurer as subrogee thereof) as
follows, with respect to each Sub-Pool: first, to the extent of the related
Class A Remittance Amount with respect to the related Class of Class A
Certificates exclusive of that portion of the related Class A Carry-Forward
Amount representing amounts previously covered by Insured Payments with respect
to the related Sub-Pool or interest accrued in respect of such Insured Payments,
in proportion to the amount of interest that would have been distributed to such
related Class A Certificateholder absent such shortfall; and second, that
portion of the related Class A Carry-Forward Amount representing amounts
previously covered by Insured Payments with respect to the related Sub-Pool or
interest accrued in respect of such Insured Payments with respect to the related
Sub-Pool, in proportion to the amount of interest that would have been
distributed to such related Class A Certificateholder absent such shortfall.
Section 6.08 Statements.
On or before 10:00 a.m. New York City time on the Determination Date, the
Servicer shall deliver to the Certificate Insurer and the Trustee, by telecopy,
the receipt and legibility of which shall be confirmed telephonically, with hard
copy thereof (and in the case of the remittance report referenced below, such
report to the Trustee in computer readable magnetic tape, electronic data file
or equivalent form) to be delivered on the following Business Day, a certificate
signed by a Servicing Officer and the Servicer's Monthly Remittance Report
substantially in the form attached hereto as Exhibit Q (together, the
"Servicer's Certificate") stating the date (day, month and year), the series
number of the Certificates, the date of this Agreement, and the following
information with respect to each Sub-Pool:
(i) The Available Remittance Amount for the related Remittance Date
and any portion thereof that has been deposited in the related Certificate
Account but, pursuant to an order of a United States bankruptcy court of
competent jurisdiction imposing a stay pursuant to Section 362 of the
United States Bankruptcy Code, may not be withdrawn therefrom, the Amount
Available with respect to each Sub-Pool and the Net Excess Amount Available
with respect to each Sub-Pool;
(ii) The Class 1A Principal Balance with respect to each Class of
Class 1A Certificates, the Class 2A Principal Balance and the related
Sub-Pool Principal Balance as reported in the prior Servicer's Certificate
pursuant to subclause (xii) below, or, in the case of the first
Determination Date, the Original Class 1A Principal Balance and the
Original Class 2A Principal Balance;
(iii) The number and Principal Balances of all Mortgage Loans which
were the subject of Principal Prepayments during the related Due Period;
(iv) The amounIt of all Curtailments which were received during the
Due Period;
(v) The combined aggregate amount of (i) all Excess Payments and (ii)
the principal portion of all Monthly Payments received during the related
Due Period;
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(vi) The amount of interest received on the Mortgage Loans;
(vii) The amount of the Monthly Advances to be made on the
Determination Date, the Compensating Interest payment to be made on the
Determination Date, the related Interest Coverage Addition to be made on
the Remittance Date and the amount to be deposited into the related
Certificate Account from funds on deposit in the related Reserve Account
pursuant to Section 6.14(c) on the Remittance Date;
(viii) The delinquency and foreclosure information calculated as of
the end of the month preceding the Determination Date set forth in the form
attached hereto as Exhibit N;
(ix) The Class A Principal Remittance Amount, the Class 1A Interest
Remittance Amount, the Class 2A Interest Remittance Amount and for the
related Remittance Date with the components thereof stated separately and
the portion of the Class A Principal Remittance Amount to be distributed to
the Class 1A Certificateholders and the Class 2A Certificateholders,
respectively;
(x) With respect to each Sub-Pool, (a) the amount of the Insured
Payment, if any, to be made on the related Remittance Date, separately
identified with respect to the Class 1A Certificates and the Class 2A
Certificates, (b) the amount, if any, of previously unreimbursed Insured
Payments, and (c) the aggregate portion of the amounts described in clause
(ix) above that represents unpaid interest accrued in respect of Insured
Payments in accordance with the definition of Class A Carry-Forward Amount;
(xi) The amount to be distributed to the Class R Certificateholders
for the Remittance Date;
(xii) The Class 1A Principal Balance with respect to each Class of
Class 1A Certificates, the Class 2A Principal Balance and the related
Sub-Pool Principal Balance after giving effect to the distribution to be
made on the related Remittance Date;
(xiii) With respect to each Sub-Pool, the weighted average maturity
and the weighted average Mortgage Rate;
(xiv) The Servicing Fees and the amounts to be paid to the Certificate
Insurer as the Monthly Premium pursuant to Section 6.02(i) above and to the
related Trustee Expense Account pursuant to Section 6.03;
(xv) The amount of all payments or reimbursements to the Servicer
pursuant to Section 5.04 (ii), (iv), (vi) and (ix) above and the amounts,
if any, withdrawn pursuant to 5.04 (v) and (vii) above;
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(xvi) The related Sub-Pool Factor determined using the related
Sub-Pool Principal Balance in subclause (xii) above, computed to seven (7)
decimal places;
(xvii) With respect to each Sub-Pool, the Excess Spread to
be deposited in the related Certificate Account pursuant to Section
6.01(iii) above;
(xviii) With respect to each Sub-Pool, (a) the allocation of Excess
Spread to be distributed pursuant to Section 6.06(c) above to Class 1A and
Class 2A Certificateholders, to the Servicer and/or Depositor as
Reimbursable Amounts, to the Servicer as Nonrecoverable Advances and to the
Class R Certificateholders and (b) the Available Funds Cap Carry Forward
Amount for the immediately preceding Remittance Date;
(xix) With respect to each Sub-Pool, the sum of all Realized Losses
since the Closing Date, the Subordinated Amount as of such Remittance Date,
and the Unrecovered Class A Portion if any;
(xx) The amounts which are reimbursable to the Servicer or the
Depositor, as appropriate, pursuant to Sections 6.02, 6.03(c), 6.04 and
6.06(c) above;
(xxi) With respect to each Sub-Pool, the number of Mortgage Loans at
the beginning and at the end of the related Due Period;
(xxii) If the related Remittance Date is the final Remittance Date in
connection with the purchase by the Servicer of all the Mortgage Loans and
REO Properties of the related Sub-Pool pursuant to Section 11.01, the
Termination Price;
(xxiii) With respect to each Sub-Pool, for the November 25, 1997
Remittance Date, the balance of the related Pre-Funded Amount that has not
been used to purchase Subsequent Mortgage Loans and that is being
distributed to the related Classes of Class A Certificateholders as a
mandatory prepayment of principal, if any, on such Remittance Date pursuant
to the last paragraph of Section 6.06(c) above;
(xxiv) With respect to each Sub-Pool, the Overcollateralization Amount
after giving effect to the distribution of the related Class A Principal
Remittance Amount on such Remittance Date, the Required
Overcollateralization Amount for such Remittance Date and the amount of the
related Additional Principal to be distributed on such Remittance Date;
(xxv) The amount on deposit in the Reserve Account for such Remittance
Date and the amount, if any, to be released to the Class R
Certificateholders from the Reserve Account pursuant to Section 6.14(c);
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(xxvi) Such other information as the Certificate Insurer and the
Certificateholders may reasonably request and which is produced or
available in the ordinary course of the Servicer's business; and
(xxvii) The aggregate unpaid principal balance of all delinquent
Mortgage Loans repurchased by the Servicer on any Determination Date and
cumulatively since the Closing Date pursuant to Section 5.11.
The Trustee shall forward copies of such Servicer's Certificate to the
Certificateholders and Moody's on the Remittance Date. All reports prepared by
the Trustee of such withdrawals and deposits will be based in whole or in part
upon the information provided to the Trustee by the Servicer, and the Trustee
may fully rely upon and shall have no liability with respect to such information
provided by the Servicer.
To the extent that there are inconsistencies between the telecopy of the
Servicer's Certificate and the hard copy thereof, the Trustee shall be entitled
to rely upon the telecopy.
In the case of information furnished pursuant to subclauses (ii), (iii),
(iv), (v), (ix), (x) and (xii) above, the amounts shall be expressed in a
separate section of the report as a dollar amount for each Class per $1,000
original dollar amount as of the Cut-off Date, in the case of such information
relevant to Class A Certificateholders.
(a) Within a reasonable period of time after the end of each calendar year,
the Servicer shall furnish to the Trustee for distribution to each Person who at
any time during the calendar year was a Class A Certificateholder, if requested
in writing by such Person, such information as is reasonably necessary to
provide to such Person a statement containing the information set forth in
subclauses (vi), (ix) and (xiv) above, aggregated for such calendar year or
applicable portion thereof during which such Person was a Certificateholder.
Such obligation of the Servicer shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the
Servicer to the Trustee or the Certificateholders pursuant to any requirements
of the Code as from time to time are in force.
(b) On each Remittance Date, the Trustee shall forward to the Class R
Certificateholders a copy of the reports forwarded to the Class A
Certificateholders in respect of such Remittance Date and a statement setting
forth the amounts actually distributed to the Class R Certificateholders on such
Remittance Date together with such other information as the Servicer deems
necessary or appropriate.
(c) Within a reasonable period of time after the end of each calendar year,
the Servicer shall furnish to the Trustee for distribution to each Person who at
any time during the calendar year was a Class R Certificateholder, if requested
in writing by such Person, such information as is reasonably necessary to
provide to such Person a statement containing the information provided pursuant
to the previous paragraph aggregated for such calendar year or applicable
portion thereof during which such Person was a Class R Certificateholder. Such
obligation of the Servicer shall be deemed to have been satisfied to the extent
that substantially
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comparable information shall be provided by the Servicer to the Trustee or the
Certificateholders pursuant to any requirements of the Code as from time to time
in force.
(d) Upon reasonable advance notice in writing, the Servicer will provide to
each Class A Certificateholder which is a savings and loan association, bank or
insurance company access to information and documentation regarding the Mortgage
Loans sufficient to permit such Class A Certificateholders to comply with
applicable regulations of the FDIC or other regulatory authorities with respect
to investment in the Class A Certificates.
(e) The Servicer shall furnish to each Certificateholder, during the term
of this Agreement, such periodic, special, or other reports or information,
whether or not provided for herein, as shall be necessary, reasonable, or
appropriate with respect to the Certificateholder, or otherwise with respect to
the purposes of this Agreement, all such reports or information to be provided
by and in accordance with such applicable instructions and directions as the
Certificateholder may reasonably require; provided, that the Servicer shall be
entitled to be reimbursed by such Certificateholder for the Servicer's actual
expenses incurred in providing such reports, if such reports are not generally
produced in the ordinary course of the Servicer's business.
(f) Reports and computer tapes furnished by the Servicer pursuant to this
Agreement shall be deemed confidential and of proprietary nature, and shall not
be copied or distributed except in connection with the purposes and requirements
of this Agreement. No Person entitled to receive copies of such reports or tapes
shall use the information therein for the purpose of soliciting the customers of
the Depositor or for any other purpose except as set forth in this Agreement.
(g) Within a reasonable period of time after the Closing Date, the Servicer
will provide to the Certificate Insurer, or its designee, a computer tape or
electronic transmission (a "Data Tape"), in a format and containing such of the
servicing data maintained by the Servicer with respect to the Mortgage Loans as
of the Cut-off Date as shall be mutually agreed to by the Servicer and the
Certificate Insurer (but in any event the Data Tape shall contain the Servicer's
Monthly Remittance Report and such other information as the Certificate Insurer
may reasonably request), together with a written explanation (the "Data
Dictionary") of each of the data fields included in such Data Tape. Thereafter,
on a monthly basis, the Servicer will provide to the Certificate Insurer, or its
designee, a Data Tape as of the end of the preceding Due Period, together with a
written explanation of any revisions made to the Data Dictionary during the
preceding Due Period. The Certificate Insurer shall have no duty or obligation
with respect to the accuracy of the information contained in any Data Tape or in
the Data Dictionary.
Section 6.09 Advances by the Servicer.
Not later than 4:00 p.m. New York time on the Determination Date, the
Servicer shall remit to the Trustee for deposit in the related Certificate
Account an amount (as indicated in the Servicer's Certificate prepared pursuant
to Section 6.08 above), to be distributed on the related Remittance Date
pursuant to Section 6.06 above, equal to the sum of, with respect to each
Sub-
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Pool (a) the interest portions of the aggregate amount of Monthly Payments due
but not received during the related Due Period (net of the Servicing Fee, the
Annual Trustee Expense Amount and, after the Cross-Over Date, the Excess Spread
with respect to the related Sub-Pool), plus (b) with respect to each REO
Property with respect to the related Sub-Pool, which was acquired during or
prior to the related Due Period and as to which an REO Disposition did not occur
during the related Due Period, an amount equal to the excess, if any, of
interest on the Principal Balance of such REO Property at the related Mortgage
Rate (net of the Servicing Fee, the Annual Trustee Expense Amount and, after the
Cross-Over Date, the Excess Spread with respect to the related Sub-Pool) for the
most recently ended calendar month over the net income from the REO Property
transferred to the Principal and Interest Account with respect to the related
Sub-Pool during the related Due Period pursuant to Section 5.10 above, plus (c)
with respect to a Mortgage Loan with a delinquent Balloon Payment, an amount
equal to the assumed interest portion of the aggregate amount of the Monthly
Payment that would have been due on the related Due Period (net of the Servicing
Fee, the Annual Trustee Expense Amount and, after the Cross-Over Date, the
Excess Spread with respect to the related Sub-Pool) based on the original
amortization schedule for such Mortgage Loan, plus (d) with respect to each
Remittance Date, the amount necessary on the first, second, third, and fourth
Remittance Dates to pay 30 days' interest with respect to each non-delinquent
Mortgage Loan (net of the Servicing Fee and the Annual Trustee Expense Amount),
plus (e) with respect to each Remittance Date, if pursuant to Section 5.04(ii)
above the Servicer has previously reimbursed itself for a Monthly Advance made
pursuant to Section 6.09(c) or Section 6.09(d) above, then an amount equal to
such amount previously reimbursed, such sum being defined herein as the "Monthly
Advance". In lieu of making all or a portion of such Monthly Advance from its
own funds, the Servicer may (i) cause to be made an appropriate entry in its
records relating to the Principal and Interest Account with respect to the
related Sub-Pool that any amount held in the Principal and Interest Account with
respect to the related Sub-Pool, and not required for distribution on the
immediately succeeding Remittance Date has been used by the Servicer in
discharge of its obligation to make any such Monthly Advance and (ii) transfer
such funds from the Principal and Interest Account with respect to the related
Sub-Pool, to the related Certificate Account. Any funds so applied and
transferred shall be replaced by the Servicer by deposit in the related
Principal and Interest Account no later than the close of business on the
Business Day immediately preceding the Remittance Date on which such funds are
required to be distributed pursuant to this Agreement. The Servicer may
reimburse itself pursuant to Section 5.04 above for Monthly Advances made from
its own funds. Notwithstanding the foregoing, the Monthly Advance required on
the first Remittance Date by Section 6.09(d) above shall be mandatory, and each
successive Monthly Advance pursuant to Section 6.09(d) and Section 6.09(e) above
shall be made if and to the extent the Servicer has reimbursed itself for
amounts previously advanced pursuant to such Sections 6.09(d) and 6.09(e), as
the case may be.
Section 6.10 Compensating Interest.
Not later than the close of business on each Determination Date, with
respect to each Mortgage Loan for which a Principal Prepayment or Curtailment
was received during the related Due Period, the Servicer shall remit to the
Trustee for deposit in the related Certificate Account from amounts otherwise
payable to it as Servicing Compensation (as indicated in the Servicer's
Certificate prepared pursuant to Section 6.08 above), an amount equal to the
difference
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between (a) 30 days' interest on the Principal Balance of each such Mortgage
Loan (other than a Periodic Payment Loan) or 28 days interest on the Principal
Balance of each such Periodic Payment Loan immediately following the Remittance
Date in the related Due Period at the Mortgage Rate, net of the Servicing Fee
and the Annual Trustee Expense Amount, and after the related Cross-Over Date,
the Excess Spread with respect to the related Sub-Pool, and (b) the amount of
interest actually received on each such Mortgage Loan for such Due Period, net
of the Servicing Fee, the Annual Trustee Expense Amount, and after the related
Cross-Over Date, the Excess Spread with respect to the related Sub-Pool.
Section 6.11 [Reserved].
Section 6.12 Pre-Funding Account.
(a) With respect to each Sub-Pool and no later than the Closing Date, the
Trustee shall establish and maintain with itself one or more segregated trust
accounts that are Eligible Accounts, which shall be titled, with respect to
Sub-Pool 1, "Sub-Pool 1 Pre-Funding Account, LaSalle National Bank, as trustee
for the registered holders of AFC Mortgage Loan Asset Backed Certificates,
Series 1997-3 and with respect to Sub-Pool 2, "Sub-Pool 2 Pre-Funding Account,
LaSalle National Bank, as trustee for the registered holders of AFC Mortgage
Loan Asset Backed Certificates, Series 1997-3." The Trustee shall, promptly upon
receipt, deposit in the related Pre-Funding Account and retain therein the
Original Pre-Funded Amount with respect to the related Sub-Pool remitted on the
Closing Date to the Trustee by the Depositor. Prior to November 25, 1997 or any
earlier Subsequent Transfer Date on which the entire balance of the Original
Pre-Funded Amount with respect to the related Sub-Pool is applied to purchase
Subsequent Mortgage Loans, the related Pre-Funding Account will be an asset of
the Trust Fund REMIC. Amounts on deposit in the related Pre-Funding Account
shall not be invested.
(b) Amounts on deposit in the related Pre-Funding Account shall be
withdrawn by the Trustee as follows:
(i) On any Subsequent Transfer Date, the Trustee, upon written
direction from the Depositor, shall withdraw from the related Pre-Funding
Account an amount equal to 100% of the Principal Balances of the Subsequent
Mortgage Loans with respect to the related Sub-Pool transferred and
assigned to the Trustee on such Subsequent Transfer Date and pay such
amount to or upon the order of the Depositor upon satisfaction of the
conditions with respect to such transfer and assignment set forth in
Section 2.10(b) above with respect to all Subsequent Mortgage Loans,
Section 2.10(c) with respect to Sub-Pool 1 Subsequent Mortgage Loans and
Section 2.10(d) with respect to Sub-Pool 2 Subsequent Mortgage Loans;
(ii) If the related Pre-Funded Amount has not been reduced to zero
during the Funding Period, on the November 25, 1997 Remittance Date, the
Trustee shall effect the distributions described in the last paragraph of
Section 6.06(c) above;
and also, in no particular order of priority:
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(iv) to withdraw any amount not required to be deposited in the
related Pre-Funding Account or deposited therein in error; and
(v) to clear and terminate the related Pre-Funding Account upon the
earliest to occur of (A) the November 25, 1997 Remittance Date, (B) the
termination of this Agreement and (C) the termination of the related
Sub-Pool, with any amounts remaining on deposit therein being paid to the
Class R Certificateholders.
Section 6.13 Interest Coverage Account.
(a) With respect to each Sub-Pool and no later than the Closing Date, the
Trustee shall establish and maintain with itself a separate, segregated trust
account, which shall be an Eligible Account, titled, with respect to Sub-Pool 1,
"Sub-Pool 1 Interest Coverage Account, LaSalle National Bank, as trustee for the
registered holders of AFC Mortgage Loan Asset Backed Certificates, Series
1997-3" and with respect to Sub-Pool 2, "Sub-Pool 2 Interest Coverage Account,
LaSalle National Bank, as trustee for the registered holders of AFC Mortgage
Loan Asset Backed Certificates, Series 1997-3." The Trustee shall, promptly upon
receipt, deposit in the related Interest Coverage Account and retain therein the
related Interest Coverage Amount remitted on the Closing Date to the Trustee by
the Depositor. Funds deposited in the related Interest Coverage Account shall be
held in trust by the Trustee for the Certificateholders for the uses and
purposes set forth herein. For federal income tax purposes, the Depositor shall
be the owner of the related Interest Coverage Account and shall report all items
of income, deduction, gain or loss arising therefrom. At no time will any
Interest Coverage Account be an asset of the Trust Fund REMIC. All income and
gain realized from investment of funds deposited in each Interest Coverage
Account shall be for the sole and exclusive benefit of the Depositor and shall
be remitted by the Trustee to the Depositor on the first Business Day following
each Remittance Date. The Depositor shall deposit in the related Interest
Coverage Account the amount of any net loss incurred in respect of any such
Permitted Investment immediately upon realization of such loss.
(b) With respect to each Sub-Pool and on the October 27, 1997 Remittance
Date, the Trustee shall withdraw from the related Interest Coverage Account and
deposit in the related Certificate Account an amount, as provided in the
Servicer's Monthly Remittance Report, equal to (i) 30 days' interest on the
related Original Pre-Funded Amount calculated at an annual rate equal to 11.55%
with respect to Sub-Pool 1 and 10.02% with respect to Sub-Pool 2 minus (ii) the
sum of (1) interest payments received on Subsequent Mortgage Loans with respect
to the related Sub-Pool during the related Due Period and (2) Monthly Advances
in respect of interest portions of delinquent Monthly Payments on Subsequent
Mortgage Loans with respect to the related Sub-Pool conveyed to the Trustee
during the related Due Period.
(c) With respect to each Sub-Pool and on the November 25, 1997 Remittance
Date, the Trustee shall withdraw from the related Interest Coverage Account and
deposit in the related Certificate Account an amount, as provided in the
Servicer's Monthly Remittance Report, equal to (i) 30 days' interest on the
related Original Pre-Funded Amount minus the aggregate Principal Balance of
Subsequent Mortgage Loans conveyed to the Trustee having a Due Date prior
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to October 1, 1997 at an annual rate equal to 11.55% with respect to Sub-Pool 1
and 10.02% with respect to Sub-Pool 2 minus (ii) the sum of (1) interest
payments received on Subsequent Mortgage Loans conveyed to the Trustee during
the related Due Period and (2) Monthly Advances in respect of interest portions
of delinquent Monthly Payments on Subsequent Mortgage Loans with respect to the
related Sub-Pool conveyed to the Trustee during the related Due Period.
(d) With respect to each Sub-Pool and on the date of conveyance of a
Subsequent Mortgage Loan to the Trustee, excess funds on deposit in the related
Interest Coverage Account in an amount equal to the product of (i) the Principal
Balance of such Subsequent Mortgage Loan and (ii) 11.55% with respect to
Sub-Pool 1 and 10.02% with respect to Sub-Pool 2 and (iii) a fraction, the
numerator of which is the number of days from the Subsequent Transfer Date to
November 25, 1997 and the denominator of which is 360 days, shall be remitted
immediately to the Depositor.
(e) With respect to each Sub-Pool and upon the earlier of (i) the November
25, 1997 Remittance Date, (ii) the reduction of the related Class 1A Principal
Balance or the Class 2A Principal Balance to zero, (iii) the termination of this
Agreement in accordance with Section 11.01, (iv) the date of the conveyance of
the last Subsequent Mortgage Loan to the Trustee, as set forth in a written
letter of instruction by the Servicer to the Trustee, or (v) termination of the
related Sub-Pool, any amount remaining on deposit in the related Interest
Coverage Account after distributions pursuant to Sections 6.13(b) and 6.13(c)
above shall be withdrawn by the Trustee and paid to the Depositor.
Section 6.14 Reserve Account.
(a) If required by the Certificate Insurer for credit enhancement, with
respect to each Sub-Pool and no later than the Closing Date, the Trustee shall
establish and maintain with itself a separate, segregated trust account, which
shall be an Eligible Account, titled, with respect to Sub-Pool 1, "Sub-Pool 1
Reserve Account, LaSalle National Bank, as trustee for the registered holders of
AFC Mortgage Loan Asset Backed Certificates, Series 1997-3" and with respect to
Sub-Pool 2, "Sub-Pool 2 Reserve Account, LaSalle National Bank, as trustee for
the registered holders of AFC Mortgage Loan Asset Backed Certificates, Series
1997-3." The Trustee shall, promptly upon receipt, deposit in and retain in the
related Reserve Account, the Initial Reserve Account Deposit remitted on the
Closing Date to the Trustee by the Depositor. Funds deposited in the related
Reserve Account shall be held in trust by the Trustee for the Certificateholders
for the uses and purposes set forth herein.
(b) Each Reserve Account will be an asset of the Trust Fund REMIC and will
be treated as a "qualified reserve fund" within the meaning of Treasury
regulations Section 1.860G-2(g)(2). If on or before the November 25, 1997
Remittance Date, the Certificate Insurer has determined that the entire amount
of funds on deposit in a Reserve Account is not required for credit enhancement,
and the Certificate Insurer shall direct the Trustee in writing, the portion of
the related Initial Reserve Account Deposit not so required shall be released to
the Class R Certificateholders on the November 25, 1997 Remittance Date. If the
Certificate Insurer does not so direct the Trustee on or before the November 25,
1997 Remittance Date, then the balance of
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each Reserve Account shall be distributed by the Trustee to the Class R
Certificateholders on the December 26, 1997 Remittance Date.
(c) With respect to each Sub-Pool and on and after the November 25, 1997
Remittance Date, amounts, if any, on deposit in the related Reserve Account
shall be withdrawn on each Remittance Date by the Trustee to be applied, at the
written direction of the Servicer:
(i) (A) to deposit in the Sub-Pool 1 Certificate Account, an amount
equal to the excess of the sum of the related Class A Remittance Amount
with respect to each Class of Class 1A Certificates for such Remittance
Date over the Available Remittance Amount with respect to Sub-Pool 1 for
such Remittance Date after any applications of Excess Spread and (B) to
deposit in the Sub-Pool 2 Certificate Account, an amount equal to the
excess of the related Class A Remittance Amount with respect to the Class
2A Certificates for such Remittance Date over the Available Remittance
Amount with respect to Sub-Pool 2 for such Remittance Date after any
applications of Excess Spread;
(ii) to release to the Class R Certificateholders, on each Remittance
Date on which the sum of the Overcollateralization Amount for a Sub-Pool
and the amount on deposit in the related Reserve Account exceeds the
Required Overcollateralization Amount for such Sub-Pool, the lesser of (i)
the amount, if any, remaining in the Reserve Account and (ii) such excess,
after giving effect to all payments to be made on the related Class A
Certificates on such Remittance Date,
and also, in no particular order of priority:
(iii) to invest amounts on deposit in the related Reserve Account in
Permitted Instruments pursuant to Section 6.05 above; and
(iv) to clear and terminate the related Reserve Account upon the
termination of this Agreement with any amounts on deposit therein being
paid to the Class R Certificateholders.
(d) Upon the earlier to occur of the Cross-Over Date with respect to the
related Sub-Pool or the Remittance Date on which all amounts due have been paid
to the related Classes of Class A Certificateholders, including the Certificate
Insurer as subrogee of the Class A Certificateholders, the Trustee, after making
any withdrawals from the related Reserve Account required pursuant to Section
6.14(c) above, shall clear and terminate the related Reserve Account, liquidate,
upon the written direction of the Class R Certificateholders holding an
aggregate Percentage Interest equal to at least 51%, any investments therein,
and pay any uninvested funds therein or the proceeds of such liquidation to the
Class R Certificateholders.
Section 6.15 [Reserved]
Section 6.16 Compliance with Withholding Requirements.
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Notwithstanding any other provision of this Agreement, the Trustee shall
comply with all federal withholding requirements respecting payments to
Certificateholders of interest or original issue discount that the Trustee
reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for such withholding. In the event the
Trustee does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Trustee shall indicate the amount withheld to such
Certificateholders.
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ARTICLE VII
GENERAL SERVICING PROCEDURE
Section 7.01 Assumption Agreements.
When a Mortgaged Property has been or is about to be conveyed by the
Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance
or prospective conveyance, exercise its rights to accelerate the maturity of the
related Mortgage Loan under any "due-on-sale" clause contained in the related
Mortgage or Mortgage Note; provided, however, that the Servicer shall not
exercise any such right if the "due-on-sale" clause, in the reasonable belief of
the Servicer, is not enforceable under applicable law. In such event, the
Servicer shall enter into an assumption and modification agreement with the
person to whom such property has been or is about to be conveyed, pursuant to
which such person becomes liable under the Mortgage Note and, unless prohibited
by applicable law or the Mortgage Documents, the Mortgagor remains liable
thereon. The Servicer is also authorized with the prior approval of the
Certificate Insurer to enter into a substitution of liability agreement with
such person, pursuant to which the original Mortgagor is released from liability
and such person is substituted as Mortgagor and becomes liable under the
Mortgage Note. The Servicer shall notify the Trustee and the Certificate Insurer
that any such substitution or assumption agreement has been completed by
forwarding to the Trustee the original of such substitution or assumption
agreement and a duplicate thereof to the Certificate Insurer, which original
shall be added by the Trustee to the related Trustee's Mortgage File and shall,
for all purposes, be considered a part of such Trustee's Mortgage File to the
same extent as all other documents and instruments constituting a part thereof.
In connection with any assumption or substitution agreement entered into
pursuant to this Section 7.01, the Servicer shall not change the Mortgage Rate
or the Monthly Payment, defer or forgive the payment of principal or interest,
reduce the outstanding principal amount or extend the final maturity date on
such Mortgage Loan. Any fee collected by the Servicer for consenting to any such
conveyance or entering into an assumption or substitution agreement shall be
retained by or paid to the Servicer as additional Servicing Compensation.
Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason of any assumption of a
Mortgage Loan by operation of law or any assumption which the Servicer may be
restricted by law from preventing, for any reason whatsoever.
Section 7.02 Satisfaction of Mortgages and Release of Mortgage Files.
The Servicer shall not grant a satisfaction or release of a Mortgage
without having obtained payment in full of the indebtedness secured by the
Mortgage or otherwise prejudice any right the Certificateholders may have under
the mortgage instruments subject to Section 5.01 above. The Servicer shall
maintain the Fidelity Bond as provided for in Section 5.09 above insuring the
Servicer against any loss it may sustain with respect to any Mortgage Loan not
satisfied in accordance with the procedures set forth herein.
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Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, the Servicer will immediately notify the Trustee
(if it holds the related Trustee's Mortgage File) or the Custodian, as the case
may be, by an Officers' Certificate in the form of Exhibit I attached hereto
(which certification shall include a statement to the effect that all amounts
received or to be received in connection with such payment which are required to
be deposited in the Principal and Interest Account pursuant to Section 5.03
above have been or will be so deposited) of a Servicing Officer and shall
request delivery to it of the Trustee's Mortgage File. Upon receipt of such
certification and request, the Trustee or such Custodian, as the case may be,
shall promptly release the related Trustee's Mortgage File to the Servicer.
Expenses incurred in connection with any instrument of satisfaction or deed of
reconveyance shall be payable only from and to the extent of Servicing
Compensation with respect to the related Sub-Pool and shall not be chargeable to
the related Principal and Interest Account or the related Certificate Account.
With respect to any Mortgage Note released by the Trustee to the Servicer
or to any Subservicer in accordance with the terms of this Agreement, other than
a release or satisfaction pursuant to the second paragraph of this Section 7.02,
prior to such release, the Trustee shall (a) complete all endorsements in blank
so that the endorsement reads "Pay to the order of LaSalle National Bank, as
Trustee under the Pooling and Servicing Agreement, dated as of September 1,
1997, Series 1997-3" and (b) complete a restrictive endorsement that reads
"LaSalle National Bank is the holder of the mortgage note for the benefit of the
Certificateholders under the Pooling and Servicing Agreement, dated as of
September 1, 1997, Series 1997-3" with respect to those Mortgage Notes currently
endorsed "Pay to the order of holder", if any.
From time to time and as appropriate for the servicing or foreclosure of
any Mortgage Loan, including, for this purpose, collection under any primary
mortgage guaranty insurance policy, the Trustee shall, upon request of the
Servicer and delivery to the Trustee of a certification in the form of Exhibit I
attached hereto signed by a Servicing Officer, release the related Trustee's
Mortgage File or any document therein to the Servicer, and the Trustee shall
execute such documents as shall be necessary to the prosecution of any such
proceedings. Such servicing receipt shall obligate the Servicer to return the
Trustee's Mortgage File or any document released therefrom to the Trustee when
the need therefor by the Servicer no longer exists, unless the Mortgage Loan has
been liquidated and the Net Liquidation Proceeds relating to the Mortgage Loan
have been deposited in the Principal and Interest Account with respect to each
Sub-Pool, and remitted to the Trustee for deposit in the related Certificate
Account or the Trustee's Mortgage File or such document has been delivered to an
attorney, or to a public trustee or other public official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or non-judicially, and
the Servicer has delivered to the Trustee a certificate of a Servicing Officer
certifying as to the name and address of the Person to which such Trustee's
Mortgage File or such document was delivered and the purpose or purposes of such
delivery. Upon receipt of a certificate of a Servicing Officer stating that such
Mortgage Loan was liquidated, the servicing receipt shall be released by the
Trustee to the Servicer.
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The Trustee shall execute and deliver to the Servicer any court pleadings,
requests for trustee's sale in respect of a Mortgaged Property or to any legal
action brought to obtain judgment against any Mortgagor on the Mortgage Note or
Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or
rights provided by the Mortgage Note or Mortgage or otherwise available at law
or in equity. Together with such documents or pleadings, the Servicer shall
deliver to the Trustee a certificate of a Servicing Officer requesting that such
pleadings or documents be executed by the Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee will not invalidate or otherwise affect the lien
of the Mortgage, except for the termination of such a lien upon completion of
the foreclosure or trustee's sale. The Trustee shall, upon receipt of a written
request from a Servicing Officer, execute any document provided to the Trustee
by the Servicer or take any other action requested in such request that is, in
the opinion of the Servicer as evidenced by such request, required by any state
or other jurisdiction to discharge the lien of a Mortgage upon the satisfaction
thereof and the Trustee will sign and post, but will not guarantee receipt of,
any such documents to the Servicer, or such other party as the Servicer may
direct, within five Business Days, or more promptly if needed, of the Trustee's
receipt of such certificate or documents. Such certificate or documents shall
establish to the Trustee's satisfaction that the related Mortgage Loan has been
paid in full by or on behalf of the Mortgagor and that such payment has been
deposited in the Principal and Interest Account.
Section 7.03 Servicing Compensation.
As compensation for its services under this Agreement, subject to Section
5.03 and Section 6.10 (pursuant to which Servicing Compensation is reduced), the
Servicer shall be entitled to withdraw from the Principal and Interest Account
with respect to the related Sub-Pool or to retain from interest payments on the
Mortgage Loans, the Servicer's Servicing Fee. Additional servicing compensation
in the form of assumption and other administrative fees, interest paid on funds
on deposit in the Principal and Interest Accounts, interest paid and earnings
realized on Permitted Instruments in the Principal and Interest Accounts,
Certificate Accounts and Trustee Expense Accounts, amounts remitted pursuant to
Sections 6.03(c)(iii), 6.04 and 7.01 above, late payment charges and Excess
Proceeds shall be retained by or remitted to the Servicer to the extent not
required to be remitted to the Trustee for deposit in the Certificate Accounts.
The Servicer shall be required to pay all expenses incurred by it in connection
with its servicing activities hereunder and shall not be entitled to
reimbursement therefor except as specifically provided for herein. The
Depositor's Yield is the property of the Depositor, and not the property of the
Servicer, and such ownership shall not be affected by any termination of the
Servicer.
Section 7.04 Annual Statement as to Compliance.
The Servicer will deliver to the Certificate Insurer, the Trustee, S&P,
Moody's, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan
Securities Inc., not later than the last day of the fourth month following the
end of the Servicer's fiscal year, beginning for the fiscal year ending June 30,
1998, an Officer's Certificate stating that (i) the Servicer has fully complied
with the provisions of Articles V and VII, (ii) a review of the activities of
the Servicer during the preceding fiscal year and of performance under this
Agreement has been made under
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such officer's supervision, and (iii) to the best of such officers' knowledge,
based on such review, the Servicer has fulfilled all its obligations under this
Agreement throughout such year, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
officers and the nature and status thereof and the action being taken by the
Servicer to cure such default.
Section 7.05 Annual Independent Public Accountants' Servicing Report and
Comfort Letter.
Not later than the last day of the fourth month following the end of the
Servicer's fiscal year, beginning for the fiscal year ending June 30, 1998, the
Servicer, at its expense, shall cause a firm of independent public accountants
reasonably acceptable to the Trustee and the Certificate Insurer to furnish (1)
a letter or letters to the Certificate Insurer, the Trustee, S&P, Moody's,
Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities
Inc. to the effect that such firm has with respect to the Servicer's overall
servicing operations examined such operations in accordance with the
requirements of the Uniform Single Audit Program for Mortgage Bankers, and
stating such firm's conclusions relating thereto and (2) a letter to the effect
that such firm has examined Section 6.08 of this Agreement (or the comparable
section of a substantially similar agreement of the Servicer, as Servicer, under
which certain payments to the holders of certificates are guaranteed by the
Certificate Insurer) and verified the mathematical accuracy of the amounts
reported by the Servicer and that such amounts were computed in accordance with
the terms of this Agreement (or such comparable agreement).
Section 7.06 Certificateholder's, Trustee's and
Certificate Insurer's Right to Examine Servicer Records.
(a) Each Certificateholder, the Trustee and the Certificate Insurer shall
have the right upon reasonable prior notice, during normal business hours and as
often as reasonably required, to examine and audit any and all of the books,
records or other information of the Servicer, whether held by the Servicer or by
another on behalf of the Servicer, which may be relevant to the performance or
observance by the Servicer of the terms, covenants or conditions of this
Agreement.
(b) More specifically (but without derogation of the more general right of
inspection referred to in subsection (a) above), the Certificate Insurer or its
agents or representatives also shall have the right, upon reasonable notice and
during normal business hours on the Servicer's or any Subservicer's premises, as
the case may be, to examine, review and audit the books, records and files of
the Servicer or any Subservicer relating to the Mortgage Loans (including,
without limitation, any servicing and origination files) and the servicing
thereof and to receive such other information as the Certificate Insurer may
reasonably request, and to make such copies or take excerpts from such books,
records and files as any such agent or representative deems necessary or
advisable. During any such examination or review, the Servicer or Subservicer,
as the case may be, shall make its employees, auditors, representatives or
agents knowledgeable about the books, records and/or files being examined or
reviewed available to the Certificate Insurer, its agents or representatives. In
addition, the Servicer, upon request of the
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Certificate Insurer, will permit the Certificate Insurer or its authorized
agents to discuss the affairs, finances and accounts of the Servicer with such
Servicer's independent accountants. Unless an Event of Default shall have
occurred and be continuing, the reasonable and customary out of pocket costs and
expenses of the Servicer or its representatives or agents in connection with any
such examination, review or discussion under this subsection (b) shall be paid
by the Servicer, and the costs and expenses of the Certificate Insurer, its
agents or representatives shall be paid by the Certificate Insurer. During the
period in which an Event of Default is continuing, any costs and expenses of the
Certificate Insurer, its agents and representatives and of the Servicer, its
agents and representatives shall be paid solely by the Servicer.
Section 7.07 Reports to the Trustee; Principal and
Interest Account Statements.
If any Principal and Interest Account is not maintained with the Trustee,
then not later than 25 days after each Record Date, the Servicer shall forward
to the Trustee a statement, certified by a Servicing Officer, setting forth the
status of such Principal and Interest Account as of the close of business on the
preceding Record Date and showing, for the period covered by such statement, the
aggregate of deposits into such Principal and Interest Account for each category
of deposit specified in Section 5.03 above, the aggregate of withdrawals from
such Principal and Interest Account for each category of withdrawal specified in
Section 5.04 above, the aggregate amount of permitted withdrawals not made in
the related Due Period, the amount of any related Monthly Advances for the
related Due Period.
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ARTICLE VIII
REPORTS TO BE PROVIDED BY SERVICER
Section 8.01 Financial Statements.
The Servicer understands that, in connection with the transfer of the
Certificates, Certificateholders may request that the Servicer make available to
prospective Certificateholders annual audited financial statements of the
Servicer for one or more of the most recently completed five fiscal years for
which such statements are available, which request shall not be unreasonably
denied.
The Servicer also agrees to make available on a reasonable basis to the
Certificate Insurer and any prospective Certificateholder a knowledgeable
financial or accounting officer for the purpose of answering reasonable
questions respecting recent developments affecting the Servicer or the financial
statements of the Servicer and to permit the Certificate Insurer and any
prospective Certificateholder to inspect the Servicer's servicing facilities
during normal business hours for the purpose of satisfying the Certificate
Insurer and such prospective Certificateholder that the Servicer has the ability
to service the Mortgage Loans in accordance with this Agreement.
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ARTICLE IX
THE SERVICER
Section 9.01 Indemnification; Third Party Claims.
(a) The Servicer agrees to indemnify and hold the Trustee, the Certificate
Insurer and each Certificateholder (and their respective Affiliates, directors,
officers, employees and agents) harmless against any and all claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments, and any
other costs, fees and expenses that the Trustee, the Certificate Insurer, any
such Certificateholder or any such other indemnified Person may sustain in any
way related to the failure of the Servicer to perform its duties and service the
Mortgage Loans in compliance with the terms of this Agreement. The Servicer
shall immediately notify the Trustee, the Certificate Insurer and each
Certificateholder if a claim is made by a third party with respect to this
Agreement, and the Servicer shall assume (with the consent of the Trustee) the
defense of any such claim and advance all expenses in connection therewith,
including reasonable counsel fees, and promptly advance funds to pay, discharge
and satisfy any judgment or decree which may be entered against the Servicer,
the Trustee, the Certificate Insurer, a Certificateholder and/or any such other
indemnified Person in respect of such claim. The Trustee may reimburse the
Servicer from amounts otherwise distributable on the Class R Certificates for
all amounts advanced by it pursuant to the preceding sentence except when the
claim relates directly to the failure of the Servicer to service and administer
the Mortgage Loans in compliance with the terms of this Agreement.
(b) The Depositor agrees to indemnify and hold the Trustee, the Certificate
Insurer and each Certificateholder (and their respective Affiliates, directors,
officers, employees and agents) harmless against any and all claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments, and any
other costs, fees and expenses that the Trustee, the Certificate Insurer, any
Certificateholder and/or any such other indemnified person may sustain in any
way related to the failure of the Servicer, if it is an Affiliate thereof, or
the failure of the Depositor to perform their respective duties in compliance
with the terms of this Agreement. The Depositor shall immediately notify the
Trustee, the Certificate Insurer and each Certificateholder if a claim is made
by a third party with respect to this Agreement and the Depositor shall assume
(with the consent of the Trustee) the defense of any such claim and advance all
expenses in connection therewith, including reasonable counsel fees, and
promptly advance funds to pay, discharge and satisfy any judgment or decree
which may be entered against the Servicer, the Depositor, the Trustee, the
Certificate Insurer, a Certificateholder and/or any such other indemnified
Person in respect of such claim. The Trustee may, if necessary, reimburse the
Depositor from amounts otherwise distributable on the Class R Certificates if
the claim is made with respect to this Agreement for all amounts advanced by it
pursuant to the preceding sentence, except when the claim relates directly to
the failure of a Servicer, if it is, or is an Affiliate of, the Depositor, to
perform its obligations to service and administer the Mortgages in compliance
with the terms of this Agreement, or the failure of the Depositor to perform its
duties in compliance with the terms of this Agreement.
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(c) The Depositor agrees to indemnify the Trust Fund for any liability
arising from the naming of the Trust Fund as a defendant in its capacity as an
assignee of the lender in an action under the Riegle Community Development and
Regulatory Improvement Act of 1994.
Section 9.02 Merger or Consolidation of the Depositor and
the Servicer.
The Servicer and the Depositor will keep in full effect its existence,
rights and franchises as a corporation, and will obtain and preserve its
qualification to do business as a foreign corporation, in each jurisdiction
necessary to protect the validity and enforceability of this Agreement or any of
the Mortgage Loans and to perform its duties under this Agreement.
Any Person into which the Servicer may be merged or consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Servicer shall be a party, or any Person succeeding to the business of the
Servicer, shall be an established mortgage loan servicing institution that has a
net worth of at least $15,000,000 and shall be the successor of the Servicer
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the successor or surviving person to any Servicer shall
be qualified to sell mortgage loans to, and to service mortgage loans on behalf
of FNMA or FHLMC. The Servicer shall send notice of any such merger or
consolidation to the Trustee, the Rating Agencies and the Certificate Insurer.
Section 9.03 Limitation on Liability of the Servicer and Others.
The Depositor and the Servicer shall each be liable in accordance herewith
only to the extent of the obligations specifically and respectively imposed upon
and undertaken by them herein. The Servicer and any director, officer, employee
or agent of the Servicer may rely on any document of any kind which it in good
faith reasonably believes to be genuine and to have been adopted or signed by
the proper authorities respecting any matters arising hereunder. Subject to the
terms of Section 9.01, the Servicer shall have no obligation to appear with
respect to, prosecute or defend, any legal action which is not incidental to the
Servicer's duty to service the Mortgage Loans in accordance with this Agreement.
Section 9.04 Servicer Not to Resign.
The Servicer shall not assign this Agreement or any part thereof nor resign
from the obligations and duties hereby imposed on it except (i) that the
Servicer may resign from any obligations and duties hereby imposed on it in
connection with the Class 1A Certificates upon mutual consent of the Servicer,
the Depositor, the Certificate Insurer, the Trustee and the Class 1A Majority
Certificateholders, (ii) that the Servicer may resign from any obligations and
duties hereby imposed on it in connection with the Class 2A Certificates upon
mutual consent of the Servicer, the Depositor, the Certificate Insurer, the
Trustee and the Class 2A Majority Certificateholders or (iii) upon the
determination that the Servicer's duties hereunder are no longer permissible
under applicable law and such incapacity cannot be cured by the Servicer. Any
such determination under clause (ii) permitting the resignation of the Servicer
shall be evidenced by a written Opinion of Counsel (who may be counsel for the
Servicer) to such effect delivered to the
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Trustee, the Depositor and the Certificate Insurer, which Opinion of Counsel
shall be in form and substance acceptable to the Trustee and the Certificate
Insurer. No such resignation shall become effective until a successor has
assumed such Servicer's responsibilities and obligations hereunder in accordance
with Section 10.02.
Section 9.05 Representations of the Servicer.
The Servicer hereby represents and warrants to the Trustee, the Certificate
Insurer and the Certificateholders as of the Closing Date:
(a) The Servicer is a federally chartered stock savings bank and has
been duly organized and is validly existing and in good standing under the
laws of the United States and has all licenses necessary to carry on its
business as now being conducted and is licensed, qualified and in good
standing in each Mortgaged Property State if the laws of such state require
licensing or qualification in order to conduct business of the type
conducted by the Servicer and perform its obligations as Servicer or exempt
from such licensing or qualification; the Servicer has the power and
authority to execute and deliver this Agreement and to perform in
accordance herewith; the execution, delivery and performance of this
Agreement (including all instruments of transfer to be delivered pursuant
to this Agreement) by the Servicer and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all necessary
action; this Agreement evidences the valid, binding and enforceable
obligation of the Servicer; and all requisite action has been taken by the
Servicer to make this Agreement valid, binding and enforceable upon the
Servicer in accordance with its terms, subject to the effect of bankruptcy,
insolvency, reorganization, moratorium and other, similar laws relating to
or affecting creditors' rights generally or the application of equitable
principles in any proceeding, whether at law or in equity;
(b) All actions, approvals, consents, waivers, exemptions, variances,
franchises, orders, permits, authorizations, rights and licenses required
to be taken, given or obtained, as the case may be, by or from any federal,
state or other governmental authority or agency (other than any such
actions, approvals, etc. under any state securities laws, real estate
syndication or "Blue Sky" statutes, as to which the Servicer makes no such
representation or warranty), that are necessary in connection with the
execution and delivery by the Servicer of the documents to which it is a
party, have been duly taken, given or obtained, as the case may be, are in
full force and effect, are not subject to any pending proceedings or
appeals (administrative, judicial or otherwise) and either the time within
which any appeal therefrom may be taken or review thereof may be obtained
has expired or no review thereof may be obtained or appeal therefrom taken,
and are adequate to authorize the consummation of the transactions
contemplated by this Agreement and the other documents on the part of the
Servicer and the performance by the Servicer of its obligations as Servicer
under this Agreement and such of the other documents to which it is a
party;
(c) The consummation of the transactions contemplated by this
Agreement will not result in the breach of any terms or provisions of the
charter or by-laws of the Servicer or result in the breach of any term or
provision of, or conflict with or constitute a default under or
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result in the acceleration of any obligation under, any material agreement,
indenture or loan or credit agreement or other material instrument to which
the Servicer or its property is subject, or result in the violation of any
law, rule, regulation, order, judgment or decree to which the Servicer or
its property is subject;
(d) Neither this Agreement nor the Prospectus nor any statement,
report or other document prepared by the Servicer and furnished or to be
furnished pursuant to this Agreement or in connection with the transactions
contemplated hereby contains any untrue statement of material fact or omits
to state a material fact necessary to make the statements contained herein
or therein not misleading;
(e) There is no action, suit, proceeding or investigation pending or,
to the best of the Servicer's knowledge, threatened against the Servicer
which, either in any one instance or in the aggregate, may result in any
material adverse change in the business, operations, financial condition,
properties or assets of the Servicer or in any material impairment of the
right or ability of the Servicer to carry on its business substantially as
now conducted, or in any material liability on the part of the Servicer or
which would draw into question the validity of this Agreement or the
Mortgage Loans or of any action taken or to be taken in connection with the
obligations of the Servicer contemplated herein, or which would be likely
to impair materially the ability of the Servicer to perform under the terms
of this Agreement; and
(f) The Servicer is not in default with respect to any order or decree
of any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have consequences
that would materially and adversely affect the condition (financial or
other) or operations of the Servicer or its properties or might have
consequences that would materially and adversely affect its performance
hereunder or under any Subservicing Agreement.
Section 9.06 Accounting Upon Resignation or Termination of Servicer.
Upon resignation of the Servicer under Section 9.04 or upon termination of
the Servicer under Section 10.01, the Servicer shall:
(a) deliver to its successor or, if none shall yet have been
appointed, to the Trustee the funds in the Sub-Pool 1 Principal and
Interest Account or the Sub-Pool 2 Principal and Interest Account;
(b) deliver to its successor or, if none shall yet have been
appointed, to the Trustee all Mortgage Files and related documents and
statements held by it hereunder and a Mortgage Loan portfolio computer
tape;
(c) deliver to its successor or, if none shall yet have been
appointed, to the Trustee and, upon request, to the Certificateholders a
full accounting of all funds, including a statement showing the Monthly
Payments collected by it and a statement of monies held in trust by it for
the payments or charges with respect to the Mortgage Loans; and
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(d) execute and deliver such instruments and perform all acts
reasonably requested in order to effect the orderly and efficient transfer
of servicing of the Mortgage Loans to its successor and to more fully and
definitively vest in such successor all rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer under this
Agreement.
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ARTICLE X
DEFAULT
Section 10.01 Events of Default.
(a) In case one or more of the following Events of Default by the Servicer
shall occur and be continuing, that is to say, with respect to a Sub-Pool:
(i)(A) an Event of Nonpayment which continues unremedied for a period
of one (1) Business Day after the date on which written notice of such
failure requiring the same to be remedied shall have been given to the
Servicer by the Trustee, to the Servicer and the Trustee by the Certificate
Insurer or to the Servicer, the Trustee and the Certificate Insurer by any
Certificateholder and, in the case of an Event of Nonpayment described in
clause (i) or (ii) of the definition thereof, the insufficiency referred to
in such clause (i) or (ii) does not result from a failure by the
Certificate Insurer to perform in accordance with the terms of this
Agreement with respect to such Sub-Pool or the Certificate Insurance Policy
or a failure by the Trustee to perform in accordance with this Agreement
with respect to such Sub-Pool; (B) the failure by the Servicer to make any
required Servicing Advance with respect to a Sub-Pool, to the extent such
failure materially and adversely affects the interest of the Certificate
Insurer or the related Certificateholders and which continues unremedied
for a period of 20 days after the date on which written notice of such
failure requiring the same to be remedied shall have been given to the
Servicer by the Trustee, to the Servicer and the Trustee by the Certificate
Insurer or to the Servicer, the Trustee and the Certificate Insurer by any
Certificateholder; (C) the failure by the Servicer to make any required
Monthly Advance to the extent of the full amount of the related Class A
Interest Remittance Amount; or (D) any other failure by the Servicer to
remit to the related Certificateholders, or to the Trustee for the benefit
of the related Certificateholders, any payment required to be made by the
Servicer under the terms of this Agreement, to the extent such failure
materially and adversely affects the interest of the Certificate Insurer or
the Certificateholders and which continues unremedied for a period of 20
days after the date upon which written notice of such failure requiring the
same to be remedied shall have been given to the Servicer by the Trustee,
to the Servicer and the Trustee by the Certificate Insurer or to the
Servicer, the Trustee and the Certificate Insurer by any Certificateholder;
or
(ii) failure by the Servicer duly to observe or perform, in any
material respect, any other covenants, obligations or agreements of the
Servicer as set forth herein, which failure continues unremedied for a
period of 60 days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Servicer by
the Trustee, to the Servicer and the Trustee by the Certificate Insurer or
to the Servicer, the Trustee and the Certificate Insurer by any
Certificateholder; or
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(iii) a decree or order of a court or agency or supervisory authority
having jurisdiction for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Servicer
and such decree or order shall have remained in force, undischarged or
unstayed for a period of 60 days; or
(iv) the Servicer shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshalling
of assets and liabilities or similar proceedings of or relating to the
Servicer or of or relating to all or substantially all of the Servicer's
property, which appointment shall continue unremedied for a period of 30
days after the Servicer has received notice of such default; or
(v) the Servicer shall admit in writing its inability to pay its debts
as they become due, file a petition to take advantage of any applicable
insolvency or reorganization statute, make an assignment for the benefit of
its creditors, or voluntarily suspend payment of its obligations, any of
which shall continue unremedied for a period of 30 days after the Servicer
has received notice of such default;
(b) then, and in each and every such case so long as such Event of Default
shall not have been remedied, (x) in the case solely of clause (i)(C) above, if
such Monthly Advance is not made by 4:00 p.m. Chicago time on the Determination
Date, the Trustee, upon receipt of written notice or discovery by a Responsible
Officer of such failure, shall give immediate telephonic notice of such failure
to a Servicing Officer of the Servicer and, unless such failure is cured, either
by receipt of payment or receipt of evidence satisfactory to the Certificate
Insurer (e.g., a wire reference number communicated by the sending bank; the
Certificate Insurer shall notify the Trustee if the Certificate Insurer receives
satisfactory evidence that such funds have been sent), by 12:00 Noon New York
City time on the following Business Day, the Trustee, or a successor servicer
appointed in accordance with Section 10.02, shall immediately make such Monthly
Advance and assume, pursuant to Section 10.02, the duties of a successor
Servicer with respect to such Sub-Pool, and (y) in the case of clauses (i)(A),
(i)(B), (i)(D), (ii), (iii), (iv) and (v) above, the Majority Certificateholders
of the related Sub-Pool(s) affected by such Event of Default, by notice in
writing to the Servicer and a Responsible Officer of the Trustee and subject to
the prior written consent of the Certificate Insurer, which consent may not be
unreasonably withheld, may, in addition to whatever rights such
Certificateholders may have at law or equity to damages, including injunctive
relief and specific performance, commence termination of all the rights and
obligations of the Servicer hereunder with respect to the Sub-Pool(s) affected
by such Event of Default and in and to the Mortgage Loans of the Sub-Pool(s)
affected by such Event of Default and the proceeds thereof, as servicer. Upon
receipt by the Servicer of a second written notice (except relative to clause
(i)(C) above) from the Majority Certificateholders of the related Sub-Pool
stating that they intend to terminate the Servicer as a result of such Event of
Default, all authority and power of the Servicer under this Agreement with
respect to such Sub-Pool, shall, subject to Section 10.02, pass to and be vested
in the Trustee or its designee and the Trustee is
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hereby authorized and empowered to execute and deliver, on behalf of the
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments and do or cause to be done all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, including, but
not limited to, the transfer and endorsement or assignment of the related
Mortgage Loans and related documents. The Servicer agrees to cooperate with the
Trustee in effecting the termination of the Servicer's responsibilities and
rights hereunder with respect to the related Sub-Pool, including, without
limitation, the transfer to the Trustee or its designee for administration by it
of all amounts which shall at the time be credited by the Servicer to the
related Principal and Interest Account or thereafter received with respect to
the Mortgage Loans of the related Sub-Pool. For the purposes of exercising the
remedies set forth in Section 10.01 above, with respect to clauses (i), (iii),
(iv) and (v) of Section 10.01(a) above, the Certificate Insurer shall be deemed
to be the Majority Certificateholder for a Sub-Pool for so long as the
Certificate Insurance Policy shall be in effect and the Certificate Insurer
shall be in full compliance with its payment obligations thereunder. If,
however, the Certificate Insurer fails to exercise any of its rights under this
Section 10.01 in respect of such clauses (i), (iii), (iv) and (v), it shall not
be deemed to be the Majority Certificateholder for such Sub-Pool for the
purposes of such clauses. For the purposes of clause (ii), either the
Certificate Insurer with the consent of the Trustee or the Majority
Certificateholders of the related Sub-Pool(s) affected by such Event of Default
may direct the appropriate remedial action provided in this Section.
The Trustee shall not be deemed to have knowledge of an Event of Default
(except an Event of Default pursuant to Section 10.01(a)(i)(A) above relating to
an Event of Nonpayment or the failure to make a Monthly Advance) unless a
Responsible Officer has received written notice thereof.
(c) Notwithstanding anything to the contrary contained in this Agreement,
upon the occurrence of an Event of Nonpayment known to a Responsible Officer of
the Trustee, the Trustee shall promptly notify the Certificate Insurer of such
occurrence with respect to such Sub-Pool. During the thirty (30) day period
following receipt of such notice, the Trustee and the Certificate Insurer shall
cooperate with each other to determine if the occurrence of such Event of
Nonpayment is more likely than not the result of the acts or omissions of the
Servicer or more likely than not the result of events beyond the control of the
Servicer. If the Trustee and the Certificate Insurer conclude that the Event of
Nonpayment is the result of the latter, the Servicer may not be terminated with
respect to such Sub-Pool, unless and until an Event of Default unrelated to such
Event of Nonpayment has occurred and is continuing, whether or not the Servicer
has cured such Event of Nonpayment. If the Trustee and the Certificate Insurer
conclude that the Event of Nonpayment is the result of the former, the
Certificate Insurer or the Majority Certificateholders of the related Sub-Pool,
as the case may be, may terminate the Servicer in accordance with Section
10.01(b) above, provided that the Trustee shall have until the 60th day
following the date of receipt of notice of the Event of Nonpayment to either
assume the servicing for the related Sub-Pool or appoint a successor servicer
for the related Sub-Pool pursuant to Section 10.02.
If the Trustee and the Certificate Insurer cannot agree, and the basis for
such disagreement is not arbitrary or unreasonable, as to the cause of the Event
of Nonpayment with
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respect to such Sub-Pool, the decision of the Certificate Insurer shall control;
provided, however, that if the Certificate Insurer decides to terminate the
Servicer, the Trustee shall be relieved of its obligation to assume the
servicing or to appoint a successor, which shall be the exclusive obligation of
the Certificate Insurer.
The Trustee shall promptly notify Moody's and S&P of the occurrence of an
Event of Default known to a Responsible Officer of the Trustee.
Notwithstanding any termination of the activities of a Servicer hereunder,
the Servicer shall be entitled to receive, out of any late collection of a
Monthly Payment on a Mortgage Loan which was due prior to the notice terminating
the Servicer's rights and obligations as Servicer hereunder and received after
such notice, that portion thereof to which the Servicer would have been entitled
pursuant to Sections 5.04(i) through (ix), and any other amounts payable to the
Servicer hereunder the entitlement to which arose prior to the termination of
its activities hereunder.
Section 10.02 Trustee to Act; Appointment of Successor.
On and after the time the Servicer receives a notice of termination
pursuant to Section 10.01 above, or the Trustee receives the resignation of the
Servicer evidenced by an Opinion of Counsel pursuant to Section 9.04, or the
Servicer is removed as servicer pursuant to this Article X, the Trustee shall
be, with respect to such Sub-Pool, the successor in all respects to the Servicer
in its capacity as servicer under this Agreement with respect to such Sub-Pool
and the transactions set forth or provided for herein and shall be subject to
all the responsibilities, duties and liabilities relating thereto placed on the
Servicer by the terms and provisions hereof, provided, however, that the Trustee
shall have no liability or obligation hereunder in respect of any period prior
to becoming such successor, whether for acts or omissions of any prior servicer
or otherwise. The Trustee, as successor to the Servicer, shall be obligated to
make advances pursuant to Sections 6.09, 6.10, 5.10 or 5.14 unless, and only to
the extent, the Trustee determines reasonably and in good faith that such
advances would not be recoverable pursuant to Sections 5.04(ii),
6.06(c)(A)(X)(xviii) and (xix) or 6.06(c)(A)(Y)(xiii) and (xiv) with respect to
Sub-Pool 1, or 6.06(c)(B)(X)(v) and (vi) or 6.06(c)(B)(Y)(iv) and (v) with
respect to Sub-Pool 2 above, such determination to be evidenced by a
certification of a Responsible Officer of the Trustee delivered to the
Certificate Insurer. Subject to its determination that such advances would not
be recoverable in accordance with the foregoing, the Trustee, as successor to
the Servicer, shall be obligated to advance any amount described in clause
(c)(vii) of the definition of Class A Principal Remittance Amount. As
compensation therefor, the Trustee, or any successor servicer appointed pursuant
to the following paragraph, shall be entitled to all funds relating to the
Mortgage Loans which the Servicer would have been entitled to receive from the
related Principal and Interest Account pursuant to Section 5.04 above if the
Servicer had continued to act as servicer hereunder, together with other
servicing compensation as provided in Sections 7.01 and 7.03 above. In no event
shall the Trustee or the Trust Fund acquire any rights to the Depositor's Yield.
The Trustee also shall have the right to elect to be successor to the
Servicer with respect to less than all of the responsibilities, duties and
liabilities relating thereto placed on the
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Servicer by the terms and provisions hereof, and shall be entitled to select
such responsibilities and duties (and related liabilities) and appoint a
successor servicer to perform the other responsibilities (and related
liabilities). In the event that the Trustee makes such election, the aggregate
compensation payable to the Trustee and the successor servicer may be equal to
(but shall not be in excess of) that set forth in Section 7.03, the breakdown of
such compensation between the Trustee and such successor servicer to be
determined by them. In the event the Trustee makes such election, it shall
provide prompt written notice to the Depositor, which notice shall identify the
successor servicer, the portion of the responsibilities, duties and liabilities
to be performed by the Trustee and the Servicer and the portion of the
compensation of the Servicer which is to be paid to each of the Trustee and such
successor servicer.
Notwithstanding the above, the Trustee may, if it shall be unwilling to so
act, or shall, if it is unable to so act or if the Majority Certificateholders
of the affected Sub-Pool(s) or the Certificate Insurer so request in writing to
the Trustee, appoint, or petition a court of competent jurisdiction to appoint,
any established mortgage loan servicing institution acceptable to the
Certificate Insurer, which acceptance shall not be unreasonably withheld, that
has a net worth of not less than $15,000,000 and which is approved as a servicer
by FNMA and FHLMC as the successor to the Servicer hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the
Servicer hereunder. Any collections received by the Servicer after removal or
resignation shall be endorsed by it to the Trustee and remitted directly to the
Trustee or, at the direction of the Trustee, to the successor servicer. The
compensation of any successor servicer (including, without limitation, the
Trustee) so appointed shall be the aggregate Servicing Fees, together with other
Servicing Compensation in the form of assumption fees, late payment charges or
otherwise. The Trustee and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession.
The Servicer agrees to cooperate with the Trustee and any successor servicer in
effecting the termination of the Servicer's servicing responsibilities and
rights hereunder and shall promptly provide the Trustee or such successor
servicer, as applicable, all documents and records reasonably requested by it to
enable it to assume the Servicer's functions hereunder and shall promptly also
transfer to the Trustee or such successor servicer, as applicable, all amounts
which then have been or should have been deposited in the related Principal and
Interest Account by the Servicer or which are thereafter received with respect
to the Mortgage Loans. Neither the Trustee nor any other successor servicer
shall be held liable by reason of any failure to make, or any delay in making,
any distribution hereunder or any portion thereof caused by (i) the failure of
the Servicer to deliver, or any delay in delivering, cash, documents or records
to it, or (ii) restrictions imposed by any regulatory authority having
jurisdiction over the Servicer hereunder. No appointment of a successor to the
Servicer hereunder shall be effective until the Trustee shall have consented
thereto, and written notice of such proposed appointment shall have been
provided by the Trustee to each Certificateholder. The Trustee shall not resign
as successor servicer until another successor servicer reasonably acceptable to
the Certificate Insurer has been appointed.
Pending appointment of a successor to the Servicer hereunder, the Trustee
shall act in such capacity as hereinabove provided. In connection with such
appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such
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compensation shall be in excess of that permitted the Servicer pursuant to
Section 7.03, together with other servicing compensation in the form of
assumption fees, late payment charges or otherwise as provided in this
Agreement. The Servicer, the Trustee, any Custodian and such successor shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession.
Section 10.03 Waiver of Defaults.
The Majority Certificateholders with respect to a Sub-Pool, on behalf of
all Certificateholders with respect to such Sub-Pool, and subject to the consent
of the Certificate Insurer, or the Certificate Insurer, may waive any events
permitting removal of the Servicer as servicer with respect to a Sub-Pool
pursuant to this Article X; provided, however, that neither the Majority
Certificateholders nor the Certificate Insurer may waive a default in making a
required distribution on a Certificate without the consent of the Holder of such
Certificate. Upon any waiver of a past default, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereto except to the
extent expressly so waived. Notice of any such waiver shall be given by the
Trustee to Moody's and S&P.
Section 10.04 Trigger Event.
(a) Upon the determination by the Certificate Insurer that a Trigger Event
with respect to a Sub-Pool has occurred, the Certificate Insurer shall give
notice of such Trigger Event to the Servicer, the other parties hereto, Moody's
and S&P. Upon such determination, the Certificate Insurer may direct the Trustee
to terminate the Servicer with respect to the related Sub-Pool.
(b) Upon receipt of direction to remove the Servicer with respect to the
related Sub-Pool pursuant to the preceding clause (a), the Trustee shall notify
the Servicer that it has been terminated with respect to such Sub-Pool and the
Servicer shall be terminated with respect to such Sub-Pool in the same manner as
specified in Sections 10.01 and 10.02.
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ARTICLE XI
TERMINATION
Section 11.01 Termination.
Subject to Section 11.02, this Agreement shall terminate upon notice to the
Trustee of either: (a) the later of the distribution to Certificateholders of
the final payment or collection with respect to the last Mortgage Loan (or
Monthly Advances of same by the Servicer), or the disposition of all funds with
respect to the last Mortgage Loan and the remittance of all funds due hereunder
and the payment of all amounts due and payable to the Certificate Insurer and
the Trustee or (b) mutual consent of the Servicer, the Certificate Insurer and
all Certificateholders in writing; provided, however, that in no event shall the
Trust established by this Agreement terminate later than the later of (i)
twenty-one years after the death of the last lineal descendant of Joseph P.
Kennedy, late Ambassador of the United States to the Court of St. James's, alive
on the date hereof or (ii) the latest possible maturity date specified in
Section 13.01(l).
Subject to Section 11.02, the Servicer may, at its option, terminate its
rights and obligations under this Agreement, on any date on which the Pool
Principal Balance is less than or equal to 5% of the sum of the Original Pool
Principal Balance and the Original Pre-Funded Amounts, by purchasing, on the
next succeeding Remittance Date, all of the outstanding Mortgage Loans and REO
Properties at a price (the "Termination Price") equal to the excess, if any, of
(1) the sum of (x) (i) 100% of the Principal Balance of each outstanding
Mortgage Loan, and (ii) 30 days' interest on the amount described in clause (x)
at a rate equal to the related Net Mortgage Rate; but in no event less than the
sum of the weighted average of the Class 1A Pass-Through Rates, with respect to
Sub-Pool 1, or the Class 2A Pass-Through Rate, with respect to Sub-Pool 2, and
(y) the appraised value of each REO Property, such appraisal to be conducted by
an appraiser mutually agreed upon by the Servicer and the Trustee in their
reasonable discretion (and approved by the Certificate Insurer in its reasonable
discretion), over (2) the amounts (other than the Termination Price being
calculated pursuant to this paragraph) that will constitute the Available
Remittance Amount for such Remittance Date (including without limitation, the
amounts to be transferred to the related Certificate Account on the
Determination Date immediately preceding such Remittance Date pursuant to the
second following paragraph), to the extent such other amounts represent
collections on the Mortgage Loans and REO Properties of principal not yet
applied to reduce the related Principal Balance thereof or interest therein at
the related Net Mortgage Rate accrued from and after the respective Due Dates in
the Due Period next preceding the related Due Period. In connection with any
such purchase, the Servicer shall also pay any outstanding and unpaid fees and
expenses of the Trustee and the Certificate Insurer relating to this Agreement
that such parties would otherwise have been entitled to pursuant to Sections
12.05 and 6.03(a), in the case of the Trustee, and Section 6.04, in the case of
the Certificate Insurer.
Any such purchase by the Servicer shall be accomplished by remitting to the
Trustee for deposit into the related Certificate Account on the Determination
Date immediately preceding the Remittance Date on which the purchase is to occur
the amount of the Termination Price. On the same day that the Termination Price
is deposited into the related Certificate
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Account, any amounts then on deposit in the Principal and Interest Account with
respect to such Sub-Pool (other than Excess Spread, any amounts not required to
have been deposited therein pursuant to Section 5.03 and any amounts
withdrawable therefrom by the Servicer pursuant to Section 5.04(ii), (iii) and
(vii)) shall be transferred to the related Certificate Account for distribution
to the related Certificateholders on the final Remittance Date; and any amounts
received by the Servicer with respect to the Mortgage Loans and REO Properties
in such Sub-Pool subsequent to such transfer shall belong to the Person
purchasing the Mortgage Loans and REO Properties relating to such Sub-Pool. For
purposes of calculating the Available Remittance Amount with respect to a
Sub-Pool for the final Remittance Date, amounts transferred to the related
Certificate Account pursuant to the immediately preceding sentence on the
Determination Date immediately preceding such final Remittance Date shall in all
cases be deemed to have been received during the related Due Period, and such
transfer shall be made pursuant to Section 5.04(i). The Termination Price
remitted to the Trustee for deposit into the related Certificate Account shall
be in proportion to the outstanding Mortgage Loans and REO Properties in such
Sub-Pool.
Notice of any termination, specifying the Remittance Date upon which the
Trust Fund will terminate and the related Certificateholders shall surrender
their Certificates to the Trustee for payment of the final distribution and
cancellation, shall be given promptly by the Servicer by letter to the Trustee
to be forwarded to the related Certificateholders mailed during the month of
such final distribution before the Determination Date in such month, specifying
(i) the Remittance Date upon which final payment of the Certificates will be
made upon presentation and surrender of Certificates at the office of the
Trustee therein designated, (ii) the amount of any such final payment and (iii)
that the Record Date otherwise applicable to such Remittance Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Trustee therein specified. On the final
Remittance Date, the Trustee shall distribute or credit, or cause to be
distributed or credited, the Amount Available for such Remittance Date in
accordance with Section 6.06(c). The obligations of the Certificate Insurer
under this Agreement shall terminate upon the deposit by the Servicer or the
Certificate Insurer, as applicable, with the Trustee of a sum sufficient to
purchase all of the Mortgage Loans and REO Properties as set forth above,
reduction of the Class 1A Principal Balance and the Class 2A Principal Balance
to zero and payment of any amount set forth in clause (c)(vii) of the definition
of Class A Principal Remittance Amount.
In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the time specified in the
above-mentioned written notice, the Servicer shall give a second written notice
to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice, all of the Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates and the cost
thereof shall be paid out of the funds and other assets of the Trust Fund which
remain subject hereto. If within nine months after the second notice all the
Certificates shall not have been surrendered for cancellation, the Class R
Certificateholders shall be entitled to all unclaimed funds and other assets of
the Trust Fund which remain subject hereto and the Trustee upon transfer
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of such funds shall be discharged of any responsibility for such funds and the
Certificateholders shall look to the Class R Certificateholders for payment.
Section 11.02 Additional Termination Requirements.
(a) In the event the Servicer exercises its purchase option as provided in
Section 11.01 above, the Trust Fund shall be terminated in accordance with the
following additional requirements, unless the Trustee has been furnished with an
Opinion of Counsel to the effect that the failure of the Trust Fund to comply
with the requirements of this Section 11.02 will not (i) result in the
imposition of taxes on "prohibited transactions" of the Trust Fund as defined in
Section 860F of the Code, or (ii) cause the Trust Fund REMIC to fail to qualify
as a REMIC at any time that any Class A Certificates are outstanding:
(i) The Servicer shall establish a 90-day liquidation period for the
Trust Fund REMIC, and specify the first day of such period in a statement
attached to the Trust Fund REMIC's final Tax Return pursuant to Treasury
regulations Section 1.860F-1. The Servicer also shall satisfy all of the
requirements of a qualified liquidation for the Trust Fund REMIC, under
Section 860F of the Code and the regulations thereunder;
(ii) The Servicer shall notify the Trustee at the commencement of such
90-day liquidation period and, at or prior to the time of making of the
final payment on the Certificates, the Servicer shall sell or otherwise
dispose of all of the remaining assets of the Trust Fund REMIC, in
accordance with the terms hereof; and
(iii) At the time of the making of the final payment on the
Certificates, the Trustee shall distribute or credit, or cause to be
distributed or credited, to the Class R Certificateholders all cash on hand
(other than cash retained to meet claims), and the Trust Fund REMIC shall
terminate at that time.
(b) By their acceptance of the Certificates, the Holders thereof hereby
authorize the Servicer, if it chooses to do so, to specify the 90-day
liquidation period on the final Tax Return of the Trust Fund REMIC, which
authorization shall be binding upon all successor Certificateholders.
Section 11.03 Depositor's Right to Depositor's Yield Absolute.
The Depositor's right to receive the Depositor's Yield with respect to each
Mortgage Loan shall be absolute and unconditional, and shall survive
notwithstanding the termination of the rights and obligations of the Servicer
hereunder, the resignation of the Servicer or the termination of this Agreement.
The Depositor's right to receive the Depositor's Yield shall not be subject to
offset or counterclaim, whether or not such right has been assigned in whole or
in part, notwithstanding any breach of any representation or warranty of the
Depositor under this Agreement or any default by the Depositor of any of its
obligations or covenants under this Agreement. The Depositor shall have the
right to assign any or all of its rights in and to the
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Depositor's Yield, without notice to or the consent of any party of this
Agreement or any Certificateholder.
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ARTICLE XII
THE TRUSTEE
Section 12.01 Duties of Trustee.
The Trustee, prior to the occurrence of an Event of Default and after the
curing of all Events of Default which may have occurred, undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. If an Event of Default of which a Responsible Officer of the Trustee
shall have actual knowledge has occurred and has not been cured or waived, the
Trustee shall, except in those cases in which it is required by the terms of
this Agreement to follow the direction of the Certificate Insurer or the Rating
Agencies, exercise such of the rights and powers vested in it by this Agreement,
and use the same degree of care and skill in its exercise as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs.
The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement, provided, however that the
Trustee shall not be responsible for the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished by the Servicer or the Depositor hereunder. If any such instrument is
found not to conform to the requirements of this Agreement, the Trustee shall
notify the Certificate Insurer and request written instructions as to the action
the Certificate Insurer deems appropriate to have the instrument corrected, and
if the instrument is not so corrected, the Trustee will provide notice thereof
to the Certificate Insurer who shall then direct the Trustee as to the action,
if any, to be taken.
No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after the
curing of all such Events of Default which may have occurred, the duties
and obligations of the Trustee shall be determined solely by the express
provisions of this Agreement, the Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set
forth in this Agreement, no implied covenants or obligations shall be read
into this Agreement against the Trustee and, in the absence of bad faith on
the part of the Trustee, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein,
upon any resolutions, certificates, statements or opinions, reports,
documents, orders or instruments furnished to the Trustee and conforming to
the requirements of this Agreement;
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(ii) The Trustee shall not be personally liable for an error of
judgment made in good faith by a Responsible Officer or other officers of
the Trustee, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with respect to any
action taken, suffered or omitted to be taken by it in good faith in
accordance with this Agreement or at the direction of the Certificate
Insurer, the Class 1A Majority Certificateholders and the Class 2A Majority
Certificateholders or any of them relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising or omitting to exercise any trust or power conferred upon the
Trustee, under this Agreement;
(iv) The Trustee shall not be required to take notice or be deemed to
have notice or knowledge of any default or Event of Default (except a
default or Event of Default set forth under Section 10.01(a)(i)(A) or
10.01(a)(i)(C)) unless a Responsible Officer of the Trustee shall have
actual knowledge thereof or have received written notice thereof. In the
absence of receipt of such notice, the Trustee may conclusively assume that
there is no default or Event of Default;
(v) The Trustee shall not be required to expend or risk its own funds
or otherwise incur financial liability for the performance of any of its
duties hereunder or the exercise of any of its rights or powers if there is
reasonable ground for believing that the repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured
to it and none of the provisions contained in this Agreement shall in any
event require the Trustee to perform, or be responsible for the manner of
performance of, any of the obligations of the Servicer under this Agreement
except during such time, if any, as the Trustee shall be the successor to,
and be vested with the rights, duties, powers and privileges of, the
Servicer in accordance with the terms of this Agreement;
(vi) Subject to any express requirement of this Agreement and until
such time as the Trustee shall be the successor to the Servicer and without
otherwise limiting the generality of this Section, the Trustee shall have
no duty (A) to see to any recording, filing, or depositing of this
Agreement or any agreement referred to herein or any financing statement or
continuation statement evidencing a security interest, or to see to the
maintenance of any such recording or filing or depositing or to any
rerecording, refiling or redepositing of any thereof, (B) to see to any
insurance, (C) to see to the payment or discharge of any tax, assessment,
or other governmental charge or any lien or encumbrance of any kind owing
with respect to, assessed or levied against, any part of the Trust Fund,
(D) to confirm or verify the contents of any reports or certificates of any
Servicer delivered to the Trustee pursuant to this Agreement believed by
the Trustee to be genuine and to have been signed or presented by the
proper party or parties; and
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(vii) The Trustee shall not be deemed a fiduciary for the Certificate
Insurer in its capacity as such, except to the extent the Certificate
Insurer has made an Insured Payment and is thereby subrogated to the rights
of the Certificateholders with respect thereto.
Section 12.02 Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 12.01:
(i) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officers' Certificate, Opinion
of Counsel, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal,
bond or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties;
(ii) The Trustee may consult with counsel and any advice or opinion of
counsel shall be full and complete authorization and protection in respect
of any action taken or suffered or omitted by it hereunder in good faith
and in accordance with such advice or opinion of counsel;
(iii) The Trustee shall be under no obligation to exercise any of the
trusts or powers vested in it by this Agreement or to institute, conduct or
defend by litigation hereunder or in relation hereto at the request, order
or direction of the Certificate Insurer or any of the Certificateholders,
pursuant to the provisions of this Agreement, unless such
Certificateholders or the Certificate Insurer, as applicable, shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby; except
in those cases in which the Trustee is required by the terms of this
Agreement to follow the direction of the Certificate Insurer, the Class 1A
Majority Certificateholders or the Class 2A Majority Certificateholders
nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default (which has not been
cured), to exercise such of the rights and powers vested in it by this
Agreement, and to use the same degree of care and skill in its exercise as
a prudent person would exercise or use under the circumstances in the
conduct of such person's own affairs;
(iv) The Trustee shall not be personally liable for any action taken,
suffered or omitted by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this
Agreement;
(v) Prior to the occurrence of an Event of Default hereunder and after
the curing of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing to do so by
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the Certificate Insurer, the Class 1A Majority Certificateholders or the
Class 2A Majority Certificateholders; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Agreement, the Trustee may
require reasonable indemnity against such cost, expense or liability as a
condition to taking any such action. The reasonable expense of every such
examination shall be paid by the Servicer or, if paid by the Trustee, shall
be repaid by the Servicer upon demand from such Servicer's own funds;
(vi) The right of the Trustee to perform any discretionary act
enumerated in this Agreement shall not be construed as a duty, and the
Trustee shall not be answerable for other than its negligence or willful
misconduct in the performance of such act;
(vii) The Trustee shall not be required to give any bond or surety in
respect of the execution of the Trust created hereby or the powers granted
hereunder; and
(viii) The Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or
attorneys.
(b) Following the Startup Day, the Trustee shall not knowingly accept any
contribution of assets to the Trust Fund REMIC, unless the Trustee shall have
received from the Depositor an Opinion of Counsel to the effect that the
inclusion of such assets in the Trust Fund REMIC will not cause the Trust Fund
REMIC to fail to qualify as a REMIC at any time that any of the Certificates are
outstanding or subject the Trust Fund REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
Section 12.03 Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than the
certificate of authentication on the Certificates) shall be taken as the
statements of the Depositor, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates or of any Mortgage Loan or
related document (including any document comprising a part of the Mortgage
File). The Trustee shall not be accountable for the use or application by the
Depositor of any of the Certificates or of the proceeds of such Certificates, or
for the use or application of any funds paid to the Servicer in respect of the
Mortgage Loans or deposited in or withdrawn by any Servicer from the Principal
and Interest Accounts. The Trustee shall not be responsible for the legality or
validity of the Agreement or the validity, priority, perfection or sufficiency
of the security for the Certificates issued or intended to be issued hereunder.
The Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect
or maintain the perfection of any security interest or lien granted to it
hereunder (unless the Trustee shall have become the successor to the Servicer)
or to prepare or file any Securities and Exchange Commission filing for the
Trust Fund or to record this Agreement.
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Section 12.04 Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates with the same rights it would have if it were not
Trustee, and may otherwise deal with the parties hereto.
Section 12.05 Servicer to Pay Trustee's Fees and Expenses.
The Servicer and the Depositor, jointly and severally, covenant and agree
to pay to the Trustee annually, from amounts on deposit in the Trustee Expense
Accounts, and the Trustee shall be entitled to, reasonable compensation (which
shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) for all routine services rendered by it in the
execution of the trusts hereby created and in the exercise and performance of
any of the powers and routine duties hereunder of the Trustee, and the Servicer
and the Depositor will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Agreement (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all persons not regularly in its employ) except any such expense, disbursement
or advance as may arise from its negligence or bad faith, provided that the
Trustee shall have no lien on the Trust Fund, other than the Trustee Expense
Accounts, for the payment of its fees and expenses. To the extent that actual
fees and expenses of the Trustee exceed the Annual Trustee Expense Amounts, the
Servicer and/or the Depositor shall reimburse the Trustee for such shortfall out
of its own funds without reimbursement therefor, except as provided in Section
6.03. The Trustee and any director, officer, employee or agent of the Trustee
shall be indemnified, jointly and severally, by the Servicer and the Depositor
and held harmless against any loss, liability or expense (including legal fees
and expenses) (i) incurred in connection with any legal action relating to this
Agreement, the Prospectus or the Certificates, other than any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or negligence in
the performance of duties hereunder, and (ii) resulting from any error in any
tax or information return prepared by the Servicer. The obligations of the
Servicer and the Depositor under this Section 12.05 shall survive termination of
the initial Servicer and payment of the Certificates with respect to any
Sub-Pool, and shall extend to any co-trustee or separate-trustee appointed
pursuant to this Article XII.
Section 12.06 Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be (i) a bank organized and doing
business under the laws of any state or the United States of America, (ii)
authorized under such laws to exercise corporate trust powers, including taking
title to the Trust Fund assets on behalf of the Certificateholders, (iii) having
a combined capital and surplus of at least $50,000,000, (iv) whose long-term
deposits shall be rated at least "BBB" by S&P and Baa2 by Moody's (except as
provided herein) or such lower long-term deposit rating by S&P as may be
approved in writing by the Certificate Insurer and S&P or the Certificate
Insurer and Moody's, as the case may be (v) is subject to supervision or
examination by federal or state authority and (vi) is reasonably acceptable
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to the Certificate Insurer as evidenced in writing. If such bank publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section 12.06, the combined capital and surplus of such bank shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section 12.06, the Trustee
shall resign immediately in the manner and with the effect specified in Section
12.07 hereof.
Section 12.07 Resignation and Removal of the Trustee.
The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Servicer, the Rating Agencies
and the Certificate Insurer, not less than 60 days before the date specified in
such notice when such resignation is to take effect. Upon receiving such notice
of resignation, the Servicer shall promptly appoint a successor trustee which
satisfies the eligibility requirements of Section 12.06 by written instrument,
in duplicate, which instrument shall be delivered to the resigning Trustee and
to the successor trustee. A copy of such instrument shall be delivered to the
Certificateholders and the Certificate Insurer by the Servicer. Unless a
successor trustee shall have been so appointed and have accepted appointment
within 60 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.
If at any time the Trustee shall cease to be eligible in accordance with
the provisions of Section 12.06 and shall fail to resign after written request
therefor by any Servicer, or the Certificate Insurer, or if at any time the
Trustee shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Servicer or the Certificate Insurer may remove the Trustee
and the Servicer shall, within 30 days after such removal, appoint, subject to
the approval of the Certificate Insurer, which approval shall not be
unreasonably withheld, a successor trustee which satisfies the eligibility
requirements of Section 12.06 by written instrument, in duplicate, which
instrument shall be delivered to the Trustee so removed and to the successor
trustee. A copy of such instrument shall be delivered to the Certificateholders,
each Rating Agency and the Certificate Insurer by the successor trustee.
If the Trustee fails to perform in accordance with the terms of this
Agreement, the Class 1A Majority Certificateholders and the Class 2A Majority
Certificateholders or the Certificate Insurer may remove the Trustee and appoint
a successor trustee by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered to the Servicer, one complete set to the
Trustee so removed and one complete set to the successor Trustee so appointed. A
copy of such instrument shall be delivered to the Certificate Insurer by the
Servicer.
The Depositor may, in its discretion, remove the Trustee with the consent
of the Certificate Insurer, which consent shall not be unreasonably withheld,
without cause. The
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Servicer shall, within 30 days after such removal, appoint, subject to the
approval of the Certificate Insurer, which approval shall not be unreasonably
withheld, a successor trustee which satisfies the eligibility requirements of
Section 12.06 by written instrument, in duplicate, which instrument shall be
delivered to the Trustee so removed and to the successor trustee. A copy of such
instrument shall be delivered to the Certificateholders, each Rating Agency and
the Certificate Insurer by the successor trustee.
Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon acceptance of appointment by the successor trustee which satisfies the
eligibility requirements of Section 12.06 as provided in Section 12.08.
Section 12.08 Successor Trustee.
Any successor trustee appointed as provided in Section 12.07 shall execute,
acknowledge and deliver to the Servicer and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor
hereunder, with the like effect as if originally named as trustee herein. The
predecessor trustee shall, to the extent necessary, deliver to the successor
trustee, or Custodian, if any, all Mortgage Files and related documents and
statements held by it hereunder, and the Servicer and the predecessor trustee
shall execute and deliver such instruments and do such other things as may
reasonably be required for more fully and certainly vesting and confirming in
the successor trustee all such rights, powers, duties and obligations.
No successor trustee shall accept appointment as provided in this Section
12.08 unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 12.06 and its appointment shall not
adversely affect the then current rating of the Certificates.
Upon acceptance of appointment by a successor trustee as provided in this
Section 12.08, the Servicer shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Servicer fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Servicer.
Section 12.09 Merger or Consolidation of Trustee.
Any Person into which the Trustee may be merged or converted or with which
it may be consolidated or any corporation or banking association resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation or bank succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation or bank shall be eligible under the
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provisions of Section 12.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.
Section 12.10 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions hereof, at any time, for the purpose
of meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
12.10, such powers, duties, obligations, rights and trusts as the Servicer and
the Trustee may consider necessary or desirable. Any such co-trustee or separate
trustee shall be approved by the Certificate Insurer. If the Servicer shall not
have joined in such appointment within 15 days after the receipt by it of a
request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 12.06 and no notice to Holders
of Certificates of the appointment of co-trustee(s) or separate trustee(s) shall
be required under Section 12.08.
In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 12.10, all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly, except
to the extent that under any law of any jurisdiction in which any particular act
or acts are to be performed (whether as Trustee hereunder or as successor to the
Servicer hereunder), the Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Fund or any portion thereof in any
such jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.
Any notice, request or other writing given to the Trustee shall be deemed
to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article XII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee, and a copy thereof shall be
forwarded by the Trustee to the Certificate Insurer.
Any separate trustee or co-trustee may, at any time, constitute the
Trustee, its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. The Trustee shall
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not be responsible for any action or inaction of any such separate trustee or
co-trustee. If any separate trustee or co-trustee shall die, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.
Section 12.11 Tax Returns.
The Trustee, upon request, will promptly furnish the Servicer with all such
information as may reasonably be required in connection with the Servicer's
preparation of all Tax Returns of the Trust Fund REMIC or for the purpose of the
Servicer's responding to reasonable requests for information made by
Certificateholders in connection with tax matters and, within five (5) Business
Days of a request therefor, shall (i) sign on behalf of the Trust Fund REMIC any
Tax Return that the Trustee is required to sign pursuant to applicable federal,
state or local tax laws, and (ii) cause such Tax Return to be returned in a
timely manner to the Servicer for distribution to Certificateholders or filed
with a government authority if required.
Section 12.12 Appointment of Custodians.
The Trustee may, with the consent of the Servicer and the Certificate
Insurer, appoint one or more Custodians to hold all or a portion of the
Trustee's Mortgage Files as agent for the Trustee, by entering into a Custodial
Agreement. Subject to this Article XII, the Trustee agrees to comply with the
terms of each Custodial Agreement and to enforce the terms and provisions
thereof against the Custodian for the benefit of the Certificateholders and the
Certificate Insurer. Each Custodian shall be a depository institution subject to
supervision by federal or state authority and shall be qualified to do business
in the jurisdiction in which it holds any Trustee's Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 14.02.
Section 12.13 Trustee May Enforce Claims Without Possession of
Certificates.
All rights of action and claims under this Agreement or the Certificates
may be prosecuted and enforced by the Trustee without the possession of any of
the Certificates or the production thereof in any proceeding relating thereto,
any such proceeding instituted by the Trustee shall be brought in its own name
or in its capacity as Trustee. Any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Certificateholders in respect of which such judgment has been recovered.
Section 12.14 Suits for Enforcement.
In case an Event of Default or other default by the Servicer hereunder
shall occur and be continuing, the Trustee, in its discretion, but subject to
Section 10.01, may proceed to protect and enforce its rights and the rights of
the Certificateholders under this Agreement by a suit, action or proceeding in
equity or at law or otherwise, whether for the specific performance of any
covenant or agreement contained in this Agreement or in aid of the execution of
any power granted in this Agreement or for the enforcement of any other legal,
equitable or other remedy,
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as the Trustee, being advised by counsel, shall deem most effectual to protect
and enforce any of the rights of the Trustee or the Certificateholders.
Section 12.15 Control of Remedies by Certificate Insurer and
Certificateholders.
Notwithstanding anything herein to the contrary, the Certificate Insurer or
the Class 1A and Class 2A Majority Certificateholders, with the consent of the
Certificate Insurer, may direct the time, method and place of conducting any
proceeding relating to the Trust Fund or the Certificates or for any remedy
available to the Trustee with respect to the Certificates or exercising any
trust or power conferred on the Trustee with respect to the Certificates or the
Trust Fund; provided, that:
(i) such direction shall not be unlawful or in conflict with this
Agreement;
(ii) the Trustee shall have been provided with indemnity satisfactory
to it;
(iii) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction; and
(iv) that the Trustee need not take any action which it determines
might involve it in liability or may be unjustly prejudicial to the Holders
not so directing.
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ARTICLE XIII
REMIC PROVISIONS
Section 13.01 REMIC Administration.
(a) The Servicer shall make an election to treat the Trust Fund REMIC as a
REMIC under the Code and, if necessary, under applicable state law. Such
elections will be made on Form 1066 or other appropriate federal tax or
information return or any appropriate state return for the taxable year ending
on the last day of the calendar year in which the Certificates are issued. For
the purposes of the REMIC election in respect of the Trust Fund REMIC, the Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5 and Class 2A Certificates
shall be designated as the "regular interests", and the Class R Certificates
shall be designated as the sole class of "residual interests" in the Trust Fund
REMIC. The Servicer shall not permit the creation of any "interests" in the
Trust Fund REMIC (within the meaning of Section 860G of the Code) other the than
interests represented by the Certificates.
(b) The Closing Date is hereby designated as the "Startup Day" of the Trust
Fund REMIC within the meaning of Section 860G(a)(9) of the Code.
(c) The Servicer shall hold the Tax Matters Person Residual Interest
Certificate representing a 0.01% Percentage Interest of the Class R Certificates
and is designated as the Tax Matters Person of the Trust Fund REMIC, as provided
under Treasury regulations Section 1.860F-4(d) and temporary Treasury
regulations Section 301.6231(a)(7)-1(a). The Servicer, as Tax Matters Person,
shall (i) act on behalf of the Trust Fund REMIC, in relation to any tax matter
or controversy involving such REMIC and (ii) represent the Trust Fund REMIC in
any administrative or judicial proceeding relating to an examination or audit by
any governmental taxing authority with respect thereto. To the extent authorized
under the Code and the regulations promulgated thereunder, each Holder of a
Class R Certificate hereby irrevocably appoints and authorizes the Servicer to
be its attorney-in-fact for purposes of signing any Tax Returns required to be
filed on behalf of the Trust Fund REMIC. The legal expenses and costs of any
such action described in this subsection and any liability resulting therefrom
shall constitute Servicing Advances and the Servicer shall be entitled to
reimbursement therefor unless such legal expenses and costs are incurred by
reason of the Servicer's willful misfeasance, bad faith or gross negligence.
(d) The Servicer shall prepare or cause to be prepared all of the Tax
Returns in respect of the Trust Fund REMIC created hereunder and deliver such
Tax Returns to the Trustee for signing and the Trustee shall sign and promptly
return to the Servicer for filing such Tax Returns in order that the Servicer
may file such Tax Returns in a timely manner. The expenses of preparing and
filing such returns shall be borne by the Servicer without any right of
reimbursement therefor.
(e) The Servicer shall perform on behalf of the Trust Fund all reporting
and other tax compliance duties that are the responsibility of the Trust Fund
under the Code, REMIC
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Provisions or other compliance guidance issued by the Internal Revenue Service
or any state or local taxing authority. Among its other duties, as required by
the Code, the REMIC Provisions or other such compliance guidance, the Servicer
shall provide (i) to any Transferor of a Class R Certificate such information as
is necessary for the application of any tax relating to the transfer of a Class
R Certificate to any Person who is not a Permitted Transferee, (ii) to
Certificateholders such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of the Trust Fund.
(f) To the extent that the affairs of the Trust Fund are within its control
and the scope of its specific responsibilities under this Agreement, the
Servicer shall take such action and shall cause the Trust Fund REMIC created
under this Agreement to take such action as shall be reasonably necessary to
create or maintain the status thereof as a REMIC under the REMIC Provisions (and
the Trustee shall assist it, to the extent reasonably requested by it). The
Servicer shall not knowingly or intentionally take any action, cause the Trust
Fund REMIC to take any action or fail to take (or fail to cause to be taken) any
action that, under the REMIC Provisions, if taken or not taken, as the case may
be, could (i) endanger the status of the Trust Fund REMIC as a REMIC or (ii)
result in the imposition of a tax upon the Trust Fund REMIC (including but not
limited to the tax on prohibited transactions as defined in Section 860F(a)(2)
of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Servicer
has received an Opinion of Counsel to the effect that the contemplated action
will not, with respect to the Trust Fund REMIC created hereunder, endanger such
status or result in the imposition of such a tax. If the Servicer has delivered
to the Trustee an Opinion of Counsel indicating that an action or omission of
the Trustee not otherwise required hereby may result in an Adverse REMIC Event,
the Trustee shall not take such action, or omit taking such action, as the case
may be. In addition, prior to taking any action with respect to the Trust Fund
REMIC or its assets, or causing the Trust Fund REMIC to take any action, which
is not expressly permitted under the terms of this Agreement, the Trustee shall
consult with the Servicer or its designee with respect to whether such action
may cause an Adverse REMIC Event and the Trustee shall not take any such action
or cause the Trust Fund REMIC to take any such action as to which the Servicer
has advised it in writing that an Adverse REMIC Event may occur. If the Trustee
so consults with the Servicer and the Servicer fails to respond within three
Business Days, the Trustee may take such action, provided that such action would
not otherwise constitute a breach of this Agreement. The Servicer may consult
with counsel as to the rendering of such written advice, and the cost of such
consultation and the production of any Opinions of Counsel, or written advice,
shall be borne by the party seeking to take the action not otherwise permitted
by this Agreement; provided, however that in no event shall the Trustee be
liable or responsible for such costs. The Trustee may conclusively presume that
any action taken or omitted at the written direction or request of the Servicer
will not result in an Adverse REMIC Event, and the Trustee shall not be liable
or responsible for any Adverse REMIC Event arising out of or resulting from any
such action or omission.
(g) In the event that any tax is imposed on "prohibited transactions" of
the Trust Fund REMIC created hereunder as defined in Section 860F(a)(2) of the
Code, on "net income
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from foreclosure property" of the Trust Fund REMIC, as defined in Section
860G(c) of the Code, on any contributions to the Trust Fund REMIC after the
Startup Day pursuant to Section 860G(d) of the Code, or any other tax is imposed
by the Code or any applicable provisions of state or local tax laws, such tax
shall be charged (i) against the party the actions of which gave rise to such
taxes and (ii) otherwise against amounts on deposit in the related Certificate
Account and shall be paid by withdrawal therefrom.
(h) On or before April 15 of each calendar year, commencing April 15, 1998,
the Servicer shall deliver to the Trustee a Certificate from a Responsible
Officer of the Servicer stating the Servicer's compliance with this Article
XIII.
(i) The Trustee and the Servicer shall, for federal income tax purposes,
maintain books and records with respect to the Trust Fund REMIC on a calendar
year and on an accrual basis, to the extent such books and records are
maintained pursuant to this Agreement.
(j) After the 90-day period commencing on the Startup Day, the Servicer
shall not accept any contributions of assets to the Trust Fund REMIC, unless it
shall have received an Opinion of Counsel to the effect that the inclusion of
such assets in the Trust Fund will not cause the Trust Fund REMIC to fail to
qualify as a REMIC at any time that any Certificates are outstanding or subject
the Trust Fund REMIC to any tax under the REMIC Provisions or other applicable
provisions of federal, state and local law or ordinances.
(k) Neither the Servicer nor the Trustee shall enter into any arrangement
by which the Trust Fund REMIC will receive a fee or other compensation for
services nor permit the Trust Fund REMIC to receive any income from assets other
than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.
(l) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the "latest possible maturity date" of the Class A Certificates and
the date by which the Class 1A Principal Balance and the Class 2A Principal
Balance would be reduced to zero is September 27, 2027 which is the Remittance
Date immediately following the latest scheduled maturity of any Mortgage Loan.
(m) Upon any termination of, or appointment of any successor to, the
Servicer with respect to the last Sub-Pool covered under this Agreement
hereunder, the Servicer shall promptly, upon the request of the Trustee,
transfer all of the related Tax Matters Person Residual Interest Certificates to
the successor Servicer. If a successor Servicer has not been appointed by the
Trustee, the Servicer shall promptly, upon the request of the Trustee, transfer
all of the related Tax Matters Person Residual Interest Certificates to the
Depositor who shall serve as the related Tax Matters Person until such time as
the Trustee appoints a successor Servicer. Any entity appointed by the Trustee
as successor Servicer shall agree to hold the related Tax Matters Person
Residual Interest Certificates as a condition to its appointment as Servicer.
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(n) All expenses incurred by the Servicer in performing its duties under
this Article XIII (other than as provided in Section 13.01(d) and expenses for
salaries of its own employees and overhead) shall constitute Servicing Advances
under this Agreement.
Section 13.02 Prohibited Transactions and Activities.
Neither the Depositor, the Trustee nor the Servicer shall sell, dispose of
or substitute for any of the Mortgage Loans (except in connection with (i) the
foreclosure of a Mortgage Loan, including but not limited to, the acquisition or
sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the
bankruptcy of the Trust Fund, (iii) the termination of the Trust Fund REMIC
pursuant to Article XI or (iv) a purchase of Mortgage Loans pursuant to Articles
II or III), nor acquire any assets for the Trust Fund, nor sell or dispose of
any investments in the Certificate Account for gain, nor accept any
contributions to the Trust Fund REMIC after the Closing Date unless it has
received an Opinion of Counsel (at the expense of the party seeking to cause
such sale, disposition, substitution or acquisition) indicating that such sale,
disposition, substitution or acquisition will not (a) affect adversely the
status of the Trust Fund REMIC as a REMIC or (b) cause the Trust Fund REMIC to
be subject to a tax on "prohibited transactions", "contributions" or, except as
otherwise provided for in this Agreement, "net income from foreclosure property"
pursuant to the REMIC Provisions.
Section 13.03 Servicer and Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Depositor and the
Servicer for any taxes and costs including, without limitation, any reasonable
attorneys' fees imposed on or incurred by the Trust Fund, the Depositor or the
Servicer, as a result of a breach of the Trustee's covenants set forth in
Article XII or this Article XIII.
(b) The Servicer agrees to indemnify the Trust Fund, the Depositor and the
Trustee for any taxes and costs including, without limitation, any reasonable
attorneys' fees imposed on or incurred by the Trust Fund, the Depositor or the
Trustee, as a result of a breach of the Servicer's covenants set forth in
Articles V, VII, IX or this Article XIII with respect to compliance with the
REMIC Provisions, including without limitation, any penalties arising from the
Trustee's execution of Tax Returns prepared by the Servicer that contain
material errors or omissions.
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ARTICLE XIV
MISCELLANEOUS PROVISIONS
Section 14.01 Acts of Certificateholders.
Except as otherwise specifically provided herein, whenever
Certificateholder action, consent or approval is required under this Agreement,
such action, consent or approval shall be deemed to have been taken or given on
behalf of, and shall be binding upon, all Certificateholders with respect to a
Sub-Pool if the Majority Certificateholders of the related Sub-Pool agree to
take such action or give such consent or approval.
Section 14.02 Amendment.
(a) This Agreement may be amended from time to time by the Depositor, the
Trustee and the Servicer by written agreement upon the prior written consent of
the Certificate Insurer, without notice to or consent of the Certificateholders,
to cure any error or ambiguity, to correct or supplement any provisions herein
which may be inconsistent with any other provisions hereof, to evidence any
succession to the Servicer, to comply with any changes in the Code, to amend
this Agreement to modify, eliminate or add to any of its provisions to such
extent as shall be necessary or appropriate to maintain the qualification of the
Trust Fund REMIC as a REMIC under the Code or to make any other provisions with
respect to matters or questions arising under this Agreement which shall not be
inconsistent with the provisions of this Agreement, or any Custodial Agreement;
provided, however, that such action shall not, as evidenced by an Opinion of
Counsel, at the expense of the party requesting the change, delivered to the
Trustee, adversely affect in any material respect the interests of any
Certificateholder; and provided further, that no such amendment shall reduce in
any manner the amount of, or delay the timing of, payments received on Mortgage
Loans which are required to be distributed on any Certificate without the
consent of the Holder of such Certificate, or change the rights or obligations
of any other party hereto without the consent of such party. The Trustee shall
give prompt written notice to the Rating Agencies of any amendment made pursuant
to this Section 14.02.
(b) This Agreement may be amended from time to time by the Depositor, the
Trustee and the Servicer and with the consent of the Certificate Insurer and (i)
the Class 1A Majority Certificateholders in the case of an amendment affecting
the Class 1A Certificates and (ii) the Class 2A Majority Certificateholders in
the case of an amendment affecting the Class 2A Certificates; provided, however,
that no such amendment shall be made unless the Trustee receives an Opinion of
Counsel, at the expense of the party requesting the change, that such change
will not adversely affect the status of the Trust Fund REMIC as a REMIC or cause
a tax to be imposed on the Trust Fund REMIC, and provided further, that no such
amendment shall reduce in any manner the amount of, or delay the timing of,
payments received on Mortgage Loans which are required to be distributed on any
Certificate without the consent of the Holder of such Certificate or reduce the
percentage for each Class the Holders of which are required to consent to any
such amendment without the consent of the Holders of 100% of each Class of
Certificates affected thereby.
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(c) It shall not be necessary for the consent of Holders under this Section
to approve the particular form of any proposed amendment, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders shall be subject to such reasonable requirements
as the Trustee may prescribe.
Prior to the execution of any amendment to this Agreement, the Trustee
shall be entitled to receive and rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement.
The Trustee may, but shall not be obligated to, enter into any such amendment
which affects the Trustee's own rights, duties or immunities under this
Agreement.
In connection with the solicitation of consents of Certificateholders
pursuant to this Section 14.02, upon written request of the Depositor, the
Trustee shall provide written copies of the current Certificate Register to the
Depositor.
Section 14.03 Recordation of Agreement.
To the extent permitted by applicable law, this Agreement, or a memorandum
thereof if permitted under applicable law, is subject to recordation in all
appropriate public offices for real property records in all of the counties or
other comparable jurisdictions in which any or all of the properties subject to
the Mortgages are situated, and in any other appropriate public recording office
or elsewhere, such recordation to be effected by the Servicer at the
Certificateholders' expense on direction of the Certificate Insurer or the
Majority Certificateholders of both Sub-Pools, but only when accompanied by an
Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders or is necessary for
the administration or servicing of the Mortgage Loans.
Section 14.04 Duration of Agreement.
This Agreement shall continue in existence and effect until terminated as
herein provided.
Section 14.05 Governing Law.
This Agreement shall be construed in accordance with the laws of the State
of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws, without giving effect to
principles of conflicts of law.
Section 14.06 Notices.
(a) All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by overnight mail, certified mail or registered mail, postage prepaid, to (i) in
the case of Superior Bank, as Depositor, One Lincoln Centre, Oakbrook Terrace,
Illinois 60181, Attention: William C. Bracken, or such
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other addresses as may hereafter be furnished to the Certificateholders in
writing by the Depositor, (ii) in the case of Lee Servicing Company, a division
of Superior Bank FSB, as Servicer, One Lincoln Centre, Oakbrook Terrace,
Illinois 60181, Attention: William C. Bracken, or such other addresses as may
hereafter be furnished to the Certificateholders in writing by the Servicer,
(iii) in the case of the Trustee, LaSalle National Bank, 135 S. LaSalle Street,
Suite 1740, Chicago, Illinois 60674-4107, Attention: Asset-Backed Securities
Trust Services Department -AFC 1996-4, (iv) in the case of the
Certificateholders, as set forth in the Certificate Register, (v) in the case of
Moody's, 99 Church Street, New York, New York 10007 Attention: Home Equity Loan
Monitoring Group, (vi) in the case of S&P, 26 Broadway, 15th Floor, New York,
New York 10004 Attention: Residential Mortgage Surveillance Group, and (vii) in
the case of the Certificate Insurer, Financial Guaranty Insurance Company, 115
Broadway, New York, New York 10006, Attention: Group Leader -- Research and Risk
Management. Any such notices shall be deemed to be effective with respect to any
party hereto upon the receipt of such notice by such party, except that notices
to the Certificateholders shall be effective upon mailing or personal delivery.
(b) The Trustee shall use its best efforts to promptly provide notice to
each Rating Agency with respect to each of the following of which it has actual
knowledge:
1. Any material change or amendment to this Agreement;
2. The occurrence of any Event of Default that has not been cured;
3. The resignation or termination of the Servicer or the Trustee and
the appointment of any successor;
4. The repurchase or substitution of Mortgage Loans; and
5. The final payment to Certificateholders.
In addition, the Trustee shall promptly furnish to each Rating Agency
copies of the following:
1. Each report to Certificateholders described in Section 6.08;
2. Each annual statement as to compliance described in Section 7.04;
and
3. Each annual independent public accountants' servicing report
described in Section 7.05.
Section 14.07 Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be held invalid for any reason whatsoever, then such
covenants, agreements,
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provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other covenants,
agreements, provisions or terms of this Agreement.
Section 14.08 No Partnership.
Nothing herein contained shall be deemed or construed to create a
co-partnership or joint venture between the parties hereto and the services of
the Servicer shall be rendered as an independent contractor and not as agent for
the Certificateholders.
Section 14.09 Counterparts.
This Agreement may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same agreement.
Section 14.10 Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the
Servicer, the Depositor, the Trustee and the Certificateholders and their
respective successors and assigns.
Section 14.11 Headings.
The headings of the various sections of this Agreement have been inserted
for convenience of reference only and shall not be deemed to be part of this
Agreement.
Section 14.12 The Certificate Insurer.
The Certificate Insurer shall be a third-party beneficiary of this
Agreement, entitled to enforce any provisions hereof as if a party hereto. Any
right conferred to the Certificate Insurer with respect to a Sub-Pool shall be
suspended during any period in which the Certificate Insurer is in default in
its payment obligations under the Certificate Insurance Policy. At such time as
the Certificates with respect to a Sub-Pool are no longer outstanding hereunder,
and no amounts owed to the Certificate Insurer hereunder with respect to such
Sub-Pool remain unpaid, the Certificate Insurer's rights hereunder with respect
to such Sub-Pool shall terminate.
Section 14.13 Paying Agent.
The Trustee hereby accepts appointment as Paying Agent. The Trustee may,
subject to the eligibility requirements for the Trustee set forth in Section
12.06, other than Section 12.06(iv), appoint one or more other Paying Agents or
successor Paying Agents.
Each Paying Agent, immediately upon such appointment, shall signify its
acceptance of the duties and obligations imposed upon it by this Agreement by
written instrument of acceptance deposited with the Trustee with a copy being
sent to the Certificate Insurer.
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Each such Paying Agent other than the Trustee shall execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of Section 6.06, that such Paying Agent will:
(1) allocate all sums received for distribution to the Holders of
Certificates of each Class for which it is acting as Paying Agent on each
Remittance Date among such Holders in the proportion specified by the
Trustee; and
(2) hold all sums held by it for the distribution of amounts due with
respect to the Certificates in trust for the benefit of the Holders
entitled thereto until such sums shall be paid to such Holders or otherwise
disposed of as herein provided and pay such sums to such Persons as herein
provided.
Any Paying Agent other than the Trustee may at any time resign and be
discharged of the duties and obligations created by this Agreement by giving at
least sixty (60) days written notice to the Trustee. Any such Paying Agent may
be removed at any time by an instrument filed with such Paying Agent signed by
the Trustee.
In the event of the resignation or removal of any Paying Agent other than
the Trustee such Paying Agent shall pay over, assign and deliver any moneys held
by it as Paying Agent to its successor, or if there be no successor, to the
Trustee.
Upon the appointment, removal or notice of resignation of any Paying Agent,
the Trustee shall notify the Certificate Insurer and the Certificateholders by
mailing notice thereof to their addresses appearing on the Certificate Register.
Section 14.14 Actions of Certificateholders.
(a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by
agent duly appointed in writing; and except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where required, to the Depositor or the
Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Trustee, the Depositor and the Servicer, if made in
the manner provided in this Section.
(b) The fact and date of the execution by any Certificateholder of any such
instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient.
(c) Any request, demand, authorization, direction, notice, consent, waiver
or other act by a Certificateholder shall bind every Holder of every Certificate
issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of anything
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done, or omitted to be done, by the Trustee, the Depositor or either Servicer in
reliance thereon, whether or not notation of such action is made upon such
Certificate.
(d) The Trustee may require additional proof of any matter referred to in
this Section 14.14 as it shall deem necessary.
Section 14.15 Grant of Security Interest.
It is the express intent of the parties hereto that the conveyance of the
Mortgage Loans and all other assets constituting the Trust Fund, by the
Depositor to the Trustee be, and be construed as, a sale of the Mortgage Loans
and such other assets constituting the Trust Fund by the Depositor and not a
pledge by the Depositor to secure a debt or other obligation of the Depositor.
However, in the event that, notwithstanding the aforementioned intent of the
parties, the Mortgage Loans and other assets constituting the Trust Fund are
held to be property of the Depositor, then it is the express intent of the
parties that such conveyance be deemed as a pledge of the Mortgage Loans and all
other assets constituting the Trust Fund to the Trustee to secure a debt or
other obligation of the Depositor and this Agreement shall be deemed to be a
security agreement within the meaning of the Uniform Commercial Code and the
conveyances provided for in Section 2.01 hereof shall be deemed a grant by the
Depositor to the Trustee of a security interest in all of the Depositor's right,
title and interest in and to the Mortgage Loans and all other assets
constituting the Trust Fund. Accordingly, the Depositor hereby grants to the
Trustee a security interest in the Mortgage Loans and all other assets
constituting the Trust Fund for the purpose of securing to the Trustee the
performance by the Depositor of the obligations under this Agreement.
Notwithstanding the foregoing, the parties hereto intend the conveyances
pursuant to Section 2.01 to be a true, absolute and unconditional sale of the
Mortgage Loans and all other assets constituting the Trust Fund by the Depositor
to the Trustee. The Depositor and the Trustee (at the written direction and
expense of the Depositor) shall take such actions as may be necessary to ensure
that if this Agreement were deemed to create a security interest, such security
interest would be deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such for the term of this
Agreement. Without limiting the generality of the foregoing, the Servicer shall
file, or shall cause to be filed, all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform Commercial
Code to perfect the Trustee's security interest in or lien on the Mortgage
Loans, including, without limitation, (x) continuation statements and (y) such
other statements as may be occasioned by (i) any change of name of the Depositor
or Trustee, (ii) any change of location of the place of business or the chief
executive office of the Depositor or (iii) any transfer of any interest of the
Depositor in any Mortgage Loan.
-158-
<PAGE>
IN WITNESS WHEREOF, the Servicer, the Trustee and the Depositor have caused
their names to be signed hereto by their respective officers thereunto duly
authorized as of the day and year first above written.
SUPERIOR BANK FSB, in all of its capacities
as contemplated hereby
By: /s/ WILLIAM C. BRACKEN
---------------------------------------
Name: William C. Bracken
Title: Chief Financial Officer
Senior Vice President
LEE SERVICING COMPANY, a division of
Superior Bank FSB, as Servicer
By: /s/ WILLIAM C. BRACKEN
---------------------------------------
Name: William C. Bracken
Title: Chief Financial Officer
Senior Vice President
LASALLE NATIONAL BANK, as Trustee
By: /s/ SHASHANK MISHRA
---------------------------------------
Name: Shashank Mishra
Title: Vice President
<PAGE>
State of )
) ss.:
County of )
On the __th day of September, 1997 before me, a Notary Public in and for
the State of Illinois, personally appeared William C. Bracken known to me to be
a Senior Vice President of Superior Bank FSB, that executed the within
instrument and also known to me to be the person who executed it on behalf of
said corporation, and acknowledged to me that such corporation executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
----------------------------------------
[SEAL] Notary Public
My Commission expires ____________
<PAGE>
State of )
) ss.:
County of )
On the __th day of September, 1997 before me, a Notary Public in and for
the State of Illinois, personally appeared William C. Bracken known to me to be
a Senior Vice President of Lee Servicing Company, a division of Superior Bank
FSB, the corporation that executed the within instrument and also known to me to
be the person who executed it on behalf of said corporation, and acknowledged to
me that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
----------------------------------------
[SEAL] Notary Public
My Commission expires ____________
<PAGE>
State of )
) ss.:
County of )
On the __th day of September, 1997 before me, a Notary Public in and for
the State of Illinois, personally appeared Shashank Mishra known to me to be
Vice President of LaSalle National Bank, the banking corporation that executed
the within instrument and also known to me to be the person who executed it on
behalf of said banking corporation, and acknowledged to me that such corporation
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
----------------------------------------
[SEAL] Notary Public
My Commission expires ____________
<PAGE>
EXHIBIT A
CONTENTS OF MORTGAGE FILE
With respect to each Mortgage Loan, the Mortgage File shall include each of
the following items, all of which shall be available for inspection by the
Certificateholders, to the extent required by applicable laws:
1. The original Mortgage Note, showing a complete chain of endorsements
and endorsed by the last endorsee thereof "Pay to the order of
_________ [or LaSalle National Bank, as Trustee under the Pooling and
Servicing Agreement, dated as of September 1, 1997, Series 1997-3]
without recourse" and signed, by facsimile or manual signature, by
such last endorsee.
2. Either: (i) the original Mortgage, with evidence of recording thereon,
(ii) a copy of the Mortgage certified as a true copy by a Responsible
Officer of the Depositor or by the closing attorney, or by an officer
of the title insurer or agent of the title insurer which issued the
related title insurance policy, or commitment therefor, if the
original has been transmitted for recording until such time as the
original is returned by the public recording office or (iii) a copy of
the Mortgage certified by the public recording office in those
instances where the original recorded Mortgage has been lost.
3. Either: (a) (1) the original Assignment of Mortgage from the last
assignee of the related Mortgage assigned to the Trustee, with
evidence of recording thereon, or (2) an original assignment of
mortgage from the last assignee of the related Mortgage assigned in
blank, or (b) if an original Assignment of Mortgage has not yet been
provided in accordance with clause (a), an Assignment of Mortgage to
the Trustee, certified by an appropriate officer or approved signatory
of the Depositor or the closing attorney or any officer of the title
insurer that issued the related title insurance policy, or commitment
therefor, or its duly authorized agent, as being a true and complete
copy of the original of such Assignment of Mortgage to the Trustee
submitted for recording (provided, however, that an appropriate
officer or approved signatory of the Depositor may complete one or
more blanket certificates attaching copies of one or more Assignments
of Mortgage to the Trustee relating thereto) or (c) a copy of such
original Assignment of Mortgage to the Trustee, with evidence of
recording thereon, certified to be true and complete by the Depositor
or the appropriate public recording office, in those instances where
such original Assignment of Mortgage has been recorded but
subsequently lost; any such Assignment of Mortgage may be made by
blanket assignments for Mortgage Loans secured by the Mortgaged
Properties located in the same county, if permitted by applicable law.
4. The original policy of title insurance or a true copy thereof or, if
such policy has not yet been delivered by the insurer, the commitment
or binder to issue same, and, with respect to a Manufactured Home
Loan, a manufactured housing unit
<PAGE>
(American Land Title Association 7) endorsement from the title insurer
stating that the insurer agrees that the related manufactured housing
unit is included within the term "land" when used in the title policy.
5. Originals of all assumption and modification agreements, if any, or a
copy certified as a true copy by a Responsible Officer of the
Depositor if the original has been transmitted for recording until
such time as the original is returned by the public recording office.
6. Either: (i) originals of all intervening assignments, if any, showing
a complete chain of title from the originator to the last assignee of
the related Mortgage, including any recorded warehousing assignments,
with evidence of recording thereon, or, (ii) if the original
intervening assignments have not yet been returned from the recording
office, a copy of the originals of such intervening assignments
together with a certificate of a Responsible Officer of the Depositor
or the closing attorney or an officer of the title insurer which
issued the related title insurance policy, or commitment therefor, or
its duly authorized agent certifying that the copy is a true copy of
the original of such intervening assignments or (iii) a copy of the
intervening assignment certified by the public recording office in
those instances where the original recorded intervening assignment has
been lost.
7. Proof of hazard insurance in the form of the declaration page of a
hazard insurance policy together with a direction to the insurer or
agent to add the name of the mortgagee, its successors and assigns, as
mortgagee/loss payee, or hazard insurance policy endorsement that
names the Depositor, its successors and assigns, as a mortgagee/loss
payee, and, if such endorsement does not show the amount insured by
the related hazard insurance policy, some evidence of such amount
except with respect to those Mortgage Loans purchased by the Depositor
from an investor as to which such proof of hazard insurance shall be
delivered not later than 180 days after the Closing Date and, if
required by law, flood insurance policy, with extended coverage of the
hazard insurance policy.
8. With respect to each Multifamily Loan and Sub-Pool 1 Mixed Use Loan,
(i) if such item is a document separate from the Mortgage either (a)
an original copy of the related Assignment of Leases, if any (with
recording information indicated thereon), or (b) if the original of
such Assignment of Leases has not yet been returned from the filing
office, a copy of such original, certified by an appropriate officer
or approved signatory of the Depositor or the closing attorney or any
officer of the title insurer that issued the related title insurance
policy, or commitment therefor, or its duly authorized agent, as being
a true and complete copy of the original of such Assignment of Leases
submitted for filing; (ii) an original assignment of any related
Assignment of Leases, if any (if such document is a document separate
from the Mortgage and not incorporated in the Assignment of Mortgage),
in blank and in recordable form; (iii) if such item is a document
separate from the Mortgage either (A) an original copy of all
intervening
-2-
<PAGE>
assignments of Assignment of Leases, if any (with recording
information indicated thereon), or (B) if the original of such
intervening assignments of Assignment of Leases has not yet been
returned from the recording office, a copy of such original, certified
by an appropriate officer or approved signatory of the Depositor or
the closing attorney or any officer of the title insurer that issued
the related title insurance policy, or commitment therefor, or its
duly authorized agent, as being a true and complete copy of the
original of such intervening assignment of Assignment of Leases
submitted for recording; (iv) either (a) a copy of the UCC-1 financing
statement and any related continuation statements, if any, each
showing the Mortgagor as debtor and mortgagee as secured party and
each with evidence of filing thereon, or (b) if the copy of the UCC-1
financing statement has not yet been returned from the filing office,
a copy of such UCC-1 financing statement, certified by an appropriate
officer or approved signatory of the Depositor or the closing attorney
or any officer of the title insurer that issued the related title
insurance policy, or commitment therefor, or its duly authorized
agent, as being a true and complete copy of the original of such UCC-1
financing statement submitted for filing; (v) an original executed
form UCC-2 or UCC-3 financing statement, in form suitable for filing,
disclosing the assignment in blank, of the security interest in the
personal property constituting security for repayment of the Mortgage
Loan; and (vi) either (A) an original copy of all intervening
assignments of UCC-3 financing statements, if any (with evidence of
filing thereon), or (B) if the original of such intervening
assignments of UCC-3 financing statements has not yet been returned
from the filing office, a copy of such original, certified by an
appropriate officer or approved signatory of the Depositor or the
closing attorney or any officer of the title insurer that issued the
related title insurance policy, or commitment therefor, or its duly
authorized agent, as being a true and complete copy of the original of
such intervening assignments of UCC-3 financing statements submitted
for recording. If in connection with any Mortgage Loan the Depositor
cannot deliver any such financing statement(s) with evidence of filing
thereon because such financing statement(s) has not yet been returned
by the public filing office where such financing statement(s) has been
submitted for filing, then the Depositor shall deliver or cause to be
delivered a photocopy of such financing statement(s) (certified by the
Depositor to be a true and complete copy) together with an officers'
certificate stating that such financing statement(s) has been
dispatched to the appropriate public filing office for filing.
9. Mortgage Loan closing statement and any other truth-in-lending or real
estate settlement procedure forms required by law.
10. Residential loan application.
11. Verification of employment and income, and tax returns, if any.
12. Credit report on the mortgagor.
-3-
<PAGE>
13. The full appraisal made in connection with the origination of the
related Mortgage Loan with photographs of the subject property and of
comparable properties, constituting evidence sufficient to indicate
that the Mortgaged Property relates to a Residential Dwelling.
14. With respect to Sub-Pool 1, to the extent that such Sub-Pool 1
Mortgage Loan is secured by a second priority lien, a verification of
the first mortgage.
15. All other papers and records developed or originated by the Depositor
or others, required to document the Mortgage Loan or to service the
Mortgage Loan.
-4-
<PAGE>
EXHIBIT B-1
[FORM OF CLASS 1A CERTIFICATE]
[DTC LEGEND]
AFC Mortgage Loan Asset Backed Certificate
Series 1997-3 Original Class 1A
Class Principal Balance:
1A[-1][-2][-3][-4][-5] $___________.
No. __________
Original Dollar Amount as of the
Date of Pooling and Closing Date Represented by this
Servicing Agreement: Certificate:
September 1, 1997 $_______________.
Servicer: Percentage Interest of
Lee Servicing Company, this Certificate:
a division of %
Superior Bank FSB
Original Sub-Pool 1 Principal
First Remittance Date: Balance: $_____________
October 27, 1997
Original Sub-Pool 1 Pre-Funded
Closing Date: Amount:
September __1997 $_____________
Class 1A[-1][-2][-3][-4] Latest Scheduled Maturity Date of
[-5] the Class A Certificates:
Pass-Through Rate: ___________ 1, 20__
[variable][____%]
Trustee: LaSalle National Bank
CUSIP #:
This certifies that is the registered owner of the percentage interest (the
"Percentage Interest") specified above in that certain beneficial ownership
interest evidenced by all the Class 1A[-1][-2][-3][-4][-5] Certificates of the
above referenced series (the "Class 1A[-1][-2][-3][-4][-5] Certificates") in a
Trust Fund consisting primarily of certain residential first and second mortgage
loans (the "Mortgage Loans") serviced by Lee Servicing Company, a division of
Superior Bank FSB (the "Servicer"). The Mortgage Loans were originated or
acquired by Superior Bank FSB (the "Depositor"). The Trust Fund will be created
by the Depositor and the Mortgage Loans will be serviced by the Servicer
pursuant to the terms and conditions of that certain Pooling and Servicing
Agreement dated as of September 1, 1997 (the "Agreement") by and among the
Servicer, the Depositor and LaSalle National Bank, as trustee (the "Trustee"),
certain of the pertinent provisions of which are set forth herein. The Cut-off
Date with respect to the Sub-
<PAGE>
Pool 1 Initial Mortgage Loans is September 1, 1997. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which terms and provisions the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
On each Remittance Date, commencing on October 27, 1997, the Trustee or
Paying Agent shall distribute to the Person in whose name this Certificate is
registered on the Business Day immediately preceding such Remittance Date with
respect to the Class 1A-1 Certificates and the Class 2A Certificates, and the
last Business Day of the month next preceding the month of such distribution
(each, a "Record Date"), an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount required to be distributed
to Holders of Class 1A[-1][-2][-3][-4][-5] Certificates on such Remittance Date
pursuant to Section 6.06 of the Agreement. Notwithstanding the foregoing, the
initial distribution on all Classes of Certificates other than the Class 1A-1
Certificates and the Class 2A Certificates will be made to Certificateholders of
record as of the Closing Date.
Distributions on this Certificate will be made by the Trustee or Paying
Agent by wire transfer of immediately available funds to the account of the
Person entitled thereto as shall appear on the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, if
such Person shall own of record (i) any Class R Certificate or (ii) any Class A
Certificate with an initial related Class A Principal Balance in excess of
$5,000,000, and shall have so notified the Trustee in writing at least five
Business Days prior to the related Remittance Date, or otherwise by check mailed
to the address of such Person appearing in the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Servicer of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Certificate Registrar in Chicago, Illinois.
-2-
<PAGE>
IN WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this
Certificate to be duly executed under its official seal.
LASALLE NATIONAL BANK,
as Trustee
By:
-----------------------------------
Authorized Officer
Dated:________________________
(Seal)
CERTIFICATE OF AUTHENTICATION
This is a Class 1A[-1][-2][-3]][-4][-5] Certificate referred to in the
within-mentioned Agreement.
LASALLE NATIONAL BANK, as Certificate Registrar
By:
-------------------------------------
Authorized Officer
-3-
<PAGE>
EXHIBIT B-2
[FORM OF CLASS 2A CERTIFICATE]
[DTC LEGEND]
AFC Mortgage Loan Asset Backed Certificate
Series 1997-3 Original Class 2A
Class 2A Principal Balance:
$___________.
No._____
Original Dollar Amount as of the
Date of Pooling and Closing Date Represented by this
Servicing Agreement: Certificate:
September 1, 1997 $_______________.
Servicer: Percentage Interest of
Lee Servicing Company, this Certificate:
a division of %
Superior Bank FSB
Original Sub-Pool 2 Principal
Balance: $______________
First Remittance Date:
October 27, 1997 Original Sub-Pool 2 Pre-Funded
Amount:
Closing Date: $_____________.
September __, 1997
Latest Scheduled Maturity Date of
CUSIP #: the Class A Certificates:
___________ 1, 20__
Trustee: LaSalle National Bank
This certifies that _________________ is the registered owner of the
percentage interest (the "Percentage Interest") specified above in that certain
beneficial ownership interest evidenced by all the Class 2A Certificates of the
above referenced series (the "Class 2A Certificates") in a Trust Fund consisting
primarily of certain residential first and second mortgage loans (the "Mortgage
Loans") serviced by Lee Servicing Company, a division of Superior Bank FSB (the
"Servicer"). The Mortgage Loans were originated or acquired by Superior Bank FSB
(the "Depositor"). The Trust Fund will be created by the Depositor and the
Mortgage Loans will be serviced by the Servicer pursuant to the terms and
conditions of that certain Pooling and Servicing Agreement dated as of September
1, 1997 (the "Agreement") by and among the Servicer, the Depositor and LaSalle
National Bank, as trustee (the "Trustee"), certain of the pertinent provisions
of which are set forth herein. The Cut-off Date with respect to the Sub-Pool 2
Initial Mortgage Loans is September 1, 1997. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms,
<PAGE>
provisions and conditions of the Agreement, to which terms and provisions the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
On each Remittance Date, commencing on October 27, 1997, the Trustee or
Paying Agent shall distribute to the Person in whose name this Certificate is
registered on the Business Day immediately preceding such Remittance Date with
respect to the Class 1A-1 Certificates and the Class 2A Certificates, and the
last Business Day of the month next preceding the month of such distribution
(each, a "Record Date"), an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount required to be distributed
to Holders of Class 2A Certificates on such Remittance Date pursuant to Section
6.06 of the Agreement. Notwithstanding the foregoing, the initial distribution
on all Classes of Certificates other than the Class 1A-1 Certificates and the
Class 2A Certificates will be made to the Certificateholders of record as of the
Closing Date.
Distributions on this Certificate will be made by the Trustee or Paying
Agent by wire transfer of immediately available funds to the account of the
Person entitled thereto as shall appear on the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, if
such Person shall own of record (i) any Class R Certificate or (ii) any Class A
Certificate with an initial related Class A Principal Balance in excess of
$5,000,000, and shall have so notified the Trustee in writing at least five
Business Days prior to the related Remittance Date, or otherwise by check mailed
to the address of such Person appearing in the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Servicer of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Certificate Registrar in Chicago, Illinois.
<PAGE>
IN WITNESS WHEREOF, the Trustee on behalf of the Trust has caused
this Certificate to be duly executed under its official seal.
LASALLE NATIONAL BANK,
as Trustee
By:
------------------------------------
Authorized Officer
Dated:________________________
(Seal)
CERTIFICATE OF AUTHENTICATION
This is a Class 2A Certificate referred to in the within-mentioned
Agreement.
LASALLE NATIONAL BANK, as Certificate Registrar
By:
-------------------------------------
Authorized Officer
-3-
<PAGE>
EXHIBIT B-3
[FORM OF CLASS R CERTIFICATE]
THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAW OF ANY STATE. ANY
RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE WITHOUT SUCH
REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT
REQUIRE SUCH REGISTRATION OR QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 4.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE MAY BE
MADE ONLY IF (1) THE PROPOSED TRANSFEREE PROVIDES TO THE TRUSTEE AN AFFIDAVIT
STATING AMONG OTHER THINGS THAT SUCH TRANSFEREE IS A PERMITTED TRANSFEREE (AS
DEFINED IN THE POOLING AND SERVICING AGREEMENT) OR AN AGENT OF A PERMITTED
TRANSFEREE AND (2) THE PROPOSED TRANSFEROR PROVIDES TO THE TRUSTEE A CERTIFICATE
TO THE EFFECT THAT SUCH TRANSFEROR HAS NO KNOWLEDGE THAT THE PROPOSED TRANSFEREE
IS NOT A PERMITTED TRANSFEREE AND NO PURPOSE OF SUCH PROPOSED TRANSFER IS TO
IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. NOTWITHSTANDING THE REGISTRATION IN
THE CERTIFICATE REGISTER OF ANY TRANSFER OF THIS CLASS R CERTIFICATE TO A PERSON
OTHER THAN A PERMITTED TRANSFEREE OR AN AGENT OF A PERMITTED TRANSFEREE SUCH
REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO A NON-UNITED STATES PERSON AS
SUCH TERM IS DEFINED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN SHALL BE MADE TO ANY
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING INDIVIDUAL
RETIREMENT ACCOUNTS AND ANNUITIES, KEOGH PLANS AND COLLECTIVE INVESTMENT FUNDS
AND SEPARATE ACCOUNTS IN WHICH SUCH PLANS, ACCOUNTS OR ARRANGEMENTS ARE INVESTED
THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"), OR THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), UNLESS THE
SERVICER AND THE TRUSTEE ARE PROVIDED WITH A CERTIFICATION AND AN
<PAGE>
OPINION OF COUNSEL WHICH ESTABLISHES TO THE SATISFACTION OF THE SERVICER AND THE
TRUSTEE THAT SUCH TRANSFER WILL NOT RESULT IN A VIOLATION OF SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR CAUSE THE SERVICER OR THE TRUSTEE TO BE
DEEMED A FIDUCIARY OF SUCH PLAN OR RESULT IN THE IMPOSITION OF AN EXCISE TAX
UNDER THE CODE.
AFC Mortgage Loan Asset Backed Certificate
Series 1997-3 Percentage Interest of
Class R this Certificate:
_____%
No. ______
Date of Pooling and Original Pool Principal Balance:
Servicing Agreement: $________________.
September 1, 1997
Original Pre-Funded Amount:
Servicer: $___________.
Lee Servicing Company, a
division of Superior Bank FSB Trustee: LaSalle National Bank
First Remittance Date: Closing Date:
October 27, 1997 September __, 1997
This certifies that ___________________ is the registered owner of the
percentage interest (the "Percentage Interest") specified above in that certain
beneficial ownership interest evidenced by all the Class R Certificates of the
above referenced Series (the "Class R Certificates") in a Trust Fund consisting
primarily of certain residential first and second mortgage loans (the "Mortgage
Loans") serviced by Lee Servicing Company, a division of Superior Bank FSB (the
"Servicer"). The Mortgage Loans were originated or acquired by Superior Bank FSB
(the "Depositor"). The Trust Fund will be created by the Depositor and the
Mortgage Loans will be serviced by the Servicer pursuant to the terms and
conditions of that certain Pooling and Servicing Agreement dated as of September
1, 1997 (the "Agreement") by and among the Servicer, the Depositor and LaSalle
National Bank, as trustee (the "Trustee"), certain of the pertinent provisions
of which are set forth herein. The Cut-off Date with respect to the Initial
Mortgage Loans is September 1, 1997. To the extent not defined herein, the
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
On each Remittance Date, commencing on October 27, 1997, the Trustee or a
Paying Agent shall distribute to the Person in whose name this Certificate is
registered on the last day of the month next preceding the month of such
distribution (the "Record Date"), an amount equal to the product of the
Percentage Interest evidenced by this Certificate and any amounts required to be
distributed to the Holders of the Class R Certificates on such Remittance Date
-2-
<PAGE>
pursuant to the Agreement. Notwithstanding the foregoing, the initial
distribution on all Classes of Certificates other than the Class 1A-1
Certificates and the Class 2A Certificates will be made to the
Certificateholders of record as of the Closing Date.
Distributions on this Certificate will be made by the Trustee or Paying
Agent by wire transfer of immediately available funds to the account of the
Person entitled thereto as shall appear on the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
thereon, at a bank or other entity having appropriate facilities therefor, if
such Person shall own of record (i) any Class R Certificate or (ii) any Class A
Certificate with an initial related Class A Principal Balance in excess of
$5,000,000, and shall have so notified the Trustee in writing at least five
Business Days prior to the related Remittance Date, or otherwise by check mailed
to the address of such Person appearing in the Certificate Register.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Servicer of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Certificate Registrar in Chicago, Illinois.
No transfer of a Class R Certificate or any interest therein shall be made
to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, that is subject to the Employment Retirement Income
Security Act of 1974, as amended ("ERISA"), or the Code (each, a "Plan"), unless
the prospective transferee of a Class R Certificate provides the Servicer and
the Trustee with a certification of facts and, at its own expense, an Opinion of
Counsel which establish to the satisfaction of the Servicer and the Trustee that
such transfer will not result in a violation of Section 406 of ERISA or Section
4975 of the Code or cause the Servicer or the Trustee to be deemed a fiduciary
of such Plan or result in the imposition of an excise tax under Section 4975 of
the Code.
As provided in the Agreement and subject to certain limitations therein set
forth, including, without limitation, execution and/or delivery by the proposed
transferor and/or transferee, as appropriate, the Resale Certification (Exhibit
D to the Agreement), and, if required by the Trustee, an opinion of counsel
relating to the exemption from registration under the 1933 Act pursuant to which
the proposed transfer is to be made, the Transfer Affidavit (Exhibit J to the
Agreement) and Transfer Certificate (Exhibit J-1 to the Agreement) described in
Section 4.02(c)(ii) of the Agreement, and, if the proposed transferee is a Plan,
the certification and opinion of counsel described on the front of this
Certificate, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies maintained by the Trustee in Chicago, Illinois, accompanied
by a written instrument of transfer in the form of Exhibit E to the Agreement,
or such other endorsement or written instrument of transfer as is satisfactory
to the Trustee, duly executed by the Holder hereof or such Holder's attorney
duly authorized in writing, and thereupon one or more new Certificates of
authorized denominations of a like Class evidencing the same aggregate undivided
Percentage Interest will be issued to the designated transferee or transferees.
-3-
<PAGE>
IN WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this
Certificate to be duly executed under its official seal.
LASALLE NATIONAL BANK,
as Trustee
By:
--------------------------------
Authorized Officer
Dated:________________________
(Seal)
CERTIFICATE OF AUTHENTICATION
This is a Class R Certificate referred to in the within-mentioned
Agreement.
LASALLE NATIONAL BANK,
as Certificate Registrar
By:
---------------------------------
Authorized Officer
-4-
<PAGE>
EXHIBIT B-4
[Form of Reverse of Certificate]
This Certificate is one of a duly authorized issue of Certificates
designated as AFC Mortgage Loan Asset Backed Certificates, Series 1997-3, Class
1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 2A and Class R
(herein called the "Certificates") consisting of Sub-Pool 1 and Sub-Pool 2
Mortgage Loans, and representing undivided ownership of (i) such Mortgage Loans
as from time to time are subject to the Agreement, together with the Mortgage
Files relating thereto, (ii) such assets as from time to time are identified as
REO Property with respect to the related Sub-Pool or are deposited in the
related Certificate Account, related Principal and Interest Account, related
Trustee Expense Account, related Pre-Funding Account, related Reserve Account
and the related Interest Coverage Account, including amounts on deposit in the
foregoing accounts and invested in Permitted Instruments, (iii) the Trustee's
rights under all insurance policies with respect to the Mortgage Loans required
to be maintained pursuant to the Agreement and any Insurance Proceeds, (iv) the
Certificate Insurance Policy (as defined below), (v) Liquidation Proceeds and
(vi) Released Mortgaged Property Proceeds (all of the foregoing being
hereinafter collectively called the "Trust Fund"). The Depositor's Yield and
amounts due on or before the Cut-off Date in the case of Initial Mortgage Loans
or on or before a Subsequent Cut-off Date in the case of Subsequent Mortgage
Loans do not constitute part of the Trust Fund. The Class R Certificates are
subordinated in right of payment to the Class A Certificates, as set forth in
the Agreement.
The Certificates do not represent an obligation of, or an interest in, the
Servicer, the Depositor or the Trustee and are not insured or guaranteed by the
Federal Deposit Insurance Corporation, the Government National Mortgage
Association, the Federal Housing Administration or the Department of Veterans
Affairs or any other governmental agency. The Certificates are limited in right
of payment to certain collections and recoveries respecting the Mortgage Loans,
the Excess Spread with respect to the related Sub-Pool, the related Pre-Funded
Amount, the related Initial Reserve Account Deposit, the related Interest
Coverage Amount, and amounts payable under the Certificate Insurance Policy, all
as more specifically set forth herein and in the Agreement. To the extent
described in the Agreement, the Class 1A and Class 2A Certificates are
cross-collateralized and, in certain circumstances, Excess Spread and principal
collections on a Sub-Pool will be available to Holders of the Class A
Certificates related to the other Sub-Pool. In the event Servicer funds are
advanced with respect to any Mortgage Loan, such advance is reimbursable to the
Servicer from related recoveries on such Mortgage Loan.
Financial Guaranty Insurance Company (the "Certificate Insurer") has issued
a surety bond (the "Certificate Insurance Policy") with respect to the Class A
Certificates, a copy of which is attached to the Agreement.
As provided in the Agreement, deposits and withdrawals from the related
Principal and Interest Account, the related Certificate Account, the related
Trustee Expense Account, the related Reserve Account and the related Interest
Coverage Account may be made by the Servicer or the Trustee, as the case may be,
from time to time for purposes other than distributions to
<PAGE>
Certificateholders, such purposes including reimbursement to the Servicer or the
Depositor of advances made, or certain expenses incurred, by each, and the
payment of fees due and owing to the Servicer, the Trustee and the Certificate
Insurer.
Subject to certain restrictions, the Agreement permits the amendment
thereof by the Servicer, the Depositor and the Trustee with the consent of the
Certificate Insurer, (i) the Class 1A Majority Certificateholders in the case of
an amendment solely affecting the Class 1A Certificates and (ii) the Class 2A
Majority Certificateholders in the case of an amendment solely affecting the
Class 2A Certificates (although in certain limited circumstances the Agreement
may be amended without the consent of any Certificateholder). The Agreement
permits the related Majority Certificateholders, on behalf of all related
Certificateholders, subject to the consent of the Certificate Insurer, or the
Certificate Insurer, to waive any default by the Servicer in the performance of
its obligations under the Agreement with respect to the related sub-Pool and its
consequences, except a default in making any required distribution on a
Certificate. Any such consent or waiver by the related Majority
Certificateholders or the Certificate Insurer shall be conclusive and binding on
the Holder of this Certificate and upon all future Holders of this Certificate
and of any Certificate issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Certificate.
As provided in the Agreement and subject to certain limitations therein set
forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies maintained by the Trustee in Chicago, Illinois, accompanied
by a written instrument of transfer in the form required by the Agreement, or
such other endorsement or written instrument of transfer as is satisfactory to
the Trustee, duly executed by the Holder hereof or such Holder's attorney duly
authorized in writing, and thereupon one or more new Certificates of authorized
denominations of a like Class evidencing the same aggregate undivided Percentage
Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Class 1A-1, Class 1A-2,
Class 1A-3, Class 1A-4, Class 1A-5, Class 2A and Class R Certificates. As
provided in the Agreement and subject to certain limitations therein set forth,
this Certificate is exchangeable for a new Certificate of a like Class
evidencing the same undivided ownership interest, as requested by the Holder
surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Certificate Registrar may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.
The Servicer, the Depositor, the Trustee and the Certificate Registrar, and
any agent of any of the foregoing, may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and none of the
foregoing shall be affected by notice to the contrary.
The obligations created by the Agreement shall terminate upon notice to the
Trustee of: (i) the later of the distribution to Certificateholders of the final
payment or collection with respect to the last Mortgage Loan (or Monthly
Advances of same by the Servicer), or the
-2-
<PAGE>
disposition of all funds with respect to the last Mortgage Loan and the
remittance of all funds due under the Agreement and the payment of all amounts
due and payable to the Certificate Insurer and the Trustee, (ii) the purchase by
the Servicer of all outstanding Mortgage Loans and REO Properties of the
Sub-Pool at a price determined as provided in the Agreement (the exercise of the
right of the Servicer to purchase all the Mortgage Loans and property in respect
of Mortgage Loans will result in early retirement of the Certificates), the
right of the Servicer to purchase being subject to the aggregate principal
balance of the Mortgage Loans at the time of purchase being less than five
percent (5%) of the sum of the Pool Principal Balance and the Original
Pre-Funded Amounts, or (iii) by the mutual consent of the Servicer, the
Certificate Insurer and all Certificateholders in writing. In no event, however,
shall the Trust Fund terminate later than twenty-one years after the death of
the last surviving lineal descendant of the Person named in the Agreement. By
its acceptance of this Certificate, the Certificateholder hereby appoints the
Servicer as its attorney-in-fact to adopt a plan of liquidation of the Trust
Fund in accordance with Section 11.02 of the Agreement.
Unless the certificate of authentication hereon has been executed by the
Trustee or the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.
-3-
<PAGE>
EXHIBIT C
PRINCIPAL AND INTEREST ACCOUNT LETTER AGREEMENT
(date)
To: ____________________________
____________________________
____________________________ (the "Depository")
As "Servicer" under the Pooling and Servicing Agreement, dated as of
September 1, 1997, among Superior Bank FSB, as ("Depositor"), Lee Servicing
Company, a division of Superior Bank FSB, as servicer (the "Servicer"), and
LaSalle National Bank, as Trustee (the "Agreement"), we hereby authorize and
request you to establish two accounts, as Principal and Interest Accounts
pursuant to Section 5.03 of the Agreement, to be designated as "Sub-Pool 1
Principal and Interest Account, Lee Servicing Company, a division of Superior
Bank FSB, in trust for the registered holders of AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3." "Sub-Pool 2 Principal and Interest Account, Lee
Servicing Company, a division of Superior Bank FSB, in trust for the registered
holders of AFC Mortgage Loan Asset Backed Certificates, Series 1997-3." All
deposits in the accounts shall be subject to withdrawal therefrom by order
signed by the Servicer in accordance with terms of the Agreement. You may refuse
any deposit which would result in violation of the requirement that the account
be fully insured as described below. This letter is submitted to you in
duplicate. Please execute and return one original to us.
LEE SERVICING COMPANY, a
division of Superior Bank FSB
By:
----------------------------------
Name:
--------------------------------
Title:
-------------------------------
<PAGE>
The undersigned hereby certifies that the above described accounts have
been established as a trust account under Account Number ___________ and Account
Number __________, at the office of the Depository indicated above, and agrees
to honor withdrawals on such accounts as provided above. The amounts deposited
at any time in the accounts will be insured to the maximum amount provided by
applicable law by the Federal Deposit Insurance Corporation.
[DEPOSITORY]
By:
----------------------------------
Name:
--------------------------------
Title:
-------------------------------
-2-
<PAGE>
EXHIBIT D
RESALE CERTIFICATION
___________, 19__
[Depositor]
[Servicer]
[Trustee]
[Certificate Insurer]
[Certificate Registrar]
Re: Class ___ Certificate, No. __ (the "Certificate"), issued pursuant to
that certain Pooling and Servicing Agreement, AFC Mortgage Loan Asset
Backed Certificates, Series 1997-3, dated as of September 1, 1997
among Superior Bank FSB, as Depositor, Lee Servicing Company, a
division of Superior Bank FSB, as Servicer and LaSalle National Bank,
as Trustee
---------------------------------------------------------------------
Dear Sirs:
____________________________________________________ as registered holder
("Seller") intends to transfer the captioned Certificate to
___________________________ ("Purchaser"), for registration in the name of
____________________________.
1. In connection with such transfer, and in accordance with Section 4.02 of
the captioned Agreement, Seller hereby certifies to you the following facts:
Neither the Seller nor anyone acting on its behalf has offered, transferred,
pledged, sold or otherwise disposed of the Certificate, any interest in the
Certificate or any other similar security to, or solicited any offer to buy or
accept a transfer, pledge or other disposition of the Certificate, any interest
in the Certificate or any other similar security from, or otherwise approached
or negotiated with respect to the Certificate, any interest in the Certificate
or any other similar security with, any person in any manner, or made any
general solicitation by means of general advertising or in any other manner, or
taken any other action, which would constitute a distribution of the Certificate
under the Securities Act of 1933, as amended (the "1933 Act"), or which would
render the disposition of the Certificate a violation of Section 5 of the 1933
Act or require registration pursuant thereto.
2. The Purchaser warrants and represents to, and covenants with, the
Seller, the Trustee and the Servicer pursuant to Section 4.02 of the Pooling and
Servicing Agreement that:
a. The Purchaser agrees to be bound, as Certificateholder, by all of
the terms, covenants and conditions of the Pooling and Servicing Agreement,
the Certificate and the
<PAGE>
Custodial Agreement, and from and after the date hereof, the Purchaser
assumes for the benefit of each of the Servicer and the Seller all of the
Seller's obligations as Certificateholder thereunder;
b. The Purchaser understands that the Certificate has not been
registered under the 1933 Act or the securities laws of any state;
c. The Purchaser is acquiring the Certificate [for investment] for its
own account only and not for any other person;
d. The Purchaser considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks
of investment in the Certificate;
e. The Purchaser has been furnished with all information regarding the
Certificate that it has requested from the Seller, the Trustee or the
Servicer; and
f. Neither the Purchaser nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Certificate, any
interest in the Certificate or any other similar security to, or solicited
any offer to buy or accept a transfer, pledge or other disposition of the
Certificate, any interest in the Certificate or any other similar security
from, or otherwise approached or negotiated with respect to the
Certificate, any interest in the Certificate or any other similar security
with, any person in any manner, or made any general solicitation by means
of general advertising or in any other manner, or taken any other action,
which would constitute a distribution of the Certificate under the 1933 Act
or which would render the disposition of the Certificate a violation of
Section 5 of the 1933 Act or require registration pursuant thereto, nor
will it act, nor has it authorized or will it authorize any person to act,
in such manner with respect to the Certificate.
3. The Purchaser warrants and represents to, and covenants with, the
Seller, the Servicer and the Depositor that:
a. The Purchaser agrees to be bound, as Certificateholder, by the
restrictions on transfer contained in the Pooling and Servicing Agreement;
b. Either: (1) the Purchaser is not an employee benefit plan within
the meaning of section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA") (a "Plan"), or a plan within the meaning of
section 4975(e)(1) of the Internal Revenue Code of 1986 ("Code") (also a
"Plan"), and the Purchaser is not directly or indirectly purchasing the
Certificates on behalf of, as investment manager of, as named fiduciary of,
as trustee of, or with assets of a Plan; or (2) Purchaser's purchase of the
Certificate(s) will not result in a prohibited transaction under section
406 of ERISA or section 4975 of the Code.
4. This Certification may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be
-2-
<PAGE>
deemed to be an original; such counterparts, together, shall constitute one and
the same agreement.
IN WITNESS WHEREOF, the parties have caused this Resale Certification to be
executed by their duly authorized officers as of the date first above written.
- ---------------------------------, --------------------------------------,
Seller Purchaser
By: By:
------------------------------ -----------------------------------
Name: Name:
---------------------------- ---------------------------------
Title: Title:
--------------------------- --------------------------------
Taxpayer Taxpayer
Identification No. Identification No.
--------------- --------------------
-3-
<PAGE>
EXHIBIT E
ASSIGNMENT
THIS ASSIGNMENT dated as of the ____ day of __________, 19 , by and between
___________________________________________________ ("Assignor") and
_____________________________________ ("Assignee"), provides:
That for and in consideration of the sum of TEN DOLLARS ($10.00) and other
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereby agree as follows:
1. Assignor hereby grants, transfers and assigns to Assignee all of the
right, title and interest of Assignor, as Certificateholder, in, to and under
that certain Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 1, 1997, by and among LaSalle National Bank,
as Trustee ("Trustee"), Superior Bank FSB, as Depositor, and Lee Servicing
Company, a division of Superior Bank FSB, as Servicer, and that certain
Certificate, Class _____, No. __, Series 1997-3 (the "Certificate") issued
thereunder and authenticated by the Trustee.
2. For the purpose of inducing Assignee to purchase the Certificate from
Assignor, Assignor warrants and represents that:
a. Assignor is the lawful owner of the Certificate with the full right
to transfer the Certificate free from any and all claims and encumbrances
whatsoever;
b. The Assignor has not received notice, and has no knowledge of any
offsets, counterclaims or other defenses available to the Servicer with
respect to the Pooling and Servicing Agreement or the Certificate; and
c. [The Assignor has no knowledge of and has not received notice of
any amendments to the Pooling and Servicing Agreement or the Certificate.]
[The Pooling and Servicing Agreement has been amended pursuant to
_____________ dated _________________]
3. By execution hereof Assignee agrees to be bound, as Certificateholder,
by all of the terms, covenants and conditions of the Pooling and Servicing
Agreement and the Certificate, and from and after the date hereof Assignee
assumes for the benefit of each of the Servicer, the Depositor, the Trustee, the
Certificate Registrar and the Assignor all of Assignor's obligations as
Certificateholder thereunder.
4. The Assignee warrants and represents to, and covenants with, the
Assignor, the Depositor, the Trustee, the Certificate Registrar and the Servicer
that:
<PAGE>
a. The Assignee agrees to be bound, as Certificateholder, by the
restrictions on transfer contained in the Pooling and Servicing Agreement;
and
b. Either: (1) the Assignee is not an employee benefit plan within the
meaning of section 3(3) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA") (a "Plan"), or a plan within the meaning of
section 4975(e)(1) of the Internal Revenue Code of 1986 ("Code") (also a
"Plan"), and the Assignee is not directly or indirectly purchasing the
Certificate on behalf of, as investment manager of, as named fiduciary of,
as trustee of, or with assets of a Plan; or (2) the Assignee is a Plan, but
the Assignee's purchase of the Certificate will not result in a prohibited
transaction under section 406 of ERISA or section 4975 of the Code and
attached hereto is the certification and opinion of counsel required under
Section 4.02(c) of the Pooling and Servicing Agreement.
5. This Assignment may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same agreement.
WITNESS the following signatures.
- ---------------------------------, --------------------------------------,
Assignor Assignee
By: By:
------------------------------ -----------------------------------
Name: Name:
---------------------------- ---------------------------------
Title: Title:
--------------------------- --------------------------------
Taxpayer Taxpayer
Identification No. Identification No.
--------------- --------------------
-2-
<PAGE>
State of ___________ )
) ss.:
County of __________ )
On the ___________ day of ______________, 19__ before me, a Notary Public
in and for the State of __________, personally appeared ___________ known to me
to be ________________________ of _________________________________, the
________________ that executed the within instrument and also known to me to be
the person who executed it on behalf of said corporation, and acknowledged to me
that such ________________ executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
----------------------------
Notary Public
My Commission expires ____________
<PAGE>
State of ___________ )
) ss.:
County of __________ )
On the ___________ day of ______________, 19__ before me, a Notary Public
in and for the State of ____________, personally appeared ___________ known to
me to be ________________________ of _________________________________, the
________________ that executed the within instrument and also known to me to be
the person who executed it on behalf of said corporation, and acknowledged to me
that such ________________ executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.
----------------------------
Notary Public
My Commission expires ____________
<PAGE>
EXHIBIT E(1)
WIRING INSTRUCTIONS FORM
______________, 19__
[Paying Agent]
[Trustee]
Re: AFC Mortgage Loan Asset Backed Certificates, Series 1997-3, Class
___, No. __, issued pursuant to that certain Pooling and
Servicing Agreement, dated as of September 1, 1997, among
Superior Bank FSB, as Depositor, Lee Servicing Company, a
division of Superior Bank FSB, as Servicer, and LaSalle National
Bank, as Trustee
-----------------------------------------------------------------
Dear Sir:
In connection with the sale of the above-captioned Certificate by
_________________________________ to ___________________________ ("Transferee")
you, as Paying Agent with respect to the related Certificates, are instructed to
make all remittances to Transferee as Certificateholder as of _________, 199_ by
wire transfer. For such wire transfer, the wiring instructions are as follows:
Bank Name: _______________________________
City & State: _______________________________
ABA No.: _______________________________
Account Name: _______________________________
Account No.: _______________________________
Attention: _______________________________
---------------------
Transferee
Certificateholder's notice address:
Name:
Address:
<PAGE>
EXHIBIT F
FORM OF TRUSTEE INITIAL CERTIFICATION
______________, 19__
[Certificate Insurer]
[Servicer]
[Purchaser]
[Certificateholder]
Re: Pooling and Servicing Agreement, dated as of September 1, 1997
(the "Pooling and Servicing Agreement"), among Superior Bank FSB,
as Depositor, Lee Servicing Company, a division of Superior Bank
FSB, as Servicer, and LaSalle National Bank, as Trustee
-----------------------------------------------------------------
Gentlemen:
In accordance with Section 2.05 of the Pooling and Servicing Agreement, the
undersigned, as Trustee, hereby certifies that, except as noted on the
attachment hereto, if any (the "Loan Exception Report"), it or the Custodian on
its behalf has received the documents referred to in Section 2.04(a) of the
Pooling and Servicing Agreement with respect to each Mortgage Loan listed in the
related Mortgage Loan Schedule and such documents appear to bear original
signatures or copies of original signatures if the original documents have not
yet been delivered.
The Trustee has made no independent examination of any such documents
beyond the review specifically required in the Pooling and Servicing Agreement.
The Trustee makes no representations as to: (i) the validity, legality,
sufficiency, enforceability or genuineness of any such documents or any of the
Mortgage Loans identified on the related Mortgage Loan Schedule, or (ii) the
collectability, insurability, effectiveness or suitability of any such Mortgage
Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.
LASALLE NATIONAL BANK,
as Trustee
By:
---------------------------------
Name:
--------------------------------
Title:
--------------------------------
<PAGE>
EXHIBIT F-1
FORM OF TRUSTEE INTERIM CERTIFICATION
______________, 19__
[Certificate Insurer]
[Depositor]
[Servicer]
[Certificateholders]
Re: Pooling and Servicing Agreement, dated as of September 1, 1997
(the "Pooling and Servicing Agreement"), among Superior Bank
FSB, as Depositor, Lee Servicing Company, a division of
Superior Bank FSB, as Servicer, and LaSalle National Bank, as
Trustee
--------------------------------------------------------------
Gentlemen:
In accordance with the provisions of Section 2.05 of the Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that as to
each Mortgage Loan listed in the related Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan listed on the attachment
hereto), it has reviewed (or caused to be reviewed) the documents delivered to
it or the Custodian on its behalf pursuant to Section 2.04 of the Pooling and
Servicing Agreement and has determined that, except as noted on the attachment
hereto, (i) all documents required to be delivered to it pursuant to the Pooling
and Servicing Agreement as of the date hereof are in its possession or in the
possession of the Custodian on its behalf (other than items listed in Section
2.04(f) of the Pooling and Servicing Agreement)[, except as set forth on
Attachment A hereto], (ii) none of the documents delivered to it or the
Custodian on its behalf have been mutilated, damaged, torn or otherwise
physically altered and all such documents relate to such Mortgage Loan[, except
as set forth on Attachment A hereto], (iii) based on its examination, or the
examination of the Custodian on its behalf, and only as to the foregoing
documents, the information set forth in the related Mortgage Loan Schedule
respecting such Mortgage Loan is correct[, except as set forth on Attachment A
hereto] and (iv) each Mortgage Note has been endorsed as provided in Section
2.04 of the Pooling and Servicing Agreement[, except as set forth on Attachment
A hereto]. The Trustee has made no independent examination of such documents
beyond the review specifically required in the Pooling and Servicing Agreement.
The Trustee makes no representations as to: (i) the validity, legality,
enforceability or genuineness of any of the documents contained in each
Trustee's Mortgage File or any of the
<PAGE>
Mortgage Loans identified on the related Mortgage Loan Schedule, or (ii) the
collectability, insurability, effectiveness or suitability of any such Mortgage
Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.
LASALLE NATIONAL BANK,
as Trustee
By:
--------------------------------
Name:
------------------------------
Title:
-----------------------------
-2-
<PAGE>
EXHIBIT G
FORM OF TRUSTEE FINAL CERTIFICATION
_____________, 19__
[Certificate Insurer]
[Servicer]
[Certificateholders]
[Depositor]
Re: Pooling and Servicing Agreement, dated as of September 1, 1997
(the "Pooling and Servicing Agreement"), among Superior Bank FSB,
as Depositor, Lee Servicing Company, a division of Superior Bank
FSB, as Servicer, and LaSalle National Bank, as Trustee, relating
to AFC Mortgage Loan Asset Backed Certificates, Series 1997-3
-----------------------------------------------------------------
Gentlemen:
In accordance with Section 2.05 of the Pooling and Servicing Agreement, the
undersigned, as Trustee, hereby certifies that, except as noted on the
attachment hereto, as to each Mortgage Loan listed in the related Mortgage Loan
Schedule (other than any Mortgage Loan paid in full or listed on the attachment
hereto) it or the Custodian on its behalf has reviewed the documents delivered
to it or to the Custodian on its behalf pursuant to Section 2.04 of the Pooling
and Servicing Agreement and has determined that (i) all documents required to be
delivered to it pursuant to the Pooling and Servicing Agreement as of the date
hereof are in its possession or in the possession of the Custodian on its behalf
(except that no certification is given as to the items listed in Section 2.04(f)
of the Pooling and Servicing Agreement), (ii) none of the documents delivered to
it or the Custodian on its behalf have been mutilated, damaged, torn or
otherwise physically altered and all such documents relate to such Mortgage
Loan, (iii) based on its examination, and only as to the foregoing documents,
the information set forth in the related Mortgage Loan Schedule respecting such
Mortgage Loan is correct, and (iv) each Mortgage Note has been endorsed as
provided in Section 2.04 of the Pooling and Servicing Agreement. The Trustee has
made no independent examination of such documents beyond the review specifically
required in the above-referenced Pooling and Servicing Agreement. The Trustee
makes no representations as to: (i) the validity, legality, enforceability or
genuineness of any of the documents contained in each Trustee's Mortgage File or
any of the Mortgage Loans identified on the related Mortgage Loan Schedule, or
(ii) the collectability, insurability, effectiveness or suitability of any such
Mortgage Loan.
<PAGE>
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.
LASALLE NATIONAL BANK,
as Trustee
By:
--------------------------------
Name:
------------------------------
Title:
-----------------------------
-2-
<PAGE>
EXHIBIT H-1
MORTGAGE LOAN SCHEDULE FOR SUB-POOL 1
<PAGE>
<TABLE>
Page 1 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800097537 STRYSHAK PAUL J 209 LOUIS AVE SOUTH BOUND BROOK NJ 08880
28 28 800111288 PODOS STANLEY 8 TOR TERRACE NEW CITY NY 10956
28 28 800141251 WADDELL VICKY L 5725 YORK RD NEW OXFORD PA 17350
28 28 800149528 REID LYDIA 944 A PUTNAM AVE BROOKLYN NY 11221
28 28 800170250 SUERO EMILIANA 15424 BARCLAY AVE FLUSHING NY 11355
28 28 800180499 GALLELLI ALDO 74 WILLOW DR JACKSON NJ 08527
28 28 800182909 SHEFSKY LYNN GOLDBERG 164 LAUREL RD CHURCHVILLE PA 18966
28 28 800186504 ROTONDO ROBERT A 94 LOCUST GROVE RD PITTSTOWN NJ 08867
28 28 800191405 AVILA ARMANDO 455 WHITE PLAINS ROAD BRONX NY 10473
28 28 800194227 FORREST LOREN L. 20 CHADS FORD LANE NEWBURGH NY 12550
28 28 800195232 RIOS JAN 18 SUGARBUSH LANE CORAM NY 11727
28 28 800195299 DEL GIORNO RAY 4422 SOUTH PIPKIN ROAD LAKELAND FL 33813
28 28 800195828 HARTFORD JERALD A. 1838 ARBOR DRIVE SOUTH PALM HARBOR FL 34683
28 28 800197188 SMYERS CHARLES D 569 NORTH GRANT STREET WOOSTER OH 44691
28 28 800199853 MAGNUSON PETER J 86 MAPLE AVENUE NORTHPORT NY 11768
28 28 800201097 BENHAM BARBARA W 1924 SIERRA CIRCLE NORTH LARGO FL 33770
28 28 800201899 MARTINELLI JOSEPH W 1716 NORTH MAIN AVENUE SCRANTON PA 18508
28 28 800202269 BARNETT ALEXANDRA 42 RUSTLING REED ROAD NAUGATUCK CT 06770
28 28 800203333 KIRKLAND LEIANNA 7975 ADEN LOOP NEW PORT RICHEY FL 34655
28 28 800205791 SCHROEDER SCOTT A 26 28 HAMILTON ROAD SOMERVILLE MA 02144
28 28 800206138 WATSON TRAVIS E 2 SMITH LANE PLYMOUTH PA 18651
28 28 800206971 FRANKS WALTER 2245 SPENCERS WAY STONE MOUNTAIN GA 30087
28 28 800209207 HARRINGTON ELAINE 11134 131ST STREET RICHMOND HILL NY 11420
28 28 800210239 CHOI SEUNG IL 34 CLARK STREET CRESSKILL NJ 07626
28 28 800210601 SEARLES JOHN 3820 NORTH FLORIDA AVENUE LAKELAND FL 33809
28 28 800211708 MOSES JENNIFER 961 EAST 89TH STREET BROOKLYN NY 11236
28 28 800211906 IOELE DAVID J 72 SOUTH JUDSON ST GLOVERSVILLE NY 12078
28 28 800212730 SURACE JUNE 62 HARVEST LANE WEST ISLIP NY 11795
28 28 800213720 MECHMANN WILLIAM P 894 WORTHINGTON DRIVE WARMINSTER PA 18974
28 28 800214801 BERNARD ARTHUR J 1019 LOVELY LANE NORTH FORT MYERS FL 33903
28 28 800215469 NANAN FAYE 3132 NORTHWEST 43RD STREET FT LAUDERDALE FL 33308
28 28 800215683 DANIELS DALLAS 4020 GIDEON ROAD BROOKHAVEN PA 19015
28 28 800216376 PATTERSON MARJORIE R 2555 RICHARDSON ROAD BARTOW FL 33830
28 28 800216517 DOWRIDGE SELWYN 18134 144TH AVE SPRINGFIELD GARDENS NY 11413
28 28 800217630 ALLEN BRADLY E 1046 OLDFORD ROAD HUNTINGTON VALLEY PA 19006
28 28 800220931 ANETRELLA TEISHA L 234 WEST RIVIERA DRIVE LINDENHURST NY 11757
28 28 800221277 PACE GIACINTO NICOLA 1466 76TH STREET BROOKLYN NY 11228
28 28 800222051 COLEMAN BERNICE W 1925 RIGGS AVENUE BALTIMORE MD 21217
28 28 800222507 PADILLA JOSE 621 NORTH 10TH STREET READING PA 19604
28 28 800222606 BONOME PATRICIA A. 16 WESTCLIFF LANE LAKE GROVE NY 11755
28 28 800223109 WILLOCKS SAMUEL R 4304 MOLLY SHIPPEN TR WEST RIVER MD 20778
28 28 800223398 BOWEN RUTH 504 WEST 168TH STREET NEW YORK NY 10032
28 28 800223778 BOMBARA ROBIN 2768 COLONIAL AVE MERRICK NY 11566
28 28 800224040 SLIVKA STEPHEN J 16 SPIRAL LANE LEVITTOWN PA 19055
28 28 800224206 WHALEN MARTHA 60-70 59TH STREET MASPETH NY 11378
28 28 800224503 ACLY IRMA J 309 EAST SECOND ST CORNING NY 14830
28 28 800225765 GREATHOUSE DONNA L 403 GROSS AVENUE MONCKS CORNER SC 29461
28 28 800226235 SADLER TERESA LANGLEY 915 NORTH HAMPTON DRIVE NORCROSS GA 30071
28 28 800226490 KETRING LARRY D. 4805 LANDAFF DRIVE GREENSBORO NC 27406
28 28 800226961 YORK SALLY J. 4568 HUNTINGTON DRIVE GASTONIA NC 28056
28 28 800227084 GRIMES JILL E 455 HARTFORD SQUARE WEST CHESTER PA 19380
28 28 800227464 ALFORD DAVID L 126 COLUMBIA AVE TRENTON NJ 08618
28 28 800227738 SALVA JOSEPH 25 DAVIS ST BINGHAMPTON NY 13905
28 28 800228470 HALL ANGELA 974 EAST 45 ST BROOKLYN NY 11203
28 28 800229049 KING BOBBY 64 HIGHLAND AVE GUILFORD CT 06437
28 28 800229676 ADKINS EWELL M 11513 119TH TERRACE NORTH LARGO FL 33778
28 28 800230211 WALKO STEPHEN J 18 RIDGE STREET MOUNTAIN TOP PA 18707
28 28 800230534 MARSCIANO MICHAEL 77 DAVIDSON STREET WYANDANCH NY 11798
28 28 800230591 TANTSIKIAN ROUBEN 8 GREENVALE LANE SYOSSET NY 11791
28 28 800230641 CINGARI LUCY 2542 EAST 15TH ST BROOKLYN NY 11235
28 28 800230872 BOUTON CLYDE 15 REEDER STREET MT POCONO PA 18344
28 28 800231185 ROBB TERESITA M 7 END STREET SAVANNAH GA 31419
28 28 800231599 YOST TAMMIE L 20 SOUTH VINE STREET SHAMOKIN PA 17872
28 28 800232274 CLARK JO ANN C. 2605 REEL STREET HARRISBURG PA 17110
28 28 800233066 MCINTOSH JAMES 912 N FRONT STREET READING PA 19601
28 28 800233363 TRIMBOLI FRANK 3 TUSA COURT SAINT JAMES NY 11780
28 28 800233389 RONDINELLI GERALD L 11 WASHINGTON CROSSING HOPEWELL NJ 08534
28 28 800233819 RAGHOONANAN KRISHNA 107- 109 STEVENS AVENUE WEST HAVEN CT 06516
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800097537 168,000.00 166,622.54 04/24/97 03/24/27 354.71 09/24/97 80.0 10.300 1,511.70
800111288 80,500.00 79,787.98 03/26/97 02/26/12 173.85 08/26/97 90.1 13.000 890.49
800141251 10,000.00 9,631.44 05/23/97 04/23/12 175.69 10/23/97 80.1 14.450 122.06
800149528 96,000.00 96,000.00 06/28/97 05/28/12 176.84 08/28/97 60.0 11.950 983.77
800170250 20,500.00 20,466.13 05/14/97 04/14/12 175.40 09/14/97 84.8 13.600 236.42
800180499 116,000.00 116,000.00 08/07/97 07/07/27 358.16 09/07/97 69.0 11.350 1,135.48
800182909 47,600.00 47,576.32 06/21/97 05/21/12 176.61 09/21/97 88.5 12.650 513.56
800186504 34,425.00 34,304.06 06/14/97 05/14/12 176.38 09/14/97 80.0 14.450 468.91
800191405 184,000.00 182,691.75 07/01/97 06/01/12 177.00 10/01/97 80.0 12.190 1,919.60
800194227 108,000.00 108,000.00 09/01/97 08/01/12 179.00 09/01/97 80.0 10.750 1,210.62
800195232 81,000.00 81,000.00 07/06/97 06/06/12 177.14 08/06/97 85.2 9.990 710.23
800195299 94,500.00 94,499.80 07/12/97 06/12/12 177.34 08/12/97 90.0 11.550 939.43
800195828 10,000.00 9,968.40 07/02/97 06/02/12 177.01 09/02/97 89.9 12.300 121.95
800197188 51,375.00 51,365.32 08/01/97 07/01/27 358.00 09/01/97 75.0 13.850 602.63
800199853 105,000.00 104,615.81 07/18/97 06/18/12 177.53 09/18/97 88.9 10.400 952.63
800201097 77,310.00 77,157.93 06/15/97 05/15/12 176.42 09/15/97 90.0 11.700 777.41
800201899 18,900.00 18,900.00 09/01/97 08/01/12 179.00 09/01/97 84.7 12.600 234.18
800202269 22,000.00 21,949.12 08/11/97 07/11/12 178.29 09/11/97 70.9 9.750 233.06
800203333 40,000.00 39,988.70 08/01/97 07/01/27 358.00 09/01/97 87.9 11.000 380.93
800205791 100,000.00 99,821.24 08/08/97 07/08/17 238.19 09/08/97 50.0 9.400 925.61
800206138 28,000.00 27,941.29 08/22/97 07/22/17 238.65 09/22/97 73.6 13.100 330.04
800206971 55,000.00 55,000.00 08/09/97 07/09/12 178.22 08/09/97 80.0 12.750 597.68
800209207 24,000.00 23,983.85 07/18/97 06/18/17 237.53 09/18/97 78.2 14.950 315.14
800210239 160,000.00 160,000.00 08/08/97 07/08/12 178.19 09/08/97 85.6 13.450 1,826.37
800210601 30,800.00 30,654.90 06/21/97 05/21/27 356.61 09/21/97 80.0 9.990 270.06
800211708 153,000.00 153,000.00 09/01/97 08/01/12 179.00 09/01/97 90.0 10.990 1,455.90
800211906 18,500.00 18,500.00 06/28/97 05/28/12 176.84 08/28/97 89.8 12.400 196.01
800212730 53,800.00 53,800.00 08/01/97 07/01/17 238.00 09/01/97 79.2 13.600 653.45
800213720 47,400.00 47,400.00 09/08/97 08/08/12 179.21 09/08/97 89.9 12.050 570.41
800214801 20,250.00 20,056.65 06/28/97 05/28/12 176.84 09/28/97 82.9 12.850 254.22
800215469 78,200.00 78,200.00 07/01/97 06/01/12 177.00 09/01/97 85.0 11.900 798.36
800215683 49,300.00 49,192.71 07/13/97 06/13/12 177.37 09/13/97 85.0 12.150 512.81
800216376 45,900.00 45,595.25 07/25/97 06/25/17 237.76 09/25/97 85.0 12.300 515.03
800216517 50,000.00 50,000.00 08/23/97 07/23/12 178.68 09/23/97 84.9 13.700 580.58
800217630 74,583.00 74,567.78 07/13/97 06/13/12 177.37 08/13/97 80.0 13.500 854.28
800220931 78,200.00 78,043.32 07/26/97 06/26/12 177.80 08/26/97 85.0 11.990 938.03
800221277 141,000.00 141,000.00 09/21/97 08/21/12 179.64 09/21/97 77.3 13.600 1,626.13
800222051 37,360.00 37,327.73 07/12/97 06/12/12 177.34 09/12/97 80.0 10.850 351.56
800222507 36,720.00 36,720.00 08/16/97 07/16/27 358.45 09/16/97 80.0 12.850 401.90
800222606 10,600.00 10,508.90 08/15/97 07/15/12 178.42 09/15/97 80.7 12.500 113.13
800223109 90,000.00 90,000.00 09/08/97 08/08/12 179.21 09/08/97 85.0 12.500 960.53
800223398 26,100.00 26,037.52 08/23/97 07/23/12 178.68 09/23/97 84.9 12.500 321.69
800223778 25,000.00 24,975.06 08/01/97 07/01/17 238.00 09/01/97 67.9 12.100 277.02
800224040 91,800.00 91,794.63 07/23/97 06/23/27 357.70 09/23/97 85.0 10.650 850.04
800224206 120,400.00 120,400.00 08/01/97 07/01/12 178.00 09/01/97 70.0 10.950 1,142.05
800224503 27,300.00 27,247.65 08/01/97 07/01/12 178.00 09/01/97 70.0 12.450 335.59
800225765 31,450.00 31,450.00 09/13/97 08/13/12 179.38 09/13/97 85.0 12.650 390.70
800226235 10,800.00 10,784.93 08/21/97 07/21/17 238.62 09/21/97 79.9 14.250 136.27
800226490 45,000.00 44,888.25 09/05/97 08/05/12 179.11 10/05/97 82.0 12.750 489.01
800226961 104,400.00 104,400.00 08/25/97 07/25/27 358.75 08/25/97 90.0 11.250 1,014.00
800227084 23,950.00 23,950.00 09/06/97 08/06/17 239.15 09/06/97 85.2 12.750 276.34
800227464 79,920.00 79,829.83 07/13/97 06/13/12 177.37 09/13/97 80.7 14.700 991.40
800227738 15,400.00 15,400.00 07/26/97 06/26/12 177.80 08/26/97 85.0 12.750 192.32
800228470 25,000.00 25,000.00 09/04/97 08/04/12 179.08 09/04/97 75.2 14.800 346.48
800229049 58,000.00 57,773.08 07/24/97 06/24/17 237.73 09/24/97 89.9 12.250 648.77
800229676 17,200.00 17,175.43 08/18/97 07/18/12 178.52 09/18/97 80.4 13.990 228.94
800230211 57,200.00 57,200.00 07/10/97 06/10/27 357.27 09/10/97 65.0 13.990 677.29
800230534 99,000.00 99,000.00 08/25/97 07/25/12 178.75 09/25/97 86.0 11.150 954.04
800230591 38,000.00 38,000.00 09/08/97 08/08/17 239.21 09/08/97 78.6 12.750 438.45
800230641 195,300.00 195,088.71 06/23/97 05/23/27 356.68 09/23/97 90.0 10.990 1,858.41
800230872 93,500.00 93,500.00 08/21/97 07/21/12 178.62 09/21/97 85.0 12.150 972.56
800231185 151,000.00 151,000.00 09/18/97 08/18/27 359.54 09/18/97 46.4 13.350 1,711.77
800231599 15,600.00 15,586.03 08/22/97 07/22/12 178.65 09/22/97 60.0 11.750 184.72
800232274 30,500.00 30,500.00 08/23/97 07/23/12 178.68 08/23/97 70.9 10.050 328.69
800233066 44,720.00 44,720.00 09/01/97 08/01/27 359.00 09/01/97 80.0 13.750 521.04
800233363 65,000.00 64,946.45 08/08/97 07/08/17 238.19 09/08/97 78.9 13.500 784.79
800233389 120,000.00 119,903.96 08/28/97 07/28/12 178.85 09/28/97 48.9 10.600 1,106.67
800233819 26,030.00 25,986.29 08/07/97 07/07/12 178.16 09/07/97 85.0 12.650 323.37
</TABLE>
<PAGE>
<TABLE>
Page 2 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800234460 HERNANDEZ JUAN 65 DORA ST PROVIDENCE RI 02909
28 28 800235525 SIDDIQUI MOHAMMAD J. 33 LAFAYETTE DR WOODMERE NY 11598
28 28 800235756 SMUCKER SAMUEL 51 KNOLLWOOD DRIVE AKRON PA 17501
28 28 800236218 GALE CAROLINE F. 641 TRAVERS AVENUE FT MYERS FL 33919
28 28 800236762 GREEN JOHN C 1254 LINDEN AVE ARBUTUS MD 21227
28 28 800236838 KELLY AMY J 43029 HARRAH STREET FLUSHING OH 43977
28 28 800237091 HULSE CHARLES F 47 BRAGG DRIVE EAST BERLIN PA 17316
28 28 800237620 SKIFFINGTON EDWARD 4 COLONY PLACE MERIDEN CT 06451
28 28 800237984 JEAN DAVID 1302 E 93RD ST BROOKLYN NY 11236
28 28 800238008 AFRIYIE PATRICK O 18 SOLITAIRE COURT GAITHERSBURG MD 20878
28 28 800238040 CARR DOUGLAS 5472 REDMAN ROAD SWEDEN NY 14420
28 28 800238875 PRESSNER CHARLES J 27 SOUTH BROOKSIDE DRIVE ROCKAWAY NJ 07866
28 28 800238990 DIXON E.A. 25 BODINE ROAD BERWYN PA 19312
28 28 800239014 JOHNSON GARY WAYLEND 1280 SHADOW BARK COURT RALEIGH NC 27603
28 28 800239659 HERRERA ROSEMARIE 19 RYDER AVE DIX HILLS NY 11746
28 28 800240301 SIMENSON GARY N 2 RFD BOX 291 SOUTH FAIRVI MONTAUK NY 11954
28 28 800240400 ALMEIDA ROBERT 22 TUNNEL STREET LANSFORD PA 18232
28 28 800240624 OLAVIALO ADELAIDA L 2719 CRESCENT ST ASTORIA NY 11102
28 28 800240939 HARRIELAL OLIVE L. 133-26 INWOOD STREET SOUTH OZONE PARK NY 11436
28 28 800241051 OWENS JACK 620 BLACKBIRD GREENSPRING SMYRNA DE 19977
28 28 800241416 PUGLIESE FRED 162 04 89TH STREET HOWARD BEACH NY 11414
28 28 800241457 TABER LYNN M. 6220 CLINTON STREET ELMA NY 14059
28 28 800241507 BESS CHERRYE Y 802 LIBERTY STREET TALLAHASSEE FL 32310
28 28 800241788 LAGUESSE GARY H 145 FONDA ROAD WATERFORD NY 12188
28 28 800241812 ELLIS JOHN 16 FIELDSTONE WAY MILFORD PA 18337
28 28 800241846 THOMAS GLORIA MILTON 1901 OTIS ST NE WASHINGTON DC 20018
28 28 800243131 COHEN EILEEN 10 WOODGREEN WAY SYOSSET NY 11791
28 28 800243628 RHEIN ANTHONY SLATE HILL ROUTE 6 WAYWAYANDA NY 10940
28 28 800244071 LAZAR GREG 138 LOCKTOWN ROAD FLEMINGTOWN NJ 08822
28 28 800244238 BISHOP MARIA THERESA 323 OLD INDIAN HEAD ROAD KINGS PARK NY 11754
28 28 800245326 ARCHUT MATTHEW 2310 HANCOCK DRIVE LANCASTER PA 17601
28 28 800245540 RIZZUTO DOMINIC RD 3 BOX 374 MORROW ROAD ALIQUIPPA PA 15001
28 28 800245722 MILLER SCOTT A. 2304 OLD TRAIL RD ETTERS PA 17319
28 28 800245912 DAVIS ROBERT ALAN 211 KNIGHT BOXX ROAD MIDDLEBURG FL 32068
28 28 800246720 ROBINSON PATRICIA ANN 3845 14TH AVENUE SOUTH ST PETERSBURG FL 33711
28 28 800246738 MENCER SCOTT B 2285 NOBLE ROAD KIRKWOOD PA 17536
28 28 800246811 YORK LAWRENCE 2850 LEECHBURG ROAD LOWER BURRELL PA 15068
28 28 800247231 KUKLENTZ JEFFREY W 132 LEHIGH AVENUE PALMERTON PA 18071
28 28 800247272 MAGUIRE GERALD M 10918 PLEASANT WALK ROAD MYERSVILLE MD 21773
28 28 800248452 CUESTA FERNANDO 1761 PERKIOMEN AVENUE READING PA 19606
28 28 800248676 VARGAS HECTOR 8 SPRUCE STREET PHILADELPHIA PA 18235
28 28 800248890 MCMAHON JAMES G 404 WATERVILLE ROAD AVON CT 06001
28 28 800249377 MURRAY LINDA L 80 ROLLING CREEK DRIVE SUMTER SC 29153
28 28 800249724 POWELL DELORICE 230 VSH RADIANT VA 22732
28 28 800250003 O'SHAUGHNESS THEODORE 10 TEGO LAKE ROAD EAST STROUDSBURG PA 18301
28 28 800250011 YOUNES VICTOR 2994 MAUCH CHUNK ROAD MECHANICSVILLE PA 18037
28 28 800250078 LOPEZ KELLY 292 WASHINGTON STREET WILKES BARRE PA 18702
28 28 800250409 FRY HARRY W 361 NORTH MARTIN AVENUE MOUNT HOLLY NJ 08060
28 28 800250946 COGSWELL TIMOTHY J. 20 BOTTOMLEY AVE LEICESTER MA 01611
28 28 800251316 SCHINDLER EVAN 1840 NOYAC PATH SAG HARBOR NY 11932
28 28 800251456 SEABERRY VINCENT J 173 31 104 AVE JAMAICA NY 11433
28 28 800251571 SMITH WILLIAM A 1588 WYNDMOOR AVENUE HILLSIDE NJ 07205
28 28 800251704 RIVAS OSCAR B 522 S 14 1/2 STREET READING PA 19602
28 28 800252488 MILLIAN SUSAN M 1234 MIDDLESEX DRIVE NEW PORT RICHEY FL 34655
28 28 800252595 POWELL MILDRED 85 WILLIAM STREET WEST HAVEN CT 06516
28 28 800252801 HOLDER DAWN 121 RIVER PINES TRAIL CLEMMONS NC 27012
28 28 800253130 SANTIAGO ROSE 914 EAST 224TH STREET BRONX NY 10466
28 28 800253197 REEDY TAMMY L 1226 GREEN STREET READING PA 19604
28 28 800253569 NICORVO SHARON J. 4040 PRESCOTT STREET SARASOTA FL 34232
28 28 800254336 NICASTRO JOSEPH 214 GRANT AVENUE POMPTON LAKES NJ 07442
28 28 800254708 MERCADO JUAN 123 HOWARD STREET NEWINGTON CT 06111
28 28 800254807 DOLINSKI WALTER 181 PICKETTS RIDGE RD REDDING CT 06896
28 28 800254971 PETERSON MOLLISSIE 862 SOUTH SPRING STREET BURLINGTON NC 27215
28 28 800255291 MEYERSON JAY 3 LAURA LANE POMONA NY 10970
28 28 800255663 KACSUR MICHAEL J 14-47 9 TROUT CREEK DRIVE ARROWHEAD LAKES PA 18347
28 28 800255929 YOUNG EVERETTE L 3917 STEARNS ROAD VALRICO FL 33594
28 28 800256315 BOAMAH ERIC 23 DOWSING AVENUE BAY SHORE NY 11706
28 28 800256539 SIANO RALPH D 96 BALLSTON AVENUE SARATOGA NY 12866
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800234460 103,500.00 103,500.00 08/25/97 07/25/12 178.75 09/25/97 90.0 11.500 1,024.95
800235525 52,000.00 52,000.00 09/01/97 08/01/12 179.00 09/01/97 84.7 12.750 649.40
800235756 29,180.00 29,180.00 08/01/97 07/01/12 178.00 09/01/97 89.9 12.200 304.65
800236218 16,200.00 16,182.26 08/21/97 07/21/12 178.62 09/21/97 82.0 13.750 213.03
800236762 20,800.00 20,800.00 09/04/97 08/04/17 239.08 09/04/97 78.6 10.800 211.87
800236838 73,100.00 73,021.99 08/14/97 07/14/12 178.39 09/14/97 85.0 10.300 799.01
800237091 12,700.00 12,700.00 08/23/97 07/23/12 178.68 08/23/97 90.0 13.000 160.69
800237620 20,370.00 20,349.55 08/08/97 07/08/17 238.19 09/08/97 79.9 13.250 242.29
800237984 246,500.00 246,500.00 09/01/97 08/01/27 359.00 09/01/97 85.0 12.700 2,669.10
800238008 98,982.00 98,954.49 08/10/97 07/10/17 238.26 09/10/97 84.9 13.250 1,177.32
800238040 25,000.00 25,000.00 08/08/97 07/08/12 178.19 08/08/97 89.0 11.800 296.83
800238875 29,000.00 29,000.00 08/30/97 07/30/12 178.92 08/30/97 85.0 13.550 377.48
800238990 17,605.00 17,526.27 08/21/97 07/21/07 118.62 09/21/97 90.0 12.050 253.09
800239014 17,500.00 17,345.66 09/01/97 08/01/07 119.00 10/01/97 83.3 12.350 254.63
800239659 35,000.00 35,000.00 08/21/97 07/21/12 178.62 08/21/97 74.7 10.550 387.98
800240301 40,000.00 39,978.72 07/27/97 06/27/27 357.83 09/27/97 17.7 11.900 408.37
800240400 41,400.00 41,400.00 09/21/97 08/21/12 179.64 09/21/97 90.0 11.150 398.96
800240624 55,275.00 55,193.65 08/25/97 07/25/12 178.75 09/25/97 86.5 13.750 726.86
800240939 93,000.00 93,000.00 08/07/97 07/07/17 238.16 09/07/97 89.9 11.800 1,011.07
800241051 54,600.00 54,600.00 09/01/97 08/01/12 179.00 09/01/97 89.9 12.050 657.05
800241416 57,000.00 57,000.00 08/16/97 07/16/12 178.45 08/16/97 84.8 13.550 655.13
800241457 31,000.00 30,993.70 08/16/97 07/16/17 238.45 09/16/97 87.7 11.800 337.02
800241507 35,000.00 35,000.00 08/01/97 07/01/17 238.00 09/01/97 64.8 10.600 351.79
800241788 64,000.00 64,000.00 09/07/97 08/07/12 179.18 09/07/97 80.0 12.750 695.48
800241812 48,000.00 48,000.00 09/01/97 08/01/27 359.00 09/01/97 77.5 13.000 530.98
800241846 100,000.00 100,000.00 09/12/97 08/12/17 239.34 09/12/97 86.9 9.650 941.95
800243131 200,000.00 200,000.00 08/01/97 07/01/12 178.00 09/01/97 74.6 12.050 2,064.93
800243628 56,000.00 56,000.00 08/03/97 07/03/12 178.03 09/03/97 80.0 14.250 674.62
800244071 41,900.00 41,818.10 07/27/97 06/27/12 177.83 08/27/97 84.9 12.250 509.63
800244238 108,500.00 108,500.00 08/29/97 07/29/17 238.88 08/29/97 77.5 10.250 1,065.08
800245326 20,780.00 20,688.77 08/11/97 07/11/07 118.29 09/11/97 89.9 11.150 288.01
800245540 42,000.00 41,969.59 08/28/97 07/28/12 178.85 09/28/97 79.8 13.990 497.31
800245722 15,000.00 15,000.00 08/15/97 07/15/12 178.42 08/15/97 89.0 11.050 170.96
800245912 34,125.00 34,028.07 08/22/97 07/22/12 178.65 09/22/97 75.0 11.650 401.90
800246720 19,000.00 19,000.00 08/23/97 07/23/12 178.68 08/23/97 44.1 10.850 214.17
800246738 47,975.00 47,376.95 08/09/97 07/09/07 118.22 10/09/97 90.0 11.150 664.94
800246811 102,000.00 101,978.12 08/25/97 07/25/27 358.75 09/25/97 85.0 10.650 944.49
800247231 52,200.00 52,142.97 09/01/97 08/01/27 359.00 10/01/97 90.0 10.500 477.49
800247272 73,000.00 73,000.00 08/08/97 07/08/12 178.19 09/08/97 79.4 11.500 852.78
800248452 30,600.00 30,600.00 08/02/97 07/02/12 177.99 09/02/97 90.0 11.300 298.37
800248676 24,500.00 24,432.44 09/01/97 08/01/12 179.00 10/01/97 70.0 10.400 269.31
800248890 37,000.00 37,000.00 09/01/97 08/01/12 179.00 09/01/97 79.9 14.000 492.74
800249377 41,650.00 41,528.44 08/24/97 07/24/12 178.72 09/24/97 85.0 10.050 448.85
800249724 117,000.00 116,953.50 07/26/97 06/26/12 177.80 09/26/97 90.0 10.500 1,070.24
800250003 19,000.00 18,958.68 08/21/97 07/21/12 178.62 09/21/97 83.9 11.800 225.59
800250011 34,215.00 34,215.00 09/15/97 08/15/27 359.44 09/15/97 85.0 11.990 351.68
800250078 22,525.00 22,525.00 08/02/97 07/02/17 237.99 09/02/97 85.0 11.900 246.45
800250409 22,800.00 22,677.33 07/26/97 06/26/12 177.80 09/26/97 60.0 11.750 230.15
800250946 10,000.00 10,000.00 08/14/97 07/14/12 178.39 08/14/97 85.0 13.790 116.83
800251316 252,000.00 252,000.00 09/01/97 08/01/17 239.00 09/01/97 80.0 12.450 2,854.20
800251456 128,900.00 128,729.50 08/14/97 07/14/17 238.39 09/14/97 83.1 9.150 1,172.21
800251571 59,000.00 59,000.00 09/05/97 08/05/12 179.11 09/05/97 55.1 11.500 689.23
800251704 42,840.00 42,840.00 09/13/97 08/13/27 359.38 09/13/97 90.0 11.550 425.88
800252488 23,900.00 23,900.00 08/09/97 07/09/12 178.22 09/09/97 89.9 10.950 270.90
800252595 79,200.00 79,200.00 09/08/97 08/08/12 179.21 09/08/97 90.0 10.750 739.32
800252801 17,000.00 16,897.22 08/23/97 07/23/12 178.68 09/23/97 42.5 10.900 192.16
800253130 234,000.00 234,000.00 08/03/97 07/03/27 358.03 09/03/97 90.0 11.500 2,317.28
800253197 27,300.00 27,250.42 09/01/97 08/01/17 239.00 10/01/97 70.0 11.850 297.75
800253569 12,390.00 12,390.00 09/01/97 08/01/17 239.00 09/01/97 84.9 12.400 139.90
800254336 189,000.00 188,854.94 08/08/97 07/08/12 178.19 09/08/97 90.0 11.450 1,864.44
800254708 98,400.00 98,293.59 08/28/97 07/28/12 178.85 09/28/97 80.0 12.200 1,027.33
800254807 77,000.00 76,956.50 08/21/97 07/21/12 178.62 09/21/97 69.8 9.900 670.05
800254971 48,400.00 48,400.00 09/01/97 08/01/12 179.00 09/01/97 79.8 13.350 548.67
800255291 160,000.00 160,000.00 08/01/97 07/01/12 178.00 09/01/97 59.2 9.900 1,392.31
800255663 65,450.00 65,450.00 08/01/97 07/01/12 178.00 09/01/97 85.0 12.950 721.45
800255929 76,200.00 76,200.00 09/01/97 08/01/17 239.00 09/01/97 89.9 12.300 855.02
800256315 117,000.00 117,000.00 07/24/97 06/24/12 177.73 08/24/97 90.0 12.000 1,203.48
800256539 48,000.00 48,000.00 09/01/97 08/01/27 359.00 09/01/97 32.0 10.850 451.68
</TABLE>
<PAGE>
<TABLE>
Page 3 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800256562 HORVATH CAROL A 1802 NEW YORK STREET AKRON OH 44314
28 28 800256802 NALLI ELMO 3555 LIVINGOOD DRIVE JAMESTOWN PA 16134
28 28 800257347 BRYAN GLENDON 566 WILLIAMS AVE BROOKLYN NY 11207
28 28 800258055 LARDI MICHAEL P 3453 READING AVENUE HAMMONTON NJ 08037
28 28 800258360 CALDAS HENRY DE SOUZA 289 ROSWELL COMMONS CIRCLE ROSWELL GA 30076
28 28 800258428 PALMIERI JAMES F23 MARK DRIVE WEST KILL NY 12492
28 28 800258469 HUBBARD DONNIE L 5 STONEY FARM LANE BROOKFIELD CT 06804
28 28 800258485 ASH MELCHIOR 5737 MAPLE HILL ROAD BALTIMORE MD 21239
28 28 800258493 ZAMOR CAROLE 125 HENDERICK STREET PROVIDENCE RI 02908
28 28 800258543 VIGLIOTTI SALVATORE J. 7569 RANIA ROAD BALDWINSVILLE NY 13027
28 28 800258857 HENNE SHERRIE KIM 4306 CHURCH POND PLACE DOVER FL 33527
28 28 800259020 COOPER JOHNNY 14900 SUNSET STREET CLEARWATER FL 34620
28 28 800259152 VILLA JOSETTE 4855 NW 169TH ST OPA LOCKA FL 33055
28 28 800259178 MILLER JEFFREY B 458 QUARRY ROAD DELTA PA 17314
28 28 800259640 HODGES ROBERT LEE 1503 AIRPORT ROAD PIKEVILLE NC 27530
28 28 800259673 AGUIAR MARIA 3250 SOUTH CALAIS TERRACE HOMOSASSA FL 34448
28 28 800259848 RADITZ BRIAN S 1880 AUGUST DRIVE HUNTINGDON VALLEY PA 19006
28 28 800259863 JAGAD KRU 14 GURLEY ROAD EDISON NJ 08817
28 28 800260366 MENSE STEVEN 424 NEVADA STREET LINDENHURST NY 11757
28 28 800260457 BROWN SHIRLEY ANN 1163 HANOVER ROAD GETTYSBURG PA 17325
28 28 800260549 RUDOWSKY SHELDON 34 SUMMIT VIEW DRIVE BAYVILLE NY 11709
28 28 800260937 DOBBINS GORDON D 10 DOGWOOD LANE MOUNTVILLE PA 17554
28 28 800261034 WILLIAMS ANNETTE M 3821 GROVE STREET SOUTH ST PETERSBURG FL 33705
28 28 800261109 OGLESBY JOHNNY C 2908 BORG ROAD WINSTON-SALEM NC 27127
28 28 800261232 WILLIAMS JOHN F 3305 N 2ND STREET HARRISBURG PA 17110
28 28 800261505 BATES WILLIAM E 163 W COHAWKIN RD CLARKSBORO NJ 08020
28 28 800261521 BERGGRUM CLAIRE 95 LANVALE STREET ASHEVILLE NC 28806
28 28 800261620 GRANT JUANN M 358 MACON STREET BROOKLYN NY 11233
28 28 800261687 FIUMARA CHRISTOPHE T 42 PARKVALE AVE #4 ALLSTON MA 02134
28 28 800261711 GRISSOM WENDY E 106 MOSS STOCKFARM ROAD KITTRELL NC 27544
28 28 800261802 LEWIS ALLEN 9035 WISTER LANE HUDSON FL 34669
28 28 800261877 BAKER PHILLIP E. 1030 SOUTHWEST 17TH STREET NAPLES FL 34117
28 28 800262255 STEVENS MARK R 28 THUNDERHEAD PLACE MAHWAH NJ 07430
28 28 800262305 WELCH EDWARD A 149 STONEWYCK DRIVE LANCASTER PA 17603
28 28 800262669 SMITH L MURRAY 104 TALAHI ISLAND PLACE SAVANNAH GA 31410
28 28 800262750 REEVES JOHN L 3751 6TH STREET UPLAND PA 19015
28 28 800264210 BRADLEY MARSHALL D 230 ELLIS STREET FT MYERS FL 33903
28 28 800264277 SERWER GEOFFREY 9 DARIUS COURT DIX HILLS NY 11746
28 28 800264384 DEWEES WARREN D 8 THALIA LANE BIRDSBORO PA 19508
28 28 800264566 MOORE SUSAN C. 350 TIMBERLAKE DRIVE TIMBERLAKE NC 27583
28 28 800264632 WORMLEY PATRICIA 417 E RITTENHOUSE STREET PHILADELPHIA PA 19144
28 28 800264699 FREDERICK FELIX A 41 CEDAR LANE STEWARTSTOWN PA 17363
28 28 800264764 BAKER VIVIAN 369 CLARENDON RD UNIONDALE NY 11553
28 28 800264798 BRYAN ALLEN W 314 SPRUCEWOOD DRIVE SUMMERVILLE SC 29485
28 28 800264889 HEARN GARY W RD 1 BOX 273 C GEORGETOWN DE 19947
28 28 800265076 ROACH MARLENE 19 DOE COURT AVON CO 81620
28 28 800265209 ROTH MEREDITH M. 2997 S DELAWARE STREET ENGELWOOD CO 80110
28 28 800265233 ROTH MEREDITH M. 4398 S ELATI STREET ENGELWOOD CO 80110
28 28 800265613 MERCER RICHA AUDREY MERCE 280 RUTLAND ROAD BROOKLYN NY 11225
28 28 800265688 BURNHAM ERIC G 2712 SYCAMORE STREET ALEXANDRIA VA 22305
28 28 800266066 RIVERA PASTOR S 6161 40TH AVENUE NORTH ST PETERSBURG FL 33709
28 28 800266140 LAWRENCE ROBERT F 8 WAVERLY RD BARRINGTON RI 02806
28 28 800266280 BODNER JAMES W 1075 MONROE TURNPIKE MONROE CT 06468
28 28 800266322 METCALF ETHEL M 193 HAYWOOD ROAD ASHEVILLE NC 28806
28 28 800266447 WATERS PAULETTE 5618 WOODCREST AVENUE PHILADELPHIA PA 19131
28 28 800266553 NOCK DAVID L 1303 HENDERSON COURT BEL AIR MD 21014
28 28 800266645 BELL ELAINE 319 NEW CASTLE AVENUE SHARON PA 16145
28 28 800266991 JACKSON JOHN M 1731 HECKSCHER AVE BAYSHORE NY 11706
28 28 800267098 MILOT RENE 5472 SCANDIA DRIVE BEMUS POINT NY 14712
28 28 800267270 PALMER CHARLES T 6961 DERMOND ROAD HERMITAGE PA 16148
28 28 800267304 MULLAR BETTY A 2347 BARRISON POINT ROAD BALTIMORE MD 21221
28 28 800267379 MANDRIER KENNETH H 2924 HOMEHURST AVENUE PITTSBURGH PA 15234
28 28 800267726 HUI SHEK CHAU 51 ANDREA PLACE WEST BABYLON NY 11704
28 28 800267833 LIVELY BETSY L 1030 WOOD VALLEY ROAD CUMMING GA 30131
28 28 800267981 WOOLDRIDGE STEPHEN E 1264 WEST 206TH ST SHERIDAN IN 46069
28 28 800268138 THOMPSON KAREN A 1004 FAIRFORD WAY CAPITOL HEIGHTS MD 20743
28 28 800268252 DIMARTINO JAMES J. 19 TREE TOP PATH NESCONSET NY 11767
28 28 800268302 DECKER ROBERT 1246 HELLER LANE LONG POND PA 18334
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800256562 16,000.00 15,960.64 09/01/97 08/01/12 179.00 10/01/97 39.5 12.050 192.54
800256802 43,200.00 43,038.27 08/22/97 07/22/12 178.65 09/22/97 80.0 12.150 522.65
800257347 198,000.00 198,000.00 09/04/97 08/04/12 179.08 09/04/97 90.0 12.800 2,159.36
800258055 91,000.00 91,000.00 08/22/97 07/22/27 358.65 08/22/97 70.0 11.625 909.85
800258360 18,070.00 18,032.15 08/28/97 07/28/12 178.85 09/28/97 84.9 12.250 219.79
800258428 123,250.00 123,250.00 08/23/97 07/23/27 358.68 08/23/97 83.8 12.250 1,291.53
800258469 52,750.00 52,637.09 08/08/97 07/08/12 178.19 09/08/97 89.9 11.990 632.75
800258485 24,500.00 24,500.00 09/06/97 08/06/17 239.15 09/06/97 89.9 11.650 263.81
800258493 68,000.00 68,000.00 08/29/97 07/29/12 178.88 08/29/97 80.0 13.500 778.88
800258543 65,400.00 65,375.37 08/09/97 07/09/17 238.22 09/09/97 79.9 11.000 675.05
800258857 99,250.00 99,113.11 08/09/97 07/09/27 358.22 09/09/97 84.8 9.750 852.71
800259020 44,200.00 44,200.00 09/05/97 08/05/12 179.11 09/05/97 86.4 11.990 530.19
800259152 60,000.00 60,000.00 09/15/97 08/15/17 239.44 09/15/97 65.2 10.000 579.01
800259178 26,000.00 25,944.16 08/16/97 07/16/12 178.45 09/16/97 89.6 11.950 311.21
800259640 46,000.00 46,000.00 09/27/97 08/27/12 179.84 09/27/97 60.5 10.100 407.09
800259673 35,700.00 35,581.99 08/14/97 07/14/07 118.39 09/14/97 85.0 10.800 487.73
800259848 32,500.00 32,500.00 08/07/97 07/07/12 178.16 09/07/97 90.0 11.650 325.57
800259863 16,700.00 16,700.00 08/16/97 07/16/12 178.45 09/16/97 89.8 12.750 181.48
800260366 136,000.00 136,000.00 09/01/97 08/01/12 179.00 09/01/97 80.0 13.800 1,589.92
800260457 21,190.00 21,190.00 08/22/97 07/22/12 178.65 08/22/97 84.9 13.450 274.41
800260549 27,500.00 27,167.53 08/28/97 07/28/17 238.85 10/28/97 89.8 11.800 298.97
800260937 38,100.00 37,987.20 08/21/97 07/21/12 178.62 09/21/97 89.9 11.300 440.25
800261034 51,000.00 51,000.00 08/21/97 07/21/12 178.62 08/21/97 85.0 11.500 595.78
800261109 11,130.00 11,130.00 09/06/97 08/06/12 179.15 09/06/97 84.8 12.500 137.18
800261232 15,817.00 15,817.00 08/22/97 07/22/12 178.65 08/22/97 90.0 12.750 197.53
800261505 89,900.00 89,900.00 08/24/97 07/24/12 178.72 08/24/97 83.2 11.250 873.16
800261521 106,250.00 106,250.00 09/01/97 08/01/27 359.00 09/01/97 85.0 11.700 1,068.43
800261620 127,500.00 127,500.00 09/11/97 08/11/12 179.31 09/11/97 75.0 13.350 1,445.37
800261687 71,500.00 71,500.00 09/01/97 08/01/27 359.00 09/01/97 65.0 11.000 680.91
800261711 55,800.00 55,800.00 08/23/97 07/23/12 178.68 08/23/97 90.0 12.800 698.68
800261802 28,000.00 27,883.86 08/15/97 07/15/12 178.42 09/15/97 84.2 10.550 310.38
800261877 35,200.00 35,200.00 08/09/97 07/09/12 178.22 09/09/97 79.8 12.750 439.59
800262255 225,000.00 225,000.00 09/19/97 08/19/27 359.57 09/19/97 55.9 10.400 2,041.36
800262305 60,000.00 60,000.00 09/18/97 08/18/12 179.54 09/18/97 31.5 10.990 570.94
800262669 20,000.00 20,000.00 09/13/97 08/13/12 179.38 09/13/97 89.9 11.800 237.47
800262750 15,000.00 15,000.00 08/21/97 07/21/12 178.62 09/21/97 79.3 10.900 169.55
800264210 36,000.00 35,906.35 08/23/97 07/23/12 178.68 09/23/97 80.0 11.150 412.57
800264277 70,000.00 70,000.00 09/01/97 08/01/12 179.00 09/01/97 56.5 12.650 755.24
800264384 119,000.00 118,871.42 08/21/97 07/21/27 358.62 09/21/97 85.0 11.900 1,214.90
800264566 34,250.00 34,148.77 08/15/97 07/15/12 178.42 09/15/97 52.2 10.800 384.99
800264632 32,400.00 32,264.95 08/25/97 07/25/12 178.75 09/25/97 85.2 10.050 349.16
800264699 28,623.00 28,605.50 08/22/97 07/22/12 178.65 09/22/97 90.0 12.750 357.45
800264764 144,500.00 144,500.00 08/16/97 07/16/12 178.45 08/16/97 85.0 11.650 1,447.53
800264798 46,750.00 46,748.38 08/25/97 07/25/27 358.75 09/25/97 85.0 12.800 509.85
800264889 48,425.00 48,306.58 08/15/97 07/15/12 178.42 09/15/97 65.0 12.150 585.86
800265076 35,000.00 34,950.40 08/18/97 07/18/12 178.52 09/18/97 78.4 12.250 366.76
800265209 88,000.00 88,000.00 09/19/97 08/19/17 239.57 09/19/97 67.6 9.150 800.27
800265233 35,000.00 35,000.00 09/19/97 08/19/17 239.57 09/19/97 73.9 9.650 329.68
800265613 73,000.00 73,000.00 09/04/97 08/04/12 179.08 09/04/97 38.4 10.450 665.03
800265688 164,500.00 164,500.00 08/02/97 07/02/12 177.99 09/02/97 70.0 9.650 1,401.24
800266066 43,900.00 43,814.05 08/21/97 07/21/12 178.62 09/21/97 84.9 11.300 507.27
800266140 14,300.00 14,300.00 09/25/97 08/25/17 239.77 09/25/97 84.8 12.250 159.95
800266280 78,900.00 78,900.00 08/23/97 07/23/12 178.68 08/23/97 71.5 11.650 790.38
800266322 76,500.00 76,500.00 09/01/97 08/01/17 239.00 09/01/97 85.0 11.450 813.18
800266447 58,400.00 58,400.00 08/18/97 07/18/27 358.52 09/18/97 80.0 13.500 668.92
800266553 62,200.00 62,200.00 09/01/97 08/01/17 239.00 09/01/97 89.9 11.550 665.46
800266645 25,200.00 25,172.47 08/16/97 07/16/27 358.45 09/16/97 90.0 10.500 230.51
800266991 103,000.00 103,000.00 09/01/97 08/01/12 179.00 09/01/97 85.8 12.650 1,111.28
800267098 38,900.00 38,856.54 08/28/97 07/28/17 238.85 09/28/97 85.1 12.250 435.12
800267270 52,800.00 52,800.00 08/28/97 07/28/12 178.85 08/28/97 80.0 13.500 604.78
800267304 98,500.00 98,500.00 09/19/97 08/19/12 179.57 09/19/97 89.5 11.400 967.93
800267379 60,800.00 60,800.00 09/13/97 08/13/12 179.38 09/13/97 80.0 10.750 567.56
800267726 88,000.00 88,000.00 09/19/97 08/19/12 179.57 09/19/97 70.9 10.750 986.43
800267833 70,000.00 69,946.27 08/09/97 07/09/12 178.22 09/09/97 62.5 11.450 690.54
800267981 22,000.00 21,901.04 08/23/97 07/23/12 178.68 09/23/97 89.9 11.900 262.62
800268138 23,950.00 23,950.00 08/11/97 07/11/12 178.29 09/11/97 84.9 11.950 286.67
800268252 75,750.00 75,691.98 08/15/97 07/15/12 178.42 09/15/97 81.2 11.500 750.15
800268302 38,000.00 37,912.22 08/09/97 07/09/12 178.22 09/09/97 64.9 13.100 483.29
</TABLE>
<PAGE>
<TABLE>
Page 4 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800268450 GARRISON JARRELL E 7606 SOUTHWEST 7TH PLACE NORTH LAUDERDALE FL 33068
28 28 800268922 CONWAY, ROGER W. 460 SOUTH PERSHING AVENUE YORK PA 17403
28 28 800268930 CONWAY, ROGER W. 318 SOUTH PERSHING AVENUE YORK PA 17403
28 28 800269045 PENYAK CYNTHIA V RR 1 BOX 367 CANADENSIS PA 18325
28 28 800269102 TENER RANDY 2540 58TH AVENUE NORTH ST PETERSBURG FL 33714
28 28 800269276 TRIAY LARRY L 1924 MARYLAND ST SOUTHEAST ARCADIA FL 34266
28 28 800269367 FAGGAS GEORGE 66 HELEN STREET WALTHAM MA 02154
28 28 800269565 TRENGE SYLVIA L 999 SPRINGHOUSE ROAD ALLENTOWN PA 18104
28 28 800269573 BENNETT ANTHONY A 52 LITTLE KNOLL DRIVE HANOVER PA 17331
28 28 800270050 SNOW DWAIN E 45 ALTAIR AVENUE PLYMOUTH CT 06782
28 28 800270068 MAYERFELD BERNARD 859 CHARLES STREET VINELAND NJ 08360
28 28 800271397 GALLAGHER JOHN M 9 WINESAP COURT SEWELL NJ 08080
28 28 800271462 LUNNON BRIAN 678 MACDONOUGH ST BROOKLYN NY 11233
28 28 800271751 CARTER CALVIN D 480 NORMAL AVE BUFFALO NY 14213
28 28 800272239 CODJOE GIFTY 166 NORTH 9 ST NEWARK NJ 07107
28 28 800272247 KESSLER ROBERT M 308 FORGE ROAD EAST GREENVILLE PA 18041
28 28 800272262 SMITH LOVE 255 AMBOY ST BROOKLYN NY 11212
28 28 800272411 KUDLAC JOSEPH J 13 PIKE VIEW DRIVE RICHEYVILLE PA 15358
28 28 800272437 JORDAN RICHARD 235 S 55TH STREET PHILADELPHIA PA 19139
28 28 800272528 BARBER ALAN J BOX 85 YOUNGWOOD-ARMBRUST ARMBRUST PA 15616
28 28 800272775 KRAMER DAVID RR 1 BOX 192 SHICKSHINNY PA 18655
28 28 800272783 STEWART ROBERT E. 20231 GLADSTONE AVENUE PORT CHARLOTTE FL 33952
28 28 800272817 HOFFER JOHN R 285 RHODA DRIVE LANCASTER PA 17601
28 28 800272908 SERRANO RAYSA 443 445 POTTERS AVE PROVIDENCE RI 02907
28 28 800273252 HAIGHT THOMAS E 203 FERNVUE DRIVE CORAOPOLIS PA 15108
28 28 800273302 SMALLS HAROLD 3626 GABLE TERRACE FLORENCE SC 29501
28 28 800273393 WHEATLEY ALAN 63 SW 20TH LANE VERO BEACH FL 32961
28 28 800273708 MURRAY PATRICIA A. 1769 HARRISON COURT WASHINGTON TOWNSHIP NJ 08012
28 28 800273815 MURPHY DANIEL J 130 WOODBRIDGE DR EAST GREENWICH RI 02818
28 28 800273872 EBY ROSALIE 705 CHANESE LANE GALLOWAY TOWNSHIP NJ 08201
28 28 800273948 GAMBINO ARTHUR P. 185 187 SCOFIELD AVE BRIDGEPORT CT 06601
28 28 800273971 FOX NANCY N 660 WOOD VALLEY TRACE ROSWELL GA 30076
28 28 800274029 UMSTATTER DANIEL K 185 SALEM RD STRATFORD CT 06497
28 28 800274060 HUDICEK JOSEPH 1938 W WILLARD STREET PHILADELPHIA PA 19134
28 28 800274227 VIGORITO MICHAEL 822 RATHBUN AVENUE STATEN ISLAND NY 10309
28 28 800274391 PERSINGER WILBERT LEE 3708 CLIFTON ROAD LORAIN OH 44055
28 28 800274508 ALLEN PATRICIA M 3627 27TH AVENUE SOUTH ST PETERSBURG FL 33711
28 28 800274615 WISEBERG ALAN G. 935 58TH AVENUE NORTH ST PETERSBURG FL 33703
28 28 800274631 MATTISON TRACY L. 2432 NORTHEAST 28TH STREET OCALA FL 34470
28 28 800274672 DENCE SHERI LYN 3938 CARIOCA ROAD HOLIDAY FL 34691
28 28 800274714 BARLAS GEORGE 200 BALDWIN DR BRISTOL CT 06010
28 28 800274789 ROSE JAMES RAY RTE 4 CHESTNUT GROVE ROAD KING NC 27021
28 28 800274839 GOVER ELI E 8358 WEST CECIL LANE HOMOSASSA FL 34446
28 28 800274847 QUILLEN PAULA K 8131 HIXTON DRIVE PORT RICHEY FL 34668
28 28 800274938 CLARK EVELYN 2127 6TH AVENUE SOUTH ST PETERSBURG FL 33712
28 28 800275059 ARGABRITE GARY 835 SCENIC LAKE DRIVE LAWRENCEVILLE GA 30245
28 28 800275448 MASSARIA CHRISTOPHE 42 MADISON STREET FRANKLIN SQUARE NY 11010
28 28 800275463 POKORNY DANIEL 23 WALNUT AVENUE EAST QUOGUE NY 11942
28 28 800275703 BLANK LESLIE 110 FAIR STREET CARMEL NY 10512
28 28 800275737 BEMIS THOMAS F. 4 FOWLER TERRACE BURLINGTON MA 01803
28 28 800275828 AVITABILE LOUIS S 176 FERN ROAD LITCHFIELD CT 06759
28 28 800275844 ADAMS BLAIR 22 KAZERSKY DRIVE WALLINGFORD CT 06491
28 28 800275869 IANIELLO RALPH J 171 MIDVALE AVENUE CRANSTON RI 02920
28 28 800276156 BORDEN KEITH 129 CHARITON DRIVE E STROUDSBURG PA 18301
28 28 800276412 DEMBINSKY PETER 1820 MARKET STREET ASHLAND PA 17921
28 28 800276438 MCKEOWN LEO G 396 5TH STREET PORT CARBON PA 17965
28 28 800276628 SOWARD J. KEVAN 16030 SUNSET STRIP FT MYERS FL 33908
28 28 800276677 GIALLANZA BERTHA A 27019 GOLDEN MEADOW DRIVE WESLEY CHAPEL FL 33544
28 28 800276701 REED, JOSEPH I. 110 JUDY ROAD EDEN NC 27288
28 28 800276776 IZUCHUKWU IFEOMA S 350 WILMA COURT ATLANTA GA 30331
28 28 800277097 YEARWOOD ANDRE G 95 ANNE MARIE DRIVE BROCKTON MA 02401
28 28 800277220 MIGLIORE RALPH 60 RIPPLEWATER AVENUE MASSAPEQUA NY 11758
28 28 800277543 TAVERAS VICTOR 8 BEDELL STREET NORTH LINDENHURST NY 11757
28 28 800277808 SAMUELS JANET M. 95 ROCKLAND AVENUE NORTH BABYLON NY 11703
28 28 800278228 UNDERWOOD LARRY EMERSON 6171 BRACKENMERE TRACE MEBANE NC 27302
28 28 800278350 BYRD LEWIS 510 12TH STREET WEST PALMETTO FL 34221
28 28 800278525 MARINI ANGELA 11 BAILEY COURT PROVIDENCE RI 02909
28 28 800278780 ELGAR ROBERT 752 754 ATWELLS AVE PROVIDENCE RI 02909
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800268450 19,400.00 19,400.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.150 201.79
800268922 20,150.00 20,150.00 08/15/97 07/15/07 118.42 08/15/97 65.0 10.750 274.72
800268930 19,500.00 19,500.00 08/15/97 07/15/07 118.42 08/15/97 65.0 10.750 265.86
800269045 56,400.00 56,400.00 09/21/97 08/21/27 359.64 09/21/97 80.0 12.600 606.31
800269102 52,500.00 52,378.17 08/29/97 07/29/27 358.88 09/29/97 87.5 11.300 511.91
800269276 15,750.00 15,750.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.500 194.12
800269367 71,000.00 71,000.00 09/01/97 08/01/12 179.00 09/01/97 89.3 12.100 735.78
800269565 146,000.00 146,000.00 09/04/97 08/04/12 179.08 09/04/97 74.9 13.650 1,689.55
800269573 21,750.00 21,717.53 08/14/97 07/14/12 178.39 09/14/97 89.9 11.950 260.34
800270050 47,625.00 47,625.00 09/04/97 08/04/17 239.08 09/04/97 85.0 12.900 554.57
800270068 67,500.00 67,500.00 09/13/97 08/13/12 179.38 09/13/97 75.0 9.650 574.98
800271397 38,300.00 38,300.00 09/11/97 08/11/17 239.31 09/11/97 89.9 11.150 399.25
800271462 124,000.00 123,094.29 08/11/97 07/11/12 178.29 10/11/97 80.0 12.500 1,323.40
800271751 18,750.00 18,616.23 06/01/97 05/01/12 176.00 09/01/97 75.0 10.250 204.37
800272239 100,000.00 99,935.07 06/08/97 05/08/12 176.19 08/08/97 80.0 11.450 986.48
800272247 74,500.00 74,500.00 09/19/97 08/19/17 239.57 09/19/97 70.9 9.150 677.50
800272262 20,000.00 19,901.28 08/22/97 07/22/17 238.65 09/22/97 90.0 11.800 217.43
800272411 33,600.00 33,460.29 09/05/97 08/05/12 179.11 10/05/97 80.0 10.650 374.54
800272437 20,680.00 20,680.00 09/01/97 08/01/12 179.00 09/01/97 37.6 10.850 233.10
800272528 24,577.00 24,577.00 09/11/97 08/11/12 179.31 09/11/97 89.8 11.550 287.89
800272775 53,600.00 53,600.00 09/11/97 08/11/12 179.31 09/11/97 80.0 12.400 657.15
800272783 15,250.00 15,206.18 08/21/97 07/21/12 178.62 09/21/97 89.9 11.400 177.18
800272817 42,000.00 42,000.00 08/21/97 07/21/12 178.62 08/21/97 84.9 12.250 440.12
800272908 81,000.00 81,000.00 09/05/97 08/05/12 179.11 09/05/97 90.0 11.650 811.42
800273252 23,000.00 23,000.00 08/25/97 07/25/12 178.75 08/25/97 89.7 11.800 273.09
800273302 67,100.00 67,100.00 09/08/97 08/08/17 239.21 09/08/97 83.8 10.050 649.75
800273393 44,200.00 44,200.00 09/18/97 08/18/17 239.54 09/18/97 85.0 10.400 438.32
800273708 94,520.00 94,520.00 09/08/97 08/08/12 179.21 09/08/97 85.0 11.850 961.34
800273815 90,000.00 90,000.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.500 960.53
800273872 68,000.00 68,000.00 09/07/97 08/07/27 359.18 09/07/97 80.0 10.700 632.21
800273948 70,000.00 70,000.00 09/13/97 08/13/12 179.38 09/13/97 70.0 10.850 658.70
800273971 56,748.00 56,748.00 08/21/97 07/21/17 238.62 09/21/97 80.2 12.500 644.74
800274029 75,600.00 75,481.77 08/14/97 07/14/12 178.39 09/14/97 77.8 13.250 968.99
800274060 18,400.00 18,400.00 08/23/97 07/23/12 178.68 08/23/97 80.0 11.200 178.01
800274227 40,500.00 40,217.32 08/21/97 07/21/12 178.62 09/21/97 83.9 10.300 442.68
800274391 54,400.00 54,400.00 09/18/97 08/18/27 359.54 09/18/97 85.0 12.150 565.85
800274508 36,100.00 36,100.00 09/01/97 08/01/17 239.00 09/01/97 60.1 11.800 392.47
800274615 27,000.00 27,000.00 09/01/97 08/01/12 179.00 09/01/97 83.6 12.150 280.85
800274631 59,500.00 59,500.00 09/11/97 08/11/27 359.31 09/11/97 58.3 10.990 566.18
800274672 33,750.00 33,750.00 09/08/97 08/08/27 359.21 09/08/97 84.3 11.600 336.80
800274714 54,600.00 54,600.00 08/16/97 07/16/12 178.45 08/16/97 84.9 13.790 719.44
800274789 21,600.00 21,600.00 09/25/97 08/25/12 179.77 09/25/97 80.0 12.800 270.46
800274839 58,500.00 58,410.65 08/14/97 07/14/17 238.39 09/14/97 75.0 11.500 623.86
800274847 45,475.00 45,123.62 08/25/97 07/25/07 118.75 09/25/97 85.0 11.650 643.27
800274938 11,400.00 11,400.00 08/18/97 07/18/12 178.52 08/18/97 21.9 11.100 130.29
800275059 112,200.00 112,200.00 09/12/97 08/12/27 359.34 09/12/97 85.0 12.150 1,167.07
800275448 20,000.00 20,000.00 09/27/97 08/27/12 179.84 09/27/97 83.2 12.400 245.20
800275463 37,000.00 37,000.00 09/04/97 08/04/12 179.08 09/04/97 88.2 11.400 429.88
800275703 30,000.00 29,883.94 08/28/97 07/28/12 178.85 09/28/97 73.1 10.400 329.76
800275737 55,000.00 55,000.00 09/15/97 08/15/12 179.44 09/15/97 77.7 10.750 513.41
800275828 80,500.00 80,500.00 09/05/97 08/05/12 179.11 09/05/97 79.8 12.800 877.92
800275844 20,000.00 20,000.00 09/01/97 08/01/12 179.00 09/01/97 75.7 11.500 233.64
800275869 97,750.00 97,750.00 09/12/97 08/12/12 179.34 09/12/97 85.0 11.850 994.20
800276156 91,600.00 91,600.00 09/13/97 08/13/17 239.38 09/13/97 80.0 10.650 923.76
800276412 55,800.00 55,702.51 08/18/97 07/18/12 178.52 09/18/97 90.0 10.900 630.72
800276438 11,352.00 11,352.00 09/11/97 08/11/07 119.31 09/11/97 80.0 13.990 176.19
800276628 54,400.00 54,301.75 09/01/97 08/01/17 239.00 10/01/97 85.0 11.990 598.61
800276677 32,845.00 32,845.00 09/20/97 08/20/17 239.61 09/20/97 80.0 11.250 344.63
800276701 54,900.00 54,900.00 09/21/97 08/21/07 119.64 09/21/97 90.0 11.000 756.25
800276776 12,600.00 12,600.00 09/11/97 08/11/12 179.31 09/11/97 89.9 10.800 141.63
800277097 71,400.00 71,400.00 09/01/97 08/01/27 359.00 09/01/97 85.0 11.500 707.07
800277220 55,000.00 55,000.00 09/13/97 08/13/12 179.38 09/13/97 65.8 10.500 607.97
800277543 32,100.00 32,100.00 09/06/97 08/06/12 179.15 09/06/97 90.0 11.400 372.95
800277808 80,000.00 80,000.00 09/08/97 08/08/12 179.21 09/08/97 80.0 12.500 853.81
800278228 54,900.00 54,900.00 09/11/97 08/11/17 239.31 09/11/97 90.0 12.650 629.56
800278350 35,750.00 35,750.00 08/15/97 07/15/12 178.42 08/15/97 65.0 13.740 416.25
800278525 56,000.00 56,000.00 08/22/97 07/22/12 178.65 08/22/97 70.0 11.700 563.12
800278780 97,750.00 97,750.00 09/01/97 08/01/12 179.00 09/01/97 85.0 11.750 986.70
</TABLE>
<PAGE>
<TABLE>
Page 5 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800279101 MARCHESE ROSS 19 FORRESTON CIRCLE MANORVILLE NY 11949
28 28 800279234 MCENANY JANET T 548 TWENTY FIRST AVENUE ALTOONA PA 16601
28 28 800279267 FRANCIS KENNETH L 14 WALNUT STREET DELANO PA 18220
28 28 800279556 MULLINS GREGORY S. 919 SPORTSMAN DRIVE WINSTON-SALEM NC 27101
28 28 800279812 ALTMAN MICHAEL D. 33305 BETTS DRIVE ZEPHYRHILLS FL 33543
28 28 800279853 MORRISSEY, THOMAS B 327 NORTH 8TH STREET LEBANON PA 17046
28 28 800279952 SIMMONS JOHN P 826 INDIAN BLUFF WINTER HAVEN FL 33880
28 28 800280430 ELICKER ZACHARY S 692 FOUCHE GAP ROAD ROME GA 30165
28 28 800280778 RAMCHARAN DEODATH L 102 GLEN STREET BROOKLYN NY 11208
28 28 800280786 YOUNG MARIE J 13-15 PARKER STREET CENTRAL FALLS RI 02863
28 28 800281107 WANTZ TONNYA L 863 OAKS STREET SE MASSILLON OH 44645
28 28 800281131 BECTON JOSEPH B 23 25 ASHFORD STREET WEST HAVEN CT 06516
28 28 800281388 BROCKWAY JOAN 5 LOTUS AVENUE EAST HAMPTON NY 11937
28 28 800281651 LEE RICHARD A 1434 18TH AVENUE NORTH ST PETERSBURG FL 33704
28 28 800281735 MARTINEZ LUIS O 963 HUMMEL AVENUE LEMOYNE PA 17043
28 28 800281867 YATES VERNON H 2863 10TH AVENUE NORTH ST PETERSBURG FL 33713
28 28 800281925 HICKS DENNIS W 8240 46TH STREET NORTH PINELLAS PARK FL 33781
28 28 800282030 SKOWRON MITCHELL S. 5407 PALM CIRCLE FAYETTEVILLE NC 28304
28 28 800282295 HANNWACKER ROBERT T 17 SHADOW LANE HOPEWELL JUNCTION NY 12533
28 28 800282402 BOZIC STANIMIR 18 DOE VIEW LANE POUND RIDGE NY 10576
28 28 800282493 ROGERS BETTY LUE 7323 OAK STREET SYKESVILLE MD 21784
28 28 800282840 DE PUE RICKY D 15607 BRAKEWATER LANE SPRING HILL FL 34610
28 28 800282931 BORZUTZKY CARLOS A 5425 FAIR OAKS STREET PITTSBURGH PA 15217
28 28 800282998 GIACOMARO THOMAS 15 CASTLE LANE LEVITTOWN NY 11756
28 28 800283384 BLAKEY RONALD 5226 WEATHERWOOD TRACE MARIETTA GA 30068
28 28 800283509 PROCOPIO JOSEPH D 11003 SNOW COURT UPPER MARLBORO MD 20772
28 28 800284085 SEREY RONNIE 315 ST LOUIS AVENUE EGG HARBOR CITY NJ 08215
28 28 800284374 RICHARDS JAMES E 37 JENKINS COURT PITTSTON PA 18640
28 28 800284382 FREER REX ALLEN 741 COUNTY ROUTE 111 HANNACROIX NY 12087
28 28 800284440 KOVACEVIC MILOS 3724 KINGSBURY DRIVE HOLIDAY FL 34691
28 28 800284481 PADILLA NANCY 3357 PATTIE PLACE PALM HARBOR FL 34685
28 28 800284655 COKER DARRELL T 628 EAST WILDMERE AVENUE LONGWOOD FL 32750
28 28 800284671 FALCONE SHIRLEY H. 3564 NORTHEAST 31ST AVENUE LIGHTHOUSE POINT FL 33064
28 28 800284788 CHAPA JAY P 8389 BAHAMAS ROAD FT MYERS FL 33912
28 28 800284911 GODFREY SUSAN R 121 W FARIS ROAD GREENVILLE SC 29605
28 28 800285041 SHIPOSH STEVEN W 513 HIGHLAND AVENUE CLARKS SUMMIT PA 18411
28 28 800285132 MCLEAN BRUCE SMITH 8655 SOUTH 3965 WEST WEST JORDAN UT 80488
28 28 800285264 DRAKE DONALD N 420 RIDGE ROAD TABERNASH CO 80478
28 28 800285355 HENRICHS DARYL F. 10295 119TH STREET NORTH LARGO FL 33778
28 28 800285769 SINGH ASWINDRA, J 2003 POLK AVENUE SAN MATEO CA 94403
28 28 800286239 MCLEOD PATRICIA ANN 4512 US HIGHWAY 70 MEBANE NC 27302
28 28 800286460 LEFCOURTS LAWRENCE 2 ARBOR LANE ROSLYN HEIGHTS NY 11577
28 28 800286478 MOLEUX PETER G 44 WHEELER ROAD NEWTON MA 02159
28 28 800286486 VASQUES JULIO 609 EAST 5TH STREET BROOKLYN NY 11218
28 28 800286536 SHOWALTER FRANCIS A 6016 105TH AVENUE NORTH PINELLAS PARK FL 33782
28 28 800286676 LUCERO JUAN 644 EAST 4TH STREET BROOKLYN NY 11218
28 28 800287294 DARQUEA CECY 26 PIN OAK LANE SAINT JAMES NY 11780
28 28 800287443 REGALADO JESUS 2801 WEST HAZELWOOD STREET PHOENIX AZ 85017
28 28 800287716 SNOW GARY L 3890 SOUTH BILLS DRIVE WEST VALLEY CITY UT 84120
28 28 800288235 FRENCH DANIEL W 2304 SOUTH RADCLIFFE PLACE BRADENTON FL 34207
28 28 800288334 VANDERLIP, MILLER GILBERT 215 KING DAVID LANE GASTONIA NC 28054
28 28 800288391 COHEN JEFFREY 19 SEGUINE PLACE STATEN ISLAND NY 10312
28 28 800288458 WICK WILLIAM RR 5 BOX 92 BROOKVILLE PA 15825
28 28 800288722 BABETZ JOSHUA 6230 EAST CALLE DEL NORTE PHOENIX AZ 85018
28 28 800289092 LUPTON JOSEPH P 610 BOSTIC HILL COURT MARIETTA GA 30067
28 28 800289431 JORDAN CYNTHIA K 5270 43RD AVENUE NORTH ST PETERSBURG FL 33709
28 28 800289480 LOWE JEFFREY F 2280 DIVISION ROAD EAST GREENWICH RI 02818
28 28 800289639 MASSARO JOSEPH E 260 MATECUMBE LANE NAPLES FL 34114
28 28 800289761 USHER CAROL 103 JAMAICA AVE WYANDANCH NY 11798
28 28 800289803 TRUJILLO SAMUEL W 442 GEMINI COURT LITTLETON CO 80124
28 28 800289837 COAR MICHAEL 4809 PULLMAN AVENUE NE SEATTLE WA 98105
28 28 800289902 DAVE ELDAR AMINADAV 1733 FULTON STREET SAN FRANCISCO CA 94117
28 28 800289951 WINKOWSKI DONALD J 125 SUMMIT RIDGE DRIVE BRIDGEVILLE PA 15017
28 28 800289993 CRAIG GARY J 9 CAMP AVENUE RANKIN PA 15104
28 28 800290074 GUILEFUSS MARY E. 7364 78TH STREET NORTH PINELLAS PARK FL 33781
28 28 800290397 LIVINGSTON DAVID R 2217 SOUTH CLAYTON STREET DENVER CO 80210
28 28 800290405 HOUTZ KEVIN C 4946 WEST PAWNEE DRIVE WEST JORDAN UT 84084
28 28 800290488 GILSTRAP JACK W 3 MATTHEW COURT GREENVILLE SC 29611
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800279101 54,000.00 53,921.56 08/28/97 07/28/17 238.85 09/28/97 84.7 12.250 604.02
800279234 22,050.00 22,050.00 09/01/97 08/01/17 239.00 09/01/97 70.0 9.400 204.10
800279267 20,800.00 20,800.00 09/20/97 08/20/17 239.61 09/20/97 80.0 10.650 209.76
800279556 64,000.00 64,000.00 09/12/97 08/12/12 179.34 09/12/97 80.0 9.990 561.17
800279812 51,000.00 50,905.79 08/21/97 07/21/17 238.62 09/21/97 85.0 11.650 549.16
800279853 79,280.00 79,280.00 08/16/97 07/16/12 178.45 09/16/97 80.9 9.850 686.97
800279952 17,000.00 16,829.87 09/04/97 08/04/12 179.08 10/04/97 56.6 11.300 196.44
800280430 97,850.00 97,797.90 08/29/97 07/29/27 358.88 09/29/97 82.2 10.300 880.47
800280778 135,000.00 135,000.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.500 1,440.80
800280786 61,600.00 61,600.00 09/12/97 08/12/12 179.34 09/12/97 80.0 10.400 558.88
800281107 36,000.00 36,000.00 09/08/97 08/08/17 239.21 09/08/97 76.5 10.400 357.00
800281131 55,000.00 54,923.80 08/18/97 07/18/12 178.52 09/18/97 67.0 10.950 521.70
800281388 15,000.00 15,000.00 09/12/97 08/12/17 239.34 09/12/97 50.0 12.000 165.16
800281651 33,000.00 33,000.00 09/13/97 08/13/12 179.38 09/13/97 84.9 11.950 394.99
800281735 52,700.00 52,700.00 09/05/97 08/05/17 239.11 09/05/97 89.9 10.650 531.47
800281867 28,800.00 28,711.46 09/01/97 08/01/17 239.00 10/01/97 60.0 9.800 274.12
800281925 31,900.00 31,900.00 08/28/97 07/28/12 178.85 08/28/97 79.4 10.750 357.58
800282030 19,700.00 19,700.00 09/05/97 08/05/07 119.11 09/05/97 74.8 11.700 279.23
800282295 117,500.00 117,500.00 09/27/97 08/27/12 179.84 09/27/97 73.4 8.900 1,184.78
800282402 91,750.00 91,750.00 09/05/97 08/05/12 179.11 09/05/97 85.2 13.250 1,175.99
800282493 133,600.00 133,600.00 08/25/97 07/25/12 178.75 08/25/97 80.0 13.990 1,581.93
800282840 58,500.00 58,500.00 09/26/97 08/26/17 239.80 09/26/97 90.0 11.800 636.00
800282931 108,000.00 108,000.00 09/22/97 08/22/12 179.67 09/22/97 79.9 13.990 1,278.81
800282998 153,300.00 153,300.00 09/13/97 08/13/27 359.38 09/13/97 82.8 9.250 1,261.16
800283384 105,800.00 105,800.00 08/23/97 07/23/12 178.68 08/23/97 79.7 12.400 1,297.13
800283509 59,200.00 59,200.00 09/07/97 08/07/27 359.18 09/07/97 84.6 12.250 620.35
800284085 41,200.00 41,200.00 09/01/97 08/01/12 179.00 09/01/97 74.9 10.600 379.96
800284374 51,000.00 51,000.00 09/26/97 08/26/17 239.80 09/26/97 85.0 10.050 493.85
800284382 19,990.00 19,990.00 09/18/97 08/18/12 179.54 09/18/97 68.2 11.850 237.99
800284440 38,250.00 38,250.00 09/04/97 08/04/12 179.08 09/04/97 85.0 11.050 365.71
800284481 24,500.00 24,500.00 09/04/97 08/04/12 179.08 09/04/97 79.9 11.850 291.68
800284655 117,000.00 117,000.00 09/21/97 08/21/12 179.64 09/21/97 64.9 11.000 1,329.82
800284671 60,000.00 60,000.00 09/18/97 08/18/12 179.54 09/18/97 68.2 11.250 691.41
800284788 10,500.00 10,500.00 09/04/97 08/04/12 179.08 09/04/97 82.2 12.500 129.41
800284911 25,000.00 25,000.00 09/01/97 08/01/12 179.00 09/01/97 89.7 11.800 296.83
800285041 17,400.00 17,400.00 09/13/97 08/13/07 119.38 09/13/97 79.9 11.150 241.16
800285132 59,336.00 59,336.00 08/01/97 07/01/12 178.00 09/01/97 89.9 12.750 644.80
800285264 57,460.00 57,460.00 09/01/97 08/01/12 179.00 09/01/97 63.7 12.950 633.38
800285355 80,000.00 79,953.67 08/29/97 07/29/27 358.88 09/29/97 80.0 9.850 693.21
800285769 76,000.00 76,000.00 10/01/97 09/01/12 180.00 10/01/97 89.6 11.550 755.52
800286239 50,000.00 50,000.00 09/22/97 08/22/17 239.67 09/22/97 55.5 11.250 524.63
800286460 104,000.00 104,000.00 09/08/97 08/08/12 179.21 09/08/97 85.6 11.700 1,045.80
800286478 49,700.00 49,700.00 09/15/97 08/15/17 239.44 09/15/97 79.9 12.850 576.97
800286486 221,000.00 221,000.00 09/01/97 08/01/12 179.00 09/01/97 84.6 10.850 2,079.62
800286536 35,250.00 35,191.19 08/21/97 07/21/17 238.62 09/21/97 75.0 14.750 457.67
800286676 221,000.00 221,000.00 09/01/97 08/01/12 179.00 09/01/97 85.0 10.850 2,079.62
800287294 35,000.00 35,000.00 09/12/97 08/12/07 119.34 09/12/97 80.8 12.850 519.50
800287443 48,600.00 48,600.00 09/01/97 08/01/12 179.00 09/01/97 90.0 11.350 475.73
800287716 16,176.00 16,176.00 09/04/97 08/04/12 179.08 09/04/97 70.0 13.650 211.63
800288235 17,200.00 17,200.00 09/04/97 08/04/12 179.08 09/04/97 84.9 11.400 199.84
800288334 60,300.00 60,300.00 09/22/97 08/22/17 239.67 09/22/97 90.0 10.650 608.11
800288391 35,000.00 35,000.00 08/29/97 07/29/17 238.88 08/29/97 85.7 10.990 361.03
800288458 36,000.00 36,000.00 09/22/97 08/22/27 359.67 09/22/97 80.0 10.650 333.35
800288722 430,000.00 430,000.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.350 4,209.11
800289092 36,400.00 36,400.00 09/01/97 08/01/12 179.00 09/01/97 88.9 11.800 432.19
800289431 10,000.00 10,000.00 09/11/97 08/11/17 239.31 09/11/97 89.6 11.250 104.93
800289480 23,600.00 23,600.00 09/18/97 08/18/12 179.54 09/18/97 89.9 11.300 272.70
800289639 51,000.00 51,000.00 09/13/97 08/13/12 179.38 09/13/97 85.0 10.500 563.75
800289761 90,900.00 90,900.00 09/04/97 08/04/12 179.08 09/04/97 69.9 9.400 757.71
800289803 16,900.00 16,900.00 09/01/97 08/01/12 179.00 09/01/97 77.3 14.000 225.06
800289837 39,100.00 39,100.00 09/01/97 08/01/12 179.00 09/01/97 85.0 13.350 503.75
800289902 128,750.00 128,750.00 10/01/97 09/01/12 180.00 10/01/97 75.0 11.000 1,226.12
800289951 73,500.00 73,500.00 08/28/97 07/28/17 238.85 08/28/97 83.7 10.000 709.29
800289993 23,100.00 23,100.00 09/01/97 08/01/12 179.00 09/01/97 70.0 10.500 255.35
800290074 12,350.00 12,350.00 09/11/97 08/11/17 239.31 09/11/97 79.9 12.500 140.31
800290397 80,000.00 80,000.00 09/01/97 08/01/17 239.00 09/01/97 79.4 10.050 774.67
800290405 33,000.00 32,697.67 09/01/97 08/01/12 179.00 10/01/97 87.6 13.000 365.05
800290488 67,950.00 66,706.23 04/26/97 03/26/17 234.77 08/26/97 90.0 13.000 796.09
</TABLE>
<PAGE>
<TABLE>
Page 6 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800290629 PAZ EDUARDO 11440 SW 73RD TERRACE MIAMI FL 33173
28 28 800290991 TIEDEMANN NICO 391 A OTTAWA LANE STRATFORD CT 06497
28 28 800291049 RILEY JOHN 11833 CARMEL LAKES DRIVE CHARLOTTE NC 28226
28 28 800291148 HARGRAVE CLARENCE 2542 58TH AVENUE NORTH ST PETERSBURG FL 33714
28 28 800291536 FOLEY SCOTT E 1165 HOWARD CT INDEPENDENCE OR 97351
28 28 800291676 FOSTER CLEMENT C 1116 41ST STREET SOUTH TACOMA WA 98408
28 28 800291759 ALLENS ALEXANDRIA 13700 JACKSON STREET MIAMI FL 33176
28 28 800291809 FULTS JODIE L 17611 EAST EASTMAN PLACE AURORA CO 80013
28 28 800291817 AGUILERA SOPHIA 11 SOUTH WINIFRED DRIVE TOTOWA NJ 07512
28 28 800292021 SNOW JOHN D 502 TIDBALL AVENUE GROVE CITY PA 16127
28 28 800292195 KATSABAS HARALAMBOS 60 CARROLL AVENUE VALLEY STREAM NY 11580
28 28 800292351 KEELING RAYMOND D 2700 SOUTH CONNIE AVENUE LEHIGH ACRES FL 33971
28 28 800292385 BOSKI KURT 14797 KIMBERLY LANE FT MYERS FL 33908
28 28 800292401 ROWAN KEVIN M 4234 DARTMOUTH AVE NORTH ST PETERSBURG FL 33713
28 28 800292641 MALCOLM DEBBRA LYNN 606 WEST GOODWAY DRIVE MURRAY UT 84123
28 28 800292880 HUTCHERSON CRAIG 275 NICOLL AVENUE CENTRAL ISLIP NY 11722
28 28 800292948 WASHBURN CRAIG A 6501 EAST SWEETWATER AVENU SCOTTSDALE AZ 85254
28 28 800293219 SULLIVAN JAMES 805 LILACGLEN COURT COLORADO SPRINGS CO 80906
28 28 800293227 MCCORMICK MICHAEL E 13791 SOUTHWEST 18TH COURT DAVIE FL 33325
28 28 800293243 FEIOCK GERALD J 1655 ULSTER STREET DENVER CO 80220
28 28 800293268 NIKOLOVIENIS MARIA 240-45 66TH AVENUE DOUGLASTON NY 11362
28 28 800293318 KERR HERBERT W 30 WILDERNESS DR VOORHEES NJ 08042
28 28 800293615 IZZO JAMES V. 4111 FIELDS DRIVE WHITEMARSH TOWNSHIP PA 19444
28 28 800294027 PAYNE CEDRIC L 4503 GRAINARY AVENUE TAMPA FL 33624
28 28 800294050 DURIVAGE ARTHUR E 1009 CLOVERLAWN ROAD TROY NY 12180
28 28 800294100 NEWSOME CHRISTINE M 564 ASHTON AVENUE FRANKLIN VA 23851
28 28 800294175 BARTOSH MARY M 3638 ORANGEVILLE ROAD SHARPSVILLE PA 16150
28 28 800294282 KELSTROM JANET S 3726 ECCLES AVENUE OGDEN UT 84403
28 28 800294316 DRAKE JOHN P 17950 OAK CREEK ROAD ALVA FL 33920
28 28 800294704 SMITH TODD D 253 MAIN STREET NEW KENSINGTON PA 15068
28 28 800294993 VAUGHAN THOMAS T 10043 PANAMA COURT SEMINOLE FL 33776
28 28 800295008 JENSEN PRESTON J 8689 SOUTH 4830 WEST WEST JORDAN UT 84088
28 28 800295131 SLETHOLM DAVID M 2412 SE SILVER SPRINGS ROA MILWAUKIE OR 97222
28 28 800295164 LOUISE LESAG CHRISTETTE 4085 SOUTH WASHINGTON ST ENGLEWOOD CO 80110
28 28 800295222 WOODARD ROBERT M 7810 WEST PAINE AVENUE LAKEWOOD CO 80235
28 28 800295370 ARMSTRONG BRIAN K 700 113TH AVENUE NORTHWEST COON RAPIDS MN 55448
28 28 800295594 LIVINGSTON JAMES S 2940 SPARROW DRIVE YORK PA 17404
28 28 800295651 SCHWAGER DAVID E 24 GERSHOM PLACE KINGSTON PA 18704
28 28 800295800 VICKERS ROBERT W 529 CRESTWOOD DRIVE RED LION PA 17356
28 28 800295834 QUATTLEBAUM JANE S 4926 NORTH SHORE DRIVE POLK CITY FL 33868
28 28 800295891 KUTI MAGUERITA GAY 596 MONROE STREET BROOKLYN NY 11221
28 28 800296238 OSTROY JUDITH LEAH 7149 SAUL STREET PHILADELPHIA PA 19149
28 28 800296287 WRIGHT GEORGE T. 2926 CYPRESS GREEN DRIVE PALM HARBOR FL 34684
28 28 800296303 LUCERO GARRY L 9522 SUN COUNTRY DRIVE ELIZABETH CO 80107
28 28 800296378 LEINS WILLIAM M 6739 EAST LAKE CIRCLE ENGLEWOOD CO 80111
28 28 800296519 RAYMOND PEAR MICHAEL ELME 191-12 FOOTHILL AVENUE HOLLIS NY 11423
28 28 800296535 MCGUIRE SHAWN W. 1663 CAMBRIA PLACE ESCONDIDO CA 92029
28 28 800297087 CHAN YIP HOI 487 MARCY AVENUE RIVERHEAD NY 11901
28 28 800298226 VAN BLARCOM MARK 526 PINE RANCH EAST ROAD OSPREY FL 34229
28 28 800298283 DOYLE PETER J 44 DELTA ROAD BRAINTREE MA 02184
28 28 800298390 SELLARDS MARY F 309 BLANTLEY DRIVE HARTSVILLE SC 29550
28 28 800298408 ROMANO SEBASTIAN 1711 SOUTHEAST 6TH LANE CAPE CORAL FL 33990
28 28 800298432 RIVERA JEFFERY L 838 NORTH TALISMAN DRIVE SALT LAKE CITY UT 84116
28 28 800298531 CLEMENS CHARLES DAVID 818 9TH STREET NE MASSILLON OH 44646
28 28 800298564 VANCE WALLACE REED 720 WEST GLENEAGLES DRIVE PHONEIX AZ 85023
28 28 800298663 NOLAN JERROLD PHILIP 5505 WELLINGTON PARKWAY ARVADA CO 80003
28 28 800298671 NICOLAS ROSEANN 402 EAST COUNTRY GABLES DR PHOENIX AZ 85022
28 28 800299026 CARBONETTI PHILIP F 334 WESTMINISTER PLACE LODI NJ 07644
28 28 800299265 EVANS FRANCIS J 134 EQUINOX DRIVE CASTLE ROCK CO 80104
28 28 800299729 SMITH RALPH D 11008 VALLEY VIEW DRIVE CLARKS SUMMIT PA 18411
28 28 800299885 GWYNN GARMEN W 1230 NORTH 57TH STREET PHILADLEPHIA PA 19131
28 28 800299943 MENA RITA K 513 KING STREET POTTSTOWN PA 19464
28 28 800300048 CORDREY MICHELE K 12410 FORT KING ROAD DADE CITY FL 33525
28 28 800300055 KECK WILLIAM 150 S NEGLEY AVENUE PITTSBURGH PA 15206
28 28 800300311 FIEHL WALTER RR 2 BOX 2130 NICHOLSON PA 18446
28 28 800300378 FITHIAN-MAZU DALE B 4169 BRIDGE STREET WHITEHALL PA 18052
28 28 800300501 SPEAR ROXANNE 3581 67TH AVENUE NORTH PINELLAS PARK FL 33781
28 28 800300923 CURTIS DENISE M. 219 HOWE STREET METHUEN MA 01844
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800290629 45,400.00 45,400.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.400 556.61
800290991 87,500.00 87,500.00 09/12/97 08/12/12 179.34 09/12/97 70.0 12.650 944.05
800291049 73,600.00 73,600.00 09/19/97 08/19/17 239.57 09/19/97 79.9 9.150 669.32
800291148 54,000.00 53,892.40 08/28/97 07/28/27 358.85 09/28/97 88.5 11.050 516.30
800291536 16,778.00 16,778.00 10/01/97 09/01/17 240.00 10/01/97 89.9 11.300 176.62
800291676 68,000.00 68,000.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.000 699.46
800291759 15,121.00 15,121.00 10/01/97 09/01/12 180.00 10/01/97 84.9 12.400 185.39
800291809 20,500.00 20,500.00 09/01/97 08/01/12 179.00 09/01/97 89.6 11.800 207.71
800291817 15,000.00 15,000.00 09/01/97 08/01/07 119.00 09/01/97 07.1 10.250 200.31
800292021 25,400.00 25,400.00 09/22/97 08/22/12 179.67 09/22/97 79.9 13.990 338.09
800292195 28,000.00 28,000.00 09/13/97 08/13/17 239.38 09/13/97 77.6 13.500 338.06
800292351 48,000.00 48,000.00 09/04/97 08/04/12 179.08 09/04/97 77.4 10.650 535.06
800292385 12,700.00 12,700.00 09/04/97 08/04/12 179.08 09/04/97 89.9 11.800 150.79
800292401 52,500.00 52,500.00 09/01/97 08/01/27 359.00 09/01/97 75.0 11.500 519.90
800292641 25,000.00 25,000.00 08/15/97 07/15/12 178.42 09/15/97 64.2 11.800 296.83
800292880 135,000.00 135,000.00 09/01/97 08/01/27 359.00 09/01/97 90.0 11.400 1,326.60
800292948 144,000.00 143,870.50 09/01/97 08/01/12 179.00 10/01/97 80.0 8.950 1,153.48
800293219 193,400.00 193,400.00 09/01/97 08/01/27 359.00 09/01/97 88.7 10.500 1,769.11
800293227 16,000.00 16,000.00 09/15/97 08/15/12 179.44 09/15/97 80.0 12.990 202.33
800293243 26,500.00 26,500.00 10/01/97 09/01/12 180.00 10/01/97 88.2 11.300 306.21
800293268 118,500.00 118,500.00 09/04/97 08/04/12 179.08 09/04/97 74.6 12.850 1,296.97
800293318 132,000.00 132,000.00 09/01/97 08/01/12 179.00 09/01/97 89.6 12.250 1,383.22
800293615 32,000.00 32,000.00 09/13/97 08/13/12 179.38 09/13/97 85.0 12.350 337.80
800294027 32,000.00 32,000.00 09/22/97 08/22/12 179.67 09/22/97 88.9 11.800 379.95
800294050 24,400.00 24,400.00 09/20/97 08/20/17 239.61 09/20/97 84.9 11.990 268.49
800294100 35,900.00 35,900.00 09/01/97 08/01/27 359.00 09/01/97 79.9 13.500 411.20
800294175 76,950.00 76,950.00 08/25/97 07/25/12 178.75 08/25/97 90.0 11.300 750.31
800294282 24,872.00 24,745.65 08/22/97 07/22/12 178.65 09/22/97 85.0 12.600 308.17
800294316 21,300.00 21,300.00 09/05/97 08/05/12 179.11 09/05/97 89.5 11.800 252.90
800294704 25,900.00 25,900.00 09/21/97 08/21/12 179.64 09/21/97 78.8 12.990 327.53
800294993 30,000.00 30,000.00 09/05/97 08/05/12 179.11 09/05/97 77.5 10.550 332.55
800295008 21,500.00 21,500.00 10/01/97 09/01/12 180.00 10/01/97 84.7 11.850 255.96
800295131 32,645.00 32,645.00 09/01/97 08/01/12 179.00 09/01/97 80.0 9.800 346.82
800295164 35,730.00 35,730.00 08/28/97 07/28/12 178.85 08/28/97 70.0 12.750 446.21
800295222 45,000.00 45,000.00 10/01/97 09/01/12 180.00 10/01/97 74.6 13.600 587.24
800295370 21,000.00 20,946.72 08/28/97 07/28/12 178.85 09/28/97 88.9 11.550 245.99
800295594 37,150.00 37,150.00 09/20/97 08/20/12 179.61 09/20/97 89.9 11.650 437.53
800295651 97,000.00 97,000.00 09/26/97 08/26/12 179.80 09/26/97 84.9 11.850 986.57
800295800 34,300.00 34,300.00 09/27/97 08/27/12 179.84 09/27/97 84.7 13.000 433.98
800295834 39,000.00 39,000.00 09/20/97 08/20/12 179.61 09/20/97 65.0 11.550 456.83
800295891 131,750.00 131,750.00 08/02/97 07/02/12 177.99 08/02/97 85.0 12.700 1,426.59
800296238 20,000.00 19,905.31 09/05/97 08/05/12 179.11 10/05/97 40.0 10.950 226.69
800296287 26,600.00 26,600.00 09/08/97 08/08/12 179.21 09/08/97 84.9 12.000 319.24
800296303 17,443.00 17,443.00 10/01/97 09/01/12 180.00 10/01/97 79.8 10.750 195.53
800296378 58,500.00 58,500.00 10/01/97 09/01/12 180.00 10/01/97 80.0 10.250 637.62
800296519 51,500.00 51,500.00 09/12/97 08/12/12 179.34 09/12/97 79.3 11.300 502.16
800296535 40,000.00 40,000.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.600 430.01
800297087 99,000.00 99,000.00 08/25/97 07/25/12 178.75 08/25/97 90.0 10.900 935.33
800298226 30,000.00 30,000.00 09/18/97 08/18/07 119.54 09/18/97 65.0 10.500 404.80
800298283 162,000.00 162,000.00 10/01/97 09/01/27 360.00 10/01/97 68.3 10.450 1,475.83
800298390 25,000.00 25,000.00 09/22/97 08/22/12 179.67 09/22/97 82.7 13.100 317.96
800298408 11,400.00 11,400.00 09/18/97 08/18/07 119.54 09/18/97 74.9 12.350 165.87
800298432 15,600.00 15,600.00 09/01/97 08/01/12 179.00 09/01/97 85.1 12.400 165.28
800298531 64,600.00 64,600.00 09/25/97 08/25/27 359.77 09/25/97 85.0 12.600 694.47
800298564 20,000.00 20,000.00 10/01/97 09/01/12 180.00 10/01/97 62.0 11.850 203.42
800298663 59,000.00 59,000.00 10/01/97 09/01/12 180.00 10/01/97 88.3 11.600 588.78
800298671 27,000.00 27,000.00 10/01/97 09/01/12 180.00 10/01/97 61.9 11.650 270.47
800299026 107,000.00 106,682.06 09/05/97 08/05/12 179.11 10/05/97 51.4 11.500 1,059.61
800299265 125,000.00 125,000.00 09/01/97 08/01/12 179.00 09/01/97 71.9 11.250 1,440.43
800299729 73,800.00 73,800.00 09/25/97 08/25/12 179.77 09/25/97 74.9 11.700 871.53
800299885 34,000.00 34,000.00 09/01/97 08/01/12 179.00 09/01/97 80.0 14.500 464.27
800299943 64,000.00 64,000.00 09/01/97 08/01/27 359.00 09/01/97 53.3 13.100 712.97
800300048 68,000.00 68,000.00 09/22/97 08/22/17 239.67 09/22/97 62.9 10.200 665.25
800300055 30,000.00 30,000.00 09/18/97 08/18/12 179.54 09/18/97 79.2 12.850 376.62
800300311 64,400.00 64,400.00 09/08/97 08/08/27 359.21 09/08/97 54.1 12.100 667.39
800300378 15,400.00 15,400.00 09/13/97 08/13/12 179.38 09/13/97 89.9 11.650 181.37
800300501 27,375.00 27,375.00 09/18/97 08/18/12 179.54 09/18/97 75.0 14.500 373.81
800300923 41,869.00 41,869.00 09/20/97 08/20/12 179.61 09/20/97 80.0 13.200 535.27
</TABLE>
<PAGE>
<TABLE>
Page 7 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800300980 AUSTIN JULIAN L 39138 SHEFFEY LANE DADE CITY FL 33525
28 28 800301053 RAVEN ROY D 1802 PIPERS MEADOW DRIVE PALM HARBOR FL 34683
28 28 800301319 JOHNSON ISSAC 39 WILLIAMS AVENUE AMITYVILLE NY 11701
28 28 800301343 MURPHY GARY C 3 GRETL LANE NEW MILFORD CT 06776
28 28 800301368 SPICZKA DONALD L 16516 FOOTHILL DRIVE TAMPA FL 33624
28 28 800301491 BLACKWELL HERBERT V 3556 JUNEWAY BALTIMORE MD 21213
28 28 800301947 ANDREFSKI BARRY V 112 PUTNAM STREET WEST HAZELTON PA 18201
28 28 800302002 COPPOLELLA ANTHONY S 306 LIBERTY AVENUE ROSETO PA 18013
28 28 800302069 SURES ELLEN 124 LAUREL ROAD HOLLYWOOD FL 33021
28 28 800302135 DASKAUSKAS DENIS P 6503 FAIRLAWN STREET SPRING HILL FL 34606
28 28 800302234 REALI JOHN 1539 MAYFLOWER AVENUE BRONX NY 10465
28 28 800302275 CUNNINGHAM DIANE M 17 GARLAND ROAD ROCKY POINT NY 11778
28 28 800302390 HANFORD STARLING LOVING 1701 EAST MAURA STREET PENSACOLA FL 32503
28 28 800302473 GOGLIA WILLIAM T 20 JOHNSON AVENUE WEST CALDWELL NJ 07006
28 28 800302663 DEJULIANNIE SCOTT A 726 8TH STREET LONGMONT CO 80501
28 28 800302671 DIBENE GAETANO A 10217 CHESTNUT DRIVE HUDSON FL 34669
28 28 800302721 CRUMPTON RONALD E 6234 21ST AVENUE NORTH ST PETERSBURG FL 33710
28 28 800302820 SMITH-WAGNER TWILA 7114 NORTH HABANA AVENUE TAMPA FL 33614
28 28 800302911 VARGHESE ROSAMMA 1691 PINEGROVE BLVD BAY SHORE NY 11706
28 28 800303018 HEMSLEY REGINALD 19151 SHADOW SPRINGS COURT JEFFERSONTON VA 22724
28 28 800303224 FRICCHIONE JOSEPH 4402 MCKENZIE DRIVE MONROEVILLE PA 15146
28 28 800303422 SAINT CYR KETLEY 2122 WINNING WAY PORT CHARLOTTE FL 33948
28 28 800303497 FARR MARIJANE 2429 ARAPHO STREET SARASOTA FL 34231
28 28 800303570 MCLAUGHLIN JAMES I. 4922 14TH AVENUE SOUTH GULFPORT FL 33707
28 28 800303604 SPARKS DANNY 27092 SINONA AVENUE BROOKSVILLE FL 34602
28 28 800303828 MCINTOSH MICHAEL D 2281 NORTH GARFIELD AVENUE LOVELAND CO 80538
28 28 800304123 NUSSER JAMES E 585 JOAN STREET MARS PA 16066
28 28 800304156 HILLS, FRANKLIN 2713 WEST GRAY STREET TAMPA FL 33609
28 28 800304404 HAYSER MICHAEL F 80 SECOND AVENUE GARWOOD NJ 07027
28 28 800304503 PARSONS PAUL W 1873 BALBOA LANE CLEARWATER FL 34616
28 28 800304818 RIVIELLO THOMAS K 190 SILVERADO DRIVE NAPLES FL 34119
28 28 800305484 HOWELL TERRY I 201 MULBERRY DRIVE SUMMERVILLE SC 29483
28 28 800306300 HALVERSON DON M 563 NORTH CAMBRIDGE CIRCLE SALT LAKE CITY UT 84103
28 28 800306383 HEGNER ROBERT R 605 CHARETTE PLACE SEWICKLEY PA 15143
28 28 800306508 YALE RAYMOND W 218 CARLISLE ROAD WILKES BARRE PA 18702
28 28 800306920 SCOTT YANCY M 1578 11TH STREET OGDEN UT 84404
28 28 800307084 HANCOCK RAWSON J 1761 WEST 500 NORTH WEST POINT UT 84015
28 28 800307241 KREINDEL HOWARD 7650 NW 79TH AVENUE #M1 TAMARAC FL 33321
28 28 800307381 SPIELFOGEL CATHERINE M 153 PROSPECT ST NEPTUNE CITY NJ 07753
28 28 800308348 TALMAGE MARILYN A 720 NORTH YOUNG MESA AZ 85203
28 28 800309155 RICHTER ROGER A 5045 WEST YALE AVENUE DENVER CO 80219
28 28 800309312 PAPPALARDO NANCY 620 MORGAN HIGHWAY CLARKS SUMMIT PA 18411
28 28 800309627 ALLAN DAVID 7219 WEST KIMBERLY WAY GLENDALE AZ 85308
28 28 800309643 COOLEY WILLIAM C 2599 GLENRIDGE DRIVE SPRING HILL FL 34609
28 28 800310476 HELENEK JOHN F 13363 NORTH 92ND WAY SCOTTSDALE AZ 85260
28 28 800310500 WARD KATHRYN M 2126 WEST NORWEIGIAN STREE POTTSVILLE PA 17901
28 28 800311169 LEHMKUHL ESTHER L. 2489 58TH STREET NORTH ST PETERSBURG FL 33710
28 28 800311201 SPARKS DEBORAH ANN 22219 BINGHAM AVENUE PORT CHARLOTTE FL 33954
28 28 800311391 LENG HANK LIM 54 LAKE LANE FROSTPROOF FL 33843
28 28 800311748 ANDERSON JAMES M 3534 WILDERNESS DRIVE SE OLYMPIA WA 98501
28 28 800313272 GEBHARDT ROBERT 2735 SOUTHWEST 2ND TERRACE CAPE CORAL FL 33991
28 28 800313280 WALL VIANGELA LILES 113 FRANK WEST STREET HAMLET NC 28345
28 28 800313645 GUNNIN WILLIAM T 3806 WILLOW TREE CIRCLE DOUGLASVILLE GA 30135
28 28 800313967 MASON DOLORES A 127 NORTH GARFIELD AVENUE LOVELAND CO 80537
28 28 800314486 WHYTE STEVAL 173 60 105TH AVENUE SOUTH JAMAICA NY 11433
28 28 800316879 DENNIS THERESA 3645 N 13TH STREET PHILADELPHIA PA 19140
28 28 800317182 URBAN LAWRENCE P 2140 ONONDAGA LANE PUNTA GORDA FL 33983
28 28 800317760 RENSHAW MORRELL J. 7005 TOLEDO ROAD SPRING HILL FL 34606
28 28 800318131 ARNOLD FRANK L 3301 21ST AVENUE SOUTHWEST NAPLES FL 34117
28 28 800318875 GROOM COLLETTE E 7403 EAST CASTILLA BLVD ENGLEWOOD CO 80112
28 28 800319121 GREENLAW DOUGLAS E 1915 PLUMTREE LANE SARASOTA FL 34243
28 28 800319410 GILLEN CHARLES RICHARD 1415 JEFFERSON AVENUE LEHIGH ACRES FL 33972
28 28 800319477 CRAWFORD CURTIS L 3140 TONKIN DRIVE NORTH PORT FL 34287
28 28 800319717 ZIMMARDI ROBERT A. 1586 5TH STREET WEST BABYLON NY 11704
28 28 800320384 MAKRYDAKIS EVANGELOS 140-29 CHERRY AVE FLUSHING NY 11355
28 28 800320392 MURPHY RONNIE L 118 DOWNEY DRIVE PELION SC 29123
28 28 800320780 RIZZI JAMES 234 BENZIGER AVENUE STATEN ISLAND NY 10301
28 28 800320988 BAIER FRANK D 1200 SOUTH JACKSON STREET DENVER CO 80210
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800300980 35,000.00 35,000.00 09/13/97 08/13/12 179.38 09/13/97 68.1 10.100 378.26
800301053 123,000.00 123,000.00 09/22/97 08/22/27 359.67 09/22/97 61.5 9.250 1,011.89
800301319 92,000.00 92,000.00 09/22/97 08/22/12 179.67 09/22/97 78.0 9.400 955.14
800301343 57,900.00 57,900.00 09/01/97 08/01/12 179.00 09/01/97 84.8 12.990 732.19
800301368 88,000.00 88,000.00 09/01/97 08/01/12 179.00 09/01/97 80.0 11.450 868.10
800301491 15,100.00 15,100.00 09/05/97 08/05/12 179.11 09/05/97 79.9 14.350 204.66
800301947 27,200.00 27,200.00 09/25/97 08/25/07 119.77 09/25/97 80.0 13.350 411.76
800302002 65,600.00 65,600.00 09/05/97 08/05/12 179.11 09/05/97 80.0 13.350 743.66
800302069 32,000.00 32,000.00 09/06/97 08/06/12 179.15 09/06/97 69.0 10.500 292.72
800302135 65,600.00 65,600.00 09/11/97 08/11/12 179.31 09/11/97 80.0 10.500 600.07
800302234 225,000.00 225,000.00 09/07/97 08/07/12 179.18 09/07/97 90.0 11.300 2,193.88
800302275 26,600.00 26,600.00 09/18/97 08/18/12 179.54 09/18/97 89.9 11.250 258.36
800302390 26,000.00 26,000.00 09/22/97 08/22/17 239.67 09/22/97 72.2 10.350 256.96
800302473 75,000.00 75,000.00 09/01/97 08/01/12 179.00 09/01/97 79.7 11.500 876.14
800302663 42,800.00 42,800.00 10/01/97 09/01/17 240.00 10/01/97 89.9 11.150 446.15
800302671 42,415.00 42,415.00 09/06/97 08/06/17 239.15 09/06/97 84.8 12.600 484.89
800302721 48,000.00 48,000.00 09/08/97 08/08/12 179.21 09/08/97 80.0 9.600 407.12
800302820 27,750.00 27,750.00 09/05/97 08/05/17 239.11 09/05/97 90.0 11.250 291.17
800302911 118,800.00 118,800.00 09/01/97 08/01/12 179.00 09/01/97 90.0 12.100 1,231.14
800303018 32,220.00 32,220.00 09/08/97 08/08/12 179.21 09/08/97 76.5 10.350 353.17
800303224 68,000.00 68,000.00 09/12/97 08/12/27 359.34 09/12/97 80.0 12.350 717.83
800303422 48,750.00 48,750.00 09/20/97 08/20/27 359.61 09/20/97 65.0 10.950 462.42
800303497 80,800.00 80,800.00 09/13/97 08/13/27 359.38 09/13/97 80.0 12.500 862.34
800303570 54,900.00 54,900.00 09/04/97 08/04/27 359.08 09/04/97 90.0 10.450 500.14
800303604 45,000.00 45,000.00 09/11/97 08/11/17 239.31 09/11/97 90.0 9.950 432.77
800303828 18,000.00 18,000.00 10/01/97 09/01/12 180.00 10/01/97 84.8 12.250 188.62
800304123 19,400.00 19,400.00 09/05/97 08/05/12 179.11 09/05/97 85.0 12.350 237.22
800304156 46,750.00 46,750.00 09/08/97 08/08/27 359.21 09/08/97 85.0 11.150 450.52
800304404 20,000.00 20,000.00 09/18/97 08/18/12 179.54 09/18/97 89.4 12.500 246.50
800304503 54,000.00 53,852.32 09/06/97 08/06/27 359.15 10/06/97 45.3 9.900 469.90
800304818 71,545.00 71,545.00 09/19/97 08/19/12 179.57 09/19/97 84.9 12.100 863.27
800305484 44,900.00 44,900.00 09/22/97 08/22/17 239.67 09/22/97 90.0 10.250 440.76
800306300 105,000.00 105,000.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.000 1,080.04
800306383 67,000.00 67,000.00 09/26/97 08/26/27 359.80 09/26/97 84.8 9.650 570.72
800306508 61,000.00 61,000.00 09/20/97 08/20/27 359.61 09/20/97 87.1 10.990 580.46
800306920 92,000.00 92,000.00 10/01/97 09/01/27 360.00 10/01/97 80.0 10.100 814.17
800307084 33,000.00 33,000.00 10/01/97 09/01/17 240.00 10/01/97 84.2 11.750 357.62
800307241 15,000.00 15,000.00 09/20/97 08/20/12 179.61 09/20/97 80.0 12.850 188.31
800307381 30,000.00 30,000.00 09/12/97 08/12/12 179.34 09/12/97 62.5 12.350 366.83
800308348 15,000.00 15,000.00 10/01/97 09/01/12 180.00 10/01/97 82.5 12.300 182.93
800309155 57,000.00 57,000.00 10/01/97 09/01/12 180.00 10/01/97 79.9 13.200 728.71
800309312 70,000.00 70,000.00 09/13/97 08/13/27 359.38 09/13/97 73.6 10.700 650.81
800309627 89,600.00 89,600.00 10/01/97 09/01/12 180.00 10/01/97 89.6 11.100 860.06
800309643 100,000.00 100,000.00 09/22/97 08/22/12 179.67 09/22/97 80.0 10.350 903.54
800310476 29,700.00 29,700.00 10/01/97 09/01/12 180.00 10/01/97 79.8 10.750 277.24
800310500 51,000.00 51,000.00 09/18/97 08/18/12 179.54 09/18/97 85.0 12.600 548.26
800311169 25,500.00 25,500.00 09/12/97 08/12/12 179.34 09/12/97 86.1 12.850 279.09
800311201 44,000.00 44,000.00 09/20/97 08/20/27 359.61 09/20/97 67.6 10.500 402.49
800311391 34,850.00 34,850.00 09/13/97 08/13/12 179.38 09/13/97 85.0 12.400 427.27
800311748 111,600.00 111,600.00 10/01/97 09/01/12 180.00 10/01/97 60.0 10.850 1,257.95
800313272 37,000.00 37,000.00 09/20/97 08/20/17 239.61 09/20/97 76.9 12.500 420.37
800313280 17,550.00 17,550.00 09/20/97 08/20/12 179.61 09/20/97 65.0 13.250 224.94
800313645 23,050.00 23,050.00 09/22/97 08/22/17 239.67 09/22/97 85.0 12.350 259.45
800313967 85,000.00 85,000.00 10/01/97 09/01/27 360.00 10/01/97 85.0 9.650 724.05
800314486 112,000.00 112,000.00 09/13/97 08/13/12 179.38 09/13/97 80.0 10.600 1,032.89
800316879 30,400.00 30,400.00 09/25/97 08/25/12 179.77 09/25/97 81.0 11.500 301.05
800317182 50,000.00 50,000.00 09/27/97 08/27/12 179.84 09/27/97 79.1 13.850 586.50
800317760 50,000.00 50,000.00 09/19/97 08/19/27 359.57 09/19/97 82.1 9.900 435.10
800318131 50,000.00 50,000.00 09/18/97 08/18/12 179.54 09/18/97 44.9 10.750 560.47
800318875 22,000.00 22,000.00 10/01/97 09/01/12 180.00 10/01/97 78.3 12.350 269.01
800319121 14,459.00 14,459.00 09/26/97 08/26/07 119.80 09/26/97 84.9 11.400 202.46
800319410 39,000.00 39,000.00 09/27/97 08/27/12 179.84 09/27/97 77.4 13.100 434.47
800319477 26,000.00 26,000.00 09/22/97 08/22/12 179.67 09/22/97 80.0 13.850 343.64
800319717 48,600.00 48,600.00 09/25/97 08/25/12 179.77 09/25/97 89.9 10.900 549.34
800320384 232,000.00 232,000.00 09/06/97 08/06/12 179.15 09/06/97 80.0 13.850 2,721.38
800320392 46,750.00 46,750.00 09/20/97 08/20/12 179.61 09/20/97 85.0 12.850 586.89
800320780 61,500.00 61,500.00 09/15/97 08/15/12 179.44 09/15/97 75.0 10.000 539.71
800320988 12,000.00 12,000.00 10/01/97 09/01/12 180.00 10/01/97 61.5 10.950 136.02
</TABLE>
<PAGE>
<TABLE>
Page 8 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 28 800321226 JACOBS RICHARD 7 JOHN WAY HAUPPAUGE NY 11788
28 28 800321523 CALLAHAN RICHARD M. 509 GOODRICH AVENUE NORTH BABYLON NY 11703
28 28 800321812 KISHBAUGH DAVID RD 4 BOX 4205 A EAST STROUDSBURG PA 18301
28 28 800321978 SMITH DEBBIE 1239 E PALMER STREET PHILADELPHIA PA 19125
28 28 800323743 KLESSIG LINCOLN W 244 PELICAN DRIVE NORTH OLDSMAR FL 34677
28 28 800323818 BELLAMY DONALD G. 501 LANDMARK DRIVE NAPLES FL 34112
28 28 800323826 ALOISIO ANGELA 104 CORNERSTONE PLACE WHITEHALL PA 18052
28 28 800324170 MEDINA JOHN F 940 PENNSYLVANIA CANON CITY CO 81212
28 28 800324576 LAVIOLETTE RICHARD E 694 BERKSHIRE ROAD SOUTHBURY CT 06488
28 28 800324964 WOLFF DAVID R 1733 EAST 96TH WAY THORNTON CO 80229
28 28 800325177 SEEGER KENNETH L 8396 GREEN ISLAND CIR LITTLETON CO 80124
28 28 800325219 SABO JOHN 121 MCCLURE ROAD MCKEESPORT PA 15133
28 28 800325664 FOSTER DAPHNE V. 360 MANTON AVENUE PROVIDENCE RI 02909
28 28 800325854 JONES JEFFERY A 20 LAKESIDE DEVELOPMENT ELLIJAY GA 30540
28 28 800326233 ROSS DONALD H 1742 NORTHEAST 28TH STREET WILTON MANORS FL 33334
28 28 800326365 POLLOCK CHRISTINA LYNN 4441 68TH AVENUE NORTH PINELLAS PARK FL 33781
28 28 800326977 HILLS PAUL A 5007 MANCHESTER COURT GRANITE BAY CA 95746
28 28 800328007 ULATOWSKI CHARLES 56 GELDNER AVENUE STATEN ISLAND NY 10306
28 28 800328585 BENDER JAMES R 834 WASHINGTON STREET UNIT HOBOKEN NJ 07030
28 28 800330177 KUCZINSKI MICHAEL LARRY 1523 MARCO DRIVE PASADENA MD 21222
28 28 800333015 JOHNSON LEONORA ANN 54 LOT BRIANNA MEADOWS BROCKPORT NY 14420
28 28 800338816 ADAMSKI DAVID P 3864 WILLOWOOD DRIVE SAN JOSE CA 95118
---------------------------------------------
498 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800321226 72,000.00 72,000.00 09/18/97 08/18/17 239.54 09/18/97 79.9 10.600 723.68
800321523 135,000.00 135,000.00 09/15/97 08/15/12 179.44 09/15/97 90.0 11.150 1,300.96
800321812 40,000.00 40,000.00 09/19/97 08/19/12 179.57 09/19/97 68.9 11.000 454.64
800321978 44,000.00 44,000.00 09/15/97 08/15/27 359.44 09/15/97 80.0 13.750 512.65
800323743 54,400.00 54,400.00 09/26/97 08/26/17 239.80 09/26/97 85.0 10.400 539.47
800323818 106,250.00 106,250.00 09/20/97 08/20/27 359.61 09/20/97 73.2 9.650 905.06
800323826 39,150.00 39,150.00 09/20/97 08/20/17 239.61 09/20/97 84.9 12.250 437.92
800324170 67,200.00 67,200.00 10/01/97 09/01/17 240.00 10/01/97 70.0 13.500 811.36
800324576 85,900.00 85,900.00 09/15/97 08/15/27 359.44 09/15/97 67.1 11.050 821.29
800324964 41,000.00 41,000.00 10/01/97 09/01/12 180.00 10/01/97 89.8 11.000 466.00
800325177 53,737.00 53,737.00 10/01/97 09/01/17 240.00 10/01/97 85.0 11.850 586.08
800325219 105,300.00 105,300.00 09/19/97 08/19/27 359.57 09/19/97 90.0 10.900 994.85
800325664 59,500.00 59,500.00 09/20/97 08/20/12 179.61 09/20/97 85.0 12.100 616.61
800325854 30,000.00 30,000.00 09/15/97 08/15/12 179.44 09/15/97 89.5 13.850 396.50
800326233 48,300.00 48,300.00 09/27/97 08/27/07 119.84 09/27/97 79.9 12.350 702.77
800326365 35,000.00 35,000.00 09/26/97 08/26/27 359.80 09/26/97 48.2 10.850 329.35
800326977 74,050.00 74,050.00 10/01/97 09/01/12 180.00 10/01/97 73.3 12.750 804.70
800328007 57,450.00 57,450.00 09/25/97 08/25/12 179.77 09/25/97 89.9 11.250 662.02
800328585 66,000.00 66,000.00 09/19/97 08/19/12 179.57 09/19/97 60.0 10.000 579.20
800330177 165,750.00 165,750.00 09/27/97 08/27/27 359.84 09/27/97 85.0 12.850 1,814.11
800333015 50,000.00 50,000.00 09/01/97 08/01/27 359.00 09/01/97 54.4 11.350 489.43
800338816 45,000.00 45,000.00 10/01/97 09/01/17 240.00 10/01/97 88.0 11.300 473.71
---------------------------------------------------- ------ -------------------------------
498 29,651,883.00 29,634,254.15 224.38 79.6 11.623 312,639.83
</TABLE>
<PAGE>
<TABLE>
Page 9 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
35 35 800205817 ALLEN BLAINE D 665 WEST 500 NORTH BRIGHAM CITY UT 84302
35 35 800208670 RENO DONALD B 468 17TH STREET OGDEN UT 84404
35 35 800216327 FISHER BETTY J 16 NORINE COURT FLORISSANT MO 63831
35 35 800216947 BRADSHAW DANIEL 803 UNDERCLIFF DRIVE HAZELWOOD MO 63042
35 35 800230773 BECK TERRY A 2815 SE LAURELWOOD DRIVE MILWAUKIE OR 97267
35 35 800237299 HOPWOOD ROY LEE 8121 FAWN AVENUE ST LOUIS MO 63144
35 35 800237869 THORPE GARTH WILSON 21213 NORMAN SHORES DRIVE DAVIDSON NC 28031
35 35 800245391 NUNEZ JOSE' CABADO 3002 OLD CAMDEN ROAD MONROE NC 28110
35 35 800255960 STAINBROOK ROY C 3998 YELLOW PINE DRIVE LILBURN GA 30047
35 35 800256646 WILSON TIMOTHY E 7417 WISE AVENUE RICHMOND HEIGHTS MO 63117
35 35 800259897 SMITH DELROY 1011 STINSON STREET LEESBURG FL 34748
35 35 800260192 POLITE MAE F 314 NORTH 14TH STREET FORT PIERCE FL 34950
35 35 800261646 MCPHERSON EDWIN MALCOLM 217 DANIEL COURT CANTON GA 30115
35 35 800263873 BLOW KEVIN R 822 I STREET WASHOUGAL WA 98671
35 35 800264665 RICH MARY ANN 1064 WEYBURN LANE SAN JOSE CA 95129
35 35 800265282 WEIL MAIZIE 3533 ASHLEY STATION DR MARIETTA GA 30060
35 35 800271553 WIGLEY WALLACE P 460 MARY ERNA DRIVE FAIRBURN GA 30213
35 35 800274201 POHS JOHN M 20700 SOUTH WEST 90TH AVE TUALATIN OR 97062
35 35 800274243 CHURCHILL KIMBERLY M 280 SW 10TH AVENUE CANBY OR 97013
35 35 800275109 GRAHAM ROBERT T 3309 NE 98 CIRCLE VANCOUVER WA 98665
35 35 800275141 GONSIEWSKI THOMAS J 6035 SW 150 AVE BEAVERTON OR 97007
35 35 800276875 LUBRANO VINCENT 9005 SHARON DRIVE NEW PORT RICHEY FL 34654
35 35 800281164 SANTANGELO DEBRA L 2803 JENKINTOWN ROAD ABINGTON TOWNSHIP PA 19038
35 35 800281271 BECK DAVID L. 13320 OLD MONROE ROAD MATTHEWS NC 28105
35 35 800284580 SIPES SHERRIE A 1310 FAWN VALLEY DRIVE SAINT LOUIS MO 63131
35 35 800284895 REDMOND TAMMY M 1095 YELLOW GATE ROAD YORK SC 29745
35 35 800285512 SALTRAY ROBERT J 3020 SILVER ESTATES SAN JOSE CA 93135
35 35 800290330 DEATON BOBBY J 158-A EASTCLIFF DRIVE SE CONCORD NC 28025
35 35 800290934 KOSKI JASON T 9521 NORTHEAST 16TH STREET VANCOUVER WA 98664
35 35 800292138 RAWLS DAVID B 3213 LIGHTFOOT DRIVE ST CHARLES MO 63301
35 35 800292476 ANDERSON MARVIN W 4902 JM TURK ROAD FLOWERY BRANCH GA 30542
35 35 800294670 MITCHELL DENNIS 4655 CENTRAL CHURCH ROAD DOUGLASVILLE GA 30135
35 35 800295321 SOUDER BARNES J 300 NORTH GORE AVENUE SAINT LOUIS MO 63119
35 35 800295883 GIBSON JOHN HENRY 2619 BEARCREEK ROAD GREENSBORO NC 27410
35 35 800298325 STELL GREGORY D 3980 WESTBROOK ROAD SUWANEE GA 30174
35 35 800298333 SPRINGER JOSEPH N 7828 HEMLOCK COURT RALEIGH NC 27615
35 35 800298978 WEISSFLUG DEBORAH K. 5433 GREENTON WAY ST. LOUIS MO 63128
35 35 800301889 DELLA POSTA ROBERT A 395 VALLEY STREAM CIRCLE NAPLES FL 34113
35 35 800304479 KAMPS KENNETH W 14128 155TH AVENUE GRAND HAVEN MI 49417
35 35 800304586 HARVEY GORDON C 13705 NE 88TH STREET VANCOUVER WA 98682
35 35 800307001 JONES LEE W 340 CINDY LANE MT ANGEL OR 97362
35 35 800317695 GLASS NEALE 504 BRIDGEWATER COURT SAINT CHARLES MO 63304
35 35 800320715 PROVAZNIK ALBERT 838 CATSKILL DRIVE SAINT LOUIS MO 63125
35 35 800332371 RILEY ROBERT 5685 ENCHANTRESS LANE BUFORD GA 30518
35 35 800335820 FANNIN RANDOLPH O 286 SPOSITO CIRCLE SAN JOSE CA 95136
-------------------------------------------
45 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800205817 101,225.00 101,218.66 07/18/97 06/18/27 357.53 08/18/97 77.8 10.050 892.06
800208670 39,300.00 39,211.43 07/23/97 06/23/07 117.70 09/23/97 64.4 10.800 536.92
800216327 20,000.00 19,846.82 07/17/97 06/17/12 177.50 09/17/97 29.8 9.400 207.64
800216947 49,000.00 48,955.31 07/13/97 06/13/17 237.37 09/13/97 74.2 10.650 494.15
800230773 14,795.00 14,795.00 09/06/97 08/06/12 179.15 09/06/97 80.5 10.150 160.35
800237299 28,000.00 28,000.00 08/11/97 07/11/12 178.29 08/11/97 79.1 10.550 310.38
800237869 128,000.00 128,000.00 09/18/97 08/18/17 239.54 09/18/97 84.9 12.200 1,427.28
800245391 47,600.00 47,600.00 09/18/97 08/18/07 119.54 09/18/97 70.0 9.500 615.93
800255960 42,500.00 42,282.57 08/28/97 07/28/07 118.85 09/28/97 66.2 10.650 577.05
800256646 39,094.00 39,094.00 08/25/97 07/25/17 238.75 08/25/97 62.0 10.150 381.16
800259897 41,500.00 41,500.00 10/01/97 09/01/12 180.00 10/01/97 79.8 9.800 440.90
800260192 27,000.00 27,000.00 09/26/97 08/26/12 179.80 09/26/97 90.0 11.050 307.73
800261646 74,890.00 74,890.00 09/11/97 08/11/12 179.31 09/11/97 89.9 11.550 877.24
800263873 37,100.00 37,100.00 09/11/97 08/11/17 239.31 09/11/97 72.8 10.900 380.42
800264665 48,500.00 48,500.00 09/01/97 08/01/07 119.00 09/01/97 50.8 10.750 661.24
800265282 12,500.00 12,500.00 09/01/97 08/01/12 179.00 09/01/97 83.3 12.150 151.23
800271553 49,500.00 49,500.00 09/08/97 08/08/12 179.21 09/08/97 89.8 11.150 567.29
800274201 71,259.00 71,158.02 08/22/97 07/22/17 238.65 09/22/97 90.0 11.550 762.38
800274243 30,029.00 30,029.00 09/18/97 08/18/12 179.54 09/18/97 72.3 10.300 328.23
800275109 25,000.00 24,874.89 09/04/97 08/04/12 179.08 10/04/97 77.2 10.300 273.26
800275141 46,012.00 45,818.33 08/16/97 07/16/07 118.45 09/16/97 80.7 9.900 605.51
800276875 45,500.00 45,358.76 08/21/97 07/21/17 238.62 09/21/97 88.1 11.550 486.79
800281164 17,500.00 17,500.00 09/13/97 08/13/07 119.38 09/13/97 81.2 10.300 234.18
800281271 22,250.00 22,130.85 09/01/97 08/01/07 119.00 10/01/97 64.5 9.650 289.74
800284580 71,772.00 71,772.00 09/04/97 08/04/17 239.08 09/04/97 48.8 9.150 652.69
800284895 40,000.00 39,929.77 08/25/97 07/25/27 358.75 09/25/97 80.0 10.300 359.93
800285512 38,200.00 38,200.00 09/01/97 08/01/12 179.00 09/01/97 68.1 10.050 411.67
800290330 51,300.00 51,300.00 09/18/97 08/18/17 239.54 09/18/97 81.2 11.600 550.62
800290934 25,550.00 25,550.00 09/18/97 08/18/07 119.54 09/18/97 83.8 10.300 341.90
800292138 19,825.00 19,825.00 09/11/97 08/11/07 119.31 09/11/97 89.6 11.550 279.30
800292476 101,760.00 101,760.00 09/04/97 08/04/12 179.08 09/04/97 65.6 10.150 1,102.87
800294670 77,000.00 77,000.00 09/15/97 08/15/17 239.44 09/15/97 85.5 9.800 732.89
800295321 113,828.00 113,828.00 09/18/97 08/18/27 359.54 09/18/97 44.6 9.800 982.14
800295883 17,930.00 17,930.00 09/04/97 08/04/07 119.08 09/04/97 84.9 11.750 254.66
800298325 50,000.00 50,000.00 09/13/97 08/13/12 179.38 09/13/97 72.0 10.750 560.47
800298333 74,800.00 74,800.00 09/13/97 08/13/12 179.38 09/13/97 76.3 9.250 769.84
800298978 104,890.00 104,890.00 09/19/97 08/19/07 119.57 09/19/97 59.9 11.100 1,450.80
800301889 31,200.00 31,200.00 09/26/97 08/26/12 179.80 09/26/97 69.9 10.990 354.42
800304479 74,500.00 74,500.00 09/20/97 08/20/17 239.61 09/20/97 73.7 9.650 701.75
800304586 16,538.00 16,538.00 09/11/97 08/11/12 179.31 09/11/97 89.9 11.000 187.97
800307001 90,000.00 90,000.00 09/13/97 08/13/27 359.38 09/13/97 83.3 10.900 850.30
800317695 87,824.00 87,824.00 09/20/97 08/20/12 179.61 09/20/97 64.1 9.000 890.77
800320715 18,650.00 18,650.00 09/20/97 08/20/07 119.61 09/20/97 24.8 9.000 236.25
800332371 22,500.00 22,500.00 09/26/97 08/26/07 119.80 09/26/97 85.4 9.750 294.23
800335820 58,941.00 58,941.00 09/28/97 08/28/12 179.87 09/28/97 85.0 12.850 739.94
---------------------------------------------------- ------ -------------------------------
45 2,245,062.00 2,243,801.41 211.41 73.1 10.527 24,674.47
</TABLE>
<PAGE>
<TABLE>
Page 10 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 MIT973 106132477 CAPONE ANTONIO C 18 HURLEY AVENUE DRACUT MA 01826
28 MIT973 106132544 BERK SAM E 46 PRESIDENTIAL ESTATE SWAN LAKE NY 12783
-------------------------------------------
2 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106132477 75,000.00 60,974.57 04/26/90 03/26/05 90.71 08/26/97 43.3 17.900 1,202.42
106132544 20,000.00 15,943.96 07/20/90 06/20/05 93.53 08/20/97 17.3 14.950 279.23
---------------------------------------------------- ----- -------------------------------
2 95,000.00 76,918.53 91.29 37.9 17.289 1,481.65
</TABLE>
<PAGE>
<TABLE>
Page 11 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 PROBLTVOK 106081054 DONAHUE RICHARD W 3412 LOUTH ROAD BALTIMORE MD 21222
28 PROBLTVOK 106107839 PFEIFER DAVID M RR#7 BOX 7254 EAST STROUDSBURG PA 18301
28 PROBLTVOK 106115632 MYERS BETTY LEE 915 ROBERTS ROAD WARMINSTER PA 18974
28 PROBLTVOK 106119217 MYERS BARRY A 328 GRAYS LANE LANSDALE PA 19446
28 PROBLTVOK 106123958 WHITE WALTER J JR 2630 GROVE NECK ROAD EARLEVILLE MD 21919
28 PROBLTVOK 106138501 FORD LARRY L 12607 EAST 117TH COURT HENDERSON CO 80640
28 PROBLTVOK 106145124 HYNES JEFFEORY G 318 W MARCONI AVENUE PHOENIX AZ 85023
-------------------------------------------
7 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106081054 16,800.00 15,932.62 09/02/95 08/02/10 154.98 09/02/97 90.0 11.500 196.26
106107839 45,400.00 43,611.43 05/24/96 04/24/11 163.73 09/24/97 90.0 11.150 520.30
106115632 25,000.00 24,289.27 08/15/96 07/15/11 166.42 09/15/97 90.0 11.250 288.09
106119217 24,800.00 24,771.02 08/17/96 07/17/11 166.49 08/17/97 90.6 11.650 248.43
106123958 37,880.00 37,054.56 07/20/96 06/20/11 165.60 08/20/97 91.3 12.990 479.03
106138501 53,000.00 52,666.45 02/01/97 01/01/12 172.00 10/01/97 91.1 11.350 518.80
106145124 130,500.00 130,415.43 05/01/97 04/01/27 355.00 09/01/97 91.9 11.250 1,267.50
---------------------------------------------------- ------ -------------------------------
7 333,380.00 328,740.78 241.13 91.1 11.491 3,518.41
</TABLE>
<PAGE>
<TABLE>
Page 12 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 SB568 106152797 CARMACK DARIN 289 NORTH SEEMORE DRIVE KAYSVILLE UT 84037
-------------------------------------------
1 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106152797 50,000.00 50,000.00 10/01/97 09/01/12 180.00 10/01/97 56.6 11.800 506.62
------------------------------------------------ ------ -------------------------------
1 50,000.00 50,000.00 180.00 56.6 11.800 506.62
</TABLE>
<PAGE>
<TABLE>
Page 13 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 SB77 106134323 WATKINS PAUL R 1340 3RD STREET OGDEN UT 84404
28 SB77 106136799 DETRICK WILLIAM R 131 CHESTNUT STREET BEALLSVILLE PA 15313
28 SB77 106145939 ORDAZ RUDOLPH 13316 SOUTH REXFORD STREET BLUE ISLAND IL 60406
28 SB77 106146474 GANT EDWARD 58 NORTH HOWARD STREET VIRGINIA CITY NV 89440
28 SB77 106147153 DAVIS JAMES E SR 3108 N PENNINGTON DRIVE CHANDLER AZ 85224
28 SB77 106148275 JONES MELVEL R 4953 WEST 8660 SOUTH WEST JORDAN UT 84088
28 SB77 106148326 SADLER JAMES H 8906 BIRCHDALE CLEVELAND OH 44106
28 SB77 106148334 SADLER JAMES H 13321 KULHMAN CLEVELAND OH 44110
28 SB77 106148607 DONALDSON KEVIN WAYDE 3938 SOUTH CHEROKEE STREET ENGLEWOOD CO 80110
28 SB77 106148648 ISAACSON GARY M 4544 64TH AVENUE SE OLYMPIA WA 98513
28 SB77 106148791 WEST LARRY A 1008 SUN DRIVE COLORADO SPRINGS CO 80906
28 SB77 106148965 WHEELER MICHAEL M 440 NORTH 200 WEST MOUNT PLEASANT UT 84647
28 SB77 106149025 BARRETT JOANN 540 PRINCE ALAN COURT LAS VEGAS NV 89110
28 SB77 106149259 WHITE HARRISON G 4594 SOUTH INDEPENDENCE ST LITTLETON CO 80123
28 SB77 106149486 TWINING NATHAN A 4919 EL AGUILA NW ALBUQUERQUE NM 87120
28 SB77 106149488 TWINING NATHAN A 5325 CANADA VISTA PLACE NW ALBUQUERQUE NM 87120
28 SB77 106149670 STONE FRANK D 1436 SUMNER AVENUE NAPA CA 94558
28 SB77 106149699 NICHOLSON EILEEN J 1415 NW LINCOLN AVENUE CORVALLIS OR 97330
28 SB77 106150108 LLOYD DONNA P O BOX 295 MANILA UT 84046
28 SB77 106150313 KERR KEVIN W 21350 EAST 44TH AVENUE DENVER CO 80249
28 SB77 106150316 BAKER ANTHONY M 811-817 SAPPHIRE STREET SAN DIEGO CA 92109
28 SB77 106150317 PEARSON FRED W 6818 C STREET SPRINGFIELD OR 97478
28 SB77 106150318 COX DENNIS M 1004 SOUTH 2ND AVENUE YAKIMA WA 98902
28 SB77 106150383 MINES FREDDIE 1723 WEST BALMORAL CHICAGO IL 60640
28 SB77 106150483 SCHWEITZER RICHARD A 980 NORTHWEST INNESWOOD PL ISSAQUAH WA 98027
28 SB77 106150495 BROWN SHIRLENE 2389 HOOD AVENUE #C RICHLAND WA 99352
28 SB77 106150574 JORGENSEN JEFF R 4855 WEST COUNTRY CLUB DRI HIGHLAND UT 84003
28 SB77 106150599 CUEVAS LODEE 4512 DARCELLE DRIVE UNION CITY CA 94587
28 SB77 106150621 MICKEL THOMAS S 175 SE NOTTINGHAM COURT SHERWOOD OR 97140
28 SB77 106150633 URBANSKI STANLEY 220 E WAGNER DRIVE NORTHLAKE IL 80164
28 SB77 106150643 BELL-CHISUM ALMATINE 7806 SOUTH BISHOP STREET CHICAGO IL 60620
28 SB77 106150650 WITTMAN JOHN G 2248 REXWOOD RD CLEVELAND OH 44118
28 SB77 106150702 BIRKEL STEVEN C 1031 SOUTH VENTURA WAY AURORA CO 80017
28 SB77 106150738 WITTMAN JOHN G 2205 OAKDALE RD CLEVELAND HEIGHTS OH 44118
28 SB77 106150786 NIGH WILLIAM M 17803 WEST CACTUS FLOWER D GOODYEAR AZ 85338
28 SB77 106150827 BOLLINGER LESTER G 1115 N 18TH EAST MOUNTAIN HOME ID 83647
28 SB77 106150902 LOGAN GENICE 5737 SOUTH LAFLIN CHICAGO IL 60636
28 SB77 106151005 THORINGTON NAKESHIA 16301 SOUTH LOTUS CLEVELAND OH 44128
28 SB77 106151039 TIX DARREL R 3785 UPPER 321ST STREET WE NORTHFIELD MN 55057
28 SB77 106151045 CHARLOFF LYLA G 350 EAST DETROIT STREET CHANDLER AZ 85225
28 SB77 106151051 BRANNOCH KEITH WAYNE 17656 N 42ND LANE GLENDALE AZ 85308
28 SB77 106151059 MCKEE RICHARD A 9354 MCINTOSH ROAD WOODBURY MN 55125
28 SB77 106151060 CORDOVA RICHARD R 9520 EDITH BOULEVARD NW ALBUQUERQUE NM 87113
31 SB77 106151079 DELOZIER PAUL T 710 REMSEN STREET TRENTON NJ 08610
28 SB77 106151134 GRAHAM KEITH A 115 21ST AVENUE EAST SEATTLE WA 98112
28 SB77 106151158 VASQUEZ LUIS GILBERT JR 861 GROVE STREET DENVER CO 80211
28 SB77 106151161 NIELSEN MICHELLE R 11237 LARSON LANE NORTHGLENN CO 80233
28 SB77 106151164 BUSSELL KEITH RT 1 BOX 1576 G ROOSEVELT UT 84066
28 SB77 106151212 BROSKI NEIL A 4534 BROADVIEW ROAD CLEVELAND OH 44109
28 SB77 106151232 ERSTAD ERROL J 603 MARK DRIVE VERONA WI 53593
28 SB77 106151254 THATCHER RICK R 690 NORTH 100 WEST SPANISH FORK UT 84660
28 SB77 106151278 HUME SANDRA L 13405 SE 56TH PLACE BELLEVUE WA 98006
28 SB77 106151281 PAYNE TROY M 1624 FOSTER DRIVE LONGMONT CO 80501
28 SB77 106151460 EDWARDS ROSEMARY L 4242 W SANDRA TERRACE PHOENIX AZ 85023
28 SB77 106151461 MORGAN JEFFREY D 36005 POLLY FARM ROAD LEBANON OR 97355
28 SB77 106151481 EWING PAUL F 846 27TH STREET OGDEN UT 84401
28 SB77 106151580 RENFROW KELLY D 190 NORTH MAIN STREET NORTH SALT LAKE UT 84054
28 SB77 106151617 ROCCHIO BEVERLY R 1141 ADAMS STREET DENVER CO 80206
28 SB77 106151655 PRICE-THOMAS DOLORES 6427 SOUTH ELLIS CHICAGO IL 60637
28 SB77 106151719 INGRAM WAYNE 211 W DESERT ROSE HENDERSON NV 89015
28 SB77 106151728 KELLER EMILY A 3888 ESTES STREET WHEATRIDGE CO 80033
28 SB77 106151754 BAKER GERALDINE N 15257 WALNUT RD OAK FOREST IL 60452
28 SB77 106151820 MAHER MARC A 10856 SOUTH BERRYWOOD COUR SANDY UT 84070
28 SB77 106151896 OGLETREE MARSHA 2980 CLAIRMONT DETROIT MI 48206
28 SB77 106151929 BLOOD MARTHA E 2750 BERGER AVENUE SACRAMENTO CA 95815
28 SB77 106151946 EMINGER HERMAN R 8270 TURTLE CREEK CIRCLE LAS VEGAS NV 89113
28 SB77 106151980 MATERA RAYMOND V V 16625 N 36TH AVENUE PHOENIX AZ 85023
28 SB77 106151983 BANKS LEONARD 3126 INDIANAPOLIS AVENUE INDIANAPOLIS IN 46208
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106134323 12,832.00 12,539.42 11/01/96 10/01/11 169.00 10/01/97 79.8 15.350 182.68
106136799 25,824.00 25,584.89 01/03/97 12/03/16 231.06 09/03/97 89.6 11.750 279.86
106145939 49,000.00 49,000.00 08/03/97 07/03/17 238.03 09/03/97 66.2 9.650 461.55
106146474 59,300.00 59,145.62 07/24/97 06/24/12 177.73 09/24/97 84.8 13.700 688.57
106147153 21,366.00 21,366.00 09/01/97 08/01/12 179.00 09/01/97 88.1 11.800 253.69
106148275 27,000.00 27,000.00 09/01/97 08/01/12 179.00 09/01/97 89.9 12.600 290.26
106148326 22,700.00 22,700.00 08/07/97 07/07/27 358.16 09/07/97 64.8 10.400 205.95
106148334 42,000.00 42,000.00 08/07/97 07/07/27 358.16 09/07/97 68.8 10.400 381.05
106148607 26,250.00 25,992.96 07/24/97 06/24/17 237.73 08/24/97 84.3 13.600 318.83
106148648 29,900.00 29,900.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.800 302.96
106148791 15,000.00 14,986.76 07/25/97 06/25/17 237.76 08/25/97 80.6 13.000 175.74
106148965 12,400.00 12,400.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.750 134.75
106149025 31,800.00 31,800.00 08/02/97 07/02/12 177.99 09/02/97 89.5 12.250 386.79
106149259 27,186.00 27,182.59 07/25/97 06/25/12 177.76 09/25/97 79.8 15.600 356.83
106149486 34,850.00 34,850.00 09/01/97 08/01/12 179.00 09/01/97 84.8 12.250 423.88
106149488 45,750.00 45,750.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.250 556.46
106149670 27,000.00 26,964.30 07/27/97 06/27/12 177.83 09/27/97 83.0 12.950 297.62
106149699 40,000.00 40,000.00 10/01/97 09/01/12 180.00 10/01/97 68.8 11.000 454.64
106150108 38,610.00 38,515.13 09/01/97 08/01/17 239.00 10/01/97 65.0 12.500 438.66
106150313 16,800.00 16,800.00 09/01/97 08/01/12 179.00 09/01/97 88.0 12.050 173.45
106150316 48,500.00 48,500.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.850 530.83
106150317 29,850.00 29,850.00 09/01/97 08/01/12 179.00 09/01/97 85.0 11.800 354.42
106150318 11,020.00 11,020.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.050 125.60
106150383 100,500.00 100,500.00 08/28/97 07/28/12 178.85 08/28/97 89.9 12.300 1,057.02
106150483 28,000.00 27,914.41 09/01/97 08/01/12 179.00 10/01/97 79.7 12.750 349.67
106150495 37,650.00 37,650.00 09/01/97 08/01/27 359.00 09/01/97 53.0 9.500 316.58
106150574 61,000.00 60,896.06 06/10/97 05/10/12 176.25 09/10/97 66.4 13.675 799.09
106150599 35,900.00 35,900.00 10/01/97 09/01/12 180.00 10/01/97 89.9 11.550 420.52
106150621 17,376.00 17,376.00 08/14/97 07/14/17 238.39 08/14/97 85.0 13.300 207.30
106150633 27,900.00 27,506.43 08/07/97 07/07/17 238.16 10/07/97 20.9 11.550 298.50
106150643 68,000.00 67,525.35 08/28/97 07/28/17 238.85 09/28/97 80.0 13.750 833.28
106150650 108,000.00 108,000.00 08/24/97 07/24/12 178.72 08/24/97 80.0 10.750 1,008.16
106150702 16,379.00 16,379.00 10/01/97 09/01/12 180.00 10/01/97 84.8 12.750 204.55
106150738 78,000.00 78,000.00 08/24/97 07/24/12 178.72 09/24/97 69.9 10.750 728.12
106150786 172,800.00 172,800.00 09/01/97 08/01/27 359.00 09/01/97 80.0 12.250 1,810.77
106150827 45,900.00 45,900.00 09/01/97 08/01/12 179.00 09/01/97 69.9 12.250 558.28
106150902 44,100.00 44,100.00 08/02/97 07/02/12 177.99 08/02/97 70.0 12.950 486.11
106151005 62,300.00 62,300.00 08/16/97 07/16/12 178.45 09/16/97 89.0 11.300 607.46
106151039 20,000.00 20,000.00 09/06/97 08/06/12 179.15 09/06/97 73.6 13.750 263.00
106151045 36,500.00 36,500.00 09/01/97 08/01/12 179.00 09/01/97 69.1 11.550 362.85
106151051 12,100.00 12,100.00 09/01/97 08/01/12 179.00 09/01/97 84.8 11.550 120.29
106151059 16,800.00 16,800.00 09/04/97 08/04/12 179.08 09/04/97 73.0 10.300 183.63
106151060 46,000.00 46,000.00 09/01/97 08/01/12 179.00 09/01/97 52.2 11.550 538.83
106151079 62,500.00 62,500.00 10/01/97 08/04/21 288.00 10/01/97 80.1 10.625 554.57
106151134 53,500.00 53,500.00 09/01/97 08/01/12 179.00 09/01/97 79.9 12.850 585.55
106151158 33,000.00 33,000.00 09/01/97 08/01/12 179.00 09/01/97 70.0 10.050 355.63
106151161 43,000.00 43,000.00 10/01/97 09/01/12 180.00 10/01/97 81.9 12.000 516.07
106151164 21,000.00 20,913.70 09/01/97 08/01/12 179.00 10/01/97 75.0 12.150 254.07
106151212 56,800.00 56,800.00 08/25/97 07/25/27 358.75 08/25/97 80.0 13.500 650.59
106151232 44,000.00 44,000.00 08/23/97 07/23/17 238.68 08/23/97 89.9 11.800 478.36
106151254 58,000.00 58,000.00 10/01/97 09/01/12 180.00 10/01/97 89.3 11.400 569.95
106151278 95,850.00 95,850.00 08/01/97 07/01/12 178.00 09/01/97 84.9 12.000 985.93
106151281 149,600.00 149,600.00 09/01/97 08/01/12 179.00 09/01/97 85.0 10.650 1,385.25
106151460 128,220.00 128,220.00 10/01/97 09/01/12 180.00 10/01/97 84.9 12.250 1,343.61
106151461 41,734.00 41,683.72 08/23/97 07/23/12 178.68 09/23/97 88.3 11.800 495.52
106151481 45,600.00 45,600.00 09/01/97 08/01/12 179.00 09/01/97 60.0 12.000 469.05
106151580 13,500.00 13,500.00 09/01/97 08/01/12 179.00 09/01/97 89.7 11.550 158.14
106151617 28,000.00 28,000.00 09/01/97 08/01/12 179.00 09/01/97 69.1 10.500 256.13
106151655 27,500.00 27,487.44 08/08/97 07/08/12 178.19 09/08/97 38.1 11.400 270.23
106151719 38,200.00 38,200.00 09/01/97 08/01/12 179.00 09/01/97 89.3 11.150 368.12
106151728 66,210.00 66,210.00 09/01/97 08/01/12 179.00 09/01/97 32.7 10.990 752.13
106151754 51,200.00 50,993.90 08/14/97 07/14/17 238.39 09/14/97 28.9 11.300 538.97
106151820 44,000.00 43,982.24 07/01/97 06/01/12 177.00 09/01/97 84.5 13.550 505.71
106151896 18,000.00 17,993.58 07/24/97 06/24/27 357.73 08/24/97 62.0 11.000 171.42
106151929 54,000.00 54,000.00 09/01/97 08/01/27 359.00 09/01/97 90.0 11.750 545.09
106151946 91,666.00 91,666.00 10/01/97 09/01/12 180.00 10/01/97 84.9 11.750 925.29
106151980 12,540.00 12,540.00 09/01/97 08/01/12 179.00 09/01/97 74.9 12.000 128.99
106151983 42,500.00 42,500.00 09/01/97 08/01/27 359.00 09/01/97 85.0 9.520 357.98
</TABLE>
<PAGE>
<TABLE>
Page 14 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 SB77 106152015 BANKS LEONARD SR 337 CONGRESS AVENUE INDIANAPOLIS IN 46208
28 SB77 106152016 BANKS LEONARD 401 CONGRESS AVENUE INDIANAPOLIS IN 46208
28 SB77 106152034 KING BILL T 1268 SOUTH 400 EAST GREENFIELD IN 46140
28 SB77 106152123 HOLLOWELL LEON A 14767 GLENFIELD STREET DETROIT MI 48224
28 SB77 106152143 JOVICK DARIN M 2779 SOUTH OSCEOLA WAY DENVER CO 80236
28 SB77 106152160 LECATO HARVEY 7460 TAOS DRIVE COLORADO SPRINGS CO 80920
28 SB77 106152163 LUGO TERESA D 955 SOUTH MACDONALD STREET MESA AZ 85210
28 SB77 106152167 MONTOYA CLIOFAS 8210 NORTH WEBSTER STREET ARVADA CO 80003
28 SB77 106152179 VALLEJO CARLOS 1391 SOUTH DALE COURT DENVER CO 80219
28 SB77 106152193 JOHNS RANDY B 9360 SOUTH MARGIE DIRVE SANDY UT 84070
28 SB77 106152196 GARCIA HECTOR F 1047 WEST MCLELLAN ROAD MESA AZ 85201
28 SB77 106152261 HESS MARCEE A 3825 ADAMS AVENUE OGDEN UT 84403
28 SB77 106152264 PICOY CARLOS A 3509 RAWHIDE STREET LAS VEGAS NV 89120
28 SB77 106152279 TRIBBLE SANDY J 25211 ALPINE ROAD MONROE OR 97456
28 SB77 106152296 MCDONALD DAVID L 28307 32ND AVENUE EAST SPANAWAY WA 97387
28 SB77 106152303 COLE WARREN T 3634 EAST SURREY AVENUE PHOENIX AZ 85032
28 SB77 106152304 LUMLEY BRUCE W 16290 AVENIDA NOBLEZA SAN DIEGO CA 92128
28 SB77 106152324 COOPER-WILLI MARLENE 2746 NORTH VELARDE DRIVE THOUSAND OAKS CA 91360
28 SB77 106152327 DANYLUK RAISA 6106 ARCTIC WAY EDINA MN 55436
28 SB77 106152334 SMITH WILLIAM L 8867 EAST ADOBE LANE PRESCOTT VALLEY AZ 86314
28 SB77 106152337 BRETZ MARILYN L 4750 SPACEWALK WAY COLORADO SPRINGS CO 80916
28 SB77 106152341 BROOKS DENNIS L 1823 ST JOHN ROAD SCHERERVILLE IN 46375
28 SB77 106152354 PERDIZ CHRISTINE 3121 S LA CHOLLA BOULEVARD TUCSON AZ 85713
28 SB77 106152403 ARNETT JUDITH A 183 EAST COLLEGE AVENUE WESTERVILLE OH 43081
28 SB77 106152419 VOSS LOU W 3701 SOUTH HARVEY AVENUE BERWYN IL 60402
28 SB77 106152454 TIDROW SUSAN 202 ALLEN LANE GREENFIELD IN 46140
28 SB77 106152464 MORRIS SAUNDRA K 4114 N IRVINGTON AVENUE INDIANAPOLIS IN 46226
28 SB77 106152519 ELLIS KENNIS R 3258 NIAGARA STREET DENVER CO 80207
28 SB77 106152530 WILLIAMS BERNARD D 11213 S HERMOSA CHICAGO IL 60643
28 SB77 106152573 SEELY THOMAS C 763 MOLYNEUX DRIVE PRICE UT 84501
28 SB77 106152594 ATKINS BETTIE S 1725-1731 SALISHAN STREET SALEM OR 97302
28 SB77 106152601 MARTIN ERVIN RAY JR 224 BROOKWOOD ROAD BELMONT NC 28012
28 SB77 106152632 BLUE MARTIN C 41728 MERIDIAN EAST EATONVILLE WA 98328
28 SB77 106152678 MCELROY LEON M 2116 NORTH LAWLER AVE CHICAGO IL 60639
28 SB77 106152698 WARD JAMES P 5801 EAST CORRINE DRIVE PHOENIX AZ 85254
28 SB77 106152734 MERKET STEPHEN A 3108 HOLLY HILL AVENUE LAS VEGAS NV 89104
28 SB77 106152745 RICHARDS SHARON M 6933 CLARENDON HILLS ROAD DARIEN IL 60561
28 SB77 106152762 BELCASTRO BARBARA J 219 MONTEREY DRIVE BOLINGBROOK IL 60440
28 SB77 106152783 BENJAMIN SHAWN 8102 ORCHARD WARREN MI 48089
28 SB77 106152822 KOMPERDA HELEN 8019 W 124TH STREET PALOS PARK IL 60464
28 SB77 106152870 SEARS ROGER G 724 WEST 1720 NORTH #108 PROVO UT 84604
28 SB77 106152874 BARTREAU JULIANNA L 134 HANGMANS ROAD BAILEY CO 80421
28 SB77 106152879 HODSON LONI P 450 SOUTH NEWCOMBE STREET LAKEWOOD CO 80226
28 SB77 106152880 MILLER ANGELA D 727 EL PASO STREET SOUTH COLORADO SPRINGS CO 80903
28 SB77 106152884 PURDY TAMEE 6408 WEST 82ND DRIVE ARVADA CO 80003
28 SB77 106152898 HOLLINSHEAD MARK A 690 FERNGLEN COURT COLORADO SPRINGS CO 80906
28 SB77 106152935 IRVING EDWARD 6634 SOUTH PEORIA CHICAGO IL 60621
28 SB77 106152959 NICKLE DON O JR 8217 CUSTER ROAD SW TACOMA WA 98499
28 SB77 106152966 HEDER QUINN O 6098 WEST BORAX AVENUE KEARNS UT 84118
28 SB77 106152968 PAYNE GARY A 1195 E 8TH N MOUNTAIN HOME ID 83647
28 SB77 106152984 ROY CURTIS C 8486 SOUTH GAD WAY SANDY UT 84093
28 SB77 106152986 BUTLER ROCKY 1311 LAGAN AVENUE VISTA CA 92083
28 SB77 106153009 SANDORA LEON T 5324 CIRCLE DRIVE MCHENRY IL 60050
28 SB77 106153029 GILBERT JESSIE 1205 W 97TH STREET CHICAGO IL 60643
28 SB77 106153048 MCLENDON CLAUDETTE 15246 PROMENADE DETROIT MI 48224
28 SB77 106153080 DALY BARBARA B 1595 EAST SEGO LILY DRIVE SANDY UT 84092
28 SB77 106153082 PUTT ANN LOUISE 3445 WEST 24TH AVENUE DENVER CO 80211
28 SB77 106153092 EVANS KEITH M 241 WEST 700 SOUTH SPRINGVILLE UT 84663
28 SB77 106153101 MCCULLOCH DARWIN R 1747 HOOKER STREET DENVER CO 80204
28 SB77 106153114 MORTON BOBBY L 4433 24TH AVENUE SE LACEY WA 98503
28 SB77 106153116 BUNISH TERRY P 6934 EAST PARADISE LANE SCOTTSDALE AZ 85254
28 SB77 106153182 WILSON NICHOLAS 840 WILEY COURT ARCATA CA 95521
28 SB77 106153184 FORD LINDA M 2341 IVANHOE STREET DENVER CO 80207
28 SB77 106153189 HULL LANCE K 959 WEST POTOMAC DRIVE SALT LAKE CITY UT 84123
28 SB77 106153194 BUTLER TRAVIS J 2730 WEST 3600 SOUTH ROY UT 84067
28 SB77 106153195 SELLERS HAROLD G 983 WEST 1340 NORTH OREM UT 84057
28 SB77 106153210 HALL MICHAEL W 1008 SOUTH 19TH AVENUE YAKIMA WA 98902
28 SB77 106153252 MILLER RUSSELL W 714 PLANK ROAD NEW LENOX IL 60451
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106152015 21,000.00 21,000.00 09/01/97 08/01/27 359.00 09/01/97 70.0 9.520 176.89
106152016 26,600.00 26,600.00 09/01/97 08/01/27 359.00 09/01/97 70.0 9.520 224.06
106152034 59,800.00 59,800.00 08/16/97 07/16/27 358.45 09/16/97 69.5 11.600 596.76
106152123 32,200.00 32,200.00 09/01/97 08/01/27 359.00 09/01/97 74.8 11.600 321.33
106152143 28,190.00 28,103.95 09/01/97 08/01/12 179.00 10/01/97 84.9 12.800 352.97
106152160 25,440.00 25,440.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.000 305.32
106152163 23,100.00 23,100.00 09/01/97 08/01/12 179.00 09/01/97 38.5 10.850 260.38
106152167 142,800.00 142,800.00 10/01/97 09/01/27 360.00 10/01/97 85.0 10.150 1,269.03
106152179 16,256.00 16,256.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.000 195.10
106152193 22,884.00 22,884.00 09/01/97 08/01/12 179.00 09/01/97 90.0 12.350 241.57
106152196 21,000.00 21,000.00 09/01/97 08/01/12 179.00 09/01/97 87.9 11.800 249.34
106152261 15,497.00 15,497.00 09/01/97 08/01/12 179.00 09/01/97 79.8 13.350 199.66
106152264 72,400.00 72,400.00 10/01/97 09/01/12 180.00 10/01/97 83.9 11.400 711.45
106152279 50,000.00 50,000.00 10/01/97 09/01/17 240.00 10/01/97 61.2 10.300 492.49
106152296 91,600.00 91,600.00 09/01/97 08/01/22 299.00 09/01/97 65.4 11.050 901.10
106152303 25,250.00 25,250.00 10/01/97 09/01/12 180.00 10/01/97 86.3 11.800 299.80
106152304 37,000.00 37,000.00 10/01/97 09/01/12 180.00 10/01/97 89.9 11.800 374.90
106152324 33,300.00 33,300.00 10/01/97 09/01/12 180.00 10/01/97 84.9 12.250 348.95
106152327 104,000.00 104,000.00 10/01/97 09/01/12 180.00 10/01/97 68.2 10.500 1,149.61
106152334 39,200.00 39,200.00 09/01/97 08/01/12 179.00 09/01/97 72.5 11.500 457.93
106152337 34,481.00 34,481.00 09/01/97 08/01/12 179.00 09/01/97 90.0 11.300 336.21
106152341 50,000.00 49,841.50 09/01/97 08/01/12 179.00 10/01/97 89.3 11.550 585.69
106152354 59,500.00 59,402.17 09/01/97 08/01/12 179.00 10/01/97 85.0 9.650 506.83
106152403 50,000.00 49,973.21 08/25/97 07/25/27 358.75 09/25/97 59.5 11.750 504.70
106152419 163,200.00 163,200.00 08/23/97 07/23/17 238.68 08/23/97 85.0 9.650 1,537.26
106152454 15,800.00 15,800.00 09/01/97 08/01/12 179.00 09/01/97 80.1 13.750 207.77
106152464 48,700.00 48,698.45 08/28/97 07/28/12 178.85 09/28/97 74.9 13.250 548.25
106152519 81,600.00 81,600.00 09/01/97 08/01/27 359.00 09/01/97 80.0 11.000 777.10
106152530 38,300.00 38,300.00 09/04/97 08/04/17 239.08 09/04/97 84.8 10.550 383.67
106152573 71,200.00 71,200.00 09/01/97 08/01/27 359.00 09/01/97 80.0 13.750 829.56
106152594 50,220.00 50,220.00 09/01/97 08/01/12 179.00 09/01/97 84.8 13.300 567.33
106152601 19,000.00 19,000.00 09/11/97 08/11/12 179.31 09/11/97 82.9 11.800 225.59
106152632 80,000.00 80,000.00 10/01/97 09/01/12 180.00 10/01/97 78.0 14.000 947.90
106152678 92,000.00 92,000.00 08/21/97 07/21/17 238.62 09/21/97 58.9 9.400 851.56
106152698 27,200.00 27,200.00 10/01/97 09/01/12 180.00 10/01/97 84.4 12.500 290.29
106152734 20,500.00 20,500.00 09/01/97 08/01/17 239.00 09/01/97 85.1 12.400 231.47
106152745 43,000.00 42,804.53 08/28/97 07/28/17 238.85 09/28/97 43.0 10.850 439.46
106152762 40,000.00 40,000.00 08/28/97 07/28/17 238.85 08/28/97 43.0 9.800 380.72
106152783 26,200.00 26,072.91 07/23/97 06/23/17 237.70 09/23/97 68.9 10.750 265.99
106152822 66,500.00 66,500.00 09/01/97 08/01/12 179.00 09/01/97 79.9 11.250 645.89
106152870 71,400.00 71,400.00 09/01/97 08/01/12 179.00 09/01/97 70.0 10.050 629.23
106152874 32,800.00 32,800.00 09/01/97 08/01/17 239.00 09/01/97 47.0 9.800 312.19
106152879 48,770.00 48,770.00 10/01/97 09/01/17 240.00 10/01/97 79.9 9.550 456.19
106152880 25,000.00 25,000.00 09/01/97 08/01/27 359.00 09/01/97 39.6 11.750 252.35
106152884 162,000.00 162,000.00 09/01/97 08/01/27 359.00 09/01/97 90.0 11.150 1,561.15
106152898 59,252.00 59,252.00 10/01/97 09/01/17 240.00 10/01/97 89.9 11.550 633.92
106152935 45,000.00 44,950.59 09/01/97 08/01/12 179.00 10/01/97 64.2 10.250 403.25
106152959 72,900.00 72,900.00 09/01/97 08/01/12 179.00 09/01/97 90.0 10.300 655.97
106152966 11,474.00 11,474.00 10/01/97 09/01/12 180.00 10/01/97 79.8 14.000 135.95
106152968 55,422.00 55,422.00 10/01/97 09/01/12 180.00 10/01/97 85.0 11.550 649.20
106152984 45,000.00 45,000.00 08/22/97 07/22/17 238.65 09/22/97 87.4 12.200 501.78
106152986 84,000.00 84,000.00 10/01/97 09/01/27 360.00 10/01/97 70.0 10.350 758.98
106153009 23,200.00 23,200.00 09/01/97 08/01/17 239.00 09/01/97 83.1 12.400 261.95
106153029 44,000.00 43,861.91 08/28/97 07/28/12 178.85 09/28/97 51.7 9.600 462.12
106153048 32,500.00 32,500.00 09/01/97 08/01/27 359.00 09/01/97 57.7 11.750 328.06
106153080 54,800.00 54,800.00 08/22/97 07/22/17 238.65 09/22/97 88.9 12.200 611.05
106153082 22,000.00 22,000.00 10/01/97 09/01/12 180.00 10/01/97 79.3 11.000 250.05
106153092 25,500.00 25,500.00 09/01/97 08/01/12 179.00 09/01/97 69.9 9.800 270.91
106153101 17,810.00 17,770.36 09/01/97 08/01/12 179.00 10/01/97 83.0 10.300 160.26
106153114 39,000.00 39,000.00 10/01/97 09/01/12 180.00 10/01/97 73.1 12.500 416.23
106153116 27,000.00 27,000.00 10/01/97 09/01/12 180.00 10/01/97 87.5 11.300 311.99
106153182 78,000.00 78,000.00 10/01/97 09/01/17 240.00 10/01/97 84.8 12.000 858.85
106153184 20,400.00 20,400.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.400 250.11
106153189 46,871.00 46,871.00 09/01/97 08/01/12 179.00 09/01/97 80.0 12.500 500.23
106153194 13,350.00 13,350.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.500 164.54
106153195 21,500.00 21,500.00 10/01/97 09/01/12 180.00 10/01/97 90.0 11.800 217.85
106153210 48,200.00 48,200.00 10/01/97 09/01/12 180.00 10/01/97 89.8 11.300 469.98
106153252 25,000.00 25,000.00 09/01/97 08/01/12 179.00 09/01/97 82.1 12.500 308.13
</TABLE>
<PAGE>
<TABLE>
Page 15 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 SB77 106153256 THOMAS VONTAIRE 10008 MOUNT AUBURN AVENUE CLEVELAND OH 44104
28 SB77 106153257 FROELICH DONNA G 3526 HIGHLAND DRIVE ISLAND LAKE IL 60042
28 SB77 106153279 HENRY WILLIAM 4522 129TH PLACE NORTHEAST MARYSVILLE WA 98271
28 SB77 106153351 TEMPLE JEANNE R 7670 TRINKLEIN SAGINAW MI 48609
28 SB77 106153384 HIGBEE JAMES III 7707 EDGEWATER COURT LITTLETON CO 80124
28 SB77 106153426 MANGOLD VERNON LYNN 6634 US 50 AURORA IN 47001
28 SB77 106153543 NACHYLA JOHN 5153 W WARWICK CHICAGO IL 60641
28 SB77 106153545 ZELDENRUST RANDY L 110 W CHURCH STREET HEBRON IN 46341
28 SB77 106153584 WHITE FRED D III 18271 WASHBURN DETROIT MI 48221
28 SB77 106153613 BLOOMSTER JOHN T 2516 24TH PLACE NORTH CHICAGO IL 60064
28 SB77 106153688 BROWN JAMES H 105 MAPLE DRIVE LA PORTE IN 46350
28 SB77 106153821 JONES GAIRY 14017 SAVANNAH AVENUE EAST CLEVELAND OH 44112
-------------------------------------------
148 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106153256 51,300.00 51,259.60 09/01/97 08/01/27 359.00 10/01/97 90.0 10.900 484.67
106153257 46,000.00 46,000.00 09/01/97 08/01/27 359.00 09/01/97 57.5 10.650 425.95
106153279 28,600.00 28,600.00 10/01/97 09/01/12 180.00 10/01/97 89.1 11.800 339.58
106153351 60,000.00 59,951.71 09/01/97 08/01/12 179.00 10/01/97 54.5 10.500 548.84
106153384 54,000.00 54,000.00 08/21/97 07/21/12 178.62 08/21/97 84.9 12.800 588.92
106153426 82,800.00 82,800.00 09/01/97 08/01/12 179.00 09/01/97 90.0 11.300 807.35
106153543 32,000.00 31,943.41 09/01/97 08/01/12 179.00 10/01/97 85.0 12.500 341.52
106153545 57,000.00 56,714.51 09/04/97 08/04/12 179.08 10/04/97 60.0 10.400 626.55
106153584 27,600.00 27,600.00 08/21/97 07/21/12 178.62 09/21/97 60.0 15.500 360.05
106153613 44,000.00 43,874.10 09/01/97 08/01/17 239.00 10/01/97 80.0 14.350 558.37
106153688 80,600.00 80,600.00 09/01/97 08/01/17 239.00 09/01/97 84.9 10.050 780.48
106153821 45,500.00 45,500.00 09/07/97 08/07/27 359.18 09/07/97 70.0 10.500 416.21
---------------------------------------------------- ------ -------------------------------
148 6,876,730.00 6,872,725.41 229.03 77.1 11.522 71,814.27
</TABLE>
<PAGE>
<TABLE>
Page 16 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
31 SB78 106148401 GILLIAM ELLIS A 7439 NEW VISTA DR ASHLAND KY 41102
31 SB78 106148497 WETHINGTON LINDA L 50 WEST TOP HILL TERRACE ELIZABETHTOWN KY 42701
31 SB78 106148907 KEMP JACK M HWY 60 WEST ASHLEY LN IRVINGTON KY 40146
31 SB78 106148988 LEGG CHRISTOPHE 3333 NORTHWAY ERLANGER KY 41018
31 SB78 106148998 BREEDEN CHARLES 37759 GREEN DRIVE EASTLAKE OH 44095
31 SB78 106149313 YOUNG CHRIS D 500 BOWMAN ROAD SPRINGFIELD OH 45505
31 SB78 106149395 SETTERS SHIRLEY 264 BART SMITH ROAD SMITHFIELD KY 40068
31 SB78 106149613 CROFT CYNTHIA D 11325 NEBO RD NEBO KY 42441
31 SB78 106149726 WILLIS TERRY E SR 334 WITT ROAD BOWLING GREEN KY 42101
31 SB78 106149727 CHALONER MAVIS 302 WEDGEWOOD DRIVE ALBERT LEA MN 56007
31 SB78 106149731 KNOTZ ROBERT 4100 85TH LANE NORTHEAST CIRCLE PINES MN 55014
31 SB78 106149813 EODICE EDWARD W JR 1619 WEST 4TH STREET PISCATAWAY NJ 08854
31 SB78 106149824 GOTTLIEB CURTIS R 8842 90TH STREET SOUTH COTTAGE GROVE MN 55016
31 SB78 106149825 BROWN TEDDY 182 WEST PEACEFUL CT SHEPHERDSVILLE KY 40165
31 SB78 106150010 MCDONALD ARETHA Y 622 EAST 82ND STREET BROOKLYN NY 11236
31 SB78 106150019 GRAY MARY J 4921 SOLONA DRIVE LOUISVILLE KY 40272
31 SB78 106150022 PUMPHREY LAWRENCE E 555 NORTHWESTERN PARKWAY LOUISVILLE KY 40212
31 SB78 106150023 GARCHER JANE A 44 CASEMENT AVENUE PAINESVILLE OH 44077
31 SB78 106150128 MEINKE LISA S 850 53RD AVENUE WINONA MN 55987
31 SB78 106150132 HONAKER RONDA 8265 SOUTH HIGHWAY 1680 JAMESTOWN KY 42629
31 SB78 106150224 FARLEY JAMES C 164 GLENDALE DRIVE LONG LAKE MN 55356
31 SB78 106150226 DUNN JOHN C 10328 COLONY CT EDEN PRAIRIE MN 55347
31 SB78 106150235 MADDEN KAREN R 44 BERWYN DRIVE BEDFORD OH 44146
31 SB78 106150362 WAGNER TIMOTHY D 412 WEST 12TH STREET NEWPORT KY 41071
31 SB78 106150373 MASDEA DEBRA M 2147 OLDE SAWMILL BLVD DUBLIN OH 43016
31 SB78 106150417 SPRADLIN STEPHEN B 3405 HWY 70 EUBANK KY 42567
31 SB78 106150421 MOORE VICKI L 3225 HUNTING HILLS DRIVE LEXINGTON KY 40517
31 SB78 106150506 SIPPLE FREDERICK J 308 RICHWOOD RD MONROEVILLE NJ 08343
31 SB78 106150854 MILLS LEWIS S 210 DOGWOOD HILLS LONDON KY 40741
31 SB78 106150862 RISING DONNA K 217 MEADOWBROOK AVENUE S.E WARREN OH 44483
31 SB78 106150865 GROTH TERRY A 10 JUNTUNEN RD ESKO MN 55733
31 SB78 106150869 HALE STEPHEN 10304 MAIN ROAD BERLIN HEIGHTS OH 44814
31 SB78 106150870 BELT DONNIE R 185 GREYHOUND CIRCLE PADUCAH KY 42003
31 SB78 106150872 PORTER JAMES K 726 EAST SPRUCE STREET RAVENNA OH 44266
31 SB78 106150977 WILKERSON SHEILA R 5037 FULTON YATES ROAD REED KY 42451
31 SB78 106150983 BIEDERMAN THOMAS K 112 ETNA STREET RUSSELL KY 41169
31 SB78 106150984 MALLORY MICHAEL C 2310 LARCHDALE DRIVE CUYAHOGA FALLS OH 44221
31 SB78 106151078 MCCONVILLE JAMES J 49 CHANEL DR E SHIRLEY NY 11967
31 SB78 106151093 DENTON DAVID 10 14TH AVENUE NORTH HOPKINS MN 55343
31 SB78 106151094 TURNER MARK A 328 ROBINHOOD TRAIL BOWLING GREEN KY 42101
31 SB78 106151180 PRICE DANIEL R 8611 WOODED GLEN ROAD LOUISVILLE KY 40220
31 SB78 106151185 STUMP ANGELA B 4017 SOUTHVIEW RD ASHLAND KY 41101
31 SB78 106151191 GRODEK JAMES H 26082 DEFOE DRIVE NORTH OLMSTED OH 44070
31 SB78 106151314 KASH DOROTHY 3309 CROWN CREST LEXINGTON KY 40517
31 SB78 106151404 SARJU HARRIRAM 107-27 123RD STREET RICHMOND HILL NY 11419
31 SB78 106151405 MARROW QUEEN ESTHER 48 POPLAR ROAD AMITYVILLE NY 11701
31 SB78 106151416 SMITH KAREN J 1205 K STREET NORTHEAST BRAINERD MN 56401
31 SB78 106151522 BENNETT MICHAEL J 2973 HAZELWOOD LANE MOUND MN 55364
31 SB78 106151644 TICE RICKY ALLAN 23615 MONROE STREET NORTHE BETHEL MN 55005
31 SB78 106151645 GRIMSLEY RICHARD J 1988 PLANO ROAD BOWLING GREEN KY 42104
31 SB78 106151646 ROLAND GARY T 917 DARDA CT LEXINGTON KY 40515
31 SB78 106151648 BREEGGEMANN RONALD A 2640 150TH STREET WEST SHAKOPEE MN 55379
31 SB78 106151763 PETERS ROBERT L 218 MCCLUNG RD LAPORTE IN 46350
31 SB78 106151872 MICELI ROBERT ANDREW 100 WILLOW STREET BERKELEY TOWNSHIP NJ 08741
31 SB78 106151876 WINTERS ROBERT JR 4517 SCOTT TRAIL EAGAN MN 55122
31 SB78 106151878 MCCUSKER TIMOTHY P 204 ERBLANG AVENUE FARIBAULT MN 55021
31 SB78 106151882 PARPART KENNY 1809 JUDD AVENUE NORTH GLENCOE MN 55336
31 SB78 106151987 CLAYTON JEFFREY J 14788 XKIMO STREET NORTHWE RAMSEY MN 55303
31 SB78 106151994 HOFFER TIMOTHY T 3714 43RD STREET EAST MINNEAPOLIS MN 55406
31 SB78 106151999 MILKANIN MARK WALTER 326 E 6TH STREET RED WING MN 55066
31 SB78 106152221 DONOVAN CARLA J 124 GEMINI TRAIL GEORGETOWN KY 40324
31 SB78 106152227 HARRISON GEORGE K 14 IRELAND AVENUE CINCINNATI OH 45218
31 SB78 106152236 PALMER RANDALL L 355 MEADOW LANE VALPARAISO IN 46383
31 SB78 106152539 JENSRUD TERESA A 11947 ELDORADO ST NE BLANE MN 55449
31 SB78 106152646 PAUL BRADLEY N 3002 S OAK PARK BERWYN IL 60402
31 SB78 106152670 ARNDT JOANNE 120 MONTVIEW DRIVE MEDINA OH 44256
-------------------------------------------
66 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106148401 16,000.00 16,000.00 10/01/97 08/10/16 228.00 10/01/97 83.7 12.975 174.72
106148497 45,200.00 45,200.00 09/01/97 07/20/09 143.00 09/01/97 84.9 13.375 583.15
106148907 58,800.00 58,800.00 09/01/97 06/28/27 359.00 09/01/97 79.4 9.150 442.57
106148988 60,000.00 60,000.00 09/01/97 07/05/21 287.00 09/01/97 68.9 10.525 528.47
106148998 44,100.00 44,100.00 09/01/97 07/10/17 239.00 09/01/97 79.4 14.225 512.83
106149313 86,200.00 86,200.00 10/01/97 08/12/15 216.00 10/01/97 68.9 9.625 776.39
106149395 82,600.00 82,600.00 10/01/97 08/09/17 240.00 10/01/97 59.0 9.130 692.32
106149613 44,200.00 44,200.00 10/01/97 08/10/16 228.00 10/01/97 85.0 11.525 441.79
106149726 48,000.00 48,000.00 09/01/97 07/10/17 239.00 09/01/97 69.5 11.875 483.97
106149727 74,000.00 74,000.00 09/01/97 07/04/22 299.00 09/01/97 80.0 13.500 796.18
106149731 82,200.00 82,200.00 09/01/97 07/23/07 119.00 09/01/97 65.7 9.110 965.53
106149813 100,800.00 100,800.00 10/01/97 08/04/21 288.00 10/01/97 84.0 10.625 894.41
106149824 20,100.00 20,100.00 10/01/97 08/22/07 120.00 10/01/97 76.4 10.500 250.31
106149825 87,400.00 87,256.81 09/01/97 07/14/14 203.00 09/29/97 79.4 10.525 850.79
106150010 30,000.00 30,000.00 10/01/97 08/15/12 180.00 10/01/97 70.1 12.125 334.54
106150019 55,200.00 55,177.46 09/01/97 07/04/22 299.00 09/29/97 84.9 13.025 575.60
106150022 29,500.00 29,162.25 09/01/97 07/29/02 59.00 09/29/97 81.7 11.500 598.71
106150023 93,500.00 93,500.00 10/01/97 08/09/17 240.00 10/01/97 84.6 12.125 957.77
106150128 25,000.00 25,000.00 10/01/97 08/15/12 180.00 10/01/97 85.6 12.275 281.02
106150132 46,200.00 46,200.00 10/01/97 08/22/07 120.00 10/01/97 68.9 10.525 575.93
106150224 85,200.00 85,200.00 10/01/97 08/15/12 180.00 10/01/97 52.2 10.125 851.04
106150226 85,900.00 85,900.00 10/01/97 08/19/09 144.00 10/01/97 76.0 12.525 1,066.61
106150235 64,000.00 64,000.00 09/01/97 07/19/10 155.00 09/29/97 68.8 9.110 647.39
106150362 34,700.00 34,700.00 10/01/97 08/10/16 228.00 10/01/97 66.7 9.110 295.89
106150373 19,800.00 19,800.00 10/01/97 08/18/10 156.00 10/01/97 89.9 12.675 239.52
106150417 51,700.00 51,700.00 10/01/97 08/23/06 108.00 10/01/97 68.9 9.110 648.97
106150421 60,500.00 60,500.00 10/01/97 08/15/12 180.00 10/01/97 84.6 12.775 698.25
106150506 21,100.00 21,100.00 09/01/97 07/10/17 239.00 09/01/97 74.3 14.125 243.95
106150854 35,500.00 35,500.00 09/01/97 07/29/02 59.00 09/01/97 68.8 14.625 772.90
106150862 60,500.00 60,500.00 10/01/97 08/20/08 132.00 10/01/97 68.7 9.110 671.25
106150865 29,500.00 29,500.00 10/01/97 08/19/09 144.00 10/01/97 81.1 13.525 383.15
106150869 29,800.00 29,800.00 09/01/97 07/10/17 239.00 09/01/97 69.4 13.125 324.70
106150870 42,600.00 42,531.05 09/01/97 07/11/16 227.00 09/29/97 48.1 8.580 350.11
106150872 66,900.00 66,900.00 10/01/97 08/14/13 192.00 10/01/97 68.9 9.680 633.55
106150977 18,600.00 18,600.00 10/01/97 08/22/07 120.00 10/01/97 78.2 11.675 243.07
106150983 51,700.00 51,700.00 10/01/97 08/15/12 180.00 10/01/97 89.9 11.775 565.79
106150984 69,200.00 69,200.00 10/01/97 08/22/07 120.00 10/01/97 80.0 9.410 823.26
106151078 22,000.00 22,000.00 10/01/97 08/28/02 60.00 10/01/97 88.0 11.375 445.23
106151093 29,500.00 29,499.88 09/01/97 07/16/12 179.00 09/29/97 80.5 14.625 374.10
106151094 18,700.00 18,700.00 10/01/97 08/10/16 228.00 10/01/97 87.9 12.275 195.79
106151180 89,700.00 89,700.00 10/01/97 08/04/21 288.00 10/01/97 69.0 9.570 734.87
106151185 56,700.00 56,700.00 10/01/97 08/24/05 96.00 10/01/97 56.7 9.110 769.61
106151191 38,000.00 38,000.00 10/01/97 08/19/09 144.00 10/01/97 88.5 12.025 461.16
106151314 57,000.00 57,000.00 10/01/97 07/28/27 360.00 10/01/97 48.9 10.925 498.07
106151404 33,100.00 33,100.00 10/01/97 08/15/12 180.00 10/01/97 88.8 12.125 369.11
106151405 14,200.00 14,200.00 10/01/97 08/10/16 228.00 10/01/97 82.3 13.000 155.30
106151416 32,700.00 32,700.00 10/01/97 08/15/12 180.00 10/01/97 83.8 12.275 367.57
106151522 88,100.00 88,100.00 10/01/97 08/19/09 144.00 10/01/97 78.6 12.775 1,106.40
106151644 21,500.00 21,500.00 10/01/97 08/28/02 60.00 10/01/97 86.3 12.525 446.62
106151645 69,000.00 69,000.00 10/01/97 08/10/16 228.00 10/01/97 89.6 11.775 700.52
106151646 78,200.00 78,200.00 10/01/97 08/22/07 120.00 10/01/97 85.0 12.625 1,061.67
106151648 166,900.00 166,900.00 10/01/97 07/28/27 360.00 10/01/97 83.0 13.025 1,707.18
106151763 75,800.00 75,800.00 10/01/97 08/22/07 120.00 10/01/97 72.1 9.420 902.16
106151872 30,800.00 30,800.00 10/01/97 08/15/12 180.00 10/01/97 69.8 12.625 352.68
106151876 25,200.00 25,200.00 10/01/97 08/15/12 180.00 10/01/97 89.9 12.525 287.04
106151878 65,200.00 65,200.00 10/01/97 08/20/08 132.00 10/01/97 81.5 10.525 771.36
106151882 23,000.00 23,000.00 10/01/97 08/15/12 180.00 10/01/97 85.7 12.125 256.48
106151987 17,400.00 17,400.00 09/01/97 07/23/07 119.00 09/01/97 87.5 10.775 219.17
106151994 69,000.00 69,000.00 10/01/97 08/22/07 120.00 10/01/97 76.6 10.125 845.96
106151999 51,100.00 51,100.00 10/01/97 08/15/12 180.00 10/01/97 78.6 9.330 487.66
106152221 15,800.00 15,800.00 10/01/97 08/18/10 156.00 10/01/97 84.9 13.525 198.99
106152227 19,400.00 19,400.00 09/01/97 07/24/06 107.00 09/01/97 71.1 12.375 275.66
106152236 36,000.00 36,000.00 10/01/97 08/22/07 120.00 10/01/97 72.5 11.275 462.85
106152539 11,600.00 11,600.00 09/01/97 07/23/07 119.00 09/01/97 76.7 13.875 165.42
106152646 23,800.00 23,800.00 09/01/97 07/04/22 299.00 09/01/97 84.6 12.125 233.40
106152670 89,100.00 89,100.00 10/01/97 08/09/17 240.00 10/01/97 79.5 9.320 756.92
---------------------------------------------------- ------ -------------------------------
66 3,324,700.00 3,324,127.45 199.35 75.9 11.177 36,785.35
</TABLE>
<PAGE>
<TABLE>
Page 17 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
28 SB80 106132486 CERMELE JOSEPHINE 585 WHITE PLAINS ROAD EASTCHESTER NY 10709
28 SB80 106132516 WEST GEORGE JR 1749 LAURENS DRIVE ATLANTA GA 30311
28 SB80 106148671 MORIARTY ELLEN 114 COLLEGE STREET CRYSTAL LAKE IL 60014
28 SB80 106149244 REED MARY 8694 SILVER BRIDGE ROAD PALO CEDRO CA 96073
28 SB80 106149318 BRISKER KEVIN 14832 SOUTH ELLIS DOLTON IL 60419
28 SB80 106149350 WHITTINGTON SAMMY 1039 MAIN STREET PECOS NM 87552
28 SB80 106149500 WHITAKER SCHLOSBURG JR 445 WEST 97TH STREET CHICAGO IL 60628
28 SB80 106149585 LEGGETT LOREN 2733 W ELM STREET PHOENIX AZ 85017
28 SB80 106149628 MENDEZ REYNALDO M 12618 SOUTH CENTRAL AVENUE PALOS HEIGHTS IL 60463
28 SB80 106150238 DAVIDOVITZ HOWARD 304 VINTAGE LANE BUFFALO GROVE IL 60089
28 SB80 106150593 TAPIA LANA R 718 SOUTH 2ND AVENUE BRIGHTON CO 80601
28 SB80 106150604 BAKKER PERRY K 7773 S CARR COURT LITTLETON CO 80123
28 SB80 106150752 GAINES RONALD 5753 AUDUBON STREET DETROIT MI 48224
28 SB80 106150883 SORLING ANTHONY J 3609 ANNE STREET MCHENRY IL 60050
28 SB80 106151268 MILLER ROSS 1008/1010 CALLE DE ORO TAOS NM 87571
28 SB80 106151395 MILES CHARLES D JR 4480 NORTH 109TH STREET LAFAYETTE CO 80026
28 SB80 106151490 WHITTEMORE LINDA L 105 KEY PENINSULA HIGHWAY LAKEBAY WA 98349
28 SB80 106151839 NICHOLS RICHARD 110 BOWERS HILL ROAD OXFORD CT 06478
28 SB80 106151934 JOHANSON CHARLES V V 8230 SOUTH WASATCH GROVE L SALT LAKE CITY UT 84121
28 SB80 106151969 TOURTELLOTTE CHARLES 4800 MEADOW DRIVE #23 VAIL CO 81657
28 SB80 106151979 TOURTELLOTTE CHARLES 366 EMERSON STREET DENVER CO 80218
28 SB80 106152056 TOWNSEND PETER D 12652 W ASBURY PLACE LAKEWOOD CO 80228
28 SB80 106152174 MITCHELL KEVIN R 1184 WEST 2450 NORTH CLINTON UT 84015
28 SB80 106152328 GARCIA RICARDO 14136 BRONTE DRIVE WHITTIER CA 90602
28 SB80 106152333 MCKENZIE JOANNA K 4013 LINNIKI STREET NORTH LAS VEGAS NV 89030
28 SB80 106152417 PREST FRANCIS 934 SINGING HILLS LANE COLUMBUS OH 43235
28 SB80 106152483 MOOR DENNIS K 551 LIVERPOOL AVENUE HENDERSON NV 89015
28 SB80 106152496 LAMB WILLIAM 711 CANNA STREET SOAP LAKE WA 98851
28 SB80 106152518 FLEMING MICHELLE 2644 NORTHWEST 87TH STREET SEATTLE WA 98177
28 SB80 106152527 PARROTT MARVIN L 12316 RAYMOND AVENUE LOS ANGELES CA 90044
28 SB80 106152651 MAYFIELD MAUREEN M 15907 HAZEL ROAD EAST CLEVELAND OH 44112
28 SB80 106152728 RAYMOND R JEFF 1033 E SADDLE MOUNTAIN ROA PHOENIX AZ 85027
28 SB80 106152813 LAIDLER FRANK 918 EAST 1100 SOUTH SPANISH FORK UT 84660
28 SB80 106152849 RAY JACQUELINE GRIER 4240 NORTH VINEWOOD INDIANAPOLIS IN 46254
28 SB80 106152857 JACOBS BARBARA E 8814 SOUTH 121ST STREET SEATTLE WA 98178
28 SB80 106153043 CORRIGAN JAMES J 179 HOLIDAY DRIVE SOMONAUK IL 60552
28 SB80 106153044 CAMPBELL WARD H 31 RIDGEFIELD LANE WILLOWBROOK IL 60521
28 SB80 106153157 FOSTER LARRY 1617 RIDGE AVENUE ROCKFORD IL 61103
28 SB80 106153227 CHAN STEPHEN C 842 WEST AGATITE UNIT 2-E CHICAGO IL 60640
28 SB80 106153317 SPENCER KENDALL L 1010 5TH STREET NE SALEM OR 97301
28 SB80 106153360 HINMAN MARY ANN 406 MURPHY LANE BROWNSBURG IN 46112
28 SB80 106153393 KNOWLTON JUDIE M 825 FAIRWAY DRIVE TWIN FALLS ID 83301
28 SB80 106153490 KARWINSKI WERNER 23 LYNN DRIVE HAWTHORNE WOODS IL 60047
28 SB80 106153611 SOKOL STEVEN S 1193 ROBBIE COURT DEERFIELD IL 60015
28 SB80 106153678 HEDA JOHN L 307 CHASE TERRACE STREAMWOOD IL 60107
28 SB80 106153680 JONES GAIRY 14120-22 SAVANNAH AVE EAST CLEVELAND OH 44112
28 SB80 106153791 SMITH RONALD E 1546 W 100TH PLACE CHICAGO IL 60643
28 SB80 106153794 FOSTER DRUCILLA G 393 CORNELL CALUMET CITY IL 60409
28 SB80 106153848 NEVINS JULIE ANNE 519 ADAMS STREET OTTAWA IL 61350
28 SB80 106153873 WIESE WILLIAM G 1823 WEXFORD AVENUE PARMA OH 44134
28 SB80 106153939 THURMAN MARGARET 8300 S CALUMET CHICAGO IL 60619
28 SB80 106153944 FOSTER WILLIE MAE 4644 BENITEAU DETROIT MI 48214
28 SB80 106154038 WOLFE LARRY BYRON 353 W MAIN STREET ROSSVILLE IN 46065
28 SB80 106154077 SALELA DAVID M 2215 EL DORADO DRIVE CRESTHILL IL 60435
28 SB80 106154092 ROGERS DOUGLAS 1110 SOUTH 150 WEST OREM UT 84058
28 SB80 106154215 COOK JOHNNIE MAE 8325 S HERMITAGE CHICAGO IL 60620
28 SB80 106154236 ECKELBERG KENNY J 3033 WEST AVALON ROAD JANESVILLE WI 53546
-------------------------------------------
57 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106132486 30,000.00 23,411.41 04/27/90 03/27/05 90.74 08/27/97 51.4 14.990 419.67
106132516 21,000.00 17,489.92 05/24/90 04/24/05 91.66 08/24/97 53.4 16.500 315.78
106148671 18,000.00 18,000.00 09/20/97 08/20/12 179.61 09/20/97 89.6 11.650 180.32
106149244 35,991.00 35,991.00 08/15/97 07/15/12 178.42 08/15/97 85.0 13.450 466.08
106149318 90,900.00 90,900.00 07/06/97 06/06/12 177.14 09/06/97 90.0 11.400 893.25
106149350 19,400.00 19,400.00 08/28/97 07/28/12 178.85 08/28/97 73.2 14.300 234.48
106149500 62,400.00 62,400.00 09/01/97 08/01/17 239.00 09/01/97 65.0 11.750 676.23
106149585 12,650.00 12,650.00 09/11/97 08/11/12 179.31 09/11/97 84.2 12.650 136.48
106149628 32,600.00 32,600.00 07/16/97 06/16/12 177.47 08/16/97 89.8 12.300 342.87
106150238 62,500.00 62,500.00 07/23/97 06/23/17 237.70 08/23/97 80.0 13.350 747.87
106150593 44,490.00 44,490.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.150 538.26
106150604 18,000.00 17,997.20 08/07/97 07/07/12 178.16 09/07/97 77.0 14.800 224.72
106150752 76,500.00 76,500.00 09/08/97 08/08/12 179.21 09/08/97 88.9 11.300 745.92
106150883 40,500.00 40,500.00 09/20/97 08/20/27 359.61 09/20/97 84.9 11.850 411.92
106151268 44,000.00 44,000.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.500 469.59
106151395 191,450.00 191,450.00 10/01/97 09/01/12 180.00 10/01/97 85.0 12.250 2,328.60
106151490 14,900.00 14,900.00 09/01/97 08/01/12 179.00 09/01/97 80.0 14.250 200.94
106151839 42,000.00 42,000.00 10/01/97 09/01/12 180.00 10/01/97 82.0 12.000 504.07
106151934 26,850.00 26,699.38 08/01/97 07/01/12 178.00 10/01/97 70.6 13.700 352.18
106151969 59,792.00 59,792.00 10/01/97 09/01/12 180.00 10/01/97 84.8 11.300 583.01
106151979 65,000.00 65,000.00 10/01/97 09/01/12 180.00 10/01/97 84.8 11.300 633.79
106152056 30,712.00 30,712.00 10/01/97 09/01/12 180.00 10/01/97 84.9 11.500 358.77
106152174 20,000.00 20,000.00 10/01/97 09/01/12 180.00 10/01/97 85.9 11.300 231.10
106152328 58,000.00 58,000.00 10/01/97 09/01/12 180.00 10/01/97 72.9 11.000 659.23
106152333 30,185.00 30,185.00 10/01/97 09/01/17 240.00 10/01/97 89.8 11.550 322.94
106152417 60,000.00 60,000.00 09/11/97 08/11/17 239.31 09/11/97 86.1 11.150 625.45
106152483 24,300.00 24,300.00 10/01/97 09/01/12 180.00 10/01/97 79.3 10.750 272.39
106152496 51,000.00 51,000.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.150 617.02
106152518 26,100.00 26,100.00 10/01/97 09/01/12 180.00 10/01/97 89.9 11.800 264.46
106152527 20,000.00 20,000.00 10/01/97 09/01/12 180.00 10/01/97 79.7 13.350 257.67
106152651 80,000.00 80,000.00 09/14/97 08/14/12 179.41 09/14/97 76.1 10.050 705.01
106152728 26,400.00 26,400.00 10/01/97 09/01/12 180.00 10/01/97 84.5 12.000 316.84
106152813 37,493.00 37,493.00 10/01/97 09/01/12 180.00 10/01/97 84.2 10.050 330.41
106152849 17,600.00 17,600.00 09/18/97 08/18/12 179.54 09/18/97 79.3 14.000 234.39
106152857 24,000.00 24,000.00 09/01/97 08/01/12 179.00 09/01/97 88.2 12.650 258.94
106153043 27,000.00 27,000.00 09/18/97 08/18/17 239.54 09/18/97 85.8 10.350 266.85
106153044 100,000.00 100,000.00 10/01/97 09/01/12 180.00 10/01/97 79.2 11.625 999.84
106153157 18,400.00 18,400.00 09/18/97 08/18/12 179.54 09/18/97 89.8 11.650 184.32
106153227 21,000.00 21,000.00 09/06/97 08/06/17 239.15 09/06/97 69.9 10.400 208.25
106153317 12,500.00 12,500.00 10/01/97 09/01/12 180.00 10/01/97 84.8 10.050 134.71
106153360 16,000.00 16,000.00 09/05/97 08/05/12 179.11 09/05/97 19.0 9.250 164.67
106153393 40,800.00 40,800.00 10/01/97 09/01/27 360.00 10/01/97 80.0 10.750 380.86
106153490 52,500.00 52,500.00 09/12/97 08/12/17 239.34 09/12/97 84.9 12.250 587.25
106153611 340,000.00 340,000.00 09/13/97 08/13/27 359.38 09/13/97 68.0 9.500 2,858.90
106153678 95,200.00 95,200.00 09/01/97 08/01/27 359.00 09/01/97 84.6 10.500 870.83
106153680 47,900.00 47,900.00 09/07/97 08/07/27 359.18 09/07/97 69.9 10.050 422.13
106153791 30,000.00 30,000.00 09/21/97 08/21/17 239.64 09/21/97 71.1 10.550 300.52
106153794 20,000.00 20,000.00 09/18/97 08/18/12 179.54 09/18/97 77.8 11.000 227.32
106153848 45,500.00 45,500.00 09/13/97 08/13/17 239.38 09/13/97 65.0 13.590 552.30
106153873 61,400.00 61,400.00 09/04/97 08/04/27 359.08 09/04/97 68.2 10.850 577.78
106153939 68,000.00 68,000.00 09/13/97 08/13/27 359.38 09/13/97 59.1 9.500 571.78
106153944 24,500.00 24,500.00 09/19/97 08/19/27 359.57 09/19/97 70.0 10.500 224.11
106154038 76,500.00 76,500.00 09/11/97 08/11/12 179.31 09/11/97 90.0 10.750 714.11
106154077 36,800.00 36,800.00 09/18/97 08/18/12 179.54 09/18/97 79.9 12.850 402.77
106154092 38,900.00 38,900.00 10/01/97 09/01/12 180.00 10/01/97 84.7 12.000 466.87
106154215 88,000.00 88,000.00 09/20/97 08/20/17 239.61 09/20/97 80.0 9.900 843.40
106154236 25,600.00 25,600.00 09/22/97 08/22/12 179.67 09/22/97 83.6 13.100 285.19
---------------------------------------------------- ------ -------------------------------
57 2,801,213.00 2,790,960.91 234.72 78.6 11.353 29,105.41
</TABLE>
<PAGE>
<TABLE>
Page 18 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
31 SB81 106147101 LOWEN IRVING B 4313 KNOX RD UNIT 215 COLLEGE PARK MD 20740
31 SB81 106149615 EDWARDS LARRY D 304 SOUTH HYATT STREET TIPP CITY OH 45371
31 SB81 106150372 SAPYTA RITA F 6219 SOUTH KEATING AVENUE CHICAGO IL 60629
31 SB81 106150553 ADKINS JOE 1200 ELLISON BEND ROAD WILLIAMSBURG KY 40769
31 SB81 106150861 TAYLOR SUE 106 GREEN STREET NICHOLASVILLE KY 40356
31 SB81 106151309 NELSON DUWAYNE 1505 DEERWOOD DRIVE NORTHE ALEXANDRIA MN 56308
31 SB81 106151989 BUTLER MARGUERITE 8323 S WOOD CHICAGO IL 60620
31 SB81 106152360 LOXTON VLASTA 99 POND ROAD FREEHOLD TOWNSHIP NJ 07728
31 SB81 106153232 OPILA PAUL 4322 SOUTH ELM AVENUE LYONS IL 60534
31 SB81 106153858 RICHEY SARA 2666 HIDDEN VALLEY LANE STILLWATER MN 55082
31 SB81 106153913 MIRON PAMELA 2472 BIRCH STREET WHITE BEAR LAKE MN 55110
-------------------------------------------
11 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106147101 53,900.00 53,900.00 09/01/97 06/28/27 359.00 09/01/97 64.9 8.850 394.95
106149615 46,000.00 46,000.00 09/01/97 07/23/07 119.00 09/29/97 88.6 12.530 622.16
106150372 55,900.00 55,900.00 10/01/97 08/09/17 240.00 10/01/97 81.8 12.825 598.06
106150553 45,000.00 45,000.00 10/01/97 08/22/07 120.00 10/01/97 90.0 11.525 584.49
106150861 37,300.00 37,300.00 10/01/97 08/20/08 132.00 10/01/97 69.0 9.650 424.21
106151309 22,500.00 22,500.00 10/01/97 08/28/02 60.00 10/01/97 67.1 11.025 451.71
106151989 12,500.00 12,500.00 10/01/97 08/09/17 240.00 10/01/97 67.1 12.875 134.14
106152360 102,400.00 102,400.00 10/01/97 08/10/16 228.00 10/01/97 70.6 10.375 950.68
106153232 87,600.00 87,600.00 10/01/97 08/22/07 120.00 10/01/97 70.0 9.625 1,051.68
106153858 20,900.00 20,900.00 10/01/97 08/09/17 240.00 10/01/97 80.8 12.625 220.87
106153913 20,700.00 20,700.00 10/01/97 08/10/16 228.00 10/01/97 87.4 12.125 214.75
---------------------------------------------------- ------ -------------------------------
11 504,700.00 504,700.00 191.22 75.2 10.855 5,647.70
</TABLE>
<PAGE>
<TABLE>
Page 19 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
30 SBCL22 106143428 PETRU GHEORGHE 12-14 N WASHINGTON YPSILANTI MI 48197
30 SBCL22 106144053 ETTORI ANNA 1625-27 UNION TURNPIKE NORTH BERGEN NJ 07047
30 SBCL22 106144578 LUTZ FRED 155-159 WEST 10TH STREET NEW YORK NY 10014
30 SBCL22 106149664 AGBAJE OLADIPUPO 1784 MERRILL STREET AKA 14 BRONX NY 10006
30 SBCL22 106149985 BUJOSA JOSE 604 OGDEN STREET BRIDGEPORT CT 06608
30 SBCL22 106151007 MALDONADO IGNACIO 1831 WEST 21ST PLACE CHICAGO IL 60608
30 SBCL22 106151316 PEDEN BERNICE B 8053 S THROOP ST CHICAGO IL 60620
30 SBCL22 106152466 PATEL PETER 2123-25 SOUTH 51ST COURT CICERO IL 60650
30 SBCL22 106153702 EMANUEL LYNDRO 5601 S EMERALD CHICAGO IL 60621
30 SBCL22 106153778 BALLARD ROSEANN 4016-22 N MONTICELLO CHICAGO IL 60618
30 SBCL22 106153900 WILLIAMSON DAVID 641-43 E 50TH PLACE CHICAGO IL 60615
-------------------------------------------
11 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106143428 56,700.00 56,252.07 07/01/97 06/01/12 177.00 11/01/97 70.0 12.300 691.48
106144053 143,000.00 142,936.94 08/01/97 07/01/12 178.00 09/01/97 55.0 13.050 1,618.19
106144578 500,000.00 497,762.94 05/15/97 04/15/17 235.43 09/15/97 66.6 11.350 5,280.56
106149664 140,000.00 140,000.00 09/01/97 08/01/12 179.00 09/01/97 50.9 13.700 1,836.31
106149985 63,000.00 62,724.19 08/01/97 07/01/12 178.00 10/01/97 70.0 11.100 720.02
106151007 120,000.00 120,000.00 09/01/97 08/01/12 179.00 09/01/97 65.9 11.100 1,371.46
106151316 119,000.00 119,000.00 09/01/97 08/01/12 179.00 09/01/97 70.0 12.300 1,451.25
106152466 380,000.00 380,000.00 09/01/97 08/01/12 179.00 09/01/97 65.9 11.100 4,342.96
106153702 75,000.00 75,000.00 09/01/97 08/01/12 179.00 09/01/97 40.5 14.750 1,036.88
106153778 274,000.00 274,000.00 09/01/97 08/01/22 299.00 09/01/97 70.2 11.600 2,805.18
106153900 156,000.00 156,000.00 09/01/97 08/01/22 299.00 09/01/97 65.0 12.800 1,735.97
--------------------------------------------------- ------ -------------------------------
11 2,026,700.00 2,023,676.14 218.22 64.3 11.917 22,890.26
</TABLE>
<PAGE>
<TABLE>
Page 20 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
30 SBCL23 106146084 SMITH MARLIN R 487-489 148TH STREET ROCHESTER NY 14606
30 SBCL23 106146105 RAMOS MARIA 2211 ASTORIA BLVD LONG ISLAND CITY NY 11102
30 SBCL23 106147479 CUPID WILTON 730 SCHENECTADY AVENUE BROOKLYN NY 11203
30 SBCL23 106148766 STONE ADAM 3060 WIGGINS STREET PITTSBURGH PA 15219
30 SBCL23 106149423 PLOTKIN NORMAN 28-15 DEERFIELD ROAD FAR ROCKAWAY NY 11518
30 SBCL23 106150319 BAZAN REYNALDO 112-25 JAMAICA AVENUE RICHMOND HILL NY 11418
30 SBCL23 106150900 JOHNSON HATTIE MAE 308-316 WEST 71ST STREET CHICAGO IL 60619
30 SBCL23 106151700 SENECAL PROPERTIES 154-156 ORANGE STREET MANCHESTER NH 03101
30 SBCL23 106152465 THORNE JUAN 12 N STATE STREET ELGIN IL 60123
30 SBCL23 106152467 CASATELLI BRUNO 2390 ARTHUR AVENUE BRONX NY 10458
30 SBCL23 106152781 DICKERSON CAROLINE 132 COLLINS STREET HARTFORD CT 06101
30 SBCL23 106153445 ROMERO LUIS 611 EAST 179TH STREET BRONX NY 10452
30 SBCL23 106153478 KORE REALTY 282-290 AUBURN STREET MANCHESTER NH 03103
30 SBCL23 106153602 SENECAL PROPERTIES 118 BEECH ST MANCHESTER NH 03101
30 SBCL23 106153608 SENECAL PROPERTIES 124 BEECH STREET MANCHESTER NH 03101
-------------------------------------------
15 Sale Total
861 Total with Superior Bank
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106146084 110,000.00 110,000.00 09/01/97 08/01/12 179.00 09/01/97 62.8 11.100 1,257.17
106146105 315,000.00 314,854.67 08/01/97 07/01/22 298.00 09/01/97 70.0 12.800 3,505.33
106147479 120,000.00 120,000.00 09/01/97 08/01/22 299.00 09/01/97 66.6 13.100 1,362.45
106148766 91,000.00 91,000.00 09/01/97 08/01/27 359.00 09/01/97 65.0 11.850 925.54
106149423 137,900.00 137,900.00 09/01/97 08/01/17 239.00 09/01/97 70.0 11.350 1,456.38
106150319 75,000.00 75,000.00 09/01/97 08/01/22 299.00 09/01/97 48.3 15.250 975.19
106150900 75,000.00 75,000.00 09/01/97 08/01/12 179.00 09/01/97 44.6 11.100 857.16
106151700 144,200.00 144,200.00 10/01/97 09/01/12 180.00 10/01/97 70.0 11.100 1,648.04
106152465 85,600.00 85,563.26 09/01/97 08/01/22 299.00 10/01/97 61.1 13.200 978.34
106152467 170,000.00 170,000.00 09/01/97 08/01/22 299.00 09/01/97 60.7 11.200 1,690.83
106152781 350,000.00 350,000.00 09/01/97 08/01/12 179.00 09/01/97 70.0 11.100 4,000.09
106153445 133,000.00 133,000.00 09/01/97 08/01/12 179.00 09/01/97 70.0 12.300 1,621.98
106153478 212,100.00 212,100.00 10/01/97 09/01/22 300.00 10/01/97 70.0 11.600 2,171.46
106153602 85,000.00 85,000.00 09/01/97 08/01/22 299.00 09/01/97 66.4 11.600 870.22
106153608 107,800.00 107,800.00 09/01/97 08/01/12 179.00 09/01/97 70.0 11.100 1,232.03
---------------------------------------------------- ------------------------------------------------------
15 2,211,600.00 2,211,417.93 247.82 66.5 11.866 24,552.21
861 50,120,968.00 50,061,322.71 223.67 77.4 11.538 533,616.18
</TABLE>
<PAGE>
<TABLE>
Page 21 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
24 BS34 106145307 GUTIERREZ NANCI L 1208 MODES STREET COLORADO SPRINGS CO 80904
24 BS34 106145657 BRAND LESLIE G 3925 EAST DESERT FLOWER LA PHOENIX AZ 85044
24 BS34 106146767 STEVENS DAVID M 909 SOUTH PUEBLO STREET SALT LAKE CITY UT 84104
24 BS34 106147227 BROWN BARBARA 10275 UTE TRAIL CASCADE CO 80809
24 BS34 106147873 NIEZGODA WALTER W 6002 LONGVIEW DRIVE COUNTRYSIDE IL 60525
24 BS34 106148430 ENDERLE JANICE M 7339 NE 140TH STREET BOTHELL WA 98011
24 BS34 106148567 GOLDBERG ALAN 2862 CLARY HILL DRIVE ROSWELL GA 30075
24 BS34 106148582 BROWN CORINNE R 13228 LAKE POINT DRIVE PLAINFIELD IL 60544
24 BS34 106148726 DUNCAN ALAN 11749 EAST VIRGINIA PLACE AURORA CO 80012
24 BS34 106149040 KALIRAE JASBIR S 5300 SOUTH 336TH STREET AUBURN WA 98001
24 BS34 106149145 LUTZ JERRY L 2801 PASCOE LANE NAMPA ID 83686
24 BS34 106149197 KOLISEK MIROSLAV J 4719 WEST TARO LANE GLENDALE AZ 85308
24 BS34 106149254 HILLER SCOTT 318 HILL STREET SAN FRANCISCO CA 94114
24 BS34 106149264 LAGERSTEDT DOROTHY L 19920 LITTLE BEAR CREEK RO WOODINVILLE WA 98072
24 BS34 106149275 POWELL EUGENE 2717 GLEN AMADOR COURT SAN JOSE CA 95148
24 BS34 106149297 GONZALEZ PEDRO A 4414 GIBB ROAD SOUTHWEST ALBUQUERQUE NM 87105
24 BS34 106149461 SOMTOA VANTY 24311 21ST AVENUE SOUTH DES MOINES WA 98198
35 BS34 106149496 VELSOR CURTIS F JR 37 QUINCY AVENUE BAYVILLE NY 11709
24 BS34 106149530 CARRILLO RICHARD E 4076 SE HEMLOCK STREET HILLSBORO OR 97123
24 BS34 106149635 COLLINS JO ANNE 1875 OAKES DRIVE AKRON OH 44312
24 BS34 106149660 MILLER STAN L 1806 EAST MAIN STREET MEDFORD OR 97504
24 BS34 106149708 ORTEGA ANGELA G 4314 WEST LIBBY STREET GLENDALE AZ 85308
24 BS34 106149769 SELTZER JACKLYN 2629 BONNIEBROOK DRIVE STOCKTON CA 95206
24 BS34 106149799 ROBINSON HAROLD 7893 SOUTH ARGONNE COURT AURORA CO 80016
24 BS34 106149901 LEWIS AMLIE C 545 TOWERGATE PLACE ATLANTA GA 30350
24 BS34 106149999 SCHWARTZ EMANUEL J 8887 EAST PALM TREE DRIVE SCOTTSDALE AZ 85255
24 BS34 106150082 THORPE GREGORY W 85 HOMESTEAD ROAD DIVIDE CO 80814
24 BS34 106150116 CREAN NANCY J 14129 TIMOTHY DRIVE ORLAND PARK IL 60462
24 BS34 106150281 SHURTLIFF MICHAEL P 1002 WEST RIVERWALK DRIVE RIVERTON UT 84065
24 BS34 106150283 MAXWELL KENNETH P 4515 & 4515 A 18TH STREET SAN FRANCISCO CA 94114
24 BS34 106150285 BANDA STEPHEN M 1106 NORTH REES ROAD SPOKANE WA 99216
24 BS34 106150321 GARRELTS LARRY R 2582 EAST PINEWOOD LANE LAYTON UT 84040
24 BS34 106150333 HUNT MICHAEL D 422 IOWA AVENUE COLORADO SPRINGS CO 80909
24 BS34 106150488 WINNETT JOHNIE J 87 JUNCTION CIRCLE FLORISSANT CO 80816
35 BS34 106150504 KUTCH ROBERT J 258 WEST 15TH STREET DEER PARK NY 11729
24 BS34 106150535 DOBRY BRIAN R 835 BLANCHARD ST DOWNERS GROVE IL 60516
24 BS34 106150591 VERSTEEG VIRGIL L 2031 SOUTH LANSING COURT AURORA CO 80014
24 BS34 106150704 CHRISTENSEN CLYDE C 212 SOUTH COLEMAN TOOELE UT 84074
24 BS34 106150706 BERUMEN MARK 8438 W ROMA AVENUE PHOENIX AZ 85037
24 BS34 106150715 DIAZ RUTILO 1009 MODRED STREET LAFAYETTE CO 80026
24 BS34 106150745 ERICKSON JODY A 420 MAIN STREET NW ELK RIVER MN 55330
24 BS34 106150774 ZAHNER PHYLLIS E 1642 ORCHARD VIEW DRIVE SAN JOSE CA 95124
24 BS34 106150799 GREGG KENNETH N 5525 WHIMSICAL DRIVE COLORADO SPRINGS CO 80917
24 BS34 106150804 NAJAR ANDREW G 741 CHEROKEE DRIVE SW RIO RANCHO NM 87124
24 BS34 106150806 HARRISON ARTHUR D JR 11621 8TH STREET EAST PUYALLUP WA 98372
24 BS34 106150809 WEEBER PAUL J 2625 SOUTHWEST 337TH STREE FEDERAL WAY WA 98023
24 BS34 106150840 SPECTOR NEIL A 5825 SOUTH GRANT STREET HINSDALE IL 60521
24 BS34 106150921 HOUSE MICHAEL S 2211 NORTH WOOD AVENUE COLORADO SPRINGS CO 80907
24 BS34 106150955 BRODY MARY 24060 SUMMIT WOODS DRIVE LOS GATOS CA 95030
24 BS34 106150960 BILLINGS ARTHUR W III 1267 EAST 830 SOUTH PLEASANT GROVE UT 84062
24 BS34 106151050 YOUNG HELEN L 4147 EAST MILTON DRIVE CAVE CREEK AZ 85331
24 BS34 106151067 TABB STEPHEN A 7901 SOUTH VINCENNES WAY ENGLEWOOD CO 80112
31 BS34 106151071 JIMENEZ CONSTANCE A 1451 HARRY WRIGHT BOULEVAR MANCHESTER TOWNSHIP NJ 08759
31 BS34 106151073 PARMAR ROBERT 772 46TH ST BROOKLYN NY 11220
24 BS34 106151106 RUFF BRYAN E 173 DELORES STREET OSWEGO IL 60543
24 BS34 106151128 WONG BRUCE 2188 IMPERIAL LANE SUPERIOR CO 80027
24 BS34 106151132 CATHCART STEVEN R 2890 FOXEN CANYON ROAD LOS OLIVOS CA 93441
24 BS34 106151148 KROB JAMES A 3605 EAST AGAVE ROAD PHOENIX AZ 85044
24 BS34 106151157 ANDERSON CARL M 6327 SOUTH HOPI CIRCLE WEST JORDAN UT 84084
24 BS34 106151162 TAPPAN JEROME 4124 GLENFIELD CIRCLE LAS VEGAS NV 89129
24 BS34 106151163 TERRY MICHAEL W 6646 EAST BARWICK DRIVE CAVE CREEK AZ 85331
24 BS34 106151169 SEDARES JAMES L 10315 EAST BELLA VISTA DRI SCOTTSDALE AZ 85258
24 BS34 106151277 ROBERSON LAUREL D 9720 GARWOOD STREET LITTLETON CO 80125
24 BS34 106151285 ERNST RICHARD J 33817 74TH AVENUE SOUTH ROY WA 98580
24 BS34 106151336 ZAHN ROGER A 5975 RIDGE ROAD SHOREWOOD MN 55331
24 BS34 106151375 MCGLOCHLIN SCOTT C 497 EAST WILLOW HAVEN COVE DRAPER UT 84020
24 BS34 106151387 KEATON JOSEPH M 7874 SW BAYBERRY DRIVE ALOHA OR 97007
24 BS34 106151401 MUZZO PEDRO 28223 WEST FOOTHILL ROAD CASTAIC CA 91384
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106145307 11,553.00 11,387.03 05/23/97 04/23/12 175.69 09/23/97 74.9 15.350 164.47
106145657 52,750.00 52,750.00 06/14/97 05/14/17 236.38 08/14/97 84.9 12.750 608.64
106146767 19,000.00 19,000.00 09/01/97 08/01/12 179.00 09/01/97 62.9 13.990 224.98
106147227 19,000.00 18,962.68 07/01/97 06/01/12 177.00 09/01/97 75.4 12.200 230.48
106147873 25,000.00 24,996.27 08/07/97 07/07/12 178.16 09/07/97 42.2 11.350 244.72
106148430 42,000.00 42,000.00 07/20/97 06/20/12 177.60 09/20/97 80.0 14.625 518.50
106148567 40,000.00 40,000.00 09/01/97 08/01/17 239.00 09/01/97 75.4 11.000 412.88
106148582 66,400.00 66,400.00 08/07/97 07/07/12 178.16 09/07/97 79.9 11.750 670.25
106148726 35,476.00 35,476.00 09/01/97 08/01/12 179.00 09/01/97 79.8 10.050 312.64
106149040 40,000.00 39,847.28 09/01/97 08/01/12 179.00 10/01/97 48.8 11.250 460.94
106149145 47,605.00 47,605.00 09/01/97 08/01/12 179.00 09/01/97 79.9 13.000 526.61
106149197 16,362.00 16,293.82 07/25/97 06/25/12 177.76 09/25/97 84.8 11.500 191.14
106149254 45,000.00 45,000.00 08/01/97 07/01/12 178.00 09/01/97 85.0 13.450 513.67
106149264 16,200.00 16,122.43 08/01/97 07/01/12 178.00 09/01/97 52.9 12.450 199.14
106149275 34,678.00 34,678.00 09/01/97 08/01/12 179.00 09/01/97 89.8 12.050 417.31
106149297 14,394.00 14,394.00 09/01/97 08/01/12 179.00 09/01/97 77.2 14.000 191.69
106149461 35,600.00 35,600.00 09/01/97 08/01/12 179.00 09/01/97 84.4 12.000 427.26
106149496 34,000.00 34,000.00 08/07/97 07/07/12 178.16 09/07/97 69.5 12.990 429.96
106149530 28,900.00 28,753.40 09/01/97 08/01/17 239.00 10/01/97 80.2 11.900 316.20
106149635 40,000.00 39,956.77 08/09/97 07/09/27 358.22 09/09/97 84.6 12.000 411.45
106149660 53,250.00 53,250.00 09/01/97 08/01/12 179.00 09/01/97 85.0 12.750 665.01
106149708 23,200.00 23,044.80 09/01/97 08/01/12 179.00 10/01/97 89.9 11.550 271.76
106149769 40,000.00 39,900.75 08/01/97 07/01/12 178.00 10/01/97 73.2 11.550 397.64
106149799 110,286.00 110,286.00 09/01/97 08/01/12 179.00 09/01/97 80.0 14.250 1,328.60
106149901 19,700.00 19,700.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.650 244.73
106149999 22,600.00 22,600.00 09/01/97 08/01/12 179.00 09/01/97 79.4 13.000 285.94
106150082 70,253.00 70,253.00 09/01/97 08/01/12 179.00 09/01/97 89.7 11.800 711.83
106150116 67,400.00 67,400.00 08/01/97 07/01/17 238.00 09/01/97 89.9 11.200 704.89
106150281 24,500.00 24,500.00 08/01/97 07/01/12 178.00 09/01/97 84.9 12.500 301.97
106150283 40,500.00 40,206.57 08/01/97 07/01/12 178.00 10/01/97 84.9 12.250 424.40
106150285 20,000.00 19,890.11 09/01/97 08/01/17 239.00 10/01/97 84.8 12.250 223.71
106150321 140,000.00 140,000.00 09/01/97 08/01/12 179.00 09/01/97 77.6 12.000 1,440.06
106150333 44,500.00 44,329.27 09/01/97 08/01/12 179.00 10/01/97 76.2 11.000 423.78
106150488 26,270.00 26,188.03 09/01/97 08/01/12 179.00 10/01/97 89.9 12.050 316.13
106150504 49,600.00 49,543.01 08/01/97 07/01/17 238.00 09/01/97 83.4 11.990 545.79
106150535 32,000.00 31,994.66 08/08/97 07/08/12 178.19 09/08/97 79.4 11.150 308.38
106150591 23,500.00 23,500.00 09/01/97 08/01/12 179.00 09/01/97 84.9 12.250 246.26
106150704 35,662.00 35,611.14 09/01/97 08/01/12 179.00 10/01/97 79.9 12.500 380.61
106150706 12,700.00 12,700.00 08/01/97 07/01/12 178.00 09/01/97 79.9 14.250 171.27
106150715 24,700.00 24,700.00 09/01/97 08/01/12 179.00 09/01/97 84.7 11.300 285.41
106150745 11,100.00 11,100.00 08/15/97 07/15/27 358.42 09/15/97 84.9 12.900 121.92
106150774 39,000.00 39,000.00 09/01/97 08/01/12 179.00 09/01/97 84.0 12.450 414.72
106150799 25,033.00 25,033.00 09/01/97 08/01/17 239.00 09/01/97 79.2 14.250 315.85
106150804 22,000.00 22,000.00 09/01/97 08/01/12 179.00 09/01/97 83.7 10.800 247.30
106150806 25,000.00 25,000.00 09/01/97 08/01/12 179.00 09/01/97 79.0 12.500 308.13
106150809 20,000.00 20,000.00 09/01/97 08/01/12 179.00 09/01/97 65.1 11.600 199.59
106150840 70,000.00 70,000.00 08/16/97 07/16/17 238.45 09/16/97 72.5 13.750 857.78
106150921 100,000.00 100,000.00 09/01/97 08/01/12 179.00 09/01/97 63.2 10.950 948.55
106150955 122,917.00 122,917.00 09/01/97 08/01/12 179.00 09/01/97 80.0 13.350 1,393.41
106150960 20,963.00 20,890.03 09/01/97 08/01/12 179.00 10/01/97 85.0 12.500 223.73
106151050 31,600.00 31,502.19 09/01/97 08/01/12 179.00 10/01/97 83.4 12.500 389.48
106151067 26,937.00 26,937.00 09/01/97 08/01/12 179.00 09/01/97 85.0 9.990 236.19
106151071 28,400.00 28,400.00 10/01/97 08/09/17 240.00 10/01/97 85.0 13.250 311.79
106151073 17,900.00 17,900.00 10/01/97 08/28/02 60.00 10/01/97 69.9 10.875 358.13
106151106 23,600.00 23,478.85 08/14/97 07/14/12 178.39 09/14/97 74.9 12.500 290.88
106151128 70,000.00 68,977.26 08/01/97 07/01/12 178.00 09/01/97 71.5 10.750 653.44
106151132 65,000.00 65,000.00 09/01/97 08/01/12 179.00 09/01/97 88.0 10.150 577.64
106151148 25,000.00 24,978.25 08/01/97 07/01/12 178.00 09/01/97 87.2 12.750 271.67
106151157 20,383.00 20,383.00 09/01/97 08/01/12 179.00 09/01/97 90.0 11.550 238.76
106151162 30,000.00 30,000.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.800 356.20
106151163 150,000.00 150,000.00 09/01/97 08/01/12 179.00 09/01/97 72.1 11.250 1,456.89
106151169 49,500.00 49,500.00 09/01/97 08/01/12 179.00 09/01/97 83.0 12.250 602.07
106151277 27,000.00 27,000.00 08/01/97 07/01/12 178.00 09/01/97 77.1 10.300 295.12
106151285 60,000.00 59,687.04 09/01/97 08/01/12 179.00 10/01/97 79.9 13.500 778.99
106151336 175,500.00 175,500.00 08/01/97 07/01/12 178.00 09/01/97 74.9 13.100 1,955.11
106151375 30,000.00 29,846.58 09/01/97 08/01/12 179.00 10/01/97 87.8 12.500 320.18
106151387 52,200.00 52,200.00 09/01/97 08/01/12 179.00 09/01/97 85.0 13.050 579.48
106151401 16,940.00 16,940.00 09/01/97 08/01/12 179.00 09/01/97 76.7 13.350 218.25
</TABLE>
<PAGE>
<TABLE>
Page 22 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
24 BS34 106151423 PUGH TONY 1430 KEELE DRIVE CARPENTERSVILLE IL 60110
24 BS34 106151455 RUUD ERIC I 9937 SW 60TH AVENUE PORTLAND OR 97219
24 BS34 106151474 ABEYTA PAUL R 1240 EAST 2ND STREET LOVELAND CO 80537
24 BS34 106151498 HAMILTON WILLIAM F 3280 WEST 55TH AVENUE DENVER CO 80221
31 BS34 106151516 ANDERSON BRIAN R 1273 WOOD DUCK TRAIL SHAKOPEE MN 55379
24 BS34 106151552 ASANI RESIT 6321 N OAKLEY AVE CHICAGO IL 60659
24 BS34 106151578 MINER RICHARD LEE 2205 ZANG STREET GOLDEN CO 80401
24 BS34 106151637 MARRONE ELIZABETH M 2601 JONQUIL LANE WOODRIDGE IL 60517
24 BS34 106151697 CALHOUN ROBERT D 22120 NORTHEAST 27TH PLACE REDMOND WA 98053
24 BS34 106151705 TOMPKINS ARTHUR F III 4520 VALENCIA CIRCLE COLORADO SPRINGS CO 80917
24 BS34 106151712 BERG CLINT J II 10610 S TANTAU AVENUE CUPERTINO CA 95014
24 BS34 106151727 BARNHART FRED P III 1012 176TH AVENUE NORTHEAS BELLEVUE WA 98008
24 BS34 106151729 HERMANN MICHAEL R 13380 WEST 69TH PLACE ARVADA CO 80004
24 BS34 106151744 SMITH S 660 SOUTH CANYON DRIVE SPRINGVILLE UT 84663
24 BS34 106151751 LOGAN KAY L 5652 SOUTH WHITEWOOD DRIVE TAYLORSVILLE UT 84118
24 BS34 106151772 CONFER JAMES A 235 WESTPORT DRIVE JOLIET IL 60431
24 BS34 106151806 CLARK DONALD B 2333 WEST 4150 SOUTH TAYLORSVILLE UT 84119
24 BS34 106151829 WILSON SUSAN C 797 EAST CHELSEA DRIVE BOUNTIFUL UT 84010
24 BS34 106151844 ALVAREZ RITA 4200 WEST 94TH AVENUE WESTMINSTER CO 80030
24 BS34 106151845 GUINN MICHELLE D 7216 NE RODNEY AVENUE PORTLAND OR 97211
24 BS34 106151935 WYCOFF GARY D 5578 WEST SHADBERRY CIRCLE WEST JORDAN UT 84084
24 BS34 106151944 BLACK ELNONA 1310 15TH AVENUE MILTON WA 98354
24 BS34 106151953 GILLMAN SUSAN K 9424 126TH AVENUE NE KIRKLAND WA 98033
24 BS34 106151958 CORYELL ROBIN 114 MODOC PLACE MANITOU SPRINGS CO 80829
24 BS34 106152039 DOLEZAL DARIN J 1212 SOUTH 124TH STREET CHANDLER AZ 85249
24 BS34 106152044 CARTER TODD 1519 NORTH CELIA WAY LAYTON UT 84041
24 BS34 106152063 BOEHM NEAL A 3560 WEST UNION AVENUE ENGLEWOOD CO 80110
24 BS34 106152071 FRECHETTE FRANCIS E 18555 RANCH HAND ROAD PEYTON CO 80831
31 BS34 106152084 PALESTINI ARMAND J 35 PLUMSTEAD ROAD WASHINGTON TOWNSHIP NJ 08080
24 BS34 106152144 LARSEN CHAD B 3861 DEBORAH DRIVE WEST JORDAN UT 84088
24 BS34 106152158 BADER CARL H 1358 WEST NIDO AVENUE MESA AZ 85202
24 BS34 106152180 PATTERSON CHARLES B 910 HARTELL DRIVE COLORADO SPRINGS CO 80911
24 BS34 106152195 SCHROEDER JAMES M 12928 SOUTH 2200 WEST RIVERTON UT 84065
24 BS34 106152200 FRANKE SHAWN M 1117 WINDSLOW CIRCLE CRYSTAL LAKE IL 60014
24 BS34 106152280 RHODES ROBERT E 25105 SE TREEHILL LANE GRESHAM OR 97030
24 BS34 106152302 KIEFT KERRY B 3453 EAST LAKE DRIVE LITTLETON CO 80121
24 BS34 106152310 KEMPTON GUY L 2629 NORTH 225 WEST SUNSET UT 84015
24 BS34 106152313 NEWBY GEORGE M 3828 SOUTH FRASER STREET AURORA CO 80014
24 BS34 106152326 QUAIN DONALD H 8656 SOUTH 4950 WEST WEST JORDAN UT 84088
24 BS34 106152330 WARD RICHARD A 205 WEST STERLING DRIVE BOUNTIFUL UT 84010
24 BS34 106152486 TRUJILLO JOHN A SR 5490 WEST 10TH AVENUE LAKEWOOD CO 80214
24 BS34 106152504 BAILEY HENRY C JR 170 PAWNEE TRAIL CASTLE ROCK CO 80104
24 BS34 106152505 HARRIS GREGORY 2225 S PALM SPRINGS DRIVE TUCSON AZ 85710
24 BS34 106152580 PAPPAS DAVID J 10142 SOUTH 6000 WEST PAYSON UT 84651
24 BS34 106152599 TONNING BRUCE W 10420 NORTHEAST 200TH STRE BOTHELL WA 98011
24 BS34 106152605 SKALSKY DONALD L 2305 CLARKSON DRIVE COLORADO SPRINGS CO 80909
24 BS34 106152706 KENDRICK MICKEY J 7405 WEST 34TH AVENUE WHEATRIDGE CO 80033
24 BS34 106152709 WICHMAN BYRON L 2511 CARLSBAD DRIVE COLORADO SPRINGS CO 80910
24 BS34 106152784 RASH MARGARET A 18059 EAST PACIFIC PLACE AURORA CO 80013
24 BS34 106152785 HARDING LINDA E 813 WEST 1395 NORTH CENTERVILLE UT 84014
24 BS34 106152786 ATAATA OKUSI 3094 WEST 8565 SOUTH WEST JORDAN UT 84088
24 BS34 106152899 STEDMAN DOUGLAS C 15615 EAST QUEEN CREEK ROA GILBERT AZ 85296
24 BS34 106152923 MCADOO AUGUSTINE 15726 SOUTH MADISON DOLTON IL 60409
24 BS34 106152985 KINDER TROY D 3618 WEST DESERT FOX CIRCL TAYLORSVILLE UT 84118
24 BS34 106153027 DIZONNO VITO N 2108 77TH COURT ELMWOOD PARK IL 60707
24 BS34 106153104 ROBLES RAMIRO 2096 SOUTH KING STREET DENVER CO 80219
24 BS34 106153217 PETERSON WESTON M 1166 EAST 4875 SOUTH OGDEN UT 84403
24 BS34 106153534 SPATHIS GEORGE 1643 LONGVALLEY DRIVE NORTHBROOK IL 60062
-------------------------------------------
126 Sale Total
126 Total with Banco Santander
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
106151423 14,600.00 14,600.00 08/07/97 07/07/12 178.16 09/07/97 89.9 11.800 173.35
106151455 32,000.00 32,000.00 09/01/97 08/01/12 179.00 09/01/97 79.1 10.150 284.38
106151474 57,093.00 57,093.00 09/01/97 08/01/12 179.00 09/01/97 84.8 12.000 685.21
106151498 52,455.00 51,935.52 09/01/97 08/01/12 179.00 10/01/97 60.0 10.500 579.84
106151516 32,400.00 32,400.00 10/01/97 08/10/16 228.00 10/01/97 89.9 12.525 344.41
106151552 18,900.00 18,857.73 08/02/97 07/02/12 177.99 10/02/97 79.7 14.350 229.19
106151578 40,500.00 40,500.00 09/01/97 08/01/12 179.00 09/01/97 79.0 11.250 466.70
106151637 32,200.00 32,127.82 08/18/97 07/18/17 238.52 09/18/97 84.2 10.150 313.94
106151697 151,680.00 151,680.00 09/01/97 08/01/12 179.00 09/01/97 79.9 12.150 1,577.74
106151705 33,000.00 33,000.00 09/01/97 08/01/12 179.00 09/01/97 79.3 14.000 391.01
106151712 30,066.00 29,892.85 09/01/97 08/01/12 179.00 10/01/97 80.4 11.300 347.41
106151727 64,000.00 64,000.00 09/01/97 08/01/12 179.00 09/01/97 69.6 10.750 597.43
106151729 34,502.00 34,502.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.800 409.65
106151744 33,828.00 33,828.00 09/01/97 08/01/12 179.00 09/01/97 90.0 12.100 350.57
106151751 30,185.00 30,179.37 08/07/97 07/07/12 178.16 09/07/97 87.2 13.000 381.91
106151772 25,000.00 24,856.83 08/16/97 07/16/12 178.45 09/16/97 89.5 11.800 253.31
106151806 10,880.00 10,880.00 09/01/97 08/01/12 179.00 09/01/97 80.0 15.150 138.88
106151829 92,000.00 92,000.00 09/01/97 08/01/12 179.00 09/01/97 79.8 11.250 893.56
106151844 21,690.00 21,690.00 09/01/97 08/01/12 179.00 09/01/97 90.0 10.150 235.08
106151845 12,309.00 12,309.00 09/01/97 08/01/12 179.00 09/01/97 70.0 11.850 125.19
106151935 15,200.00 15,023.94 08/01/97 07/01/12 178.00 11/01/97 82.6 12.500 162.22
106151944 60,000.00 60,000.00 09/01/97 08/01/12 179.00 09/01/97 89.5 11.300 693.30
106151953 99,518.00 99,518.00 09/01/97 08/01/12 179.00 09/01/97 84.7 12.500 1,062.11
106151958 25,000.00 25,000.00 09/01/97 08/01/12 179.00 09/01/97 61.9 11.350 244.72
106152039 49,000.00 49,000.00 09/01/97 08/01/12 179.00 09/01/97 74.8 11.000 556.93
106152044 15,283.00 15,271.83 09/01/97 08/01/12 179.00 10/01/97 84.9 13.200 171.45
106152063 15,000.00 15,000.00 09/01/97 08/01/12 179.00 09/01/97 72.0 9.900 130.53
106152071 29,000.00 28,875.80 09/01/97 08/01/12 179.00 10/01/97 80.1 10.150 314.30
106152084 15,200.00 15,200.00 10/01/97 08/15/12 180.00 10/01/97 77.7 12.875 176.35
106152144 17,765.00 17,765.00 07/24/97 06/24/12 177.73 08/24/97 89.9 13.000 224.77
106152158 33,000.00 33,000.00 09/01/97 08/01/12 179.00 09/01/97 88.4 11.850 335.64
106152180 13,500.00 13,472.60 09/01/97 08/01/12 179.00 10/01/97 89.3 11.550 134.20
106152195 30,300.00 30,300.00 08/02/97 07/02/12 177.99 09/02/97 78.7 12.950 333.99
106152200 17,000.00 16,984.86 08/17/97 07/17/12 178.49 09/17/97 89.9 11.800 201.85
106152280 73,200.00 73,035.79 09/01/97 08/01/12 179.00 10/01/97 68.9 10.500 669.59
106152302 50,000.00 49,896.65 09/01/97 08/01/12 179.00 10/01/97 84.7 12.000 514.31
106152310 42,465.00 42,406.46 09/01/97 08/01/12 179.00 10/01/97 84.9 10.150 377.38
106152313 15,435.00 15,435.00 09/01/97 08/01/17 239.00 09/01/97 90.0 11.300 162.48
106152326 38,600.00 38,543.92 08/01/97 07/01/12 178.00 10/01/97 81.0 13.750 449.73
106152330 116,500.00 116,500.00 08/01/97 07/01/12 178.00 09/01/97 84.9 13.550 1,338.99
106152486 40,965.00 40,965.00 09/01/97 08/01/17 239.00 09/01/97 84.8 12.000 451.06
106152504 150,000.00 150,000.00 09/01/97 08/01/12 179.00 09/01/97 68.7 10.500 1,658.10
106152505 21,850.00 21,743.00 09/01/97 08/01/12 179.00 10/01/97 84.8 12.400 231.50
106152580 21,750.00 21,750.00 09/01/97 08/01/12 179.00 09/01/97 75.0 13.100 242.30
106152599 49,850.00 49,850.00 09/01/97 08/01/12 179.00 09/01/97 77.4 13.350 565.11
106152605 17,417.00 17,417.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.550 204.02
106152706 15,000.00 15,000.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.800 151.99
106152709 11,000.00 11,000.00 09/01/97 08/01/12 179.00 09/01/97 89.1 11.300 127.11
106152784 46,671.00 46,671.00 09/01/97 08/01/17 239.00 09/01/97 90.0 11.300 491.30
106152785 26,105.00 26,105.00 08/07/97 07/07/17 238.16 09/07/97 89.9 12.600 298.43
106152786 11,000.00 11,000.00 08/02/97 07/02/12 177.99 09/02/97 80.2 13.600 143.55
106152899 67,000.00 67,000.00 09/01/97 08/01/17 239.00 09/01/97 79.9 13.000 784.96
106152923 21,200.00 21,192.08 08/22/97 07/22/12 178.65 09/22/97 80.0 14.000 251.19
106152985 19,577.00 19,577.00 09/01/97 08/01/12 179.00 09/01/97 90.0 12.350 206.66
106153027 37,000.00 37,000.00 08/22/97 07/22/17 238.65 09/22/97 74.9 11.150 385.69
106153104 14,025.00 14,025.00 09/01/97 08/01/12 179.00 09/01/97 90.0 11.300 136.75
106153217 44,562.00 44,457.44 09/01/97 08/01/12 179.00 10/01/97 89.8 11.550 442.99
106153534 70,000.00 70,000.00 08/25/97 07/25/12 178.75 08/25/97 74.0 11.850 711.96
---------------------------------------------------- ------ -------------------------------
126 5,175,738.00 5,170,304.71 187.90 79.6 12.070 56,590.62
126 5,175,738.00 5,170,304.71 187.90 79.6 12.070 56,590.62
</TABLE>
<PAGE>
<TABLE>
Page 23 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
26 26 800020117 HARDAWAY JAMES 8313 GIBBONS DR FORT WASHINGTON MD 20744
26 26 800045155 MOSSERI DAVID V 1618 EAST 3RD STREET BROOKLYN NY 11230
26 26 800071615 VASELL KARL 2219 GLEASON AVE BRONX NY 10462
26 26 800075566 TENALIO RAY F JR 220 S 13TH ST HARRISBURG PA 17104
26 26 800138703 CURRY WILLIAM ROLAND 3707 7TH AVE EDGEWATER MD 21037
26 26 800145088 SANG CAROLE 13044 226TH ST LAURELTON NY 11413
26 26 800154478 GRAVES ROBERT 806 BULLOCK AVENUE YEADON PA 19050
26 26 800155798 ROBERTS KIETH 144 50 223RD STREET QUEENS NY 11413
26 26 800159055 BAJROVIC ALIM 2527 CHESTNUT AVE STATEN ISLAND NY 10305
26 26 800171704 PANDICH ROBERTA J 28 GLENWOOD AVE BINGHAMTON NY 13905
26 26 800172264 DONES JOSE 25 MARION COURT BELLEVILLE NJ 07109
26 26 800173106 DOMAN JON-KEN 14 OAKVIEW DRIVE STRASBURG PA 17579
26 26 800175614 TASSI LINDA KESNER- 5255 ADAMS ROAD DELRAY BEACH FL 33484
26 26 800178857 PHILLIPS AARON C 106 GREENFIELD DRIVE CUMMING GA 30130
26 26 800179103 MOSKAL JANINA 109 SHORE ROAD GLEN COVE NY 11542
26 26 800182206 HANEY BRENDA C 2038 EAST CHEROKEE DRIVE WOODSTOCK GA 30188
26 26 800182800 SANDERS TOMMY LEE 117 26TH STREET NORTH ST PETERSBURG FL 33713
26 26 800184251 KISH RICHARD A 328 E NORTH LN CONSHOHOCKEN PA 19428
26 26 800187056 BILLINGSLEY DEAN B 141 MARRANO DEPEW NY 14043
26 26 800193310 MANNING JANE E 1753 CHESTNUT RIDGE CHITTENANGO NY 13037
26 26 800194029 RIDGEL VICTOR W 16801 STANZA CT TAMPA FL 33624
26 26 800195679 SODEL HERBERT A 1000 E RAILROAD AVE BOCA GRANDE FL 33921
26 26 800196248 STAFFORD TERRY 186 BUCKHALTEN RD SAVANNAH GA 31405
26 26 800196891 SMITH JAMES A 360 ROUTE HEATHSVILLE VA 22473
26 26 800197246 KISH RICHARD A 43-45 WEST MAIN STREET GIRARDVILLE PA 17935
26 26 800197436 SINGH SURAGPAUL 42 MCMULLEN AVE WETHERSFIELD CT 06109
26 26 800197725 RAMKISSOON KENNETH E 104 57 112 STREET RICHMOND HILL NY 11419
26 26 800198087 TRIVEDI MAHENDRA C 142-07 CHERRY AVENUE FLUSHING NY 11355
26 26 800199192 CHANDLER ARNOLD A 7 GREEN COURT NEWARK DE 19702
26 26 800201089 DELIA DIANE 3675 HOWARD LANE WANTAGH NY 11793
26 26 800201980 CASSIN MARK L 15 SUNSET ROAD NORTH HAVEN NY 11963
26 26 800202657 CLEMMINGS EVERTON 2 PILLING ST BROOKLYN NY 11224
26 26 800203085 CESTARO SAM W 71 OZONE ST MANORVILLE NY 11949
26 26 800203697 SIZEMORE CYNTHIA KUNTZE 4200 PIEDMONT RD PENSACOLA FL 32503
26 26 800205254 HAFNER KENNETH S 3151 ANNAPOLIS AVENUE PITTSBURGH PA 15216
26 26 800205320 MAZZOLA FRANK D 33 MALLORY AVE STATEN ISLAND NY 10305
26 26 800206104 HITCHCOCK DAVID A 1927 SCHARMAN ROAD ORISKANY FALLS NY 13425
26 26 800206450 FRANTZ PHILLIP A 112 LANGLEY SQUARE LANCASTER PA 17603
26 26 800206815 BERTELS DONALD E. 4112 WOODSVILLE DRIVE NEW PORT RICHEY FL 34652
26 26 800207714 SINGH SOORAT 8925 85TH STREET WOODHAVEN NY 11421
26 26 800208159 BETHAM THERESA R 3129 SOUTH 13TH STREET PHILADELPHIA PA 19148
26 26 800209264 THOMAS VIRGINIA 4102 11TH AVENUE SOUTH ST PETERSBURG FL 33711
26 26 800209694 PIZIK BARRY L 13211 SOUTHWEST 8TH STREET DAVIE FL 33325
26 26 800209785 PAUL CLYDE W 431 B GRANITE QUARRY RD NEW CUMBERLAND PA 17070
26 26 800210296 DOUGHERTY RICHARD A 38 GIBBS AVENUE SOMERS POINT NJ 08244
26 26 800210486 YARKO GARY M 1123 FOURTH STREET NORTH CATASAUQUA PA 18032
26 26 800210569 BINNS BERTELLE 659 PARK PLACE BROOKLYN NY 11216
26 26 800210775 CHRISTIE EMMA M 3806 BETHEL ROAD BOOTHWYN PA 19061
26 26 800211252 BUTLER ANDREA 1610 LINCOLN PLACE BROOKLYN NY 11233
26 26 800212417 YEKEL DANIEL F 1107 FREDONIA STREET PITTSBURGH PA 15220
26 26 800212581 MERCHAN GERARDO 46 ROBINWOOD DRIVE MASTIC BEACH NY 11951
26 26 800212607 OATES REV BERNAR D 715 MARSHA DRIVE NEPTUNE NJ 07753
26 26 800213365 KING GARY H 65 SOUTH LINE STREET FRACKVILLE PA 17931
26 26 800213746 MALIA FRANK C 202 HAMILTON AVENUE BETHLEHEM PA 18017
26 26 800214082 ALLEN GARY M 19 GLORIA STREET WINDSOR CT 06095
26 26 800215014 MCKENNA JAMES M 18 SPRING ST MANSFIELD MA 02048
26 26 800215022 MCAULIFFE EDWARD 3638 STATE HIGHWAY 30 GLOVERSVILLE NY 12078
26 26 800215394 KALMAN SAMUEL J 964 MATTHEWS DRIVE MACON GA 31210
26 26 800216707 SALINO SHANNON 155 SMITH STREET HOLBROOK NY 11741
26 26 800217119 SEIGFREID PRISCILLA 1663 BRITTAIN STREET BERWICK PA 18603
26 26 800217580 MCKENNEY JAY 33 NIXON AVENUE STATEN ISLAND NY 10304
26 26 800217713 WHITE MICHAEL E 2605 NORTHWEST HAILE DEAN ARCADIA FL 34266
26 26 800218067 BUTLER FLOYD A 713 E 17TH AVE MUNHALL PA 15120
26 26 800219511 PARKER FREDERICK 1444 GIPSON STREET FAR ROCKAWAY NY 11691
26 26 800219594 QUINDE LUIS 37-50 93RD STREET JACKSON HEIGHTS NY 11372
26 26 800219792 GOODWIN RICHARD L 200 HART STREET BRISTOL CT 06010
26 26 800219834 ROSENBERG ALLEN 839 DUNE ROAD WEST HAMPTON DUNES NY 11978
26 26 800220881 CANNON NORRIS 782 COUNTY ROUTE 2 ACCORD NY 12404
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800020117 34,000.00 32,937.21 01/01/97 12/01/11 171.00 10/01/97 89.7 11.600 399.35
800045155 45,000.00 44,177.60 01/16/97 12/16/11 171.48 09/16/97 29.5 11.600 528.55
800071615 25,500.00 25,321.88 02/08/97 01/08/17 232.24 09/08/97 90.0 11.350 269.31
800075566 25,200.00 25,200.00 01/26/97 12/26/11 171.81 08/26/97 60.0 12.990 278.57
800138703 36,000.00 35,909.06 04/12/97 03/12/12 174.31 09/12/97 82.5 12.250 377.24
800145088 70,000.00 69,624.92 04/17/97 03/17/17 234.48 08/17/97 47.9 13.240 832.10
800154478 30,100.00 30,098.83 07/16/97 06/16/12 177.47 09/16/97 89.9 11.950 360.28
800155798 75,000.00 74,750.38 08/28/97 07/28/17 238.85 09/28/97 62.5 9.150 682.05
800159055 77,900.00 77,893.63 07/23/97 06/23/12 177.70 09/23/97 69.9 10.900 735.98
800171704 43,200.00 43,193.30 07/04/97 06/04/12 177.07 09/04/97 77.1 14.700 535.89
800172264 125,800.00 125,719.21 05/14/97 04/14/12 175.40 09/14/97 85.0 11.500 1,245.79
800173106 25,900.00 25,797.76 06/01/97 05/01/12 176.00 09/01/97 90.0 12.200 314.18
800175614 68,400.00 67,636.45 06/22/97 05/22/12 176.65 10/22/97 90.0 11.550 679.97
800178857 65,875.00 65,875.00 08/08/97 07/08/17 238.19 09/08/97 85.0 10.550 659.90
800179103 80,000.00 80,000.00 08/09/97 07/09/12 178.22 09/09/97 68.8 10.990 908.78
800182206 19,250.00 19,184.49 06/13/97 05/13/12 176.35 09/13/97 84.9 13.750 253.14
800182800 39,000.00 38,704.42 06/01/97 05/01/12 176.00 09/01/97 70.9 11.850 464.31
800184251 70,000.00 69,985.04 06/21/97 05/21/12 176.61 08/21/97 58.3 13.300 790.79
800187056 55,000.00 54,899.41 08/01/97 07/01/12 178.00 10/01/97 64.7 12.450 584.86
800193310 82,400.00 82,247.76 08/01/97 07/01/12 178.00 10/01/97 80.0 11.950 844.41
800194029 60,000.00 60,000.00 07/18/97 06/18/12 177.53 08/18/97 80.0 13.100 668.41
800195679 200,000.00 198,007.03 06/05/97 05/05/27 356.09 09/05/97 27.2 11.125 1,923.57
800196248 24,660.00 24,523.60 07/18/97 06/18/12 177.53 09/18/97 89.9 14.050 329.24
800196891 20,000.00 20,000.00 08/03/97 07/03/12 178.03 09/03/97 90.0 11.990 239.90
800197246 28,275.00 28,268.96 06/23/97 05/23/12 176.68 08/23/97 65.0 13.300 319.42
800197436 18,664.00 18,555.36 06/23/97 05/23/12 176.68 09/23/97 84.5 13.990 248.44
800197725 17,200.00 17,200.00 07/18/97 06/18/12 177.53 08/18/97 84.7 13.550 223.88
800198087 44,396.00 44,352.58 08/28/97 07/28/17 238.85 09/28/97 79.7 13.500 536.03
800199192 25,500.00 25,386.42 07/18/97 06/18/12 177.53 09/18/97 84.8 12.750 318.45
800201089 50,000.00 49,977.27 07/27/97 06/27/12 177.83 09/27/97 89.6 12.500 533.63
800201980 30,000.00 30,000.00 08/01/97 07/01/12 178.00 09/01/97 74.1 13.000 379.57
800202657 119,000.00 119,000.00 07/17/97 06/17/27 357.50 09/17/97 83.2 12.950 1,311.73
800203085 44,000.00 44,000.00 07/20/97 06/20/12 177.60 08/20/97 84.5 13.250 563.97
800203697 93,600.00 93,600.00 07/16/97 06/16/12 177.47 08/16/97 90.0 11.550 930.49
800205254 19,000.00 19,000.00 06/21/97 05/21/07 116.61 08/21/97 79.4 14.500 300.74
800205320 31,000.00 30,504.18 06/19/97 05/19/17 236.55 10/19/97 38.7 12.750 357.69
800206104 72,000.00 71,921.89 08/23/97 07/23/12 178.68 09/23/97 80.0 11.000 685.67
800206450 21,149.00 21,098.04 07/02/97 06/02/12 177.01 09/02/97 90.0 11.800 251.11
800206815 44,200.00 44,200.00 08/09/97 07/09/27 358.22 09/09/97 85.0 12.250 463.17
800207714 20,170.00 19,977.70 07/23/97 06/23/07 117.70 09/23/97 89.9 12.300 292.89
800208159 25,000.00 25,000.00 08/08/97 07/08/12 178.19 09/08/97 80.3 11.850 297.63
800209264 35,750.00 35,750.00 07/18/97 06/18/17 237.53 08/18/97 65.0 14.050 445.86
800209694 41,650.00 41,645.57 07/01/97 06/01/17 237.00 09/01/97 85.0 13.500 502.87
800209785 65,200.00 64,755.58 07/23/97 06/23/17 237.70 09/23/97 80.0 11.050 675.21
800210296 70,000.00 69,977.77 07/09/97 06/09/12 177.24 09/09/97 63.6 12.450 744.37
800210486 91,800.00 91,777.54 06/21/97 05/21/12 176.61 08/21/97 89.1 12.700 994.01
800210569 162,000.00 162,000.00 08/01/97 07/01/12 178.00 09/01/97 90.0 11.300 1,579.60
800210775 10,815.00 10,815.00 06/27/97 05/27/17 236.81 08/27/97 80.9 14.800 140.82
800211252 95,000.00 95,000.00 05/21/97 04/21/12 175.63 08/21/97 50.0 14.375 1,153.88
800212417 32,800.00 32,768.68 08/16/97 07/16/17 238.45 09/16/97 80.0 13.750 401.93
800212581 90,100.00 90,063.02 08/02/97 07/02/12 177.99 09/02/97 85.0 12.250 944.15
800212607 72,750.00 72,719.21 08/02/97 07/02/12 177.99 09/02/97 75.0 12.000 748.32
800213365 34,000.00 33,947.51 08/07/97 07/07/12 178.16 09/07/97 79.0 9.650 358.12
800213746 55,000.00 55,000.00 08/01/97 07/01/27 358.00 09/01/97 44.0 10.900 519.63
800214082 12,550.00 12,550.00 08/28/97 07/28/12 178.85 08/28/97 84.9 13.900 166.29
800215014 24,200.00 22,649.57 07/23/97 06/23/12 177.70 12/23/97 89.6 13.000 267.70
800215022 69,700.00 69,700.00 08/02/97 07/02/12 177.99 09/02/97 85.0 12.250 730.38
800215394 20,500.00 20,428.05 08/23/97 07/23/12 178.68 09/23/97 68.0 11.250 236.23
800216707 120,000.00 119,912.17 08/15/97 07/15/12 178.42 09/15/97 80.0 13.100 1,336.82
800217119 44,000.00 44,000.00 08/16/97 07/16/27 358.45 09/16/97 80.0 13.750 512.65
800217580 214,600.00 214,559.18 08/07/97 07/07/12 178.16 09/07/97 89.4 10.900 2,027.49
800217713 59,500.00 59,500.00 07/23/97 06/23/17 237.70 08/23/97 85.0 11.750 644.81
800218067 18,500.00 18,462.52 08/02/97 07/02/12 177.99 09/02/97 85.2 12.650 229.83
800219511 160,000.00 160,000.00 07/01/97 06/01/12 177.00 09/01/97 79.6 14.850 2,003.93
800219594 39,000.00 39,000.00 08/08/97 07/08/12 178.19 08/08/97 83.1 11.550 456.83
800219792 43,931.00 43,574.67 07/02/97 06/02/12 177.01 10/02/97 90.0 12.990 555.55
800219834 198,750.00 198,380.97 08/02/97 07/02/27 357.99 10/02/97 75.0 11.250 1,930.38
800220881 72,000.00 72,000.00 07/27/97 06/27/12 177.83 08/27/97 80.0 11.850 732.30
</TABLE>
<PAGE>
<TABLE>
Page 24 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
26 26 800221350 CRAWFORD JACQUELINE P 22606 NORTH CAROLINA 902 H BENNETT NC 27208
26 26 800221483 QUARANDA ANTHONY R 7634 SAILWINDS PASS PORT RICHEY FL 34668
26 26 800222846 HYATT LANCE H 29 BEECHAM COURT OWINGS MILLS MD 21117
26 26 800222945 MILLER S PAUL 2 RD BOX 403A BAKER RD GRANVILLE NY 12832
26 26 800223828 FERREIRA UMBERTO 2332 BEAUMONT AVENUE BRONX NY 10458
26 26 800224628 DOLAN PATRICK G 553 FOXHURST ROAD BALDWIN NY 11510
26 26 800224743 CUFFARO PETER P 517 SYLVAN AVENUE BAYPORT NY 11705
26 26 800224768 JOYNER GENEVA 8760 MARY LANE JESSUP MD 20794
26 26 800225690 HENRY LINDEN 308 CORNELIA STREET BROOKLYN NY 11237
26 26 800225906 YERGEY RUSSELL G. 34 NOXON STREET POUGHKEEPSIE NY 12601
26 26 800226185 BAYYAT MARSHA K. 7516 ZACHARY LANE SNOW CAMP NC 27349
26 26 800226383 KETTERER KENNETH V 349 ZEIGLER ROAD ROCHESTER PA 15074
26 26 800226433 BRONSTEIN HILLEL 1080 LYNN PLACE WOODMERE NY 11598
26 26 800226474 DIEHL BRUCE J. 155 HEATHCOTE ROAD NORTH LINDENHURST NY 11757
26 26 800226938 DOVALE LEE M 25 FOREST AVENUE DANBURY CT 06810
26 26 800227399 MCVICKER CARLA 143 OTT CIRCLE SOUTHEAST PORT CHARLOTTE FL 33952
26 26 800228611 FULLER DAVID 4020 ANNELLEN ROAD BALTIMORE MD 21215
26 26 800229536 ZEVOLA ANTHONY J 8607 WESTWOOD DRIVE PITTSBURGH PA 15235
26 26 800230179 THOMPSON MARITZA H 9 WOODLAWN AVENUE CENTRAL ISLIP NY 11722
26 26 800230237 HENNESSEY DEREK 42 NORFELD BLVD ELMONT NY 11003
26 26 800230740 LAZARRE YVES 962 TROY AVE BROOKLYN NY 11203
26 26 800230849 LUKASH JOHN M 373 SUSQUEHANNA AVENUE EXETER PA 18643
26 26 800231052 HICKS THOMAS DALE 2422 FALCON LANE PALM HARBOR FL 34683
26 26 800231425 SHEEHY KEVIN 20770 CARTER ROAD ESTERO FL 33928
26 26 800231722 FRENCH WAYNE D 901 NORTHWEST 8TH STREET MULBERRY FL 33860
26 26 800231730 SCORDIANOS GEORGE 18 ELWOOD AVENUE HICKSVILLE NY 11801
26 26 800231789 OHARA OSCAR 21 MARION AVENUE HARTSDALE NY 10530
26 26 800231813 ALLEYNE CUTHBERT A 17 CALUMET DR DIX HILLS NY 11746
26 26 800232118 ARNETT KAREN 11-09 30TH DR LONG ISLAND CITY NY 11102
26 26 800232522 CROMARTIE JEFFREY MARTIN 543 LEXINGTON STREET DUNEDIN FL 34698
26 26 800232829 CUTE ROBERTA 143 OAK STREET MEDFORD NY 11763
26 26 800232985 CARLIN WILKE PATRICIA 180 SWEET HOLLOW ROAD MILFORD NJ 08848
26 26 800233009 BLAZIER GUY E 1129 SAN MARCO DRIVE LARGO FL 34640
26 26 800234403 YATES LEANN 1180 62ND PLACE SOUTH ST PETERSBURG FL 33705
26 26 800234635 MAULTSBY DERRICK L 507 AURA DRIVE MONROEVILLE PA 15146
26 26 800234981 BENJAMIN STEVEN J 125 LINCOLN ROAD EAST PLAINVIEW NY 11803
26 26 800235228 HARRIS JEFFREY S RR 1 BOX 56A MEHOOPANY PA 18629
26 26 800235384 GIRMA WOLDE-MARI 4802 RIVER ROAD BETHESDA MD 20816
26 26 800235459 RAMOS WILFREDO A 62 BERNON STREET PROVIDENCE RI 02908
26 26 800235509 CABRALES BENJAMIN 5352 RIDDLE ROAD HOLIDAY FL 34690
26 26 800236465 FINNERTY TIMOTHY J 142 MAPLE AVE BERKELEY HEIGHTS NJ 07922
26 26 800236549 BYRNES CLIFFORD NEIL 108 DRAYTON DRIVE SUMMERVILLE SC 29483
26 26 800237075 AZAM MOHAMMAD 15 JACOBS PATH DIX HILLS NY 11747
26 26 800237521 DAVENPORT JONATHAN 13416 STATE ROAD 672 BALM FL 33503
26 26 800237646 KENNEDY LORENZO 394 ROXBORO PLACE FLORENCE SC 29505
26 26 800237703 BROWN WILLIAM A RD 2 BOX 228 PORT ALLEGANY PA 16743
26 26 800238065 BLAKE LEE DORA 2621 26TH AVENUE TAMPA FL 33605
26 26 800238495 JONES MARY A 111 MERCER AVENUE SPRING LAKE NJ 07762
26 26 800238933 HEMPFLING PATRICK 843 GALLIMORE DAIRY ROAD HIGH POINT NC 27265
26 26 800239410 HALL BETTY V 217 CHELSEA AVE GLENSIDE PA 19038
26 26 800239824 DESPRES ROBERT 15 BURT ROAD WILMINGTON MA 01887
26 26 800240053 DADA WAEL 397 WESTERVELT AVE STATEN ISLAND NY 10301
26 26 800240152 LEGETTE R.J. 841 RIDGEWAY ROAD LUGOFF SC 29045
26 26 800240236 MELIUS CHARLES D 36 PERRY LANE OXFORD CT 06478
26 26 800240764 RODRIGUEZ OCTAVIO 113 ALGER AVE PROVIDENCE RI 02907
26 26 800241358 LUTE LLOYD S RD 1 BOX 255 PENN RUN PA 15765
26 26 800242109 FINDLEY HAZEL 662 EAST 52ND STREET BROOKLYN NY 11203
26 26 800243198 MAULDIN PAMELA J 373 SPENCER PLAINS ROAD WESTBROOK CT 06498
26 26 800243925 WALKER ANITA 160-59 88TH STREET HOWARD BEACH NY 11414
26 26 800244196 JANNICELLI NICHOLAS J 316-320 HILDERBRAND AVENUE GLOUCESTER TOWNSHIP NJ 08029
26 26 800244402 SCHASSLER DAVID J 8 SCHASSLER PL STONY POINT NY 10980
26 26 800244568 BELANGER EDWARD J 305 SUNDANCE ROAD STAMFORD CT 06905
26 26 800245011 PFISTER JOHN J 31 WOLK DRIVE CHARLESTON SC 29414
26 26 800245474 THOMPSON VINCENT J 17 STEINWAY COURT AMHERST NY 14221
26 26 800245953 MANCE PHYLLIS F 986 OAK HILL DRIVE CLAYTON GA 30525
26 26 800246670 BARCLAY DANIEL 30 LINCOLN STREET BABYLON NY 11702
26 26 800246969 WYNN JAMES D 37 VINE STREET PLYMOUTH PA 18651
26 26 800246985 STATON CALVIN 129 DIETZ ST HEMPSTEAD NY 11550
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800221350 48,750.00 48,750.00 08/01/97 07/01/27 358.00 09/01/97 75.0 12.500 520.29
800221483 70,720.00 70,404.61 07/06/97 06/06/27 357.14 10/06/97 80.0 10.750 660.16
800222846 38,000.00 37,896.16 07/17/97 06/17/12 177.50 09/17/97 84.9 12.500 468.36
800222945 109,800.00 109,800.00 08/09/97 07/09/12 178.22 09/09/97 80.9 13.000 1,214.61
800223828 142,500.00 142,312.75 08/07/97 07/07/12 178.16 09/07/97 75.0 9.900 1,240.02
800224628 177,300.00 177,300.00 08/09/97 07/09/27 358.22 09/09/97 90.0 11.050 1,695.17
800224743 86,200.00 86,200.00 07/25/97 06/25/12 177.76 08/25/97 89.9 12.500 919.98
800224768 154,700.00 154,392.32 07/26/97 06/26/17 237.80 09/26/97 79.9 10.500 1,544.49
800225690 90,000.00 90,000.00 08/23/97 07/23/17 238.68 08/23/97 60.0 12.250 1,006.71
800225906 56,000.00 56,000.00 08/10/97 07/10/12 178.26 08/10/97 80.0 13.100 623.85
800226185 108,897.00 108,897.00 07/25/97 06/25/12 177.76 08/25/97 83.7 10.750 1,220.68
800226383 20,901.00 20,897.89 08/16/97 07/16/12 178.45 09/16/97 89.1 12.050 251.52
800226433 200,000.00 200,000.00 08/18/97 07/18/12 178.52 08/18/97 68.9 10.550 2,217.00
800226474 18,497.00 18,497.00 08/02/97 07/02/17 237.99 09/02/97 80.8 14.000 230.01
800226938 31,800.00 31,800.00 07/18/97 06/18/12 177.53 09/18/97 89.9 11.800 322.21
800227399 20,000.00 20,000.00 08/21/97 07/21/17 238.62 08/21/97 67.4 13.250 237.89
800228611 29,585.00 29,583.61 08/01/97 07/01/12 178.00 09/01/97 74.3 12.350 361.76
800229536 30,000.00 30,000.00 09/01/97 08/01/17 239.00 09/01/97 75.0 11.500 319.93
800230179 86,000.00 85,887.82 08/01/97 07/01/12 178.00 09/01/97 80.3 10.400 945.32
800230237 60,000.00 60,000.00 08/01/97 07/01/12 178.00 09/01/97 75.0 12.500 739.51
800230740 102,500.00 102,419.29 08/21/97 07/21/27 358.62 09/21/97 66.1 10.900 968.39
800230849 49,000.00 49,000.00 08/16/97 07/16/12 178.45 09/16/97 89.9 12.050 589.66
800231052 15,775.00 15,563.14 08/21/97 07/21/12 178.62 10/21/97 84.9 12.000 162.26
800231425 25,000.00 24,942.36 08/07/97 07/07/12 178.16 09/07/97 24.5 11.100 285.72
800231722 26,250.00 26,250.00 08/01/97 07/01/12 178.00 09/01/97 75.0 11.800 311.67
800231730 45,000.00 44,813.99 07/17/97 06/17/12 177.50 09/17/97 44.4 10.990 511.19
800231789 148,500.00 148,249.64 08/14/97 07/14/12 178.39 09/14/97 90.0 11.150 1,701.86
800231813 314,500.00 314,111.98 07/02/97 06/02/17 237.01 09/02/97 83.8 10.500 3,139.90
800232118 33,000.00 32,906.97 08/22/97 07/22/12 178.65 09/22/97 73.5 9.900 352.60
800232522 17,500.00 17,500.00 08/02/97 07/02/17 237.99 08/02/97 29.1 10.850 178.85
800232829 130,220.00 130,078.24 07/26/97 06/26/12 177.80 08/26/97 85.0 12.950 1,435.40
800232985 75,000.00 74,953.09 08/02/97 07/02/12 177.99 09/02/97 76.0 12.700 934.17
800233009 66,500.00 66,398.31 07/16/97 06/16/17 237.47 09/16/97 78.2 10.600 668.40
800234403 12,175.00 12,171.80 08/07/97 07/07/12 178.16 09/07/97 85.0 12.750 152.05
800234635 16,766.00 16,766.00 08/15/97 07/15/12 178.42 09/15/97 89.3 11.750 198.53
800234981 21,000.00 19,147.51 07/20/97 06/20/12 177.60 12/20/97 84.8 13.700 243.85
800235228 63,800.00 63,800.00 08/10/97 07/10/12 178.26 09/10/97 89.8 11.550 634.24
800235384 181,300.00 181,047.86 08/10/97 07/10/12 178.26 09/10/97 70.0 11.250 1,760.90
800235459 76,500.00 76,500.00 08/11/97 07/11/12 178.29 08/11/97 85.0 12.500 816.45
800235509 46,750.00 46,710.50 08/21/97 07/21/12 178.62 09/21/97 85.0 9.750 401.65
800236465 56,000.00 56,000.00 08/01/97 07/01/12 178.00 09/01/97 84.9 13.100 712.22
800236549 128,000.00 128,000.00 07/27/97 06/27/12 177.83 08/27/97 76.3 10.500 1,170.87
800237075 258,400.00 258,400.00 08/15/97 07/15/12 178.42 09/15/97 85.0 10.300 2,325.14
800237521 47,700.00 47,685.19 08/16/97 07/16/17 238.45 09/16/97 90.0 11.300 502.13
800237646 35,100.00 35,070.99 08/01/97 07/01/12 178.00 09/01/97 89.9 11.990 421.03
800237703 23,400.00 23,364.94 08/07/97 07/07/17 238.16 09/07/97 33.1 11.750 253.59
800238065 28,800.00 28,800.00 08/09/97 07/09/12 178.22 09/09/97 80.0 13.750 378.72
800238495 29,000.00 28,881.03 07/19/97 06/19/12 177.57 09/19/97 66.9 12.500 357.43
800238933 63,200.00 63,200.00 08/01/97 07/01/17 238.00 09/01/97 68.9 11.150 658.81
800239410 92,000.00 92,000.00 08/01/97 07/01/27 358.00 09/01/97 80.0 15.250 1,181.70
800239824 81,200.00 80,735.05 07/25/97 06/25/12 177.76 09/25/97 84.9 12.900 1,022.04
800240053 175,000.00 174,959.83 08/15/97 07/15/12 178.42 09/15/97 84.9 10.500 1,600.79
800240152 35,000.00 35,000.00 08/07/97 07/07/12 178.16 09/07/97 80.0 11.400 406.64
800240236 50,000.00 49,802.53 07/18/97 06/18/17 237.53 09/18/97 70.4 12.000 550.54
800240764 72,250.00 72,250.00 08/08/97 07/08/12 178.19 09/08/97 85.0 10.300 650.12
800241358 41,300.00 41,230.74 08/14/97 07/14/12 178.39 09/14/97 80.9 12.850 518.48
800242109 143,300.00 143,220.84 08/07/97 07/07/27 358.16 09/07/97 69.9 10.050 1,262.86
800243198 33,000.00 32,949.83 08/01/97 07/01/12 178.00 10/01/97 81.1 12.900 362.47
800243925 100,400.00 100,042.48 08/16/97 07/16/12 178.45 09/16/97 32.3 10.650 1,119.18
800244196 55,250.00 55,203.70 08/01/97 07/01/12 178.00 09/01/97 65.0 11.950 661.32
800244402 150,000.00 149,930.10 08/07/97 07/07/12 178.16 09/07/97 81.1 11.250 1,456.89
800244568 63,600.00 63,600.00 08/01/97 07/01/17 238.00 09/01/97 89.9 12.600 727.07
800245011 115,600.00 115,599.51 07/27/97 06/27/27 357.83 08/27/97 85.0 13.250 1,301.39
800245474 71,800.00 71,744.61 08/08/97 07/08/12 178.19 09/08/97 84.9 10.300 784.80
800245953 89,250.00 89,250.00 08/15/97 07/15/27 358.42 09/15/97 85.0 12.150 928.35
800246670 34,300.00 34,258.68 08/11/97 07/11/12 178.29 09/11/97 89.9 11.800 407.25
800246969 38,250.00 38,233.62 08/01/97 07/01/27 358.00 09/01/97 85.0 11.900 390.50
800246985 142,200.00 142,200.00 08/18/97 07/18/27 358.52 09/18/97 88.8 9.400 1,185.33
</TABLE>
<PAGE>
<TABLE>
Page 25 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
26 26 800247082 THOMPSON SHANE MATTHEW 3004 LANTANA ROAD AUBURNDALE FL 33823
26 26 800247496 AGLIO ISABELLA J. 1234 ALHAMBRA COURT PALM HARBOR FL 34683
26 26 800247645 MINSHALL KENNETH 2411 14TH AVENUE NORTH ST PETERSBURG FL 33713
26 26 800248270 BAILEY TAMEKA 5131 MALCOM STREET PHILADELPHIA PA 19143
26 26 800248494 TOCCO DOMINIC M. 13 BARLEY COURT WATERFORD NY 12188
26 26 800248668 GREY WALTER J. 9680 SOUTHEAST 164TH PLACE SUMMERFIELD FL 34491
26 26 800248882 WALDACK WAYNE A 488 ECHO CIRCLE MARCO ISLAND FL 34145
26 26 800248981 BROCKINGTON CHESTER L 2408 HOLLY CIRCLE DARLINGTON SC 29532
26 26 800249336 BARR WILLIE L 1510 1/2 E DARGAN STREET DILLON SC 29536
26 26 800249567 DOBY KELLY 89 PLANTATION DRIVE OCEAN ISLE BEACH NC 28469
26 26 800249591 ALFORD DAWN 2323 W HAGERT STREET PHILADELPHIA PA 19132
26 26 800249633 PADURANO STEPHEN 3138 GLENBROOK AVENUE SPRING HILL FL 34608
26 26 800250730 HERNANDEZ SANTOS 337 HARTWOOD AVENUE SPRING HILL FL 34606
26 26 800250847 BLACK T. DARRELL 3717 RAMSEY CREEK DRIVE KNIGHTDALE NC 27545
26 26 800250896 GUERRIERO ANTHONY A 110 ULLMAN AVENUE WYCKOFF NJ 07481
26 26 800250961 SCOBY EUGENE R 12159 LAND FAIR STREET SPRING HILL FL 34608
26 26 800251183 MASSEY BADMU ANN 308 SOUTH VAN BUREN STREET WILMINGTON DE 19805
26 26 800251506 KOWALSKI BERNADETTE 259 LACKAWANNA ST SLOAN NY 14212
26 26 800251928 MCGRATH RICHARD A 15 WEST SOCIETY RD EAST LYME CT 06333
26 26 800252413 STERN STEPHEN LEE 14932 REDCLIFF DRIVE TAMPA FL 33625
26 26 800252439 FEAST JULIA F 1881 DANFORD STREET NAPLES FL 34112
26 26 800252462 JOHNSON JERROLD 12391 NORTHWEST 90TH AVENU CHIEFLAND FL 32626
26 26 800252694 BROWN ANNIE L. 4604 BURLINGTON RD HYATTSVILLE MD 20781
26 26 800253304 CROSSGROVE DIANA FAYE 3133 BRADFORD WOOD COURT OAKTON VA 22124
26 26 800253361 TILLMAN LORINE 120 87 131ST STREET SOUTH OZONE PARK NY 11420
26 26 800253643 EDMONDSON LEROY 8618 THIMBLEBERRY LANE TAMPA FL 33635
26 26 800253734 CRANDALL DAVID R 111 EGGLESTON ST CORINTH NY 12822
26 26 800253940 VAN DELOO WALTER 149 KNOX STREET ALBANY NY 12203
26 26 800254302 TURNER MICHAEL G 5244 GOLF LINKS BOULEVARD ZEPHYRHILLS FL 33541
26 26 800254492 WICKIS WILLIAM T 1982 DONNA AVE UNION NY 13760
26 26 800254633 GOMEZ DIANE 27 LAMBERT STREET STATEN ISLAND NY 10314
26 26 800254658 SIDERIS SPIRO 36 FOX LN DIX HILLS NY 11746
26 26 800255077 LOY JAMES G 1745 BELLE COURT PUNTA GORDA FL 33950
26 26 800255093 BETANCOURT DAVID P. 1545 NORTHWEST 15TH TERRAC HOMESTEAD FL 33030
26 26 800255184 NURSE CYNTHIA B 4212 SANDLEWOOD CIRCLE SOU TAMPA FL 33617
26 26 800255259 BLUNT ESSIE M 531 MADISON STREET BROOKLYN NY 11221
26 26 800255507 HAMBURGER LAURA T 34 HARP LANE SAYVILLE NY 11782
26 26 800255614 GAROFALO BONNIE G 9403 MELROSE STREET SPRING HILL FL 34608
26 26 800255713 SHEKLETON JAMES P 1191 ROWE STREET AKRON OH 44306
26 26 800256224 BROWN SAMMIE L 32 LONG BEACH ROAD HEMPSTEAD NY 11550
26 26 800256760 DANILOFF LEON C 300 LACKAWANNA AVENUE BENTLEYVILLE PA 15314
26 26 800257396 EVANS ISABELL 1506 26TH AVENUE SOUTH ST PETERSBURG FL 33704
26 26 800257479 GIBBONS DONNA 389 JEFFERSON STREET BROOKLYN NY 11207
26 26 800258436 QUINONES EDWARD F 276 TENNIS COURT FRANKLIN SQUARE NY 11010
26 26 800258840 BURKE LORETTA W 2935 DIXIE AVENUE SARASOTA FL 34234
26 26 800259475 DORN RICHARD H 23 SILVER FOX DRIVE KRESGEVILLE PA 18333
26 26 800259749 GIVENS JAMES D. 7317 43RD STREET EAST SARASOTA FL 34243
26 26 800259830 KUCAR SMILJANA 222 OCEAN AVENUE NORTHPORT NY 11768
26 26 800260044 MILOT JOEL J 32 LAKE ST PLAINFIELD CT 06354
26 26 800260291 VOLINSKY CHARLOTTE A 954 JOHLER AVENUE SCRANTON PA 18508
26 26 800260358 MELENDEZ ELSA 34-44 65TH STREET WOODSIDE NY 11377
26 26 800260382 ORNSTEIN ERIC D 621 DOANE STREET BELLPORT NY 11713
26 26 800260796 WINTERS THERESA M 118 NORTHWOOD CIRCLE ROME NY 13440
26 26 800260861 HARRISON JEANINE 58 POWELL STREET ROOSEVELT NY 11575
26 26 800261208 FORREST LATRENDA M 185 CLAYWOOD AVE BRENTWOOD NY 11717
26 26 800261422 BROTHERTON WILLIAM H 3960 OLD FLOWERY BRANCH RD OAKWOOD GA 30566
26 26 800261695 SORENSSON MELINDA M 237 KNAPPS HIGHWAY FAIRFIELD CT 06432
26 26 800261869 BOYLE JAMES P 7877 HIDDEN OAK VICTOR NY 14534
26 26 800261893 LUKE THOMAS T 3015 22ND AVENUE WEST BRADENTON FL 34205
26 26 800262016 TARTIVITA KATHLEEN A 156 BAYSIDE DR ATLANTIC HIGHLANDS NJ 07716
26 26 800262065 JOLLEY RANDALL M 6405 GREENFIELD DRIVE SPARTANBURG SC 29301
26 26 800262743 WALLS DAVID L. 2403 RAEFORD ROAD FAYETTEVILLE NC 28305
26 26 800263071 EVANS RICHARD L 328 WEST 2ND STREET APOPKA FL 32703
26 26 800263345 BROPHY THOMAS C 5100 1ST AVENUE SOUTH ST PETERSBURG FL 33707
26 26 800263543 LOOS FRANCIS J. 39 DUBOIS RD WEST ISLIP NY 11795
26 26 800264202 HOSKINS DEBRA A 18527 DRAYTON STREET SPRING HILL FL 34610
26 26 800264236 WILBANKS DARIN 14841 LITTLE RANCH ROAD SPRING HILL FL 34610
26 26 800264285 JANICKE MICHAEL A 1874 MAPLE STREET NORTH DIGHTON MA 02764
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800247082 35,000.00 35,000.00 08/07/97 07/07/17 238.16 09/07/97 70.0 11.000 361.27
800247496 17,000.00 17,000.00 08/01/97 07/01/12 178.00 09/01/97 77.8 13.000 215.09
800247645 37,450.00 37,420.29 08/02/97 07/02/12 177.99 09/02/97 70.0 10.750 349.59
800248270 24,000.00 24,000.00 09/01/97 08/01/27 359.00 09/01/97 80.0 13.500 274.90
800248494 18,000.00 18,000.00 08/14/97 07/14/17 238.39 08/14/97 84.8 12.250 201.34
800248668 48,000.00 47,916.96 08/14/97 07/14/17 238.39 09/14/97 80.0 13.250 570.93
800248882 55,000.00 55,000.00 08/01/97 07/01/12 178.00 09/01/97 36.1 9.800 584.32
800248981 90,000.00 90,000.00 08/02/97 07/02/27 357.99 09/02/97 81.8 9.800 776.55
800249336 39,100.00 39,100.00 08/07/97 07/07/27 358.16 09/07/97 85.0 11.650 391.68
800249567 103,705.00 103,705.00 08/07/97 07/07/27 358.16 09/07/97 86.4 11.750 1,046.81
800249591 29,600.00 29,544.14 08/28/97 07/28/12 178.85 09/28/97 80.0 13.500 384.30
800249633 102,000.00 101,916.90 08/15/97 07/15/27 358.42 09/15/97 85.0 10.300 917.82
800250730 14,200.00 14,167.67 08/07/97 07/07/07 118.16 09/07/97 89.9 11.800 202.09
800250847 22,898.00 22,898.00 09/01/97 08/01/12 179.00 09/01/97 75.0 11.500 267.49
800250896 133,000.00 133,000.00 08/08/97 07/08/12 178.19 09/08/97 89.7 11.700 1,337.42
800250961 50,250.00 50,250.00 08/02/97 07/02/27 357.99 08/02/97 75.0 12.000 516.88
800251183 39,200.00 39,112.41 08/11/97 07/11/12 178.29 09/11/97 70.0 10.400 355.65
800251506 20,000.00 20,000.00 09/01/97 08/01/12 179.00 09/01/97 63.3 10.300 218.61
800251928 20,000.00 19,939.23 08/01/97 07/01/12 178.00 09/01/97 89.9 11.800 237.47
800252413 47,700.00 47,700.00 08/11/97 07/11/17 238.29 09/11/97 89.7 11.400 505.40
800252439 20,400.00 20,400.00 08/09/97 07/09/12 178.22 09/09/97 79.3 13.000 225.66
800252462 34,200.00 34,200.00 08/10/97 07/10/12 178.26 09/10/97 80.4 12.650 424.87
800252694 40,000.00 39,924.00 08/14/97 07/14/12 178.39 09/14/97 34.2 10.300 437.21
800253304 96,000.00 95,501.09 08/08/97 07/08/17 238.19 10/08/97 48.9 8.900 857.57
800253361 165,750.00 165,569.55 07/25/97 06/25/12 177.76 09/25/97 85.0 12.950 1,827.05
800253643 51,880.00 51,771.33 08/14/97 07/14/12 178.39 09/14/97 84.3 12.250 631.02
800253734 24,000.00 23,988.88 08/14/97 07/14/12 178.39 09/14/97 89.3 11.150 275.05
800253940 76,600.00 76,600.00 08/24/97 07/24/12 178.72 08/24/97 70.9 9.800 660.93
800254302 56,000.00 56,000.00 08/09/97 07/09/12 178.22 09/09/97 80.0 10.550 514.35
800254492 31,900.00 31,865.74 08/08/97 07/08/12 178.19 09/08/97 89.9 11.150 365.58
800254633 31,250.00 31,250.00 08/21/97 07/21/12 178.62 09/21/97 85.9 12.150 325.05
800254658 65,000.00 64,860.09 08/18/97 07/18/17 238.52 09/18/97 74.7 11.600 697.66
800255077 60,000.00 60,000.00 08/09/97 07/09/17 238.22 09/09/97 24.0 10.400 595.00
800255093 24,100.00 24,024.64 08/16/97 07/16/12 178.45 09/16/97 84.9 12.250 293.13
800255184 52,000.00 52,000.00 08/14/97 07/14/12 178.39 09/14/97 80.0 11.950 532.88
800255259 166,500.00 166,114.48 08/22/97 07/22/27 358.65 09/22/97 90.0 11.250 1,617.15
800255507 20,000.00 20,000.00 08/07/97 07/07/17 238.16 09/07/97 72.4 13.900 247.25
800255614 14,100.00 14,067.36 08/14/97 07/14/12 178.39 09/14/97 89.8 11.050 160.70
800255713 38,150.00 38,150.00 09/01/97 08/01/27 359.00 09/01/97 70.0 12.050 393.88
800256224 129,200.00 129,044.60 05/01/97 04/01/27 355.00 09/01/97 85.0 10.500 1,181.85
800256760 102,600.00 102,600.00 08/08/97 07/08/27 358.19 09/08/97 90.0 11.150 988.73
800257396 35,000.00 34,998.72 08/18/97 07/18/27 358.52 09/18/97 70.0 9.800 301.99
800257479 171,000.00 170,996.43 08/14/97 07/14/12 178.39 09/14/97 90.0 13.000 1,891.60
800258436 27,000.00 26,917.60 08/22/97 07/22/12 178.65 09/22/97 83.0 10.150 292.63
800258840 12,000.00 11,974.64 08/11/97 07/11/12 178.29 09/11/97 25.5 10.600 133.39
800259475 27,300.00 27,178.87 08/22/97 07/22/12 178.65 09/22/97 79.9 10.550 302.62
800259749 12,000.00 11,989.52 08/11/97 07/11/07 118.29 09/11/97 84.1 11.990 172.10
800259830 36,000.00 35,718.36 08/08/97 07/08/07 118.19 09/08/97 84.8 13.350 544.98
800260044 16,800.00 16,762.75 08/07/97 07/07/12 178.16 09/07/97 90.0 10.150 182.08
800260291 31,300.00 31,276.68 08/14/97 07/14/17 238.39 09/14/97 84.8 12.500 355.61
800260358 35,000.00 34,833.73 08/16/97 07/16/12 178.45 09/16/97 73.8 11.500 408.87
800260382 59,500.00 59,500.00 08/03/97 07/03/12 178.03 09/03/97 70.0 10.550 546.49
800260796 56,000.00 55,961.99 07/09/97 06/09/12 177.24 09/09/97 48.2 10.250 501.82
800260861 57,000.00 56,936.63 08/25/97 07/25/17 238.75 09/25/97 82.7 10.300 561.44
800261208 118,500.00 118,475.74 08/11/97 07/11/12 178.29 09/11/97 85.8 10.750 1,106.18
800261422 574,000.00 574,000.00 08/07/97 07/07/27 358.16 08/07/97 70.0 11.550 5,706.18
800261695 16,450.00 16,408.56 08/16/97 07/16/12 178.45 09/16/97 89.9 14.650 226.31
800261869 78,000.00 77,915.17 08/18/97 07/18/12 178.52 09/18/97 83.9 12.250 948.71
800261893 17,800.00 17,762.18 08/14/97 07/14/12 178.39 09/14/97 83.2 10.550 197.31
800262016 126,000.00 126,000.00 08/14/97 07/14/12 178.39 09/14/97 74.8 11.990 1,295.08
800262065 14,000.00 13,972.33 08/14/97 07/14/12 178.39 09/14/97 84.9 11.550 163.99
800262743 21,800.00 21,800.00 08/09/97 07/09/12 178.22 09/09/97 85.0 12.500 232.66
800263071 56,100.00 56,094.71 08/11/97 07/11/27 358.29 09/11/97 85.0 12.000 577.05
800263345 21,000.00 20,937.02 08/23/97 07/23/12 178.68 09/23/97 70.0 10.500 232.13
800263543 93,750.00 93,461.76 08/11/97 07/11/17 238.29 09/11/97 75.0 9.900 898.51
800264202 29,250.00 29,250.00 08/28/97 07/28/12 178.85 08/28/97 65.0 13.750 384.63
800264236 36,750.00 36,750.00 08/25/97 07/25/12 178.75 08/25/97 75.0 13.150 468.61
800264285 36,200.00 36,200.00 08/07/97 07/07/17 238.16 09/07/97 79.9 13.500 437.07
</TABLE>
<PAGE>
<TABLE>
Page 26 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
26 26 800265357 KEYES KEVIN 414 WILLOW ROAD WEST STATEN ISLAND NY 10314
26 26 800265985 PARRISH MARGIE 4063 41ST AVENUE NORTH ST PETERSBURG FL 33714
26 26 800266736 ANDERSON ANDY S 4173 TOWN TERRACE NORTH PORT FL 34286
26 26 800266835 LAYCOX CHRISTOPHE A 3534 28TH STREET NORTH ST PETERSBURG FL 33713
26 26 800266934 RIKER ROGER A 8584 NORTH STAR BLAZE DR CRYSTAL RIVER FL 34428
26 26 800266942 KELLY ANTONINA 1021 63RD STREET WEST BRADENTON FL 34209
26 26 800267353 RICHARDS, WILLIAM J 234 E MAIN STREET NANTICOKE PA 18634
26 26 800267601 CRISPIN PEDRO 4537 OLD GOVERNMENT ROAD LAKELAND FL 33811
26 26 800268898 QUIGLEY EDWARD J 4941 DAVIS DRIVE DOYLESTOWN PA 18901
26 26 800269243 NEVILLE DONALD L. 807 HAMMOCKWOOD COURT SARASOTA FL 34232
26 26 800269433 MITCHELL SUSAN J 313 ORIN STREET PITTSBURGH PA 15235
26 26 800269458 SCHROEDER LEE L 2120 CENTERVIEW COURT SOUT CLEARWATER FL 34619
26 26 800269730 BENALT MICHAEL 45 VISTA TERRACE MAHOPAC NY 10541
26 26 800270142 PANNELLA RICHARD J 1534 VAN HOESEN ROAD CASTLETON NY 12033
26 26 800270365 POCCIA PASQUALE 20 FIELD CREST ROAD NEW CANAAN CT 06840
26 26 800270944 LEFKOWITZ JOSEPH E. 6423 SUMMIT DRIVE ORLANDO FL 32810
26 26 800271157 THORPE DAVID J 260 FINCHER ROAD COVINGTON GA 30209
26 26 800271777 MILLER JAMES L 9 MILLSPAUGH LN BARDONIA NY 10954
26 26 800271827 CASE PATRICK J 97 EUCLID AVE TROY NY 12180
26 26 800271868 DYE TONYA L 2245 NIAGARA AVE NIAGARA FALLS NY 14305
26 26 800272395 BIAVA DENNIS C 12230 ADAMS DRIVE NORTH HUNTINGDON PA 15642
26 26 800272536 MAMENKO TERESA R 691 ST DAVIDS AVENUE WARMINSTER PA 19874
26 26 800272650 THOMPSON JULYAN S 18561 SOUTHWEST 108TH PLAC DUNNELLON FL 34432
26 26 800272700 DORVAL HORATIUS 510 NORTHWEST 119TH STREET MIAMI FL 33168
26 26 800272791 DUNHAM CLAYTON 2614 56TH STREET SOUTH GULFPORT FL 33707
26 26 800272866 VONDRASH CAROL 8035 TANTALLON WAY NEW PORT RICHEY FL 34655
26 26 800272882 BARNES CHRISTY L 10510 WOOSTER DRIVE JACKSONVILLE FL 32218
26 26 800273682 WIRTH EUGENE A 25 HONEYBEE LANE SHELTON CT 06484
26 26 800273765 SANTAVENERE PAUL R 9412 FULLERDALE AVE BALTIMORE MD 21234
26 26 800274284 MILLIEN PIERRE LEON 100 01 220TH STREET QUEENS VILLAGE NY 11429
26 26 800274342 SHIREY ROBERT A 42 HILL ROAD BOYERTOWN PA 19512
26 26 800274482 CAMPAGNA NICHOLAS R 4915 PRINCETON AVENUE PHILADELPHIA PA 19135
26 26 800274581 ARMSTRONG DAVID W 10004 LEAFWOOD DRIVE TALLAHASSEE FL 32312
26 26 800275695 SEATON BEVERLEY 557 EAST 85 ST BROOKLYN NY 11236
26 26 800276230 SMITH JOHN J 20 GUN ROAD LEVITTOWN PA 19057
26 26 800276297 FLEURIMONT LABAN 143 RED OAK ROAD BRIDGEPORT CT 06606
26 26 800276479 NICHOLS KATHLEEN 108 WOODLAND AVENUE MOUNTAINTOP PA 18707
26 26 800276503 RYDAROWSKI RICHARD A 3418 CRANBORNE CHASE MARIETTA GA 30062
26 26 800276685 JOHNSTON LISA M 353 NEW CASTLE LANE SWEDESBORO NJ 08085
26 26 800276792 KLEIN DANIEL R RD 1 BOX 377 DALLAS PA 18612
26 26 800276933 PAPPOS-ELLED NICKOLLETE 208 NORTH FLORIDA AVENUE TARPON SPRINGS FL 34689
26 26 800277667 WEHENKEL CECELIA 9808 LAKESIDE LANE PORT RICHEY FL 34668
26 26 800277733 BYRNE KENNETH R 11611 WINN ROAD RIVERVEIW FL 33569
26 26 800277949 POMILIO THOMAS 413 ARNOLD AVENUE WEST BABYLON NY 11704
26 26 800277964 RINCHER SYLVAIN 60 HERBERT AVENUE ELMONT NY 11003
26 26 800278483 MURIEL CHARLOTTE 46 RADCLIFF DRIVE NEW CITY NY 10956
26 26 800278632 MURPHY SEAN 181 KILBURN ROAD GARDEN CITY NY 11530
26 26 800279432 SABBA ANTHONY MARK 10864 54TH AVENUE NORTH ST PETERSBURG FL 33708
26 26 800280570 DIEDE FREDERICK 7 MILLER LANE MONROE NY 10950
26 26 800280794 LEGROS EBENS 54 BARBARA LANE MEDFORD NY 11763
26 26 800281974 PIERCE RONALD L. 9029 LANDSBURG LANE CHARLOTTE NC 28210
26 26 800282097 SELLERS PAMELA D 2815 REECEBURG ROAD SILVER CREEK GA 30173
26 26 800282907 VALDES ALFONSO E 238 NORTHWEST 63RD AVENUE MIAMI FL 33126
26 26 800285694 CERRITO MICHAEL 19 LAKEVIEW DRIVE COLCHESTER CT 06415
26 26 800285876 BRASWELL VANESSA P. 3207 BARCROFT DR SPRINGDALE MD 20774
26 26 800286437 CATO MARIA 3811-A CLARENDON ROAD BROOKLYN NY 11203
26 26 800286742 JONES AERLE TAREE 1906 NEELY AVENUE EAST POINT GA 30364
26 26 800288136 WILLMOT GERTRUDE M 2635 4TH AVENUE NORTH ST PETERSBURG FL 33713
26 26 800288151 WILLIAMS NANCY E 448 LEWIS BOULEVARD SOUTHE ST PETERSBURG FL 33705
26 26 800288748 O'CONNELL THOMAS JOHN 140 SPRUCE STREET MOUNTAIN TOP PA 18707
26 26 800292344 WEINSTOCK SYDNEY 31 KINGSWOOD DRIVE DALLAS PA 18612
26 26 800294084 FULLER LEE 451 3RD STREET PLYMOUTH PA 18651
26 26 800294092 BURRIS GERALD W 1063 SEACREST DRIVE NORTHW PORT CHARLOTTE FL 33948
26 26 800296790 CHEN DAVID 1251 NORTHWEST 2ND TERRACE CRYSTAL RIVER FL 34428
26 26 800297079 MALLETT RICKY D 207 SIOUX TRAIL WOODLAND PARK CO 80863
-------------------------------------------
269 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800265357 20,000.00 19,988.83 08/21/97 07/21/12 178.62 09/21/97 86.1 11.800 237.47
800265985 39,100.00 39,100.00 08/16/97 07/16/27 358.45 09/16/97 75.1 9.900 340.24
800266736 15,942.00 15,942.00 08/28/97 07/28/12 178.85 08/28/97 80.4 14.000 212.31
800266835 17,300.00 17,275.11 08/21/97 07/21/17 238.62 09/21/97 84.8 12.400 195.33
800266934 119,000.00 119,000.00 09/01/97 08/01/12 179.00 09/01/97 85.0 11.750 1,201.20
800266942 55,000.00 55,000.00 08/15/97 07/15/17 238.42 09/15/97 47.8 10.600 552.81
800267353 27,000.00 27,000.00 08/16/97 07/16/12 178.45 08/16/97 78.7 13.000 341.62
800267601 30,600.00 30,491.08 08/22/97 07/22/12 178.65 09/22/97 85.0 12.400 375.16
800268898 32,000.00 31,959.21 08/28/97 07/28/12 178.85 09/28/97 84.9 12.500 341.52
800269243 30,900.00 30,716.43 08/16/97 07/16/07 118.45 09/16/97 90.0 10.990 425.47
800269433 10,000.00 9,957.27 08/18/97 07/18/07 118.52 09/18/97 90.0 10.550 135.22
800269458 67,600.00 67,600.00 08/11/97 07/11/12 178.29 09/11/97 78.2 11.000 768.34
800269730 52,300.00 52,136.26 09/01/97 08/01/17 239.00 10/01/97 84.9 12.250 585.01
800270142 84,800.00 84,784.59 08/18/97 07/18/12 178.52 09/18/97 80.0 10.990 806.93
800270365 200,000.00 199,973.70 08/25/97 07/25/12 178.75 09/25/97 70.3 11.550 1,988.22
800270944 47,250.00 47,250.00 08/29/97 07/29/12 178.88 08/29/97 75.0 12.750 513.46
800271157 56,000.00 56,000.00 09/01/97 08/01/12 179.00 09/01/97 80.0 12.500 597.66
800271777 160,000.00 159,762.31 04/01/97 03/01/12 174.00 09/01/97 84.2 10.875 1,508.62
800271827 73,500.00 73,336.64 03/01/97 02/01/27 353.00 09/01/97 70.0 10.250 658.63
800271868 54,000.00 53,935.40 05/01/97 04/01/12 175.00 09/01/97 84.3 10.525 494.97
800272395 51,165.00 51,165.00 08/09/97 07/09/12 178.22 09/09/97 85.0 12.500 630.62
800272536 19,500.00 19,500.00 08/23/97 07/23/07 118.68 08/23/97 89.0 11.400 273.05
800272650 22,700.00 22,700.00 09/01/97 08/01/17 239.00 09/01/97 79.1 12.750 261.92
800272700 18,000.00 18,000.00 08/23/97 07/23/12 178.68 09/23/97 84.1 12.500 192.11
800272791 24,500.00 24,500.00 08/18/97 07/18/12 178.52 08/18/97 66.2 10.500 270.82
800272866 37,000.00 36,982.40 08/23/97 07/23/27 358.68 09/23/97 20.6 11.100 355.16
800272882 47,200.00 47,200.00 08/28/97 07/28/27 358.85 08/28/97 80.0 13.100 525.82
800273682 93,500.00 93,500.00 09/01/97 08/01/12 179.00 09/01/97 89.9 11.800 947.38
800273765 16,670.00 16,670.00 08/21/97 07/21/12 178.62 08/21/97 89.9 11.550 165.72
800274284 140,000.00 139,302.01 08/25/97 07/25/12 178.75 09/25/97 60.8 9.800 1,487.36
800274342 91,800.00 91,446.88 09/01/97 08/01/12 179.00 10/01/97 85.0 10.500 839.73
800274482 49,500.00 49,495.01 08/23/97 07/23/12 178.68 09/23/97 90.0 11.300 571.98
800274581 19,750.00 19,750.00 08/15/97 07/15/12 178.42 08/15/97 85.0 12.500 243.42
800275695 31,000.00 30,714.88 08/28/97 07/28/12 178.85 09/28/97 74.1 11.000 352.34
800276230 18,700.00 18,696.27 08/15/97 07/15/07 118.42 09/15/97 84.4 13.200 281.42
800276297 20,000.00 20,000.00 08/14/97 07/14/12 178.39 09/14/97 81.8 11.050 191.22
800276479 86,000.00 86,000.00 08/23/97 07/23/12 178.68 08/23/97 63.9 10.750 964.02
800276503 25,000.00 25,000.00 09/01/97 08/01/12 179.00 09/01/97 86.0 10.550 277.13
800276685 16,335.00 16,284.46 07/23/97 06/23/12 177.70 09/23/97 82.9 12.500 201.34
800276792 138,000.00 137,700.44 08/18/97 07/18/12 178.52 09/18/97 80.0 10.350 1,246.89
800276933 60,000.00 59,849.86 08/23/97 07/23/17 238.68 09/23/97 78.1 10.550 601.04
800277667 55,000.00 54,936.87 08/22/97 07/22/17 238.65 09/22/97 84.6 10.050 532.59
800277733 77,300.00 77,300.00 09/04/97 08/04/27 359.08 09/04/97 84.9 10.050 681.22
800277949 121,500.00 121,441.42 08/28/97 07/28/12 178.85 09/28/97 90.0 11.000 1,157.07
800277964 33,000.00 32,845.38 08/22/97 07/22/12 178.65 09/22/97 89.8 11.800 391.82
800278483 20,900.00 20,900.00 09/04/97 08/04/12 179.08 09/04/97 79.8 13.100 265.81
800278632 495,000.00 495,000.00 08/15/97 07/15/12 178.42 09/15/97 90.0 12.125 5,139.31
800279432 17,500.00 17,500.00 09/01/97 08/01/17 239.00 09/01/97 76.5 9.900 167.72
800280570 32,700.00 32,466.24 08/23/97 07/23/07 118.68 09/23/97 84.9 10.900 448.59
800280794 87,500.00 87,461.80 08/21/97 07/21/12 178.62 09/21/97 84.9 11.750 883.23
800281974 149,600.00 149,349.77 08/28/97 07/28/12 178.85 09/28/97 85.0 11.200 1,719.18
800282097 42,700.00 42,700.00 08/16/97 07/16/12 178.45 09/16/97 79.9 12.800 534.65
800282907 68,000.00 68,000.00 08/28/97 07/28/12 178.85 08/28/97 66.8 10.300 743.26
800285694 102,000.00 102,000.00 08/28/97 07/28/12 178.85 08/28/97 85.0 12.250 1,068.85
800285876 51,700.00 51,700.00 09/01/97 08/01/12 179.00 09/01/97 88.8 10.990 587.30
800286437 136,000.00 136,000.00 08/25/97 07/25/12 178.75 08/25/97 80.0 13.250 1,531.05
800286742 56,000.00 55,899.61 09/01/97 08/01/27 359.00 10/01/97 80.0 12.750 608.55
800288136 10,000.00 10,000.00 09/01/97 08/01/07 119.00 09/01/97 78.1 12.500 146.38
800288151 72,250.00 72,250.00 08/25/97 07/25/27 358.75 08/25/97 85.0 10.500 660.90
800288748 48,053.00 47,913.32 08/28/97 07/28/12 178.85 09/28/97 89.8 11.150 550.70
800292344 19,850.00 19,850.00 08/29/97 07/29/12 178.88 08/29/97 79.9 12.400 243.37
800294084 52,000.00 51,870.23 09/04/97 08/04/27 359.08 10/04/97 80.0 12.850 569.13
800294092 28,000.00 28,000.00 09/04/97 08/04/12 179.08 09/04/97 84.7 11.500 327.09
800296790 62,200.00 62,200.00 09/01/97 08/01/07 119.00 09/01/97 83.5 11.500 874.50
800297079 197,250.00 197,250.00 09/01/97 08/01/27 359.00 09/01/97 75.0 9.990 1,729.55
---------------------------------------------------- ------ -------------------------------
269 17,671,269.00 17,646,406.33 224.35 78.0 11.570 186,206.63
</TABLE>
<PAGE>
<TABLE>
Page 27 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
29 29 800272171 WYNN TONY D 2776 NICHOLS RD LITHIA FL 33547
-------------------------------------------
1 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800272171 78,200.00 78,200.00 10/01/97 08/14/13 192.00 10/01/97 75.9 10.375 771.81
---------------------------------------------------- ------ -------------------------------
1 78,200.00 78,200.00 192.00 75.9 10.375 771.81
</TABLE>
<PAGE>
<TABLE>
Page 28 9/23/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - Initial Pool of Fixed Rate Mortgages - Settlement 9/25/97
<CAPTION>
Originations Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
36 36 800166886 RUSSELL ROBERT 266 NORTH 800 EAST KAYSVILLE UT 84037
36 36 800191082 HUNTSMAN DUSTIN 53 SOUTH 200 EAST SANTAQUIN UT 84655
36 36 800203291 BRENT LARRY 7212 HACKBERRY LANE CHARLOTTE NC 28226
36 36 800204711 FELDLEIT STEVEN 219 ALBERTS WAY LANGHORNE PA 19047
36 36 800214975 LITTLE WALTER D 4034 E SUNFLOWER CIRCLE LABELLE FL 33935
36 36 800215493 RYAN CHRISTOPHE 1004 SOUTHAMPTON AVENUE GLENSIDE PA 19038
36 36 800219826 KASHDAN MARK A 4058 31ST AVENUE NORTH ST PETERSBURG FL 33713
36 36 800225153 SENSAT KATHRYN HELENE 179 EAST COREY BRONSON MI 49028
36 36 800225260 MAGRAW EDWARD A 9703 BROOKMERE DRIVE SAINT LOUIS MO 63123
36 36 800225450 PURCELL DAVID L 3047 SOUTHEAST BOYD STREET MILWAUKIE OR 97222
36 36 800226730 BALLANTYNE CAROL E 1018 LAFAYETTE PLACE LAKE SAINT LOUIS MO 63367
36 36 800234130 SHULL CHERYLL 4162 JOHN RITCHIE ROAD IRON STATION NC 28080
36 36 800240210 WOOD JOHN L 4035 LOCKPORT BRIDGETON MO 63044
36 36 800243032 MATTHEWS SCOTT H 4290 COUNTRY GARDEN WALK KENNESAW GA 30144
36 36 800244188 BRUNK GARY 822 SIERRA VISTA NEWBERG OR 97132
36 36 800247819 LEBERTH DONNA J 208 FLAMINGO DRIVE APOLLO BEACH FL 33572
36 36 800247959 NIELSEN CHRISTOPHE J 403 E 6TH NEWBERG OR 97132
36 36 800252256 TAYLOR BETH C. 5600 HISTORIC SPRING DRIVE CONCORD NC 28028
36 36 800252348 EVANS ARTHUR N 19250 SW OAK ST ALOHA OR 97007
36 36 800252512 BIRCH LEROY W 8225 SW GEARHART DRIVE BEAVERTON OR 97007
36 36 800252553 NAZARCHYK MICHAEL J. 308 SOUTHEAST 150TH COURT VANCOUVER WA 98684
36 36 800253114 WILLIAMS SAM 1917 NORTH 44TH STREET FORT PIERCE FL 34947
36 36 800253973 BERGMAN JOHN V 737 CLAUSER DRIVE MILPITAS CA 95035
36 36 800254005 HARDMAN ARNEL GORDON 1750 JOY HAVEN STREET PORT ST LUCIE FL 34983
36 36 800254187 ANDONE THEODORE M 19617 NE ALLWORTH RD BATTLE GROUND WA 98604
36 36 800255432 LYONS CONNIE B 31 PILOT HILL DRIVE SAINT PETERS MO 63376
36 36 800259483 ROBINSON ROBERT G 17825 LOUNDREE DRIVE SANDY OR 97055
36 36 800261125 CORBETT JAMES J 110 BOSSETT RD RAVENNA MI 49451
36 36 800264723 KROBOTH FRED 157 PARAS HILL DRIVE HARTFORD MI 49057
36 36 800265159 RUPPERT GERALD M 34 VIA ANDORRA COTO DE CAZA CA 92679
36 36 800265241 PINHEIRO DALE J 5436 SE JENNE ROAD PORTLAND OR 97236
36 36 800266116 JACOBSON ROBERT L 5095 HARTWELL AVE NE ROCKFORD MI 49341
36 36 800266306 TAUBE WILLIAM R 2225 S 13TH STREET NILES MI 49120
36 36 800266504 DE FREECE AUSTIN B 5304 ARIZONA DRIVE VANCOUVER WA 98661
36 36 800268385 OLIVE JAMES PHILLIP 723 COUNTRY LANE CLAYTON NC 27520
36 36 800268419 ASSAD MICHAEL 18780 BOYNTON STREET OREGON CITY OR 97045
36 36 800269987 WILLIAMS ISIAH 415 CYPRESS AVE N GREEN COVE SPRINGS FL 32043
36 36 800270852 GEORGE JAMES M 1276 LUNDY DRIVE SIMI VALLEY CA 93065
36 36 800271694 WILDER RICHARD E 14504 121ST AVE E PUYALLUP WA 98374
36 36 800271728 CANTRALL GENE A 18965 SW JAYLEE ST ALOHA OR 97007
36 36 800271900 ANDERSON KLARICE K 1418 NE 112TH AVENUE PORTLAND OR 97220
36 36 800272007 MATHER KENNETH H 1706 CAMINO DRIVE FOREST GROVE OR 97116
36 36 800272577 CRANDELL MELVIN D 6555 NE LOWRY DR WEST LINN OR 97068
36 36 800272635 SWEENEY MICHAEL F 307 NORTHEAST 62ND AVENUE HILLSBORO OR 97124
36 36 800276842 GETSFRID JAY A 10713 NE 42 ST VANCOUVER WA 98682
36 36 800280547 KRANOVICH LINDA K 14535 SE BRAMBLE CT MILWAUKIE OR 97267
36 36 800281149 PAGE ROBERT L 1450 MEMORY WAY LAWRENCEVILLE GA 30245
36 36 800282824 SMEDLEY LARRY B 1921 NORTHWEST 90TH STREET VANCOUVER WA 98665
36 36 800286205 WAGNER STEVEN R 3041 COUNTRY KNOLL DRIVE SAINT CHARLES MO 63303
------------------------------------------
49 Sale Total
319 Total with Merrill Lynch
1,306 Grand Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
Originations Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800166886 102,100.00 101,974.03 05/29/97 04/29/17 235.89 08/29/97 75.6 10.500 1,019.35
800191082 43,000.00 43,000.00 06/14/97 05/14/17 236.38 09/14/97 89.8 12.600 491.58
800203291 24,114.00 24,114.00 09/01/97 08/01/17 239.00 09/01/97 90.0 11.500 257.16
800204711 12,400.00 12,400.00 08/01/97 07/01/07 118.00 09/01/97 79.0 13.750 190.67
800214975 60,000.00 60,000.00 09/01/97 08/01/17 239.00 09/01/97 80.0 9.400 555.37
800215493 29,500.00 29,500.00 08/18/97 07/18/12 178.52 08/18/97 22.1 9.800 313.41
800219826 22,900.00 22,900.00 08/01/97 07/01/17 238.00 09/01/97 80.6 12.400 258.56
800225153 31,000.00 30,996.44 08/11/97 07/11/27 358.29 09/11/97 47.7 11.750 312.92
800225260 92,500.00 92,127.77 07/18/97 06/18/12 177.53 09/18/97 69.5 9.400 960.33
800225450 125,800.00 125,800.00 08/14/97 07/14/27 358.39 09/14/97 85.0 12.150 1,308.54
800226730 23,000.00 22,832.59 07/20/97 06/20/12 177.60 09/20/97 82.1 10.150 249.27
800234130 37,980.00 37,758.33 08/22/97 07/22/07 118.65 09/22/97 80.8 9.900 499.81
800240210 47,000.00 47,000.00 08/02/97 07/02/12 177.99 09/02/97 84.6 12.400 576.23
800243032 49,000.00 49,000.00 07/27/97 06/27/12 177.83 08/27/97 85.5 10.300 535.59
800244188 41,600.00 41,582.47 08/18/97 07/18/12 178.52 09/18/97 39.2 9.800 441.96
800247819 18,400.00 18,288.03 08/16/97 07/16/07 118.45 09/16/97 89.9 11.550 259.22
800247959 39,868.00 39,868.00 08/08/97 07/08/12 178.19 09/08/97 89.9 11.150 456.90
800252256 25,400.00 25,211.76 08/15/97 07/15/07 118.42 09/15/97 85.7 11.150 352.05
800252348 22,800.00 22,800.00 08/07/97 07/07/12 178.16 09/07/97 41.4 9.650 240.15
800252512 71,200.00 71,162.96 08/14/97 07/14/12 178.39 09/14/97 89.4 10.990 808.81
800252553 21,260.00 21,260.00 08/09/97 07/09/12 178.22 09/09/97 89.9 11.150 243.65
800253114 27,337.00 27,337.00 09/01/97 08/01/12 179.00 09/01/97 85.1 10.300 298.80
800253973 33,695.00 33,695.00 09/01/97 08/01/12 179.00 09/01/97 89.7 11.550 394.69
800254005 88,136.00 87,921.79 08/08/97 07/08/27 358.19 09/08/97 73.4 9.800 760.46
800254187 26,000.00 26,000.00 08/07/97 07/07/07 118.16 08/07/97 76.9 13.750 399.79
800255432 58,348.00 58,348.00 08/28/97 07/28/27 358.85 08/28/97 55.5 10.400 529.37
800259483 23,600.00 23,600.00 08/09/97 07/09/12 178.22 08/09/97 82.0 10.300 257.96
800261125 46,500.00 46,500.00 08/14/97 07/14/17 238.39 09/14/97 62.0 11.250 487.90
800264723 35,500.00 35,500.00 09/01/97 08/01/17 239.00 09/01/97 58.1 9.550 332.07
800265159 125,500.00 125,500.00 08/22/97 07/22/17 238.65 08/22/97 89.9 11.550 1,342.70
800265241 44,500.00 44,500.00 09/01/97 08/01/12 179.00 09/01/97 87.2 11.400 517.02
800266116 59,200.00 59,200.00 08/23/97 07/23/17 238.68 09/23/97 80.0 13.250 704.14
800266306 52,900.00 52,841.59 08/22/97 07/22/12 178.65 09/22/97 87.4 11.050 602.92
800266504 82,000.00 82,000.00 09/01/97 08/01/17 239.00 09/01/97 73.4 10.300 807.68
800268385 42,270.00 42,120.08 08/23/97 07/23/07 118.68 09/23/97 84.8 11.850 602.79
800268419 33,546.00 33,521.20 08/14/97 07/14/07 118.39 09/14/97 58.9 10.650 455.48
800269987 22,981.00 22,981.00 09/01/97 08/01/07 119.00 09/01/97 49.9 10.150 305.61
800270852 70,000.00 70,000.00 08/21/97 07/21/12 178.62 08/21/97 87.5 11.150 802.22
800271694 25,700.00 25,437.81 08/21/97 07/21/07 118.62 09/21/97 64.4 9.650 334.67
800271728 52,000.00 51,850.98 08/21/97 07/21/12 178.62 09/21/97 42.4 9.650 547.71
800271900 56,500.00 56,500.00 08/16/97 07/16/17 238.45 08/16/97 84.6 10.300 556.51
800272007 50,800.00 50,531.06 08/23/97 07/23/07 118.68 09/23/97 81.5 9.900 668.52
800272577 41,800.00 41,694.17 08/25/97 07/25/17 238.75 09/25/97 84.4 9.900 400.61
800272635 37,716.00 37,716.00 09/01/97 08/01/17 239.00 09/01/97 82.9 9.900 361.47
800276842 35,200.00 35,200.00 09/01/97 08/01/07 119.00 09/01/97 78.7 9.900 463.22
800280547 48,800.00 48,800.00 09/01/97 08/01/12 179.00 09/01/97 71.4 9.900 521.43
800281149 76,500.00 76,500.00 09/01/97 08/01/27 359.00 09/01/97 86.9 11.300 745.92
800282824 47,100.00 47,100.00 09/01/97 08/01/12 179.00 09/01/97 84.7 9.900 503.26
800286205 31,799.00 31,799.00 09/05/97 08/05/12 179.11 09/05/97 81.5 9.900 339.77
---------------------------------------------------- ------ -------------------------------
49 2,316,750.00 2,314,271.06 218.48 76.9 10.788 25,376.22
319 20,066,219.00 20,038,877.39 223.54 77.9 11.475 212,354.66
1,306 75,362,925.00 75,270,504.81 221.18 77.7 11.558 802,561.46
</TABLE>
<PAGE>
EXHIBIT H-2
MORTGAGE LOAN SCHEDULE FOR SUB-POOL 2
<PAGE>
<TABLE>
Page 1 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800026429 FOSTER THOMAS E 480 NEW BRIDGE RD RISING SUN MD 21911
27 27 800041303 CRISP CHARLOTTE A 108 S DUPONT ST WILMINGTON DE 19804
27 27 800059628 BLACK JOHN W 216 FORSTER STREET HARRISBURG PA 17102
27 27 800094781 CALAMUSA JOHN 47 4TH ST GLEN COVE NY 11542
27 27 800111387 DURINA MARK A 3294 BUCKHORN DRIVE CLEARWATER FL 34621
27 27 800140469 SOLIDAY KEVIN B 21 LAKESHORE DR OAKLAND NJ 07436
27 27 800174294 CONTE MARIO 40 EASTERN AVE OSSINING NY 10562
27 27 800109100 EDWARDS BENJAMIN H 14923 LAKE AZURE DRIVE ORLANDO FL 32824
27 27 800118002 JACKSON BERNADETTE 3205 DAKOTA STREET PHILADELPHIA PA 19132
27 27 800118960 HAGGERTY ANTHONY 301 BREWERY ROAD NEW CITY NY 10994
27 27 800129454 COCKRELL TERESA J 13 39TH ST COPIAGUE NY 11726
27 27 800143331 WELKER DENNIS M 313 WASHINGTON ST TAMAQUA PA 18252
27 27 800147902 SCHWAB DAVID A 1411 BANYAN CIR POMPANO BEACH FL 33069
27 27 800151045 BRUCE EDWARD F 145 ASPETUCK RIDGE ROAD NEW MILFORD CT 06776
27 27 800155236 BRICKNER THEODORA 8 GALLO COURT LAWRENCEVILLE NJ 08648
27 27 800155368 JASINSKI SUSAN A 2913 SELMA STREET JACKSONVILLE FL 32205
27 27 800164733 RITTER STEVEN J 715 HALFWAY DRIVE MYERSTOWN PA 17067
27 27 800166068 OLIVERA ALDO 2423 87TH ST EAST ELMHURST NY 11369
27 27 800167512 ROSE VERONICA L 5114 QUEENSBERRY AVENUE BALTIMORE MD 21215
27 27 800170169 JAMIL SYED 91-15 48TH AVE ELMHURST NY 11373
27 27 800171001 HEEREN RICHARD W 54 MANNING PL KEANSBURG NJ 07734
27 27 800173650 GRAZIANO MARC A 16 ERICA LYNNE WAY HAMILTON NJ 08690
27 27 800176356 LONGO DIANE LOT 650 SECTION 4 INDEPEND MASTHOPE RAPIDS PA 18435
27 27 800177677 FASIG RANDY V 1037 AMITY STREET READING PA 19602
27 27 800180234 VANATTA JEFF A 100 MARKET STREET MIFFLINVILLE PA 18631
27 27 800182495 WHITTLE MARION 739 QUINNIPIAC AVENUE NEW HAVEN CT 06516
27 27 800182784 MOMPLAISIR ULRICK 1462 E 55TH ST BROOKLYN NY 11234
27 27 800184970 HAYWOOD MORZETTE 9 VALLEY AVE NEWBURGH NY 12550
27 27 800185647 ARNDT JAMES R 423 LEHMAN ST LEBANON PA 17046
27 27 800186124 MAZZA DOREEN 19 FALCON COURT FARMINGVILLE NY 11738
27 27 800188708 SCALFARO KELLY A 5176 HUCKLEBERRY ROAD ALLENTOWN PA 18042
27 27 800190159 CURTIS SHARON A 4743 CRAYTON ROAD WEST SPRINGFIELD PA 16443
27 27 800190332 DIGLIO BARBARA J BATES 4523 BROAD RD SYRACUSE NY 13215
27 27 800191090 MAZZEO PASQUALE 37 LAKE AVE ST JAMES NY 11780
27 27 800192619 CHAPMAN LORI A 1012-14 SECOND AVENUE ALTOONA PA 16602
27 27 800193872 VEGA RAUL C. 702 LAKE BISCAYNE WAY ORLANDO FL 32824
27 27 800194425 ABELOFF EDWIN J 304 MAPLEWOOD DRIVE DICKSON CITY PA 18447
27 27 800194508 SHOTT NATALIE P 19 CLINTON ST SOUTH RIVER NJ 08882
27 27 800196610 CONNELLY PHYLLIS A 371 EDMONDS AVENUE DREXEL HILL PA 19026
27 27 800196883 BABIARZ JOHN A 15 PARKER AVENUE MADISON CT 06443
27 27 800196982 ANTHONY JOSEPH HARRELL 211 NORTH CONE STREET WILSON NC 27893
27 27 800197014 BOYENS JUANITA 1834 WEST ALBANUS STREET PHILADELPHIA PA 19141
27 27 800197337 CURCIO ROBERT LOUIS 139 BROADWAY HAMMONTON NJ 08037
27 27 800197477 SABO TODD M RD 1 BOX 383 ELYSBURG PA 17824
27 27 800197618 VAZQUEZ ALBERT 2 SIXTH STREET RIDGEFIELD PARK NJ 07660
27 27 800200230 NEARY MICHAEL J. 173 TASHUA RD TRUMBULL CT 06611
27 27 800200628 VAN ANTHONY W 474 GENESEE ST BUFFALO NY 14204
27 27 800201154 WEISNER LILLIANA 317 45TH STREET BROOKLYN NY 11220
27 27 800203580 EVANS LISA 91 DEBEVOISE AVE ROOSEVELT NY 11575
27 27 800203770 WOODCOCK JOSEPH C 450 DOUGLAS BRANCH ROAD ROCKY FORD GA 30455
27 27 800205098 BAPTISTE WAYNE 267 BLEECKER STREET BROOKLYN NY 11237
27 27 800205122 WILKERSON RACHEL J 2111 S BRADDOCK AVENUE PITTSBURGH PA 15218
27 27 800205833 BOWMAN JOHN 5 HAVEN ROAD OLDBRIDGE NJ 08857
27 27 800206526 DONER MARCELETTE TONI 10830 MORSE ROAD PATASKLA OH 43062
27 27 800206666 SCANDELL SHAWN AIRPORT RD MONGAUP VALLEY NY 12762
27 27 800207193 CELLUPICA DIANE 250 STOODLEY PLACE SCHENECTADY NY 12303
27 27 800207763 GROSSEN HANS 601 LAKE BISCAYNE WAY ORLANDO FL 32824
27 27 800207888 BERTOLACCI ROBERT 8 PHYLLIS PLACE RYE BROOK NY 10573
27 27 800207920 BAKER ROBERT H 3 BLAIR LANE BROOKHAVEN NY 11719
27 27 800207979 VLACICH MICHAEL A 8 WELDON LANE COMMACK NY 11725
27 27 800208233 ASSIS LUIZ C. 39 PINCUSHION ROAD FRAMINGHAM MA 01701
27 27 800208506 CALDWELL WILLIAM R 8-10 LESTER STREET ANSONIA CT 06401
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800026429 148,750.00 148,248.72 12/01/96 11/01/26 10.625 10.625 16.625 6.750
800041303 82,800.00 82,569.62 03/01/97 02/01/27 9.875 8.875 15.875 5.000
800059628 63,200.00 62,933.13 03/01/97 02/01/27 8.625 7.625 14.625 3.750
800094781 110,000.00 109,490.04 04/01/97 03/01/27 7.375 7.375 13.375 3.500
800111387 99,000.00 98,788.85 04/01/97 03/01/27 10.250 9.250 16.250 5.750
800140469 230,350.00 230,049.82 06/01/97 05/01/27 10.125 10.125 16.125 6.500
800174294 80,000.00 79,908.85 06/01/97 05/01/27 10.750 9.750 16.750 6.250
800109100 98,900.00 98,787.31 06/01/97 05/01/27 10.750 9.750 16.750 6.500
800118002 24,000.00 23,881.97 05/01/97 04/01/27 10.625 9.625 16.625 6.000
800118960 199,800.00 199,693.67 08/01/97 07/01/27 9.125 9.125 15.125 5.500
800129454 93,600.00 93,468.26 05/01/97 04/01/27 11.125 10.125 17.125 7.250
800143331 27,000.00 26,967.62 06/01/97 05/01/27 10.625 9.625 16.625 6.000
800147902 160,780.00 160,506.84 05/01/97 04/01/27 10.250 9.250 16.250 6.000
800151045 196,000.00 195,908.56 08/01/97 07/01/27 9.750 8.750 15.750 5.000
800155236 101,600.00 101,507.30 07/01/97 06/01/27 9.875 8.875 15.875 6.000
800155368 66,600.00 66,336.64 07/01/97 06/01/27 10.250 9.250 16.250 5.750
800164733 115,000.00 114,940.83 07/01/97 06/01/27 12.500 11.500 18.500 8.500
800166068 154,800.00 154,676.42 07/01/97 06/01/27 10.500 9.500 16.500 6.750
800167512 27,950.00 27,912.57 07/01/97 06/01/27 10.000 9.000 16.000 5.500
800170169 110,500.00 110,368.01 06/01/97 05/01/27 11.875 10.875 17.875 7.250
800171001 44,000.00 43,886.76 08/01/97 07/01/27 11.000 10.000 17.000 7.000
800173650 164,000.00 163,943.09 08/01/97 07/01/27 11.125 11.125 17.125 8.250
800176356 50,000.00 49,956.96 07/01/97 06/01/27 10.125 10.125 16.125 6.250
800177677 42,320.00 42,310.05 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800180234 39,000.00 38,979.47 07/01/97 06/01/27 12.250 11.250 18.250 7.000
800182495 33,600.00 33,600.00 09/01/97 08/01/27 9.625 9.625 15.625 6.000
800182784 191,700.00 191,615.20 08/01/97 07/01/27 10.000 9.000 16.000 5.500
800184970 68,400.00 68,400.00 09/01/97 08/01/27 11.250 10.250 17.250 6.450
800185647 41,300.00 41,289.43 08/01/97 07/01/27 12.500 11.500 18.500 8.500
800186124 115,600.00 115,459.67 08/01/97 07/01/27 11.000 10.000 17.000 6.500
800188708 95,900.00 95,593.70 07/01/97 06/01/27 11.000 10.000 17.000 6.250
800190159 53,910.00 53,891.80 08/01/97 07/01/27 11.250 10.250 17.250 7.250
800190332 100,000.00 99,962.35 08/01/97 07/01/27 10.750 9.750 16.750 6.000
800191090 150,500.00 150,415.62 08/01/97 07/01/27 8.875 8.875 14.875 5.250
800192619 37,255.00 37,243.10 08/01/97 07/01/27 11.500 10.500 17.500 8.000
800193872 100,755.00 100,755.00 09/01/97 08/01/27 10.500 9.500 16.500 6.750
800194425 120,700.00 120,534.63 07/01/97 06/01/27 9.875 8.875 15.875 4.750
800194508 65,970.00 65,938.39 08/01/97 07/01/27 9.625 9.625 15.625 5.750
800196610 63,700.00 63,670.28 09/01/97 08/01/27 9.750 8.750 15.750 5.000
800196883 172,000.00 172,000.00 09/01/97 08/01/27 11.125 11.125 17.125 8.500
800196982 34,000.00 33,973.59 08/01/97 07/01/27 10.625 10.625 16.625 6.500
800197014 33,600.00 33,575.41 07/01/97 06/01/27 10.875 9.875 16.875 6.000
800197337 76,500.00 76,472.72 08/01/97 07/01/27 11.000 10.000 17.000 7.500
800197477 49,300.00 49,277.00 08/01/97 07/01/27 9.750 8.750 15.750 5.250
800197618 157,000.00 156,852.92 07/01/97 06/01/27 9.750 8.750 15.750 6.250
800200230 136,000.00 136,000.00 09/01/97 08/01/27 10.750 9.750 16.750 6.500
800200628 73,444.00 73,444.00 09/01/97 08/01/27 9.375 8.375 15.375 5.500
800201154 182,750.00 182,686.59 08/01/97 07/01/27 11.125 11.125 17.125 7.500
800203580 100,000.00 99,976.48 08/01/97 07/01/27 12.875 11.875 18.875 8.250
800203770 49,600.00 49,484.87 07/01/97 06/01/17 11.000 10.000 17.000 6.500
800205098 135,000.00 134,931.82 08/01/97 07/01/27 9.375 9.375 15.375 5.750
800205122 42,000.00 41,990.63 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800205833 126,400.00 126,400.00 09/01/97 08/01/27 9.375 9.375 15.375 5.800
800206526 145,800.00 145,800.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
800206666 106,425.00 106,369.83 09/01/97 08/01/27 9.250 8.250 15.250 4.500
800207193 82,450.00 82,422.16 08/01/97 07/01/27 11.250 10.250 17.250 6.500
800207763 128,000.00 127,886.28 07/01/97 06/01/27 10.000 9.000 16.000 6.000
800207888 146,700.00 146,641.71 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800207920 200,000.00 199,867.98 08/01/97 07/01/27 11.375 10.375 17.375 6.750
800207979 157,250.00 157,189.18 08/01/97 07/01/27 10.625 10.625 16.625 7.500
800208233 146,625.00 146,565.15 08/01/97 07/01/27 10.375 10.375 16.375 6.500
800208506 99,200.00 99,200.00 09/01/97 08/01/27 13.000 12.000 19.000 8.650
</TABLE>
<PAGE>
<TABLE>
Page 2 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800209728 MILLER MELISSA A 807 THORNE STREET HORSEHEADS NY 14845
27 27 800210064 CRONEN RICHARD G BOX 2103 GOLD KEY LAKE MILFORD PA 18337
27 27 800210312 LAMENDOLA JOYCE 816 JOHNSON AVENUE RONKONKOMA NY 11779
27 27 800210510 OROZCO IGNACIO A 1108 FOLLY RD CHARLESTON SC 29412
27 27 800212458 TOPORKIEWICZ WLADYSLAWA 37 AVENUE E LODI NJ 07644
27 27 800212995 UFFELMAN JOHN R 204 COTTONWOOD DRIVE OAKDALE PA 15071
27 27 800213001 CHARETTE THOMAS J 310 HIGHLAND STREET HAWLEY PA 18428
27 27 800213035 KIDWELL RONALD J 3130 STOP EIGHT DAYTON OH 45414
27 27 800213647 HARKINS ROBBIN LYNN 7 MAGNOLIA TRAIL DELTA PA 17314
27 27 800213670 CONWAY JASON M 601 SCHUYLKILL AVENUE POTTSVILLE PA 17901
27 27 800214462 MONICO JOSEPH J 97 LINCOLN AVENUE W MILFORD NJ 07480
27 27 800215253 BRANDT LAURIE A 5 HOWARD STREET VERONA NJ 07044
27 27 800216095 GOJANI LEKE 40 ELAINE TERRACE YONKERS NY 10701
27 27 800216400 TES SARITH 703 EAST LEHMAN STREET LEBANON PA 17046
27 27 800216525 GRILLONE ROSANNE 861 51ST AVENUE SOUTH ST PETERSBURG FL 33705
27 27 800216715 HEREDIA GUSTAVO G 48 SUMMIT ST WINDHAM CT 06225
27 27 800216921 OWENS RICHARD E 806 PHILO STREET SCRANTON PA 18508
27 27 800217184 HENRY WALTER J 1015 JENNINGS STREET BETHLEHEM PA 18017
27 27 800217341 HABIB ANA L. 245 NORTHEAST 28TH TERRACE BOCA RATON FL 33341
27 27 800217671 ROMANO PAUL D. 435 MEADOWOOD ROAD JACKSON NJ 08527
27 27 800217960 MODANESI ALBERINDA 15 TAFT AVENUE ISLIP NY 11751
27 27 800218448 KORFF J SCOTT 1601 JAMES STREET SYRACUSE NY 13203
27 27 800219396 KONSTANTINOV CHARLES 361 RIDER AVE PATCHOGUE NY 11772
27 27 800219743 SCHWALB STEVEN 105 RIVIERA PARKWAY LINDENHURST NY 11751
27 27 800220816 OUTLAW ROBERTA 184 JULIA TERRACE MIDDLETOWN CT 06457
27 27 800220899 ELSAYED AHMED 307 N 6TH STREET ALLENTOWN PA 18102
27 27 800221178 ACOCELLA VINCENT 31 OAK TERRACE SUFFERN NY 10901
27 27 800221681 COZZI RICHARD C. 425 FARWOOD ROAD HADDONFIELD NJ 08033
27 27 800222002 FERNANDEZ RAFAEL 111 DUER LANE STATEN ISLAND NY 10305
27 27 800222150 ADVINCULA ANTONIO 4489 GARWOOD DRIVE LADSON SC 29456
27 27 800224537 SMITH EARL 168 N 19TH ST EAST ORANGE NJ 07017
27 27 800224552 AUGUST WARREN 681 LOWELL AVENUE CENTRAL ISLIP NY 11722
27 27 800224800 BAUER GEORGE V 90 NORTH MAIN STREET BETHLEHEM CT 06751
27 27 800224941 ROHLAND CHRISTOPHE A 477 NEW STREET LEBANON PA 17046
27 27 800225195 POL JOHN A 1297 DORIS DRIVE POTTSTOWN PA 19464
27 27 800225294 CELA LEGRAND 245 LITTLETON AVENUE NEWARK NJ 07103
27 27 800225740 BOWLING DIANTHA K 40 EAST LITCHFIELD ROAD LITCHFIELD CT 06759
27 27 800226045 TOMMASONE STEVEN A 1337 PAUL AVE SCHENECTADY NY 12306
27 27 800226177 SHTRAKHMAN SERGEY 48 VICTORIA RD STATEN ISLAND NY 10312
27 27 800226201 MOSLEY LOVELL 92 ELLIOT AVE YONKERS NY 10701
27 27 800226607 WOHL CARL 258 ROONEY COURT EAST BRUNSWICK NJ 08816
27 27 800226904 CREMARD THERESA L 13032 VALLEY VIEW DRIVE CLARKS SUMMIT PA 18411
27 27 800227043 SERENO MICHAEL 18 LAFAYETTE AVENUE SUMMIT NJ 07801
27 27 800227050 SCHELL KARL E 841 LOCUST GROVE ROAD MIDDLETOWN PA 17057
27 27 800227068 CARMICHAEL SHENAZ 33 EVELYN PLACE BRONX NY 10468
27 27 800227563 VANE MONTE 40 AVE C HOLBROOK NY 11741
27 27 800227571 GUERRIRO NUNZIO 109 CARTER AVENUE NEWBURGH NY 12550
27 27 800228009 PULICE ROCCO 2871 WATERBURY AVE BRONX NY 10461
27 27 800228082 BAYCROFT JOHN MICHAEL 34 LAURELCREST DRIVE MADISON CT 06443
27 27 800228207 WHITE DAVID 10 MOLLY PITCHER DRIVE MANALAPAN NJ 07726
27 27 800228504 FIDDERMAN RANDOLPH 14 HACKNEY CIRCLE LINCOLN DE 19960
27 27 800228835 PRIGIAN MASIS 167 CEDAR STREET CLIFFSIDE PARK NJ 07010
27 27 800229221 HINES SUSAN S 310 MACKENZIE DRIVE WEST CHESTER PA 19380
27 27 800229858 MARINO PAUL F 10 W SPRING GARDEN STREET PALMYRA NJ 08065
27 27 800229965 RAMIREZ EDWARD 15 HADLEY AVENUE CLIFTON NJ 07011
27 27 800230013 DAVIS RAYMOND C 33 WILLOW GROVE WAY MANALAPAN NJ 07726
27 27 800230385 NASSEEM MICHEL 76 ALEXANDER AVE STATEN ISLAND NY 10312
27 27 800230567 GREENBERG KENNETH L. 8 PATRICIAN LANE MEDFORD NY 11763
27 27 800230914 CARRASQUILLO JOSE M 628 N 12TH STREET ALLENTOWN PA 18102
27 27 800231144 BARDELL CONSTANCE LYNN 1224 26TH STREET NORTH ST PETERSBURG FL 33713
27 27 800231557 MCMILLAN VALERIA O 2 SILVER LAKE ROAD DINGMANS FERRY PA 18328
27 27 800231961 MADDEN ALAN T 1028 CUTLER STREET SCHENECTADY NY 12307
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800209728 57,600.00 57,577.11 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800210064 96,480.00 96,425.91 09/01/97 08/01/27 8.875 7.875 14.875 3.750
800210312 144,000.00 143,878.70 07/01/97 06/01/27 10.250 9.250 16.250 6.250
800210510 63,750.00 63,687.05 08/01/97 07/01/27 9.500 8.500 15.500 5.500
800212458 89,250.00 89,250.00 09/01/97 08/01/27 10.375 10.375 16.375 6.500
800212995 66,950.00 66,925.47 08/01/97 07/01/27 10.875 9.875 16.875 5.500
800213001 85,000.00 84,911.54 08/01/97 07/01/27 9.250 8.250 15.250 4.500
800213035 51,500.00 51,477.82 08/01/97 07/01/27 10.125 9.125 16.125 5.000
800213647 60,000.00 59,925.89 07/01/97 06/01/27 10.375 9.375 16.375 5.750
800213670 35,600.00 35,591.63 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800214462 76,800.00 76,800.00 09/01/97 08/01/27 10.000 9.000 16.000 5.500
800215253 199,750.00 199,682.57 08/01/97 07/01/27 11.250 10.250 17.250 6.500
800216095 127,500.00 127,500.00 09/01/97 08/01/27 10.125 10.125 16.125 6.500
800216400 64,350.00 64,321.53 08/01/97 07/01/27 10.000 9.000 16.000 6.750
800216525 62,910.00 62,910.00 09/01/97 08/01/27 10.000 9.000 16.000 5.750
800216715 70,650.00 70,622.68 08/01/97 07/01/27 10.625 9.625 16.625 6.000
800216921 44,010.00 43,992.51 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800217184 60,350.00 60,350.00 09/01/97 08/01/27 11.125 10.125 17.125 6.250
800217341 127,500.00 127,408.66 08/01/97 07/01/27 11.000 10.000 17.000 6.250
800217671 207,200.00 207,200.00 09/01/97 08/01/27 8.625 7.625 14.625 3.500
800217960 81,000.00 81,000.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800218448 117,000.00 117,000.00 09/01/97 08/01/27 10.750 9.750 16.750 6.750
800219396 84,800.00 84,778.29 08/01/97 07/01/27 12.500 11.500 18.500 8.000
800219743 127,500.00 127,458.12 08/01/97 07/01/27 11.375 10.375 17.375 7.500
800220816 106,250.00 106,218.74 08/01/97 07/01/27 11.875 10.875 17.875 7.250
800220899 44,100.00 44,100.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800221178 130,500.00 130,500.00 09/01/97 08/01/27 12.250 11.250 18.250 7.250
800221681 98,400.00 98,368.55 08/01/97 07/01/27 11.500 10.500 17.500 7.000
800222002 117,000.00 117,000.00 10/01/97 09/01/27 9.875 9.875 15.875 6.250
800222150 68,000.00 67,966.55 08/01/97 07/01/27 9.500 8.500 15.500 4.500
800224537 64,000.00 63,948.92 07/01/97 06/01/27 10.500 9.500 16.500 5.500
800224552 67,500.00 67,467.67 08/01/97 07/01/27 9.625 8.625 15.625 4.875
800224800 118,800.00 118,705.17 08/01/97 07/01/27 10.500 9.500 16.500 6.000
800224941 36,000.00 35,986.81 08/01/97 07/01/27 10.875 9.875 16.875 7.250
800225195 65,000.00 64,964.50 08/01/97 07/01/27 9.000 8.000 15.000 4.250
800225294 39,000.00 38,989.74 08/01/97 07/01/27 12.375 11.375 18.375 6.750
800225740 264,000.00 263,915.63 08/01/97 07/01/27 11.500 10.500 17.500 8.000
800226045 123,250.00 123,250.00 09/01/97 08/01/27 11.250 10.250 17.250 6.500
800226177 156,800.00 156,753.87 08/01/97 07/01/27 11.875 11.875 17.875 8.250
800226201 198,000.00 197,862.04 07/01/97 06/01/27 11.125 10.125 17.125 6.250
800226607 114,000.00 113,893.19 08/01/97 07/01/27 9.750 8.750 15.750 5.250
800226904 90,000.00 89,978.84 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800227043 224,000.00 224,000.00 10/01/97 09/01/27 12.625 11.625 18.625 8.400
800227050 121,300.00 121,251.80 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800227068 148,750.00 148,707.44 08/01/97 07/01/27 12.000 11.000 18.000 7.500
800227563 99,375.00 99,337.58 09/01/97 08/01/27 10.750 10.750 16.750 7.400
800227571 115,000.00 114,937.18 08/01/97 07/01/27 9.000 8.000 15.000 5.500
800228009 193,500.00 193,361.37 08/01/97 07/01/27 11.000 10.000 17.000 6.500
800228082 202,500.00 202,425.81 08/01/97 07/01/27 10.875 9.875 16.875 6.000
800228207 350,000.00 349,857.12 08/01/97 07/01/27 10.375 9.375 16.375 5.750
800228504 115,200.00 115,154.22 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800228835 263,500.00 263,383.43 08/01/97 07/01/27 10.000 9.000 16.000 6.500
800229221 214,200.00 214,200.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800229858 112,000.00 111,971.34 09/01/97 08/01/27 12.500 11.500 18.500 8.500
800229965 52,790.00 52,773.13 08/01/97 07/01/27 11.500 10.500 17.500 6.500
800230013 158,000.00 157,913.70 08/01/97 07/01/27 9.000 8.000 15.000 5.500
800230385 162,000.00 161,937.34 08/01/97 07/01/27 10.625 9.625 16.625 5.750
800230567 85,750.00 85,750.00 09/01/97 08/01/27 12.250 11.250 18.250 6.750
800230914 61,000.00 60,978.83 09/01/97 08/01/27 11.125 10.125 17.125 6.250
800231144 48,750.00 48,750.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
800231557 110,500.00 110,500.00 09/01/97 08/01/27 11.125 10.125 17.125 6.250
800231961 42,500.00 42,500.00 09/01/97 08/01/27 12.350 11.350 18.350 7.500
</TABLE>
<PAGE>
<TABLE>
Page 3 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800231995 HOOPER DAVID A 49 MORNINGSIDE DR WALPOLE MA 02081
27 27 800232290 PRESSIMONE ROY 62 CONSTABLE LANE LEVITTOWN NY 11756
27 27 800232589 HENDERSHOT JACK 1662 DONALD ROAD EFFORT PA 18330
27 27 800233108 KANNER BONNIE 25251 HILLTOP DRIVE BEACHWOOD OH 44122
27 27 800233165 REICHARD ROBERT J 507 BANKS STREET NORTHAMPTON PA 18067
27 27 800233306 LAVELANET GILBERT 81 CASE ROAD PORT JERVIS NY 12771
27 27 800233546 CASSE EDMUND H 2791 DEERFIELD ROAD NOYAC NY 11963
27 27 800233652 MERCADO ELVIN 2 MOUNTAIN LAUREL DRIVE EFFORT PA 18330
27 27 800233785 CHAVIES ANTHONY 101 MILBURN AVENUE HEMPSTEAD NY 11550
27 27 800233868 DHARIA PRAKASH C 518 LIBERTY AVENUE JERSEY CITY NJ 07307
27 27 800234064 SIMON S REBECCA 1005 ALLEGHENY STREET HOLLIDAYSBURG PA 16648
27 27 800234072 ROBISON THOMAS L 565 CEDARCREST DRIVE DUNCANSVILLE PA 16635
27 27 800234106 JACOBS BARRY D 6 PENZA CT DILLSBURG PA 17019
27 27 800234254 TIDIANI ABDOUL 829 E 165TH ST. BRONX NY 10401
27 27 800234338 SINGLETON ELIJAH 137 TIFFANY TRAIL RIVERDALE GA 30274
27 27 800234361 WEISS ARNOLD 9 PARK FOREST DR AMHERST NY 14221
27 27 800234411 MOHAMED MOHAMED 150 CATHERINE STREET STATEN ISLAND NY 10302
27 27 800234429 ALLEN OLIVE 710 CAROLINA AVENUE FT LAUDERDALE FL 33312
27 27 800234536 LEE CHONG HEE 20 LONG DRIVE WESTBOROUGH MA 01581
27 27 800234551 WILSON CARLOTTA 146 YAUN RD LIVINGSTON MANOR NY 12758
27 27 800234932 SULLIVAN THOMAS 216 N POPLAR ST N MASSAPEQUA NY 11758
27 27 800235186 CRUZ CHRISTINA 87 22 97 ST WOODHAVEN NY 11421
27 27 800235566 JEFFRIES MARTHA L. 3202 FITZGERALD PLACE GREENSBORO NC 27405
27 27 800235749 MENDOZA MANUEL 281 WYCOFF ST BROOKLYN NY 11217
27 27 800235863 VICKERS BARBARA 41 UNDERWOOD STREET NEWARK NJ 07106
27 27 800235939 HOOPER DONALD LEE 4355 BLOSSOM LN PRINCE FREDERICK MD 20678
27 27 800235988 BREWER ARTHUR W 38-40 EAST COREY STREET PLAINS PA 18705
27 27 800236002 STATEN CAROLYN S 751 HWY 92 NORTH FAYETTEVILLE GA 30214
27 27 800236135 FREHLEY JEANETTE J 30 POCANTICO RIVER ROAD PLEASANTVILLE NY 10570
27 27 800236192 KWIATKOWSKI BRENDA L 5125 SAWNEE LANE GAINESVILLE GA 30506
27 27 800236648 SINDELL ROBERT 605 VINCENT AVE BRONX NY 10465
27 27 800236663 STOCKS ASTRID V 13227 WEST EXPOSITION DR LAKEWOOD CO 80228
27 27 800236713 GREAR NINA 36 ANTHONY STREET NEW HAVEN CT 06519
27 27 800237034 ABDUL GHANI ISMAILA 115-69 217TH STREET CAMBRIA HEIGHTS NY 11411
27 27 800237208 HANNA STEPHEN K RT 2 BOX 341 COTTAGEVILLE SC 29435
27 27 800237281 PRICE THOMAS A 624 FRONT STREET FREELAND PA 18224
27 27 800237828 SULLIVAN ALLEN 506 HARMONY ROAD NEW BRIGHTON PA 15066
27 27 800237935 BREWINGTON EUGENIA 3 SENECA ROAD MOUNT POCONO PA 18344
27 27 800238263 LATZA ROBERT S 235 ROBERTSON WAY LINCOLN PARK NJ 07035
27 27 800238354 TONEY ELLTEE 50 WEST RAYMOND AVENUE ROOSEVELT NY 11575
27 27 800238404 LAWRENCE ANTHONY 108 BOYDEN AVE MAPLEWOOD NJ 07040
27 27 800238552 PADEN RONALD 222 RYANS RUN BOOTHWYN PA 19061
27 27 800238560 MERCADO ILIANA 86 111 MARENGO STREET HOLLISWOODS NY 11423
27 27 800238578 TONER LISA E 478 ALLEN ROAD BEAVER FALLS PA 15010
27 27 800238602 DESOTELLE JOHN D RR 1 BOX 1472 SAYLORSBURG PA 18353
27 27 800238826 GHANNAM MOHAMMAD 507 MILES AVENUE STATEN ISLAND NY 10312
27 27 800238891 WHITEMAN CHARLES L 32 MILL ROAD MORGANTOWN PA 19543
27 27 800239105 LAMBORN RICHARD G 710 IDLEWILD DRIVE TOBYHANNA PA 18466
27 27 800239139 SOTAK MARY CATHERINE 4356 AMMOND WAY WHITEHALL PA 18052
27 27 800239162 VEGA MARIA 9-11 LAKE ST PATERSON NJ 07510
27 27 800239345 BOULWARE CHARISE D 1272 OLD COUNTRYSIDE CIRCL STONE MOUNTAIN GA 30083
27 27 800239485 PETITTO CHARLES 46 DORTMUNDER DRIVE MANALAPAN NJ 07726
27 27 800239527 ELICKER DEVA ELLEN D 510 DULCY DRIVE YORK PA 17404
27 27 800239899 LAMORA EILEEN M 89 BROWN ST PAWTUCKET RI 02860
27 27 800239980 SCHWANGER CINDY M 245 LUMBER STREET HIGHSPIRE PA 17034
27 27 800240434 CORDOVA KATHERINE 4106 WAKEFIELD CHAPEL ROAD ANNANDALE VA 22003
27 27 800240699 BROWN WARREN 525 HEGEMAN AVE BROOKLYN NY 11207
27 27 800240814 NEBINGER HOWARD A 50 BOXWOOD ROAD MANCHESTER PA 17345
27 27 800241119 BROMELL, MICHAEL S 2261 CHEROKEE VALLEY DRIVE LITHONIA GA 30058
27 27 800241184 ROBINSON VALLISHA 49 MIDLAND PLACE NEWARK NJ 07106
27 27 800241614 HOPKINS GREGORY 26 EIGHTH STREET DERBY CT 06418
27 27 800241622 DIBENEDETTO ANNA MARIA 47 CHARTER STREET BOSTON MA 02113
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800231995 128,000.00 127,903.18 08/01/97 07/01/27 10.750 9.750 16.750 5.750
800232290 140,250.00 140,192.75 08/01/97 07/01/27 10.375 10.375 16.375 6.500
800232589 53,100.00 53,100.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800233108 156,000.00 155,923.27 08/01/97 07/01/27 9.500 8.500 15.500 5.000
800233165 94,500.00 94,462.45 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800233306 131,750.00 131,701.72 09/01/97 08/01/27 10.875 9.875 16.875 6.250
800233546 467,500.00 467,500.00 09/01/97 08/01/27 11.750 10.750 17.750 7.500
800233652 143,650.00 143,579.34 08/01/97 07/01/27 9.500 8.500 15.500 5.500
800233785 112,500.00 112,455.30 08/01/97 07/01/27 10.500 10.500 16.500 6.875
800233868 187,000.00 187,000.00 09/01/97 08/01/27 11.250 10.250 17.250 6.500
800234064 76,000.00 75,984.49 08/01/97 07/01/27 13.500 12.500 19.500 8.500
800234072 128,250.00 128,191.79 08/01/97 07/01/27 9.875 8.875 15.875 6.000
800234106 137,580.00 137,580.00 09/01/97 08/01/27 10.625 9.625 16.625 7.250
800234254 124,600.00 124,600.00 09/01/97 08/01/27 10.875 9.875 16.875 6.250
800234338 66,300.00 66,268.24 08/01/97 07/01/27 9.625 8.625 15.625 5.000
800234361 80,000.00 79,973.23 08/01/97 07/01/27 11.375 10.375 17.375 6.750
800234411 114,000.00 114,000.00 09/01/97 08/01/27 10.750 10.750 16.750 7.150
800234429 81,200.00 81,171.04 09/01/97 08/01/27 11.000 10.000 17.000 6.500
800234536 234,000.00 233,884.90 08/01/97 07/01/27 9.500 9.500 15.500 5.500
800234551 72,000.00 72,000.00 09/01/97 08/01/27 12.500 11.500 18.500 7.000
800234932 123,250.00 123,250.00 09/01/97 08/01/27 12.000 11.000 18.000 7.200
800235186 270,000.00 270,000.00 10/01/97 09/01/27 11.250 10.250 17.250 7.050
800235566 68,000.00 67,984.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800235749 204,000.00 204,000.00 09/01/97 08/01/27 11.125 11.125 17.125 7.550
800235863 119,000.00 118,955.20 08/01/97 07/01/27 10.750 9.750 16.750 5.500
800235939 221,000.00 220,879.28 08/01/97 07/01/27 9.000 8.000 15.000 5.500
800235988 37,500.00 37,500.00 09/01/97 08/01/27 10.000 9.000 16.000 5.500
800236002 182,250.00 182,179.50 08/01/97 07/01/27 10.625 10.625 16.625 7.000
800236135 342,500.00 342,500.00 09/01/97 08/01/27 8.875 8.875 14.875 5.250
800236192 64,000.00 64,000.00 09/01/97 08/01/27 11.500 10.500 17.500 7.000
800236648 65,000.00 65,000.00 09/01/97 08/01/27 9.750 8.750 15.750 5.250
800236663 135,000.00 135,000.00 09/01/97 08/01/27 9.625 8.625 15.625 5.000
800236713 70,000.00 70,000.00 09/01/97 08/01/27 11.375 10.375 17.375 6.750
800237034 86,000.00 85,965.82 08/01/97 07/01/27 10.500 9.500 16.500 5.500
800237208 91,800.00 91,696.02 08/01/97 07/01/17 11.500 10.500 17.500 6.700
800237281 48,600.00 48,600.00 09/01/97 08/01/27 10.125 9.125 16.125 5.000
800237828 86,700.00 86,655.05 09/01/97 08/01/27 9.250 8.250 15.250 4.500
800237935 102,000.00 101,918.59 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800238263 50,000.00 49,976.67 09/01/97 08/01/27 9.750 8.750 15.750 5.250
800238354 102,000.00 101,964.60 09/01/97 08/01/27 11.125 11.125 17.125 7.500
800238404 106,200.00 106,155.47 09/01/97 08/01/27 10.250 9.250 16.250 5.750
800238552 142,200.00 142,152.00 08/01/97 07/01/27 11.250 10.250 17.250 6.750
800238560 229,500.00 229,422.51 08/01/97 07/01/27 11.250 10.250 17.250 6.750
800238578 101,237.00 101,237.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800238602 56,000.00 55,936.98 08/01/97 07/01/27 8.875 7.875 14.875 3.750
800238826 144,500.00 144,430.78 08/01/97 07/01/27 9.625 9.625 15.625 6.000
800238891 68,600.00 68,600.00 10/01/97 09/01/27 10.500 9.500 16.500 5.750
800239105 31,500.00 31,500.00 09/01/97 08/01/27 9.875 9.875 15.875 6.750
800239139 133,900.00 133,801.43 08/01/97 07/01/27 10.875 9.875 16.875 6.250
800239162 153,000.00 152,586.66 04/01/97 03/01/27 9.125 9.125 15.125 5.500
800239345 82,800.00 82,767.10 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800239485 149,400.00 149,337.36 08/01/97 07/01/27 10.250 9.250 16.250 6.750
800239527 127,650.00 127,650.00 09/01/97 08/01/27 12.000 11.000 18.000 7.500
800239899 94,500.00 94,500.00 09/01/97 08/01/27 9.375 9.375 15.375 5.750
800239980 68,600.00 68,539.06 08/01/97 07/01/27 10.000 10.000 16.000 6.000
800240434 250,000.00 249,880.24 08/01/97 07/01/27 9.625 9.625 15.625 5.750
800240699 154,400.00 154,400.00 09/01/97 08/01/27 13.875 12.875 19.875 8.900
800240814 87,000.00 86,958.32 08/01/97 07/01/27 9.625 8.625 15.625 5.000
800241119 78,300.00 78,268.89 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800241184 97,500.00 97,464.27 08/01/97 07/01/27 10.875 10.875 16.875 6.250
800241614 72,000.00 72,000.00 09/01/97 08/01/27 13.875 12.875 19.875 8.900
800241622 183,750.00 183,664.27 08/01/97 07/01/27 9.750 8.750 15.750 5.000
</TABLE>
<PAGE>
<TABLE>
Page 4 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800241952 LUPOLOVER IRENE 128 WOODCLIFF BLVD MORGANVILLE NJ 07751
27 27 800242000 ROSS DAWN S 109 BRIDGE STREET MIDDLETOWN CT 06457
27 27 800242133 KOPKO GEORGE J 210 LONGS GAP ROAD CARLISLE PA 17013
27 27 800242174 MOLLICA DANIEL 31 SUMMIT DRIVE MOUNT POCONO PA 18344
27 27 800242182 SMITH JEFFREY M 39 ACORN HILL ROAD WOODBRIDGE CT 06525
27 27 800242273 MITCHEM GWENDOLYN R 2150 OLD SIXTH AVENUE ROAD DUNCANSVILLE PA 16635
27 27 800242281 ROY JOSEPH W. 12297 68TH STREET NORTH LARGO FL 33773
27 27 800242307 WEITKAMP JAMES G 17 CAMELIA LANE MOUNT LAUREL NJ 08054
27 27 800242372 MUNEIL REINALDO 2012 GOLD KEY LAKES MILFORD PA 18337
27 27 800242430 PERRY RICHARD A 304 FRYE AVENUE BENTLEYVILLE PA 15314
27 27 800242448 DEONAUTH SRIMATIE 173-59 106TH AVE JAMAICA NY 11433
27 27 800242489 KREDEL CARL F 135 WEYBRIDGE ROAD GIBSONIA PA 15044
27 27 800242596 JOHNSON ROBERT C 425 BURTON AVENUE WASHINGTON PA 15301
27 27 800242802 NEUMONT JOHN J 3821 SHEPARD ROAD GIBSONIA PA 15044
27 27 800242851 O'BEIRNE JOHN T 156 FYCKE LANE TEANECK NJ 07666
27 27 800242901 ANNAZONE PETER J. 2706 21ST STREET WEST LEHIGH ACRES FL 33971
27 27 800243123 GOLD LISA M 105 7TH AVE WESTWOOD NJ 07675
27 27 800243438 MOSS SHARON A 9116 MAIN STREET WESTERNVILLE NY 13486
27 27 800243636 ANGELUCCI MARIA 1316 NORTHVIEW BOULEVARD NORRISTOWN PA 19401
27 27 800243891 KOMAR HENRY E 219 RIDGE AVENUE WEST HAZLETON PA 18201
27 27 800244162 KELLY WILLIAM J 137 SILVER STREET GRANBY CT 06060
27 27 800244246 BOSTWICK HERBERT L 135 EDGEWOOD AVENUE BROOKHAVEN PA 19015
27 27 800244386 EWASKIO LINDA I 166 CHIMNEY HILL ROAD WALLINGFORD CT 06492
27 27 800244485 WOODBURY WYETT 1338 FINDLAY AVENUE BRONX NY 10456
27 27 800244626 SWARTZ EDWARD A 121 ORCHARD DRIVE NORTH SYRACUSE NY 13212
27 27 800244667 LEONARDO DONALD 210 BUTLER AVENUE STATEN ISLAND NY 10307
27 27 800244766 KRUEL TIMOTHY D RD 2 BOX 239 LIGONIER PA 15658
27 27 800244832 WILLIAMS JAMES C 1663 COMMONWEALTH DRIVE FRONT ROYAL VA 22630
27 27 800244865 WALKER JOHN B 3605 HEATHER LANE TOBYHANNA PA 18466
27 27 800245250 LIMITONE ANNUCCIA 62 GRIDLEY STREET WEST ISLIP NY 11795
27 27 800245409 FICCA JOSEPH V 1310 NEW LITCHFIELD STREET TORRINGTON CT 06790
27 27 800245482 ROBINSON LESTER R LOT 17 MOUNTAIN VIEW ESTAT EFFORT PA 18372
27 27 800245672 KING JACQUELINE C 1434 PATAPSCO STREET BALTIMORE MD 21230
27 27 800245714 DELGADO DOMINGO 428 W ALLEN STREET ALLENTOWN PA 18102
27 27 800246068 KOMAR HENRY E 241 WEST DIAMOND AVENUE HAZLETON PA 18201
27 27 800246217 HAGERTY BERTHA 526 BARRY STREET STROUDSBURG PA 18360
27 27 800246373 WEBB CARL 137 GOLDENS BRIDGE RD KATONAH NY 10536
27 27 800246431 DAVIS NORMAN 15 HUNT AVENUE YONKERS NY 10701
27 27 800246464 TAURASO VINCENT J 5 WOODHAVEN LANE EAST NORTHPORT NY 11731
27 27 800246704 JOHNSON JOHNNIE D 935 PECTEN COURT SANIBEL ISLAND FL 33957
27 27 800246753 BELIZAIRE JACQUES 1551 E 91ST ST BROOKLYN NY 11236
27 27 800247033 GEORGE VALERIE H 5 MARCHMONT STREET PITTSBURGH PA 15205
27 27 800247041 GEORGE VALERIE H 1 VALLEY STREET PITTSBURGH PA 15205
27 27 800247165 CASTELLANOS JUAN OSMIN 1 MARC STREET RONKONKOMA NY 11779
27 27 800247348 DUNSTON HERMAN 85 OSBORNE PLACE IRVINGTON NJ 07111
27 27 800247710 TSOULOGIANNI JOSEPH 363 BAY RIDGE PARKWAY BROOKLYN NY 11233
27 27 800248486 CUNNINGHAM WILLIAM 205 4TH AVENUE SCOTTDALE PA 15683
27 27 800248569 FINE RUSSELL B 498 NORTH STREET WEST PITTSTON PA 18643
27 27 800248783 DUC TRAN THANG 304 CADILLAC ST SYRACUSE NY 13208
27 27 800249054 CIRINCIONE ANDREW 10 HARRISON STREET POUGHKEEPSIE NY 11206
27 27 800249609 PRZEDWIECKI WENDY M 22239 WILLOW LAKES DRIVE LUTZ FL 33549
27 27 800249864 COLURRA LEONARD 3186 RAWLINS AVENUE BRONX NY 10465
27 27 800250029 CRAIG PETER M 185 BOWNE STREET PORT EWEN NY 12466
27 27 800250151 SAMATULSKI DONALD NORTHWOOD ROAD LAKE PLACID NY 12946
27 27 800250185 DAVIS DEBRA A 12241 GARDEN LAKE CIRCLE ODESSA FL 33556
27 27 800250250 GONZALEZ JOSE R 5004 EAST HOLLAND STREET TAMPA FL 33617
27 27 800250342 MILLER GINGER R 337 WOODLAND DRIVE SOUTH HEMPSTEAD NY 11550
27 27 800250417 LAMONICA RAYMOND WILLIAM CEMETARY ROAD HAMLIN PA 18427
27 27 800250474 BOBB WILLARD JOSEPH 242 SHEATS LANE MIDDLETOWN DE 19709
27 27 800250755 MARRERO FRANCISCO 1012 CASTLETON AVE STATEN ISLAND NY 10310
27 27 800250862 ROTA ANGELA 34 STEEPLECHASE DRIVE TURNERSVILLE NJ 08012
27 27 800250987 MCNEAL MICHAEL 2032 PRESIDIO DRIVE MT PLEASANT SC 29464
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800241952 257,980.00 257,862.80 09/01/97 08/01/27 9.875 8.875 15.875 6.300
800242000 41,250.00 41,236.45 09/01/97 08/01/27 11.375 10.375 17.375 6.000
800242133 112,680.00 112,553.20 08/01/97 07/01/27 8.875 8.875 14.875 5.000
800242174 90,000.00 90,000.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
800242182 163,030.00 163,030.00 09/01/97 08/01/27 11.000 10.000 17.000 6.350
800242273 51,820.00 51,795.83 08/01/97 07/01/27 9.750 8.750 15.750 6.500
800242281 59,200.00 59,173.11 08/01/97 07/01/27 9.875 8.875 15.875 5.000
800242307 113,400.00 113,341.66 08/01/97 07/01/27 12.500 11.500 18.500 8.500
800242372 85,000.00 85,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.500
800242430 30,400.00 30,386.55 08/01/97 07/01/27 10.000 9.000 16.000 5.250
800242448 110,250.00 110,208.50 08/01/97 07/01/27 10.750 9.750 16.750 5.750
800242489 153,600.00 153,563.87 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800242596 44,850.00 44,829.63 08/01/97 07/01/27 9.875 8.875 15.875 5.000
800242802 51,000.00 50,981.82 09/01/97 08/01/27 11.000 10.000 17.000 6.500
800242851 130,000.00 129,939.35 08/01/97 07/01/27 9.750 8.750 15.750 5.500
800242901 76,500.00 76,454.83 08/01/97 07/01/27 8.625 7.625 14.625 4.000
800243123 161,000.00 160,944.13 08/01/97 07/01/27 11.125 11.125 17.125 7.500
800243438 48,000.00 48,000.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800243636 174,250.00 174,187.87 09/01/97 08/01/27 11.000 10.000 17.000 6.500
800243891 48,000.00 47,966.55 08/01/97 07/01/27 11.125 10.125 17.125 6.250
800244162 142,350.00 142,321.77 09/01/97 08/01/27 13.625 12.625 19.625 8.150
800244246 94,500.00 94,461.42 07/11/97 06/11/27 10.375 10.375 16.375 6.750
800244386 90,000.00 89,959.12 08/01/97 07/01/27 9.875 8.875 15.875 6.250
800244485 121,500.00 121,455.48 08/01/97 07/01/27 10.875 9.875 16.875 6.000
800244626 53,600.00 53,586.17 08/01/97 07/01/27 12.250 11.250 18.250 7.750
800244667 145,000.00 144,853.01 08/01/97 07/01/27 9.375 9.375 15.375 5.800
800244766 145,000.00 145,000.00 09/01/97 08/01/27 9.250 8.250 15.250 4.500
800244832 115,600.00 115,600.00 09/01/97 08/01/27 10.125 10.125 16.125 6.250
800244865 144,000.00 143,962.00 08/01/97 07/01/27 12.250 11.250 18.250 7.250
800245250 108,375.00 108,281.25 08/01/97 07/01/27 10.125 10.125 16.125 6.500
800245409 204,000.00 203,929.21 08/01/97 07/01/27 11.125 11.125 17.125 7.500
800245482 136,850.00 136,806.27 08/01/97 07/01/27 11.500 10.500 17.500 7.250
800245672 43,350.00 43,350.00 10/01/97 09/01/27 11.750 10.750 17.750 7.000
800245714 49,600.00 49,600.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800246068 27,000.00 26,981.18 08/01/97 07/01/27 11.125 10.125 17.125 6.250
800246217 125,000.00 124,885.95 08/01/97 07/01/27 9.875 8.875 15.875 5.000
800246373 258,300.00 258,300.00 10/01/97 09/01/27 7.375 7.375 13.375 3.750
800246431 157,250.00 157,205.01 08/01/97 07/01/27 12.000 11.000 18.000 7.500
800246464 84,000.00 83,932.95 08/01/97 07/01/27 10.500 9.500 16.500 5.875
800246704 304,000.00 304,000.00 08/08/97 07/08/27 11.875 10.875 17.875 7.375
800246753 127,500.00 127,432.15 08/01/97 07/01/27 9.125 9.125 15.125 5.250
800247033 32,500.00 32,488.09 08/01/97 07/01/27 10.875 9.875 16.875 5.500
800247041 40,000.00 39,990.60 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800247165 140,250.00 140,202.65 08/01/97 07/01/27 11.250 10.250 17.250 7.500
800247348 96,000.00 95,973.29 09/01/97 08/01/27 12.125 12.125 18.125 8.500
800247710 200,000.00 199,944.34 08/01/97 07/01/27 12.125 12.125 18.125 8.500
800248486 40,000.00 40,000.00 09/01/97 08/01/27 9.750 8.750 15.750 5.300
800248569 77,850.00 77,816.47 09/01/97 08/01/27 10.125 9.125 16.125 5.000
800248783 38,500.00 38,500.00 09/01/97 08/01/27 11.875 10.875 17.875 7.000
800249054 80,000.00 80,000.00 09/01/97 08/01/27 9.875 9.875 15.875 6.500
800249609 110,950.00 110,950.00 09/01/97 08/01/27 10.125 9.125 16.125 5.750
800249864 174,400.00 174,400.00 09/01/97 08/01/27 9.875 9.875 15.875 6.250
800250029 62,362.00 62,362.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
800250151 172,000.00 172,000.00 09/01/97 08/01/27 10.750 9.750 16.750 6.000
800250185 104,000.00 103,902.57 07/23/97 06/23/27 9.750 8.750 15.750 5.250
800250250 94,500.00 94,462.45 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800250342 98,400.00 98,400.00 09/01/97 08/01/27 12.125 12.125 18.125 8.550
800250417 85,000.00 85,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800250474 157,500.00 157,437.42 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800250755 68,000.00 67,972.24 08/01/97 07/01/27 10.375 9.375 16.375 5.750
800250862 143,300.00 143,300.00 10/01/97 09/01/27 10.500 9.500 16.500 5.750
800250987 94,800.00 94,772.11 08/01/97 07/01/27 11.875 10.875 17.875 7.000
</TABLE>
<PAGE>
<TABLE>
Page 5 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800251126 DEISHER FREDERICK E 173 STITZER ROAD FLEETWOOD PA 19522
27 27 800251530 NALBAT MAKSUT 292 FINLEY AVE STATEN ISLAND NY 10301
27 27 800251548 BIGAM SANDRA 1865 WEST 8 ST BROOKLYN NY 11223
27 27 800251852 SARTORI MARY ELLEN 99 WOODWARD AVE RUTHERFORD NJ 07070
27 27 800251977 BAILEY RANDY T 500 COTTONWOOD CT HOWELL NJ 07731
27 27 800252116 GALIA PETER J 233 MAIN STREET NEW KENSINGTON PA 15068
27 27 800252157 ASHBAUGH JAMES W 840 SCENIC DRIVE WASHINGTON PA 15301
27 27 800252165 EPLER FRANK R 1264 FAIRWAY DRIVE NEWTON NC 28613
27 27 800253049 KATCHEN STEVEN 433 MIDDLEWOOD RD MIDDLETOWN NJ 07748
27 27 800253411 BAJWA AMRIK S 1 ELMWOOD AVENUE MIDDLESEX NJ 08846
27 27 800253437 PEREZ CONSTANCIO 460 58TH STREET BROOKLYN NY 11220
27 27 800253635 PARSLOE ROBERT JOSEPH 109 DUDLEY AVENUE WEST WESTFIELD NJ 07090
27 27 800253650 BURROUGHS PAULINE 35 CLAREMONT AVENUE MT VERNON NY 10552
27 27 800253841 BANKS MARGARET 224 SMITH ST NANUET NY 10954
27 27 800253908 REGENFUSE KENNETH 1013 NORTH 8TH STREET WYOMISSING PA 19610
27 27 800254179 SALLADA GARY 565 N 2ND STREET LYKENS PA 17048
27 27 800254237 KUNZ WALTER T 5931 138TH COURT CLEARWATER FL 34620
27 27 800254328 FRENCH SCOTT S 861 WEST 36TH STREET BALTIMORE MD 21211
27 27 800254427 PELLE GAIRY C 639 WEST 252ND STREET BRONX NY 10471
27 27 800254476 MAROZZI RICHARD G 3055 MAIN STREET CALEDONIA NY 14423
27 27 800254542 MEKA RAMA K 101 LIVINGSTON AVE STATEN ISLAND NY 10314
27 27 800254757 GUIDITTA BRIAN J 225 DALTON STREET WATERTOWN CT 06779
27 27 800254872 BLASZCZAK MICHAEL J 756 FORREST STREET CONSHOHOCKEN PA 19428
27 27 800255101 SHERMAN RUTH E 30 WINDING ROAD POTTSOWN PA 19464
27 27 800255192 REID CLIVE 583 REMSEN AVE BROOKLYN NY 11236
27 27 800255283 FLETCHER CAREY S 125 HOLLINGWOOD DRIVE COLUMBIA SC 29223
27 27 800255341 BAILEY LEE 30 WALLACE DRIVE CHESTNUT RIDGE NY 10977
27 27 800255408 PACK DANIEL RT 3 BOX 917 KING RD MANNING SC 29102
27 27 800255499 LURIA DEBRA 31 NORTHERN BOULEVARD SHIRLEY NY 11967
27 27 800255606 RICHARDSON RICKY G RT 2 BOX 193 CB DELMAR DE 19940
27 27 800255721 PERSON JANET CRAFT 2202 WESTMORELAND LANE WEST COLUMBIA SC 29170
27 27 800256208 CELA CIXEMENS 54 BENNETT AVE YONKERS NY 10701
27 27 800256372 MURPHEY WILLIAM A 21 MAPLE AVE NEWTON NJ 07860
27 27 800256448 COLE WILLIAM J 70 GRASSY HILL ROAD WATERBURY CT 06705
27 27 800256653 MCKEYTHON MARY E 769 BARTHOLDI ST BRONX NY 10467
27 27 800256737 VINGAS ANTHONY E 29 LUCE AVENUE MONESSEN PA 15062
27 27 800256901 BRANDON BYRON SCOTT 471 PARK AVENUE EAST ORANGE NJ 07019
27 27 800257230 BARBOUNIS LEONIDAS G 1222 NORTH 26TH STREET ALLENTOWN PA 18104
27 27 800257255 CHALAS RAMON 2882 LAMPORT PLACE BROOKLYN NY 11204
27 27 800257354 MURRAY JAMES RD 3 BOX 184R TARENTUM PA 15084
27 27 800257461 FENNELL GARY 1509 E WALNUT STREET PHILADELPHIA PA 19138
27 27 800257867 GABRIEL RODNEY A 653 HARRISON STREET RAHWAY NJ 07065
27 27 800257974 WILLIAMS DAVID E 136 LYONS SCHOOL ROAD ADAMSVILLE PA 16110
27 27 800258402 COTONA JOSEPH M 65 EAST JOHN STREET HICKSVILLE NY 11801
27 27 800258576 GRAY DEAN J 1055 CASSEL ROAD MANCHESTER PA 17345
27 27 800258642 MONTS ANGELA M 3244 MARCHANT ROAD BETHLEHEM PA 18017
27 27 800258766 MAY ROBERT L RD 1 BOX 232D GREENWOOD DE 19950
27 27 800258949 TRUMBULL JONATHAN E. 1005 SUMNER BOULEVARD SAFETY HARBOR FL 34695
27 27 800259004 COBB ROGER W 6207 CLEARVIEW STREET PHILADELPHIA PA 19138
27 27 800259079 CHARLES ELLIS 89-54 197TH STREET HOLLIS NY 11423
27 27 800259095 HALLAS MICHAEL J 295 MAIN STREET TIDIOUTE PA 16351
27 27 800259517 GATES ANNA M 78 JACLYN CIRCLE TAUNTON MA 02780
27 27 800259657 SICLARI JOHN F 24 BRADLEY DRIVE HOPEWELL JUNCTION NY 12533
27 27 800259921 ROWAN CHARLES A 52 HONEY HILL RD WATERTOWN CT 06795
27 27 800260085 LAWRENCE CHRISTOPHE J 139 CEDAR AVENUE ROCKVILLE CENTRE NY 11570
27 27 800260168 BILARCZYK THOMAS 1134 CLARK STREET LINDEN NJ 07036
27 27 800260200 BLAZEK VALERIE M RD 3 BOX 378H GREENSBURG PA 15601
27 27 800260275 DALTON DAVID C RR 1 BOX 12 CANADENSIS PA 18325
27 27 800260622 DEARDORFF BETTY J 100 SOUTH 48TH STREET HARRISBURG PA 17111
27 27 800260713 MARTIN PATRICIA J 271 WEST LEXINGTON ROAD LITITZ PA 17543
27 27 800260739 HERRIN BRUCE E 42 CUMBERLAND DRIVE MECHANICSBURG PA 17055
27 27 800260754 VOLIOTIS VASILIKI 8115 MARTHA STREET ALEXANDRIA VA 22309
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800251126 206,500.00 206,500.00 09/01/97 08/01/27 9.875 8.875 15.875 7.500
800251530 148,500.00 148,500.00 09/01/97 08/01/27 9.375 9.375 15.375 5.750
800251548 163,000.00 162,935.22 08/01/97 07/01/27 10.500 9.500 16.500 6.250
800251852 170,000.00 170,000.00 09/01/97 08/01/27 9.125 9.125 15.125 5.250
800251977 82,550.00 82,550.00 09/01/97 08/01/27 9.500 9.500 15.500 5.950
800252116 54,000.00 53,980.75 08/01/97 07/01/27 11.000 10.000 17.000 6.750
800252157 124,000.00 124,000.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
800252165 83,725.00 83,695.95 08/01/97 07/01/27 11.125 10.125 17.125 6.250
800253049 60,000.00 59,968.89 08/01/97 07/01/27 9.250 9.250 15.250 5.250
800253411 195,500.00 195,500.00 09/01/97 08/01/27 10.750 9.750 16.750 7.300
800253437 163,500.00 163,500.00 09/01/97 08/01/27 12.250 12.250 18.250 8.650
800253635 231,200.00 231,108.12 08/01/97 07/01/27 10.500 9.500 16.500 7.000
800253650 216,000.00 216,000.00 09/01/97 08/01/27 11.000 10.000 17.000 6.750
800253841 130,500.00 130,500.00 09/01/97 08/01/27 9.625 9.625 15.625 6.000
800253908 52,650.00 52,626.71 08/01/97 07/01/27 10.000 9.000 16.000 7.750
800254179 36,975.00 36,975.00 09/01/97 08/01/27 10.875 9.875 16.875 7.250
800254237 44,150.00 44,105.37 08/01/97 07/01/17 12.000 11.000 18.000 7.500
800254328 43,000.00 43,000.00 09/01/97 08/01/27 10.875 9.875 16.875 5.500
800254427 577,500.00 577,500.00 09/01/97 08/01/27 11.375 10.375 17.375 6.875
800254476 58,500.00 58,500.00 09/01/97 08/01/27 11.250 10.250 17.250 6.500
800254542 180,000.00 179,932.23 09/01/97 08/01/27 10.750 9.750 16.750 6.500
800254757 102,000.00 101,973.25 08/01/97 07/01/27 12.250 11.250 18.250 7.650
800254872 68,720.00 68,720.00 09/01/97 08/01/27 9.625 8.625 15.625 5.000
800255101 128,000.00 127,960.21 08/01/97 07/01/27 11.625 10.625 17.625 8.250
800255192 212,500.00 212,500.00 10/01/97 09/01/27 11.750 10.750 17.750 7.550
800255283 161,200.00 161,200.00 10/01/97 09/01/27 7.625 7.625 13.625 3.750
800255341 158,100.00 158,100.00 10/01/97 09/01/27 10.875 9.875 16.875 6.250
800255408 44,625.00 44,625.00 09/01/97 08/01/17 10.250 9.250 16.250 5.500
800255499 78,200.00 78,200.00 09/01/97 08/01/27 11.250 10.250 17.250 6.500
800255606 111,000.00 111,000.00 10/01/97 09/01/27 10.875 9.875 16.875 6.250
800255721 77,850.00 77,806.36 09/01/97 08/01/27 8.875 8.875 14.875 5.000
800256208 197,100.00 197,100.00 10/01/97 09/01/27 10.125 10.125 16.125 6.800
800256372 170,100.00 170,030.56 09/01/97 08/01/27 10.375 10.375 16.375 6.750
800256448 123,300.00 123,300.00 09/01/97 08/01/27 9.500 9.500 15.500 6.100
800256653 242,250.00 242,158.80 08/01/97 07/01/27 10.750 9.750 16.750 6.500
800256737 42,400.00 42,400.00 09/01/97 08/01/27 9.250 8.250 15.250 4.500
800256901 113,050.00 113,050.00 09/01/97 08/01/27 11.000 11.000 17.000 7.300
800257230 116,100.00 116,053.87 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800257255 328,500.00 328,500.00 10/01/97 09/01/27 10.125 10.125 16.125 6.800
800257354 50,400.00 50,400.00 09/01/97 08/01/27 12.500 11.500 18.500 8.500
800257461 50,915.00 50,900.03 08/01/97 07/01/27 11.875 10.875 17.875 7.250
800257867 109,225.00 109,193.75 08/01/97 07/01/27 12.000 11.000 18.000 7.500
800257974 160,200.00 160,200.00 09/01/97 08/01/27 10.000 9.000 16.000 6.750
800258402 225,250.00 225,250.00 09/01/97 08/01/27 12.500 11.500 18.500 8.050
800258576 76,500.00 76,465.24 08/01/97 07/01/27 9.875 8.875 15.875 4.750
800258642 215,000.00 215,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800258766 100,800.00 100,776.29 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800258949 120,000.00 120,000.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800259004 27,300.00 27,287.92 09/01/97 08/01/27 10.000 9.000 16.000 6.000
800259079 148,750.00 148,750.00 09/01/97 08/01/27 12.000 11.000 18.000 7.500
800259095 38,800.00 38,788.59 08/01/97 07/01/27 11.875 10.875 17.875 7.000
800259517 141,000.00 140,940.88 09/01/97 08/01/27 10.250 9.250 16.250 6.500
800259657 130,000.00 129,961.76 09/01/97 08/01/27 11.875 10.875 17.875 7.300
800259921 109,000.00 109,000.00 09/01/97 08/01/27 10.875 9.875 16.875 6.250
800260085 187,500.00 187,414.82 09/01/97 08/01/27 9.875 8.875 15.875 5.000
800260168 165,600.00 165,600.00 09/01/97 08/01/27 10.875 9.875 16.875 7.350
800260200 59,500.00 59,472.97 09/01/97 08/01/27 9.875 9.875 15.875 6.500
800260275 94,080.00 94,056.59 09/01/97 08/01/27 12.625 11.625 18.625 7.500
800260622 38,500.00 38,500.00 09/01/97 08/01/27 10.500 9.500 16.500 5.500
800260713 279,000.00 279,000.00 09/01/97 08/01/27 9.750 8.750 15.750 8.500
800260739 126,000.00 125,944.26 09/01/97 08/01/27 10.000 9.000 16.000 6.750
800260754 114,750.00 114,703.16 09/01/97 08/01/27 10.375 10.375 16.375 6.500
</TABLE>
<PAGE>
<TABLE>
Page 6 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800260812 SWEET CARRIE 38 PAEARDEGAT 2 ST BROOKLYN NY 11236
27 27 800260895 KENNY MARK A 248 EAST BROAD STREET EAST STROUDSBURG PA 18301
27 27 800261406 BERRY ROBERT C 12 WHITE OAK TRAIL OLD LYME CT 06371
27 27 800261968 DAPHNIS GUY 951 EAST 32 ST BROOKLYN NY 11210
27 27 800262180 WALKES TIMOTHY 172 PENNSYLVANIA AVENUE BROOKLYN NY 11207
27 27 800262701 COPP LARRY RD 6 BOX 266 A WELLSBORO PA 16901
27 27 800263105 MITCHELL ROGER M 28 CHIPPERFIELD DR EFFORT PA 18330
27 27 800263550 JENKINS RYAN K 1159 HILLCREST DRIVE ATLANTA GA 30316
27 27 800264087 SINGLETON BENJAMIN 5011 9TH STREET NW WASHINGTON DC 20011
27 27 800264194 SWANSON HAYES 1982 E STARMONT WAY ATLANTA GA 30033
27 27 800264343 CRIGLER RONALD L 5145 SUNSET MAPLE TRAIL LILBURN GA 30247
27 27 800264525 LEONARD JOHN J 38 BROAD STREET NEWVILLE PA 17241
27 27 800264970 DORN JAMES B 318- 320 JOHN DORN LANE TELFORD PA 18969
27 27 800265043 ROHM TRACI LYNN GERT 5208 18TH STREET COURT EAS BRADENTON FL 34203
27 27 800265530 MARCHIONNI MARIO 29 31 WALDORF AVENUE BRIDGEPORT CT 06604
27 27 800266132 RAMKISSOON KIRTIS 50 MIDLAND AVENUE MASTIC NY 11950
27 27 800266512 BOLDEN MARVIN A 9 ROBINS SQUARE EAST NORWALK CT 06854
27 27 800266660 CASTILLO ALFREDO 12509 GREENLAND DRIVE RIVERVIEW FL 33569
27 27 800267320 NEGLEY ERIC J 1015 STIEREN AVENUE BRACKENRIDGE PA 15014
27 27 800267536 MENDELSOHN JANET 26 MULBERRY AVE STATEN ISLAND NY 10314
27 27 800267908 DE ANGELO TINA 1702 1704 ROCKAWAY PKWY BROOKLYN NY 11236
27 27 800268245 BINFORD, WILLIAM T. 103 CLINTON STREET WHITE PLAINS NY 10601
27 27 800268500 MEYERS CHRISTOPHE 4042 DIANE WAY BUCKINGHAM PA 18901
27 27 800268583 HEWETT ROBERT L 11 MACKEY RD GARNERVILLE NY 10923
27 27 800268948 DIENST JOHN P 12 SAND SPRINGS ACRES GREENTOWN PA 18426
27 27 800268971 EAGLE TINA M 38 DORSEY LANE DILLSBURG PA 17019
27 27 800270522 WALDON DOREEN YVETTE 669 CAMERON RD SOUTH ORANGE NJ 07079
27 27 800270563 DECAMPOS ANTHONY 788-790 WILLIAM STREET BRIDGEPORT CT 06608
27 27 800270654 KRAMER PAULA 323 YORK ST JERSEY CITY NJ 07302
27 27 800270688 DAVIS ROBERT J 303 NORTH VAN BUREN AVENUE SCRANTON PA 18504
27 27 800270795 DAVIDSON MARY A 2713 RUSCOMBE LN BALTIMORE MD 21215
27 27 800271033 CZESLOWSKI STEPHEN 600 HAYWARD STREET BOUND BROOK NJ 08805
27 27 800271066 VALBRUN JUNIE 483 AMBOY ST BROOKLYN NY 11212
27 27 800271389 HALLIGAN ROBERT 27 BOTSFORD ST MERIDEN CT 06451
27 27 800271496 HANNA GREGORY C 2512 ANDERS ROAD BALTIMORE MD 21234
27 27 800271702 FRAMPTON RICHARD R 37 CHERRY ST NEWTOWN CT 06470
27 27 800272403 TUCKER PATRICIA G 10 WEST STREET DRIVE HARRINGTON DE 19952
27 27 800272452 SEEL ARTHUR ANTHONY 7116 LOCUST STREET UPPER DARBY PA 19082
27 27 800272684 GARCIA RAQUEL M 106 108 ROSEDALE STREET PROVIDENCE RI 02909
27 27 800272767 PHILLIPS GORDON JAY 6 CHRISTOPHER COURT NORWALK CT 06851
27 27 800273096 STEVENS WILLA 135 WEIRFIELD STREET BROOKLYN NY 11221
27 27 800273138 SIDERS JOAN H 300 WESTERN AVENUE OAKDALE PA 15071
27 27 800273328 HOOFNAGLE GARY C 198 W MAIN STREET WINDSOR PA 17366
27 27 800273450 GILLEON EDWARD 2109 WHEELER OAKS DRIVE BRANDON FL 33510
27 27 800273666 MOYER CLARENCE E 106 WOODBURN COURT SAFETY HARBOR FL 34695
27 27 800273856 SHEPHARD JOSEPH P 3120 P STREET SE WASHINGTON DC 20020
27 27 800274367 RAY JAMES W 502 RIDGE STREET STEELTON PA 17113
27 27 800274417 BOGART MARVIN A 849 SERFASS ROAD KUNKLETOWN PA 18058
27 27 800274565 BURZINSKI DAVID 13031 3RD STREET FT. MYERS FL 33905
27 27 800275505 MAYBO JAMES M 77 SNOWBERRY RD BALLSTON SPA NY 12020
27 27 800275943 SMITH NANCI 903 WHITE STREET STROUDSBURG PA 18360
27 27 800276222 CAFARO JOSEPH 110 HANDSOME AVENUE SAYVILLE NY 11782
27 27 800276248 WELLS LINDA H 502 HUMMEL AVENUE LEMOYNE PA 17043
27 27 800276396 WILLIAMS KENNETH R 11119 DEVEREUX STATION LAN FAIRFAX STATION VA 22039
27 27 800276768 MCCLENDON ERNESTINE 6816 N 7TH STREET PHILADELPHIA PA 19126
27 27 800276990 WOODWARD MYREE W 217 BRALY DRIVE SUMMERVILLE SC 29483
27 27 800277345 UDDIN MOHAMMED 11 MARTHA LANE EFFORT PA 18330
27 27 800277378 MUNASSAR NASR 526 BAY RIDGE PARKWAY BROOKLYN NY 11209
27 27 800277675 GASPERIN KATHY M 2926 163RD AVENUE NORTH CLEARWATER FL 34620
27 27 800277931 BEAVER SHARON E 418 HUMMEL STREET HARRISBURG PA 17104
27 27 800278087 TIMBS LEE KATHERYN 714 NASSAU STREET FOREST PARK GA 30050
27 27 800278111 GLOS JANET C 1200 WASHINGTON BLVD MCKEESPORT PA 15133
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800260812 221,000.00 220,929.92 08/01/97 07/01/27 11.500 10.500 17.500 7.000
800260895 121,500.00 121,500.00 10/01/97 09/01/27 10.500 9.500 16.500 5.750
800261406 92,000.00 92,000.00 09/01/97 08/01/27 11.750 11.750 17.750 8.400
800261968 144,000.00 144,000.00 09/01/97 08/01/27 10.750 9.750 16.750 6.250
800262180 157,250.00 157,250.00 09/01/97 08/01/27 11.750 10.750 17.750 7.550
800262701 85,500.00 85,500.00 09/01/97 08/01/27 8.875 8.875 14.875 5.000
800263105 134,400.00 134,349.40 08/01/97 07/01/27 10.750 9.750 16.750 6.125
800263550 63,000.00 62,968.19 09/01/97 08/01/27 9.375 9.375 15.375 5.500
800264087 56,000.00 55,986.83 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800264194 55,350.00 55,350.00 09/01/97 08/01/27 9.625 9.625 15.625 5.750
800264343 176,310.00 176,310.00 09/01/97 08/01/27 10.375 10.375 16.375 6.800
800264525 51,500.00 51,500.00 09/01/97 08/01/27 8.625 8.625 14.625 5.000
800264970 165,000.00 165,000.00 09/01/97 08/01/27 10.000 9.000 16.000 5.250
800265043 38,000.00 38,000.00 09/01/97 08/01/27 9.750 8.750 15.750 5.250
800265530 108,000.00 108,000.00 09/01/97 08/01/27 10.625 9.625 16.625 6.050
800266132 85,500.00 85,500.00 10/01/97 09/01/27 10.000 9.000 16.000 5.750
800266512 177,300.00 177,300.00 09/01/97 08/01/27 10.375 9.375 16.375 5.550
800266660 72,000.00 72,000.00 10/01/97 09/01/17 10.000 9.000 16.000 5.500
800267320 44,625.00 44,625.00 10/01/97 09/01/27 9.625 8.625 15.625 4.750
800267536 105,000.00 104,936.39 08/01/97 07/01/27 8.500 7.500 14.500 5.250
800267908 189,000.00 188,937.63 08/01/97 07/01/27 11.625 10.625 17.625 7.150
800268245 232,050.00 232,050.00 09/01/97 08/01/27 10.375 10.375 16.375 6.500
800268500 129,900.00 129,846.96 09/01/97 08/01/27 10.375 9.375 16.375 5.875
800268583 153,000.00 153,000.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
800268948 47,600.00 47,600.00 09/01/97 08/01/27 11.500 10.500 17.500 6.750
800268971 86,000.00 85,959.88 09/01/97 08/01/27 9.750 8.750 15.750 5.250
800270522 123,750.00 123,523.50 06/01/97 05/01/27 8.500 8.500 14.500 5.000
800270563 96,000.00 96,000.00 09/01/97 08/01/27 10.875 10.875 16.875 7.250
800270654 210,000.00 210,000.00 09/01/97 08/01/27 9.000 8.000 15.000 5.000
800270688 100,000.00 99,948.15 09/01/97 08/01/27 9.250 8.250 15.250 4.500
800270795 76,400.00 76,400.00 10/01/97 09/01/27 9.625 8.625 15.625 5.000
800271033 112,000.00 112,000.00 09/01/97 08/01/27 8.875 7.875 14.875 4.000
800271066 136,000.00 136,000.00 09/01/97 08/01/27 12.250 12.250 18.250 8.650
800271389 68,400.00 68,400.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
800271496 106,400.00 106,400.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800271702 63,000.00 63,000.00 09/01/97 08/01/27 11.875 10.875 17.875 6.250
800272403 117,000.00 117,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800272452 49,500.00 49,500.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
800272684 76,500.00 76,500.00 10/01/97 09/01/27 10.875 9.875 16.875 6.250
800272767 434,000.00 434,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800273096 137,500.00 137,449.62 09/01/97 08/01/27 10.875 9.875 16.875 6.250
800273138 56,000.00 55,986.83 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800273328 60,720.00 60,680.28 09/01/97 08/01/27 8.125 8.125 14.125 4.500
800273450 158,000.00 158,000.00 10/01/97 09/01/27 10.000 9.000 16.000 5.750
800273666 100,800.00 100,800.00 09/01/97 08/01/27 9.625 8.625 15.625 4.750
800273856 116,000.00 116,000.00 09/01/97 08/01/27 11.125 11.125 17.125 7.500
800274367 66,300.00 66,300.00 09/01/97 08/01/27 10.875 9.875 16.875 6.250
800274417 99,450.00 99,450.00 09/01/97 08/01/27 10.000 9.000 16.000 5.500
800274565 54,000.00 54,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800275505 47,000.00 47,000.00 09/15/97 08/15/27 11.125 10.125 17.125 6.000
800275943 72,800.00 72,800.00 09/01/97 08/01/27 10.875 10.875 16.875 7.500
800276222 178,000.00 178,000.00 10/01/97 09/01/27 10.750 9.750 16.750 6.000
800276248 126,900.00 126,900.00 09/01/97 08/01/27 9.875 8.875 15.875 6.000
800276396 402,200.00 402,200.00 09/01/97 08/01/27 9.500 8.500 15.500 4.500
800276768 35,200.00 35,191.72 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800276990 45,450.00 45,450.00 09/01/97 08/01/27 11.000 10.000 17.000 6.500
800277345 158,400.00 158,400.00 09/01/97 08/01/27 9.125 9.125 15.125 5.500
800277378 225,250.00 225,250.00 10/01/97 09/01/27 11.250 10.250 17.250 6.950
800277675 59,800.00 59,800.00 09/01/97 08/01/27 12.375 11.375 18.375 6.750
800277931 34,200.00 34,200.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800278087 43,200.00 43,200.00 09/01/97 08/01/27 11.375 10.375 17.375 6.800
800278111 40,800.00 40,800.00 09/01/97 08/01/27 9.250 8.250 15.250 4.500
</TABLE>
<PAGE>
<TABLE>
Page 7 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800278160 GREER MATTHEW J 2303 LEEDS COURT WEST CHESTER PA 19382
27 27 800278301 FOUGHT LOIS J 70 NORTH MAPLE AVENUE MARLTON NJ 08053
27 27 800278335 FARRINGTON RICHARD C 8 NEWPORT ROAD #5 CAMBRIDGE MA 02138
27 27 800278582 RANGER MAUREEN 5 JEWETT STREET ANSONIA CT 06401
27 27 800278814 MOYE KELLY 56-58 VICTORY DRIVE NEW HAVEN CT 06511
27 27 800279259 HELMETZI DANIEL H 560 N DARBY ROAD HERMITAGE PA 16148
27 27 800280257 CORBY WILLIAM J 516 PALM STREET SCRANTON PA 18505
27 27 800280604 OKOLOH THADDEUS 752-A MADISON STREET BROOKLYN NY 11221
27 27 800280810 ROSA MIGUEL A 4412 WESTFIELD AVENUE PENNSAUKEN NJ 08110
27 27 800280851 LUTA STEPHEN 4314 SOUTHWEST 5TH AVENUE CAPE CORAL FL 33914
27 27 800281610 GRIFFITH JAMES EVERETT 66 FIRST STREET URSINA PA 15485
27 27 800281636 KIRSHENBAUM WARREN A 3 FOREST HILLS DRIVE WEST HARTFORD CT 06117
27 27 800281917 MAGUIRE DONALD F 152 79TH STREET BROOKLYN NY 11209
27 27 800281990 GEBHARD KATHY 761 CONSTITUTION AVENUE DOUGLASVILLE PA 19518
27 27 800282451 CARSWELL NURECINE 33 OSSMAN DRIVE GARNERVILLE NY 10923
27 27 800283327 ELCOCK ESMOND E 110 43 169TH STREET JAMAICA NY 11433
27 27 800283442 LOOSE CRAIG A 157 NISS AVENUE EPHRATA PA 17552
27 27 800283772 LE GRYS ROSEMARIE 42 HASBROUCK RD NEW PALTZ NY 12561
27 27 800283798 CRAIG TIMOTHY L 25 FIRST STREET NORWALK CT 06850
27 27 800283939 EVANS ANITA Y 508 WYNBROOKE PKWY STONE MOUNTAIN GA 30087
27 27 800284119 SORENSEN KIMBERLY A 120 EAST LOTUS AVENUE WILDWOOD CREST NJ 08260
27 27 800285009 BARNA DWIGHT D. 4523 OAK HOLLOW DRIVE HIGH POINT NC 27265
27 27 800285165 GUSTAVE PIERRE 36 PAERDEGAT 10TH STREET BROOKLYN NY 11236
27 27 800285256 PEREZ DAVELVA 54-35 ARNOLD AVENUE MASPETH NY 11378
27 27 800286270 JORDAN LOUIS 201 SOUTH MIDDLE STREET GOLDSBORO NC 27530
27 27 800286759 EXNER JOHN K 5841 SOUTH EAST NELSON ROA OLALLA WA 98359
27 27 800286957 STEINER JOHN A 5846 EAST INDIAN BEND ROAD PARADISE VALLEY AZ 85253
27 27 800287377 SORHAINDO JACQUELINE 1111 BRAMWELL LANE STONE MOUNTAIN GA 30083
27 27 800287682 ALOI JAMES 108 OCEAN AVENUE BRIELLE NJ 08730
27 27 800287831 SHAMY JERROLYN 555 WEST 9TH PLACE MESA AZ 85201
27 27 800288441 JUDD KEVIN 1310 MERRIE RIDGE ROAD MCLEAN VA 22101
27 27 800288649 SMETANA GERARD J 405 BIRCH LANE LEBANON PA 17046
27 27 800288680 PRAETORIUS FRANCES M 1264 MOTOR PKWY CENTRAL ISLIP NY 11722
27 27 800288920 LORDS BETH C 2811 EAST 2100 SOUTH SALT LAKE CITY UT 84109
27 27 800289514 FULTON ANTHONY B 4485 JANICE DRIVE COLLEGE PARK GA 30337
27 27 800290710 FITZGERALD P JOHN 1431 OLD GRANTHAM ROAD GOLDSBORO NC 27530
27 27 800291361 TAYLOR SAMUEL E 9076 RETREAT PASS JONESBORO GA 30236
27 27 800291585 MOSTAFAVI MOKHTAR 14100 EAST HAMILTON DRIVE AURORA CO 80014
27 27 800291791 FORGE GWIENDLYN A 2908 NORTH CLINTON STREET LONGVIEW TX 75606
27 27 800294068 CRUTE BRYAN E 4771 OUTLOOK WAY MARIETTA GA 30066
27 27 800294241 ROTHWELL RANDY E 6 KALAMAZOO ROAD HERMINIE PA 15637
27 27 800294506 NGUYEN HAI VAN 9372 HIDDEN SPRING DRIVE MANASSAS VA 20112
27 27 800294522 PEARLMAN MARLENE 9 RANCH DRIVE WEST SHIRLEY NY 11967
27 27 800294613 BOLDEN MARIA 132 TRUMAN STREET BRIDGEPORT CT 06606
27 27 800294761 WEBB ANTHONY WADE 2565 DEXTER STREET DENVER CO 80207
27 27 800295784 VELAZQUEZ JOSEPH M 132 PATTEN CIRCLE ALBRIGHTSVILLE PA 18210
27 27 800295867 ALLEN MAURICE N. 6609 SADIE DRIVE WENDELL NC 27591
27 27 800296600 ZALENSKI ROBERT E 101- 103 DIVISION AVENUE SHELTON CT 06484
27 27 800296618 SANCHEZ MARCELINO D 818 WEST WEDWICK STREET TUCSON AZ 85706
27 27 800297194 LEE WILLIAM H 9 BRENT CT POTOMAC MD 20854
27 27 800297459 DENNING MARLIN PARLEY 6491 SOUTH CLEMATIS WAY WEST JORDAN UT 84084
27 27 800297608 WYPYSZINSKI THOMAS A. 14 WINTHROP AVENUE PROVIDENCE RI 02908
27 27 800298184 SCHULTZ EDWARD 15 DRIGGS ST STATEN ISLAND NY 10308
27 27 800298259 ZAMUDIO BALTAZAR 925 SPRUCE STREET READING PA 19602
27 27 800298580 HOVENCAMP MICHAEL 109 FREEWAY AVENUE HACKETTSTOWN NJ 07840
27 27 800299133 DONNELL BRANDON 108 SE GAMBLE STREET BURLESON TX 76028
27 27 800299141 LITTAU JAMES J 3490 BAREBACK DRIVE COLORADO SPRINGS CO 80922
27 27 800299240 JOHNSON ELIZABETH 4060 SOUTH G STREET TACOMA WA 98408
27 27 800299380 FLEET DEZ R 1714 MUIRFIELD LANE EVERGREEN CO 80439
27 27 800300188 DORE ROGER J 15416 19TH AVENUE COURT SO SPANAWAY WA 98387
27 27 800300592 COSTANTINI DONNA 150 SHOREFRONT REAR MILFORD CT 06460
27 27 800300832 BAIR CAROLYN S 2970 HARRISBURG WAY COLORADO SPRINGS CO 80922
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800278160 125,900.00 125,900.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
800278301 145,000.00 145,000.00 09/01/97 08/01/27 11.250 11.250 17.250 7.700
800278335 119,500.00 119,500.00 09/01/97 08/01/27 9.000 8.000 15.000 4.250
800278582 149,400.00 149,400.00 10/01/97 09/01/27 9.750 9.750 15.750 6.400
800278814 30,000.00 30,000.00 10/01/97 09/01/27 10.875 9.875 16.875 6.650
800279259 64,000.00 64,000.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
800280257 56,800.00 56,800.00 09/01/97 08/01/27 9.250 8.250 15.250 4.500
800280604 144,000.00 144,000.00 09/01/97 08/01/27 11.500 11.500 17.500 8.175
800280810 68,000.00 68,000.00 09/01/97 08/01/27 9.875 9.875 15.875 6.250
800280851 100,000.00 99,955.76 09/01/97 08/01/27 10.000 9.000 16.000 5.500
800281610 20,000.00 20,000.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
800281636 233,750.00 233,750.00 10/01/97 09/01/27 9.625 8.625 15.625 6.500
800281917 198,900.00 198,900.00 09/01/97 08/01/27 12.375 11.375 18.375 6.750
800281990 104,000.00 104,000.00 10/01/97 09/01/27 10.875 10.875 16.875 7.500
800282451 113,500.00 113,500.00 09/01/97 08/01/27 11.000 10.000 17.000 6.900
800283327 127,800.00 127,800.00 10/01/97 09/01/27 10.125 10.125 16.125 6.800
800283442 77,400.00 77,400.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800283772 65,000.00 65,000.00 10/01/97 09/01/27 8.750 8.750 14.750 5.250
800283798 306,000.00 306,000.00 10/01/97 09/01/27 11.375 10.375 17.375 6.750
800283939 144,675.00 144,675.00 09/01/97 08/01/27 10.000 10.000 16.000 6.400
800284119 76,000.00 75,975.04 09/01/97 08/01/27 11.375 11.375 17.375 7.850
800285009 101,550.00 101,550.00 10/01/97 09/01/27 9.875 8.875 15.875 5.250
800285165 145,600.00 145,555.97 08/01/97 07/01/27 11.750 10.750 17.750 6.250
800285256 153,000.00 153,000.00 09/01/97 08/01/27 11.125 10.125 17.125 6.800
800286270 39,200.00 39,181.71 09/01/97 08/01/27 9.750 8.750 15.750 5.000
800286759 136,850.00 136,850.00 10/01/97 09/01/27 10.750 9.750 16.750 6.500
800286957 372,000.00 372,000.00 09/01/97 08/01/27 9.125 9.125 15.125 5.800
800287377 95,600.00 95,600.00 10/01/97 09/01/27 9.875 8.875 15.875 5.000
800287682 106,250.00 106,250.00 10/01/97 09/01/27 10.750 9.750 16.750 6.850
800287831 70,000.00 70,000.00 09/01/97 08/01/27 9.750 8.750 15.750 5.300
800288441 467,500.00 467,500.00 09/01/97 08/01/27 11.250 10.250 17.250 6.500
800288649 95,400.00 95,400.00 09/01/97 08/01/27 10.250 9.250 16.250 6.750
800288680 63,000.00 63,000.00 09/01/97 08/01/27 9.625 8.625 15.625 5.000
800288920 225,000.00 225,000.00 10/01/97 09/01/27 9.500 8.500 15.500 5.250
800289514 80,750.00 80,750.00 10/01/97 09/01/27 10.750 9.750 16.750 6.000
800290710 63,900.00 63,900.00 10/01/97 09/01/27 11.500 10.500 17.500 7.000
800291361 225,000.00 225,000.00 09/01/97 08/01/27 9.375 8.375 15.375 4.550
800291585 270,300.00 270,300.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800291791 66,600.00 66,600.00 10/01/97 09/01/27 9.750 8.750 15.750 5.500
800294068 270,000.00 270,000.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
800294241 33,750.00 33,750.00 10/01/97 09/01/27 10.500 9.500 16.500 5.750
800294506 146,000.00 146,000.00 09/01/97 08/01/27 8.375 8.375 14.375 4.750
800294522 71,500.00 71,500.00 09/01/97 08/01/27 11.250 11.250 17.250 6.750
800294613 84,800.00 84,800.00 09/01/97 08/01/27 11.250 10.250 17.250 7.000
800294761 136,000.00 136,000.00 10/01/97 09/01/27 10.125 9.125 16.125 5.750
800295784 140,000.00 140,000.00 10/01/97 09/01/27 9.875 8.875 15.875 5.750
800295867 53,900.00 53,900.00 10/01/97 09/01/17 12.625 12.625 18.625 9.000
800296600 112,500.00 112,500.00 09/01/97 08/01/27 9.875 8.875 15.875 5.300
800296618 37,600.00 37,600.00 10/01/97 09/01/27 11.875 10.875 17.875 7.300
800297194 577,000.00 577,000.00 09/01/97 08/01/27 10.125 9.125 16.125 5.875
800297459 93,925.00 93,887.67 09/01/97 08/01/27 10.500 9.500 16.500 6.250
800297608 93,500.00 93,500.00 10/01/97 09/01/27 11.000 10.000 17.000 6.500
800298184 92,000.00 92,000.00 09/01/97 08/01/27 8.625 8.625 14.625 5.250
800298259 34,850.00 34,850.00 10/01/97 09/01/27 10.875 9.875 16.875 6.250
800298580 30,000.00 30,000.00 10/01/97 09/01/27 9.125 9.125 15.125 5.800
800299133 56,800.00 56,800.00 09/01/97 08/01/27 11.375 10.375 17.375 6.650
800299141 157,050.00 157,050.00 09/01/97 08/01/27 9.500 8.500 15.500 5.250
800299240 74,000.00 74,000.00 10/01/97 09/01/27 10.250 9.250 16.250 5.500
800299380 400,000.00 400,000.00 10/01/97 09/01/27 8.625 8.625 14.625 5.250
800300188 76,500.00 76,500.00 10/01/97 09/01/27 10.625 9.625 16.625 6.000
800300592 168,500.00 168,500.00 10/01/97 09/01/27 9.375 8.375 15.375 4.800
800300832 154,800.00 154,800.00 10/01/97 09/01/27 9.500 8.500 15.500 5.250
</TABLE>
<PAGE>
<TABLE>
Page 8 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 27 800301129 KERN JOHN 937 S MEADOW STREET ALLENTOWN PA 18103
27 27 800301384 MCALLISTER LORI A 12425 EAST GOLD DUST AVENU SCOTTSDALE AZ 85259
27 27 800301467 JOHNSON LARRY FLOYD 507 NELL STREET LONGVIEW TX 75604
27 27 800301798 NONTHAVETH DONNA S 14709 EAST 13TH AVENUE AURORA CO 80111
27 27 800302895 MELLER PHYLLIS A. 124 WINDMILL LANE NEWINGTON CT 06111
27 27 800302937 VOELZ WAYNE K 1130 SKYLIGHT VIEW COLORADO SPRINGS CO 80906
27 27 800303091 WOOD YOUNGER S 3757 COLONIAL COVE HOPE MILLS NC 28348
27 27 800303323 MONS NATHANIEL 2030 FLAT SHOALS ROAD ATLANTA GA 30316
27 27 800303711 ANDERSON ANTHONY JAMES 9773 SOUTH KRISTEN DRIVE SANDY UT 84070
27 27 800304040 BAYLEY RUSSELL 101 STEM ROAD MANAHAWKIN NJ 08050
27 27 800304263 COLLIER MIKE 2417 BRITT DRIVE RALEIGH NC 27610
27 27 800305245 CAMPBELL DAVID W 11121 WEST COTTONWOOD LANE AVONDALE AZ 85323
27 27 800306490 KILLINO DOMINIC S 238 MOOSIC ROAD OLD FORGE PA 18518
27 27 800306839 SEALY ETHEL M 1668 ALGONQUIN TRAIL ALBRIGHTSVILLE PA 18210
27 27 800307068 GRIFFITH LOUIS 191-22 120TH AVENUE JAMAICA NY 11412
27 27 800307563 LIVES PAUL A 3109 WEST 3760 SOUTH WEST VALLEY CITY UT 84119
27 27 800308058 BROCKWELL LORELEI D 113 SKYLINE DRIVE LONGVIEW TX 75601
27 27 800309080 CHRISTENSEN CODY H 1327 EAST GILMER DRIVE SALT LAKE CITY UT 84105
27 27 800309858 PENA JESUS D 2074 ARABIAN TRAIL ELIZABETH CO 80107
27 27 800310963 SCHOUTEN TJITSKE 5203 LAZY LAKE LANE ST PETERSBURG FL 33708
27 27 800311292 MYERS VICTOR B 1600 WALNUT STREET SW ALBANY OR 97321
27 27 800311540 KILIAN KURT 5505 WHITING WAY PEYTON CO 80831
27 27 800311912 OCASIO MANUEL 258260 SHERIDEN STREET BRIDGEPORT CT 06610
27 27 800312530 MAMANE SAHABI 121 CLERMONT AVENUE BROOKLYN NY 11205
27 27 800313470 WEST CHRISTINA M 715 ELLET STREET MARTINS FERRY OH 43935
27 27 800313983 EXNER JOHN K 8221 CHIMINEAS AVENUE RESEDA CA 91335
27 27 800314387 LANGOLF ARTHUR D 1376 WEST CANYON STREET APACHE JUNCTION AZ 85220
27 27 800315715 D'ANDREA ROBERT 456 HOLDSWORTH DRIVE PITTSBURGH PA 15236
27 27 800317844 EURE ANNA MAY 645 BROOKDALE STREET ALLENTOWN PA 18103
27 27 800317893 MCHUGH EDWARD 2560 LUMMI VIEW DRIVE BELLINGHAM WA 98276
27 27 800319543 LEITZELL JOANNE M 220 KENNEDY AVENUE MILL HALL PA 17751
27 27 800320475 COONEY MICHAEL T 4200 NAVAHOE LANE LAKE ARIEL PA 18436
27 27 800320533 MAKELY PAUL T 265 SOUTH GREENE AVENUE LINDENHURST NY 11757
27 27 800321556 GRANT ROSEMARIE 11442 NEWBURG ST ST ALBANS NY 11412
27 27 800321663 JACKSON KENNETH 8015 RIDGEGLEN CIRCLE WEST LAKELAND FL 33809
27 27 800321838 GERMANY GERALDINE 324-G COUNTRY PLACE DRIVE TOBYHANNA PA 18466
27 27 800322380 SPINKS RANDALL C 5701 DOVE DRIVE PACE FL 32571
27 27 800324402 O'QUINN TONYA R 406 CONROE STREET LONGVIEW TX 75604
27 27 800329054 MAIZNER DANIEL G 1008 HOLLOWBLUFF AVENUE NORTH LAS VEGAS NV 89031
27 27 800329062 RIVERO JULIE A 5033 STARFINDER AVENUE LAS VEGAS NV 89108
27 27 800329377 PARVIN ARTHUR F 733 NORTHWEST 28TH STREET WILTON MANORS FL 33311
27 27 800329872 MOHRING KERRY LEE 10 DEEP HOLLOW ROAD GREENTOWN PA 18426
27 27 800331175 NAHABETIAN DAVID W 1985 SHAWNEE DRIVE COLORADO SJPRINGS CO 80915
27 27 800332777 FREIMARK JOHN B 232 161ST PLACE SOUTHEAST BOTHELL WA 98012
27 27 800336133 CARTER BISHOP 5765 KOWETA ROAD COLLEGE PARK GA 30349
-------------------------------
479 Sale Total
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800301129 64,600.00 64,600.00 10/01/97 09/01/27 11.750 10.750 17.750 7.000
800301384 221,000.00 220,891.29 09/01/97 08/01/27 9.500 8.500 15.500 5.300
800301467 83,700.00 83,700.00 10/01/97 09/01/27 9.500 8.500 15.500 5.750
800301798 95,150.00 95,150.00 09/01/97 08/01/27 10.500 9.500 16.500 6.250
800302895 120,377.00 120,377.06 10/01/97 09/01/27 11.125 10.125 17.125 7.000
800302937 261,800.00 261,800.00 09/01/97 08/01/27 9.625 9.625 15.625 6.250
800303091 55,250.00 55,250.00 10/01/97 09/01/27 10.500 9.500 16.500 6.250
800303323 98,100.00 98,100.00 10/01/97 09/01/27 9.375 9.375 15.375 5.750
800303711 114,750.00 114,750.00 10/01/97 09/01/27 10.500 9.500 16.500 6.500
800304040 93,500.00 93,500.00 10/01/97 09/01/27 11.000 10.000 17.000 6.000
800304263 25,000.00 25,000.00 10/01/97 09/01/12 8.875 8.875 14.875 5.000
800305245 142,850.00 142,850.00 10/01/97 09/01/27 9.875 9.875 15.875 6.550
800306490 110,500.00 110,500.00 10/01/97 09/01/27 9.875 8.875 15.875 5.000
800306839 107,100.00 107,100.00 10/01/97 09/01/27 9.750 8.750 15.750 5.250
800307068 119,850.00 119,850.00 10/01/97 09/01/27 11.625 10.625 17.625 7.300
800307563 92,400.00 92,400.00 10/01/97 09/01/27 10.500 9.500 16.500 6.750
800308058 36,000.00 36,000.00 10/01/97 09/01/27 10.000 9.000 16.000 5.750
800309080 228,650.00 228,650.00 10/01/97 09/01/27 10.250 9.250 16.250 6.000
800309858 153,000.00 153,000.00 10/01/97 09/01/27 9.375 9.375 15.375 6.000
800310963 101,150.00 101,150.00 10/01/97 09/01/27 9.750 8.750 15.750 5.250
800311292 93,500.00 93,500.00 10/01/97 09/01/27 10.375 9.375 16.375 6.000
800311540 102,000.00 102,000.00 10/01/97 09/01/27 10.625 9.625 16.625 6.250
800311912 83,300.00 83,300.00 10/01/97 09/01/27 10.875 9.875 16.875 6.550
800312530 137,250.00 137,250.00 10/01/97 09/01/27 10.000 9.000 16.000 5.750
800313470 42,320.00 42,320.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
800313983 101,500.00 101,500.00 10/01/97 09/01/27 9.250 8.250 15.250 5.000
800314387 48,750.00 48,750.00 10/01/97 09/01/17 10.875 9.875 16.875 6.600
800315715 84,800.00 84,800.00 10/01/97 09/01/27 10.750 9.750 16.750 6.500
800317844 47,700.00 47,700.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800317893 86,700.00 86,700.00 10/01/97 09/01/27 9.875 9.875 15.875 6.500
800319543 59,850.00 59,850.00 10/01/97 09/01/27 10.125 10.125 16.125 6.750
800320475 43,200.00 43,200.00 10/01/97 09/01/27 10.500 9.500 16.500 6.000
800320533 148,500.00 148,500.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800321556 144,000.00 144,000.00 10/01/97 09/01/27 10.625 9.625 16.625 6.050
800321663 84,000.00 84,000.00 10/01/97 09/01/27 12.250 11.250 18.250 7.500
800321838 154,000.00 154,000.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
800322380 82,300.00 82,300.00 10/01/97 09/01/27 11.125 10.125 17.125 6.000
800324402 44,910.00 44,910.00 10/01/97 09/01/27 10.000 9.000 16.000 5.750
800329054 189,000.00 189,000.00 10/01/97 09/01/27 10.000 9.000 16.000 5.750
800329062 84,575.00 84,575.00 10/01/97 09/01/27 10.625 9.625 16.625 6.250
800329377 99,450.00 99,450.00 10/01/97 09/01/27 10.500 9.500 16.500 6.500
800329872 86,000.00 86,000.00 10/01/97 09/01/27 8.750 7.750 14.750 4.500
800331175 97,425.00 97,425.00 10/01/97 09/01/27 9.625 8.625 15.625 5.000
800332777 131,325.00 131,325.00 10/01/97 09/01/27 10.750 9.750 16.750 6.500
800336133 104,400.00 104,400.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
----------------------------------------------- ---------------------------------------
479 56,320,665.00 56,305,514.28 10.532 9.773 16.532 6.280
</TABLE>
<PAGE>
<TABLE>
Page 9 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
33 33 800222036 TOKHCHUKOVA SOFIYA S 9536 NORTHWEST 1ST AVENUE SEATTLE WA 98117
33 33 800229569 ARTZ, TIMOTHY LANE 1015 CHIPOLA STREET KANNAPOLIS NC 28083
33 33 800234783 HERNANDEZ GILBERT R 23227 NE 29TH COURT REDMOND WA 98053
33 33 800291155 RILEY FRANCES M. 13220 125TH AVE NORTHEAST KIRKLAND WA 98034
33 33 800306102 MAJOR MARY KAY 13033 80TH AVENUE SOUTH SEATTLE WA 98178
33 33 800337958 CONNER FRED E 35850 SOUTH 57TH AVENUE AUBURN WA 98001
-------------------------------
6 Sale Total
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800222036 116,000.00 116,000.00 10/01/97 09/01/27 10.875 10.875 16.875 7.500
800229569 65,000.00 64,977.44 08/01/97 07/01/27 11.125 11.125 17.125 7.500
800234783 183,250.00 183,149.91 08/01/97 07/01/27 9.000 8.000 15.000 4.500
800291155 84,500.00 84,500.00 09/01/97 08/01/27 10.250 9.250 16.250 5.500
800306102 90,000.00 90,000.00 10/01/97 09/01/27 10.750 9.750 16.750 6.000
800337958 81,716.00 81,716.00 10/01/97 09/01/27 12.000 11.000 18.000 6.750
----------------------------------------------- ---------------------------------------
6 620,466.00 620,343.35 10.393 9.684 16.393 6.025
</TABLE>
<PAGE>
<TABLE>
Page 10 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 SB565 106130340 AL-MUSAWI HAKIM 4594 ROSALIE DEARBORN MI 48126
27 SB565 106134658 CATALDO GINA M 119 PLYMOUTH ROAD EASTLAKE OH 44095
27 SB565 106138648 KIDD QUINCE E 7155 S. SEELEY AVENUE CHICAGO IL 60636
27 SB565 106143876 MARTINEZ SANDRA A 1213 AUBURN DRIVE ROSWELL NM 88201
27 SB565 106145654 DYSON MICHAEL 3036 WEST MILLERAMA AVENUE SALT LAKE CITY UT 84119
27 SB565 106145838 HARLEY ZANE 3051 E NORTHSHORE DRIVE MORGANTOWN IN 46160
27 SB565 106145961 LINSENMEYER TIMOTHY A 5497 RIDGE CROSSING HANOVER PARK IL 60103
27 SB565 106146735 EASTER STEVEN L SR 20638 5TH AVENUE SOUTH DES MOINES WA 98198
27 SB565 106147700 KELM THELMA S 1724 ROOT STREET CREST HILL IL 60435
27 SB565 106148687 RAMIREZ AURELIA G 405 WEST 4TH STREET GRANDVIEW WA 98930
27 SB565 106148720 SCHWERTFEGER LARRY L 17219 SOUTH PEACH GROVE LA HAZELCREST IL 60429
27 SB565 106148762 LAPORTE WALTER C 4566 SOUTH LAPEER ROAD METAMORA MI 48455
27 SB565 106148835 NEWILL JERRY L 13750 EASTONVILLE ROAD ELBERT CO 80106
27 SB565 106149010 WILSON JEFFREY M 207 WASHINGTON AVE NEENAH WI 54956
27 SB565 106149126 ORR JULIA A 5240 MART CT WARREN MI 48091
27 SB565 106149482 REDDAWAY MARK H 1190 ASPEN AVENUE MOUNT CHARLESTON NV 89124
27 SB565 106149584 WALKER KENNETH W 3406 BLACK JACK ROAD JEFFERSON TX 75657
27 SB565 106149832 WILSON TAWANDA 5727 WOODGATE DRIVE MATTESON IL 60443
27 SB565 106149939 LEWANDOWSKI ROBERT 4418 ROHR RD ORION MI 48359
27 SB565 106149951 MORGAN MICHAEL E 3368 WEST COUNTY RD 100 NO NEW CASTLE IN 47362
27 SB565 106150201 SAX SCOTT J 27100 NEPTUNE PLACE CLARK CO 80480
27 SB565 106150406 FERRELL JAMES D 15362 7TH AVENUE PHOENIX IL 60426
27 SB565 106150460 CALDWELL WILLIAM 355 SE GINSENG STREET ESTACADA OR 97023
27 SB565 106150507 OLSON DENNIS A 3505 TOEPFER WARREN MI 48091
27 SB565 106150558 JONES MICHAEL 4533 WEST HUTCHINSON CHICAGO IL 60641
27 SB565 106150664 WALLACE JEFFREY A 3132 HENRYDALE AUBURN HILLS MI 48326
27 SB565 106150758 GOIKE DIANE M 98 HIGH STREET MT. CLEMENS MI 48043
27 SB565 106150760 ETHRIDGE BENNIE J 29520 FOX CLUB DRIVE FARMINGTON HILLS MI 48331
27 SB565 106151104 TAYLOR EDWARD H 9238 S FOREST AVENUE CHICAGO IL 60619
27 SB565 106151121 BURNS ANDREW M 6683 NORTH 80TH STREET MILWAUKEE WI 53223
27 SB565 106151146 CHARLOFF GAIL 520 EAST GLADE AVENUE MESA AZ 85204
27 SB565 106151263 BLACKBURN EDWARD S 5704 STOCKTON STREET S.E. LACEY WA 98513
27 SB565 106151341 RAGGAD MARIOARA 6618-20 MEAD DEARBORN MI 48126
27 SB565 106151456 THOMAS BRANDON M 275 WEST 530 NORTH LA VERKIN UT 84745
27 SB565 106151468 KARANASOS SHERI L 1417 SOUTH VERDE STREET TACOMA WA 98405
27 SB565 106151471 THURMOND JAMES D 2585 WHIPPET WAY SEDONA AZ 86336
27 SB565 106151610 MCCAFFREY MARY G 779 DEER CLOVER WAY CASTLE ROCK CO 80104
27 SB565 106151678 BERTOCK GLORIA S 15385 VALERIE MACOMB TOWNSHIP MI 48044
27 SB565 106151682 FLONNERY CORDILIA 2714 N STATION STREET INDIANAPOLIS IN 46218
27 SB565 106151683 COPE WARREN 2030 N EMERSON INDIANAPOLIS IN 46218
27 SB565 106151687 ALVIS JASON D 2573 SHERIDAN COURT CICERO IN 46034
27 SB565 106151788 HONG TUAN 11610 COCOA COURT STERLING HEIGHTS MI 48312
27 SB565 106151904 DEDIC EDIBA 3156-3158 HOLBROOK HAMTRAMCK MI 48212
27 SB565 106151948 MCINTOSH PENNY L 185 WEST CENTER FILLMORE UT 84631
27 SB565 106151954 TULKAN PAMELA J 19700 WEST HIGHWAY 85 BUCKEYE AZ 85326
27 SB565 106152014 LIPTAK GEORGE L 10712 WADSWORTH AVE GARFIELD HEIGHTS OH 44125
27 SB565 106152027 JOHNSON MARK D 14565 WESTWOOD DETROIT MI 48223
27 SB565 106152199 WINTERS WILLIAM S 20606 EDWARDS ROAD EAST SUMNER WA 98390
27 SB565 106152218 RESENDIZ JOSEFINA 5324 W DEMING PLACE CHICAGO IL 60639
27 SB565 106152246 MINOR PAM A 4430 GREENMEADOW COURT INDIANAPOLIS IN 46236
27 SB565 106152284 SINGH MACHELLE L 6329 PARSIFAL PLACE LAS VEGAS NV 89107
27 SB565 106152335 CANTRUP DIETER 745 HEATHER LANE CARBONDALE CO 81623
27 SB565 106152352 CHAU TIN S 9124 S ANASAZI INDIAN TRAI HIGHLANDS RANCH CO 80126
27 SB565 106152368 SATTERWHITE ALLISON 40 GLENWOOD AVENUE DAYTON OH 45405
27 SB565 106152385 FALSTREAU RICHARD G 9211 BOYER LANE KIRTLAND OH 44094
27 SB565 106152400 REYES RUBEN 1833 N KILDARE CHICAGO IL 60639
27 SB565 106152430 CRAIGIE LESLIE A 724 SOUTH BATES STREET BIRMINGHAM MI 48009
27 SB565 106152432 DEAN GLENN E 750 NORTH FAIRGROUNDS IMLAY CITY MI 48444
27 SB565 106152438 STERN WILLIAM O 4524 STRANDWYCK WEST BLOOMFIELD MI 48322
27 SB565 106152501 ALLEN BARBARA A 820 DUQUESNE AVENUE NORTH LAS VEGAS NV 89030
27 SB565 106152511 WILLIAMS FRED L 1725 169TH STREET COURT SO SPANAWAY WA 98387
27 SB565 106152515 STARK DALE E 21351 S E 271ST PLACE MAPLE VALLEY WA 98038
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
106130340 58,500.00 58,189.98 11/01/96 10/01/26 9.625 9.625 15.625 5.750
106134658 53,000.00 52,902.00 02/01/97 01/01/27 12.500 11.500 18.500 7.500
106138648 55,250.00 55,125.73 03/01/97 02/01/27 10.875 9.875 16.875 6.250
106143876 36,000.00 35,979.86 07/01/97 06/01/27 12.125 12.125 18.125 8.250
106145654 111,600.00 111,492.64 07/01/97 06/01/27 9.625 9.625 15.625 6.000
106145838 43,400.00 43,304.08 05/01/97 04/01/27 9.000 8.000 15.000 4.500
106145961 186,700.00 186,700.00 09/01/97 08/01/27 10.125 10.125 16.125 6.500
106146735 112,000.00 111,947.02 08/01/97 07/01/27 12.875 11.875 18.875 8.250
106147700 96,500.00 96,367.37 07/01/97 06/01/27 9.875 8.875 15.875 5.000
106148687 51,500.00 51,500.00 09/01/97 08/01/27 13.500 12.500 19.500 8.500
106148720 51,000.00 51,000.00 09/01/97 08/01/27 9.500 8.500 15.500 5.250
106148762 69,000.00 69,000.00 09/01/97 08/01/27 10.500 9.500 16.500 6.750
106148835 142,000.00 141,901.00 08/01/97 07/01/27 11.125 10.125 17.125 6.500
106149010 42,400.00 42,400.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106149126 93,500.00 93,455.21 09/01/97 08/01/27 9.625 8.625 15.625 4.750
106149482 105,000.00 104,944.13 09/01/97 08/01/27 9.125 8.125 15.125 4.500
106149584 40,000.00 39,976.38 08/01/97 07/01/27 8.625 7.625 14.625 3.750
106149832 90,900.00 90,900.00 09/01/97 08/01/27 11.125 10.125 17.125 6.250
106149939 98,000.00 98,000.00 09/01/97 08/01/27 9.875 8.875 15.875 6.000
106149951 113,400.00 113,400.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
106150201 191,200.00 191,200.00 09/01/97 08/01/27 8.625 8.625 14.625 5.000
106150406 82,400.00 82,374.72 08/01/97 07/01/27 13.000 12.000 19.000 7.250
106150460 107,000.00 107,000.00 09/01/97 08/01/27 12.000 11.000 18.000 7.250
106150507 45,000.00 45,000.00 09/01/97 08/01/27 9.875 9.875 15.875 6.250
106150558 309,400.00 309,226.54 08/01/97 07/01/27 8.875 8.875 14.875 5.500
106150664 77,000.00 77,000.00 10/01/97 09/01/27 9.250 8.250 15.250 5.500
106150758 71,600.00 71,565.70 08/01/97 07/01/27 9.625 9.625 15.625 6.000
106150760 202,300.00 202,300.00 09/01/97 08/01/27 9.625 8.625 15.625 7.250
106151104 66,600.00 66,600.00 09/01/97 08/01/27 10.000 9.000 16.000 5.750
106151121 61,200.00 61,200.00 09/01/97 08/01/27 11.125 10.125 17.125 6.250
106151146 54,600.00 54,600.00 09/01/97 08/01/27 10.375 9.375 16.375 5.900
106151263 98,000.00 98,000.00 09/01/97 08/01/27 12.000 11.000 18.000 7.250
106151341 112,500.00 112,500.00 09/01/97 08/01/27 9.625 8.625 15.625 6.000
106151456 80,452.00 80,412.43 09/01/97 08/01/27 9.500 9.500 15.500 5.875
106151468 112,400.00 112,352.86 08/01/97 07/01/27 10.250 9.250 16.250 5.750
106151471 147,900.00 147,900.00 09/01/97 08/01/27 10.125 10.125 16.125 6.500
106151610 222,700.00 222,700.00 09/01/97 08/01/27 8.000 8.000 14.000 4.400
106151678 82,000.00 82,000.00 09/01/97 08/01/27 9.625 9.625 15.625 6.000
106151682 39,200.00 39,191.58 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106151683 55,800.00 55,800.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
106151687 120,000.00 120,000.00 09/01/97 08/01/27 10.000 9.000 16.000 5.250
106151788 118,100.00 118,100.00 09/01/97 08/01/27 11.125 11.125 17.125 7.500
106151904 39,500.00 39,500.00 09/01/97 08/01/27 9.750 8.750 15.750 6.500
106151948 50,400.00 50,400.00 09/01/97 08/01/27 13.625 12.625 19.625 8.625
106151954 59,400.00 59,400.00 09/01/97 08/01/27 10.125 9.125 16.125 5.750
106152014 96,300.00 96,300.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106152027 57,000.00 57,000.00 09/01/97 08/01/27 10.375 9.375 16.375 5.500
106152199 169,500.00 169,500.00 10/01/97 09/01/27 10.750 9.750 16.750 6.500
106152218 101,200.00 101,200.00 09/01/97 08/01/27 9.750 9.750 15.750 5.750
106152246 62,400.00 62,400.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106152284 80,000.00 80,000.00 09/01/97 08/01/27 11.750 10.750 17.750 6.750
106152335 137,700.00 137,634.03 10/01/97 09/01/27 9.625 8.625 15.625 5.250
106152352 165,980.00 165,980.00 09/01/97 08/01/27 10.750 9.750 16.750 6.250
106152368 64,000.00 64,000.00 09/01/97 08/01/27 11.125 11.125 17.125 7.500
106152385 526,500.00 526,500.00 09/01/97 08/01/27 9.625 8.625 15.625 4.750
106152400 105,600.00 105,600.00 09/01/97 08/01/27 10.375 10.375 16.375 6.500
106152430 304,000.00 303,811.05 08/01/97 07/01/27 8.375 8.375 14.375 4.750
106152432 105,300.00 105,300.00 09/01/97 08/01/27 11.250 10.250 17.250 6.500
106152438 210,000.00 210,000.00 09/01/97 08/01/27 10.125 9.125 16.125 5.400
106152501 36,400.00 36,387.02 08/01/97 07/01/27 11.000 10.000 17.000 5.250
106152511 159,300.00 159,300.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
106152515 123,960.00 123,960.00 09/01/97 08/01/27 11.750 10.750 17.750 6.750
</TABLE>
<PAGE>
<TABLE>
Page 11 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 SB565 106152528 GROFF GARY L 1251 SOUTH DIAMOND MILL RD NEW LEBANON OH 45345
27 SB565 106152532 KRASINSKA BOGUMILA 3945 NORTH FIRESTONE LANE HOFFMAN ESTATES IL 60195
27 SB565 106152546 ANTHONY ROBBIE M 1623 N LOREL CHICAGO IL 60639
27 SB565 106152563 HARRIS TOMMY G 2384 SOUTH ZENO STREET AURORA CO 80013
27 SB565 106152565 JOHNSON BRUCE M 5450 SOUTH NIAGARA COURT GREENWOOD VILLAGE CO 80111
27 SB565 106152571 HILTE ERNEST 8419 EAST BELGIAN TRAIL SCOTTSDALE AZ 85258
27 SB565 106152602 DUONG SCOTT Q 3520 PLEASANT KNOLL DRIVE SAN JOSE CA 95148
27 SB565 106152645 JAMES ARTHUR S 1753 EAST SYCAMORE STREET COLUMBUS OH 43206
27 SB565 106152683 COUCH DEBRA L 621 WASHINGTON AVE PALMYRA WI 53156
27 SB565 106152685 KOZLOWSKI RICHARD A 17856 POINTE CIRCLE CLINTON TOWNSHIP MI 48038
27 SB565 106152692 HORNBACK MELINDA J 215 SOUTH CARTHAGE RD CHARLOTTESVILLE IN 46117
27 SB565 106152703 MAHONEY DARAN L 2985 1/2 RED WILLOW DRIVE GRAND JUNCTION CO 81504
27 SB565 106152705 TENNEY MICHAEL A 1389 GRANITE HILLS DRIVE EL CAJON CA 92019
27 SB565 106152722 OTT DAWN MARIE 918 VIRGINIA AVENUE CAMPBELL CA 95008
27 SB565 106152723 KOEBERLE JEFFREY J 16177 EAST PRENTICE PLACE AURORA CO 80015
27 SB565 106152729 BEKINS WARD J 43916 SOUTHEAST 149TH STRE NORTH BEND WA 98045
27 SB565 106152764 PHILLIPS PAUL 1419 WAUKEGAN ROAD NORTHBROOK IL 60062
27 SB565 106152770 KUETHER MARK W 202 NORTH 110TH STREET WAUWATOSA WI 53226
27 SB565 106152794 FLINT WAYNE A 290 HARVEST DRIVE HAYDEN CO 81639
27 SB565 106152810 ALVARADO JOHN E 2631 WEST GREGG DRIVE CHANDLER AZ 85224
27 SB565 106152843 PIOLI MICHAEL E 38610 SUPERIOR ROMULUS MI 48174
27 SB565 106152845 ATKINS RICK 7625 DAVIS LANE INDIANAPOLIS IN 46236
27 SB565 106152906 GIBBS OLA 504 N LAWLER CHICAGO IL 60644
27 SB565 106152934 QURESHI WAQAR 15356 BLACK FRIARS ROAD ORLAND PARK IL 60462
27 SB565 106152938 DIAZ MANUEL JR 5302 W 23RD PLACE CICERO IL 60804
27 SB565 106152982 HUFFMAN SCOTT C 17049 WELLINGTON DRIVE PARKER CO 80134
27 SB565 106153042 GHANAYEM JAMAL 3501 WEST WRIGHTWOOD CHICAGO IL 60647
27 SB565 106153067 YOM BONG J 7670 SW BARNARD DRIVE BEAVERTON OR 97007
27 SB565 106153069 LEHNHARDT RICHARD C 1335 DARLING STREET OGDEN UT 84403
27 SB565 106153124 TORALES JOSE A 29371 STAGECOACH BOULEVARD EVERGREEN CO 80439
27 SB565 106153158 BUTLER TODD B N604 JUNEAU ST EMMET WI 53098
27 SB565 106153176 CHEEK SUSIE 4180 AMMONS STREET WHEAT RIDGE CO 80033
27 SB565 106153183 BARTEL KATHRYN S 2563 EAST WILLOW HILLS DRI SANDY UT 84093
27 SB565 106153228 STANKER KENNETH A 129 SOUTH LANCASTER BOLINGBROOK IL 60440
27 SB565 106153246 NEAL BRIDGETT 2142 WEST 78TH STREET CHICAGO IL 60620
27 SB565 106153258 SZYCH PAUL 7515-17 KENTUCKY DEARBORN MI 48126
27 SB565 106153264 BARKER HAROLD P W6398 E OAK STREET DALTON WI 53926
27 SB565 106153309 PERRINO GREGORY A 5500 NORTHEAST 26TH STREET RENTON WA 98059
27 SB565 106153310 MILLER JAMES K 3830 SOUTH HEATH WAY CHANDLER AZ 85248
27 SB565 106153353 CHOI HYE SUN 4402 N PRIMROSE INDIANAPOLIS IN 46205
27 SB565 106153354 MARSHALL JAMES R 3755 N COUNTY ROAD 350 WE LEBANON IN 46052
27 SB565 106153368 STROMAN ROBERT 2532 FAIRLAWN DRIVE COLUMBUS IN 47203
27 SB565 106153493 THURIN JOHN P 322 WEST WASHINGTON SOUTH BEND IN 46601
27 SB565 106153591 THOMAS ANTHONY T 19955 LITTLEFIELD DETROIT MI 48235
27 SB565 106153643 ROSLONSKI DANIEL 53771 N FOSTER ROAD NEW BALTIMORE MI 48047
27 SB565 106153693 D'ANDREA WALTER 37394 GROESBECK CLINTON TWP. MI 48036
27 SB565 106153748 DALALY MICHAEL P 15221 HIAWATHA TRAIL ORLAND PARK IL 60462
27 SB565 106153751 MANTOOTH ROBERT W 16656 WEST 146TH PLACE LOCKPORT IL 60441
27 SB565 106153879 LOUCKS JAMES A 2144 DEAN AVE HOLT MI 48842
27 SB565 106153961 HOFFEDITZ GARY A 214 PRAIRIE PARKWAY BROWNSBURG IN 46112
27 SB565 106154025 KNOX VENA MARIE 20735 GENTNER WARREN MI 48089
27 SB565 106154043 LONG GRETCHEN B 271 N HOLMES AVE INDIANAPOLIS IN 46222
27 SB565 106154091 ZIELINSKI MICHAEL J 349 BASSWOOD COURT BARTLETT IL 60103
27 SB565 106154439 BOUCHARD CATHERINE L 10101 HORSESHORE CIRCLE CLARKSTON MI 48348
-------------------------------
116 Sale Total
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
106152528 97,700.00 97,700.00 10/01/97 09/01/27 9.875 9.875 15.875 6.500
106152532 194,400.00 194,301.83 09/01/97 08/01/27 9.375 9.375 15.375 5.750
106152546 85,500.00 85,500.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106152563 198,000.00 198,000.00 09/01/97 08/01/27 8.875 8.875 14.875 5.250
106152565 430,950.00 430,950.00 09/01/97 08/01/27 8.875 7.875 14.875 4.300
106152571 190,825.00 190,825.00 09/01/97 08/01/27 9.875 9.875 15.875 6.500
106152602 204,000.00 203,885.63 09/01/97 08/01/27 8.875 8.875 14.875 5.250
106152645 58,500.00 58,500.00 09/01/97 08/01/27 8.375 8.375 14.375 5.250
106152683 94,500.00 94,500.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106152685 136,000.00 136,000.00 09/01/97 08/01/27 12.125 11.125 18.125 7.050
106152692 62,300.00 62,300.00 09/01/97 08/01/27 12.625 11.625 18.625 7.500
106152703 54,000.00 54,000.00 09/01/97 08/01/12 10.875 10.875 16.875 7.500
106152705 137,700.00 137,700.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
106152722 201,000.00 200,906.23 09/01/97 08/01/27 9.750 8.750 15.750 5.125
106152723 140,000.00 140,000.00 09/01/97 08/01/27 9.500 8.500 15.500 4.500
106152729 214,600.00 214,600.00 09/01/97 08/01/27 10.250 9.250 16.250 5.750
106152764 448,500.00 448,340.08 09/01/97 08/01/27 11.000 11.000 17.000 6.750
106152770 86,600.00 86,600.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106152794 125,100.00 125,029.87 09/01/97 08/01/27 8.875 8.875 14.875 5.250
106152810 168,800.00 168,725.32 09/01/97 08/01/27 10.000 9.000 16.000 5.550
106152843 140,000.00 140,000.00 09/01/97 08/01/27 12.625 11.625 18.625 7.500
106152845 86,000.00 86,000.00 09/01/97 08/01/27 9.125 9.125 15.125 5.250
106152906 90,000.00 90,000.00 09/01/97 08/01/27 8.875 7.875 14.875 3.750
106152934 128,200.00 128,200.00 09/01/97 08/01/27 12.375 11.375 18.375 6.750
106152938 126,000.00 126,000.00 09/01/97 08/01/27 10.750 9.750 16.750 6.250
106152982 154,960.00 154,960.00 09/01/97 08/01/27 9.500 8.500 15.500 5.000
106153042 27,500.00 27,500.00 09/01/97 08/01/27 11.000 11.000 17.000 7.000
106153067 136,000.00 136,000.00 09/01/97 08/01/27 10.500 9.500 16.500 6.000
106153069 117,000.00 116,945.42 09/01/97 08/01/27 9.750 8.750 15.750 5.250
106153124 199,750.00 199,750.00 09/01/97 08/01/27 11.000 10.000 17.000 6.500
106153158 112,800.00 112,800.00 10/01/97 09/01/27 11.250 11.250 17.250 7.500
106153176 108,000.00 108,000.00 09/01/97 08/01/27 9.250 8.250 15.250 5.250
106153183 232,000.00 232,000.00 10/01/97 09/01/27 12.000 11.000 18.000 7.250
106153228 103,200.00 103,200.00 09/01/97 08/01/27 10.875 10.875 16.875 7.500
106153246 48,500.00 48,500.00 09/01/97 08/01/27 12.125 11.125 18.125 6.750
106153258 112,500.00 112,500.00 09/01/97 08/01/27 8.875 8.875 14.875 5.000
106153264 67,200.00 67,200.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106153309 291,450.00 291,450.00 09/01/97 08/01/27 12.250 11.250 18.250 7.250
106153310 135,298.00 135,298.00 10/01/97 09/01/27 10.750 9.750 16.750 6.500
106153353 48,400.00 48,383.66 09/01/97 08/01/27 11.250 10.250 17.250 6.500
106153354 90,800.00 90,800.00 09/01/97 08/01/27 10.125 10.125 16.125 6.500
106153368 92,300.00 92,300.00 09/01/97 08/01/27 11.250 11.250 17.250 7.500
106153493 300,000.00 299,863.70 09/01/97 08/01/27 9.875 9.875 15.875 6.000
106153591 35,200.00 35,200.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106153643 107,000.00 106,936.82 09/01/97 08/01/27 8.625 8.625 14.625 4.950
106153693 79,400.00 79,400.00 09/01/97 08/01/27 10.500 9.500 16.500 6.800
106153748 101,200.00 101,200.00 10/01/97 09/01/27 11.375 10.375 17.375 6.250
106153751 67,200.00 67,200.00 09/01/97 08/01/27 9.625 9.625 15.625 6.050
106153879 56,200.00 56,200.00 09/01/97 08/01/27 9.750 9.750 15.750 6.000
106153961 80,000.00 80,000.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
106154025 40,800.00 40,785.45 09/01/97 08/01/27 11.000 10.000 17.000 6.500
106154043 58,500.00 58,500.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
106154091 119,200.00 119,200.00 10/01/97 09/01/27 11.250 11.250 17.250 6.750
106154439 242,100.00 242,100.00 10/01/97 09/01/27 10.375 9.375 16.375 5.200
----------------------------------------------- ---------------------------------------
116 14,025,075.00 14,022,418.34 10.282 9.644 16.282 5.974
</TABLE>
<PAGE>
<TABLE>
Page 12 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
27 SB568 106118568 ALVARADO NORMA 10910 LOMBARDY ROAD SILVER SPRING MD 20901
27 SB568 106122236 MARUNGO BASELISA 419 WESTON STREET AURORA IL 60505
27 SB568 106126341 PRISCO STEPHEN 272 DAYTON AVENUE MANORVILLE NY 11949
27 SB568 106128680 ST FLEUR MARIE 730 GOODRICH STREET UNIONDALE NY 11553
27 SB568 106131717 SELLMAN JON CHADWICK 4616 EDINBROOK TERRACE BROOKLYN PARK MN 55443
27 SB568 106140369 MARKOS LINDA 3750 ALVINA WARREN MI 48091
27 SB568 106147719 MARSH RHONDA K 317 NORTH MILL PLAINFIELD IN 46168
27 SB568 106150032 TRONGALE ELAINE M 1325 GROVE AVE BERWYN IL 60402
27 SB568 106150260 MCPHAIL KEVIN 8310 WALKABOUT WAY PINCKNEY MI 48169
27 SB568 106150335 HAGERMAN JERALD L 2422 HAGERMAN STREET COLORADO SPRINGS CO 80904
27 SB568 106150347 RUSTENBURG ROBERT 18120 EAST VENCINO STREET CHANDLER AZ 85236
27 SB568 106150509 HARRIS CLAUDE B 5 S 660 HUMMINGBIRD LANE NAPERVILLE IL 60540
27 SB568 106150670 MUHAMMAD-ALI MAHMOUD A 5099 BELMONT ST HAMTRAMCK MI 48212
27 SB568 106151136 DRAPER ANITA LEE 702 LA FONDA ROSWELL NM 88201
27 SB568 106151220 JOHNSON ORA MAE 45 NORTH AUSTIN BOULEVARD CHICAGO IL 60644
27 SB568 106151690 ANDREWS JOHNNIE 3421 N. STATION INDIANAPOLIS IN 46218
27 SB568 106151706 AGUILAR MAXINE 1347 EAST 12TH STREET PUEBLO CO 81001
27 SB568 106151852 HARLOS WAYNE R 4222 SOUTH ANDES STREET AURORA CO 80013
27 SB568 106151858 LEWIS STEVEN 530 NORTH OXFORD LANE CHANDLER AZ 85225
27 SB568 106151956 LIGGETT-CROS PATRICIA A 6731 NORTH 12TH WAY PHOENIX AZ 85014
27 SB568 106151984 YARN EVELYN W 1327 EAST 89TH STREET CHICAGO IL 60619
27 SB568 106152121 DUNCAN ELI 2939 ALTER RD DETROIT MI 48215
27 SB568 106152206 DRUMMER LAMAR 1639 NORTH LOCKWOOD CHICAGO IL 60639
27 SB568 106152476 CEPHERS DALE A 9137 NORTH DELBERT ROAD PARKER CO 80134
27 SB568 106152581 SCOTT JEAN N 27126 MOUNTAIN PARK ROAD EVERGREEN CO 80439
27 SB568 106152741 THOMPSON DIANE R 17041 EDWARDS AVENUE SOUTHFIELD MI 48076
27 SB568 106152844 STILLEY ROBERT M W345 N5298 TEARNEY DRIVE OCONOMOWOC WI 53069
27 SB568 106152946 THOMAS EMMANUEL J 12140 BRAILE DETROIT MI 48223
27 SB568 106152958 AKINS JOEANN 9108 DEERS TONGUE CIRCLE W TACOMA WA 98467
27 SB568 106153030 DUNKER ALMA A 725 JAMES COURT MARENGO IL 60152
27 SB568 106153051 LEWIS CLAUDIA G 13900 EASTBURN DETROIT MI 48205
27 SB568 106153138 MCNEAL JANICE 236 SOUTH 19TH AVENUE MAYWOOD IL 60513
27 SB568 106153150 HOERT DANIEL L 240 HARDING STREET MEDINA OH 44256
27 SB568 106153247 BAUMBICK LINDA 6302 VELMA AVENUE PARMA OH 44129
27 SB568 106153305 VARGAS MARIA 1006 NORTH 26TH STREET PHOENIX AZ 85008
27 SB568 106153312 ZIEGLER DORA L 9590 WEST CHENANGO LITTLETON CO 80123
27 SB568 106153349 HORNSBY BARTHOLOME A 1908 NORTH VERMONT AVE ROYAL OAK MI 48073
27 SB568 106153397 D'AIELLO FRANK J III 353 EAST MAIN STREET CIRCLEVILLE OH 43113
27 SB568 106153491 STRUBE MICHAEL F 2845 MOFFAT ROAD TOLEDO OH 43615
27 SB568 106153562 WALLS MICHAEL C 3219 WEST MAYPOLE CHICAGO IL 60624
27 SB568 106153632 THOMAS DARRYL 6616 SOUTH BISHOP STREET CHICAGO IL 60647
27 SB568 106153699 GORDON CHRISTOPHE W 3178 NORTH CAPITOL AVENUE INDIANAPOLIS IN 46208
27 SB568 106153747 SHARP DERRICK 2733 WEST POTOMAC CHICAGO IL 60622
27 SB568 106153764 MCNAUGHTON TORI MC 190 LIBERTY PONTIAC MI 48341
27 SB568 106153807 LEE JOONKI 1525 WINFIELD WAY MIDDLETON WI 53562
27 SB568 106153815 PRIEBE DOROTHY L 4875 NORTHWOOD DRIVE SHEFFIELD LAKE OH 44054
27 SB568 106153930 BERGIN JOSEPH M JR 1699 HENRIETTA BIRMINGHAM MI 48009
27 SB568 106154020 STEWART RODNEY 11907 HONEYDALE CLEVELAND OH 44120
27 SB568 106154127 GAJEWSKI JEANETTE M 21 FALLSTONE STREAMWOOD IL 60107
27 SB568 106154175 HUBBARD GEORGE M 7393 WEST 50 SOUTH MORGANTOWN IN 46160
27 SB568 106154220 SWENINGSON THOMAS J 12009 MINNETONKA MILLS ROA MINNETONKA MN 55305
27 SB568 106154227 SPROWL FRANK 24731 LAKEWOOD STURGIS MI 49091
27 SB568 106154335 WATTS JACQUELINE 10920 SOUTH EBERHART CHICAGO IL 60632
27 SB568 106154345 GERSCH RONALD 511 DANNY DRIVE SHOREWOOD IL 60431
27 SB568 106154425 VELA ELOISA 1727 WEST SUPERIOR STREET CHICAGO IL 60622
27 SB568 106154442 STOCK MATTHEW E 1331 E 286TH STREET ATLANTA IN 46031
27 SB568 106154507 JELKS ANTHONY 5233 DEER CREEK DRIVE INDIANAPOLIS IN 46254
27 SB568 106154592 ELSOUSOU ANIS 16019 DELAND COURT TINLEY PARK IL 60477
27 SB568 106154673 WOLF MARC 591 LAPRAIRIE FERNDALE MI 48220
27 SB568 106154930 SASSIN NADIA 4636 ROSALIE DEARBORN MI 48126
--------------------------------
60 Sale Total
661 Total with Superior
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
106118568 157,500.00 156,328.12 08/01/96 07/01/26 8.625 8.625 14.625 5.000
106122236 126,000.00 125,331.64 08/01/96 07/01/26 9.625 9.625 15.625 6.250
106126341 138,600.00 137,944.03 10/01/96 09/01/26 9.500 9.500 15.500 6.750
106128680 91,184.00 90,662.49 10/01/96 09/01/26 8.875 8.875 14.875 6.000
106131717 135,000.00 133,688.42 11/01/96 10/01/26 9.250 9.250 15.250 5.500
106140369 46,800.00 46,615.42 02/01/97 01/01/27 9.375 9.375 15.375 5.750
106147719 64,300.00 64,222.67 07/01/97 06/01/27 10.500 9.500 16.500 5.750
106150032 75,600.00 75,560.81 08/01/97 07/01/27 9.250 8.250 15.250 4.500
106150260 165,000.00 165,000.00 09/01/97 08/01/27 10.125 10.125 16.125 6.500
106150335 32,000.00 32,000.00 10/01/97 09/01/27 12.000 11.000 18.000 7.250
106150347 139,500.00 139,436.62 09/01/97 08/01/27 9.875 8.875 15.875 4.950
106150509 178,600.00 178,534.56 08/01/97 07/01/27 10.875 9.875 16.875 5.750
106150670 20,000.00 19,995.29 09/01/97 08/01/27 12.875 11.875 18.875 8.250
106151136 90,525.00 90,525.00 09/01/97 08/01/27 11.000 11.000 17.000 7.375
106151220 62,000.00 62,000.00 09/01/97 08/01/27 11.875 10.875 17.875 6.900
106151690 37,800.00 37,800.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
106151706 44,100.00 44,100.00 10/01/97 09/01/27 10.750 9.750 16.750 6.000
106151852 128,080.00 128,080.00 10/01/97 09/01/27 10.625 10.625 16.625 7.250
106151858 178,950.00 178,950.00 09/01/97 08/01/27 9.375 9.375 15.375 5.800
106151956 76,000.00 76,000.00 10/01/97 09/01/27 9.875 8.875 15.875 5.550
106151984 80,700.00 80,700.00 10/01/97 09/01/27 11.625 10.625 17.625 7.000
106152121 19,600.00 19,600.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
106152206 61,700.00 61,700.00 10/01/97 09/01/27 12.875 11.875 18.875 7.500
106152476 441,000.00 441,000.00 09/01/97 08/01/27 9.250 8.250 15.250 5.000
106152581 324,600.00 324,600.00 10/01/97 09/01/27 10.750 9.750 16.750 5.750
106152741 93,500.00 93,500.00 09/01/97 08/01/27 9.625 9.625 15.625 6.250
106152844 80,000.00 80,000.00 10/01/97 09/01/27 10.625 9.625 16.625 5.500
106152946 44,800.00 44,800.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
106152958 56,000.00 56,000.00 10/01/97 09/01/27 10.250 9.250 16.250 5.500
106153030 150,000.00 150,000.00 10/01/97 09/01/27 10.000 10.000 16.000 5.750
106153051 32,700.00 32,700.00 10/01/97 09/01/27 11.625 10.625 17.625 6.900
106153138 86,700.00 86,700.00 10/01/97 09/01/27 7.875 7.875 13.875 4.500
106153150 77,000.00 77,000.00 10/01/97 09/01/27 11.125 10.125 17.125 6.000
106153247 83,000.00 83,000.00 10/01/97 09/01/27 9.625 8.625 15.625 5.000
106153305 52,700.00 52,700.00 10/01/97 09/01/27 11.500 10.500 17.500 7.300
106153312 112,200.00 112,200.00 10/01/97 09/01/27 8.750 7.750 14.750 4.500
106153349 159,200.00 159,200.00 09/01/97 08/01/27 9.750 8.750 15.750 5.200
106153397 68,000.00 68,000.00 10/01/97 09/01/27 10.250 10.250 16.250 7.250
106153491 69,700.00 69,700.00 10/01/97 09/01/27 9.625 9.625 15.625 6.250
106153562 106,200.00 106,200.00 10/01/97 09/01/27 10.250 9.250 16.250 5.750
106153632 36,400.00 36,400.00 10/01/97 09/01/27 9.625 8.625 15.625 5.000
106153699 31,800.00 31,800.00 10/01/97 09/01/27 11.000 10.000 17.000 6.500
106153747 180,000.00 180,000.00 10/01/97 09/01/27 10.500 9.500 16.500 5.750
106153764 43,200.00 43,200.00 10/01/97 09/01/27 10.375 9.375 16.375 5.700
106153807 212,400.00 212,400.00 10/01/97 09/01/27 9.875 8.875 15.875 5.000
106153815 44,800.00 44,800.00 10/01/97 09/01/27 9.250 9.250 15.250 5.500
106153930 408,000.00 408,000.00 09/01/97 08/01/27 7.125 7.125 13.125 3.750
106154020 36,700.00 36,700.00 10/01/97 09/01/27 9.000 8.000 15.000 4.500
106154127 95,500.00 95,500.00 10/01/97 09/01/27 8.500 7.500 14.500 4.250
106154175 110,000.00 110,000.00 10/01/97 09/01/27 8.500 8.500 14.500 5.250
106154220 126,300.00 126,300.00 10/01/97 09/01/27 10.500 9.500 16.500 5.750
106154227 189,000.00 189,000.00 10/01/97 09/01/27 12.125 11.125 18.125 7.400
106154335 52,400.00 52,400.00 10/01/97 09/01/27 12.000 11.000 18.000 7.250
106154345 116,000.00 116,000.00 10/01/97 09/01/27 10.625 10.625 16.625 6.300
106154425 156,000.00 156,000.00 10/01/97 09/01/27 10.000 10.000 16.000 6.750
106154442 144,000.00 144,000.00 10/01/97 09/01/27 8.625 8.625 14.625 5.000
106154507 134,000.00 134,000.00 10/01/97 09/01/27 12.625 11.625 18.625 7.500
106154592 211,900.00 211,900.00 10/01/97 09/01/27 10.875 10.875 16.875 7.550
106154673 56,700.00 56,700.00 10/01/97 09/01/27 8.375 7.375 14.375 3.750
106154930 69,300.00 69,300.00 10/01/97 09/01/27 10.375 9.375 16.375 6.100
----------------------------------------------- ---------------------------------------
60 6,641,239.00 6,636,475.07 9.936 9.375 15.936 5.771
661 77,607,445.00 77,584,751.04 10.434 9.715 16.434 6.179
</TABLE>
<PAGE>
<TABLE>
Page 13 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
23 BS33 106146264 MARLOW ROSS J 147 N 3700 E RIGBY UT 83442
23 BS33 106146289 CURTIS PAUL W 2531 EAST EASTBOURNE DRIVE SALT LAKE CITY UT 84121
23 BS33 106146445 TUCK DEBORAH R 1209 LOOKING GLASS WAY CENTRAL POINT OR 97502
23 BS33 106147027 WALRATH SCOTT 6915 46TH AVENUE KENOSHA WI 53142
23 BS33 106147504 PLEWES JOHN M 15001 SENATOR WAY CARMEL IN 46032
23 BS33 106147610 COOLEY LARIA A 419 DALLAS STREET GARY IN 46406
23 BS33 106147693 REDMON RICCI 3861 HENDRON ROAD GROVEPORT OH 43125
23 BS33 106147801 GALLEGOS CASEY M 712 SOUTH 6TH STREET YAKIMA WA 98901
23 BS33 106147905 JENSEN MARSHA 162 5TH STREET IDAHO FALLS ID 83401
23 BS33 106148244 LABELLA KENNETH R 5230 CRYSTAL VISTA LANE RENO NV 89523
23 BS33 106148506 FRESSE ORLANDO 4553 WEST FOSTER CHICAGO IL 60630
23 BS33 106148581 WILSON STEVEN C 520 W 54TH AVE MERRILLVILLE IN 46410
23 BS33 106148593 GARTEN DAVID A 349 KENNETT PONTIAC MI 48340
23 BS33 106148822 GILLIAM FREDERICK G 28850 GARFIELD ROSEVILLE MI 48066
23 BS33 106148825 ANSCHUETZ CAROL J 302 THIRD AVENUE TAWAS CITY MI 48763
23 BS33 106148827 KASTANOS CHRISTINE G 6328 HIGH VALLEY DRIVE WHITE LAKE MI 48383
23 BS33 106149089 RAINEY ROGER R 65 SOUTH POSADO COURT IVINS UT 84738
23 BS33 106149130 SEWELL ABBIE G 137 OLIVER PONTIAC MI 48342
23 BS33 106149182 GRAZIANO ANTHONY T 3185 CORTINA DRIVE COLORADO SPRINGS CO 80918
23 BS33 106149193 ROBLES HUGO 1317 WEST AMERICAN AVENUE SALT LAKE CITY UT 84104
23 BS33 106149302 ANDRADE DORIS M 2537 NORTH LUNA CHICAGO IL 60639
23 BS33 106149421 ISMAIL ABDALLAH 6236 BINGHAM DEARBORN MI 48126
23 BS33 106149435 DUNTHORN JAN C 14901 250TH STREET EAST GRAHAM WA 98338
23 BS33 106149522 PARTIN WILLIAM B 1158 FALL RIVER ROAD YPSILANTI MI 48198
23 BS33 106149524 ANDERTON CHARLES 5594 CLEARY WATERFORD MI 48329
23 BS33 106149536 FOSTER STEPHEN P 11690 VANTAGE VISTA PLACE SILVERDALE WA 98383
23 BS33 106149623 PRUNTY PEGGY 6334 SOUTH SANGAMON CHICAGO IL 60621
23 BS33 106149643 COX STEPHEN J 422 N MILL ST FAIRMOUNT IN 46928
23 BS33 106149680 CARRILLO BEATRICE F 1238 MARTIN ROAD LONGMONT CO 80501
23 BS33 106149745 FARMER MICHAEL 2797 EAST 116TH STREET CLEVELAND OH 44120
23 BS33 106149754 THEIS RONALD J 27115 WESTLAND ROAD REDFORD MI 48240
23 BS33 106149756 STOVER PATRICIA A 505 CHURCH STREET CHESANING MI 48616
23 BS33 106149801 PARKER JAMES W 336 PINE RIDGE STREET ELIZABETH CO 80107
23 BS33 106149819 CARSON FRANK J 17081 FALMOUTH DRIVE STRONGSVILLE OH 44136
23 BS33 106149821 HAENDIGES RICHARD J JR 9415 NORWALK ROAD LITCHFIELD OH 44253
23 BS33 106149834 HAENDIGES RICHARD J JR 6761 RICE ROAD SPENCER OH 44275
23 BS33 106149856 SIMPSON JOHN C 148 BROADWAY N LAKE ORION MI 48362
23 BS33 106149858 JACKSON MARIO 5571 WILSON MARATHON TWP MI 48421
23 BS33 106149925 GONZALEZ NORMA L 2146 WEST ADDISON CHICAGO IL 60618
23 BS33 106149941 SCHULTZ NINA 1523 STURDEVANT ROAD SMITHS CREEK MI 48074
23 BS33 106149945 VANATTEN JAMES R 7094 SOUTHWEST DRIVE STANWOOD MI 49346
23 BS33 106149954 MCCLURE PATRICIA L 38012 NW 29TH AVENUE WOODLAND WA 98674
23 BS33 106150036 CUNNINGHAM NANCY 15417 HONORE HARVEY IL 60426
23 BS33 106150053 ORCUTT NANCY A 3502 LUEWAN DRIVE INDIANAPOLIS IN 46236
23 BS33 106150069 KRISTA LORA J 21729 COUNTY ROAD 37 ELBERT CO 80106
23 BS33 106150107 VANCE DONNA M 1172 WHEELING STREET AURORA CO 80011
23 BS33 106150145 SMITH MICHAEL 5017 HAMPSHIRE LANE MCHENRY IL 60050
23 BS33 106150154 BERRY NOREEN 18732 INKSTER ROAD REDFORD MI 48240
23 BS33 106150158 SONNEFIELD J 4292 NORTH CANDLE CORNER R CENTERPOINT IN 47840
23 BS33 106150216 COVAULT JOHN B 4054 PINEVIEW DRIVE ASHVILLE OH 43103
23 BS33 106150241 WHITE ROBERT D 13540 INDIAN CREEK DR MIDDLEBURG HEIGHTS OH 44130
23 BS33 106150253 QUARCINI BRIAN 3343 CUMBERLAND CRETE IL 60417
23 BS33 106150258 HUNLOCK TIMOTHY D 144 KEDDLE ROAD HOWELL MI 48843
23 BS33 106150262 ANDERSON PAUL F 10175 ELLIS ROAD CLARKSTON MI 48348
23 BS33 106150287 STEPHENSON MICHAEL C 96 CABALLO COURT BOULDER CO 80303
23 BS33 106150387 PAYNE JOHN 24 MAJESTIC DRIVE LOMBARD IL 60148
23 BS33 106150401 FRASER ROBERT J 258 NORMAN DRIVE STOW OH 44224
23 BS33 106150414 MAGEE YVONNE 7352 SOUTH SANGAMON CHICAGO IL 60621
23 BS33 106150436 RAMIREZ JOSE J 1818 COMMERCE AVENUE INDIANAPOLIS IN 46201
23 BS33 106150437 VETOR MICHAEL P 8901 COUNTY ROAD 550 SOUTH DALEVILLE IN 47334
23 BS33 106150441 DAVIS JERRY 5443 E SURREY HILL ROAD INDIANAPOLIS IN 46226
23 BS33 106150527 ESKRIDGE ERNEST B 7008 SOUTH ROCKWELL STREET CHICAGO IL 60629
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
106146264 49,600.00 49,585.81 09/01/97 08/01/27 12.000 12.000 18.000 8.300
106146289 146,000.00 145,952.04 08/01/97 07/01/27 11.375 11.375 17.375 7.250
106146445 87,200.00 87,128.47 06/01/97 05/01/27 12.250 11.250 18.250 7.500
106147027 93,000.00 92,969.45 08/01/97 07/01/27 11.375 10.375 17.375 6.000
106147504 145,900.00 145,900.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106147610 23,400.00 23,393.84 08/01/97 07/01/27 12.375 11.375 18.375 6.750
106147693 57,700.00 57,683.49 08/01/97 07/01/27 12.000 11.000 18.000 7.500
106147801 49,200.00 49,180.91 07/01/97 06/01/27 13.750 12.750 19.750 8.500
106147905 48,300.00 48,287.99 08/01/97 07/01/27 12.625 11.625 18.625 7.650
106148244 134,300.00 134,238.99 08/01/97 07/01/27 9.875 9.875 15.875 6.250
106148506 131,700.00 131,646.24 08/01/97 07/01/27 10.375 10.375 16.375 6.500
106148581 81,500.00 81,463.95 08/01/97 07/01/27 10.000 10.000 16.000 6.000
106148593 36,000.00 35,984.49 09/01/97 08/01/27 10.125 9.125 16.125 6.000
106148822 68,900.00 68,885.94 08/01/97 07/01/27 13.500 12.500 19.500 7.750
106148825 24,500.00 24,500.00 09/01/97 08/01/27 11.375 10.375 17.375 6.000
106148827 280,000.00 279,934.14 08/01/97 07/01/27 12.875 11.875 18.875 7.500
106149089 144,500.00 144,404.68 07/01/97 06/01/27 11.375 11.375 17.375 7.750
106149130 41,200.00 41,185.71 08/01/97 07/01/27 11.125 10.125 17.125 7.250
106149182 106,250.00 106,211.07 09/01/97 08/01/27 10.875 9.875 16.875 6.250
106149193 96,050.00 96,011.83 09/01/97 08/01/27 10.500 9.500 16.500 6.000
106149302 131,400.00 131,337.05 08/01/97 07/01/27 9.625 9.625 15.625 5.750
106149421 85,100.00 85,060.30 08/01/97 07/01/27 9.750 8.750 15.750 6.500
106149435 100,800.00 100,567.76 08/01/97 07/01/12 10.500 9.500 16.500 6.000
106149522 69,700.00 69,700.00 09/01/97 08/01/27 10.250 9.250 16.250 5.500
106149524 92,700.00 92,648.03 08/01/97 07/01/27 8.875 8.875 14.875 6.000
106149536 164,800.00 164,755.40 08/01/97 07/01/27 12.250 11.250 18.250 7.750
106149623 60,000.00 59,985.89 08/01/97 07/01/27 12.875 11.875 18.875 7.500
106149643 46,800.00 46,779.85 08/01/97 07/01/27 10.125 9.125 16.125 5.000
106149680 98,600.00 98,560.82 08/01/97 07/01/27 10.500 9.500 16.500 6.000
106149745 52,000.00 52,000.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106149754 90,900.00 90,856.45 08/01/97 07/01/27 9.625 8.625 15.625 6.000
106149756 52,000.00 51,987.77 08/01/97 07/01/27 12.875 11.875 18.875 7.500
106149801 138,550.00 138,483.63 08/01/97 07/01/27 9.625 9.625 15.625 6.000
106149819 164,800.00 164,714.56 08/01/97 07/01/27 9.250 8.250 15.250 4.500
106149821 80,400.00 80,373.59 08/01/97 07/01/27 11.375 10.375 17.375 6.000
106149834 136,000.00 135,968.01 08/01/97 07/01/27 12.875 11.875 18.875 7.500
106149856 103,100.00 103,100.00 09/01/97 08/01/27 13.250 12.250 19.250 8.200
106149858 135,000.00 134,889.30 07/01/97 06/01/27 10.375 10.375 16.375 6.750
106149925 177,300.00 177,300.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106149941 48,000.00 47,989.33 08/01/97 07/01/27 13.125 12.125 19.125 8.250
106149945 139,400.00 139,329.60 09/01/97 08/01/27 9.375 8.375 15.375 4.750
106149954 138,400.00 138,370.10 08/01/97 07/01/27 13.250 12.250 19.250 8.250
106150036 42,400.00 42,400.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106150053 56,000.00 55,981.60 08/01/97 07/01/27 11.375 10.375 17.375 6.000
106150069 184,875.00 184,875.00 09/01/97 08/01/27 11.000 10.000 17.000 6.500
106150107 72,250.00 72,217.18 08/01/97 07/01/27 9.875 9.875 15.875 6.250
106150145 210,000.00 210,000.00 09/01/97 08/01/27 13.650 12.650 19.650 8.650
106150154 64,000.00 63,981.69 08/01/97 07/01/27 12.000 11.000 18.000 7.000
106150158 52,500.00 52,476.15 09/01/97 08/01/27 9.875 8.875 15.875 5.000
106150216 112,800.00 112,800.00 09/01/97 08/01/27 11.125 11.125 17.125 7.500
106150241 149,600.00 149,538.93 08/01/97 07/01/27 10.375 10.375 16.375 6.500
106150253 243,000.00 242,766.25 08/01/97 07/01/27 9.625 8.625 15.625 7.000
106150258 114,300.00 114,218.11 08/01/97 07/01/27 11.000 10.000 17.000 6.750
106150262 154,300.00 154,238.69 09/01/97 08/01/27 10.500 9.500 16.500 6.750
106150287 305,600.00 305,600.00 09/01/97 08/01/27 9.875 9.875 15.875 6.250
106150387 119,000.00 118,964.99 08/01/97 07/01/27 11.875 10.875 17.875 7.000
106150401 122,500.00 122,431.32 08/01/97 07/01/27 8.875 8.875 14.875 5.000
106150414 88,500.00 88,431.60 08/01/97 07/01/27 10.650 9.650 16.650 7.000
106150436 42,500.00 42,500.00 09/01/97 08/01/27 11.125 10.125 17.125 6.250
106150437 95,400.00 95,317.47 08/01/97 07/01/27 10.125 9.125 16.125 5.000
106150441 156,600.00 156,537.77 08/01/97 07/01/27 10.500 9.500 16.500 5.750
106150527 90,000.00 90,000.00 09/01/97 08/01/27 10.750 9.750 16.750 5.750
</TABLE>
<PAGE>
<TABLE>
Page 14 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
23 BS33 106150531 PREWITT DONNA 173 PARAMOUNT DRIVE WOODDALE IL 60191
23 BS33 106150538 MCCLOUD BEVERLY J 1640 NORTH MOBILE CHICAGO IL 60639
23 BS33 106150542 ISA ODA 8516 SOUTH CENTRAL AVE BURBANK IL 60459
23 BS33 106150557 PHONTHIBSVAD MIXAY 5420 GOLDEN PRAIRIE CIRCLE ROCKFORD IL 61109
23 BS33 106150615 TOTH GARY W 30363 HILLTOP DRIVE EVERGREEN CO 80439
23 BS33 106150630 ROWE MARK D 1514 SOUTH FOUNTAIN AVENUE SPRINGFIELD OH 45506
23 BS33 106150631 EZELL JOSEPHINE 9228 SOUTH EGGLESTON CHICAGO IL 60620
23 BS33 106150655 MCGOVERN WILLIAM Y II 1241 LEECREST NW MASSILLON OH 44646
23 BS33 106150678 HENLEY KENNETH R 3531 GARDEN AVENUE INDIANAPOLIS IN 46222
23 BS33 106150730 KOPP SHANDA S 644 WILLOW ROAD NAPERVILLE IL 60540
23 BS33 106150731 BRUSH DONALD R 256 ARMITAGE LANE DAYTON OH 45414
23 BS33 106150733 AZBELL PAUL D 1081 POPLAR STREET NELSONVILLE OH 45764
23 BS33 106150740 MARTIN TAMARA A 2603 AGLER ROAD COLUMBUS OH 43224
23 BS33 106150749 COOMBS PAMELA S 3990 CRESTHAVEN WATERFORD MI 48328
23 BS33 106150828 ABEGG ANGELA P 2839 SOUTH 308TH LANE FEDERAL WAY WA 98003
23 BS33 106150876 MORRIS KENNETH E 114 3RD AVENUE NE BEACH CITY OH 44608
23 BS33 106150893 FRANCIS WESLEY G 9913 MANOR AVENUE CLEVELAND OH 44104
23 BS33 106150896 STAZZONE SALVATORE 208 GLENWOOD ELYRIA OH 44035
23 BS33 106150907 PRICE THOMAS A 1624 BEECH DRIVE NORTH PLAINFIELD IN 46168
23 BS33 106150908 LITTLE SHIRLEY 20 LAZY ACRES GREENCASTLE IN 46135
23 BS33 106151010 VUKOVICH JOSEPH W W3335 DECORAH ROAD HORICON WI 53032
23 BS33 106151013 MUCHI JULIAN M 23034 BALCOMBE NOVI MI 48375
23 BS33 106151028 SIMS JIMMIE L 1167 EAST COMMONWEALTH PLA CHANDLER AZ 85225
23 BS33 106151029 WILLIS STEVEN J 9418 KENWOOD DRIVE SW LAKEWOOD WA 98498
23 BS33 106151105 JONES LESTER 251 S EVERGREEN AVE KANKAKEE IL 60901
23 BS33 106151117 SHEPARD DIANE 4846 NORTH 76TH STREET MILWAUKEE WI 53218
23 BS33 106151123 MOORE SHARON L 316 W 12TH AVENUE OSHKOSH WI 54901
23 BS33 106151147 CRAMER KEITH 118 EAST 900 NORTH SPANISH FORK UT 84660
23 BS33 106151194 THOMPSON BETTY P 432 FALCON RIDGE WAY BOLINGBROOK IL 60440
23 BS33 106151197 LELAND RICHARD J 118 KENSINGTON DRIVE STREAMWOOD IL 60103
23 BS33 106151302 POZZA MARC A 1148 EAST WHITTIER STREET COLUMBUS OH 43206
23 BS33 106151338 HILL SALINAS 281 SUBURBAN ECORSE MI 48229
23 BS33 106151354 HUSEMAN PAUL J 609 169TH STREET SOUTH SPANAWAY WA 98387
23 BS33 106151374 SANCHEZ PETER L 3710 15TH AVENUE SOUTHEAST PUYALLUP WA 98372
23 BS33 106151440 HARTMAN RICHARD H 1933 FOREST BELOIT WI 53511
23 BS33 106151446 NEEB KEITH A 6266 MONROVIA WATERFORD MI 48329
23 BS33 106151447 FOOTE JOHN W 5342 MICHIGAN AVE JACKSON MI 49201
23 BS33 106151467 TA KEVIN 22116 111TH PLACE KENT WA 98031
23 BS33 106151486 BELLON BRUCE G 221 PUTNAM STREET BROWNSVILLE OR 97327
23 BS33 106151489 LOGAN LANI 448 ELYSIAN PLAINS COURT LAS VEGAS NV 89128
23 BS33 106151534 LOCH RICHARD 6084 PARIS BOULEVARD NORTH WESTERVILLE OH 43081
23 BS33 106151538 MAURITZEN STEVEN C 14013 SOUTH DANBURY PLAINFIELD IL 60544
23 BS33 106151558 JAAFAR RIHAB 6505-6509 MANOR DEARBORN MI 48126
23 BS33 106151563 ALKIEFY ABDO A 8184 WINKLEMAN DETROIT MI 48211
23 BS33 106151566 STAFFORD JOHN M 19705 ALLISONVILLE AVENUE NOBLESVILLE IN 46060
23 BS33 106151579 TRUJILLO PAUL A III 4301 VALLEJO STREET DENVER CO 80211
23 BS33 106151633 COLEMAN DIANE 3750 WILMORE STREET DAYTON OH 45416
23 BS33 106151656 CARO SOTO EDDIE 3528 WEST COURTLAND CHICAGO IL 60647
23 BS33 106151672 WINTER JAMES S 328 DANBY PORTLAND MI 48875
23 BS33 106151704 SWENSON LAURIE L 234 BLOSSOM ROAD WOODLAND PARK CO 80863
23 BS33 106151721 MAGUIRE EVERETT C 1380 HOLLY DRIVE EAST BROOMFIELD CO 80020
23 BS33 106151730 KODER RICHARD L 284 SOUTH 16TH AVENUE BRIGHTON CO 80601
23 BS33 106151792 ROTHE GARY L 9095 S HURON RIVER DRIVE YPSILANTI MI 48197
23 BS33 106151905 NOVECK MARTIN I I 2957 BLOOMFIELD PARK DRIVE WEST BLOOMFIELD MI 48323
23 BS33 106151942 NGUYEN TRINA 6225 QUITMAN STREET ARVADA CO 80003
23 BS33 106151982 DISTILO GRACE A 35W204 DUCHESNE DRIVE WEST DUNDEE IL 60118
23 BS33 106152026 KORORA JOSEPH F 121 MEADOWRIDGE RD MOGADORE OH 44312
23 BS33 106152036 COBB MELVIN A 2810 TEXAS AVENUE GRAND JUNCTION CO 81501
23 BS33 106152096 DICKOW GREGORY 508 COVE DRIVE CARY IL 60013
23 BS33 106152108 WEST GARY T 4621 WILSON DOWNERS GROVE IL 60515
23 BS33 106152118 AUSTIN DEBORAH 1043 PATRICIA DETROIT MI 48217
23 BS33 106152120 YOUNGHEIM KEVIN 6841 FELLRATH TAYLOR MI 48180
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
106150531 102,400.00 102,346.91 08/01/97 07/01/27 9.250 8.250 15.250 4.500
106150538 119,200.00 119,160.85 08/01/97 07/01/27 11.375 10.375 17.375 6.000
106150542 86,800.00 86,800.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
106150557 117,300.00 117,259.30 08/01/97 07/01/27 11.125 10.125 17.125 6.250
106150615 133,200.00 133,121.36 08/01/97 07/01/27 8.625 7.625 14.625 3.750
106150630 24,000.00 23,991.90 09/01/97 08/01/27 11.250 11.250 17.250 7.250
106150631 82,800.00 82,772.05 08/01/97 07/01/27 11.250 10.250 17.250 6.500
106150655 113,400.00 113,400.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106150678 52,000.00 51,976.99 09/01/97 08/01/27 10.000 9.000 16.000 5.250
106150730 127,500.00 127,428.52 08/01/97 07/01/27 8.875 7.875 14.875 3.750
106150731 136,000.00 135,952.81 09/01/97 08/01/27 11.125 11.125 17.125 7.500
106150733 42,000.00 42,000.00 09/01/97 08/01/27 11.375 10.375 17.375 6.000
106150740 72,200.00 72,175.63 08/01/97 07/01/27 11.250 10.250 17.250 6.500
106150749 92,200.00 92,133.26 08/01/97 07/01/27 7.625 7.625 13.625 4.750
106150828 92,225.00 92,192.12 08/01/97 07/01/27 11.000 10.000 17.000 6.500
106150876 40,000.00 39,990.75 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106150893 58,500.00 58,453.31 08/01/97 07/01/27 10.500 9.500 16.500 5.750
106150896 68,000.00 67,981.60 09/01/97 08/01/27 12.250 11.250 18.250 7.250
106150907 198,000.00 198,000.00 09/01/97 08/01/27 9.375 9.375 15.375 5.750
106150908 63,600.00 63,573.33 08/01/97 07/01/27 10.250 9.250 16.250 5.500
106151010 137,600.00 137,556.03 08/01/97 07/01/27 11.500 11.500 17.500 7.500
106151013 202,000.00 201,820.53 08/01/97 07/01/27 10.000 9.000 16.000 6.750
106151028 137,700.00 137,640.69 08/01/97 07/01/27 10.125 10.125 16.125 6.500
106151029 98,000.00 97,954.28 08/01/97 07/01/27 9.750 8.750 15.750 5.250
106151105 35,700.00 35,700.00 09/01/97 08/01/27 10.750 9.750 16.750 6.000
106151117 49,500.00 49,480.33 08/01/97 07/01/27 10.500 9.500 16.500 5.750
106151123 47,200.00 47,200.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106151147 99,000.00 98,944.50 08/01/97 07/01/27 8.875 8.875 14.875 5.250
106151194 114,700.00 114,700.00 09/01/97 08/01/27 9.750 8.750 15.750 4.250
106151197 135,000.00 135,000.00 09/01/97 08/01/27 10.000 10.000 16.000 6.000
106151302 42,500.00 42,472.20 09/01/97 08/01/27 8.125 8.125 14.125 4.500
106151338 38,700.00 38,683.34 09/01/97 08/01/27 10.125 9.125 16.125 5.000
106151354 99,000.00 98,958.49 08/01/97 07/01/27 10.250 9.250 16.250 5.750
106151374 124,000.00 123,939.01 08/01/97 07/01/27 9.500 8.500 15.500 5.000
106151440 25,900.00 25,891.25 08/01/97 07/01/27 11.250 10.250 17.250 6.500
106151446 119,200.00 119,148.66 09/01/97 08/01/27 10.125 9.125 16.125 6.000
106151447 49,300.00 49,276.99 08/01/97 07/01/27 9.750 8.750 15.750 6.500
106151467 118,000.00 118,000.00 09/01/97 08/01/27 12.500 11.500 18.500 8.000
106151486 75,000.00 75,000.00 09/01/97 08/01/27 13.500 12.500 19.500 8.500
106151489 100,000.00 99,953.35 08/01/97 07/01/27 9.750 8.750 15.750 5.250
106151534 99,000.00 98,960.66 08/08/97 07/08/27 10.500 9.500 16.500 5.750
106151538 98,500.00 98,438.78 08/01/97 07/01/27 8.375 8.375 14.375 6.000
106151558 117,900.00 117,843.52 08/01/97 07/01/27 9.625 9.625 15.625 5.750
106151563 16,800.00 16,796.05 08/01/97 07/01/27 12.875 11.875 18.875 7.500
106151566 162,000.00 162,000.00 09/01/97 08/01/27 8.875 8.875 14.875 5.750
106151579 100,000.00 99,949.50 08/01/97 07/01/27 9.375 8.375 15.375 4.750
106151633 57,600.00 57,600.00 09/01/97 08/01/27 11.125 11.125 17.125 7.500
106151656 117,700.00 117,669.19 09/01/97 08/01/27 12.400 11.400 18.400 7.400
106151672 72,000.00 72,000.00 09/01/97 08/01/27 11.250 10.250 17.250 6.750
106151704 47,200.00 47,086.12 08/01/97 07/01/12 10.000 9.000 16.000 5.500
106151721 108,000.00 108,000.00 09/01/97 08/01/27 10.500 9.500 16.500 5.900
106151730 118,150.00 118,150.00 09/01/97 08/01/27 9.875 9.875 15.875 6.250
106151792 134,100.00 134,100.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106151905 243,700.00 243,700.00 09/01/97 08/01/27 12.500 11.500 18.500 7.750
106151942 113,900.00 113,857.11 08/01/97 07/01/27 10.750 9.750 16.750 6.250
106151982 205,000.00 205,000.00 09/01/97 08/01/27 9.750 8.750 15.750 5.000
106152026 41,200.00 41,200.00 09/01/97 08/01/27 10.750 9.750 16.750 5.750
106152036 59,500.00 59,478.79 09/01/97 08/01/27 11.000 11.000 17.000 6.050
106152096 371,700.00 371,236.32 08/01/97 07/01/27 8.375 8.375 14.375 6.000
106152108 71,200.00 71,200.00 09/01/97 08/01/27 11.875 10.875 17.875 7.000
106152118 23,000.00 23,000.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106152120 52,800.00 52,800.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
</TABLE>
<PAGE>
<TABLE>
Page 15 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
23 BS33 106152178 SMITH HEIDI U 1740 NEWARK STREET AURORA CO 80010
23 BS33 106152203 KOCKS JEFFREY T 3228-3230 CLIME ROAD COLUMBUS OH 43223
23 BS33 106152208 CONFER LONNIE 8190 KNIGHTS BRIDGE LANE CONCORD OH 44060
23 BS33 106152215 DEERING SHARON M 2397 LOCUST STREET PORTAGE IN 46368
23 BS33 106152245 ABBITT BRUCE C 465 VALLEY LANE NORTH DRIV GREENWOOD IN 46142
23 BS33 106152339 OCHOA LUIS A 1029 EAST FILLMORE STREET PHOENIX AZ 85006
23 BS33 106152344 LAUGEN TRUDYEN 728 WILCOX STREET CASTLE ROCK CO 80104
23 BS33 106152351 COOK ROBERT A 3926 WINONA COURT DENVER CO 80212
23 BS33 106152436 RODRIGUEZ MIGUEL 892 STANLEY PONTIAC MI 48340
23 BS33 106152440 OWENS ANGELINE 313 N LOGAN LANSING MI 48915
23 BS33 106152447 KHALIQUE MOHAMMED A 2987 HANLEY HAMTRAMCK MI 48212
23 BS33 106152663 FERGUSON DIANNA S 20500 FRANKLIN RD MAPLE HEIGHTS OH 44137
23 BS33 106152675 AGOSTO DALILA 1569 S KEDZIE CHICAGO IL 60623
23 BS33 106152686 VEGA ALFREDO 139 JANET SE WYOMING MI 49548
23 BS33 106152691 KERCHEVAL NEIL B 11507 HARTFORD LANE FISHERS IN 46038
23 BS33 106152753 OMAR DAN 13801 PEARSON OAK PARK MI 48237
23 BS33 106152766 CORBETT DAVID W 209 EDEN AVENUE NW MASSILON OH 44646
23 BS33 106152811 BENDER ROBERT C 1797 SOUTH OURAY STREET AURORA CO 80017
23 BS33 106152928 FORTUNE JOSEPH S 8346 W LINCOLN HIGHWAY FRANKFORT IL 60423
23 BS33 106152957 KOSKI NANCY L 11409 92ND AVENUE EAST PUYALLUP WA 98373
23 BS33 106152973 KUHNS TODD L 12 LAKEWOOD HEIGHTS DRIVE LAKEWOOD CO 80215
23 BS33 106153177 GALITZ FRANKLIN J JR 181 NORTH 120TH STREET LAFAYETTE CO 80026
23 BS33 106153350 HANNAWI FOUAD 7746 REUTER DEARBORN MI 48126
23 BS33 106153429 GOURAND CHANTAL D 4315 PELTON ROAD CLARKSTON MI 48346
23 BS33 106153578 DJERISILO MIRKO 5941 ROCKLAND DEARBORN HEIGHTS MI 48127
23 BS33 106153645 AYAD JOHN 5267 JONATHON DEARBORN MI 48126
23 BS33 106153646 AYAD JOHN 6418 BARRIE DEARBORN MI 48126
--------------------------------------
151 Sale Total
151 Total with Banco Santander
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
106152178 78,200.00 78,200.00 09/01/97 08/01/27 9.625 8.625 15.625 5.000
106152203 85,000.00 84,944.40 09/01/97 08/01/27 8.125 8.125 14.125 4.500
106152208 335,200.00 335,200.00 09/01/97 08/01/27 9.875 8.875 15.875 5.000
106152215 85,500.00 85,500.00 09/01/97 08/01/27 10.500 9.500 16.500 5.750
106152245 102,400.00 102,400.00 09/01/97 08/01/27 12.875 11.875 18.875 7.500
106152339 26,200.00 26,200.00 09/01/97 08/01/27 12.125 11.125 18.125 7.150
106152344 60,000.00 60,000.00 09/01/97 08/01/27 11.000 10.000 17.000 6.000
106152351 54,000.00 54,000.00 09/01/97 08/01/27 12.250 11.250 18.250 7.250
106152436 59,200.00 59,172.38 09/01/97 08/01/27 9.750 8.750 15.750 5.200
106152440 64,800.00 64,800.00 09/01/97 08/01/27 13.000 12.000 19.000 8.750
106152447 45,000.00 44,978.44 09/01/97 08/01/27 9.625 8.625 15.625 7.250
106152663 72,000.00 72,000.00 09/01/97 08/01/27 12.250 11.250 18.250 7.250
106152675 100,000.00 100,000.00 09/01/97 08/01/27 8.875 8.875 14.875 5.250
106152686 52,100.00 52,082.41 09/01/97 08/01/27 11.250 11.250 17.250 7.550
106152691 98,600.00 98,566.72 09/01/97 08/01/27 11.250 10.250 17.250 6.500
106152753 68,400.00 68,400.00 09/01/97 08/01/27 11.250 11.250 17.250 7.250
106152766 68,000.00 67,969.92 09/01/97 08/01/27 10.000 9.000 16.000 5.250
106152811 96,300.00 96,300.00 09/01/97 08/01/27 9.375 8.375 15.375 5.750
106152928 80,000.00 80,000.00 09/01/97 08/01/27 10.750 9.750 16.750 5.750
106152957 86,000.00 86,000.00 09/01/97 08/01/27 10.375 9.375 16.375 5.750
106152973 134,700.00 134,700.00 09/01/97 08/01/27 10.875 9.875 16.875 6.400
106153177 92,800.00 92,800.00 09/01/97 08/01/27 10.875 10.875 16.875 7.250
106153350 127,500.00 127,500.00 09/01/97 08/01/27 10.375 10.375 16.375 6.500
106153429 72,000.00 72,000.00 09/01/97 08/01/27 10.000 9.000 16.000 6.250
106153578 111,900.00 111,900.00 09/01/97 08/01/27 12.375 11.375 18.375 7.650
106153645 79,200.00 79,200.00 09/01/97 08/01/27 11.875 11.875 17.875 8.150
106153646 54,400.00 54,400.00 09/01/97 08/01/27 11.875 11.875 17.875 8.150
----------------------------------------------- ---------------------------------------
151 15,116,750.00 15,111,893.88 10.687 9.991 16.687 6.346
151 15,116,750.00 15,111,893.88 10.687 9.991 16.687 6.346
</TABLE>
<PAGE>
<TABLE>
Page 16 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
32 32 51011 MCDANIEL PHILLIP J JR 3S269 IRONWOOD DR GLEN ELLYN IL 60137
32 32 51532 MAMOLELLA VINCENT J 6419 PONTIAC DRIVE INDIAN HEAD IL 60525
32 32 51656 DE LOS ALEXANDER L 141 TOMLIN CIRCLE BURR RIDGE IL 60521
32 32 51870 CARROLL TIMOTHY J 11012 W STRATFORD DR WILLOW SPRI IL 60480
32 32 52100 BARTH STEVEN E 3536 FOREST AVE BROOKFIELD IL 60513
32 32 52308 RUDDY PATRICIA 14 WOODSORRELL PL WOODRIDGE IL 60517
32 32 52662 SCOLARO CARL F 417 GREEN VALLEY RD NAPERVILLE IL 60540
32 32 53025 SCHUPPE RICHARD E 4421 JOLIET AVE LYONS IL 60534
32 32 53330 SPERO DANIEL H 7900 EVERGLADE ST WOODRIDGE IL 60517
32 32 53595 HEINEKAMP REID A 1062 ZELMA DR SANDWICH IL 60548
32 32 53645 URANKAR GARY 142 S PROSPECT AV #D BARTLETT IL 60103
32 32 53652 URANKAR GARY 142 S PROSPECT AVE BARTLETT IL 60103
32 32 53660 URANKAR GARY 142 S PROSPECT AVE BARTLETT IL 60103
32 32 53678 URANKAR GARY 142 S PROSPECT AVE BARTLETT IL 60103
32 32 53777 RADMER PHILLIP L 2523 S ELMWOOD AVE BERWYN IL 60402
32 32 53801 SIMONS ROBERT L 450 RAINTREE CT GLEN ELLYN IL 60137
32 32 54437 VEJVODA DANIEL W 4409 RAYMOND AVE BROOKFIELD IL 60513
32 32 54601 RAFINSKI THOMAS L 5916 S KOSTNER CHICAGO IL 60629
32 32 54866 HELLING FREDERICK 704 N MAIN STREET SANDWICH IL 60548
32 32 54882 PFAFF GREGG L 901 WARREN STREET EARLVILLE IL 60518
32 32 55103 EDLUND CYNTHIA M 460 RAINTREE COURT GLEN ELLYN IL 60137
32 32 55111 THEURER CHARLES F 220 N ELM STREET LELAND IL 60531
32 32 55350 NELSON DAVID E 2511 S GROVE AVENUE BERWYN IL 60402
32 32 56317 CLEMMONS CHRISTOPHE R 518 N ASH STREET SANDWICH IL 60548
32 32 56655 O MALLEY HUGH B 4207 S HOME AVENUE STICKNEY IL 60402
32 32 57422 VALENTA MICHAEL F 1105 OAKWOOD DR WESTMONT IL 60559
32 32 57463 ROSEN MERWIN B 4 DUNSINANE LN E BANNOCKBURN IL 60015
32 32 57547 WORKMAN LYNN D 3915 W 84TH PLACE CHICAGO IL 60652
32 32 57562 NOVAKOWSKI DAVID L 1501 DOGWOOD DRIVE CRYSTAL LAK IL 60014
32 32 57794 LUBY TIMOTHY J 312 ELLIS AVENUE WHEATON IL 60187
32 32 57836 CHIROS GEORGE A 3835 KENILWORTH AVE BERWYN IL 60402
32 32 58024 BRYCE GEOFFREY A 535 DOVER AVE LAGRANGE PA IL 60525
32 32 58073 ROY RICHARD A 201 N ASH STREET SANDWICH IL 60548
32 32 58446 JONES SUSAN A 24W651 MEADOW LAKE DR NAPERVILLE IL 60540
32 32 58719 NELSON JACK W 5408 S 7TH AVE COUNTRYSIDE IL 60525
32 32 58784 CINDRIC JOHN D 8841 S 84TH AVENUE HICKORY HIL IL 60457
32 32 58941 COOGAN KIMBERLY S 120 TUTTLE CLAREDON HI IL 60514
32 32 59048 SCATCHELL MOLLY L 3529 S 55TH AVENUE CICERO IL 60650
32 32 59113 WIERINGA NORMAN J 4912 RIVERSIDE MCCOOK IL 60525
32 32 59477 POLLACK JOHN M 2080 ORIOLE LANE GLENDALE HE IL 60139
32 32 59568 LAWRENCE ROBERT A 317 W 4TH STREET SANDWICH IL 60548
32 32 59600 GUSTIN ANTON 4230 CLINTON AVENUE STICKNEY IL 60402
32 32 59618 LOS JOHN A 6201 COVE CREEK COURT BURR RIDGE IL 60521
32 32 59626 PERUSICH JOHN P 4240 S CUSTER BROOKFIELD IL 60513
32 32 59634 HAVEY JOHN R 233 HILL AVENUE GLEN ELLYN IL 60137
32 32 59659 HOSTER EDWARD JOSEPH 106 AMHERST DR BARTLETT IL 60103
32 32 59857 KELM DANIEL A 4373 E 7TH ROAD MENDOTA IL 61342
32 32 59899 SHEN ROBERT B 950 OAKLEAF COURT NAPERVILLE IL 60540
32 32 59907 SHEN ROBERT B 1045 PEMBRIDGE ROAD LAKE ZURICH IL 60047
32 32 59923 MEYERS LYNNE L 7211 S WOLF ROAD INDIAN HEAD IL 60525
32 32 59931 DOUGHERTY HOWARD W 8409 W 44TH PLACE LYONS IL 60534
32 32 60012 HURST JAMES P 1981 HAVEN LANE GREEN OAKS IL 60048
32 32 60087 BRENNER DONALD L 201 W OLD MILL ROAD LAKE FOREST IL 60045
32 32 60244 PATEL MAHESH M 3105 ROSEWOOD PLACE DOWNERS GRO IL 60515
32 32 60269 POP ARON P 318 N OAK STREET HINSDALE IL 60521
32 32 500025 DERVIS GEORGE W 1198 ROYAL GLEN AV 225C GLEN ELLYN IL 60137
32 32 500363 PECIRNO ANGELA S 135 E NORTH AVE ELMHURST IL 60126
32 32 500389 PATEL VINODKUMAR F 2029 S PINE STREET DES PLAINES IL 60018
32 32 500439 FRANK RICHARD N 100 E HURON CHICAGO IL 60611
32 32 500520 GAINES WELLS 328 CALLAN AVE EVANSTON IL 60202
32 32 500538 GAINES WELLS 328 CALLAN AVE EVANSTON IL 60202
32 32 500694 MARSDEN COLLEEN A 1321 FINLEY RD LOMBARD IL 60148
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
51011 80,000.00 75,537.07 01/01/92 12/01/21 8.125 0.000 14.125 2.875
51532 108,000.00 101,841.66 02/01/92 01/01/22 8.000 0.000 14.000 2.875
51656 282,400.00 266,285.54 02/01/92 01/01/22 8.000 0.000 14.000 2.875
51870 84,450.00 78,962.44 02/01/92 01/01/22 8.000 0.000 14.000 2.875
52100 65,000.00 61,273.98 04/01/92 03/01/22 7.625 0.000 13.625 2.875
52308 44,700.00 42,108.53 04/01/92 03/01/22 7.625 0.000 13.625 2.875
52662 102,700.00 76,224.89 05/01/92 04/01/22 7.625 0.000 13.625 2.875
53025 63,000.00 59,328.69 05/01/92 04/01/22 7.500 0.000 13.500 2.875
53330 90,000.00 85,196.89 06/01/92 05/01/22 8.125 0.000 14.125 2.875
53595 60,000.00 57,063.37 06/01/92 05/01/22 8.375 0.000 14.375 2.875
53645 58,400.00 55,521.24 06/01/92 05/01/22 8.375 0.000 14.375 2.875
53652 58,400.00 55,521.24 06/01/92 05/01/22 8.375 0.000 14.375 2.875
53660 58,400.00 55,521.24 06/01/92 05/01/22 8.375 0.000 14.375 2.875
53678 58,400.00 55,521.24 06/01/92 05/01/22 8.375 0.000 14.375 2.875
53777 62,000.00 58,766.95 07/01/92 06/01/22 7.875 0.000 13.875 2.875
53801 94,350.00 89,713.84 08/01/92 07/01/22 8.375 0.000 14.375 2.750
54437 54,000.00 51,212.83 10/01/92 09/01/22 7.625 0.000 13.625 2.875
54601 60,100.00 57,265.03 09/01/92 08/01/22 8.250 0.000 14.250 2.875
54866 64,400.00 61,218.95 10/01/92 09/01/22 7.875 0.000 13.875 2.875
54882 57,150.00 53,274.73 10/01/92 09/01/22 7.750 0.000 13.750 2.875
55103 68,000.00 64,412.58 12/01/92 11/01/22 7.375 0.000 13.375 2.750
55111 65,000.00 51,153.82 10/01/92 09/01/07 7.625 0.000 13.625 2.875
55350 98,300.00 93,393.12 12/01/92 11/01/22 7.625 0.000 13.625 2.875
56317 77,000.00 72,833.56 01/01/93 12/01/22 7.000 0.000 13.000 2.875
56655 105,150.00 95,862.54 01/01/93 12/01/22 7.375 0.000 13.375 2.875
57422 110,000.00 105,111.51 04/01/93 03/01/23 7.750 0.000 13.750 2.750
57463 500,000.00 477,209.41 03/01/93 02/01/23 7.750 0.000 13.750 2.875
57547 36,500.00 34,950.52 04/01/93 03/01/23 8.125 0.000 14.125 2.750
57562 180,000.00 171,853.88 09/01/93 08/01/23 7.000 0.000 13.000 2.750
57794 435,000.00 413,411.89 05/01/93 04/01/23 7.000 0.000 13.000 2.750
57836 63,000.00 59,916.47 06/01/93 05/01/23 7.000 0.000 13.000 2.875
58024 220,000.00 209,087.84 06/01/93 05/01/23 6.875 0.000 12.875 2.875
58073 55,800.00 53,098.04 08/01/93 07/01/23 6.750 0.000 12.750 2.750
58446 85,000.00 70,328.72 07/01/93 06/01/23 6.750 0.000 12.750 2.750
58719 75,000.00 71,325.64 08/01/93 07/01/23 6.875 0.000 12.875 2.875
58784 93,000.00 88,753.17 09/01/93 08/01/23 7.000 0.000 13.000 2.875
58941 125,000.00 119,078.25 09/01/93 08/01/23 6.875 0.000 12.875 2.875
59048 46,000.00 43,871.67 09/01/93 08/01/23 6.875 0.000 12.875 2.750
59113 100,000.00 95,606.31 10/01/93 09/01/23 7.250 0.000 13.250 2.875
59477 92,000.00 76,356.30 10/01/93 09/01/08 7.000 0.000 13.000 2.750
59568 46,000.00 43,918.25 09/01/93 08/01/23 7.000 0.000 13.000 2.875
59600 61,500.00 58,721.62 10/01/93 09/01/23 6.875 0.000 12.875 2.750
59618 400,000.00 381,493.96 09/01/93 08/01/23 6.875 0.000 12.875 2.875
59626 75,000.00 71,686.58 10/01/93 09/01/23 7.000 0.000 13.000 2.875
59634 112,500.00 107,294.92 09/01/93 08/01/23 6.875 0.000 12.875 2.875
59659 118,750.00 112,999.66 08/01/93 07/01/23 6.750 0.000 12.750 2.875
59857 56,250.00 53,704.03 09/01/93 08/01/23 7.000 0.000 13.000 2.875
59899 85,000.00 81,244.79 10/01/93 09/01/23 7.000 0.000 13.000 2.875
59907 75,000.00 71,686.58 10/01/93 09/01/23 7.000 0.000 13.000 2.875
59923 32,600.00 31,127.55 10/01/93 09/01/23 6.875 0.000 12.875 2.875
59931 66,000.00 63,078.38 10/01/93 09/01/23 7.125 0.000 13.125 2.875
60012 228,000.00 218,148.80 10/01/93 09/01/23 7.125 0.000 13.125 2.875
60087 490,000.00 467,685.39 10/01/93 09/01/23 6.875 0.000 12.875 2.875
60244 288,750.00 275,708.02 10/01/93 09/01/23 6.875 0.000 12.875 2.750
60269 114,600.00 109,423.51 10/01/93 09/01/23 6.875 0.000 12.875 2.750
500025 36,400.00 34,658.35 06/01/92 05/01/22 8.500 0.000 14.500 2.875
500363 92,800.00 88,369.96 09/01/92 08/01/22 8.375 0.000 14.375 2.750
500389 48,500.00 44,572.79 12/01/92 11/01/22 8.375 0.000 14.375 2.750
500439 166,000.00 158,344.23 09/01/92 08/01/22 8.375 0.000 14.375 2.750
500520 36,000.00 33,080.79 11/01/92 10/01/22 7.875 0.000 13.875 2.750
500538 36,000.00 34,078.22 11/01/92 10/01/22 7.875 0.000 13.875 2.750
500694 25,000.00 21,852.28 10/01/92 09/01/22 7.500 0.000 13.500 2.750
</TABLE>
<PAGE>
<TABLE>
Page 17 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
32 32 500835 BOESCHE MARK A 722 SALEM DR SCHAUMBURG IL 60193
32 32 500868 WATSON PATRICIA C 345 W FULLERTON PK #612 CHICAGO IL 60614
32 32 501049 O'CONNOR BETTY J 119 DATO DRIVE STREAMWOOD IL 60107
32 32 501114 MARRON VALERIE 1 S 307 DANBY VILLA PARK IL 60181
32 32 501130 COONEY ROBERT J 3720 BLANCHAN AVE BROOKFIELD IL 60513
32 32 501288 PEARSON JACK W 1925 PASTORAL LANE HANOVER PAR IL 60103
32 32 501841 ZHANG CHARLIE 20 SURREY GLEN ELLEN IL 60139
32 32 501932 GREENBERG STUART 1636BX RFD BRITTANY CT LONG GROVE IL 60047
32 32 502070 CAGE PATRICK B 345 W FULLERTON PK CHICAGO IL 60614
32 32 502484 MORGAN JOHN JOSEPH 5500 N NATOMA AVENUE CHICAGO IL 60656
32 32 503169 THOMPSON LON R 1102 MEADOW CREEK CT VERNON HILL IL 60061
32 32 503532 FUNTEAS PLATO 494 WOOD DALE RD WOOD DALE IL 60191
32 32 503557 MCNULTY THOMAS 2640 N RICHMOND ST CHICAGO IL 60647
32 32 503631 SKOWRON PAUL P 9824 S 52ND AVENUE OAK LAWN IL 60453
32 32 503706 HEALY AMY O 943 N TAYLOR OAK PARK IL 60302
32 32 503714 KALOGERAS MICHELLE B 23789 N LAKESIDE DR LAKE ZURICH IL 60047
32 32 503748 RAIMONDI ANTHONY L 644 GLENWOOD ROAD LAKE FOREST IL 60045
32 32 503763 SHEN ROBERT B 919 PARK PLACE DR. PALATINE IL 60067
32 32 503797 PALOUCEK KEVIN S 4207 SUNNYSIDE AVE BROOKFIELD IL 60513
32 32 503896 FISHMAN BRAD 498 THORNDALE DR BUFFALO GRO IL 60089
32 32 503904 POSNER KENNETH R 1221 HINMAM AVENUE EVANSTON IL 60202
32 32 503912 WEHRLE EMIL F JR 114 N PROSPECT MANOR MOUNT PROSP IL 60056
32 32 503946 MANCHESTER JOHN M 67 TIMBERVIEW DRIVE OAK BROOK IL 60523
32 32 503987 GOMBERG BARRY A 16 3300 N LAKE SHORE CHICAGO IL 60657
32 32 504043 RUBENSTEIN RONALD 1780 HAPP ROAD NORTHBROOK IL 60062
32 32 504142 HEIL JOHN H JR 2026 N YALE AVENUE ARLINGTON H IL 60004
32 32 504159 SANTORO THERESE 1001 N COVE DR PALATINE IL 60067
32 32 504258 SLEZAK GEORGE J 1801 E CRABTREE DR ARLINGTON H IL 60005
32 32 504332 FORMAN JILL MARIE 2044 EVANS ROAD FLOSSMOOR IL 60422
32 32 504530 GRAMATA MICHAEL G 1648 W BARRY AVENUE CHICAGO IL 60657
32 32 504589 URBAN ROBERT M 4829 W 109TH STREET OAK LAWN IL 60455
32 32 504639 RIGAS DEMETRIOS 2420 LANDWEHR ROAD NORTHBROOK IL 60062
32 32 504647 GEIMER JAMES T 2152 W POTOMAC AVE CHICAGO IL 60622
32 32 504704 SALEH HASSAN M 842 DEEPWOOD COURT GRAYSLAKE IL 60030
32 32 504753 HARRINGTON SILAS L 3110 W LONDON DR OLYMPIA FIE IL 60461
32 32 504779 DALY JANET C 8908 W 140TH STREET ORLAND PARK IL 60462
32 32 504829 FAJARDO ROBERT A 2111 N BISSELL STREET CHICAGO IL 60614
32 32 504852 KOLLMON ELLEN M 5169 W 90TH STREET OAK LAWN IL 60453
32 32 504993 NAPARSTEK JOEL 1638 N ORCHARD STREET CHICAGO IL 60614
32 32 505024 HOLMES THOMAS A 5126 S MULLIGAN AVENUE CHICAGO IL 60638
32 32 505040 GUIMOND RUSSELL E 671 BETH COURT GURNEE IL 60031
32 32 505065 WOZNIAK LYDIA M 1701 W HENDERSON ST CHICAGO IL 60657
32 32 505099 HOLLAND PEGGY A 27 W 266 JEFFERSON COUR WINFIELD IL 60190
32 32 505115 SPAULDING DANIEL 300 N STATE STREET CHICAGO IL 60601
32 32 505149 MILLER LAWRENCE 32 CARLYLE LANE BUFFALO GRO IL 60089
32 32 505156 DATA JOSEPHINE F 4560 W 93RD STREET OAK LAWN IL 60453
32 32 505164 DATA JOSEPHINE F 4560 W 93RD STREET OAK LAWN IL 60453
32 32 505321 GLEITSMAN A WALTER 699 PLUM TREE ROAD BARRINGTON IL 60010
32 32 505529 MULLANY JAMES E 8 E SHAGBARK LANE STREAMWOOD IL 60107
32 32 505537 SALYERS DAVID B 1128 W WRIGHTWOOD AVE CHICAGO IL 60614
32 32 505586 FERNANDO CHULANI 3719 SPRING ROAD OAK BROOK IL 60521
32 32 505628 TREVINO SHARON L 170 MANCHESTER DRIVE BUFFALO GRO IL 60089
32 32 505784 ZUREK PATRICIA M 1352 BORDE COURT LIBERTYVILL IL 60048
32 32 505826 ASHLEY DANIEL J 1130 S OAK PARK AVENUE OAK PARK IL 60303
32 32 505958 NICKERSON W.C. 27W714 WINDERMERE ROAD WINFIELD IL 60190
32 32 505966 HEIMBERGER ALAN M 1044 S 4TH AVENUE KANKAKEE IL 60901
32 32 506063 MARTIN TERRENCE L 13731 S 84TH AVENUE ORLAND PARK IL 60462
32 32 506162 LARSON SUSAN FOX 22 SCOTDALE DRIVE LAGRANGE PK IL 60525
32 32 506410 STEWART BOBBIE 5934 S HONORE STREET CHICAGO IL 60636
32 32 506568 SCHIERHORN JAMES E 229 WIILIAM WAY BLOOMINGDAL IL 60108
32 32 506584 CHAVARRIA VICTOR M 4543 S DRAKE AVENUE CHICAGO IL 60632
32 32 506683 SANDLER ARNOLD W 650 CONSTANCE LANE DEERFIELD IL 60015
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
500835 126,400.00 120,331.40 01/01/93 12/01/22 7.750 0.000 13.750 2.750
500868 73,000.00 69,388.37 11/01/92 10/01/22 7.750 0.000 13.750 2.750
501049 87,750.00 83,006.50 12/01/92 11/01/22 7.125 0.000 13.125 2.750
501114 45,000.00 42,558.96 01/01/93 12/01/22 7.125 0.000 13.125 2.750
501130 96,000.00 90,767.74 12/01/92 11/01/22 7.125 0.000 13.125 2.750
501288 143,100.00 135,630.21 12/01/92 11/01/22 7.375 0.000 13.375 2.750
501841 80,000.00 75,582.12 02/01/93 01/01/23 7.500 0.000 13.500 2.750
501932 219,000.00 208,132.94 01/01/93 12/01/22 7.500 0.000 13.500 2.750
502070 135,500.00 129,213.85 01/01/93 12/01/22 7.875 0.000 13.875 2.750
502484 108,800.00 104,071.32 02/01/93 01/01/23 8.250 0.000 14.250 2.750
503169 283,500.00 270,649.85 08/01/93 07/01/23 7.125 0.000 13.125 2.750
503532 150,000.00 142,869.19 06/01/93 05/01/23 7.125 0.000 13.125 2.750
503557 130,000.00 122,557.28 05/01/93 04/01/23 6.875 0.000 12.875 2.750
503631 110,000.00 104,777.82 06/01/93 05/01/23 7.125 0.000 13.125 2.750
503706 84,800.00 80,591.39 05/01/93 04/01/23 7.000 0.000 13.000 2.750
503714 120,800.00 110,073.91 06/01/93 05/01/23 7.000 0.000 13.000 2.750
503748 305,600.00 291,769.71 10/01/93 09/01/23 6.875 0.000 12.875 2.750
503763 114,000.00 108,340.42 06/01/93 05/01/23 6.875 0.000 12.875 2.750
503797 96,000.00 91,130.07 06/01/93 05/01/23 6.875 0.000 12.875 2.750
503896 190,000.00 173,824.62 06/01/93 05/01/23 7.125 0.000 13.125 2.750
503904 400,000.00 380,149.10 05/01/93 04/01/23 7.000 0.000 13.000 2.750
503912 97,000.00 92,192.82 07/01/93 06/01/23 6.750 0.000 12.750 2.750
503946 253,800.00 235,430.91 06/01/93 05/01/23 6.750 0.000 12.750 2.750
503987 165,000.00 157,355.09 08/01/93 07/01/23 7.000 0.000 13.000 2.875
504043 400,000.00 380,590.20 06/01/93 05/01/23 7.000 0.000 13.000 2.750
504142 162,400.00 152,512.78 06/01/93 05/01/23 7.000 0.000 13.000 2.750
504159 101,000.00 95,990.36 06/01/93 05/01/23 6.875 0.000 12.875 2.750
504258 152,000.00 144,784.21 07/01/93 06/01/23 7.125 0.000 13.125 2.750
504332 99,200.00 94,694.86 06/01/93 05/01/23 7.375 0.000 13.375 2.750
504530 146,200.00 139,400.82 08/01/93 07/01/23 7.000 0.000 13.000 2.750
504589 48,000.00 43,920.20 08/01/93 07/01/23 7.000 0.000 13.000 2.750
504639 275,000.00 262,554.55 09/01/93 08/01/23 7.000 0.000 13.000 2.750
504647 168,750.00 160,387.93 07/01/93 06/01/23 6.750 0.000 12.750 2.750
504704 150,000.00 143,074.08 10/01/93 09/01/23 6.750 0.000 12.750 2.750
504753 280,000.00 264,391.50 08/01/93 07/01/23 7.000 0.000 13.000 2.875
504779 83,500.00 78,245.36 07/01/93 06/01/23 6.750 0.000 12.750 2.750
504829 294,000.00 235,270.24 09/01/93 08/01/23 7.000 0.000 13.000 2.750
504852 100,800.00 95,840.94 08/01/93 07/01/23 7.000 0.000 13.000 2.750
504993 184,000.00 174,845.09 08/01/93 07/01/23 7.125 0.000 13.125 2.750
505024 100,500.00 95,910.00 08/01/93 07/01/23 7.125 0.000 13.125 2.750
505040 63,300.00 60,301.60 08/01/93 07/01/23 6.875 0.000 12.875 2.750
505065 211,500.00 195,842.06 08/01/93 07/01/23 6.875 0.000 12.875 2.750
505099 108,000.00 103,333.49 10/01/93 09/01/23 7.125 0.000 13.125 2.750
505115 52,500.00 49,503.47 09/01/93 08/01/23 7.125 0.000 13.125 2.750
505149 161,600.00 154,436.01 08/01/93 07/01/23 7.250 0.000 13.250 2.750
505156 65,000.00 61,920.63 09/01/93 08/01/23 6.875 0.000 12.875 2.750
505164 65,000.00 61,920.63 09/01/93 08/01/23 6.875 0.000 12.875 2.750
505321 444,000.00 424,316.88 08/01/93 07/01/23 7.250 0.000 13.250 2.750
505529 93,700.00 89,459.56 09/01/93 08/01/23 7.000 0.000 13.000 2.750
505537 493,000.00 470,052.64 09/01/93 08/01/23 7.125 0.000 13.125 2.750
505586 394,500.00 376,248.38 09/01/93 08/01/23 6.875 0.000 12.875 2.750
505628 111,000.00 105,750.19 10/01/93 09/01/23 6.750 0.000 12.750 2.750
505784 250,000.00 238,686.17 09/01/93 08/01/23 7.000 0.000 13.000 2.875
505826 198,100.00 189,348.22 10/01/93 09/01/23 7.000 0.000 13.000 2.750
505958 83,600.00 79,731.87 09/01/93 08/01/23 6.875 0.000 12.875 2.750
505966 45,600.00 43,623.98 09/01/93 08/01/23 7.250 0.000 13.250 2.750
506063 157,200.00 138,659.64 10/01/93 09/01/23 6.875 0.000 12.875 2.750
506162 181,800.00 173,588.71 10/01/93 09/01/23 6.875 0.000 12.875 2.750
506410 49,400.00 47,098.70 10/01/93 09/01/23 6.750 0.000 12.750 2.750
506568 85,000.00 81,075.31 10/01/93 09/01/23 6.750 0.000 12.750 2.750
506584 133,000.00 125,723.24 10/01/93 09/01/23 6.875 0.000 12.875 2.750
506683 216,000.00 206,244.00 10/01/93 09/01/23 6.875 0.000 12.875 2.750
</TABLE>
<PAGE>
<TABLE>
Page 18 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
32 32 506758 CHAVDA NATVARSINH P 7920 W LAWRENCE AVE NORRIDGE IL 60656
32 32 506824 SHAH JAYANTI C 3265 OLD MILL ROAD NORTHBROOK IL 60062
32 32 506881 TORRES SALVADOR 345 W FULLERTON PARKWAY CHICAGO IL 60614
---------------------------------------
127 Sale Total
127 Total with Superior Retail
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
506758 89,200.00 79,207.86 10/01/93 09/01/23 7.000 0.000 13.000 2.750
506824 302,400.00 287,099.51 10/01/93 09/01/23 6.875 0.000 12.875 2.750
506881 164,000.00 156,361.46 10/01/93 09/01/23 6.750 0.000 12.750 2.750
----------------------------------------------- ---------------------------------------
127 17,505,050.00 16,510,197.17 7.174 0.000 13.174 2.790
127 17,505,050.00 16,510,197.17 7.174 0.000 13.174 2.790
</TABLE>
<PAGE>
<TABLE>
Page 19 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
25 25 800034704 SAVICH JOHN J 147 NORTH BROAD STREET JOHNSON CITY NY 13790
25 25 800136780 BARILLARI DOMINIC B 323 UNITY RD TRUMBULL CT 06611
25 25 800104143 SCHROEDER JAMES C 16 ROCKYFIELD RD WESTPORT CT 06880
25 25 800123788 ROWLETTE HENRY A 18 FOXCHASE DRIVE BURLINGTON NJ 08016
25 25 800125551 LEWANDOWSKI ROBERT 146 MAGOWAN AVENUE TRENTON NJ 08619
25 25 800161648 KORNBLUH ISRAEL 1041 E 27TH ST BROOKLYN NY 11210
25 25 800172637 JANTZEN TAMMI L 6 CARROUSEL LANE HAMILTON TOWNSHIP NJ 08610
25 25 800173775 DIXON LORRAINE D 139 PINEVILLE RD KILLINGLY CT 06241
25 25 800189391 HUSSEIN SAAD 404 SKYVIEW TERRACE CAMILLUS NY 13031
25 25 800203101 YANCEY LEWIS R 115 YANCEY DRIVE BUMPASS VA 23024
25 25 800205890 CAMPITELLI MICHAEL A 10 CAMPITELLI COURT REISTERSTOWN MD 21136
25 25 800206351 GREIF BRIAN S LOT 7 POCONO MOUNTAIN EFFO EFFORT PA 18330
25 25 800206518 SANCHEZ ISAAC 261 FOURTH STREET PALISADES PARK NJ 07650
25 25 800208803 GUERRERO NITZA 35 THRUSH LANE LEVITTOWN NY 11756
25 25 800210122 EDWARDS ELIZABETH 425 THEIROT AVENUE BRONX NY 10473
25 25 800211542 MOSEMANN DEAN M 425 SOUTH WEST END AVENUE LANCASTER PA 17603
25 25 800215048 SAYBEN JOHN M 2249 SWAMP ROAD FURLONG PA 18925
25 25 800215782 CHOHAN SHAHID Q 109 ELMWOOD AVENUE BOGOTA NJ 07603
25 25 800217507 GUSTAFSSON MAGNUS K 496 RICHMOND AVENUE MAPLEWWOD NJ 07040
25 25 800219081 MARRANCA SAMUEL J 33 BUTLER STREET FORTY FORT PA 18706
25 25 800220030 KEISER TYLER 11 RANGELEY DRIVE TRUMBULL CT 06611
25 25 800220238 COSNER PAUL L 112 ARCH AVENUE CLARKS SUMMIT PA 18411
25 25 800222218 DEANGELIS JOSEPH 15 SUMMIT ROAD STATEN ISLAND NY 10312
25 25 800223562 MARZAN RAPHAEL 217 SPRUCE STREET BLOOMFIELD NJ 07003
25 25 800226458 THOMPSON PAMELA 405 GREENWOOD STREET BRIDGEPORT CT 06606
25 25 800231342 LEE KYAG YOUNG 1411 SOUTH WIND WAY DRESHER PA 19025
25 25 800231565 AHMED MUMTAZ 1549 EAST 18TH STREET BROOKLYN NY 11230
25 25 800233926 BRENNAN THOMAS PATRICK 41 RIBBON LANE WANTAGH NY 11793
25 25 800235400 HIPKINS PATRICK 1421 BELLONA AVENUE LUTHERVILLE MD 21093
25 25 800237554 RASO ANTHONY C 1412 SPRING GARDEN STREET EASTON PA 18042
25 25 800244600 LENCHECK NORMAN 77 DOWNS AVENUE STAMFORD CT 06902
25 25 800245243 FULLER KEITH R RD 2 BOX 229 AM WINDSOR PA 17366
25 25 800246142 BURK WHITNEY A 12 CORTLAND SHIRE MOORESTOWN NJ 08057
25 25 800250557 WALIZER PATRICIA 1714 SARAH STREET PITTSBURGH PA 15203
25 25 800250789 ERICKSEN ALLEN 39 VAN BRACKLE ROAD HOLMDEL NJ 07733
25 25 800251969 JONES DIETRICH E 107 ADAIR AVE ATLANTA GA 30315
25 25 800252835 LAWSON JANIE 21 ALBERMARLE AVENUE HEMPSTEAD NY 11550
25 25 800269797 WILLIAMS ROBERT L 2319 WEST TIOGA STREET PHILADELPHIA PA 19140
25 25 800276636 PURDUM WILLIAM RAY 25617 RIDGE ROAD DAMASCUS MD 20872
25 25 800280422 DECANDIA ALBERT 4156 CHESWICK LANE VIRGINIA BEACH VA 23455
25 25 800290322 BLAIN JEFFERSON 12 BRIGHTON 4TH RD BROOKLYN NY 11235
-------------------------------------
41 Sale Total
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800034704 45,600.00 45,505.86 02/01/97 01/01/27 12.000 11.000 18.000 7.250
800136780 174,600.00 174,379.69 05/01/97 04/01/27 11.625 11.625 17.625 7.750
800104143 400,000.00 399,123.87 04/01/97 03/01/27 10.125 9.125 16.125 5.750
800123788 143,150.00 142,937.32 05/01/97 04/01/27 10.875 9.875 16.875 7.250
800125551 80,500.00 80,276.01 04/01/97 03/01/27 9.875 9.875 15.875 6.750
800161648 499,000.00 498,217.91 06/01/97 05/01/27 9.250 8.250 15.250 6.000
800172637 159,300.00 159,154.66 07/01/97 06/01/27 9.875 8.875 15.875 6.750
800173775 77,400.00 77,369.24 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800189391 68,000.00 67,923.14 05/17/97 04/17/27 10.788 10.788 16.788 8.100
800203101 120,400.00 120,361.52 08/01/97 07/01/27 11.500 10.500 17.500 7.000
800205890 326,000.00 325,877.27 08/01/97 07/01/27 10.750 9.750 16.750 5.250
800206351 137,000.00 136,864.56 07/01/97 06/01/27 9.875 8.875 15.875 6.750
800206518 195,000.00 194,935.95 08/01/97 07/01/27 11.375 10.375 17.375 6.750
800208803 118,000.00 117,922.11 07/01/97 06/01/27 11.375 10.375 17.375 6.750
800210122 112,000.00 111,937.36 07/01/97 06/01/27 12.125 11.125 18.125 8.250
800211542 72,000.00 71,971.39 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800215048 165,600.00 165,448.91 07/01/97 06/01/27 9.875 8.875 15.875 6.000
800215782 180,000.00 179,932.23 08/01/97 07/01/27 10.750 9.750 16.750 6.250
800217507 202,500.00 202,405.52 09/01/97 08/01/27 9.750 8.750 15.750 6.250
800219081 64,700.00 64,685.62 08/01/97 07/01/27 13.125 12.125 19.125 7.250
800220030 119,900.00 119,867.55 08/01/97 07/01/27 12.250 11.250 18.250 7.700
800220238 96,000.00 95,977.42 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800222218 137,550.00 137,550.00 09/01/97 08/01/27 10.750 10.750 16.750 7.150
800223562 151,200.00 151,076.03 07/01/97 06/01/27 10.375 10.375 16.375 6.750
800226458 60,000.00 59,966.36 08/01/97 07/01/27 8.875 8.875 14.875 5.500
800231342 229,500.00 229,390.05 08/01/97 07/01/27 9.625 9.625 15.625 6.000
800231565 261,000.00 260,899.05 08/01/97 07/01/27 10.625 9.625 16.625 5.750
800233926 119,000.00 118,919.28 07/13/97 06/13/27 11.250 10.250 17.250 6.500
800235400 112,000.00 111,961.13 08/01/97 07/01/27 11.125 11.125 17.125 8.500
800237554 110,700.00 110,656.01 08/01/97 07/01/27 10.500 9.500 16.500 5.750
800244600 200,000.00 199,911.53 09/01/97 08/01/27 10.000 9.000 16.000 5.250
800245243 105,000.00 104,890.71 08/01/97 07/01/27 9.250 8.250 15.250 5.250
800246142 359,200.00 359,036.81 08/01/97 07/01/27 9.875 9.875 15.875 6.250
800250557 44,800.00 44,789.47 08/01/97 07/01/27 12.875 11.875 18.875 7.500
800250789 105,000.00 105,000.00 09/01/97 08/01/27 9.750 8.750 15.750 6.250
800251969 30,000.00 29,991.42 09/01/97 08/01/27 12.000 11.000 18.000 7.000
800252835 139,500.00 139,447.48 08/01/97 07/01/27 10.750 9.750 16.750 6.750
800269797 30,400.00 30,392.85 09/01/97 08/01/27 12.875 11.875 18.875 7.500
800276636 118,000.00 118,000.00 09/01/97 08/01/27 11.125 11.125 17.125 7.500
800280422 216,000.00 216,000.00 09/01/97 08/01/27 11.500 11.500 17.500 7.500
800290322 162,450.00 162,450.00 09/01/97 08/01/27 11.250 10.250 17.250 6.450
----------------------------------------------- ---------------------------------------
41 6,247,950.00 6,243,403.29 10.569 9.842 16.569 6.466
</TABLE>
<PAGE>
<TABLE>
Page 20 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE A
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Pool Sale Origination Zip
ID ID Account Name Address City State Code
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
34 34 800217101 REYNOLDS BERNARD L 2636 SOUTH 150TH STREET SEATTLE WA 98188
34 34 800264251 COLLARD DONNA L 17229 SOUTHEAST LAKE AUBURN WA 98092
-------------------------------------
2 Sale Total
43 Total with Merrill Lynch
982 Grand Total
Principal Cut-off Date First Initial Minimum Maximum
Origination Balance at Principal Payment Maturity Mortgage Mortgage Mortgage Gross
Account Origination Balance Date Date Rate Rate Rate Margin
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
800217101 104,000.00 103,943.19 08/01/97 07/01/27 9.000 8.000 15.000 4.500
800264251 136,000.00 136,000.00 09/01/97 08/01/27 9.125 8.125 15.125 5.500
----------------------------------------------- ---------------------------------------
2 240,000.00 239,943.19 9.071 8.071 15.071 5.067
43 6,487,950.00 6,483,346.48 10.513 9.776 16.513 6.415
982 116,717,195.00 115,690,188.57 10.007 8.368 16.007 5.731
</TABLE>
<PAGE>
<TABLE>
Page 1 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800026429 FOSTER THOMAS E 148,750.00 1 1,486.57
27 27 800041303 CRISP CHARLOTTE A 82,800.00 1 718.99
27 27 800059628 BLACK JOHN W 63,200.00 1 491.56
27 27 800094781 CALAMUSA JOHN 110,000.00 1 835.37
27 27 800111387 DURINA MARK A 99,000.00 1 887.14
27 27 800140469 SOLIDAY KEVIN B 230,350.00 1 2,042.80
27 27 800174294 CONTE MARIO 80,000.00 3 746.78
27 27 800109100 EDWARDS BENJAMIN H 98,900.00 1 923.21
27 27 800118002 JACKSON BERNADETTE 24,000.00 1 221.78
27 27 800118960 HAGGERTY ANTHONY 199,800.00 1 1,625.64
27 27 800129454 COCKRELL TERESA J 93,600.00 1 900.23
27 27 800143331 WELKER DENNIS M 27,000.00 1 249.51
27 27 800147902 SCHWAB DAVID A 160,780.00 1 1,440.75
27 27 800151045 BRUCE EDWARD F 196,000.00 1 1,683.94
27 27 800155236 BRICKNER THEODORA 101,600.00 2 882.24
27 27 800155368 JASINSKI SUSAN A 66,600.00 1 596.80
27 27 800164733 RITTER STEVEN J 115,000.00 1 1,227.35
27 27 800166068 OLIVERA ALDO 154,800.00 1 1,416.02
27 27 800167512 ROSE VERONICA L 27,950.00 1 245.29
27 27 800170169 JAMIL SYED 110,500.00 1 1,126.00
27 27 800171001 HEEREN RICHARD W 44,000.00 1 419.02
27 27 800173650 GRAZIANO MARC A 164,000.00 1 1,577.32
27 27 800176356 LONGO DIANE 50,000.00 1 443.41
27 27 800177677 FASIG RANDY V 42,320.00 1 464.01
27 27 800180234 VANATTA JEFF A 39,000.00 1 408.68
27 27 800182495 WHITTLE MARION 33,600.00 2 285.60
27 27 800182784 MOMPLAISIR ULRICK 191,700.00 1 1,682.30
27 27 800184970 HAYWOOD MORZETTE 68,400.00 1 664.34
27 27 800185647 ARNDT JAMES R 41,300.00 3 440.78
27 27 800186124 MAZZA DOREEN 115,600.00 1 1,100.89
27 27 800188708 SCALFARO KELLY A 95,900.00 1 913.28
27 27 800190159 CURTIS SHARON A 53,910.00 1 523.61
27 27 800190332 DIGLIO BARBARA J BATES 100,000.00 3 933.48
27 27 800191090 MAZZEO PASQUALE 150,500.00 1 1,197.45
27 27 800192619 CHAPMAN LORI A 37,255.00 1 368.93
27 27 800193872 VEGA RAUL C. 100,755.00 1 921.65
27 27 800194425 ABELOFF EDWIN J 120,700.00 1 1,048.10
27 27 800194508 SHOTT NATALIE P 65,970.00 1 560.74
27 27 800196610 CONNELLY PHYLLIS A 63,700.00 1 547.28
27 27 800196883 BABIARZ JOHN A 172,000.00 1 1,654.26
27 27 800196982 ANTHONY JOSEPH HARRELL 34,000.00 1 314.19
27 27 800197014 BOYENS JUANITA 33,600.00 1 316.81
27 27 800197337 CURCIO ROBERT LOUIS 76,500.00 1 728.53
27 27 800197477 SABO TODD M 49,300.00 1 423.56
27 27 800197618 VAZQUEZ ALBERT 157,000.00 3 1,348.87
27 27 800200230 NEARY MICHAEL J. 136,000.00 1 1,269.53
27 27 800200628 VAN ANTHONY W 73,444.00 1 610.87
27 27 800201154 WEISNER LILLIANA 182,750.00 4 1,757.65
27 27 800203580 EVANS LISA 100,000.00 1 1,096.44
27 27 800203770 WOODCOCK JOSEPH C 49,600.00 7 511.97
27 27 800205098 BAPTISTE WAYNE 135,000.00 3 1,122.87
27 27 800205122 WILKERSON RACHEL J 42,000.00 1 460.50
27 27 800205833 BOWMAN JOHN 126,400.00 1 1,051.33
27 27 800206526 DONER MARCELETTE TONI 145,800.00 1 1,306.51
27 27 800206666 SCANDELL SHAWN 106,425.00 1 875.53
27 27 800207193 CELLUPICA DIANE 82,450.00 1 800.81
27 27 800207763 GROSSEN HANS 128,000.00 1 1,123.29
27 27 800207888 BERTOLACCI ROBERT 146,700.00 1 1,341.92
27 27 800207920 BAKER ROBERT H 200,000.00 1 1,961.53
27 27 800207979 VLACICH MICHAEL A 157,250.00 1 1,453.14
27 27 800208233 ASSIS LUIZ C. 146,625.00 1 1,327.55
27 27 800208506 CALDWELL WILLIAM R 99,200.00 3 1,097.35
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800026429 148,248.72 85.0 12/01/97 11.625 175,000.00 Y
800041303 82,569.62 90.0 03/01/99 9.875 92,000.00 Y
800059628 62,933.13 80.0 03/01/99 8.625 79,000.00 Y
800094781 109,490.04 61.1 10/01/97 8.375 180,000.00 Y
800111387 98,788.85 90.0 04/01/99 10.250 110,000.00 Y
800140469 230,049.82 85.0 12/01/97 10.125 271,000.00 Y
800174294 79,908.85 80.0 06/01/99 10.750 100,000.00 Y
800109100 98,787.31 84.9 06/01/99 10.750 116,395.00 Y
800118002 23,881.97 80.0 05/01/99 10.625 30,000.00 Y
800118960 199,693.67 90.0 02/01/98 9.125 222,000.00 Y
800129454 93,468.26 85.8 05/01/99 11.125 109,000.00 Y
800143331 26,967.62 90.0 06/01/99 10.625 30,000.00 Y
800147902 160,506.84 80.0 05/01/99 10.250 200,976.00 Y
800151045 195,908.56 80.0 08/01/99 9.750 245,000.00 Y
800155236 101,507.30 80.0 07/01/99 9.875 127,000.00 Y
800155368 66,336.64 90.0 07/01/99 10.250 74,000.00 Y
800164733 114,940.83 80.9 07/01/99 12.500 142,000.00 Y
800166068 154,676.42 90.0 07/01/99 10.500 172,000.00 Y
800167512 27,912.57 65.0 07/01/99 10.000 43,000.00 Y
800170169 110,368.01 85.0 06/01/99 11.875 130,000.00 Y
800171001 43,886.76 37.6 08/01/99 11.000 117,000.00 Y
800173650 163,943.09 80.0 02/01/98 11.125 205,000.00 Y
800176356 49,956.96 80.6 01/01/98 10.125 62,000.00 Y
800177677 42,310.05 80.0 08/01/99 12.875 52,900.00 Y
800180234 38,979.47 75.0 07/01/99 12.250 52,000.00 Y
800182495 33,600.00 70.0 03/01/98 9.625 48,000.00 Y
800182784 191,615.20 90.0 08/01/99 10.000 213,000.00 Y
800184970 68,400.00 90.0 09/01/99 11.250 76,000.00 Y
800185647 41,289.43 80.9 08/01/99 12.500 51,000.00 Y
800186124 115,459.67 85.0 08/01/99 11.000 136,000.00 Y
800188708 95,593.70 79.9 07/01/99 11.000 119,900.00 Y
800190159 53,891.80 90.0 08/01/99 11.250 59,900.00 Y
800190332 99,962.35 80.0 08/01/99 10.750 125,000.00 Y
800191090 150,415.62 70.0 02/01/98 8.875 215,000.00 Y
800192619 37,243.10 80.9 08/01/99 11.500 46,000.00 Y
800193872 100,755.00 90.0 09/01/99 10.500 111,950.00 Y
800194425 120,534.63 85.0 07/01/99 9.875 142,000.00 Y
800194508 65,938.39 90.0 02/01/98 9.625 73,300.00 Y
800196610 63,670.28 69.6 09/01/99 9.750 91,500.00 Y
800196883 172,000.00 80.0 03/01/98 11.125 215,000.00 Y
800196982 33,973.59 85.0 02/01/98 10.625 40,000.00 Y
800197014 33,575.41 80.0 07/01/99 10.875 42,000.00 Y
800197337 76,472.72 82.2 08/01/99 11.000 93,000.00 Y
800197477 49,277.00 85.0 08/01/99 9.750 58,000.00 Y
800197618 156,852.92 74.7 07/01/99 9.750 210,000.00 Y
800200230 136,000.00 85.0 09/01/99 10.750 160,000.00 Y
800200628 73,444.00 85.0 09/01/99 9.375 86,405.00 Y
800201154 182,686.59 85.0 02/01/98 11.125 215,000.00 Y
800203580 99,976.48 80.0 08/01/99 12.875 125,000.00 Y
800203770 49,484.87 80.0 07/01/99 11.000 62,000.00 Y
800205098 134,931.82 90.0 02/01/98 9.375 150,000.00 Y
800205122 41,990.63 79.2 08/01/99 12.875 53,000.00 Y
800205833 126,400.00 80.0 03/01/98 9.375 158,000.00 Y
800206526 145,800.00 90.0 09/01/99 10.250 162,000.00 Y
800206666 106,369.83 75.0 09/01/99 9.250 141,900.00 Y
800207193 82,422.16 85.0 08/01/99 11.250 97,000.00 Y
800207763 127,886.28 80.0 07/01/99 10.000 160,000.00 Y
800207888 146,641.71 90.0 09/01/99 10.500 163,000.00 Y
800207920 199,867.98 66.6 08/01/99 11.375 300,000.00 Y
800207979 157,189.18 85.0 02/01/98 10.625 185,000.00 Y
800208233 146,565.15 85.2 02/01/98 10.375 172,000.00 Y
800208506 99,200.00 80.0 09/01/99 13.000 124,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 2 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800209728 MILLER MELISSA A 57,600.00 1 526.89
27 27 800210064 CRONEN RICHARD G 96,480.00 1 767.64
27 27 800210312 LAMENDOLA JOYCE 144,000.00 1 1,290.39
27 27 800210510 OROZCO IGNACIO A 63,750.00 1 536.04
27 27 800212458 TOPORKIEWICZ WLADYSLAWA 89,250.00 1 808.08
27 27 800212995 UFFELMAN JOHN R 66,950.00 1 631.26
27 27 800213001 CHARETTE THOMAS J 85,000.00 1 699.27
27 27 800213035 KIDWELL RONALD J 51,500.00 1 456.71
27 27 800213647 HARKINS ROBBIN LYNN 60,000.00 1 543.24
27 27 800213670 CONWAY JASON M 35,600.00 1 390.33
27 27 800214462 MONICO JOSEPH J 76,800.00 1 673.97
27 27 800215253 BRANDT LAURIE A 199,750.00 1 1,940.09
27 27 800216095 GOJANI LEKE 127,500.00 1 1,130.70
27 27 800216400 TES SARITH 64,350.00 1 564.72
27 27 800216525 GRILLONE ROSANNE 62,910.00 1 552.08
27 27 800216715 HEREDIA GUSTAVO G 70,650.00 1 652.87
27 27 800216921 OWENS RICHARD E 44,010.00 1 402.58
27 27 800217184 HENRY WALTER J 60,350.00 1 580.43
27 27 800217341 HABIB ANA L. 127,500.00 1 1,214.21
27 27 800217671 ROMANO PAUL D. 207,200.00 1 1,611.58
27 27 800217960 MODANESI ALBERINDA 81,000.00 1 725.84
27 27 800218448 KORFF J SCOTT 117,000.00 1 1,092.17
27 27 800219396 KONSTANTINOV CHARLES 84,800.00 1 905.04
27 27 800219743 SCHWALB STEVEN 127,500.00 1 1,250.47
27 27 800220816 OUTLAW ROBERTA 106,250.00 1 1,082.69
27 27 800220899 ELSAYED AHMED 44,100.00 4 403.40
27 27 800221178 ACOCELLA VINCENT 130,500.00 1 1,367.50
27 27 800221681 COZZI RICHARD C. 98,400.00 1 974.45
27 27 800222002 FERNANDEZ RAFAEL 117,000.00 1 1,015.97
27 27 800222150 ADVINCULA ANTONIO 68,000.00 1 571.78
27 27 800224537 SMITH EARL 64,000.00 1 585.43
27 27 800224552 AUGUST WARREN 67,500.00 1 573.74
27 27 800224800 BAUER GEORGE V 118,800.00 1 1,086.71
27 27 800224941 ROHLAND CHRISTOPHE A 36,000.00 1 339.44
27 27 800225195 POL JOHN A 65,000.00 1 523.00
27 27 800225294 CELA LEGRAND 39,000.00 4 412.45
27 27 800225740 BOWLING DIANTHA K 264,000.00 1 2,614.37
27 27 800226045 TOMMASONE STEVEN A 123,250.00 1 1,197.08
27 27 800226177 SHTRAKHMAN SERGEY 156,800.00 1 1,597.80
27 27 800226201 MOSLEY LOVELL 198,000.00 5 1,904.33
27 27 800226607 WOHL CARL 114,000.00 1 979.44
27 27 800226904 CREMARD THERESA L 90,000.00 1 986.79
27 27 800227043 SERENO MICHAEL 224,000.00 1 2,412.40
27 27 800227050 SCHELL KARL E 121,300.00 1 1,109.58
27 27 800227068 CARMICHAEL SHENAZ 148,750.00 3 1,530.06
27 27 800227563 VANE MONTE 99,375.00 1 927.65
27 27 800227571 GUERRIRO NUNZIO 115,000.00 1 925.32
27 27 800228009 PULICE ROCCO 193,500.00 3 1,842.75
27 27 800228082 BAYCROFT JOHN MICHAEL 202,500.00 1 1,909.35
27 27 800228207 WHITE DAVID 350,000.00 1 3,168.92
27 27 800228504 FIDDERMAN RANDOLPH 115,200.00 1 1,053.78
27 27 800228835 PRIGIAN MASIS 263,500.00 3 2,312.40
27 27 800229221 HINES SUSAN S 214,200.00 1 1,959.37
27 27 800229858 MARINO PAUL F 112,000.00 3 1,195.33
27 27 800229965 RAMIREZ EDWARD 52,790.00 1 522.77
27 27 800230013 DAVIS RAYMOND C 158,000.00 1 1,271.30
27 27 800230385 NASSEEM MICHEL 162,000.00 1 1,497.04
27 27 800230567 GREENBERG KENNETH L. 85,750.00 1 898.57
27 27 800230914 CARRASQUILLO JOSE M 61,000.00 1 586.69
27 27 800231144 BARDELL CONSTANCE LYNN 48,750.00 1 423.32
27 27 800231557 MCMILLAN VALERIA O 110,500.00 1 1,062.77
27 27 800231961 MADDEN ALAN T 42,500.00 3 448.64
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800209728 57,577.11 90.0 08/01/99 10.500 64,000.00 Y
800210064 96,425.91 88.5 09/01/99 8.875 109,000.00 Y
800210312 143,878.70 80.0 07/01/99 10.250 180,000.00 Y
800210510 63,687.05 85.0 08/01/99 9.500 75,000.00 Y
800212458 89,250.00 85.0 03/01/98 10.375 105,000.00 Y
800212995 66,925.47 65.0 08/01/99 10.875 103,000.00 Y
800213001 84,911.54 85.0 08/01/99 9.250 100,000.00 Y
800213035 51,477.82 85.9 08/01/99 10.125 59,900.00 Y
800213647 59,925.89 60.0 07/01/99 10.375 100,000.00 Y
800213670 35,591.63 80.0 08/01/99 12.875 44,500.00 Y
800214462 76,800.00 60.0 09/01/99 10.000 128,000.00 Y
800215253 199,682.57 85.0 08/01/99 11.250 235,000.00 Y
800216095 127,500.00 85.0 03/01/98 10.125 150,000.00 Y
800216400 64,321.53 90.0 08/01/99 10.000 71,500.00 Y
800216525 62,910.00 90.0 09/01/99 10.000 69,900.00 Y
800216715 70,622.68 90.0 08/01/99 10.625 78,500.00 Y
800216921 43,992.51 90.0 08/01/99 10.500 48,900.00 Y
800217184 60,350.00 85.0 09/01/99 11.125 71,000.00 Y
800217341 127,408.66 85.0 08/01/99 11.000 150,000.00 Y
800217671 207,200.00 80.0 09/01/99 8.625 259,000.00 Y
800217960 81,000.00 90.0 10/01/99 10.250 90,000.00 Y
800218448 117,000.00 90.0 09/01/99 10.750 130,000.00 Y
800219396 84,778.29 80.0 08/01/99 12.500 106,000.00 Y
800219743 127,458.12 85.0 08/01/99 11.375 150,000.00 Y
800220816 106,218.74 85.0 08/01/99 11.875 125,000.00 Y
800220899 44,100.00 90.0 09/01/99 10.500 49,000.00 Y
800221178 130,500.00 85.8 09/01/99 12.250 152,000.00 Y
800221681 98,368.55 75.6 08/01/99 11.500 130,000.00 Y
800222002 117,000.00 90.0 04/01/98 9.875 130,000.00 Y
800222150 67,966.55 89.9 08/01/99 9.500 75,600.00 Y
800224537 63,948.92 59.8 07/01/99 10.500 107,000.00 Y
800224552 67,467.67 90.0 08/01/99 9.625 75,000.00 Y
800224800 118,705.17 90.0 08/01/99 10.500 132,000.00 Y
800224941 35,986.81 85.1 08/01/99 10.875 42,300.00 Y
800225195 64,964.50 56.5 08/01/99 9.000 115,000.00 Y
800225294 38,989.74 65.0 08/01/99 12.375 60,000.00 Y
800225740 263,915.63 80.0 08/01/99 11.500 330,000.00 Y
800226045 123,250.00 79.5 09/01/99 11.250 155,000.00 Y
800226177 156,753.87 80.0 02/01/98 11.875 196,000.00 Y
800226201 197,862.04 90.0 07/01/99 11.125 220,000.00 Y
800226607 113,893.19 75.4 08/01/99 9.750 151,000.00 Y
800226904 89,978.84 73.7 08/01/99 12.875 122,000.00 Y
800227043 224,000.00 80.0 10/01/99 12.625 280,000.00 Y
800227050 121,251.80 89.8 08/01/99 10.500 135,000.00 Y
800227068 148,707.44 85.0 08/01/99 12.000 175,000.00 Y
800227563 99,337.58 75.0 03/01/98 10.750 132,500.00 Y
800227571 114,937.18 73.7 08/01/99 9.000 156,000.00 Y
800228009 193,361.37 90.0 08/01/99 11.000 215,000.00 Y
800228082 202,425.81 90.0 08/01/99 10.875 225,000.00 Y
800228207 349,857.12 59.9 08/01/99 10.375 583,420.00 Y
800228504 115,154.22 90.0 08/01/99 10.500 128,000.00 Y
800228835 263,383.43 85.0 08/01/99 10.000 310,000.00 Y
800229221 214,200.00 90.0 09/01/99 10.500 238,000.00 Y
800229858 111,971.34 80.0 09/01/99 12.500 140,000.00 Y
800229965 52,773.13 65.9 08/01/99 11.500 80,000.00 Y
800230013 157,913.70 80.2 08/01/99 9.000 197,000.00 Y
800230385 161,937.34 90.0 08/01/99 10.625 180,000.00 Y
800230567 85,750.00 65.9 09/01/99 12.250 130,000.00 Y
800230914 60,978.83 80.2 09/01/99 11.125 76,000.00 Y
800231144 48,750.00 73.3 09/01/99 9.875 66,500.00 Y
800231557 110,500.00 85.0 09/01/99 11.125 130,000.00 Y
800231961 42,500.00 85.0 09/01/99 12.350 50,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 3 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800231995 HOOPER DAVID A 128,000.00 1 1,194.86
27 27 800232290 PRESSIMONE ROY 140,250.00 1 1,269.83
27 27 800232589 HENDERSHOT JACK 53,100.00 8 485.73
27 27 800233108 KANNER BONNIE 156,000.00 1 1,311.73
27 27 800233165 REICHARD ROBERT J 94,500.00 1 864.43
27 27 800233306 LAVELANET GILBERT 131,750.00 1 1,242.26
27 27 800233546 CASSE EDMUND H 467,500.00 1 4,718.99
27 27 800233652 MERCADO ELVIN 143,650.00 1 1,207.89
27 27 800233785 CHAVIES ANTHONY 112,500.00 1 1,029.08
27 27 800233868 DHARIA PRAKASH C 187,000.00 3 1,816.26
27 27 800234064 SIMON S REBECCA 76,000.00 1 870.51
27 27 800234072 ROBISON THOMAS L 128,250.00 1 1,113.66
27 27 800234106 JACOBS BARRY D 137,580.00 1 1,271.37
27 27 800234254 TIDIANI ABDOUL 124,600.00 1 1,174.84
27 27 800234338 SINGLETON ELIJAH 66,300.00 1 563.54
27 27 800234361 WEISS ARNOLD 80,000.00 1 784.61
27 27 800234411 MOHAMED MOHAMED 114,000.00 1 1,064.17
27 27 800234429 ALLEN OLIVE 81,200.00 1 773.29
27 27 800234536 LEE CHONG HEE 234,000.00 1 1,967.60
27 27 800234551 WILSON CARLOTTA 72,000.00 1 768.43
27 27 800234932 SULLIVAN THOMAS 123,250.00 1 1,267.77
27 27 800235186 CRUZ CHRISTINA 270,000.00 4 2,622.41
27 27 800235566 JEFFRIES MARTHA L. 68,000.00 1 745.58
27 27 800235749 MENDOZA MANUEL 204,000.00 4 1,962.04
27 27 800235863 VICKERS BARBARA 119,000.00 5 1,110.84
27 27 800235939 HOOPER DONALD LEE 221,000.00 1 1,778.22
27 27 800235988 BREWER ARTHUR W 37,500.00 1 329.09
27 27 800236002 STATEN CAROLYN S 182,250.00 1 1,684.17
27 27 800236135 FREHLEY JEANETTE J 342,500.00 1 2,725.08
27 27 800236192 KWIATKOWSKI BRENDA L 64,000.00 1 633.79
27 27 800236648 SINDELL ROBERT 65,000.00 1 558.45
27 27 800236663 STOCKS ASTRID V 135,000.00 1 1,147.49
27 27 800236713 GREAR NINA 70,000.00 1 686.54
27 27 800237034 ABDUL GHANI ISMAILA 86,000.00 1 786.68
27 27 800237208 HANNA STEPHEN K 91,800.00 7 978.98
27 27 800237281 PRICE THOMAS A 48,600.00 1 431.00
27 27 800237828 SULLIVAN ALLEN 86,700.00 1 713.26
27 27 800237935 BREWINGTON EUGENIA 102,000.00 1 933.03
27 27 800238263 LATZA ROBERT S 50,000.00 1 429.58
27 27 800238354 TONEY ELLTEE 102,000.00 1 981.02
27 27 800238404 LAWRENCE ANTHONY 106,200.00 1 951.66
27 27 800238552 PADEN RONALD 142,200.00 1 1,381.13
27 27 800238560 MERCADO ILIANA 229,500.00 1 2,229.05
27 27 800238578 TONER LISA E 101,237.00 1 1,110.00
27 27 800238602 DESOTELLE JOHN D 56,000.00 1 445.56
27 27 800238826 GHANNAM MOHAMMAD 144,500.00 1 1,228.23
27 27 800238891 WHITEMAN CHARLES L 68,600.00 1 627.51
27 27 800239105 LAMBORN RICHARD G 31,500.00 1 273.53
27 27 800239139 SOTAK MARY CATHERINE 133,900.00 1 1,262.53
27 27 800239162 VEGA MARIA 153,000.00 3 1,244.86
27 27 800239345 BOULWARE CHARISE D 82,800.00 1 757.40
27 27 800239485 PETITTO CHARLES 149,400.00 1 1,338.77
27 27 800239527 ELICKER DEVA ELLEN D 127,650.00 1 1,313.02
27 27 800239899 LAMORA EILEEN M 94,500.00 4 786.00
27 27 800239980 SCHWANGER CINDY M 68,600.00 1 602.01
27 27 800240434 CORDOVA KATHERINE 250,000.00 1 2,124.97
27 27 800240699 BROWN WARREN 154,400.00 5 1,814.18
27 27 800240814 NEBINGER HOWARD A 87,000.00 1 739.49
27 27 800241119 BROMELL, MICHAEL S 78,300.00 1 716.24
27 27 800241184 ROBINSON VALLISHA 97,500.00 1 919.32
27 27 800241614 HOPKINS GREGORY 72,000.00 1 845.99
27 27 800241622 DIBENEDETTO ANNA MARIA 183,750.00 5 1,578.70
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800231995 127,903.18 69.9 08/01/99 10.750 183,000.00 Y
800232290 140,192.75 85.0 02/01/98 10.375 165,000.00 Y
800232589 53,100.00 90.0 09/01/99 10.500 59,000.00 Y
800233108 155,923.27 65.5 08/01/99 9.500 238,000.00 Y
800233165 94,462.45 90.0 08/01/99 10.500 105,000.00 Y
800233306 131,701.72 85.0 09/01/99 10.875 155,000.00 Y
800233546 467,500.00 85.0 09/01/99 11.750 550,000.00 Y
800233652 143,579.34 89.7 08/01/99 9.500 160,000.00 Y
800233785 112,455.30 90.0 02/01/98 10.500 125,000.00 Y
800233868 187,000.00 85.0 09/01/99 11.250 220,000.00 Y
800234064 75,984.49 80.0 08/01/99 13.500 95,000.00 Y
800234072 128,191.79 90.0 08/01/99 9.875 142,500.00 Y
800234106 137,580.00 85.9 09/01/99 10.625 160,000.00 Y
800234254 124,600.00 85.9 09/01/99 10.875 145,000.00 Y
800234338 66,268.24 85.0 08/01/99 9.625 78,000.00 Y
800234361 79,973.23 65.5 08/01/99 11.375 122,000.00 Y
800234411 114,000.00 89.6 03/01/98 10.750 127,200.00 Y
800234429 81,171.04 85.4 09/01/99 11.000 95,000.00 Y
800234536 233,884.90 69.8 02/01/98 9.500 335,000.00 Y
800234551 72,000.00 80.0 09/01/99 12.500 90,000.00 Y
800234932 123,250.00 85.0 09/01/99 12.000 145,000.00 Y
800235186 270,000.00 90.0 10/01/99 11.250 300,000.00 Y
800235566 67,984.00 80.0 09/01/99 12.875 85,000.00 Y
800235749 204,000.00 85.0 03/01/98 11.125 240,000.00 N
800235863 118,955.20 85.0 08/01/99 10.750 140,000.00 Y
800235939 220,879.28 85.0 08/01/99 9.000 260,000.00 Y
800235988 37,500.00 75.0 09/01/99 10.000 50,000.00 Y
800236002 182,179.50 90.0 02/01/98 10.625 202,500.00 Y
800236135 342,500.00 50.0 03/01/98 8.875 685,000.00 Y
800236192 64,000.00 80.0 09/01/99 11.500 80,000.00 Y
800236648 65,000.00 39.3 09/01/99 9.750 165,000.00 Y
800236663 135,000.00 85.9 09/01/99 9.625 157,000.00 Y
800236713 70,000.00 70.0 09/01/99 11.375 100,000.00 Y
800237034 85,965.82 57.3 08/01/99 10.500 150,000.00 Y
800237208 91,696.02 90.0 08/01/99 11.500 102,000.00 Y
800237281 48,600.00 90.0 09/01/99 10.125 54,000.00 Y
800237828 86,655.05 85.0 09/01/99 9.250 102,000.00 Y
800237935 101,918.59 89.9 08/01/99 10.500 113,400.00 Y
800238263 49,976.67 40.3 09/01/99 9.750 124,000.00 Y
800238354 101,964.60 85.0 03/01/98 11.125 120,000.00 Y
800238404 106,155.47 90.0 09/01/99 10.250 118,000.00 Y
800238552 142,152.00 90.0 08/01/99 11.250 158,000.00 Y
800238560 229,422.51 90.0 08/01/99 11.250 255,000.00 Y
800238578 101,237.00 80.9 09/01/99 12.875 125,000.00 Y
800238602 55,936.98 69.1 08/01/99 8.875 81,000.00 Y
800238826 144,430.78 80.0 02/01/98 9.625 180,600.00 Y
800238891 68,600.00 67.9 10/01/99 10.500 101,000.00 Y
800239105 31,500.00 90.0 03/01/98 9.875 35,000.00 Y
800239139 133,801.43 65.0 08/01/99 10.875 206,000.00 Y
800239162 152,586.66 85.0 10/01/97 9.125 180,000.00 Y
800239345 82,767.10 90.0 08/01/99 10.500 92,000.00 Y
800239485 149,337.36 90.0 08/01/99 10.250 166,000.00 Y
800239527 127,650.00 85.9 09/01/99 12.000 148,500.00 Y
800239899 94,500.00 90.0 03/01/98 9.375 105,000.00 Y
800239980 68,539.06 70.0 02/01/98 10.000 98,000.00 Y
800240434 249,880.24 88.0 02/01/98 9.625 284,000.00 Y
800240699 154,400.00 80.0 09/01/99 13.875 193,000.00 Y
800240814 86,958.32 79.8 08/01/99 9.625 109,000.00 Y
800241119 78,268.89 89.5 08/01/99 10.500 87,400.00 Y
800241184 97,464.27 75.0 02/01/98 10.875 130,000.00 Y
800241614 72,000.00 80.0 09/01/99 13.875 90,000.00 Y
800241622 183,664.27 70.0 08/01/99 9.750 262,500.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 4 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800241952 LUPOLOVER IRENE 257,980.00 1 2,240.16
27 27 800242000 ROSS DAWN S 41,250.00 1 404.57
27 27 800242133 KOPKO GEORGE J 112,680.00 1 896.53
27 27 800242174 MOLLICA DANIEL 90,000.00 8 781.51
27 27 800242182 SMITH JEFFREY M 163,030.00 1 1,552.57
27 27 800242273 MITCHEM GWENDOLYN R 51,820.00 1 445.21
27 27 800242281 ROY JOSEPH W. 59,200.00 1 514.06
27 27 800242307 WEITKAMP JAMES G 113,400.00 1 1,210.27
27 27 800242372 MUNEIL REINALDO 85,000.00 1 777.53
27 27 800242430 PERRY RICHARD A 30,400.00 1 266.78
27 27 800242448 DEONAUTH SRIMATIE 110,250.00 3 1,029.16
27 27 800242489 KREDEL CARL F 153,600.00 1 1,684.13
27 27 800242596 JOHNSON ROBERT C 44,850.00 1 389.45
27 27 800242802 NEUMONT JOHN J 51,000.00 1 485.68
27 27 800242851 O'BEIRNE JOHN T 130,000.00 3 1,116.90
27 27 800242901 ANNAZONE PETER J. 76,500.00 1 595.01
27 27 800243123 GOLD LISA M 161,000.00 1 1,548.47
27 27 800243438 MOSS SHARON A 48,000.00 1 526.29
27 27 800243636 ANGELUCCI MARIA 174,250.00 1 1,659.42
27 27 800243891 KOMAR HENRY E 48,000.00 1 461.65
27 27 800244162 KELLY WILLIAM J 142,350.00 1 1,644.50
27 27 800244246 BOSTWICK HERBERT L 94,500.00 1 855.61
27 27 800244386 EWASKIO LINDA I 90,000.00 1 781.51
27 27 800244485 WOODBURY WYETT 121,500.00 3 1,145.61
27 27 800244626 SWARTZ EDWARD A 53,600.00 1 561.67
27 27 800244667 LEONARDO DONALD 145,000.00 1 1,206.04
27 27 800244766 KRUEL TIMOTHY D 145,000.00 1 1,192.88
27 27 800244832 WILLIAMS JAMES C 115,600.00 1 1,025.17
27 27 800244865 WALKER JOHN B 144,000.00 1 1,508.97
27 27 800245250 LIMITONE ANNUCCIA 108,375.00 1 961.09
27 27 800245409 FICCA JOSEPH V 204,000.00 1 1,962.04
27 27 800245482 ROBINSON LESTER R 136,850.00 1 1,355.21
27 27 800245672 KING JACQUELINE C 43,350.00 1 437.58
27 27 800245714 DELGADO DOMINGO 49,600.00 1 543.83
27 27 800246068 KOMAR HENRY E 27,000.00 1 259.68
27 27 800246217 HAGERTY BERTHA 125,000.00 4 1,085.44
27 27 800246373 WEBB CARL 258,300.00 1 1,784.01
27 27 800246431 DAVIS NORMAN 157,250.00 3 1,617.49
27 27 800246464 TAURASO VINCENT J 84,000.00 1 768.38
27 27 800246704 JOHNSON JOHNNIE D 304,000.00 1 3,097.76
27 27 800246753 BELIZAIRE JACQUES 127,500.00 1 1,037.38
27 27 800247033 GEORGE VALERIE H 32,500.00 1 306.44
27 27 800247041 GEORGE VALERIE H 40,000.00 1 438.57
27 27 800247165 CASTELLANOS JUAN OSMIN 140,250.00 1 1,362.19
27 27 800247348 DUNSTON HERMAN 96,000.00 1 996.71
27 27 800247710 TSOULOGIANNI JOSEPH 200,000.00 3 2,076.49
27 27 800248486 CUNNINGHAM WILLIAM 40,000.00 1 343.66
27 27 800248569 FINE RUSSELL B 77,850.00 1 690.39
27 27 800248783 DUC TRAN THANG 38,500.00 1 392.32
27 27 800249054 CIRINCIONE ANDREW 80,000.00 4 694.68
27 27 800249609 PRZEDWIECKI WENDY M 110,950.00 1 983.93
27 27 800249864 COLURRA LEONARD 174,400.00 1 1,514.40
27 27 800250029 CRAIG PETER M 62,362.00 1 671.62
27 27 800250151 SAMATULSKI DONALD 172,000.00 1 1,605.59
27 27 800250185 DAVIS DEBRA A 104,000.00 1 893.52
27 27 800250250 GONZALEZ JOSE R 94,500.00 1 864.43
27 27 800250342 MILLER GINGER R 98,400.00 1 1,021.63
27 27 800250417 LAMONICA RAYMOND WILLIAM 85,000.00 1 777.53
27 27 800250474 BOBB WILLARD JOSEPH 157,500.00 1 1,440.71
27 27 800250755 MARRERO FRANCISCO 68,000.00 1 615.68
27 27 800250862 ROTA ANGELA 143,300.00 1 1,310.82
27 27 800250987 MCNEAL MICHAEL 94,800.00 1 966.01
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800241952 257,862.80 85.0 09/01/99 9.875 303,507.00 Y
800242000 41,236.45 75.0 09/01/99 11.375 55,000.00 Y
800242133 112,553.20 90.0 02/01/98 8.875 125,200.00 Y
800242174 90,000.00 74.8 09/01/99 9.875 120,300.00 Y
800242182 163,030.00 85.0 09/01/99 11.000 191,800.00 Y
800242273 51,795.83 70.9 08/01/99 9.750 73,000.00 Y
800242281 59,173.11 78.9 08/01/99 9.875 75,000.00 Y
800242307 113,341.66 79.8 08/01/99 12.500 142,000.00 Y
800242372 85,000.00 67.4 09/01/99 10.500 126,000.00 Y
800242430 30,386.55 73.2 08/01/99 10.000 41,500.00 Y
800242448 110,208.50 75.0 08/01/99 10.750 147,000.00 Y
800242489 153,563.87 80.0 08/01/99 12.875 192,000.00 Y
800242596 44,829.63 72.3 08/01/99 9.875 62,000.00 Y
800242802 50,981.82 85.0 09/01/99 11.000 60,000.00 Y
800242851 129,939.35 76.0 08/01/99 9.750 171,000.00 Y
800242901 76,454.83 85.0 08/01/99 8.625 90,000.00 Y
800243123 160,944.13 84.7 02/01/98 11.125 190,000.00 Y
800243438 48,000.00 80.0 09/01/99 12.875 60,000.00 Y
800243636 174,187.87 85.0 09/01/99 11.000 205,000.00 Y
800243891 47,966.55 80.0 08/01/99 11.125 60,000.00 Y
800244162 142,321.77 65.0 09/01/99 13.625 219,000.00 Y
800244246 94,461.42 90.0 01/11/98 10.375 105,000.00 Y
800244386 89,959.12 52.9 08/01/99 9.875 170,000.00 Y
800244485 121,455.48 90.0 08/01/99 10.875 135,000.00 Y
800244626 53,586.17 80.0 08/01/99 12.250 67,000.00 Y
800244667 144,853.01 87.8 02/01/98 9.375 165,000.00 Y
800244766 145,000.00 72.5 09/01/99 9.250 200,000.00 Y
800244832 115,600.00 85.0 03/01/98 10.125 136,000.00 Y
800244865 143,962.00 79.9 08/01/99 12.250 180,080.00 Y
800245250 108,281.25 85.0 02/01/98 10.125 127,500.00 Y
800245409 203,929.21 85.0 02/01/98 11.125 240,000.00 Y
800245482 136,806.27 85.0 08/01/99 11.500 161,000.00 Y
800245672 43,350.00 85.0 10/01/99 11.750 51,000.00 Y
800245714 49,600.00 80.0 09/01/99 12.875 62,000.00 Y
800246068 26,981.18 60.0 08/01/99 11.125 45,000.00 N
800246217 124,885.95 79.8 08/01/99 9.875 156,500.00 Y
800246373 258,300.00 89.0 04/01/98 7.375 290,000.00 Y
800246431 157,205.01 85.0 08/01/99 12.000 185,000.00 Y
800246464 83,932.95 80.0 08/01/99 10.500 105,000.00 Y
800246704 304,000.00 80.0 08/08/99 11.875 380,000.00 Y
800246753 127,432.15 75.0 02/01/98 9.125 170,000.00 Y
800247033 32,488.09 65.0 08/01/99 10.875 50,000.00 N
800247041 39,990.60 80.0 08/01/99 12.875 50,000.00 Y
800247165 140,202.65 85.0 08/01/99 11.250 165,000.00 Y
800247348 95,973.29 83.4 03/01/98 12.125 115,000.00 Y
800247710 199,944.34 80.0 02/01/98 12.125 250,000.00 Y
800248486 40,000.00 61.5 09/01/99 9.750 65,000.00 Y
800248569 77,816.47 90.0 09/01/99 10.125 86,500.00 Y
800248783 38,500.00 85.5 09/01/99 11.875 45,000.00 Y
800249054 80,000.00 80.0 03/01/98 9.875 100,000.00 Y
800249609 110,950.00 69.8 09/01/99 10.125 158,900.00 Y
800249864 174,400.00 80.0 03/01/98 9.875 218,000.00 Y
800250029 62,362.00 80.9 10/01/99 12.625 77,000.00 Y
800250151 172,000.00 80.0 09/01/99 10.750 215,000.00 Y
800250185 103,902.57 80.0 07/23/99 9.750 130,000.00 Y
800250250 94,462.45 90.0 08/01/99 10.500 105,000.00 Y
800250342 98,400.00 80.0 03/01/98 12.125 123,000.00 Y
800250417 85,000.00 73.9 09/01/99 10.500 115,000.00 Y
800250474 157,437.42 90.0 08/01/99 10.500 175,000.00 Y
800250755 67,972.24 80.0 08/01/99 10.375 85,000.00 Y
800250862 143,300.00 69.9 10/01/99 10.500 204,740.00 Y
800250987 94,772.11 80.0 08/01/99 11.875 118,500.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 5 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800251126 DEISHER FREDERICK E 206,500.00 1 1,793.14
27 27 800251530 NALBAT MAKSUT 148,500.00 1 1,235.15
27 27 800251548 BIGAM SANDRA 163,000.00 3 1,491.03
27 27 800251852 SARTORI MARY ELLEN 170,000.00 3 1,383.18
27 27 800251977 BAILEY RANDY T 82,550.00 2 694.13
27 27 800252116 GALIA PETER J 54,000.00 1 514.25
27 27 800252157 ASHBAUGH JAMES W 124,000.00 1 1,335.44
27 27 800252165 EPLER FRANK R 83,725.00 1 805.25
27 27 800253049 KATCHEN STEVEN 60,000.00 8 493.61
27 27 800253411 BAJWA AMRIK S 195,500.00 1 1,824.96
27 27 800253437 PEREZ CONSTANCIO 163,500.00 3 1,713.31
27 27 800253635 PARSLOE ROBERT JOSEPH 231,200.00 1 2,114.88
27 27 800253650 BURROUGHS PAULINE 216,000.00 3 2,057.02
27 27 800253841 BANKS MARGARET 130,500.00 1 1,109.24
27 27 800253908 REGENFUSE KENNETH 52,650.00 1 462.04
27 27 800254179 SALLADA GARY 36,975.00 1 348.63
27 27 800254237 KUNZ WALTER T 44,150.00 7 486.13
27 27 800254328 FRENCH SCOTT S 43,000.00 1 405.44
27 27 800254427 PELLE GAIRY C 577,500.00 1 5,663.92
27 27 800254476 MAROZZI RICHARD G 58,500.00 1 568.19
27 27 800254542 MEKA RAMA K 180,000.00 1 1,680.27
27 27 800254757 GUIDITTA BRIAN J 102,000.00 1 1,068.85
27 27 800254872 BLASZCZAK MICHAEL J 68,720.00 1 584.11
27 27 800255101 SHERMAN RUTH E 128,000.00 1 1,279.79
27 27 800255192 REID CLIVE 212,500.00 3 2,144.99
27 27 800255283 FLETCHER CAREY S 161,200.00 1 1,140.96
27 27 800255341 BAILEY LEE 158,100.00 1 1,490.71
27 27 800255408 PACK DANIEL 44,625.00 7 438.06
27 27 800255499 LURIA DEBRA 78,200.00 1 759.53
27 27 800255606 RICHARDSON RICKY G 111,000.00 1 1,046.61
27 27 800255721 PERSON JANET CRAFT 77,850.00 1 619.41
27 27 800256208 CELA CIXEMENS 197,100.00 3 1,747.93
27 27 800256372 MURPHEY WILLIAM A 170,100.00 1 1,540.10
27 27 800256448 COLE WILLIAM J 123,300.00 3 1,036.77
27 27 800256653 MCKEYTHON MARY E 242,250.00 3 2,261.36
27 27 800256737 VINGAS ANTHONY E 42,400.00 1 348.81
27 27 800256901 BRANDON BYRON SCOTT 113,050.00 3 1,076.60
27 27 800257230 BARBOUNIS LEONIDAS G 116,100.00 1 1,062.01
27 27 800257255 CHALAS RAMON 328,500.00 4 2,913.21
27 27 800257354 MURRAY JAMES 50,400.00 1 537.90
27 27 800257461 FENNELL GARY 50,915.00 1 518.82
27 27 800257867 GABRIEL RODNEY A 109,225.00 1 1,123.50
27 27 800257974 WILLIAMS DAVID E 160,200.00 1 1,405.87
27 27 800258402 COTONA JOSEPH M 225,250.00 1 2,404.00
27 27 800258576 GRAY DEAN J 76,500.00 1 664.29
27 27 800258642 MONTS ANGELA M 215,000.00 1 1,966.69
27 27 800258766 MAY ROBERT L 100,800.00 1 1,105.21
27 27 800258949 TRUMBULL JONATHAN E. 120,000.00 4 1,315.72
27 27 800259004 COBB ROGER W 27,300.00 1 239.58
27 27 800259079 CHARLES ELLIS 148,750.00 1 1,530.06
27 27 800259095 HALLAS MICHAEL J 38,800.00 1 395.37
27 27 800259517 GATES ANNA M 141,000.00 1 1,263.50
27 27 800259657 SICLARI JOHN F 130,000.00 1 1,324.70
27 27 800259921 ROWAN CHARLES A 109,000.00 1 1,027.75
27 27 800260085 LAWRENCE CHRISTOPHE J 187,500.00 1 1,628.15
27 27 800260168 BILARCZYK THOMAS 165,600.00 3 1,561.43
27 27 800260200 BLAZEK VALERIE M 59,500.00 1 516.67
27 27 800260275 DALTON DAVID C 94,080.00 1 1,013.21
27 27 800260622 DEARDORFF BETTY J 38,500.00 1 352.17
27 27 800260713 MARTIN PATRICIA J 279,000.00 1 2,397.04
27 27 800260739 HERRIN BRUCE E 126,000.00 1 1,105.74
27 27 800260754 VOLIOTIS VASILIKI 114,750.00 1 1,038.95
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800251126 206,500.00 83.2 09/01/99 9.875 248,000.00 Y
800251530 148,500.00 90.0 03/01/98 9.375 165,000.00 Y
800251548 162,935.22 80.2 08/01/99 10.500 203,000.00 Y
800251852 170,000.00 73.9 03/01/98 9.125 230,000.00 N
800251977 82,550.00 65.0 03/01/98 9.500 127,000.00 Y
800252116 53,980.75 90.0 08/01/99 11.000 60,000.00 Y
800252157 124,000.00 80.0 10/01/99 12.625 155,000.00 Y
800252165 83,695.95 85.0 08/01/99 11.125 98,500.00 Y
800253049 59,968.89 57.9 02/01/98 9.250 103,500.00 Y
800253411 195,500.00 85.0 09/01/99 10.750 230,000.00 Y
800253437 163,500.00 69.5 03/01/98 12.250 235,000.00 Y
800253635 231,108.12 85.0 08/01/99 10.500 272,000.00 Y
800253650 216,000.00 90.0 09/01/99 11.000 240,000.00 Y
800253841 130,500.00 90.0 03/01/98 9.625 145,000.00 Y
800253908 52,626.71 90.0 08/01/99 10.000 58,500.00 Y
800254179 36,975.00 85.9 09/01/99 10.875 43,000.00 Y
800254237 44,105.37 85.0 08/01/99 12.000 51,900.00 Y
800254328 43,000.00 53.0 09/01/99 10.875 81,000.00 Y
800254427 577,500.00 70.0 09/01/99 11.375 825,000.00 Y
800254476 58,500.00 90.0 09/01/99 11.250 65,000.00 Y
800254542 179,932.23 90.0 09/01/99 10.750 200,000.00 Y
800254757 101,973.25 85.0 08/01/99 12.250 120,000.00 Y
800254872 68,720.00 80.0 09/01/99 9.625 85,900.00 Y
800255101 127,960.21 80.0 08/01/99 11.625 160,000.00 Y
800255192 212,500.00 85.0 10/01/99 11.750 250,000.00 Y
800255283 161,200.00 80.0 04/01/98 7.625 201,500.00 Y
800255341 158,100.00 85.0 10/01/99 10.875 186,000.00 Y
800255408 44,625.00 85.0 09/01/99 10.250 52,500.00 Y
800255499 78,200.00 85.0 09/01/99 11.250 92,000.00 Y
800255606 111,000.00 82.2 10/01/99 10.875 135,000.00 Y
800255721 77,806.36 90.0 03/01/98 8.875 86,500.00 Y
800256208 197,100.00 90.0 04/01/98 10.125 219,000.00 Y
800256372 170,030.56 90.0 03/01/98 10.375 189,000.00 Y
800256448 123,300.00 90.0 03/01/98 9.500 137,000.00 N
800256653 242,158.80 85.0 08/01/99 10.750 285,000.00 Y
800256737 42,400.00 80.0 09/01/99 9.250 53,000.00 Y
800256901 113,050.00 85.0 03/01/98 11.000 133,000.00 Y
800257230 116,053.87 90.0 08/01/99 10.500 129,000.00 Y
800257255 328,500.00 90.0 04/01/98 10.125 365,000.00 Y
800257354 50,400.00 80.0 09/01/99 12.500 63,000.00 Y
800257461 50,900.03 85.0 08/01/99 11.875 59,900.00 Y
800257867 109,193.75 85.0 08/01/99 12.000 128,500.00 Y
800257974 160,200.00 90.0 09/01/99 10.000 178,000.00 Y
800258402 225,250.00 85.0 09/01/99 12.500 265,000.00 Y
800258576 76,465.24 90.0 08/01/99 9.875 85,000.00 Y
800258642 215,000.00 89.9 09/01/99 10.500 238,900.00 Y
800258766 100,776.29 80.0 08/01/99 12.875 126,000.00 Y
800258949 120,000.00 80.0 09/01/99 12.875 150,000.00 Y
800259004 27,287.92 71.8 09/01/99 10.000 38,000.00 Y
800259079 148,750.00 85.0 09/01/99 12.000 175,000.00 Y
800259095 38,788.59 80.0 08/01/99 11.875 48,500.00 Y
800259517 140,940.88 84.9 09/01/99 10.250 166,000.00 Y
800259657 129,961.76 84.9 09/01/99 11.875 153,000.00 Y
800259921 109,000.00 83.8 09/01/99 10.875 130,000.00 Y
800260085 187,414.82 78.1 09/01/99 9.875 240,000.00 Y
800260168 165,600.00 80.0 09/01/99 10.875 207,000.00 Y
800260200 59,472.97 85.0 03/01/98 9.875 70,000.00 Y
800260275 94,056.59 79.3 09/01/99 12.625 118,500.00 Y
800260622 38,500.00 50.0 09/01/99 10.500 77,000.00 Y
800260713 279,000.00 77.5 09/01/99 9.750 360,000.00 Y
800260739 125,944.26 90.0 09/01/99 10.000 140,000.00 Y
800260754 114,703.16 85.0 03/01/98 10.375 135,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 6 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800260812 SWEET CARRIE 221,000.00 3 2,188.54
27 27 800260895 KENNY MARK A 121,500.00 1 1,111.41
27 27 800261406 BERRY ROBERT C 92,000.00 1 928.66
27 27 800261968 DAPHNIS GUY 144,000.00 1 1,344.21
27 27 800262180 WALKES TIMOTHY 157,250.00 3 1,587.30
27 27 800262701 COPP LARRY 85,500.00 1 680.28
27 27 800263105 MITCHELL ROGER M 134,400.00 1 1,254.60
27 27 800263550 JENKINS RYAN K 63,000.00 1 524.00
27 27 800264087 SINGLETON BENJAMIN 56,000.00 1 614.00
27 27 800264194 SWANSON HAYES 55,350.00 1 470.47
27 27 800264343 CRIGLER RONALD L 176,310.00 1 1,596.32
27 27 800264525 LEONARD JOHN J 51,500.00 1 400.56
27 27 800264970 DORN JAMES B 165,000.00 1 1,447.99
27 27 800265043 ROHM TRACI LYNN GERT 38,000.00 1 326.48
27 27 800265530 MARCHIONNI MARIO 108,000.00 4 998.02
27 27 800266132 RAMKISSOON KIRTIS 85,500.00 1 750.32
27 27 800266512 BOLDEN MARVIN A 177,300.00 1 1,605.29
27 27 800266660 CASTILLO ALFREDO 72,000.00 7 694.82
27 27 800267320 NEGLEY ERIC J 44,625.00 1 379.31
27 27 800267536 MENDELSOHN JANET 105,000.00 1 807.36
27 27 800267908 DE ANGELO TINA 189,000.00 5 1,889.70
27 27 800268245 BINFORD, WILLIAM T. 232,050.00 1 2,101.00
27 27 800268500 MEYERS CHRISTOPHE 129,900.00 1 1,176.13
27 27 800268583 HEWETT ROBERT L 153,000.00 1 1,371.03
27 27 800268948 DIENST JOHN P 47,600.00 7 471.38
27 27 800268971 EAGLE TINA M 86,000.00 1 738.87
27 27 800270522 WALDON DOREEN YVETTE 123,750.00 1 951.53
27 27 800270563 DECAMPOS ANTHONY 96,000.00 3 905.17
27 27 800270654 KRAMER PAULA 210,000.00 3 1,689.71
27 27 800270688 DAVIS ROBERT J 100,000.00 3 822.68
27 27 800270795 DAVIDSON MARY A 76,400.00 1 649.39
27 27 800271033 CZESLOWSKI STEPHEN 112,000.00 1 891.13
27 27 800271066 VALBRUN JUNIE 136,000.00 3 1,425.14
27 27 800271389 HALLIGAN ROBERT 68,400.00 4 612.93
27 27 800271496 HANNA GREGORY C 106,400.00 1 1,166.61
27 27 800271702 FRAMPTON RICHARD R 63,000.00 1 641.97
27 27 800272403 TUCKER PATRICIA G 117,000.00 1 1,070.24
27 27 800272452 SEEL ARTHUR ANTHONY 49,500.00 1 443.57
27 27 800272684 GARCIA RAQUEL M 76,500.00 3 721.31
27 27 800272767 PHILLIPS GORDON JAY 434,000.00 1 3,969.97
27 27 800273096 STEVENS WILLA 137,500.00 3 1,296.47
27 27 800273138 SIDERS JOAN H 56,000.00 1 614.00
27 27 800273328 HOOFNAGLE GARY C 60,720.00 1 450.84
27 27 800273450 GILLEON EDWARD 158,000.00 1 1,386.56
27 27 800273666 MOYER CLARENCE E 100,800.00 1 856.79
27 27 800273856 SHEPHARD JOSEPH P 116,000.00 1 1,115.67
27 27 800274367 RAY JAMES W 66,300.00 1 625.14
27 27 800274417 BOGART MARVIN A 99,450.00 1 872.74
27 27 800274565 BURZINSKI DAVID 54,000.00 1 493.96
27 27 800275505 MAYBO JAMES M 47,000.00 1 452.04
27 27 800275943 SMITH NANCI 72,800.00 1 686.42
27 27 800276222 CAFARO JOSEPH 178,000.00 1 1,661.60
27 27 800276248 WELLS LINDA H 126,900.00 3 1,101.93
27 27 800276396 WILLIAMS KENNETH R 402,200.00 1 3,381.91
27 27 800276768 MCCLENDON ERNESTINE 35,200.00 1 385.95
27 27 800276990 WOODWARD MYREE W 45,450.00 1 432.83
27 27 800277345 UDDIN MOHAMMED 158,400.00 1 1,288.80
27 27 800277378 MUNASSAR NASR 225,250.00 3 2,187.77
27 27 800277675 GASPERIN KATHY M 59,800.00 1 632.43
27 27 800277931 BEAVER SHARON E 34,200.00 1 306.47
27 27 800278087 TIMBS LEE KATHERYN 43,200.00 1 423.69
27 27 800278111 GLOS JANET C 40,800.00 1 335.65
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800260812 220,929.92 85.0 08/01/99 11.500 260,000.00 Y
800260895 121,500.00 90.0 10/01/99 10.500 135,000.00 Y
800261406 92,000.00 80.0 03/01/98 11.750 115,000.00 Y
800261968 144,000.00 80.0 09/01/99 10.750 180,000.00 Y
800262180 157,250.00 85.0 09/01/99 11.750 185,000.00 Y
800262701 85,500.00 90.0 03/01/98 8.875 95,000.00 Y
800263105 134,349.40 80.0 08/01/99 10.750 168,000.00 Y
800263550 62,968.19 90.0 03/01/98 9.375 70,000.00 Y
800264087 55,986.83 80.0 09/01/99 12.875 70,000.00 Y
800264194 55,350.00 90.0 03/01/98 9.625 61,500.00 Y
800264343 176,310.00 90.0 03/01/98 10.375 195,900.00 Y
800264525 51,500.00 70.5 03/01/98 8.625 73,000.00 Y
800264970 165,000.00 72.6 09/01/99 10.000 227,000.00 Y
800265043 38,000.00 58.4 09/01/99 9.750 65,000.00 Y
800265530 108,000.00 80.0 09/01/99 10.625 135,000.00 Y
800266132 85,500.00 90.0 10/01/99 10.000 95,000.00 Y
800266512 177,300.00 90.0 09/01/99 10.375 197,000.00 Y
800266660 72,000.00 80.0 10/01/99 10.000 90,000.00 Y
800267320 44,625.00 85.0 10/01/99 9.625 52,500.00 Y
800267536 104,936.39 67.7 08/01/99 8.500 155,000.00 Y
800267908 188,937.63 90.0 08/01/99 11.625 210,000.00 Y
800268245 232,050.00 84.7 03/01/98 10.375 273,950.00 Y
800268500 129,846.96 83.8 09/01/99 10.375 154,900.00 Y
800268583 153,000.00 90.0 09/01/99 10.250 170,000.00 Y
800268948 47,600.00 79.3 09/01/99 11.500 60,000.00 Y
800268971 85,959.88 76.1 09/01/99 9.750 113,000.00 Y
800270522 123,523.50 75.0 12/01/97 8.500 165,000.00 Y
800270563 96,000.00 80.0 03/01/98 10.875 120,000.00 N
800270654 210,000.00 76.3 09/01/99 9.000 275,000.00 Y
800270688 99,948.15 80.0 09/01/99 9.250 125,000.00 Y
800270795 76,400.00 80.0 10/01/99 9.625 95,500.00 Y
800271033 112,000.00 80.0 09/01/99 8.875 140,000.00 Y
800271066 136,000.00 80.0 03/01/98 12.250 170,000.00 Y
800271389 68,400.00 90.0 09/01/99 10.250 76,000.00 Y
800271496 106,400.00 80.0 09/01/99 12.875 133,000.00 Y
800271702 63,000.00 54.7 09/01/99 11.875 115,000.00 N
800272403 117,000.00 90.0 09/01/99 10.500 130,000.00 Y
800272452 49,500.00 90.0 09/01/99 10.250 55,000.00 Y
800272684 76,500.00 85.0 10/01/99 10.875 90,000.00 Y
800272767 434,000.00 70.0 09/01/99 10.500 620,000.00 N
800273096 137,449.62 85.9 09/01/99 10.875 160,000.00 Y
800273138 55,986.83 80.0 09/01/99 12.875 70,000.00 Y
800273328 60,680.28 80.0 03/01/98 8.125 75,900.00 Y
800273450 158,000.00 88.0 10/01/99 10.000 179,500.00 Y
800273666 100,800.00 90.0 09/01/99 9.625 112,000.00 Y
800273856 116,000.00 80.0 03/01/98 11.125 145,000.00 Y
800274367 66,300.00 85.0 09/01/99 10.875 78,000.00 Y
800274417 99,450.00 85.0 09/01/99 10.000 117,000.00 Y
800274565 54,000.00 90.0 09/01/99 10.500 60,000.00 Y
800275505 47,000.00 74.6 09/15/99 11.125 62,953.00 Y
800275943 72,800.00 80.0 03/01/98 10.875 91,000.00 Y
800276222 178,000.00 80.0 10/01/99 10.750 222,500.00 Y
800276248 126,900.00 90.0 09/01/99 9.875 141,000.00 Y
800276396 402,200.00 64.9 09/01/99 9.500 619,000.00 Y
800276768 35,191.72 80.0 09/01/99 12.875 44,000.00 Y
800276990 45,450.00 90.0 09/01/99 11.000 50,500.00 Y
800277345 158,400.00 90.0 03/01/98 9.125 176,000.00 Y
800277378 225,250.00 85.0 10/01/99 11.250 265,000.00 N
800277675 59,800.00 65.0 09/01/99 12.375 92,000.00 Y
800277931 34,200.00 90.0 10/01/99 10.250 38,000.00 Y
800278087 43,200.00 90.0 09/01/99 11.375 48,000.00 Y
800278111 40,800.00 85.0 09/01/99 9.250 48,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 7 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800278160 GREER MATTHEW J 125,900.00 1 1,151.66
27 27 800278301 FOUGHT LOIS J 145,000.00 1 1,408.33
27 27 800278335 FARRINGTON RICHARD C 119,500.00 2 961.52
27 27 800278582 RANGER MAUREEN 149,400.00 1 1,283.58
27 27 800278814 MOYE KELLY 30,000.00 3 282.87
27 27 800279259 HELMETZI DANIEL H 64,000.00 1 689.26
27 27 800280257 CORBY WILLIAM J 56,800.00 1 467.28
27 27 800280604 OKOLOH THADDEUS 144,000.00 3 1,426.02
27 27 800280810 ROSA MIGUEL A 68,000.00 1 590.48
27 27 800280851 LUTA STEPHEN 100,000.00 1 877.57
27 27 800281610 GRIFFITH JAMES EVERETT 20,000.00 1 173.67
27 27 800281636 KIRSHENBAUM WARREN A 233,750.00 1 1,986.85
27 27 800281917 MAGUIRE DONALD F 198,900.00 1 2,103.50
27 27 800281990 GEBHARD KATHY 104,000.00 1 980.61
27 27 800282451 CARSWELL NURECINE 113,500.00 1 1,080.89
27 27 800283327 ELCOCK ESMOND E 127,800.00 1 1,133.36
27 27 800283442 LOOSE CRAIG A 77,400.00 1 693.58
27 27 800283772 LE GRYS ROSEMARIE 65,000.00 1 511.35
27 27 800283798 CRAIG TIMOTHY L 306,000.00 5 3,001.14
27 27 800283939 EVANS ANITA Y 144,675.00 1 1,269.63
27 27 800284119 SORENSEN KIMBERLY A 76,000.00 4 745.38
27 27 800285009 BARNA DWIGHT D. 101,550.00 1 881.81
27 27 800285165 GUSTAVE PIERRE 145,600.00 1 1,469.70
27 27 800285256 PEREZ DAVELVA 153,000.00 3 1,471.52
27 27 800286270 JORDAN LOUIS 39,200.00 1 336.79
27 27 800286759 EXNER JOHN K 136,850.00 1 1,277.47
27 27 800286957 STEINER JOHN A 372,000.00 1 3,026.72
27 27 800287377 SORHAINDO JACQUELINE 95,600.00 1 830.14
27 27 800287682 ALOI JAMES 106,250.00 1 991.82
27 27 800287831 SHAMY JERROLYN 70,000.00 5 601.41
27 27 800288441 JUDD KEVIN 467,500.00 1 4,540.65
27 27 800288649 SMETANA GERARD J 95,400.00 1 854.88
27 27 800288680 PRAETORIUS FRANCES M 63,000.00 1 535.49
27 27 800288920 LORDS BETH C 225,000.00 1 1,891.92
27 27 800289514 FULTON ANTHONY B 80,750.00 1 753.79
27 27 800290710 FITZGERALD P JOHN 63,900.00 7 632.80
27 27 800291361 TAYLOR SAMUEL E 225,000.00 1 1,871.44
27 27 800291585 MOSTAFAVI MOKHTAR 270,300.00 1 2,422.16
27 27 800291791 FORGE GWIENDLYN A 66,600.00 1 572.20
27 27 800294068 CRUTE BRYAN E 270,000.00 1 2,344.54
27 27 800294241 ROTHWELL RANDY E 33,750.00 1 308.72
27 27 800294506 NGUYEN HAI VAN 146,000.00 1 1,109.70
27 27 800294522 PEARLMAN MARLENE 71,500.00 1 694.45
27 27 800294613 BOLDEN MARIA 84,800.00 1 823.63
27 27 800294761 WEBB ANTHONY WADE 136,000.00 1 1,206.08
27 27 800295784 VELAZQUEZ JOSEPH M 140,000.00 1 1,215.69
27 27 800295867 ALLEN MAURICE N. 53,900.00 7 617.14
27 27 800296600 ZALENSKI ROBERT E 112,500.00 3 976.89
27 27 800296618 SANCHEZ MARCELINO D 37,600.00 1 383.15
27 27 800297194 LEE WILLIAM H 577,000.00 1 5,116.97
27 27 800297459 DENNING MARLIN PARLEY 93,925.00 1 859.17
27 27 800297608 WYPYSZINSKI THOMAS A. 93,500.00 4 890.42
27 27 800298184 SCHULTZ EDWARD 92,000.00 1 715.57
27 27 800298259 ZAMUDIO BALTAZAR 34,850.00 1 328.60
27 27 800298580 HOVENCAMP MICHAEL 30,000.00 1 244.09
27 27 800299133 DONNELL BRANDON 56,800.00 1 557.07
27 27 800299141 LITTAU JAMES J 157,050.00 1 1,320.56
27 27 800299240 JOHNSON ELIZABETH 74,000.00 1 663.11
27 27 800299380 FLEET DEZ R 400,000.00 1 3,111.16
27 27 800300188 DORE ROGER J 76,500.00 1 706.93
27 27 800300592 COSTANTINI DONNA 168,500.00 1 1,401.50
27 27 800300832 BAIR CAROLYN S 154,800.00 1 1,301.64
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800278160 125,900.00 89.9 09/01/99 10.500 139,900.00 Y
800278301 145,000.00 78.3 03/01/98 11.250 185,000.00 Y
800278335 119,500.00 69.8 09/01/99 9.000 171,000.00 Y
800278582 149,400.00 90.0 04/01/98 9.750 166,000.00 Y
800278814 30,000.00 61.2 10/01/99 10.875 49,000.00 N
800279259 64,000.00 80.0 10/01/99 12.625 80,000.00 Y
800280257 56,800.00 80.0 09/01/99 9.250 71,000.00 Y
800280604 144,000.00 80.0 03/01/98 11.500 180,000.00 Y
800280810 68,000.00 85.0 03/01/98 9.875 80,000.00 Y
800280851 99,955.76 50.0 09/01/99 10.000 200,000.00 Y
800281610 20,000.00 80.0 09/01/99 9.875 25,000.00 Y
800281636 233,750.00 85.0 10/01/99 9.625 275,000.00 Y
800281917 198,900.00 65.0 09/01/99 12.375 306,000.00 Y
800281990 104,000.00 80.0 04/01/98 10.875 130,000.00 Y
800282451 113,500.00 85.3 09/01/99 11.000 133,000.00 Y
800283327 127,800.00 90.0 04/01/98 10.125 142,000.00 Y
800283442 77,400.00 90.0 10/01/99 10.250 86,000.00 Y
800283772 65,000.00 39.3 04/01/98 8.750 165,000.00 Y
800283798 306,000.00 88.7 10/01/99 11.375 344,800.00 Y
800283939 144,675.00 90.0 03/01/98 10.000 160,750.00 Y
800284119 75,975.04 80.0 03/01/98 11.375 95,000.00 N
800285009 101,550.00 61.1 10/01/99 9.875 166,000.00 Y
800285165 145,555.97 80.0 08/01/99 11.750 182,000.00 Y
800285256 153,000.00 90.0 09/01/99 11.125 170,000.00 Y
800286270 39,181.71 70.0 09/01/99 9.750 56,000.00 Y
800286759 136,850.00 85.0 10/01/99 10.750 161,000.00 Y
800286957 372,000.00 80.0 03/01/98 9.125 465,000.00 Y
800287377 95,600.00 84.6 10/01/99 9.875 113,000.00 Y
800287682 106,250.00 85.0 10/01/99 10.750 125,000.00 Y
800287831 70,000.00 70.0 09/01/99 9.750 100,000.00 N
800288441 467,500.00 85.0 09/01/99 11.250 550,000.00 Y
800288649 95,400.00 90.0 09/01/99 10.250 106,000.00 Y
800288680 63,000.00 90.0 09/01/99 9.625 70,000.00 Y
800288920 225,000.00 90.0 10/01/99 9.500 250,000.00 Y
800289514 80,750.00 85.0 10/01/99 10.750 95,000.00 Y
800290710 63,900.00 90.0 10/01/99 11.500 71,000.00 Y
800291361 225,000.00 90.0 09/01/99 9.375 250,000.00 Y
800291585 270,300.00 85.0 10/01/99 10.250 318,000.00 Y
800291791 66,600.00 90.0 10/01/99 9.750 74,000.00 Y
800294068 270,000.00 90.0 09/01/99 9.875 300,000.00 Y
800294241 33,750.00 75.0 10/01/99 10.500 45,000.00 Y
800294506 146,000.00 79.8 03/01/98 8.375 182,900.00 Y
800294522 71,500.00 65.0 03/01/98 11.250 110,000.00 Y
800294613 84,800.00 80.7 09/01/99 11.250 105,000.00 Y
800294761 136,000.00 85.0 10/01/99 10.125 160,000.00 Y
800295784 140,000.00 77.7 10/01/99 9.875 180,000.00 Y
800295867 53,900.00 70.0 04/01/98 12.625 77,000.00 Y
800296600 112,500.00 90.0 09/01/99 9.875 125,000.00 Y
800296618 37,600.00 80.0 10/01/99 11.875 47,000.00 Y
800297194 577,000.00 69.9 09/01/99 10.125 825,000.00 Y
800297459 93,887.67 85.0 09/01/99 10.500 110,500.00 Y
800297608 93,500.00 85.0 10/01/99 11.000 110,000.00 Y
800298184 92,000.00 80.0 03/01/98 8.625 115,000.00 Y
800298259 34,850.00 85.0 10/01/99 10.875 41,000.00 Y
800298580 30,000.00 25.0 04/01/98 9.125 120,000.00 Y
800299133 56,800.00 80.0 09/01/99 11.375 71,000.00 Y
800299141 157,050.00 90.0 09/01/99 9.500 174,500.00 Y
800299240 74,000.00 59.4 10/01/99 10.250 124,500.00 Y
800299380 400,000.00 80.0 04/01/98 8.625 500,000.00 Y
800300188 76,500.00 90.0 10/01/99 10.625 85,000.00 Y
800300592 168,500.00 74.8 10/01/99 9.375 225,000.00 Y
800300832 154,800.00 90.0 10/01/99 9.500 172,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 8 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 27 800301129 KERN JOHN 64,600.00 1 652.08
27 27 800301384 MCALLISTER LORI A 221,000.00 1 1,858.29
27 27 800301467 JOHNSON LARRY FLOYD 83,700.00 1 703.79
27 27 800301798 NONTHAVETH DONNA S 95,150.00 1 870.37
27 27 800302895 MELLER PHYLLIS A. 120,377.00 1 1,157.76
27 27 800302937 VOELZ WAYNE K 261,800.00 8 2,225.27
27 27 800303091 WOOD YOUNGER S 55,250.00 1 505.39
27 27 800303323 MONS NATHANIEL 98,100.00 1 815.95
27 27 800303711 ANDERSON ANTHONY JAMES 114,750.00 1 1,049.66
27 27 800304040 BAYLEY RUSSELL 93,500.00 1 890.42
27 27 800304263 COLLIER MIKE 25,000.00 6 251.71
27 27 800305245 CAMPBELL DAVID W 142,850.00 1 1,240.44
27 27 800306490 KILLINO DOMINIC S 110,500.00 3 959.52
27 27 800306839 SEALY ETHEL M 107,100.00 1 920.15
27 27 800307068 GRIFFITH LOUIS 119,850.00 1 1,198.31
27 27 800307563 LIVES PAUL A 92,400.00 1 845.22
27 27 800308058 BROCKWELL LORELEI D 36,000.00 1 315.93
27 27 800309080 CHRISTENSEN CODY H 228,650.00 1 2,048.93
27 27 800309858 PENA JESUS D 153,000.00 1 1,272.58
27 27 800310963 SCHOUTEN TJITSKE 101,150.00 1 869.03
27 27 800311292 MYERS VICTOR B 93,500.00 1 846.56
27 27 800311540 KILIAN KURT 102,000.00 1 942.58
27 27 800311912 OCASIO MANUEL 83,300.00 3 785.43
27 27 800312530 MAMANE SAHABI 137,250.00 3 1,204.47
27 27 800313470 WEST CHRISTINA M 42,320.00 1 455.77
27 27 800313983 EXNER JOHN K 101,500.00 1 835.02
27 27 800314387 LANGOLF ARTHUR D 48,750.00 7 499.06
27 27 800315715 D'ANDREA ROBERT 84,800.00 1 791.59
27 27 800317844 EURE ANNA MAY 47,700.00 1 427.44
27 27 800317893 MCHUGH EDWARD 86,700.00 1 752.86
27 27 800319543 LEITZELL JOANNE M 59,850.00 7 530.76
27 27 800320475 COONEY MICHAEL T 43,200.00 1 395.17
27 27 800320533 MAKELY PAUL T 148,500.00 1 1,330.71
27 27 800321556 GRANT ROSEMARIE 144,000.00 1 1,330.70
27 27 800321663 JACKSON KENNETH 84,000.00 1 880.23
27 27 800321838 GERMANY GERALDINE 154,000.00 1 1,380.00
27 27 800322380 SPINKS RANDALL C 82,300.00 1 791.55
27 27 800324402 O'QUINN TONYA R 44,910.00 1 394.12
27 27 800329054 MAIZNER DANIEL G 189,000.00 8 1,658.61
27 27 800329062 RIVERO JULIE A 84,575.00 8 781.56
27 27 800329377 PARVIN ARTHUR F 99,450.00 1 909.71
27 27 800329872 MOHRING KERRY LEE 86,000.00 8 676.56
27 27 800331175 NAHABETIAN DAVID W 97,425.00 1 828.10
27 27 800332777 FREIMARK JOHN B 131,325.00 1 1,225.89
27 27 800336133 CARTER BISHOP 104,400.00 1 935.53
------------------------------------------------------------ --------------
479 Sale Total 56,320,665.00 517,600.80
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800301129 64,600.00 85.0 10/01/99 11.750 76,000.00 Y
800301384 220,891.29 85.0 09/01/99 9.500 260,000.00 Y
800301467 83,700.00 90.0 10/01/99 9.500 93,000.00 Y
800301798 95,150.00 84.9 09/01/99 10.500 111,950.00 Y
800302895 120,377.06 80.2 10/01/99 11.125 150,000.00 Y
800302937 261,800.00 85.0 03/01/98 9.625 308,000.00 Y
800303091 55,250.00 85.0 10/01/99 10.500 65,000.00 Y
800303323 98,100.00 90.0 04/01/98 9.375 109,000.00 Y
800303711 114,750.00 85.0 10/01/99 10.500 135,000.00 Y
800304040 93,500.00 85.0 10/01/99 11.000 110,000.00 Y
800304263 25,000.00 50.0 04/01/98 8.875 50,000.00 Y
800305245 142,850.00 85.0 04/01/98 9.875 168,059.00 Y
800306490 110,500.00 90.2 10/01/99 9.875 122,500.00 Y
800306839 107,100.00 90.0 10/01/99 9.750 119,000.00 Y
800307068 119,850.00 85.0 10/01/99 11.625 141,000.00 Y
800307563 92,400.00 80.0 10/01/99 10.500 115,500.00 Y
800308058 36,000.00 90.0 10/01/99 10.000 40,000.00 Y
800309080 228,650.00 85.0 10/01/99 10.250 269,000.00 Y
800309858 153,000.00 85.0 04/01/98 9.375 180,000.00 Y
800310963 101,150.00 85.0 10/01/99 9.750 119,000.00 Y
800311292 93,500.00 85.0 10/01/99 10.375 110,000.00 Y
800311540 102,000.00 85.0 10/01/99 10.625 120,000.00 Y
800311912 83,300.00 85.0 10/01/99 10.875 98,000.00 N
800312530 137,250.00 90.0 10/01/99 10.000 152,500.00 Y
800313470 42,320.00 80.9 10/01/99 12.625 52,250.00 Y
800313983 101,500.00 70.0 10/01/99 9.250 145,000.00 N
800314387 48,750.00 75.0 10/01/99 10.875 65,000.00 Y
800315715 84,800.00 80.0 10/01/99 10.750 106,000.00 Y
800317844 47,700.00 90.0 10/01/99 10.250 53,000.00 Y
800317893 86,700.00 85.0 04/01/98 9.875 102,000.00 Y
800319543 59,850.00 90.0 04/01/98 10.125 66,500.00 Y
800320475 43,200.00 84.8 10/01/99 10.500 50,900.00 Y
800320533 148,500.00 90.0 10/01/99 10.250 165,000.00 Y
800321556 144,000.00 80.0 10/01/99 10.625 180,000.00 Y
800321663 84,000.00 80.0 10/01/99 12.250 105,000.00 Y
800321838 154,000.00 86.5 10/01/99 10.250 178,000.00 Y
800322380 82,300.00 76.9 10/01/99 11.125 107,000.00 Y
800324402 44,910.00 90.0 10/01/99 10.000 49,900.00 Y
800329054 189,000.00 90.0 10/01/99 10.000 210,000.00 Y
800329062 84,575.00 85.0 10/01/99 10.625 99,500.00 Y
800329377 99,450.00 85.0 10/01/99 10.500 117,000.00 Y
800329872 86,000.00 75.1 10/01/99 8.750 114,500.00 Y
800331175 97,425.00 90.0 10/01/99 9.625 108,250.00 Y
800332777 131,325.00 85.0 10/01/99 10.750 154,500.00 Y
800336133 104,400.00 90.0 10/01/99 10.250 116,000.00 Y
--------------------------------------- ---------------------------
479 56,305,514.28 81.8 10.536 69,871,635.00
</TABLE>
<PAGE>
<TABLE>
Page 9 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
33 33 800222036 TOKHCHUKOVA SOFIYA S 116,000.00 1 1,093.75
33 33 800229569 ARTZ, TIMOTHY LANE 65,000.00 1 625.16
33 33 800234783 HERNANDEZ GILBERT R 183,250.00 1 1,474.47
33 33 800291155 RILEY FRANCES M. 84,500.00 1 757.21
33 33 800306102 MAJOR MARY KAY 90,000.00 1 840.13
33 33 800337958 CONNER FRED E 81,716.00 1 840.54
------------------------------------------------------------ --------------
6 Sale Total 620,466.00 5,631.26
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800222036 116,000.00 80.2 04/01/98 10.875 144,500.00 Y
800229569 64,977.44 75.5 02/01/98 11.125 86,000.00 Y
800234783 183,149.91 77.6 08/01/99 9.000 236,000.00 Y
800291155 84,500.00 65.0 09/01/99 10.250 130,000.00 Y
800306102 90,000.00 75.0 10/01/99 10.750 120,000.00 Y
800337958 81,716.00 65.9 10/01/99 12.000 124,000.00 Y
--------------------------------------- ---------------------------
6 620,343.35 74.2 10.393 840,500.00
</TABLE>
<PAGE>
<TABLE>
Page 10 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 SB565 106130340 AL-MUSAWI HAKIM 58,500.00 1 540.19
27 SB565 106134658 CATALDO GINA M 53,000.00 1 565.65
27 SB565 106138648 KIDD QUINCE E 55,250.00 1 520.95
27 SB565 106143876 MARTINEZ SANDRA A 36,000.00 1 373.77
27 SB565 106145654 DYSON MICHAEL 111,600.00 1 948.59
27 SB565 106145838 HARLEY ZANE 43,400.00 1 349.21
27 SB565 106145961 LINSENMEYER TIMOTHY A 186,700.00 1 1,655.70
27 SB565 106146735 EASTER STEVEN L SR 112,000.00 1 1,228.02
27 SB565 106147700 KELM THELMA S 96,500.00 1 837.96
27 SB565 106148687 RAMIREZ AURELIA G 51,500.00 1 589.89
27 SB565 106148720 SCHWERTFEGER LARRY L 51,000.00 1 428.84
27 SB565 106148762 LAPORTE WALTER C 69,000.00 1 631.17
27 SB565 106148835 NEWILL JERRY L 142,000.00 1 1,365.73
27 SB565 106149010 WILSON JEFFREY M 42,400.00 1 464.89
27 SB565 106149126 ORR JULIA A 93,500.00 1 794.75
27 SB565 106149482 REDDAWAY MARK H 105,000.00 1 854.31
27 SB565 106149584 WALKER KENNETH W 40,000.00 1 311.12
27 SB565 106149832 WILSON TAWANDA 90,900.00 1 874.26
27 SB565 106149939 LEWANDOWSKI ROBERT 98,000.00 1 850.98
27 SB565 106149951 MORGAN MICHAEL E 113,400.00 1 1,016.18
27 SB565 106150201 SAX SCOTT J 191,200.00 1 1,487.14
27 SB565 106150406 FERRELL JAMES D 82,400.00 1 911.51
27 SB565 106150460 CALDWELL WILLIAM 107,000.00 1 1,100.62
27 SB565 106150507 OLSON DENNIS A 45,000.00 1 390.76
27 SB565 106150558 JONES MICHAEL 309,400.00 1 2,461.73
27 SB565 106150664 WALLACE JEFFREY A 77,000.00 1 633.46
27 SB565 106150758 GOIKE DIANE M 71,600.00 1 608.59
27 SB565 106150760 ETHRIDGE BENNIE J 202,300.00 1 1,719.53
27 SB565 106151104 TAYLOR EDWARD H 66,600.00 1 584.46
27 SB565 106151121 BURNS ANDREW M 61,200.00 1 588.61
27 SB565 106151146 CHARLOFF GAIL 54,600.00 1 494.36
27 SB565 106151263 BLACKBURN EDWARD S 98,000.00 1 1,008.04
27 SB565 106151341 RAGGAD MARIOARA 112,500.00 1 956.24
27 SB565 106151456 THOMAS BRANDON M 80,452.00 1 676.48
27 SB565 106151468 KARANASOS SHERI L 112,400.00 1 1,007.22
27 SB565 106151471 THURMOND JAMES D 147,900.00 1 1,311.61
27 SB565 106151610 MCCAFFREY MARY G 222,700.00 8 1,634.10
27 SB565 106151678 BERTOCK GLORIA S 82,000.00 1 696.99
27 SB565 106151682 FLONNERY CORDILIA 39,200.00 1 429.80
27 SB565 106151683 COPE WARREN 55,800.00 1 500.02
27 SB565 106151687 ALVIS JASON D 120,000.00 1 1,053.09
27 SB565 106151788 HONG TUAN 118,100.00 1 1,135.86
27 SB565 106151904 DEDIC EDIBA 39,500.00 4 339.37
27 SB565 106151948 MCINTOSH PENNY L 50,400.00 1 582.25
27 SB565 106151954 TULKAN PAMELA J 59,400.00 1 526.77
27 SB565 106152014 LIPTAK GEORGE L 96,300.00 3 880.89
27 SB565 106152027 JOHNSON MARK D 57,000.00 1 516.08
27 SB565 106152199 WINTERS WILLIAM S 169,500.00 1 1,582.25
27 SB565 106152218 RESENDIZ JOSEFINA 101,200.00 3 869.46
27 SB565 106152246 MINOR PAM A 62,400.00 1 684.18
27 SB565 106152284 SINGH MACHELLE L 80,000.00 1 807.53
27 SB565 106152335 CANTRUP DIETER 137,700.00 1 1,170.44
27 SB565 106152352 CHAU TIN S 165,980.00 8 1,549.39
27 SB565 106152368 SATTERWHITE ALLISON 64,000.00 1 615.54
27 SB565 106152385 FALSTREAU RICHARD G 526,500.00 1 4,475.19
27 SB565 106152400 REYES RUBEN 105,600.00 1 956.11
27 SB565 106152430 CRAIGIE LESLIE A 304,000.00 1 2,310.62
27 SB565 106152432 DEAN GLENN E 105,300.00 1 1,022.74
27 SB565 106152438 STERN WILLIAM O 210,000.00 1 1,862.33
27 SB565 106152501 ALLEN BARBARA A 36,400.00 1 346.65
27 SB565 106152511 WILLIAMS FRED L 159,300.00 1 1,383.28
27 SB565 106152515 STARK DALE E 123,960.00 8 1,251.26
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
106130340 58,189.98 90.0 11/01/97 10.625 65,000.00 Y
106134658 52,902.00 79.1 02/01/99 12.500 67,000.00 Y
106138648 55,125.73 85.0 03/01/99 10.875 65,000.00 Y
106143876 35,979.86 80.0 01/01/98 12.125 45,000.00 Y
106145654 111,492.64 90.0 01/01/98 9.625 124,000.00 Y
106145838 43,304.08 70.0 05/01/99 9.000 62,000.00 Y
106145961 186,700.00 82.2 03/01/98 10.125 227,000.00 Y
106146735 111,947.02 72.2 08/01/99 12.875 155,000.00 Y
106147700 96,367.37 78.4 07/01/99 9.875 123,000.00 Y
106148687 51,500.00 73.5 09/01/99 13.500 70,000.00 Y
106148720 51,000.00 75.0 09/01/99 9.500 68,000.00 Y
106148762 69,000.00 68.6 09/01/99 10.500 100,500.00 N
106148835 141,901.00 57.9 08/01/99 11.125 245,000.00 Y
106149010 42,400.00 80.0 09/01/99 12.875 53,000.00 Y
106149126 93,455.21 85.0 09/01/99 9.625 110,000.00 Y
106149482 104,944.13 67.5 09/01/99 9.125 155,500.00 Y
106149584 39,976.38 80.0 08/01/99 8.625 50,000.00 Y
106149832 90,900.00 77.6 09/01/99 11.125 117,000.00 Y
106149939 98,000.00 67.5 09/01/99 9.875 145,000.00 Y
106149951 113,400.00 90.0 09/01/99 10.250 126,000.00 Y
106150201 191,200.00 80.0 03/01/98 8.625 239,000.00 Y
106150406 82,374.72 84.9 08/01/99 13.000 97,000.00 Y
106150460 107,000.00 72.7 09/01/99 12.000 147,000.00 Y
106150507 45,000.00 84.9 03/01/98 9.875 53,000.00 Y
106150558 309,226.54 89.9 02/01/98 8.875 343,805.00 Y
106150664 77,000.00 70.0 10/01/99 9.250 110,000.00 Y
106150758 71,565.70 79.1 02/01/98 9.625 90,500.00 Y
106150760 202,300.00 85.0 09/01/99 9.625 238,000.00 Y
106151104 66,600.00 90.0 09/01/99 10.000 74,000.00 Y
106151121 61,200.00 83.8 09/01/99 11.125 73,000.00 Y
106151146 54,600.00 70.0 09/01/99 10.375 78,000.00 Y
106151263 98,000.00 80.0 09/01/99 12.000 122,500.00 Y
106151341 112,500.00 90.0 09/01/99 9.625 125,000.00 Y
106151456 80,412.43 84.9 03/01/98 9.500 94,650.00 Y
106151468 112,352.86 89.9 08/01/99 10.250 124,900.00 Y
106151471 147,900.00 85.0 03/01/98 10.125 174,000.00 Y
106151610 222,700.00 85.0 03/01/98 8.000 262,000.00 Y
106151678 82,000.00 50.0 03/01/98 9.625 164,000.00 Y
106151682 39,191.58 80.0 09/01/99 12.875 49,000.00 Y
106151683 55,800.00 90.0 10/01/99 10.250 62,000.00 Y
106151687 120,000.00 80.0 09/01/99 10.000 150,000.00 Y
106151788 118,100.00 84.9 03/01/98 11.125 139,000.00 Y
106151904 39,500.00 84.9 09/01/99 9.750 46,500.00 Y
106151948 50,400.00 80.0 09/01/99 13.625 63,000.00 Y
106151954 59,400.00 84.8 09/01/99 10.125 70,000.00 Y
106152014 96,300.00 90.0 09/01/99 10.500 107,000.00 Y
106152027 57,000.00 75.0 09/01/99 10.375 76,000.00 Y
106152199 169,500.00 84.9 10/01/99 10.750 199,500.00 Y
106152218 101,200.00 72.2 03/01/98 9.750 140,000.00 Y
106152246 62,400.00 80.0 09/01/99 12.875 78,000.00 Y
106152284 80,000.00 80.0 09/01/99 11.750 100,000.00 Y
106152335 137,634.03 51.0 10/01/99 9.625 270,000.00 Y
106152352 165,980.00 84.9 09/01/99 10.750 195,278.00 Y
106152368 64,000.00 80.0 03/01/98 11.125 80,000.00 Y
106152385 526,500.00 65.0 09/01/99 9.625 810,000.00 Y
106152400 105,600.00 84.8 03/01/98 10.375 124,500.00 Y
106152430 303,811.05 76.1 02/01/98 8.375 399,000.00 Y
106152432 105,300.00 84.5 09/01/99 11.250 124,500.00 Y
106152438 210,000.00 56.0 09/01/99 10.125 375,000.00 Y
106152501 36,387.02 70.0 08/01/99 11.000 52,000.00 Y
106152511 159,300.00 89.7 09/01/99 9.875 177,500.00 Y
106152515 123,960.00 80.0 09/01/99 11.750 154,950.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 11 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 SB565 106152528 GROFF GARY L 97,700.00 1 848.38
27 SB565 106152532 KRASINSKA BOGUMILA 194,400.00 1 1,616.92
27 SB565 106152546 ANTHONY ROBBIE M 85,500.00 1 782.10
27 SB565 106152563 HARRIS TOMMY G 198,000.00 1 1,575.38
27 SB565 106152565 JOHNSON BRUCE M 430,950.00 1 3,428.84
27 SB565 106152571 HILTE ERNEST 190,825.00 8 1,657.03
27 SB565 106152602 DUONG SCOTT Q 204,000.00 1 1,623.12
27 SB565 106152645 JAMES ARTHUR S 58,500.00 1 444.64
27 SB565 106152683 COUCH DEBRA L 94,500.00 1 864.43
27 SB565 106152685 KOZLOWSKI RICHARD A 136,000.00 1 1,412.02
27 SB565 106152692 HORNBACK MELINDA J 62,300.00 1 670.95
27 SB565 106152703 MAHONEY DARAN L 54,000.00 6 609.53
27 SB565 106152705 TENNEY MICHAEL A 137,700.00 1 1,233.93
27 SB565 106152722 OTT DAWN MARIE 201,000.00 1 1,726.90
27 SB565 106152723 KOEBERLE JEFFREY J 140,000.00 8 1,177.20
27 SB565 106152729 BEKINS WARD J 214,600.00 8 1,923.03
27 SB565 106152764 PHILLIPS PAUL 448,500.00 1 4,271.17
27 SB565 106152770 KUETHER MARK W 86,600.00 1 792.16
27 SB565 106152794 FLINT WAYNE A 125,100.00 1 995.35
27 SB565 106152810 ALVARADO JOHN E 168,800.00 1 1,481.35
27 SB565 106152843 PIOLI MICHAEL E 140,000.00 1 1,507.75
27 SB565 106152845 ATKINS RICK 86,000.00 1 699.72
27 SB565 106152906 GIBBS OLA 90,000.00 3 716.08
27 SB565 106152934 QURESHI WAQAR 128,200.00 1 1,355.80
27 SB565 106152938 DIAZ MANUEL JR 126,000.00 1 1,176.19
27 SB565 106152982 HUFFMAN SCOTT C 154,960.00 8 1,302.99
27 SB565 106153042 GHANAYEM JAMAL 27,500.00 5 261.89
27 SB565 106153067 YOM BONG J 136,000.00 1 1,244.05
27 SB565 106153069 LEHNHARDT RICHARD C 117,000.00 1 1,005.21
27 SB565 106153124 TORALES JOSE A 199,750.00 1 1,902.27
27 SB565 106153158 BUTLER TODD B 112,800.00 1 1,095.58
27 SB565 106153176 CHEEK SUSIE 108,000.00 1 888.49
27 SB565 106153183 BARTEL KATHRYN S 232,000.00 1 2,386.38
27 SB565 106153228 STANKER KENNETH A 103,200.00 1 973.06
27 SB565 106153246 NEAL BRIDGETT 48,500.00 1 503.55
27 SB565 106153258 SZYCH PAUL 112,500.00 3 895.10
27 SB565 106153264 BARKER HAROLD P 67,200.00 1 736.81
27 SB565 106153309 PERRINO GREGORY A 291,450.00 8 3,054.10
27 SB565 106153310 MILLER JAMES K 135,298.00 8 1,262.98
27 SB565 106153353 CHOI HYE SUN 48,400.00 1 470.09
27 SB565 106153354 MARSHALL JAMES R 90,800.00 1 805.24
27 SB565 106153368 STROMAN ROBERT 92,300.00 1 896.47
27 SB565 106153493 THURIN JOHN P 300,000.00 1 2,605.05
27 SB565 106153591 THOMAS ANTHONY T 35,200.00 1 385.95
27 SB565 106153643 ROSLONSKI DANIEL 107,000.00 1 832.24
27 SB565 106153693 D'ANDREA WALTER 79,400.00 1 726.30
27 SB565 106153748 DALALY MICHAEL P 101,200.00 1 992.53
27 SB565 106153751 MANTOOTH ROBERT W 67,200.00 1 571.19
27 SB565 106153879 LOUCKS JAMES A 56,200.00 1 482.84
27 SB565 106153961 HOFFEDITZ GARY A 80,000.00 1 861.57
27 SB565 106154025 KNOX VENA MARIE 40,800.00 1 388.55
27 SB565 106154043 LONG GRETCHEN B 58,500.00 1 524.22
27 SB565 106154091 ZIELINSKI MICHAEL J 119,200.00 1 1,157.74
27 SB565 106154439 BOUCHARD CATHERINE L 242,100.00 1 2,191.99
------------------------------------------------------------ --------------
116 Sale Total 14,025,075.00 126,319.11
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
106152528 97,700.00 84.9 04/01/98 9.875 115,000.00 Y
106152532 194,301.83 90.0 03/01/98 9.375 216,000.00 Y
106152546 85,500.00 90.0 09/01/99 10.500 95,000.00 Y
106152563 198,000.00 90.0 03/01/98 8.875 220,000.00 Y
106152565 430,950.00 85.0 09/01/99 8.875 507,000.00 Y
106152571 190,825.00 85.0 03/01/98 9.875 224,500.00 Y
106152602 203,885.63 78.4 03/01/98 8.875 260,000.00 Y
106152645 58,500.00 90.0 03/01/98 8.375 65,000.00 Y
106152683 94,500.00 90.0 09/01/99 10.500 105,000.00 Y
106152685 136,000.00 80.0 09/01/99 12.125 170,000.00 Y
106152692 62,300.00 77.8 09/01/99 12.625 80,000.00 Y
106152703 54,000.00 79.4 03/01/98 10.875 68,000.00 Y
106152705 137,700.00 88.8 09/01/99 10.250 155,000.00 Y
106152722 200,906.23 69.3 09/01/99 9.750 290,000.00 Y
106152723 140,000.00 57.8 09/01/99 9.500 242,000.00 Y
106152729 214,600.00 89.4 09/01/99 10.250 239,950.00 Y
106152764 448,340.08 65.0 03/01/98 11.000 690,000.00 Y
106152770 86,600.00 89.2 09/01/99 10.500 97,000.00 Y
106152794 125,029.87 90.0 03/01/98 8.875 139,000.00 Y
106152810 168,725.32 80.0 09/01/99 10.000 211,000.00 Y
106152843 140,000.00 79.5 09/01/99 12.625 176,000.00 Y
106152845 86,000.00 83.9 03/01/98 9.125 102,500.00 Y
106152906 90,000.00 75.0 09/01/99 8.875 120,000.00 N
106152934 128,200.00 74.9 09/01/99 12.375 171,000.00 Y
106152938 126,000.00 90.0 09/01/99 10.750 140,000.00 Y
106152982 154,960.00 80.0 09/01/99 9.500 193,700.00 Y
106153042 27,500.00 11.8 03/01/98 11.000 232,000.00 Y
106153067 136,000.00 85.0 09/01/99 10.500 160,000.00 Y
106153069 116,945.42 90.0 09/01/99 9.750 130,000.00 Y
106153124 199,750.00 85.0 09/01/99 11.000 235,000.00 Y
106153158 112,800.00 80.0 04/01/98 11.250 141,000.00 Y
106153176 108,000.00 80.0 09/01/99 9.250 135,000.00 Y
106153183 232,000.00 80.0 10/01/99 12.000 290,000.00 Y
106153228 103,200.00 80.0 03/01/98 10.875 129,000.00 Y
106153246 48,500.00 64.6 09/01/99 12.125 75,000.00 Y
106153258 112,500.00 90.0 03/01/98 8.875 125,000.00 Y
106153264 67,200.00 80.0 09/01/99 12.875 84,000.00 Y
106153309 291,450.00 74.4 09/01/99 12.250 391,450.00 Y
106153310 135,298.00 84.5 10/01/99 10.750 160,000.00 Y
106153353 48,383.66 84.9 09/01/99 11.250 57,000.00 Y
106153354 90,800.00 84.9 03/01/98 10.125 106,900.00 Y
106153368 92,300.00 76.9 03/01/98 11.250 120,000.00 Y
106153493 299,863.70 80.0 03/01/98 9.875 375,000.00 Y
106153591 35,200.00 80.0 09/01/99 12.875 44,000.00 Y
106153643 106,936.82 53.5 03/01/98 8.625 200,000.00 Y
106153693 79,400.00 89.9 09/01/99 10.500 88,300.00 Y
106153748 101,200.00 74.9 10/01/99 11.375 135,000.00 Y
106153751 67,200.00 80.0 03/01/98 9.625 84,000.00 Y
106153879 56,200.00 74.9 03/01/98 9.750 75,000.00 Y
106153961 80,000.00 80.0 10/01/99 12.625 100,000.00 Y
106154025 40,785.45 85.0 09/01/99 11.000 48,000.00 Y
106154043 58,500.00 90.0 10/01/99 10.250 65,000.00 Y
106154091 119,200.00 65.8 04/01/98 11.250 181,000.00 Y
106154439 242,100.00 90.0 10/01/99 10.375 269,000.00 Y
--------------------------------------- ---------------------------
116 14,022,418.34 79.3 10.286 18,154,383.00
</TABLE>
<PAGE>
<TABLE>
Page 12 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
27 SB568 106118568 ALVARADO NORMA 157,500.00 1 1,452.33
27 SB568 106122236 MARUNGO BASELISA 126,000.00 3 1,258.51
27 SB568 106126341 PRISCO STEPHEN 138,600.00 1 1,371.10
27 SB568 106128680 ST FLEUR MARIE 91,184.00 1 858.47
27 SB568 106131717 SELLMAN JON CHADWICK 135,000.00 1 1,207.35
27 SB568 106140369 MARKOS LINDA 46,800.00 1 423.30
27 SB568 106147719 MARSH RHONDA K 64,300.00 1 588.18
27 SB568 106150032 TRONGALE ELAINE M 75,600.00 1 621.94
27 SB568 106150260 MCPHAIL KEVIN 165,000.00 1 1,463.26
27 SB568 106150335 HAGERMAN JERALD L 32,000.00 1 329.16
27 SB568 106150347 RUSTENBURG ROBERT 139,500.00 1 1,211.35
27 SB568 106150509 HARRIS CLAUDE B 178,600.00 1 1,684.00
27 SB568 106150670 MUHAMMAD-ALI MAHMOUD A 20,000.00 1 219.29
27 SB568 106151136 DRAPER ANITA LEE 90,525.00 1 862.09
27 SB568 106151220 JOHNSON ORA MAE 62,000.00 1 631.78
27 SB568 106151690 ANDREWS JOHNNIE 37,800.00 1 338.73
27 SB568 106151706 AGUILAR MAXINE 44,100.00 1 411.67
27 SB568 106151852 HARLOS WAYNE R 128,080.00 1 1,183.58
27 SB568 106151858 LEWIS STEVEN 178,950.00 1 1,488.42
27 SB568 106151956 LIGGETT-CROS PATRICIA A 76,000.00 1 659.95
27 SB568 106151984 YARN EVELYN W 80,700.00 1 806.87
27 SB568 106152121 DUNCAN ELI 19,600.00 1 175.64
27 SB568 106152206 DRUMMER LAMAR 61,700.00 1 676.50
27 SB568 106152476 CEPHERS DALE A 441,000.00 1 3,628.00
27 SB568 106152581 SCOTT JEAN N 324,600.00 1 3,030.08
27 SB568 106152741 THOMPSON DIANE R 93,500.00 1 794.74
27 SB568 106152844 STILLEY ROBERT M 80,000.00 1 739.28
27 SB568 106152946 THOMAS EMMANUEL J 44,800.00 1 482.48
27 SB568 106152958 AKINS JOEANN 56,000.00 1 501.82
27 SB568 106153030 DUNKER ALMA A 150,000.00 1 1,316.36
27 SB568 106153051 LEWIS CLAUDIA G 32,700.00 1 326.95
27 SB568 106153138 MCNEAL JANICE 86,700.00 1 628.64
27 SB568 106153150 HOERT DANIEL L 77,000.00 1 740.57
27 SB568 106153247 BAUMBICK LINDA 83,000.00 1 705.49
27 SB568 106153305 VARGAS MARIA 52,700.00 4 521.88
27 SB568 106153312 ZIEGLER DORA L 112,200.00 1 882.68
27 SB568 106153349 HORNSBY BARTHOLOME A 159,200.00 1 1,367.77
27 SB568 106153397 D'AIELLO FRANK J III 68,000.00 1 609.35
27 SB568 106153491 STRUBE MICHAEL F 69,700.00 1 592.44
27 SB568 106153562 WALLS MICHAEL C 106,200.00 3 951.66
27 SB568 106153632 THOMAS DARRYL 36,400.00 1 309.40
27 SB568 106153699 GORDON CHRISTOPHE W 31,800.00 1 302.84
27 SB568 106153747 SHARP DERRICK 180,000.00 4 1,646.53
27 SB568 106153764 MCNAUGHTON TORI MC 43,200.00 1 391.14
27 SB568 106153807 LEE JOONKI 212,400.00 1 1,844.37
27 SB568 106153815 PRIEBE DOROTHY L 44,800.00 1 368.56
27 SB568 106153930 BERGIN JOSEPH M JR 408,000.00 1 2,748.77
27 SB568 106154020 STEWART RODNEY 36,700.00 3 295.30
27 SB568 106154127 GAJEWSKI JEANETTE M 95,500.00 1 734.31
27 SB568 106154175 HUBBARD GEORGE M 110,000.00 1 845.80
27 SB568 106154220 SWENINGSON THOMAS J 126,300.00 1 1,155.32
27 SB568 106154227 SPROWL FRANK 189,000.00 1 1,962.28
27 SB568 106154335 WATTS JACQUELINE 52,400.00 1 538.99
27 SB568 106154345 GERSCH RONALD 116,000.00 1 1,071.95
27 SB568 106154425 VELA ELOISA 156,000.00 4 1,369.01
27 SB568 106154442 STOCK MATTHEW E 144,000.00 1 1,120.02
27 SB568 106154507 JELKS ANTHONY 134,000.00 1 1,443.14
27 SB568 106154592 ELSOUSOU ANIS 211,900.00 1 1,997.98
27 SB568 106154673 WOLF MARC 56,700.00 1 430.96
27 SB568 106154930 SASSIN NADIA 69,300.00 1 627.45
------------------------------------------------------------ --------------
60 Sale Total 6,641,239.00 58,947.78
661 Total with Superior 77,607,445.00 708,498.95
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
106118568 156,328.12 90.0 02/01/98 10.625 175,000.00 Y
106122236 125,331.64 90.0 02/01/98 11.625 140,000.00 Y
106126341 137,944.03 90.0 04/01/98 11.500 154,000.00 Y
106128680 90,662.49 80.0 04/01/98 10.875 113,980.00 Y
106131717 133,688.42 62.2 11/01/97 10.250 217,000.00 Y
106140369 46,615.42 82.1 02/01/98 10.375 57,000.00 Y
106147719 64,222.67 89.3 07/01/99 10.500 72,000.00 Y
106150032 75,560.81 84.9 08/01/99 9.250 89,000.00 Y
106150260 165,000.00 60.2 03/01/98 10.125 274,000.00 Y
106150335 32,000.00 49.2 10/01/99 12.000 65,000.00 Y
106150347 139,436.62 87.1 09/01/99 9.875 160,000.00 Y
106150509 178,534.56 90.2 08/01/99 10.875 198,000.00 Y
106150670 19,995.29 80.0 09/01/99 12.875 25,000.00 Y
106151136 90,525.00 85.0 03/01/98 11.000 106,500.00 Y
106151220 62,000.00 56.3 09/01/99 11.875 110,000.00 Y
106151690 37,800.00 90.0 10/01/99 10.250 42,000.00 Y
106151706 44,100.00 70.0 10/01/99 10.750 63,000.00 Y
106151852 128,080.00 79.7 04/01/98 10.625 160,550.00 Y
106151858 178,950.00 87.2 03/01/98 9.375 205,000.00 Y
106151956 76,000.00 80.0 10/01/99 9.875 95,000.00 Y
106151984 80,700.00 84.9 10/01/99 11.625 95,000.00 Y
106152121 19,600.00 85.2 10/01/99 10.250 23,000.00 Y
106152206 61,700.00 64.9 10/01/99 12.875 95,000.00 Y
106152476 441,000.00 70.0 09/01/99 9.250 630,000.00 Y
106152581 324,600.00 77.2 10/01/99 10.750 420,000.00 Y
106152741 93,500.00 85.0 03/01/98 9.625 110,000.00 Y
106152844 80,000.00 40.0 10/01/99 10.625 200,000.00 Y
106152946 44,800.00 73.4 10/01/99 12.625 61,000.00 Y
106152958 56,000.00 57.1 10/01/99 10.250 98,000.00 Y
106153030 150,000.00 69.7 04/01/98 10.000 215,000.00 Y
106153051 32,700.00 64.8 10/01/99 11.625 50,400.00 Y
106153138 86,700.00 85.0 04/01/98 7.875 102,000.00 Y
106153150 77,000.00 66.9 10/01/99 11.125 115,000.00 Y
106153247 83,000.00 70.9 10/01/99 9.625 117,000.00 Y
106153305 52,700.00 85.0 10/01/99 11.500 62,000.00 Y
106153312 112,200.00 85.0 10/01/99 8.750 132,000.00 Y
106153349 159,200.00 80.0 09/01/99 9.750 199,000.00 Y
106153397 68,000.00 75.5 04/01/98 10.250 90,000.00 Y
106153491 69,700.00 85.0 04/01/98 9.625 82,000.00 Y
106153562 106,200.00 90.0 10/01/99 10.250 118,000.00 Y
106153632 36,400.00 70.0 10/01/99 9.625 52,000.00 N
106153699 31,800.00 79.5 10/01/99 11.000 40,000.00 Y
106153747 180,000.00 75.0 10/01/99 10.500 240,000.00 Y
106153764 43,200.00 90.0 10/01/99 10.375 48,000.00 Y
106153807 212,400.00 90.0 10/01/99 9.875 236,000.00 Y
106153815 44,800.00 64.0 04/01/98 9.250 70,000.00 Y
106153930 408,000.00 85.0 03/01/98 7.125 480,000.00 Y
106154020 36,700.00 74.8 10/01/99 9.000 49,000.00 Y
106154127 95,500.00 68.2 10/01/99 8.500 140,000.00 Y
106154175 110,000.00 60.2 04/01/98 8.500 182,500.00 Y
106154220 126,300.00 69.9 10/01/99 10.500 180,500.00 Y
106154227 189,000.00 70.0 10/01/99 12.125 270,000.00 Y
106154335 52,400.00 80.0 10/01/99 12.000 65,500.00 Y
106154345 116,000.00 80.0 04/01/98 10.625 145,000.00 Y
106154425 156,000.00 60.0 04/01/98 10.000 260,000.00 N
106154442 144,000.00 58.7 04/01/98 8.625 245,000.00 Y
106154507 134,000.00 79.9 10/01/99 12.625 167,600.00 Y
106154592 211,900.00 84.9 04/01/98 10.875 249,297.00 Y
106154673 56,700.00 70.0 10/01/99 8.375 81,000.00 N
106154930 69,300.00 88.8 10/01/99 10.375 78,000.00 Y
--------------------------------------- ---------------------------
60 6,636,475.07 77.1 10.117 8,815,827.00
661 77,584,751.04 80.9 10.454 97,682,345.00
</TABLE>
<PAGE>
<TABLE>
Page 13 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
23 BS33 106146264 MARLOW ROSS J 49,600.00 1 510.19
23 BS33 106146289 CURTIS PAUL W 146,000.00 1 1,431.92
23 BS33 106146445 TUCK DEBORAH R 87,200.00 1 913.77
23 BS33 106147027 WALRATH SCOTT 93,000.00 1 912.11
23 BS33 106147504 PLEWES JOHN M 145,900.00 1 1,599.70
23 BS33 106147610 COOLEY LARIA A 23,400.00 1 247.47
23 BS33 106147693 REDMON RICCI 57,700.00 1 593.51
23 BS33 106147801 GALLEGOS CASEY M 49,200.00 1 573.24
23 BS33 106147905 JENSEN MARSHA 48,300.00 1 520.17
23 BS33 106148244 LABELLA KENNETH R 134,300.00 1 1,166.19
23 BS33 106148506 FRESSE ORLANDO 131,700.00 1 1,192.42
23 BS33 106148581 WILSON STEVEN C 81,500.00 1 715.22
23 BS33 106148593 GARTEN DAVID A 36,000.00 1 319.26
23 BS33 106148822 GILLIAM FREDERICK G 68,900.00 1 789.19
23 BS33 106148825 ANSCHUETZ CAROL J 24,500.00 1 240.29
23 BS33 106148827 KASTANOS CHRISTINE G 280,000.00 1 3,070.03
23 BS33 106149089 RAINEY ROGER R 144,500.00 1 1,417.21
23 BS33 106149130 SEWELL ABBIE G 41,200.00 1 396.25
23 BS33 106149182 GRAZIANO ANTHONY T 106,250.00 1 1,001.82
23 BS33 106149193 ROBLES HUGO 96,050.00 1 878.61
23 BS33 106149302 ANDRADE DORIS M 131,400.00 3 1,116.89
23 BS33 106149421 ISMAIL ABDALLAH 85,100.00 1 731.14
23 BS33 106149435 DUNTHORN JAN C 100,800.00 6 1,114.24
23 BS33 106149522 PARTIN WILLIAM B 69,700.00 1 624.58
23 BS33 106149524 ANDERTON CHARLES 92,700.00 1 737.56
23 BS33 106149536 FOSTER STEPHEN P 164,800.00 1 1,726.94
23 BS33 106149623 PRUNTY PEGGY 60,000.00 3 657.86
23 BS33 106149643 COX STEPHEN J 46,800.00 1 415.03
23 BS33 106149680 CARRILLO BEATRICE F 98,600.00 1 901.93
23 BS33 106149745 FARMER MICHAEL 52,000.00 3 570.15
23 BS33 106149754 THEIS RONALD J 90,900.00 1 772.64
23 BS33 106149756 STOVER PATRICIA A 52,000.00 1 570.15
23 BS33 106149801 PARKER JAMES W 138,550.00 1 1,177.66
23 BS33 106149819 CARSON FRANK J 164,800.00 1 1,355.77
23 BS33 106149821 HAENDIGES RICHARD J JR 80,400.00 3 788.54
23 BS33 106149834 HAENDIGES RICHARD J JR 136,000.00 1 1,491.16
23 BS33 106149856 SIMPSON JOHN C 103,100.00 1 1,160.67
23 BS33 106149858 JACKSON MARIO 135,000.00 1 1,222.30
23 BS33 106149925 GONZALEZ NORMA L 177,300.00 1 1,621.83
23 BS33 106149941 SCHULTZ NINA 48,000.00 1 535.67
23 BS33 106149945 VANATTEN JAMES R 139,400.00 1 1,159.46
23 BS33 106149954 MCCLURE PATRICIA L 138,400.00 1 1,558.07
23 BS33 106150036 CUNNINGHAM NANCY 42,400.00 1 464.89
23 BS33 106150053 ORCUTT NANCY A 56,000.00 1 549.23
23 BS33 106150069 KRISTA LORA J 184,875.00 1 1,760.61
23 BS33 106150107 VANCE DONNA M 72,250.00 1 627.38
23 BS33 106150145 SMITH MICHAEL 210,000.00 1 2,430.17
23 BS33 106150154 BERRY NOREEN 64,000.00 1 658.31
23 BS33 106150158 SONNEFIELD J 52,500.00 1 455.88
23 BS33 106150216 COVAULT JOHN B 112,800.00 1 1,084.89
23 BS33 106150241 WHITE ROBERT D 149,600.00 1 1,354.49
23 BS33 106150253 QUARCINI BRIAN 243,000.00 1 2,065.47
23 BS33 106150258 HUNLOCK TIMOTHY D 114,300.00 1 1,088.51
23 BS33 106150262 ANDERSON PAUL F 154,300.00 1 1,411.44
23 BS33 106150287 STEPHENSON MICHAEL C 305,600.00 1 2,653.67
23 BS33 106150387 PAYNE JOHN 119,000.00 1 1,212.61
23 BS33 106150401 FRASER ROBERT J 122,500.00 1 974.67
23 BS33 106150414 MAGEE YVONNE 88,500.00 3 819.49
23 BS33 106150436 RAMIREZ JOSE J 42,500.00 1 408.76
23 BS33 106150437 VETOR MICHAEL P 95,400.00 1 846.03
23 BS33 106150441 DAVIS JERRY 156,600.00 1 1,432.48
23 BS33 106150527 ESKRIDGE ERNEST B 90,000.00 3 840.13
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
106146264 49,585.81 80.0 03/01/98 12.000 62,000.00 Y
106146289 145,952.04 78.4 02/01/98 11.375 186,000.00 Y
106146445 87,128.47 80.0 06/01/99 12.250 109,000.00 Y
106147027 92,969.45 72.6 08/01/99 11.375 128,000.00 Y
106147504 145,900.00 79.9 09/01/99 12.875 182,400.00 Y
106147610 23,393.84 65.0 08/01/99 12.375 36,000.00 Y
106147693 57,683.49 84.9 08/01/99 12.000 67,900.00 Y
106147801 49,180.91 80.0 07/01/99 13.750 61,500.00 Y
106147905 48,287.99 75.0 08/01/99 12.625 64,400.00 Y
106148244 134,238.99 85.0 02/01/98 9.875 158,000.00 Y
106148506 131,646.24 84.9 02/01/98 10.375 155,000.00 Y
106148581 81,463.95 75.4 02/01/98 10.000 108,000.00 Y
106148593 35,984.49 75.0 09/01/99 10.125 48,000.00 Y
106148822 68,885.94 65.0 08/01/99 13.500 106,000.00 Y
106148825 24,500.00 46.2 09/01/99 11.375 53,000.00 Y
106148827 279,934.14 78.8 08/01/99 12.875 355,000.00 Y
106149089 144,404.68 82.5 01/01/98 11.375 175,000.00 Y
106149130 41,185.71 84.9 08/01/99 11.125 48,500.00 Y
106149182 106,211.07 85.0 09/01/99 10.875 125,000.00 Y
106149193 96,011.83 85.0 09/01/99 10.500 113,000.00 Y
106149302 131,337.05 90.0 02/01/98 9.625 146,000.00 Y
106149421 85,060.30 74.9 08/01/99 9.750 113,500.00 Y
106149435 100,567.76 80.0 08/01/99 10.500 126,000.00 Y
106149522 69,700.00 85.0 09/01/99 10.250 82,000.00 Y
106149524 92,648.03 90.0 02/01/98 8.875 103,000.00 Y
106149536 164,755.40 84.9 08/01/99 12.250 193,900.00 Y
106149623 59,985.89 80.0 08/01/99 12.875 75,000.00 Y
106149643 46,779.85 90.0 08/01/99 10.125 52,000.00 Y
106149680 98,560.82 85.0 08/01/99 10.500 116,000.00 Y
106149745 52,000.00 80.0 09/01/99 12.875 65,000.00 Y
106149754 90,856.45 90.0 08/01/99 9.625 101,000.00 Y
106149756 51,987.77 80.0 08/01/99 12.875 65,000.00 Y
106149801 138,483.63 85.0 02/01/98 9.625 163,000.00 Y
106149819 164,714.56 80.0 08/01/99 9.250 206,000.00 Y
106149821 80,373.59 60.0 08/01/99 11.375 134,000.00 N
106149834 135,968.01 80.0 08/01/99 12.875 170,000.00 Y
106149856 103,100.00 79.9 09/01/99 13.250 128,900.00 Y
106149858 134,889.30 90.0 01/01/98 10.375 150,000.00 Y
106149925 177,300.00 90.0 09/01/99 10.500 197,000.00 Y
106149941 47,989.33 80.0 08/01/99 13.125 60,000.00 Y
106149945 139,329.60 82.0 09/01/99 9.375 170,000.00 Y
106149954 138,370.10 80.0 08/01/99 13.250 173,000.00 Y
106150036 42,400.00 80.0 09/01/99 12.875 53,000.00 Y
106150053 55,981.60 70.0 08/01/99 11.375 80,000.00 Y
106150069 184,875.00 85.0 09/01/99 11.000 217,500.00 Y
106150107 72,217.18 85.0 02/01/98 9.875 85,000.00 Y
106150145 210,000.00 79.8 09/01/99 13.650 263,000.00 Y
106150154 63,981.69 74.4 08/01/99 12.000 86,000.00 Y
106150158 52,476.15 50.0 09/01/99 9.875 105,000.00 Y
106150216 112,800.00 80.0 03/01/98 11.125 141,000.00 Y
106150241 149,538.93 85.0 02/01/98 10.375 176,000.00 Y
106150253 242,766.25 90.0 08/01/99 9.625 270,000.00 Y
106150258 114,218.11 90.0 08/01/99 11.000 127,000.00 Y
106150262 154,238.69 89.9 09/01/99 10.500 171,500.00 Y
106150287 305,600.00 80.0 03/01/98 9.875 382,000.00 Y
106150387 118,964.99 85.0 08/01/99 11.875 140,000.00 Y
106150401 122,431.32 89.1 02/01/98 8.875 137,400.00 Y
106150414 88,431.60 75.0 08/01/99 10.650 118,000.00 Y
106150436 42,500.00 85.0 09/01/99 11.125 50,000.00 Y
106150437 95,317.47 90.0 08/01/99 10.125 106,000.00 Y
106150441 156,537.77 80.7 08/01/99 10.500 194,000.00 Y
106150527 90,000.00 75.0 09/01/99 10.750 120,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 14 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
23 BS33 106150531 PREWITT DONNA 102,400.00 1 842.42
23 BS33 106150538 MCCLOUD BEVERLY J 119,200.00 1 1,169.07
23 BS33 106150542 ISA ODA 86,800.00 1 753.73
23 BS33 106150557 PHONTHIBSVAD MIXAY 117,300.00 1 1,128.17
23 BS33 106150615 TOTH GARY W 133,200.00 1 1,036.02
23 BS33 106150630 ROWE MARK D 24,000.00 1 233.10
23 BS33 106150631 EZELL JOSEPHINE 82,800.00 1 804.20
23 BS33 106150655 MCGOVERN WILLIAM Y II 113,400.00 1 1,037.31
23 BS33 106150678 HENLEY KENNETH R 52,000.00 1 456.34
23 BS33 106150730 KOPP SHANDA S 127,500.00 1 1,014.45
23 BS33 106150731 BRUSH DONALD R 136,000.00 1 1,308.02
23 BS33 106150733 AZBELL PAUL D 42,000.00 1 411.92
23 BS33 106150740 MARTIN TAMARA A 72,200.00 1 701.25
23 BS33 106150749 COOMBS PAMELA S 92,200.00 1 652.59
23 BS33 106150828 ABEGG ANGELA P 92,225.00 1 878.28
23 BS33 106150876 MORRIS KENNETH E 40,000.00 1 438.42
23 BS33 106150893 FRANCIS WESLEY G 58,500.00 3 535.12
23 BS33 106150896 STAZZONE SALVATORE 68,000.00 1 712.57
23 BS33 106150907 PRICE THOMAS A 198,000.00 1 1,646.86
23 BS33 106150908 LITTLE SHIRLEY 63,600.00 1 569.92
23 BS33 106151010 VUKOVICH JOSEPH W 137,600.00 1 1,362.64
23 BS33 106151013 MUCHI JULIAN M 202,000.00 1 1,772.70
23 BS33 106151028 SIMS JIMMIE L 137,700.00 1 1,221.15
23 BS33 106151029 WILLIS STEVEN J 98,000.00 1 841.97
23 BS33 106151105 JONES LESTER 35,700.00 1 333.25
23 BS33 106151117 SHEPARD DIANE 49,500.00 1 452.80
23 BS33 106151123 MOORE SHARON L 47,200.00 1 517.52
23 BS33 106151147 CRAMER KEITH 99,000.00 1 787.69
23 BS33 106151194 THOMPSON BETTY P 114,700.00 1 985.45
23 BS33 106151197 LELAND RICHARD J 135,000.00 1 1,184.72
23 BS33 106151302 POZZA MARC A 42,500.00 1 315.56
23 BS33 106151338 HILL SALINAS 38,700.00 1 343.20
23 BS33 106151354 HUSEMAN PAUL J 99,000.00 1 887.14
23 BS33 106151374 SANCHEZ PETER L 124,000.00 8 1,042.66
23 BS33 106151440 HARTMAN RICHARD H 25,900.00 1 251.56
23 BS33 106151446 NEEB KEITH A 119,200.00 1 1,057.09
23 BS33 106151447 FOOTE JOHN W 49,300.00 3 423.57
23 BS33 106151467 TA KEVIN 118,000.00 1 1,259.37
23 BS33 106151486 BELLON BRUCE G 75,000.00 1 859.06
23 BS33 106151489 LOGAN LANI 100,000.00 1 859.15
23 BS33 106151534 LOCH RICHARD 99,000.00 1 905.59
23 BS33 106151538 MAURITZEN STEVEN C 98,500.00 1 748.67
23 BS33 106151558 JAAFAR RIHAB 117,900.00 3 1,002.14
23 BS33 106151563 ALKIEFY ABDO A 16,800.00 1 184.20
23 BS33 106151566 STAFFORD JOHN M 162,000.00 1 1,288.94
23 BS33 106151579 TRUJILLO PAUL A III 100,000.00 1 831.75
23 BS33 106151633 COLEMAN DIANE 57,600.00 1 553.99
23 BS33 106151656 CARO SOTO EDDIE 117,700.00 3 1,247.04
23 BS33 106151672 WINTER JAMES S 72,000.00 1 699.31
23 BS33 106151704 SWENSON LAURIE L 47,200.00 6 507.21
23 BS33 106151721 MAGUIRE EVERETT C 108,000.00 1 987.92
23 BS33 106151730 KODER RICHARD L 118,150.00 1 1,025.95
23 BS33 106151792 ROTHE GARY L 134,100.00 1 1,226.67
23 BS33 106151905 NOVECK MARTIN I I 243,700.00 1 2,600.91
23 BS33 106151942 NGUYEN TRINA 113,900.00 8 1,063.24
23 BS33 106151982 DISTILO GRACE A 205,000.00 1 1,761.27
23 BS33 106152026 KORORA JOSEPH F 41,200.00 1 384.59
23 BS33 106152036 COBB MELVIN A 59,500.00 1 566.63
23 BS33 106152096 DICKOW GREGORY 371,700.00 1 2,825.19
23 BS33 106152108 WEST GARY T 71,200.00 1 725.53
23 BS33 106152118 AUSTIN DEBORAH 23,000.00 3 252.18
23 BS33 106152120 YOUNGHEIM KEVIN 52,800.00 1 578.92
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
106150531 102,346.91 80.0 08/01/99 9.250 128,000.00 Y
106150538 119,160.85 73.5 08/01/99 11.375 162,000.00 Y
106150542 86,800.00 70.0 09/01/99 9.875 124,000.00 N
106150557 117,259.30 85.0 08/01/99 11.125 138,000.00 Y
106150615 133,121.36 90.0 08/01/99 8.625 148,000.00 Y
106150630 23,991.90 80.0 03/01/98 11.250 30,000.00 Y
106150631 82,772.05 90.0 08/01/99 11.250 92,000.00 Y
106150655 113,400.00 90.0 09/01/99 10.500 126,000.00 Y
106150678 51,976.99 80.0 09/01/99 10.000 65,000.00 Y
106150730 127,428.52 79.1 08/01/99 8.875 161,000.00 Y
106150731 135,952.81 80.0 03/01/98 11.125 170,000.00 Y
106150733 42,000.00 70.0 09/01/99 11.375 60,000.00 Y
106150740 72,175.63 84.9 08/01/99 11.250 85,000.00 Y
106150749 92,133.26 84.9 02/01/98 7.625 108,500.00 Y
106150828 92,192.12 85.0 08/01/99 11.000 108,500.00 Y
106150876 39,990.75 80.0 09/01/99 12.875 50,000.00 Y
106150893 58,453.31 87.3 08/01/99 10.500 67,000.00 Y
106150896 67,981.60 80.0 09/01/99 12.250 85,000.00 Y
106150907 198,000.00 90.0 03/01/98 9.375 220,000.00 Y
106150908 63,573.33 83.6 08/01/99 10.250 76,000.00 Y
106151010 137,556.03 80.0 02/01/98 11.500 172,000.00 Y
106151013 201,820.53 89.8 08/01/99 10.000 224,900.00 Y
106151028 137,640.69 85.0 02/01/98 10.125 162,000.00 Y
106151029 97,954.28 89.4 08/01/99 9.750 109,500.00 Y
106151105 35,700.00 75.9 09/01/99 10.750 47,000.00 Y
106151117 49,480.33 90.0 08/01/99 10.500 55,000.00 Y
106151123 47,200.00 80.0 09/01/99 12.875 59,000.00 Y
106151147 98,944.50 90.0 02/01/98 8.875 110,000.00 Y
106151194 114,700.00 84.9 09/01/99 9.750 135,000.00 Y
106151197 135,000.00 75.0 03/01/98 10.000 180,000.00 Y
106151302 42,472.20 85.0 03/01/98 8.125 50,000.00 Y
106151338 38,683.34 90.0 09/01/99 10.125 43,000.00 Y
106151354 98,958.49 90.0 08/01/99 10.250 110,000.00 Y
106151374 123,939.01 74.6 08/01/99 9.500 166,000.00 Y
106151440 25,891.25 84.9 08/01/99 11.250 30,500.00 Y
106151446 119,148.66 89.9 09/01/99 10.125 132,500.00 Y
106151447 49,276.99 85.0 08/01/99 9.750 58,000.00 Y
106151467 118,000.00 79.8 09/01/99 12.500 147,688.00 Y
106151486 75,000.00 78.9 09/01/99 13.500 95,000.00 Y
106151489 99,953.35 80.0 08/01/99 9.750 125,000.00 Y
106151534 98,960.66 90.0 08/08/99 10.500 110,000.00 Y
106151538 98,438.78 89.9 02/01/98 8.375 109,500.00 Y
106151558 117,843.52 87.3 02/01/98 9.625 135,000.00 Y
106151563 16,796.05 71.4 08/01/99 12.875 23,500.00 Y
106151566 162,000.00 90.0 03/01/98 8.875 180,000.00 Y
106151579 99,949.50 80.0 08/01/99 9.375 125,000.00 Y
106151633 57,600.00 80.0 03/01/98 11.125 72,000.00 Y
106151656 117,669.19 74.9 09/01/99 12.400 157,000.00 Y
106151672 72,000.00 87.8 09/01/99 11.250 82,000.00 Y
106151704 47,086.12 80.0 08/01/99 10.000 59,000.00 Y
106151721 108,000.00 80.0 09/01/99 10.500 135,000.00 Y
106151730 118,150.00 85.0 03/01/98 9.875 139,000.00 Y
106151792 134,100.00 90.0 09/01/99 10.500 149,000.00 Y
106151905 243,700.00 64.9 09/01/99 12.500 375,000.00 Y
106151942 113,857.11 85.0 08/01/99 10.750 134,000.00 Y
106151982 205,000.00 56.9 09/01/99 9.750 360,000.00 Y
106152026 41,200.00 74.9 09/01/99 10.750 55,000.00 Y
106152036 59,478.79 83.8 03/01/98 11.000 71,000.00 Y
106152096 371,236.32 90.0 02/01/98 8.375 413,000.00 Y
106152108 71,200.00 80.0 09/01/99 11.875 89,000.00 Y
106152118 23,000.00 79.3 09/01/99 12.875 29,000.00 Y
106152120 52,800.00 78.8 09/01/99 12.875 67,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 15 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
23 BS33 106152178 SMITH HEIDI U 78,200.00 1 664.69
23 BS33 106152203 KOCKS JEFFREY T 85,000.00 1 631.12
23 BS33 106152208 CONFER LONNIE 335,200.00 1 2,910.71
23 BS33 106152215 DEERING SHARON M 85,500.00 1 782.10
23 BS33 106152245 ABBITT BRUCE C 102,400.00 1 1,122.75
23 BS33 106152339 OCHOA LUIS A 26,200.00 1 272.03
23 BS33 106152344 LAUGEN TRUDYEN 60,000.00 1 571.39
23 BS33 106152351 COOK ROBERT A 54,000.00 1 565.86
23 BS33 106152436 RODRIGUEZ MIGUEL 59,200.00 1 508.62
23 BS33 106152440 OWENS ANGELINE 64,800.00 1 716.82
23 BS33 106152447 KHALIQUE MOHAMMED A 45,000.00 3 382.50
23 BS33 106152663 FERGUSON DIANNA S 72,000.00 1 754.49
23 BS33 106152675 AGOSTO DALILA 100,000.00 4 795.65
23 BS33 106152686 VEGA ALFREDO 52,100.00 1 506.03
23 BS33 106152691 KERCHEVAL NEIL B 98,600.00 1 957.66
23 BS33 106152753 OMAR DAN 68,400.00 1 664.34
23 BS33 106152766 CORBETT DAVID W 68,000.00 1 596.75
23 BS33 106152811 BENDER ROBERT C 96,300.00 1 800.97
23 BS33 106152928 FORTUNE JOSEPH S 80,000.00 1 746.79
23 BS33 106152957 KOSKI NANCY L 86,000.00 1 778.65
23 BS33 106152973 KUHNS TODD L 134,700.00 1 1,270.08
23 BS33 106153177 GALITZ FRANKLIN J JR 92,800.00 1 875.00
23 BS33 106153350 HANNAWI FOUAD 127,500.00 3 1,154.39
23 BS33 106153429 GOURAND CHANTAL D 72,000.00 1 631.85
23 BS33 106153578 DJERISILO MIRKO 111,900.00 1 1,183.42
23 BS33 106153645 AYAD JOHN 79,200.00 4 807.05
23 BS33 106153646 AYAD JOHN 54,400.00 4 554.34
------------------------------------------------------------ --------------
151 Sale Total 15,116,750.00 140,899.82
151 Total with Banco Santander 15,116,750.00 140,899.82
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
106152178 78,200.00 85.0 09/01/99 9.625 92,000.00 Y
106152203 84,944.40 85.0 03/01/98 8.125 100,000.00 Y
106152208 335,200.00 80.0 09/01/99 9.875 419,000.00 Y
106152215 85,500.00 90.0 09/01/99 10.500 95,000.00 Y
106152245 102,400.00 80.0 09/01/99 12.875 128,000.00 Y
106152339 26,200.00 64.6 09/01/99 12.125 40,500.00 Y
106152344 60,000.00 60.0 09/01/99 11.000 100,000.00 Y
106152351 54,000.00 80.0 09/01/99 12.250 67,500.00 Y
106152436 59,172.38 74.9 09/01/99 9.750 79,000.00 Y
106152440 64,800.00 80.0 09/01/99 13.000 81,000.00 Y
106152447 44,978.44 84.9 09/01/99 9.625 53,000.00 Y
106152663 72,000.00 80.0 09/01/99 12.250 90,000.00 Y
106152675 100,000.00 71.4 03/01/98 8.875 140,000.00 Y
106152686 52,082.41 83.3 03/01/98 11.250 62,500.00 Y
106152691 98,566.72 85.0 09/01/99 11.250 116,000.00 Y
106152753 68,400.00 80.0 03/01/98 11.250 85,500.00 Y
106152766 67,969.92 79.0 09/01/99 10.000 86,000.00 Y
106152811 96,300.00 87.5 09/01/99 9.375 110,000.00 Y
106152928 80,000.00 59.2 09/01/99 10.750 135,000.00 Y
106152957 86,000.00 78.1 09/01/99 10.375 110,000.00 Y
106152973 134,700.00 84.1 09/01/99 10.875 160,000.00 Y
106153177 92,800.00 73.6 03/01/98 10.875 126,000.00 Y
106153350 127,500.00 85.0 03/01/98 10.375 150,000.00 Y
106153429 72,000.00 80.0 09/01/99 10.000 90,000.00 Y
106153578 111,900.00 79.9 09/01/99 12.375 139,900.00 Y
106153645 79,200.00 80.0 03/01/98 11.875 99,000.00 N
106153646 54,400.00 80.0 03/01/98 11.875 68,000.00 N
--------------------------------------- ---------------------------
151 15,111,893.88 81.8 10.687 18,662,388.00
151 15,111,893.88 81.8 10.687 18,662,388.00
</TABLE>
<PAGE>
<TABLE>
Page 16 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
32 32 51011 MCDANIEL PHILLIP J JR 80,000.00 1 613.12
32 32 51532 MAMOLELLA VINCENT J 108,000.00 1 817.27
32 32 51656 DE LOS ALEXANDER L 282,400.00 1 2,136.93
32 32 51870 CARROLL TIMOTHY J 84,450.00 1 633.67
32 32 52100 BARTH STEVEN E 65,000.00 1 495.83
32 32 52308 RUDDY PATRICIA 44,700.00 1 340.74
32 32 52662 SCOLARO CARL F 102,700.00 1 609.82
32 32 53025 SCHUPPE RICHARD E 63,000.00 1 474.64
32 32 53330 SPERO DANIEL H 90,000.00 1 695.21
32 32 53595 HEINEKAMP REID A 60,000.00 1 465.64
32 32 53645 URANKAR GARY 58,400.00 2 453.06
32 32 53652 URANKAR GARY 58,400.00 2 453.06
32 32 53660 URANKAR GARY 58,400.00 2 453.06
32 32 53678 URANKAR GARY 58,400.00 2 453.06
32 32 53777 RADMER PHILLIP L 62,000.00 1 489.04
32 32 53801 SIMONS ROBERT L 94,350.00 2 730.67
32 32 54437 VEJVODA DANIEL W 54,000.00 1 382.21
32 32 54601 RAFINSKI THOMAS L 60,100.00 1 465.95
32 32 54866 HELLING FREDERICK 64,400.00 1 466.95
32 32 54882 PFAFF GREGG L 57,150.00 1 409.43
32 32 55103 EDLUND CYNTHIA M 68,000.00 2 469.66
32 32 55111 THEURER CHARLES F 65,000.00 1 607.19
32 32 55350 NELSON DAVID E 98,300.00 1 695.77
32 32 56317 CLEMMONS CHRISTOPHE R 77,000.00 1 512.29
32 32 56655 O MALLEY HUGH B 105,150.00 1 726.25
32 32 57422 VALENTA MICHAEL F 110,000.00 1 788.06
32 32 57463 ROSEN MERWIN B 500,000.00 1 3,582.07
32 32 57547 WORKMAN LYNN D 36,500.00 1 271.02
32 32 57562 NOVAKOWSKI DAVID L 180,000.00 1 1,197.55
32 32 57794 LUBY TIMOTHY J 435,000.00 1 2,894.07
32 32 57836 CHIROS GEORGE A 63,000.00 1 419.15
32 32 58024 BRYCE GEOFFREY A 220,000.00 1 1,445.25
32 32 58073 ROY RICHARD A 55,800.00 1 361.92
32 32 58446 JONES SUSAN A 85,000.00 1 551.31
32 32 58719 NELSON JACK W 75,000.00 1 492.70
32 32 58784 CINDRIC JOHN D 93,000.00 1 618.74
32 32 58941 COOGAN KIMBERLY S 125,000.00 1 821.17
32 32 59048 SCATCHELL MOLLY L 46,000.00 1 302.19
32 32 59113 WIERINGA NORMAN J 100,000.00 1 682.18
32 32 59477 POLLACK JOHN M 92,000.00 1 826.93
32 32 59568 LAWRENCE ROBERT A 46,000.00 1 306.04
32 32 59600 GUSTIN ANTON 61,500.00 1 404.02
32 32 59618 LOS JOHN A 400,000.00 1 2,627.72
32 32 59626 PERUSICH JOHN P 75,000.00 1 498.98
32 32 59634 HAVEY JOHN R 112,500.00 1 739.05
32 32 59659 HOSTER EDWARD JOSEPH 118,750.00 1 770.22
32 32 59857 KELM DANIEL A 56,250.00 1 374.24
32 32 59899 SHEN ROBERT B 85,000.00 1 565.51
32 32 59907 SHEN ROBERT B 75,000.00 1 498.98
32 32 59923 MEYERS LYNNE L 32,600.00 2 214.16
32 32 59931 DOUGHERTY HOWARD W 66,000.00 1 444.66
32 32 60012 HURST JAMES P 228,000.00 1 1,536.08
32 32 60087 BRENNER DONALD L 490,000.00 1 3,218.96
32 32 60244 PATEL MAHESH M 288,750.00 1 1,896.89
32 32 60269 POP ARON P 114,600.00 1 752.85
32 32 500025 DERVIS GEORGE W 36,400.00 2 282.82
32 32 500363 PECIRNO ANGELA S 92,800.00 4 711.58
32 32 500389 PATEL VINODKUMAR F 48,500.00 1 368.64
32 32 500439 FRANK RICHARD N 166,000.00 2 1,275.03
32 32 500520 GAINES WELLS 36,000.00 2 261.03
32 32 500538 GAINES WELLS 36,000.00 2 261.03
32 32 500694 MARSDEN COLLEEN A 25,000.00 2 172.29
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
51011 75,537.07 69.5 01/01/98 8.500 115,000.00 N
51532 101,841.66 61.7 02/01/98 8.375 175,000.00 Y
51656 266,285.54 70.2 02/01/98 8.375 402,000.00 Y
51870 78,962.44 36.2 02/01/98 8.375 233,000.00 Y
52100 61,273.98 78.7 04/01/98 8.500 82,500.00 Y
52308 42,108.53 49.6 04/01/98 8.500 90,000.00 N
52662 76,224.89 74.9 05/01/98 8.375 137,000.00 Y
53025 59,328.69 69.2 05/01/98 8.375 91,000.00 Y
53330 85,196.89 75.0 06/01/98 8.625 120,000.00 Y
53595 57,063.37 66.6 06/01/98 8.625 90,000.00 Y
53645 55,521.24 80.0 06/01/98 8.625 73,000.00 Y
53652 55,521.24 73.0 06/01/98 8.625 80,000.00 N
53660 55,521.24 73.0 06/01/98 8.625 80,000.00 N
53678 55,521.24 73.0 06/01/98 8.625 80,000.00 N
53777 58,766.95 65.2 07/01/98 8.875 95,000.00 Y
53801 89,713.84 89.8 08/01/98 8.625 105,000.00 Y
54437 51,212.83 56.8 10/01/97 7.625 95,000.00 Y
54601 57,265.03 69.0 09/01/98 8.625 87,000.00 N
54866 61,218.95 79.5 10/01/97 7.875 81,000.00 Y
54882 53,274.73 89.2 10/01/97 7.750 64,000.00 Y
55103 64,412.58 87.7 12/01/97 7.375 77,500.00 Y
55111 51,153.82 76.4 10/01/97 7.625 85,000.00 Y
55350 93,393.12 78.0 12/01/97 7.625 126,000.00 Y
56317 72,833.56 79.3 01/01/98 7.000 97,000.00 Y
56655 95,862.54 87.6 01/01/98 7.375 120,000.00 Y
57422 105,111.51 48.8 04/01/98 7.750 225,000.00 Y
57463 477,209.41 42.7 03/01/98 7.750 1,170,000.00 Y
57547 34,950.52 35.4 04/01/98 8.125 103,000.00 Y
57562 171,853.88 74.6 09/01/98 7.000 241,000.00 Y
57794 413,411.89 69.6 05/01/98 7.000 625,000.00 Y
57836 59,916.47 62.3 06/01/98 7.000 101,000.00 Y
58024 209,087.84 77.1 06/01/98 6.875 285,000.00 Y
58073 53,098.04 88.5 08/01/98 6.750 63,000.00 Y
58446 70,328.72 73.9 07/01/98 6.750 115,000.00 Y
58719 71,325.64 55.1 08/01/98 6.875 136,000.00 Y
58784 88,753.17 68.8 09/01/98 7.000 135,000.00 Y
58941 119,078.25 65.4 09/01/98 6.875 191,000.00 Y
59048 43,871.67 30.6 09/01/98 6.875 150,000.00 Y
59113 95,606.31 62.5 10/01/98 7.250 160,000.00 Y
59477 76,356.30 80.0 10/01/98 7.000 115,000.00 Y
59568 43,918.25 40.7 09/01/98 7.000 113,000.00 Y
59600 58,721.62 43.9 10/01/98 6.875 140,000.00 Y
59618 381,493.96 64.0 09/01/98 6.875 625,000.00 Y
59626 71,686.58 73.5 10/01/98 7.000 102,000.00 Y
59634 107,294.92 83.3 09/01/98 6.875 135,000.00 Y
59659 112,999.66 92.4 08/01/98 6.750 128,500.00 Y
59857 53,704.03 85.8 09/01/98 7.000 65,500.00 Y
59899 81,244.79 46.4 10/01/98 7.000 183,000.00 N
59907 71,686.58 41.4 10/01/98 7.000 181,000.00 N
59923 31,127.55 50.5 10/01/98 6.875 64,500.00 Y
59931 63,078.38 71.7 10/01/98 7.125 92,000.00 Y
60012 218,148.80 70.1 10/01/98 7.125 325,000.00 Y
60087 467,685.39 70.0 10/01/98 6.875 700,000.00 Y
60244 275,708.02 72.1 10/01/98 6.875 400,000.00 Y
60269 109,423.51 57.3 10/01/98 6.875 200,000.00 Y
500025 34,658.35 80.0 06/01/98 8.625 45,500.00 N
500363 88,369.96 80.0 09/01/98 8.500 116,000.00 N
500389 44,572.79 64.6 12/01/97 8.375 75,000.00 Y
500439 158,344.23 80.0 09/01/98 8.500 207,500.00 Y
500520 33,080.79 76.5 11/01/97 7.875 47,000.00 Y
500538 34,078.22 76.5 11/01/97 7.875 47,000.00 N
500694 21,852.28 38.4 10/01/98 8.250 65,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 17 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
32 32 500835 BOESCHE MARK A 126,400.00 1 905.55
32 32 500868 WATSON PATRICIA C 73,000.00 2 522.99
32 32 501049 O'CONNOR BETTY J 87,750.00 1 591.19
32 32 501114 MARRON VALERIE 45,000.00 1 303.18
32 32 501130 COONEY ROBERT J 96,000.00 3 646.77
32 32 501288 PEARSON JACK W 143,100.00 1 988.36
32 32 501841 ZHANG CHARLIE 80,000.00 1 559.38
32 32 501932 GREENBERG STUART 219,000.00 1 1,531.28
32 32 502070 CAGE PATRICK B 135,500.00 2 982.47
32 32 502484 MORGAN JOHN JOSEPH 108,800.00 1 817.38
32 32 503169 THOMPSON LON R 283,500.00 1 1,910.00
32 32 503532 FUNTEAS PLATO 150,000.00 1 1,010.58
32 32 503557 MCNULTY THOMAS 130,000.00 3 854.01
32 32 503631 SKOWRON PAUL P 110,000.00 1 741.10
32 32 503706 HEALY AMY O 84,800.00 1 564.18
32 32 503714 KALOGERAS MICHELLE B 120,800.00 1 803.69
32 32 503748 RAIMONDI ANTHONY L 305,600.00 1 2,007.58
32 32 503763 SHEN ROBERT B 114,000.00 1 748.90
32 32 503797 PALOUCEK KEVIN S 96,000.00 1 630.66
32 32 503896 FISHMAN BRAD 190,000.00 1 1,280.07
32 32 503904 POSNER KENNETH R 400,000.00 1 2,661.21
32 32 503912 WEHRLE EMIL F JR 97,000.00 1 629.15
32 32 503946 MANCHESTER JOHN M 253,800.00 1 1,646.15
32 32 503987 GOMBERG BARRY A 165,000.00 2 1,097.75
32 32 504043 RUBENSTEIN RONALD 400,000.00 1 2,661.21
32 32 504142 HEIL JOHN H JR 162,400.00 1 1,080.46
32 32 504159 SANTORO THERESE 101,000.00 2 663.50
32 32 504258 SLEZAK GEORGE J 152,000.00 1 1,024.06
32 32 504332 FORMAN JILL MARIE 99,200.00 1 685.15
32 32 504530 GRAMATA MICHAEL G 146,200.00 1 972.68
32 32 504589 URBAN ROBERT M 48,000.00 2 319.35
32 32 504639 RIGAS DEMETRIOS 275,000.00 1 1,829.59
32 32 504647 GEIMER JAMES T 168,750.00 4 1,094.51
32 32 504704 SALEH HASSAN M 150,000.00 1 972.90
32 32 504753 HARRINGTON SILAS L 280,000.00 1 1,862.85
32 32 504779 DALY JANET C 83,500.00 2 541.58
32 32 504829 FAJARDO ROBERT A 294,000.00 1 1,955.99
32 32 504852 KOLLMON ELLEN M 100,800.00 1 670.63
32 32 504993 NAPARSTEK JOEL 184,000.00 2 1,239.65
32 32 505024 HOLMES THOMAS A 100,500.00 1 677.09
32 32 505040 GUIMOND RUSSELL E 63,300.00 1 415.84
32 32 505065 WOZNIAK LYDIA M 211,500.00 4 1,389.41
32 32 505099 HOLLAND PEGGY A 108,000.00 2 727.62
32 32 505115 SPAULDING DANIEL 52,500.00 2 353.71
32 32 505149 MILLER LAWRENCE 161,600.00 1 1,102.40
32 32 505156 DATA JOSEPHINE F 65,000.00 2 427.01
32 32 505164 DATA JOSEPHINE F 65,000.00 2 427.01
32 32 505321 GLEITSMAN A WALTER 444,000.00 1 3,028.87
32 32 505529 MULLANY JAMES E 93,700.00 1 623.39
32 32 505537 SALYERS DAVID B 493,000.00 3 3,321.44
32 32 505586 FERNANDO CHULANI 394,500.00 1 2,591.59
32 32 505628 TREVINO SHARON L 111,000.00 2 719.95
32 32 505784 ZUREK PATRICIA M 250,000.00 1 1,663.26
32 32 505826 ASHLEY DANIEL J 198,100.00 1 1,317.97
32 32 505958 NICKERSON W.C. 83,600.00 2 549.20
32 32 505966 HEIMBERGER ALAN M 45,600.00 1 311.08
32 32 506063 MARTIN TERRENCE L 157,200.00 1 1,032.70
32 32 506162 LARSON SUSAN FOX 181,800.00 1 1,194.30
32 32 506410 STEWART BOBBIE 49,400.00 1 320.41
32 32 506568 SCHIERHORN JAMES E 85,000.00 1 551.31
32 32 506584 CHAVARRIA VICTOR M 133,000.00 1 873.72
32 32 506683 SANDLER ARNOLD W 216,000.00 1 1,418.97
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
500835 120,331.40 80.0 01/01/98 7.750 158,000.00 Y
500868 69,388.37 74.8 11/01/97 7.750 97,500.00 Y
501049 83,006.50 73.7 12/01/97 7.125 119,000.00 Y
501114 42,558.96 59.2 01/01/98 7.125 76,000.00 Y
501130 90,767.74 77.1 12/01/97 7.125 124,500.00 Y
501288 135,630.21 89.4 12/01/97 7.375 160,000.00 Y
501841 75,582.12 80.0 02/01/98 7.500 100,000.00 Y
501932 208,132.94 58.4 01/01/98 7.500 375,000.00 Y
502070 129,213.85 92.1 01/01/98 7.875 147,000.00 Y
502484 104,071.32 80.0 02/01/98 8.250 136,000.00 Y
503169 270,649.85 69.8 08/01/98 7.125 406,000.00 Y
503532 142,869.19 75.0 06/01/98 7.125 200,000.00 Y
503557 122,557.28 77.3 05/01/98 6.875 168,000.00 Y
503631 104,777.82 73.3 06/01/98 7.125 150,000.00 Y
503706 80,591.39 78.5 05/01/98 7.000 108,000.00 Y
503714 110,073.91 80.0 06/01/98 7.000 151,000.00 Y
503748 291,769.71 80.0 10/01/98 6.875 382,000.00 Y
503763 108,340.42 41.0 06/01/98 6.875 278,000.00 Y
503797 91,130.07 72.7 06/01/98 6.875 132,000.00 Y
503896 173,824.62 62.2 06/01/98 7.125 305,000.00 Y
503904 380,149.10 64.0 05/01/98 7.000 625,000.00 Y
503912 92,192.82 55.4 07/01/98 6.750 175,000.00 Y
503946 235,430.91 90.0 06/01/98 6.750 282,000.00 Y
503987 157,355.09 45.8 08/01/98 7.000 360,000.00 Y
504043 380,590.20 34.7 06/01/98 7.000 1,150,000.00 Y
504142 152,512.78 80.0 06/01/98 7.000 203,000.00 Y
504159 95,990.36 74.8 06/01/98 6.875 135,000.00 Y
504258 144,784.21 57.3 07/01/98 7.125 265,000.00 Y
504332 94,694.86 76.3 06/01/98 7.375 130,000.00 Y
504530 139,400.82 74.9 08/01/98 7.000 195,000.00 Y
504589 43,920.20 80.0 08/01/98 7.000 60,000.00 Y
504639 262,554.55 68.7 09/01/98 7.000 400,000.00 Y
504647 160,387.93 75.0 07/01/98 6.750 225,000.00 Y
504704 143,074.08 63.2 10/01/98 6.750 237,000.00 Y
504753 264,391.50 73.6 08/01/98 7.000 380,000.00 Y
504779 78,245.36 79.9 07/01/98 6.750 104,500.00 Y
504829 235,270.24 49.4 09/01/98 7.000 595,000.00 Y
504852 95,840.94 80.0 08/01/98 7.000 126,000.00 Y
504993 174,845.09 79.6 08/01/98 7.125 231,000.00 Y
505024 95,910.00 78.5 08/01/98 7.125 128,000.00 Y
505040 60,301.60 73.1 08/01/98 6.875 86,500.00 N
505065 195,842.06 88.1 08/01/98 6.875 240,000.00 Y
505099 103,333.49 80.0 10/01/98 7.125 135,000.00 Y
505115 49,503.47 75.0 09/01/98 7.125 70,000.00 N
505149 154,436.01 57.7 08/01/98 7.250 280,000.00 Y
505156 61,920.63 49.6 09/01/98 6.875 131,000.00 N
505164 61,920.63 49.6 09/01/98 6.875 131,000.00 Y
505321 424,316.88 79.7 08/01/98 7.250 557,000.00 Y
505529 89,459.56 83.6 09/01/98 7.000 112,000.00 Y
505537 470,052.64 75.8 09/01/98 7.125 650,000.00 Y
505586 376,248.38 78.9 09/01/98 6.875 500,000.00 Y
505628 105,750.19 58.4 10/01/98 6.750 190,000.00 Y
505784 238,686.17 75.1 09/01/98 7.000 332,500.00 Y
505826 189,348.22 70.0 10/01/98 7.000 283,000.00 N
505958 79,731.87 80.0 09/01/98 6.875 104,500.00 N
505966 43,623.98 77.9 09/01/98 7.250 58,500.00 Y
506063 138,659.64 80.0 10/01/98 6.875 196,500.00 Y
506162 173,588.71 90.0 10/01/98 6.875 202,000.00 Y
506410 47,098.70 89.8 10/01/98 6.750 55,000.00 Y
506568 81,075.31 40.2 10/01/98 6.750 211,000.00 Y
506584 125,723.24 70.0 10/01/98 6.875 190,000.00 N
506683 206,244.00 80.0 10/01/98 6.875 270,000.00 Y
</TABLE>
<PAGE>
<TABLE>
Page 18 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
32 32 506758 CHAVDA NATVARSINH P 89,200.00 1 593.45
32 32 506824 SHAH JAYANTI C 302,400.00 1 1,986.56
32 32 506881 TORRES SALVADOR 164,000.00 2 1,063.71
--------------------------------------------------------- --------------
127 Sale Total 17,505,050.00 119,175.27
127 Total with Superior Retail 17,505,050.00 119,175.27
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
506758 79,207.86 79.6 10/01/98 7.000 112,000.00 Y
506824 287,099.51 80.0 10/01/98 6.875 378,000.00 Y
506881 156,361.46 89.8 10/01/98 6.750 182,500.00 Y
------------------------------------ ---------------------------
127 16,510,197.17 70.3 7.214 26,191,000.00
127 16,510,197.17 70.3 7.214 26,191,000.00
</TABLE>
<PAGE>
<TABLE>
Page 19 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
25 25 800034704 SAVICH JOHN J 45,600.00 1 469.05
25 25 800136780 BARILLARI DOMINIC B 174,600.00 1 1,745.72
25 25 800104143 SCHROEDER JAMES C 400,000.00 1 3,547.29
25 25 800123788 ROWLETTE HENRY A 143,150.00 1 1,349.75
25 25 800125551 LEWANDOWSKI ROBERT 80,500.00 1 758.62
25 25 800161648 KORNBLUH ISRAEL 499,000.00 1 4,105.15
25 25 800172637 JANTZEN TAMMI L 159,300.00 1 1,383.28
25 25 800173775 DIXON LORRAINE D 77,400.00 1 708.01
25 25 800189391 HUSSEIN SAAD 68,000.00 1 636.71
25 25 800203101 YANCEY LEWIS R 120,400.00 1 1,192.31
25 25 800205890 CAMPITELLI MICHAEL A 326,000.00 1 3,043.15
25 25 800206351 GREIF BRIAN S 137,000.00 1 1,189.64
25 25 800206518 SANCHEZ ISAAC 195,000.00 1 1,912.49
25 25 800208803 GUERRERO NITZA 118,000.00 1 1,157.30
25 25 800210122 EDWARDS ELIZABETH 112,000.00 1 1,162.83
25 25 800211542 MOSEMANN DEAN M 72,000.00 3 658.61
25 25 800215048 SAYBEN JOHN M 165,600.00 1 1,437.98
25 25 800215782 CHOHAN SHAHID Q 180,000.00 3 1,680.27
25 25 800217507 GUSTAFSSON MAGNUS K 202,500.00 1 1,739.79
25 25 800219081 MARRANCA SAMUEL J 64,700.00 1 722.04
25 25 800220030 KEISER TYLER 119,900.00 1 1,256.43
25 25 800220238 COSNER PAUL L 96,000.00 1 1,052.58
25 25 800222218 DEANGELIS JOSEPH 137,550.00 1 1,284.01
25 25 800223562 MARZAN RAPHAEL 151,200.00 3 1,368.97
25 25 800226458 THOMPSON PAMELA 60,000.00 1 477.39
25 25 800231342 LEE KYAG YOUNG 229,500.00 1 1,950.73
25 25 800231565 AHMED MUMTAZ 261,000.00 1 2,411.89
25 25 800233926 BRENNAN THOMAS PATRICK 119,000.00 1 1,155.80
25 25 800235400 HIPKINS PATRICK 112,000.00 1 1,077.20
25 25 800237554 RASO ANTHONY C 110,700.00 1 1,012.62
25 25 800244600 LENCHECK NORMAN 200,000.00 1 1,755.14
25 25 800245243 FULLER KEITH R 105,000.00 1 863.81
25 25 800246142 BURK WHITNEY A 359,200.00 1 3,119.11
25 25 800250557 WALIZER PATRICIA 44,800.00 1 491.20
25 25 800250789 ERICKSEN ALLEN 105,000.00 1 902.11
25 25 800251969 JONES DIETRICH E 30,000.00 1 308.58
25 25 800252835 LAWSON JANIE 139,500.00 1 1,302.21
25 25 800269797 WILLIAMS ROBERT L 30,400.00 1 333.32
25 25 800276636 PURDUM WILLIAM RAY 118,000.00 1 1,134.90
25 25 800280422 DECANDIA ALBERT 216,000.00 1 2,139.03
25 25 800290322 BLAIN JEFFERSON 162,450.00 3 1,577.81
------------------------------------------------------------ --------------
41 Sale Total 6,247,950.00 57,574.83
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800034704 45,505.86 80.0 02/01/99 12.000 57,000.00 Y
800136780 174,379.69 65.8 11/01/97 11.625 265,000.00 Y
800104143 399,123.87 72.7 04/01/99 10.125 550,000.00 Y
800123788 142,937.32 84.9 05/01/99 10.875 168,440.00 Y
800125551 80,276.01 72.8 10/01/97 10.875 110,500.00 Y
800161648 498,217.91 70.2 06/01/99 9.250 710,000.00 Y
800172637 159,154.66 90.0 07/01/99 9.875 177,000.00 Y
800173775 77,369.24 90.0 08/01/99 10.500 86,000.00 Y
800189391 67,923.14 85.0 11/17/97 10.788 80,000.00 Y
800203101 120,361.52 70.0 08/01/99 11.500 172,000.00 Y
800205890 325,877.27 61.5 08/01/99 10.750 530,000.00 Y
800206351 136,864.56 89.8 07/01/99 9.875 152,500.00 Y
800206518 194,935.95 75.0 08/01/99 11.375 260,000.00 Y
800208803 117,922.11 73.0 07/01/99 11.375 161,500.00 Y
800210122 111,937.36 80.0 07/01/99 12.125 140,000.00 Y
800211542 71,971.39 90.0 08/01/99 10.500 80,000.00 Y
800215048 165,448.91 80.0 07/01/99 9.875 207,000.00 Y
800215782 179,932.23 80.0 08/01/99 10.750 225,000.00 Y
800217507 202,405.52 90.0 09/01/99 9.750 225,000.00 Y
800219081 64,685.62 49.9 08/01/99 13.125 129,500.00 Y
800220030 119,867.55 79.9 08/01/99 12.250 149,900.00 Y
800220238 95,977.42 80.0 08/01/99 12.875 120,000.00 Y
800222218 137,550.00 70.0 03/01/98 10.750 196,500.00 Y
800223562 151,076.03 90.0 01/01/98 10.375 168,000.00 Y
800226458 59,966.36 72.2 02/01/98 8.875 83,000.00 Y
800231342 229,390.05 90.0 02/01/98 9.625 255,000.00 Y
800231565 260,899.05 90.0 08/01/99 10.625 290,000.00 Y
800233926 118,919.28 85.0 07/13/99 11.250 140,000.00 Y
800235400 111,961.13 80.0 02/01/98 11.125 140,000.00 Y
800237554 110,656.01 90.0 08/01/99 10.500 123,000.00 Y
800244600 199,911.53 72.7 09/01/99 10.000 275,000.00 Y
800245243 104,890.71 70.0 08/01/99 9.250 150,000.00 Y
800246142 359,036.81 80.0 02/01/98 9.875 449,000.00 Y
800250557 44,789.47 80.0 08/01/99 12.875 56,000.00 Y
800250789 105,000.00 57.1 09/01/99 9.750 183,600.00 Y
800251969 29,991.42 75.0 09/01/99 12.000 40,000.00 Y
800252835 139,447.48 90.0 08/01/99 10.750 155,000.00 Y
800269797 30,392.85 80.0 09/01/99 12.875 38,000.00 Y
800276636 118,000.00 79.7 03/01/98 11.125 148,000.00 Y
800280422 216,000.00 79.7 03/01/98 11.500 271,000.00 Y
800290322 162,450.00 90.0 09/01/99 11.250 180,500.00 Y
--------------------------------------- ---------------------------
41 6,243,403.29 78.4 10.582 8,097,940.00
</TABLE>
<PAGE>
<TABLE>
Page 20 9/23/97
ALLIANCE FUNDING COMPANY
A division of Superior Bank FSB
SALE SCHEDULE B
1997-3 CLASS 2 -- INITIAL POOL OF ADJUSTABLE RATE MORTGAGES -- SETTLEMENT 9/25/97
<CAPTION>
Principal Type of Scheduled
Pool Sale Origination Balance at Mortgaged Payment
ID ID Account Name Origination Property Int & Prin
- -------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C>
34 34 800217101 REYNOLDS BERNARD L 104,000.00 1 836.81
34 34 800264251 COLLARD DONNA L 136,000.00 7 1,106.54
------------------------------------------------------------ --------------
2 Sale Total 240,000.00 1,943.35
43 Total with Merrill Lynch 6,487,950.00 59,518.18
982 Grand Total 116,717,195.00 1,028,092.22
Cut-off Date Original Next Current Property
Origination Principal LTV Adjustment Mortgage Value at Owner
Account Balance Ratio Date Rate Origination Occupied
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
800217101 103,943.19 80.0 08/01/99 9.000 130,000.00 Y
800264251 136,000.00 85.0 09/01/99 9.125 160,000.00 Y
--------------------------------------- ---------------------------
2 239,943.19 82.8 9.071 290,000.00
43 6,483,346.48 78.5 10.526 8,387,940.00
982 115,690,188.57 79.4 10.026 150,923,673.00
</TABLE>
Property Types: 1=Single Unit; 2=Condo; 3=Two Unit; 4=Three Unit; 5=Four Unit;
6=Single Wide Mfg Home; 7=Double Wide Mfg Home; 8=PUD
<PAGE>
EXHIBIT I
REQUEST FOR RELEASE OF DOCUMENTS
_____________, 19__
To: [Trustee]
[Custodian]
Re: Pooling and Servicing Agreement, dated as of September 1, 1997 (the
"Pooling and Servicing Agreement"), among Superior Bank FSB, as
Depositor, Lee Servicing Company, a division of Superior Bank FSB, as
Servicer, and LaSalle National Bank, as Trustee relating to AFC
Mortgage Loan Asset Backed Certificates, Series 1997-3
---------------------------------------------------------------------
In connection with the administration of the pool of Mortgage Loans held by
you as Trustee or by the Custodian as your agent for the benefit of
Certificateholders pursuant to the Pooling and Servicing Agreement, we request
the release, and acknowledge receipt, of the (Trustee's Mortgage File/[specify
document]) for the Mortgage Loan described below, for the reason indicated.
Mortgagor's Name, Address & Zip Code:
Mortgage Loan Number:
Reason for Requesting Documents (check one)
____ 1. Mortgage Loan Paid in Full
(Servicer hereby certifies that all amounts received in connection
therewith have been credited to the Principal and Interest Account
with respect to each Sub-Pool and remitted to the Trustee for deposit
into the related Certificate Account pursuant to the Pooling and
Servicing Agreement.)
____ 2. Mortgage Loan Liquidated
(Servicer hereby certifies that all proceeds of foreclosure, insurance
or other liquidation have been finally received and credited to the
Principal and Interest Account and remitted to the Trustee for deposit
into the related Certificate Account pursuant to the Pooling and
Servicing Agreement.)
____ 3. Mortgage Loan in Foreclosure
<PAGE>
____ 4. Mortgage Loan repurchased pursuant to Section 11.01 of the Pooling and
Servicing Agreement.
____ 5. Mortgage Loan repurchased or substituted pursuant to Article II or III
of the Pooling and Servicing Agreement (Servicer hereby certifies that
the repurchase price or Substitution Adjustment has been credited to
the related Principal and Interest Account and remitted to the Trustee
for deposit into the Certificate Account pursuant to the Pooling and
Servicing Agreement.)
____ 6. Other (explain) ________________________________________________________
________________________________________________________________________
If box l or 2 above is checked, and if all or part of the Trustee's
Mortgage File was previously released to us, please release to us our previous
receipt on file with you, as well as any additional documents in your possession
relating to the above specified Mortgage Loan.
If box 3, 4, 5 or 6 above is checked, upon our return of all of the
above documents to you as Trustee, please acknowledge your receipt by signing in
the space indicated below, and returning this form.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Pooling and Servicing Agreement.
______________________________________
By: ________________________________
Name: ________________________________
Title:________________________________
Documents returned to Trustee or Custodian:
____________________________________
[Trustee][Custodian]
By: ______________________________
Date: ______________________________
-2-
<PAGE>
EXHIBIT J
TRANSFER AFFIDAVIT
STATE OF )
) ss.:
COUNTY OF )
The undersigned, being first duly sworn, deposes and says as follows:
1. The undersigned is an officer of ________, the proposed transferee
(the "Transferee") of a Percentage Interest in a Class R Certificate (the
"Certificate") issued pursuant to the Pooling and Servicing Agreement,
dated as of September 1, 1997 (the "Agreement"), among Superior Bank FSB,
as depositor (the "Depositor"), Lee Servicing Company, a division of
Superior Bank FSB, as servicer (the "Servicer"), and LaSalle National Bank,
as trustee (the "Trustee"). Capitalized terms used, but not defined herein
shall have the meanings ascribed to such terms in the Agreement. The
Transferee has authorized the undersigned to make this affidavit on behalf
of the Transferee.
2. The Transferee is, as of the date hereof, and will be, as of the
date of the transfer, a Permitted Transferee. The Transferee is acquiring
its Percentage Interest in the Certificate either (i) for its own account
or (ii) as nominee, trustee or agent for another Person and has attached
hereto an affidavit from such Person in substantially the same form as this
affidavit. The Transferee has no knowledge that any such affidavit is
false.
3. The Transferee has been advised of, and understands that (i) a tax
will be imposed on transfers of the Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferror,
or, if such transfer is through an agent (which includes a broker, nominee
or middleman) for a Person that is not a Permitted Transferee, on the
agent; and (iii) the Person otherwise liable for the tax shall be relieved
of liability for the tax if the subsequent Transferee furnished to such
Person an affidavit that such subsequent Transferee is a Permitted
Transferee and, at the time of transfer, such Person does not have actual
knowledge that the affidavit is false.
4. The Transferee has been advised of, and understands that, a tax
will be imposed on a "pass-through entity" holding the Certificate if at
any time during the taxable year of the pass through entity a Person that
is not a Permitted Transferee is the record holder of an interest in such
entity. The Transferee understands that such tax will not be imposed for
any period with respect to which the record holder furnishes to the
pass-through entity an affidavit that such record holder is a Permitted
Transferee and the pass-through entity does not have actual knowledge that
such affidavit is false. (For this purpose, a "pass-through entity"
includes a regulated investment company, a real estate investment trust or
common trust fund, a partnership trust or estate, and certain cooperatives
and, except as may be provided in Treasury Regulations, persons holding
interests in pass-through entities as a nominee for another Person.)
<PAGE>
5. The Transferee has reviewed the provisions of Section 4.02 of the
Agreement (incorporated herein by reference) and understands the legal
consequences of the acquisition of a Percentage Interest in the Certificate
including, without limitation, the restrictions on subsequent transfers and
the provisions regarding voiding the transfer and mandatory sales. The
Transferee expressly agrees to be bound by and to abide by the provisions
of Section 4.02 of the Agreement and the restrictions noted on the face of
the Certificate. The Transferee understands and agrees that any breach of
any of the representations included herein shall render the transfer to the
Transferee contemplated hereby null and void.
6. The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to transfer its Percentage Interest
in the Certificate, and in connection with any transfer by a Person for
whom the Transferee is acting as nominee, trustee or agent, and the
Transferee will not transfer its Percentage Interest or cause any
Percentage Interest to be transferred to any Person that the Transferee
knows is not a Permitted Transferee or if any purpose of such proposed
transfer is to impede the assessment or collection of tax. In connection
with any such transfer by the Transferee, the Transferee agrees to deliver
to the Trustee a certificate (a "Transfer Certificate") to the effect that
such Transferee has no actual knowledge that the Person to which the
transfer is to be made is not a Permitted Transferee.
7. The Transferee's taxpayer identification number is _____________.
8. No purpose of the Transferee relating to its purchase of a
Percentage Interest in the Certificate by the Transferee is or will be to
impede the assessment or collection of any tax.
9. The Transferee has no present knowledge or expectation that it will
be unable to pay any United States taxes owed by it so long as the
Certificate remains outstanding.
10. The Transferee has no present knowledge or expectation that it
will become insolvent or subject to a bankruptcy proceeding for so long as
any of the Certificates remain outstanding. In this regard, the Transferee
hereby represents to and for the benefit of the person from whom it
acquired the Class R Certificates that the Transferee intends to pay taxes
associated with holding such Class R Certificates as they become due, fully
understanding that it may incur tax liabilities in excess of any cash flows
generated by the Class R Certificates.
11. No purpose of the Transferee relating to any sale of any
Percentage Interest in the Certificate by the Transferee will be to impede
the assessment or collection of tax.
12. The Transferee is not a Non-United States Person.
-2-
<PAGE>
IN WITNESS WHEREOF, the Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
duly authorized officer and its corporate seal to be hereunto affixed, duly
attested, this ___ day of ______________, 19__
[NAME OF TRANSFEREE]
By: ________________________________
Name: ________________________________
Title:________________________________
[Corporate Seal]
ATTEST:
_______________________________
[Officer of Transferee]
-3-
<PAGE>
STATE OF )
) ss.:
COUNTY OF )
Personally appeared before me the above-named _______________, known or
proved to me to be the same person who executed the foregoing instrument and to
be the __________ of the Transferee, and acknowledged that he executed the same
as his free act and deed and the free act and deed of the Transferee.
Subscribed and sworn before me this ____ day of _____________, 19__.
__________________________________
NOTARY PUBLIC
My Commission expires the ____ day
of _____________, 19__
<PAGE>
EXHIBIT J-1
FORM OF TRANSFER CERTIFICATE
______________, 19__
[Trustee]
Attention: Corporate Trust
Re: AFC Mortgage Loan Asset Backed Certificates,
Series 1997-3
---------------------------------------------
Dear Sirs:
This letter is delivered to you in connection with the transfer by
_____________________ (the "Transferor") to ___________________ (the
"Transferee") of ____% Percentage Interest in the AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3, Class R (the "Certificate"), pursuant to Section
4.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of September 1, 1997, among Superior Bank FSB, as
depositor, Lee Servicing Company, a division of Superior Bank FSB, as servicer,
and LaSalle National Bank, as trustee. All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to, and
covenants with, the Trustee that:
1. No purpose of the Transferor relating to the transfer of the
Certificate by the Transferor to the Transferee is or will be to impede the
assessment or collection of any tax.
2. The Transferor understands that the Transferee has delivered to the
Trustee a Transfer Affidavit in the form attached to the Pooling and
Servicing Agreement as Exhibit J. The Transferor does not know or believe
that any representation contained therein is false.
3. The Transferor has at the time of the transfer conducted a
reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a
result of that investigation, the Transferor has determined that the
Transferee has historically paid its debts as they become due and has found
no significant evidence to indicate that the Transferee will not continue
to pay its debts as they become due in the future. The Transferor
understands that the transfer of the Certificates may not be respected for
United States income tax purposes (and the Transferor may continue to be
liable for United States income taxes associated therewith) unless the
Transferor has conducted such an investigation.
<PAGE>
4. The Transferor has no actual knowledge that the proposed Transferee
is not a Permitted Transferee or a Non-United States Person.
Very truly yours,
______________________________________
(Transferor)
By: ________________________________
Name: ________________________________
Title:________________________________
-2-
<PAGE>
EXHIBIT K
SPECIAL POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that I, __________________________, of
____________________ (the "Depositor"), do hereby constitute and appoint LaSalle
National Bank, as the true and lawful attorney, for the Depositor and in its
name, place and stead, to record the assignments of mortgage with respect to the
Mortgage Loans transferred to LaSalle National Bank, as trustee (the "Trustee"),
under that Pooling and Servicing Agreement dated as of September 1, 1997 by and
among the Depositor, the Trustee and Lee Servicing Company, a division of
Superior Bank FSB, as servicer, and to do and perform all other things and acts
relating to such assignments of mortgage as may be necessary to effectuate the
transfer of such Mortgage Loans to the Trustee, including the execution and
delivery of new assignments of mortgage where necessary to comply with
applicable real estate recording laws at the time of recordation.
This power of attorney is irrevocable and is coupled with an interest in
the Mortgage Loans, and it may at all times be relied upon by any person, firm
or corporation dealing with the attorney named herein as remaining in full force
and effect, and such person, firm or corporation shall have no liability to the
Depositor with respect thereto.
WITNESS the following signature this ___ day of __________, 199_.
______________________________________
By: ________________________________
Name: ________________________________
Title:________________________________
STATE OF ________________
COUNTY OF ________________, to wit:
I, ___________________, a Notary Public in and for the jurisdiction
aforesaid, do hereby certify that ______________________, who acknowledged
himself to be the _______________ of _____________________, a ______________
corporation, personally appeared before me in the jurisdiction aforesaid and
that he as such __________________ executed the foregoing instrument on behalf
of said corporation for the purposes therein contained.
Witness my hand and official seal to this ____ day of ___________, 199_.
_______________________ (SEAL)
Notary Public
My Commission Expires:
<PAGE>
EXHIBIT L
CUSTODIAL AGREEMENT
Dated ______________, 199_
______________________________, a ____________________, as Trustee (the
"Trustee") and _________________________________, a __________________________
("_________________"), agree as follows:
WHEREAS, concurrently herewith, the Trustee, Superior Bank FSB (the
"Depositor") and Lee Servicing Company, a division of Superior Bank FSB, (the
"Servicer) are entering into a Pooling and Servicing Agreement, dated as of
September 1, 1997, relating to AFC Mortgage Loan Asset Backed Certificates,
Series 1997-3 (the "Pooling Agreement", the terms defined therein being used
herein with the same meaning) pursuant to which the Depositor shall transfer,
assign, set-over and otherwise convey to the Trustee, without recourse, all of
the Depositor's right, title and interest in and to the mortgage loans
consisting of Sub-Pool 1 and Sub-Pool 2 identified in Exhibits H-1 and H-2 to
the Pooling Agreement (the "Mortgage Loans"), other than as to the Depositor's
Yield; and
WHEREAS, in connection with such transfer and assignment and pursuant to
the Pooling Agreement, the Trustee shall hold, directly or pursuant to a
custodial agreement, the Trustee's Mortgage Files;
WITNESSETH THAT, in consideration of the premises and of the mutual
agreements herein contained, _________________ and the Trustee agree as follows:
1. Appointment as Custodian; Acknowledgment of Receipt. Subject to the
terms and conditions herein, the Trustee hereby appoints ________________,
and ______________ hereby accepts such appointment, as its Custodian to
maintain custody of the Trustee's Mortgage Files. __________________ hereby
acknowledges receipt of the Mortgage Notes, the Mortgages, the assignments
and other documents relating to the Mortgage Loans referred to in Section
2.04, except for the items referred to in Section 2.04(f), of the Pooling
Agreement. The Trustee shall be liable for all of _______________________
fees under this Agreement.
2. Maintenance of Office. __________________ agrees to maintain each
Trustee's Mortgage File identified in Section 2.04 of the Pooling
Agreement, which is incorporated herein by reference, at the office of
___________________ located at
_______________________________________________ or at such other office of
_________________ in ____________________ as ________________ shall
designate from time to time after giving the Trustee 30 days' prior written
notice.
-1-
<PAGE>
3. Duties of Custodian. As Custodian, _____________ shall have and
perform the following powers and duties:
(a) Safekeeping. To segregate the Trustee's Mortgage Files from
all other mortgages and mortgage notes and similar records in its
possession, to identify the Trustee's Mortgage Files as being held and
to hold the Trustee's Mortgage Files for and on behalf of the Trustee
for the benefit of all present and future Certificateholders, to
maintain accurate records pertaining to each Mortgage Note and
Mortgage in the Trustee's Mortgage Files as will enable the Trustee to
comply with the terms and conditions of the Pooling Agreement, to
maintain at all times a current inventory thereof and to conduct
periodic physical inspections of the Trustee's Mortgage Files held by
it under this Agreement in such a manner as shall enable the Trustee
and _________________ to verify the accuracy of such record-keeping,
inventory and physical possession. _________________ will promptly
report to the Trustee any failure on its part to hold the Trustee's
Mortgage Files as herein provided and promptly take appropriate action
to remedy any such failure.
(b) Release of Documents. To release any Mortgage Note and
Mortgage in the Trustee's Mortgage Files as provided in the Pooling
Agreement.
(c) Administration; Reports. In general, to attend to all
non-discretionary details in connection with maintaining custody of
the Trustee's Mortgage Files on behalf of the Trustee. In addition,
________________ shall assist the Trustee generally in the preparation
of reports to Certificateholders or to regulatory bodies to the extent
necessitated by ________________ custody of the Trustee's Mortgage
Files.
4. Access to Records. __________________ shall permit the Trustee or
its duly authorized depositors, attorneys or auditors and those persons
permitted access pursuant to Section 5.13 of the Pooling Agreement to
inspect the Trustee's Mortgage Files and the books and records maintained
by __________________ pursuant hereto at such times as they may reasonably
request, subject only to compliance with the terms of the Pooling
Agreement.
5. Instructions; Authority to Act. ______________ shall be deemed to
have received proper instructions with respect to the Trustee's Mortgage
Files upon its receipt of written instructions signed by a Responsible
Officer of the Trustee. A certified copy of a resolution of the Board of
Directors of the Trustee may be accepted by _______________ as conclusive
evidence of the authority of any such officer to act and may be considered
as in full force and effect until receipt of written notice to the contrary
by ______________ from the Trustee. Such instructions may be general or
specific in terms.
6. Indemnification by ____________________. _________________ agrees
to indemnify the Trustee for any and all liabilities, obligations, losses,
damages, payments, costs or expenses, including attorneys fees, of any kind
whatsoever which may be imposed on, incurred by or
-2-
<PAGE>
asserted against the Trustee as the result of any act or omission in any
way relating to the maintenance and custody by ___________________ of the
Trustee's Mortgage Files; provided, however, that ___________________ shall
not be liable for any portion of any such amount resulting from the gross
negligence or wilful misconduct of the Trustee.
7. Advice of Counsel. __________________ and the Trustee further agree
that ____________________ shall be entitled to rely and act upon the advice
of counsel with respect to its performance hereunder as Custodian and shall
be without liability for any action reasonably taken pursuant to such
advice, provided that such action is not in violation of applicable Federal
or State law. This paragraph shall not negate _______________ obligations
under paragraph 6 above.
8. Effective Period, Termination and Amendment, and Interpretive and
Additional Provisions. This Agreement shall become effective as of the date
hereof and shall continue in full force and effect until terminated as
hereinafter provided, and may be amended at any time by mutual agreement of
the parties hereto. This Agreement may be terminated by either party in a
writing delivered or mailed, postage prepaid, to the other party, such
termination to take effect no sooner than sixty (60) days after the date of
such delivery or mailing. Concurrently with, or as soon as practicable
after, the termination of this Agreement, _________________ shall redeliver
the Trustee's Mortgage Files to the Trustee at such place as the Trustee
may reasonably designate. In connection with the administration of this
Agreement, ________________ and the Trustee may agree from time to time
upon the interpretation of the provisions of this Agreement as may in their
opinion by consistent with the general tenor and purposes of this
Agreement, any such interpretation to be signed and annexed hereto.
9. Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York.
10. Notices. Notices and other writings shall be delivered or mailed,
postage prepaid, to the Trustee at, or to
____________________________________________________ at,
____________________________________, Attention: ______________________; or
to such other address as the Trustee or ________________ may hereafter
specify in writing. Notices or other writings shall be effective only upon
actual receipt by the parties.
11. Binding Effect. This Agreement shall be binding upon and shall
inure to the benefit of the Trustee and ____________________ and their
respective successors and assigns. Concurrently with the appointment of a
successor trustee as provided in Section 12.08 of the Pooling Agreement,
the Trustee and ___________________ shall amend this Agreement to make said
successor trustee the successor to the Trustee hereunder.
12. Counterparts. This Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts,
each of which, when so executed, shall be deemed to be an original; such
counterparts, together, shall constitute one and the same agreement.
-3-
<PAGE>
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed in its name and on its behalf by a duly authorized officer as of the
day and year first above written.
LASALLE NATIONAL BANK,
as Trustee under the Pooling
Agreement referred to above
By: _________________________________
_____________________________________,
as Custodian
By: __________________________________
<PAGE>
EXHIBIT M
FORM OF LIQUIDATION REPORT
Customer Name:
Account Number:
Original Principal Balance:
1. Liquidation Proceeds
Principal Prepayment .............. $_______
Property Sale Proceeds ............ _______
Insurance Proceeds ................ _______
Other (Itemize) ................... _______
Total Proceeds .................. $_______
2. Servicing Advances ................... $_______
Monthly Advances ..................... _______
Servicing Fees ....................... _______
Annual Trustee Expense Amount ........ _______
Total Advances .................. $_______
3. Net Liquidation Proceeds ............. $_______
(Line 1 minus Line 2)
4. Principal Balance of the Mortgage
Loan on date of liquidation ........ $_______
5. Realized Loss, if any $ .............. $_______
(Line 4 minus Line 3)
<PAGE>
<TABLE>
EXHIBIT N
FORM OF DELINQUENCY REPORT
DELINQUENCY AND FORECLOSURE INFORMATION
<CAPTION>
REO FORECLOSURES
--------------------------------------
OUTSTANDING # # OF # OF OUTSTANDING # OF OUTSTANDING
INVESTOR DOLLARS ACCT RANGES AMOUNT ACCTS. PCT ACCTS. DOLLARS % ACCTS DOLLARS %
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
REMIC
199_-__ 30 TO 59 DAYS
60 TO 89 DAYS
90 AND OVER
TOTALS
</TABLE>
<PAGE>
EXHIBIT O
CERTIFICATE INSURANCE POLICY
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
SURETY BOND
Issuer: AFC Mortgage Loan Policy Number: 97010571
Trust 1997-3 Control Number: 0010001
Insured Obligations:
$300,000,000 in principal amount
of AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3, Class A
Certificates (the "Certificates")
Trustee: LaSalle National Bank, as Trustee
Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of its receipt of the Deposit Premium and
subject to the terms of this Surety Bond, hereby unconditionally and irrevocably
agrees to pay each Insured Payment to the Trustee named above or its successor,
as trustee for the Holders of the Certificates, to the extent set forth in the
Pooling and Servicing Agreement.
Financial Guaranty will make an Insured Payment (other than that portion of an
Insured Payment constituting a Preference Amount) out of its own funds by 2:00
p.m. (New York City Time) in immediately available funds to the Trustee on the
later of (i) the Business Day next following the day on which Financial Guaranty
shall have received Notice that an Insured Payment is due and (ii) the
Remittance Date on which the Insured Payment is distributable to
Certificateholders pursuant to the Pooling and Servicing Agreement, for
disbursement to such Certificateholders in the same manner as other payments
with respect to the Certificates are required to be made. Any Notice received by
Financial Guaranty after 2:00 p.m. New York City time on a given Business Day or
on any day that is not a Business Day shall be deemed to have been received by
Financial Guaranty on the next succeeding Business Day.
Upon such payment, Financial Guaranty shall be fully subrogated to the rights of
the Certificateholders to receive the amount so paid. Financial Guaranty's
obligations hereunder with respect to each Remittance Date shall be discharged
to the extent funds consisting of the Insured Payment are received by the
Trustee on behalf of the Certificateholders for distribution to such
Certificateholders, as provided in the Pooling
Form 9109
Page 1 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
SURETY BOND
and Servicing Agreement and herein, whether or not such funds are properly
applied by the Trustee.
If the payment of any portion or all of any amount that is insured hereunder is
voided pursuant to a final order of a court exercising proper jurisdiction in an
insolvency proceeding to the effect that the Trustee or the Certificateholder,
as the case may be, is required to return any such payment or portion thereof
prior to the expiration date of this Surety Bond because such payment was voided
under the U. S. Bankruptcy Code, with respect to which order the appeal period
has expired without an appeal having been filed (a "Final Order"), and, as a
result, the Trustee or any Certificateholder is required to return such voided
payment, or any portion of such voided payment made in respect of the
Certificates (a "Preference Amount"), Financial Guaranty will pay on the
guarantee described in the first paragraph hereof, an amount equal to each such
Preference Amount, on the second Business Day following receipt by Financial
Guaranty of (x) a certified copy of the Final Order, (y) an assignment, in form
reasonably satisfactory to Financial Guaranty, irrevocably assigning to
Financial Guaranty all rights and claims of the Trustee and/or such
Certificateholder relating to or arising under such Preference Amount and
appointing Financial Guaranty as the agent of the Trustee and/or such
Certificateholder in respect of such Preference Amount, and (z) a Notice
appropriately completed and executed by the Trustee or such Certificateholder,
as the case may be. Such payment shall be made to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Final Order and not
to the Trustee or Certificateholder directly (unless a Certificateholder has
previously paid such amount to such receiver, conservator, debtor-in-possession
or trustee named in such Final Order in which case payment shall be made to the
Trustee for distribution to the Certificateholder upon proof of such payment
reasonably satisfactory to Financial Guaranty). Notwithstanding the foregoing,
in no event shall Financial Guaranty be (i) required to make any payment under
this Surety Bond in respect of any Preference Amount to the extent such
Preference Amount is comprised of amounts previously paid by Financial Guaranty
hereunder, or (ii) obligated to make any payment in respect of any Preference
Amount, which payment represents a payment of the principal amount of the
Certificates, prior to the time Financial Guaranty otherwise would have been
required to make a payment in respect of such principal.
Financial Guaranty shall make payments due in respect of Preference Amounts
prior to 2:00 p.m. New York city time on the second Business Day following
Financial Guaranty's receipt of the documents required under clauses (x) through
(z) of the preceding paragraph. Any such documents received by Financial
Guaranty after 2:00 p.m. New York City time on a given Business Day or on any
day that is not a Business
Form 9109
Page 2 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
SURETY BOND
Day shall be deemed to have been received by Financial Guaranty on the next
succeeding Business Day. All payments made by Financial Guaranty hereunder in
respect of Preference Amounts will be made with Financial Guaranty's own funds.
This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of the Certificates prior to their respective maturities.
This Surety Bond shall expire and terminate without any action on the part of
Financial Guaranty or any other Person on the date that is one year and one day
following the date on which the Certificates shall have been paid in full.
The Deposit Premium shall be due and payable on the date hereof, and a monthly
premium shall be due and payable as provided in the Pooling and Servicing
Agreement.
This Surety Bond is subject to and shall be governed by the laws of the State of
New York. The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York. The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).
Capitalized terms used and not defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. "Notice" means a written
notice in the form of Exhibit A to this Surety Bond by registered or certified
mail or telephonic or telegraphic notice, subsequently confirmed by written
notice delivered via telecopy, telex or hand delivery from the Trustee to
Financial Guaranty specifying the information set forth therein.
"Certificateholder" means, as to a particular Certificate, the person, other
than the Trust, the Servicer, any Subservicer or the Depositor who, on the
applicable Remittance Date is entitled under the terms of such Certificate to
payment thereof. "Pooling and Servicing Agreement" means the Pooling and
Servicing Agreement by and among Superior Bank FSB, as Depositor, Lee Servicing
Company, a division of Superior Bank FSB, as Servicer, and LaSalle National
Bank, as Trustee, dated as of September 1, 1997.
In the event that payments under any Certificate is accelerated, nothing herein
contained shall obligate Financial Guaranty to make any payment of principal or
interest on such Certificates on an accelerated basis, unless such acceleration
of payment by Financial Guaranty is at the sole option of Financial Guaranty; it
being understood that a payment shortfall in respect of the Certificates by
reason of the purchase by the Servicer pursuant
Form 9109
Page 3 of 4
<PAGE>
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
SURETY BOND
to Section 11.01 of the Pooling and Servicing Agreement does not constitute
acceleration for the purposes hereof.
IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.
- ---------------------------------- -------------------------------------
President Authorized Representative
Effective Date: September 25, 1997
Form 9109
Page 4 of 4
<PAGE>
EXHIBIT A
NOTICE
To: Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
Attention: General Counsel
Telephone: (212) 312-3000
Telecopier: (212) 312-3093
Re: AFC Mortgage Loan Trust 1997-3,
AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3
Policy No. 97010571
Determination Date: _________________________
Remittance Date: ___________________________
We refer to that certain Pooling and Servicing Agreement dated as of September
1, 1997, by and among Superior Bank FSB, as Depositor, Lee Servicing Company, a
division of Superior Bank FSB, as Servicer, and LaSalle National Bank, as
Trustee (the "Pooling and Servicing Agreement"), relating to the above
referenced Certificates. All capitalized terms not otherwise defined herein or
in the Surety Bond shall have the same respective meanings assigned to such
terms in the Pooling and Servicing Agreement.
(a) As of the Determination Date and based upon the Servicer's Certificate for
such Determination Date, the Trustee has determined under the Pooling and
Servicing Agreement that in respect of the Remittance Date set forth above:
(i) The Class A Interest Remittance Amount with respect to all related
Classes of Class A Certificates with respect to Sub-Pool [1][2] due and
owing is $____________;
(ii) The Class A Principal Remittance Amount with respect to Sub-Pool
[1][2], exclusive of the amount set forth in clause B(vi) of the definition
thereof if not paid by the Depositor, due and owing is $______________;
(iii) The Available Remittance Amount (minus the amount withdrawable
from the Sub-Pool [1][2] Certificate Account to pay the Certificate Insurer
pursuant to Section 6.02(i) of the Agreement and as reduced by any portion
thereof that has been deposited in
<PAGE>
the Sub-Pool [1][2] Certificate Account but may not be withdrawn therefrom
pursuant to an order of a United States bankruptcy court of competent
jurisdiction imposing a stay pursuant to Section 362 of the United States
Bankruptcy Code) is $__________________;
(iv) The lesser of (1) the sum of the (a) Excess Spread to be
deposited into the Sub-Pool [1][2] Certificate Account pursuant to Section
5.04(i) of the Agreement, (b) the Net Excess Spread from the other Sub-Pool
and (c) the Excess Principal from the other Sub-Pool and (2) the
Subordinated Amount, is $_______________;
(v) The aggregate amount of unreimbursed Insured Payments (including
any portion constituting Preference Amounts), together with the aggregate
portion of the items described in clauses (i) and (ii) above that
represents interest accrued in respect of Insured Payments in accordance
with the definition of Class A Carry-Forward Amount in the Agreement, is
$_______________;
(vi) The additional portion of the Amount Available constituting
Excess Spread available to pay the Class A Interest Remittance Amount with
respect to all related Classes of Class A Certificates pursuant to Sections
6.06(c)(A)(Y)(i) through (vii) with respect to Sub-Pool 1 and Section
6.06(c)(B)(Y)(i) with respect to Sub-Pool 2 is $_________________.
(vii) The aggregate amount to be withdrawn from the Sub-Pool [1][2]
Reserve Account and deposited into the Sub-Pool [1][2] Certificate Account
pursuant to Section 6.14(c) of the Agreement is $______________.
Please be advised that the amounts described in clauses (i) and (ii) above
collectively exceed the amounts described in clauses [,prior to the Cross-Over
Date, (iii), (iv) and,] (v) [on or after the Cross-Over Date, clauses (iii), (v)
and (vi) (in the case of Sub-Pool 1),] and (vii) above by $______________.
Accordingly, pursuant to the Pooling and Servicing Agreement, this statement
constitutes a notice for payment of an Insured Payment in the amount of
$_______________ under the Surety Bond.
[Attached hereto is a copy of the Final Order in connection with a Preference
Amount in the amount set forth therein, together with an assignment of rights
and appointment of agent.]
(b) No payment claimed hereunder is in excess of the amount payable under the
[Surety Bond].
The amount requested in this Notice should be paid to: [Payment
Instructions]
<PAGE>
Any person who knowingly and with intent to defraud any insurance company or
other person files an application for insurance or statement of claim containing
any materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act, which is a crime, and shall also be subject to a civil penalty not to
exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for
each such violation.
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice this
_____ day of ______________.
_________________________________________,
as Trustee
By:_______________________________________
Title:____________________________________
AFC 97-3 POLICY
#64427v2
<PAGE>
EXHIBIT P
PRINCIPAL PAYMENT TABLES
<PAGE>
Alliance 1997-3
Principal Prepayment Table
Class A Class 2A
Principal Principal
Balance Balance
--------- ----------
75,270,504.81 115,690,188.57
1 Sep-97 75,270,504.81 Sep-97 115,690,188.57
2 Oct-97 75,270,504.81 Oct-97 115,690,188.57
3 Nov-97 75,270,504.81 Nov-97 115,690,188.57
4 Dec-97 75,270,504.81 Dec-97 115,690,188.57
5 Jan-98 75,270,504.81 Jan-98 115,690,188.57
6 Feb-98 75,270,504.81 Feb-98 115,690,188.57
7 Mar-98 75,270,504.81 Mar-98 115,690,188.57
8 Apr-98 75,270,504.81 Apr-98 115,690,188.57
9 May-98 75,270,504.81 May-98 115,690,188.57
10 Jun-98 75,270,504.81 Jun-98 115,690,188.57
11 Jul-98 75,270,504.81 Jul-98 115,690,188.57
12 Aug-98 75,270,504.81 Aug-98 115,690,188.57
13 Sep-98 75,270,504.81 Sep-98 115,690,188.57
14 Oct-98 75,270,504.81 Oct-98 115,690,188.57
15 Nov-98 75,270,504.81 Nov-98 115,690,188.57
16 Dec-98 75,270,504.81 Dec-98 115,690,188.57
17 Jan-99 75,270,504.81 Jan-99 115,690,188.57
18 Feb-99 75,270,504.81 Feb-99 115,690,188.57
19 Mar-99 75,270,504.81 Mar-99 115,690,188.57
20 Apr-99 75,270,504.81 Apr-99 115,690,188.57
21 May-99 75,270,504.81 May-99 115,690,188.57
22 Jun-99 75,270,504.81 Jun-99 115,690,188.57
23 Jul-99 75,270,504.81 Jul-99 115,690,188.57
24 Aug-99 75,270,504.81 Aug-99 115,690,188.57
25 Sep-99 75,270,504.81 Sep-99 115,690,188.57
26 Oct-99 75,270,504.81 Oct-99 115,690,188.57
27 Nov-99 75,270,504.81 Nov-99 115,690,188.57
28 Dec-99 75,270,504.81 Dec-99 115,690,188.57
29 Jan-2000 75,270,504.81 Jan-2000 115,690,188.57
30 Feb-2000 75,270,504.81 Feb-2000 115,690,188.57
31 Mar-2000 75,270,504.81 Mar-2000 115,690,188.57
32 Apr-2000 75,270,504.81 Apr-2000 115,690,188.57
33 May-2000 75,270,504.81 May-2000 115,690,188.57
34 Jun-2000 75,270,504.81 Jun-2000 115,690,188.57
35 Jul-2000 75,270,504.81 Jul-2000 115,690,188.57
36 Aug-2000 75,270,504.81 Aug-2000 115,690,188.57
37 Sep-2000 75,270,504.81 Sep-2000 115,690,188.57
38 Oct-2000 75,270,504.81 Oct-2000 115,690,188.57
39 Nov-2000 75,270,504.81 Nov-2000 115,690,188.57
40 Dec-2000 75,270,504.81 Dec-2000 115,690,188.57
41 Jan-2001 75,270,504.81 Jan-2001 115,690,188.57
Page 1
<PAGE>
42 Feb-2001 75,270,504.81 Feb-2001 115,690,188.57
43 Mar-2001 75,270,504.81 Mar-2001 115,690,188.57
44 Apr-2001 75,270,504.81 Apr-2001 115,690,188.57
45 May-2001 75,270,504.81 May-2001 115,690,188.57
46 Jun-2001 75,270,504.81 Jun-2001 115,690,188.57
47 Jul-2001 75,270,504.81 Jul-2001 115,690,188.57
48 Aug-2001 75,270,504.81 Aug-2001 115,690,188.57
49 Sep-2001 75,270,504.81 Sep-2001 115,690,188.57
50 Oct-2001 75,270,504.81 Oct-2001 115,690,188.57
51 Nov-2001 75,270,504.81 Nov-2001 115,690,188.57
52 Dec-2001 75,270,504.81 Dec-2001 115,690,188.57
53 Jan-2002 75,270,504.81 Jan-2002 115,690,188.57
54 Feb-2002 75,270,504.81 Feb-2002 115,690,188.57
55 Mar-2002 75,270,504.81 Mar-2002 115,690,188.57
56 Apr-2002 75,270,504.81 Apr-2002 115,690,188.57
57 May-2002 75,270,504.81 May-2002 115,690,188.57
58 Jun-2002 75,270,504.81 Jun-2002 115,690,188.57
59 Jul-2002 75,270,504.81 Jul-2002 115,690,188.57
60 Aug-2002 75,270,504.81 Aug-2002 115,690,188.57
61 Sep-2002 69,365,083.76 Sep-2002 111,295,230.75
62 Oct-2002 69,236,539.91 Oct-2002 111,202,975.11
63 Nov-2002 69,106,755.33 Nov-2002 111,109,948.67
64 Dec-2002 68,975,718.05 Dec-2002 111,016,144.98
65 Jan-2003 68,843,415.97 Jan-2003 110,921,557.56
66 Feb-2003 68,709,836.88 Feb-2003 110,826,179.85
67 Mar-2003 68,574,968.46 Mar-2003 110,730,005.25
68 Apr-2003 68,438,798.26 Apr-2003 110,633,027.10
69 May-2003 68,301,313.72 May-2003 110,535,238.69
70 Jun-2003 68,162,502.15 Jun-2003 110,436,633.26
71 Jul-2003 68,022,350.73 Jul-2003 110,337,203.96
72 Aug-2003 67,880,846.55 Aug-2003 110,236,943.93
73 Sep-2003 67,737,976.52 Sep-2003 110,135,846.21
74 Oct-2003 67,593,727.49 Oct-2003 110,033,903.82
75 Nov-2003 67,448,086.12 Nov-2003 109,931,109.69
76 Dec-2003 67,301,038.99 Dec-2003 109,827,456.70
77 Jan-2004 67,152,572.52 Jan-2004 109,722,937.69
78 Feb-2004 67,002,673.01 Feb-2004 109,617,545.41
79 Mar-2004 66,851,326.63 Mar-2004 109,511,272.57
80 Apr-2004 66,698,519.41 Apr-2004 109,404,111.81
81 May-2004 66,544,237.25 May-2004 109,296,055.71
82 Jun-2004 66,388,465.92 Jun-2004 109,187,096.80
83 Jul-2004 66,231,191.03 Jul-2004 109,077,227.52
84 Aug-2004 66,072,398.08 Aug-2004 108,966,440.28
85 Sep-2004 65,912,072.41 Sep-2004 108,854,727.40
86 Oct-2004 65,750,199.23 Oct-2004 108,742,081.15
87 Nov-2004 65,586,763.59 Nov-2004 108,628,493.74
88 Dec-2004 65,421,750.42 Dec-2004 108,513,957.29
89 Jan-2005 65,255,144.49 Jan-2005 108,398,463.88
90 Feb-2005 65,086,930.42 Feb-2005 108,282,005.51
Page 2
<PAGE>
91 Mar-2005 64,917,092.69 Mar-2005 108,164,574.12
92 Apr-2005 64,745,615.63 Apr-2005 108,046,161.58
93 May-2005 64,572,483.41 May-2005 107,926,759.70
94 Jun-2005 64,397,680.05 Jun-2005 107,806,360.20
95 Jul-2005 64,221,189.43 Jul-2005 107,684,954.76
96 Aug-2005 64,042,995.25 Aug-2005 107,562,534.96
97 Sep-2005 63,863,081.08 Sep-2005 107,439,092.34
98 Oct-2005 63,681,430.30 Oct-2005 107,314,618.34
99 Nov-2005 63,498,026.16 Nov-2005 107,189,104.35
100 Dec-2005 63,312,851.73 Dec-2005 107,062,541.68
101 Jan-2006 63,125,889.92 Jan-2006 106,934,921.57
102 Feb-2006 62,937,123.48 Feb-2006 106,806,235.19
103 Mar-2006 62,746,534.99 Mar-2006 106,676,473.61
104 Apr-2006 62,554,106.86 Apr-2006 106,545,627.87
105 May-2006 62,359,821.33 May-2006 106,413,688.90
106 Jun-2006 62,163,660.47 Jun-2006 106,280,647.58
107 Jul-2006 61,965,606.18 Jul-2006 106,146,494.68
108 Aug-2006 61,765,640.18 Aug-2006 106,011,220.92
109 Sep-2006 61,563,744.02 Sep-2006 105,874,816.93
110 Oct-2006 61,359,899.06 Oct-2006 105,737,273.28
111 Nov-2006 61,154,086.50 Nov-2006 105,598,580.45
112 Dec-2006 60,946,287.34 Dec-2006 105,458,728.82
113 Jan-2007 60,736,482.40 Jan-2007 105,317,708.72
114 Feb-2007 60,524,652.33 Feb-2007 105,175,510.38
115 Mar-2007 60,310,777.56 Mar-2007 105,032,123.97
116 Apr-2007 60,094,838.38 Apr-2007 104,887,539.55
117 May-2007 59,876,814.84 May-2007 104,741,747.12
118 Jun-2007 59,656,686.83 Jun-2007 104,594,736.58
119 Jul-2007 59,434,434.03 Jul-2007 104,446,497.75
120 Aug-2007 59,210,035.93 Aug-2007 104,297,020.37
121 Sep-2007 58,983,471.82 Sep-2007 104,146,294.10
122 Oct-2007 58,754,720.80 Oct-2007 103,994,308.50
123 Nov-2007 58,523,761.75 Nov-2007 103,841,053.05
124 Dec-2007 58,290,573.35 Dec-2007 103,686,517.13
125 Jan-2008 58,055,134.10 Jan-2008 103,530,690.05
126 Feb-2008 57,817,422.26 Feb-2008 103,373,561.03
127 Mar-2008 57,577,415.89 Mar-2008 103,215,119.18
128 Apr-2008 57,335,092.84 Apr-2008 103,055,353.53
129 May-2008 57,090,430.75 May-2008 102,894,253.03
130 Jun-2008 56,843,407.05 Jun-2008 102,731,806.52
131 Jul-2008 56,593,998.92 Jul-2008 102,568,002.76
132 Aug-2008 56,342,183.37 Aug-2008 102,402,830.40
133 Sep-2008 56,087,937.14 Sep-2008 102,236,278.02
134 Oct-2008 55,831,236.77 Oct-2008 102,068,334.07
135 Nov-2008 55,572,058.58 Nov-2008 101,898,986.94
136 Dec-2008 55,310,378.64 Dec-2008 101,728,224.90
137 Jan-2009 55,046,172.80 Jan-2009 101,556,036.13
138 Feb-2009 54,779,416.68 Feb-2009 101,382,408.71
139 Mar-2009 54,510,085.67 Mar-2009 101,207,330.61
Page 3
<PAGE>
140 Apr-2009 54,238,154.90 Apr-2009 101,030,789.73
141 May-2009 53,963,599.29 May-2009 100,852,773.83
142 Jun-2009 53,686,393.48 Jun-2009 100,673,270.59
143 Jul-2009 53,406,511.90 Jul-2009 100,492,267.59
144 Aug-2009 53,123,928.72 Aug-2009 100,309,752.29
145 Sep-2009 52,838,617.86 Sep-2009 100,125,712.06
146 Oct-2009 52,550,552.99 Oct-2009 99,940,134.16
147 Nov-2009 52,259,707.53 Nov-2009 99,753,005.74
148 Dec-2009 51,966,054.62 Dec-2009 99,564,313.85
149 Jan-2010 51,669,567.17 Jan-2010 99,374,045.42
150 Feb-2010 51,370,217.82 Feb-2010 99,182,187.29
151 Mar-2010 51,067,978.95 Mar-2010 98,988,726.16
152 Apr-2010 50,762,822.64 Apr-2010 98,793,648.65
153 May-2010 50,454,720.76 May-2010 98,596,941.25
154 Jun-2010 50,143,644.85 Jun-2010 98,398,590.34
155 Jul-2010 49,829,566.21 Jul-2010 98,198,582.20
156 Aug-2010 49,512,455.86 Aug-2010 97,996,902.97
157 Sep-2010 49,192,284.52 Sep-2010 97,793,538.69
158 Oct-2010 48,869,022.65 Oct-2010 97,588,475.29
159 Nov-2010 48,542,640.42 Nov-2010 97,381,698.56
160 Dec-2010 48,213,107.70 Dec-2010 97,173,194.20
161 Jan-2011 47,880,394.08 Jan-2011 96,962,947.77
162 Feb-2011 47,544,468.85 Feb-2011 96,750,944.71
163 Mar-2011 47,205,301.01 Mar-2011 96,537,170.35
164 Apr-2011 46,862,859.27 Apr-2011 96,321,609.88
165 May-2011 46,517,112.00 May-2011 96,104,248.39
166 Jun-2011 46,168,027.31 Jun-2011 95,885,070.83
167 Jul-2011 45,815,572.98 Jul-2011 95,664,062.02
168 Aug-2011 45,459,716.47 Aug-2011 95,441,206.66
169 Sep-2011 45,100,424.96 Sep-2011 95,216,489.33
170 Oct-2011 44,737,665.26 Oct-2011 94,989,894.47
171 Nov-2011 44,371,403.92 Nov-2011 94,761,406.38
172 Dec-2011 44,001,607.11 Dec-2011 94,531,009.26
173 Jan-2012 43,628,240.73 Jan-2012 94,298,687.15
174 Feb-2012 43,251,270.29 Feb-2012 94,064,423.98
175 Mar-2012 42,870,661.02 Mar-2012 93,828,203.51
176 Apr-2012 42,486,377.79 Apr-2012 93,590,009.40
177 May-2012 42,098,385.12 May-2012 93,349,825.16
178 Jun-2012 41,706,647.22 Jun-2012 93,107,634.16
179 Jul-2012 18,616,654.48 Jul-2012 92,863,419.64
180 Aug-2012 18,262,882.34 Aug-2012 92,617,164.68
181 Sep-2012 17,905,705.15 Sep-2012 92,368,852.24
182 Oct-2012 17,545,090.13 Oct-2012 92,118,465.13
183 Nov-2012 17,181,004.19 Nov-2012 91,865,986.02
184 Dec-2012 16,813,413.92 Dec-2012 91,611,397.42
185 Jan-2013 16,442,285.59 Jan-2013 91,354,681.71
186 Feb-2013 16,067,585.16 Feb-2013 91,095,821.12
187 Mar-2013 15,689,278.23 Mar-2013 90,834,797.73
188 Apr-2013 15,307,330.10 Apr-2013 90,571,593.47
Page 4
<PAGE>
189 May-2013 14,921,705.72 May-2013 90,306,190.11
190 Jun-2013 14,532,369.70 Jun-2013 90,038,569.29
191 Jul-2013 14,139,286.32 Jul-2013 89,768,712.47
192 Aug-2013 13,742,419.52 Aug-2013 89,496,600.97
193 Sep-2013 13,341,732.87 Sep-2013 89,222,215.97
194 Oct-2013 12,937,189.62 Oct-2013 88,945,538.45
195 Nov-2013 12,528,752.64 Nov-2013 88,666,549.27
196 Dec-2013 12,116,384.45 Dec-2013 88,385,229.11
197 Jan-2014 11,700,047.21 Jan-2014 88,101,558.49
198 Feb-2014 11,279,702.73 Feb-2014 87,815,517.79
199 Mar-2014 10,855,312.44 Mar-2014 87,527,087.19
200 Apr-2014 10,426,837.38 Apr-2014 87,236,246.73
201 May-2014 9,994,238.26 May-2014 86,942,976.27
202 Jun-2014 9,557,475.37 Jun-2014 86,647,255.52
203 Jul-2014 9,116,508.63 Jul-2014 86,349,063.99
204 Aug-2014 8,671,297.60 Aug-2014 86,048,381.05
205 Sep-2014 8,221,801.40 Sep-2014 85,745,185.88
206 Oct-2014 7,767,978.80 Oct-2014 85,439,457.48
207 Nov-2014 7,309,788.17 Nov-2014 85,131,174.70
208 Dec-2014 6,847,187.44 Dec-2014 84,820,316.19
209 Jan-2015 6,380,134.19 Jan-2015 84,506,860.44
210 Feb-2015 5,908,585.55 Feb-2015 84,190,785.73
211 Mar-2015 5,432,498.25 Mar-2015 83,872,070.19
212 Apr-2015 4,951,828.61 Apr-2015 83,550,691.76
213 May-2015 4,466,532.52 May-2015 83,226,628.19
214 Jun-2015 3,976,565.47 Jun-2015 82,899,857.03
215 Jul-2015 3,481,882.47 Jul-2015 82,570,355.68
216 Aug-2015 2,982,438.16 Aug-2015 82,238,101.31
217 Sep-2015 2,478,186.69 Sep-2015 81,903,070.94
218 Oct-2015 1,969,081.80 Oct-2015 81,565,241.35
219 Nov-2015 1,455,076.78 Nov-2015 81,224,589.17
220 Dec-2015 936,124.46 Dec-2015 80,881,090.82
221 Jan-2016 412,177.23 Jan-2016 80,534,722.50
222 Feb-2016 0.00 Feb-2016 80,185,460.25
223 Mar-2016 0.00 Mar-2016 79,833,279.89
224 Apr-2016 0.00 Apr-2016 79,478,157.03
225 May-2016 0.00 May-2016 79,120,067.08
226 Jun-2016 0.00 Jun-2016 78,758,985.27
227 Jul-2016 0.00 Jul-2016 78,394,886.59
228 Aug-2016 0.00 Aug-2016 78,027,745.83
229 Sep-2016 0.00 Sep-2016 77,657,537.58
230 Oct-2016 0.00 Oct-2016 77,284,236.21
231 Nov-2016 0.00 Nov-2016 76,907,815.88
232 Dec-2016 0.00 Dec-2016 76,528,250.52
233 Jan-2017 0.00 Jan-2017 76,145,513.86
234 Feb-2017 0.00 Feb-2017 75,759,579.41
235 Mar-2017 0.00 Mar-2017 75,370,420.44
236 Apr-2017 0.00 Apr-2017 74,978,010.02
237 May-2017 0.00 May-2017 74,582,320.97
Page 5
<PAGE>
238 Jun-2017 0.00 Jun-2017 74,183,325.91
239 Jul-2017 0.00 Jul-2017 73,780,997.21
240 Aug-2017 0.00 Aug-2017 73,375,307.03
241 Sep-2017 0.00 Sep-2017 72,966,227.26
242 Oct-2017 0.00 Oct-2017 72,553,729.61
243 Nov-2017 0.00 Nov-2017 72,137,785.50
244 Dec-2017 0.00 Dec-2017 71,718,366.14
245 Jan-2018 0.00 Jan-2018 71,295,442.50
246 Feb-2018 0.00 Feb-2018 70,868,985.29
247 Mar-2018 0.00 Mar-2018 70,438,965.00
248 Apr-2018 0.00 Apr-2018 70,005,351.86
249 May-2018 0.00 May-2018 69,568,115.84
250 Jun-2018 0.00 Jun-2018 69,127,226.68
251 Jul-2018 0.00 Jul-2018 68,682,653.85
252 Aug-2018 0.00 Aug-2018 68,234,366.58
253 Sep-2018 0.00 Sep-2018 67,782,333.83
254 Oct-2018 0.00 Oct-2018 67,326,524.31
255 Nov-2018 0.00 Nov-2018 66,866,906.46
256 Dec-2018 0.00 Dec-2018 66,403,448.47
257 Jan-2019 0.00 Jan-2019 65,936,118.25
258 Feb-2019 0.00 Feb-2019 65,464,883.44
259 Mar-2019 0.00 Mar-2019 64,989,711.43
260 Apr-2019 0.00 Apr-2019 64,510,569.32
261 May-2019 0.00 May-2019 64,027,423.93
262 Jun-2019 0.00 Jun-2019 63,540,241.83
263 Jul-2019 0.00 Jul-2019 63,048,989.28
264 Aug-2019 0.00 Aug-2019 62,553,632.27
265 Sep-2019 0.00 Sep-2019 62,054,136.51
266 Oct-2019 0.00 Oct-2019 61,550,467.43
267 Nov-2019 0.00 Nov-2019 61,042,590.14
268 Dec-2019 0.00 Dec-2019 60,530,469.50
269 Jan-2020 0.00 Jan-2020 60,014,070.05
270 Feb-2020 0.00 Feb-2020 59,493,356.04
271 Mar-2020 0.00 Mar-2020 58,968,291.42
272 Apr-2020 0.00 Apr-2020 58,438,839.84
273 May-2020 0.00 May-2020 57,904,964.65
274 Jun-2020 0.00 Jun-2020 57,366,628.89
275 Jul-2020 0.00 Jul-2020 56,823,795.29
276 Aug-2020 0.00 Aug-2020 56,276,426.26
277 Sep-2020 0.00 Sep-2020 55,724,483.93
278 Oct-2020 0.00 Oct-2020 55,167,930.07
279 Nov-2020 0.00 Nov-2020 54,606,726.15
280 Dec-2020 0.00 Dec-2020 54,040,833.33
281 Jan-2021 0.00 Jan-2021 53,470,212.43
282 Feb-2021 0.00 Feb-2021 52,894,823.94
283 Mar-2021 0.00 Mar-2021 52,314,628.04
284 Apr-2021 0.00 Apr-2021 51,729,584.55
285 May-2021 0.00 May-2021 51,139,652.97
286 Jun-2021 0.00 Jun-2021 50,544,792.46
Page 6
<PAGE>
287 Jul-2021 0.00 Jul-2021 49,944,961.85
288 Aug-2021 0.00 Aug-2021 49,340,119.60
289 Sep-2021 0.00 Sep-2021 48,730,223.84
290 Oct-2021 0.00 Oct-2021 48,115,232.36
291 Nov-2021 0.00 Nov-2021 47,495,102.57
292 Dec-2021 0.00 Dec-2021 46,869,791.54
293 Jan-2022 0.00 Jan-2022 46,239,255.99
294 Feb-2022 0.00 Feb-2022 45,603,452.26
295 Mar-2022 0.00 Mar-2022 44,962,336.33
296 Apr-2022 0.00 Apr-2022 44,315,863.83
297 May-2022 0.00 May-2022 43,663,990.00
298 Jun-2022 0.00 Jun-2022 43,006,669.71
299 Jul-2022 0.00 Jul-2022 42,343,857.45
300 Aug-2022 0.00 Aug-2022 41,675,507.34
301 Sep-2022 0.00 Sep-2022 41,001,573.11
302 Oct-2022 0.00 Oct-2022 40,322,008.10
303 Nov-2022 0.00 Nov-2022 39,636,765.27
304 Dec-2022 0.00 Dec-2022 38,945,797.18
305 Jan-2023 0.00 Jan-2023 38,249,055.99
306 Feb-2023 0.00 Feb-2023 37,546,493.48
307 Mar-2023 0.00 Mar-2023 36,838,060.99
308 Apr-2023 0.00 Apr-2023 36,123,709.49
309 May-2023 0.00 May-2023 35,403,389.53
310 Jun-2023 0.00 Jun-2023 34,677,051.23
311 Jul-2023 0.00 Jul-2023 33,944,644.31
312 Aug-2023 0.00 Aug-2023 33,206,118.08
313 Sep-2023 0.00 Sep-2023 32,461,421.40
314 Oct-2023 0.00 Oct-2023 31,710,502.71
315 Nov-2023 0.00 Nov-2023 30,953,310.03
316 Dec-2023 0.00 Dec-2023 30,189,790.95
317 Jan-2024 0.00 Jan-2024 29,419,892.60
318 Feb-2024 0.00 Feb-2024 28,643,561.69
319 Mar-2024 0.00 Mar-2024 27,860,744.47
320 Apr-2024 0.00 Apr-2024 27,071,386.74
321 May-2024 0.00 May-2024 26,275,433.87
322 Jun-2024 0.00 Jun-2024 25,472,830.74
323 Jul-2024 0.00 Jul-2024 24,663,521.79
324 Aug-2024 0.00 Aug-2024 23,847,451.01
325 Sep-2024 0.00 Sep-2024 23,024,561.88
326 Oct-2024 0.00 Oct-2024 22,194,797.44
327 Nov-2024 0.00 Nov-2024 21,358,100.26
328 Dec-2024 0.00 Dec-2024 20,514,412.40
329 Jan-2025 0.00 Jan-2025 19,663,675.46
330 Feb-2025 0.00 Feb-2025 18,805,830.54
331 Mar-2025 0.00 Mar-2025 17,940,818.25
332 Apr-2025 0.00 Apr-2025 17,068,578.71
333 May-2025 0.00 May-2025 16,189,051.54
334 Jun-2025 0.00 Jun-2025 15,302,175.85
335 Jul-2025 0.00 Jul-2025 14,407,890.24
Page 7
<PAGE>
336 Aug-2025 0.00 Aug-2025 13,506,132.79
337 Sep-2025 0.00 Sep-2025 12,596,841.09
338 Oct-2025 0.00 Oct-2025 11,679,952.18
339 Nov-2025 0.00 Nov-2025 10,755,402.59
340 Dec-2025 0.00 Dec-2025 9,823,128.30
341 Jan-2026 0.00 Jan-2026 8,883,064.79
342 Feb-2026 0.00 Feb-2026 7,935,146.97
343 Mar-2026 0.00 Mar-2026 6,979,309.22
344 Apr-2026 0.00 Apr-2026 6,015,485.36
345 May-2026 0.00 May-2026 5,043,608.68
346 Jun-2026 0.00 Jun-2026 4,063,611.88
347 Jul-2026 0.00 Jul-2026 3,075,427.13
348 Aug-2026 0.00 Aug-2026 2,078,986.01
349 Sep-2026 0.00 Sep-2026 1,074,219.54
Oct-2026 0.00 Oct-2026 61,058.17
Page 8
<PAGE>
EXHIBIT Q
FORM OF SERVICER'S MONTHLY REMITTANCE REPORT
TO TRUSTEE
<PAGE>
EXHIBIT R
PROPOSED SUBSEQUENT MORTGAGE LOAN SCHEDULE
<PAGE>
<TABLE>
Page 1 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106147396 HAYES GARY UT 94,866.69 9.750 5.000
106148272 BURNHAM ALFRED R WA 67,971.48 10.250 5.750
106149224 KRIKAVA DOUGLAS S IL 35,887.88 11.250 7.500
106149752 NEWMAN JOHN P II MI 138,800.00 10.375 6.150
106149791 HOWARD TERRY W WA 80,000.00 9.125 4.500
106149947 SWANIGAN DIANE MI 76,446.65 11.125 7.500
106150156 MOLINA MOISES M IN 148,599.11 11.250 6.500
106150247 AKINS PEARL IL 167,916.42 12.650 7.250
106150667 SLOBIN IRENE MI 100,752.33 12.875 8.250
106151015 COOKE HERMINE E MI 330,000.00 10.750 6.250
106151202 KANG YOUNG HEE IL 170,000.00 9.625 6.000
106152061 DOZIER LEE M IN 85,741.80 11.250 6.500
106152329 FELTON JACQUELINE UT 102,400.00 11.500 8.125
106152560 SICSNEY RALPH D IN 42,900.00 12.125 6.750
106152684 CONWAY ALLAN MI 70,000.00 11.125 6.800
106152771 LANGE BRIAN W WI 120,700.00 11.000 6.500
106152819 DANCEY PATRICIA MI 18,400.00 10.875 7.500
106153035 ASHE CARLTON IL 64,600.00 10.875 6.250
106153049 WEISENBURGER THOMAS T WI 97,200.00 10.250 5.750
106153161 BECKER DUANE E JR MI 64,000.00 12.625 7.500
106153163 ZEINERT JAMES B WI 71,200.00 12.000 7.250
106153535 BELLEFEUILLE RICHARD IL 96,800.00 12.625 7.500
106153759 WILLIAMS NEDRA IL 164,000.00 11.750 8.000
106153760 HENRY JOSPEH E IL 136,500.00 11.000 6.750
106153812 FLETCHER ROBERT IL 74,400.00 10.250 5.750
106153951 SALEH KHALED MI 64,800.00 10.000 5.400
106154177 GIOFFREDA RALPH A JR IL 74,962.13 9.375 4.500
106154205 SHEIBLEY FRANCIS OH 58,500.00 9.125 5.750
106154254 WATSON EDDIE W IN 66,600.00 9.125 5.750
106154311 ABDALLAH HASSAN MI 102,800.00 12.000 7.600
106154364 PECHA THOMAS V V MI 55,800.00 10.125 6.800
106154388 MITCHELL LEONTEAN IL 87,500.00 8.000 3.500
106154424 ESKAFYAN SASAN IL 180,000.00 12.250 8.875
106154432 JASTROWSKI JAMES E IL 185,600.00 9.750 5.250
106154543 BENEDETTO DIANE IL 64,000.00 6.625 3.250
106154602 TAYLOR LINDA F IL 109,456.49 10.500 5.750
106154663 GODOY VICTOR IL 156,000.00 9.625 5.000
106154667 AHMED GAMAL MI 106,200.00 9.875 5.000
106154678 COLE GREG J IN 164,000.00 11.000 7.250
106154681 HAGUE MICHAEL L IN 72,900.00 10.250 5.750
106154835 SZYMCZAK DANIEL IL 161,500.00 11.500 7.000
106154862 GAPPY JOE MI 52,600.00 13.000 7.800
106154863 WILLIAMS AMY LYNN MI 99,400.00 8.125 4.800
106154892 MEACHAM JOHN S OH 188,500.00 12.125 6.750
106154934 BUCCELLATO JOSEPH G MI 192,900.00 8.125 4.800
106155086 KHONAISSER NASR E IL 288,000.00 11.000 7.250
106155232 AL-ZERGANI HASSAN MI 71,200.00 9.750 5.400
106155233 MROZ JANIS MI 93,500.00 11.000 6.500
106155234 BEHR RONALD S MI 118,000.00 9.625 6.300
106155238 DILLARD LESLIE MI 40,900.00 13.000 7.800
106155239 TILCHIN MINDA E MI 273,000.00 7.500 4.100
106155241 MULLINS LARRY JR MI 39,600.00 12.375 7.950
106155406 AYOUB HASSAN MI 62,000.00 8.750 4.150
106155792 GABRIAU LAURIE MI 75,000.00 10.125 5.700
106155879 LUCAS GARY IL 101,700.00 10.250 5.750
800048290 ZELLER RAYMOND R FL 59,112.27 8.625 3.750
800053035 MARSHALL JAMES E MD 145,279.25 9.625 7.000
800081671 ROTTER ARTHUR T NY 165,834.26 10.875 6.750
800093155 DAVENPORT JANET PA 39,030.88 11.125 6.250
800152175 VANBUSKIRK CLARK NJ 85,053.31 9.500 6.250
800171506 BECK FRANK C NJ 64,927.90 10.875 7.250
800181943 SALKIND JOSEPH G NJ 359,417.13 10.500 6.750
800185084 RODEL SHAWN FL 69,539.79 10.125 5.000
</TABLE>
<PAGE>
<TABLE>
Page 2 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800191033 SANCHEZ IDALIA CT 87,140.39 10.500 6.750
800197402 EWERS JEFFREY G NY 64,979.79 11.625 7.250
800198046 GARCIA STEPHANIE NY 38,384.23 13.500 8.500
800199317 JACKSON NORLISHIA A DC 65,225.43 10.750 6.250
800202640 BARTKOWSKI JEFFREY NJ 120,686.82 9.750 5.500
800203622 CABANAS LAZARO NJ 278,886.11 10.375 6.750
800208480 MAROULIS MICHAEL D PA 51,949.98 9.625 6.750
800209132 MICHALAK LAUREN MANDEL NY 69,273.19 10.625 6.000
800211070 TRACY TONY L SC 116,009.78 10.625 6.150
800213266 WYNN JAMES M NJ 61,570.24 10.000 5.500
800217358 JOHNSON STEPHEN A PA 23,698.46 11.125 6.250
800224362 OKOYE CHINEDU A MA 157,182.27 10.125 6.250
800226664 WALL GERALD R SC 57,577.11 10.500 5.750
800228645 MOREAU ULISES M NY 99,397.07 9.125 4.850
800229171 HESS JAMES NY 119,000.00 11.875 7.000
800231003 KUMAR DEEPAK B NY 79,100.00 9.500 6.050
800231458 ROZARIO GEORGE NY 294,639.03 10.750 6.750
800232175 CHIAPPARDI BEATRICE R CT 196,000.00 10.250 6.000
800238115 DICKEY JOHN T NJ 250,000.00 13.375 8.150
800238610 LEIBENSPERGE LORI A PA 23,990.72 10.625 6.000
800239725 CANTON HOLLIS O NY 42,500.00 11.875 6.250
800242331 DEMOME FRANK NY 118,915.85 11.000 7.650
800243917 ECONOMOS JOHN NY 107,939.45 8.875 5.300
800244824 ALCINDOR GUY NY 225,000.00 10.000 5.750
800247892 WESSON TIMOTHY W GA 116,904.05 10.375 6.800
800248098 WHITE ELLA J CT 42,500.00 10.625 6.250
800249799 NADEAU GREGG D CT 63,857.82 11.375 6.400
800250813 TRAY MARK ALLEN PA 21,250.00 10.500 5.750
800254625 NASIAKOS POLITIMI CT 125,000.00 9.750 5.250
800254724 ROJAS VICTOR PA 151,511.64 9.875 6.000
800254781 KUMAR DEEPAK B NY 77,000.00 9.500 6.050
800256323 TORRES HERIBERTO NJ 80,064.57 10.000 6.400
800259707 BUTLER APRIL NC 52,000.00 12.875 7.500
800260515 MORGAN BARBARA DREW NY 134,910.90 11.375 6.875
800261273 BABS GARY SC 69,840.00 10.500 5.750
800265571 DRISCOLL JAMES CT 117,600.00 11.625 8.300
800266264 JACKMAN MICHAEL E NY 130,500.00 10.375 6.800
800267841 BOWEN TAMMY LYNN PA 119,938.26 12.500 8.000
800268732 HAGGERTY SUSAN NY 251,910.00 9.750 6.400
800268872 HARTRANFT WILLIAM F PA 68,800.00 12.625 7.500
800270704 WIMMER ROBERT A PA 135,961.09 12.000 7.550
800271538 MARTELLY BERNADETTE NY 130,500.00 11.375 7.150
800272205 KANUCK BERNARD M NJ 62,606.06 11.750 7.125
800275992 GROBERT MATTHEW NJ 232,000.00 10.750 6.400
800276040 MULLIN COLLEEN PA 51,300.00 9.375 5.750
800276883 MORRIS MICHAEL D PA 76,500.00 11.000 6.500
800278095 PENNOCK DOUGLAS W NY 140,000.00 10.750 6.000
800278731 WAGNER HARRY NJ 143,625.00 8.875 5.250
800279564 ALVES ANTONIO CT 60,000.00 10.125 5.900
800280042 QUINLAN PHYLLIS NJ 133,000.00 10.500 5.750
800280273 BERGERSON STEVEN E. CT 87,550.00 9.875 6.250
800281396 NICHOLS PAULINE R PA 48,121.55 9.250 4.850
800281719 SANDERSON NICHOLAS B NY 151,903.00 11.500 6.800
800284002 HORNBECK EVELYN NY 37,780.51 9.625 6.050
800284846 ALVAREZ GABRIELLA NY 217,800.00 10.000 5.750
800285025 PERRY FREEMAN Y NY 187,100.00 11.875 7.250
800286015 OPDENWEYER DOROTHY L PA 28,000.00 11.125 6.000
800286403 SHULTZ JOHN T FL 67,410.00 10.000 5.750
800287799 OLLERES CESAR A. NJ 84,150.00 10.000 5.500
800288045 MATZ PHILLIP S PA 60,000.00 9.250 4.500
800288052 POTEAT ROBIN PA 51,850.00 11.000 6.250
800288516 TAFT BARBARA ANN NY 109,950.03 9.875 5.550
800290553 DEMPSEY RICHARD T CT 120,000.00 13.500 8.550
</TABLE>
<PAGE>
<TABLE>
Page 3 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800291056 REEVES WENDY NY 197,795.00 10.750 6.000
800291932 TARGONSKI WLAWYSLAW PA 94,500.00 10.250 5.750
800292252 HALL LLOYD NY 175,000.00 10.000 6.550
800294167 JACOBUCCI PATRICK J NJ 80,000.00 13.250 7.800
800294746 HANSON MICHAEL WA 121,125.00 13.000 8.750
800295875 HARRINGTON WILLIAM W PA 90,000.00 10.125 5.600
800297715 BOLTZ GEORGE S PA 99,000.00 9.500 4.800
800298069 ISGETT JAMES E SC 52,500.00 12.875 8.450
800299109 CESSNA PAUL J MD 84,000.00 11.625 8.200
800299968 MILLER LEROY D PA 123,300.00 10.000 5.750
800300956 WOLFE WALTER G WA 103,200.00 8.250 4.000
800301160 GLADFELTER CURTIS D PA 40,000.00 10.125 5.750
800301418 DAWN CLELLAN HEATHER AZ 144,000.00 11.875 7.650
800302374 BALL CHARLIE M MD 223,098.59 9.875 5.600
800306037 BARRETT BEVERLY NY 121,500.00 10.125 6.800
800306110 ZALESKI ANTHONY F NJ 228,750.00 12.750 8.400
800306763 COLONNA RAYMOND V NY 97,500.00 10.875 7.550
800307316 WATWOOD STEPHEN F CO 150,000.00 8.625 5.250
800307894 GOUMAS DOUGLAS M CT 243,000.00 9.625 5.000
800308074 PHILLIPS ESTHER M NY 180,000.00 10.250 5.750
800308694 HOPSON JULIUS L PA 18,400.00 12.250 7.500
800311334 GRAHAM DONALD J CT 49,500.00 10.875 6.650
800311359 CHIAPPARDI BEATRICE R CT 182,000.00 10.250 6.000
800311458 BALLINTINE MITZIE NY 161,500.00 11.750 7.550
800313868 MACAVAGE JOSEPH J PA 101,250.00 9.750 6.000
800315178 CORRELL RICHARD W PA 88,000.00 12.625 7.500
800315194 CORRELL RICHARD W PA 37,200.00 11.125 6.000
800315319 PASSARO RONALD J CT 132,600.00 10.125 6.500
800315327 VIAUD PASCAL FL 108,000.00 10.750 6.250
800316226 CADENA MARTIN UT 83,900.00 9.625 5.000
800316945 CARAMBA-COKE GLENNA NJ 144,000.00 9.125 5.750
800317729 CARUSO THEODORE L PA 112,000.00 9.000 4.500
800317869 LOWE VERNON NY 153,880.00 10.750 6.500
800318529 HAZEL THERESA M CT 54,000.00 10.000 5.650
800318610 KEECH DAVID G. PA 173,900.00 9.750 5.250
800318925 KOLBYE ROLLY R CO 122,850.00 9.500 5.250
800319279 BOLT JEFFREY SCOTT FL 116,450.00 10.500 6.500
800320921 FOLEY ZENO A MI 76,500.00 9.500 5.250
800321424 WRIGHT CHARLENE NY 140,000.00 11.625 7.250
800322273 INMON GALE WA 70,400.00 12.750 8.000
800322406 ROCK MICHAEL J CT 110,500.00 12.875 8.400
800322679 NEILL LEE OH 91,800.00 9.750 5.500
800323081 WASHINGTON ELLISANDRO GA 229,500.00 11.000 7.550
800324006 KIBBEE STEPHEN S CO 91,800.00 9.500 5.250
800324154 DALHSTROM LEIF ERIK AZ 229,500.00 11.500 7.150
800324386 LOZADA FRANCES NY 238,500.00 10.625 6.000
800325870 SPICER DANNY W IN 143,925.00 12.750 7.950
800327371 MONIZ STEPHEN NY 104,940.00 10.500 7.150
800328288 CASTILLO-FUE ROMAN VA 56,100.00 10.875 6.250
800328395 EVERSON CHARLES A FL 90,000.00 9.500 5.250
800328668 OLMEDA MIGUEL CT 103,600.00 10.125 5.900
800330359 OLMEDA MIGUEL CT 118,400.00 10.125 5.900
800331167 WALKER JOSEPH P CO 80,000.00 9.500 5.250
800331316 ARIASS ROBERT J PA 77,000.00 9.625 5.000
800331472 LENOIR JAMES E VA 202,525.00 10.375 5.750
800331795 BALSHAM STEWART PA 157,000.00 9.875 5.000
800332108 TRUMBOWER BRUCE PA 65,970.00 10.250 5.750
800334096 KOLB STEPHEN A. MD 69,000.00 10.875 5.625
800334427 RODRIGUEZ FRANK E PA 96,900.00 10.875 6.250
800334914 BRIDGMAN MAURINE WA 144,500.00 10.625 6.250
800334997 JOHNSON EARNESTINE D SC 53,200.00 13.000 8.250
800340069 WHITFIELD CLAUDE L. NC 57,800.00 9.875 6.250
800340606 VAN DYKE ESTHER CO 95,300.00 9.375 4.750
</TABLE>
<PAGE>
<TABLE>
Page 4 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800343014 MADDEN JOHN J PA 144,000.00 9.875 5.750
800343865 DUDMAN JOEL A GA 283,050.00 9.375 6.000
800345357 MAGOON JEFFERY D FL 58,000.00 10.375 6.000
800345464 HANCE DAVID G. PA 45,600.00 9.875 5.000
800345712 KEEFE JOHN F AZ 64,000.00 9.500 5.250
800346488 JALLOH CHERNOR A NJ 99,400.00 8.125 5.000
800347072 STUFFLET WENDI L. FL 48,000.00 10.750 5.500
800348492 GUDJENOVA CAROL ANN UT 161,415.00 9.625 6.250
800349417 SOHMER RAYMOND A NJ 236,000.00 10.125 5.900
800350530 VELOZ ESTEBAN V AZ 82,000.00 9.000 4.800
800352403 DARDEN SARA J. FL 152,000.00 12.625 7.500
800353625 QUINTANA ADAM P CO 113,900.00 10.750 6.500
800354102 MAMANE SAHABI NY 88,700.00 10.250 5.750
800354409 GREENSHEILD DAVID AZ 88,000.00 11.250 7.050
800355950 JOYNER DEXTER R UT 105,400.00 10.750 6.500
800356289 LESUER LAWRENCE A AZ 60,000.00 11.125 6.500
- -------------------------------------------------------------------------------------------------------------
Loans tagged for 1st Subsequent Transfer 23,116,759.76 10.550 6.322
106123753 VULPI BETTY NY 86,155.21 13.875 8.250
106136314 MERRIWEATHER REGINA IL 34,950.30 12.125 6.750
106139206 CHRISTIAN TONYIA MARIE OH 79,963.77 11.000 6.000
106141871 CORSI THOMAS VITO MI 94,276.99 10.125 5.000
106141979 GUNN HERBERT IL 237,373.47 9.250 4.500
106146597 KULIK JOAN IL 67,000.00 9.125 4.500
106149116 FOLTA HELGA K OH 114,750.00 11.250 6.500
106150049 OSORIO ATANACIO MI 22,100.00 9.000 4.500
106150210 MCBRIDE TERRANCE K CO 119,250.00 10.250 5.750
106150882 MARTINO MICHAEL R IL 130,000.00 10.000 6.000
106150926 KNIGHT JOSEPH A AZ 185,000.00 8.625 4.050
106151426 RASBERRY LEO C IL 248,311.43 11.000 6.800
106151533 HIGGINS ORLIE M IL 161,100.00 10.500 5.750
106152008 BURKE THOMAS A OH 350,000.00 9.625 5.000
106152457 BROOKS-STANF CINDA MI 95,200.00 12.375 7.250
106152556 LYNN SHAWN C MI 118,755.27 10.750 4.900
106152748 SIMMONS JESSE IL 101,800.00 10.500 5.750
106153052 SMITH BRIAN GERARD MI 42,400.00 12.000 7.250
106153135 ORTIZ ROSALIE IL 65,000.00 9.750 6.000
106153268 SMITH MICHAEL E IN 320,000.00 9.875 5.000
106153391 PELLETIER MICHAEL J CO 160,000.00 9.750 5.250
106153425 BUCKS JOHN C OH 249,900.00 9.000 4.500
106153698 DEMPSEY GARY W IN 110,000.00 10.250 5.750
106153787 VALDEZ EMMANUEL V V IL 138,700.00 7.125 3.750
106153863 KOSMOWSKI WOJCIECH IL 94,500.00 10.000 6.250
106153910 SPREEMAN STEVE L IL 118,500.00 10.625 7.250
106153937 LEE BEATRICE IL 74,200.00 10.500 5.750
106154249 HAZELTON DANIEL L MI 40,800.00 8.375 3.750
106154340 STIKA BRUCE J IL 139,500.00 10.375 5.750
106154341 TRELLA DANIEL IL 55,200.00 12.875 8.300
106154365 LAIDLER LARRY D MI 180,200.00 11.500 7.200
106154549 STICE FRANK C MI 36,000.00 9.125 5.750
106154680 RUPPERT PAUL IN 40,800.00 11.750 7.000
106154682 THOMPSON JAMES W JR IN 283,400.00 10.250 5.750
106154791 BOYD JO ANN IL 67,500.00 9.125 4.500
106154801 ROSS WILLIE L OH 30,000.00 9.000 4.500
106154872 DOTY LAWRENCE H IN 39,300.00 11.125 6.000
106154948 GRANA GREGORY IL 93,600.00 13.375 8.250
106155100 COOK TERI LYN MI 119,000.00 10.750 6.500
106155194 RINALDI COLEMAN OH 144,000.00 10.250 5.750
106155227 COLEMAN GERALD S OH 78,000.00 10.625 5.500
106155311 KOPPE JEFFREY M IL 120,000.00 12.750 7.500
106155330 GORDON MELISSA L IN 51,000.00 11.750 7.000
106155397 RICHARDSON ELLIS MI 70,800.00 13.000 7.800
106155542 PETRO ALBERT M MI 65,600.00 12.625 7.500
</TABLE>
<PAGE>
<TABLE>
Page 5 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106155567 JOHNSON THERESA IL 140,000.00 11.750 6.250
800004608 COHEN ELIYAHU NY 165,806.33 10.625 6.000
800005472 PULLARA GIUSEPPE NY 159,117.55 10.875 6.250
800006082 AUSTIN FAYE NY 116,593.07 12.500 7.000
800014854 MOORE EASTER NJ 109,803.34 11.625 7.000
800023400 PANORA LUIS CT 232,948.26 10.250 5.750
800032153 SUAREZ WILLY MARK NY 246,867.88 10.125 5.500
800046989 WILLIS DONNA CT 76,269.59 10.250 5.750
800048142 MENACHO GUILLERMO VA 109,179.14 9.750 5.250
800049710 MALONE BOBBY E NC 77,799.91 11.000 6.000
800050080 MONDA DANTE J FL 44,385.86 11.000 6.000
800053704 MATHEWS DEBRA S NY 44,878.15 10.750 6.000
800054421 HASKINS GARY NJ 79,725.19 9.625 5.000
800057812 KAPLAN MICHAEL I NY 114,761.52 11.250 6.000
800059206 MYSOREKAR UMA V NY 475,210.57 10.625 6.000
800062259 BROWN RALPH ELMER JR SC 78,849.07 8.625 4.500
800063539 GOLDBERG MARK L VA 71,759.05 9.750 5.250
800070245 MATHENY KATHERINE L FL 69,467.73 12.375 7.500
800071144 ABASTO ROBERTO VA 111,849.54 12.375 7.500
800072290 CUNNINGHAM RAYMOND NJ 148,118.30 10.250 5.750
800074262 EVANS LORRAINE NY 205,310.61 9.750 5.500
800083008 GORDON BRAINARD L PA 123,905.58 10.625 7.250
800089740 MOHN MARGARET I PA 131,483.80 9.000 4.500
800097776 MUGAR STEPHEN FL 68,725.00 11.000 6.250
800097867 PETICCA MARIO PA 39,872.99 10.000 5.250
800104002 COSSABOON ROBERT N PA 205,462.83 10.500 5.500
800107641 FELIX DIMAS R CT 99,414.81 11.750 7.250
800120396 ARCARO DOREEN NY 93,300.60 10.250 6.875
800122855 RAY HARRY C JR FL 46,542.80 11.750 6.250
800123614 JOHNSON THOMAS R SC 381,748.79 11.500 6.750
800129207 DUNCAN ROY D MD 105,477.33 12.000 7.250
800133472 QUILES JOSE NJ 179,616.11 10.250 7.250
800139602 LANDES MARK F FL 68,873.04 9.875 5.000
800140535 LINK JOHN NY 175,746.50 9.750 5.500
800145591 LEARY JOHN M MA 240,866.73 10.375 6.500
800147027 SULLIVAN JAMES T MA 105,225.64 10.375 6.500
800156424 DAVIS NORMAN NJ 90,921.10 12.000 7.000
800160962 CORRADO SANDRA D NY 122,366.77 9.875 6.250
800161861 GRANTHAM DONNELL NY 100,579.20 10.125 6.750
800165664 MCGUIRE THOMAS J NY 120,214.62 11.875 7.750
800167694 VIVIECA RAMONA NY 202,256.46 10.500 5.500
800173510 KUSAKAVITCH JOSEPH PA 117,001.16 10.750 5.750
800178485 ARTHUR FLOYD NY 572,308.55 8.375 5.500
800178865 REDMOND PETER NY 225,181.81 11.500 6.750
800179491 BROWN EUGENE NJ 98,864.61 9.875 6.000
800179848 NASE JAMES S PA 17,978.36 10.500 5.750
800182651 STOLZE CHARLES H VA 119,741.63 9.125 3.750
800182925 BARCA JOSEPH NY 77,936.03 10.375 6.750
800195075 NAVENTA JAIME NY 119,830.67 9.750 5.250
800206336 THOMAS JAMES R NJ 94,400.00 12.875 7.500
800208761 BISHOP FRANK NY 341,856.59 10.250 6.750
800211179 CUCUZZA FRANK NY 592,200.80 9.375 5.750
800214835 KROL WILLIAM F CT 83,973.16 11.500 7.500
800216160 FLAHERTY KEVIN NY 88,000.00 11.375 7.250
800216673 WILLIAMS ROBERT R PA 65,600.00 10.500 5.750
800221459 COFFEY WILLIAM T NY 26,100.00 11.625 7.250
800223166 EMMER BRUCE NY 192,276.35 12.000 6.750
800227142 DELORENZO PAUL W NJ 45,500.00 13.625 7.750
800227951 BARRY STELLA NY 169,600.00 9.000 4.500
800228546 DACRES JOAN NY 127,463.51 12.000 7.500
800233710 VANALPHEN ROBERT NY 79,932.62 10.250 6.750
800238719 LODIN BIBI A NY 68,671.19 10.250 6.250
800239071 BRADLEY HAROLD E NJ 106,865.42 11.125 7.750
</TABLE>
<PAGE>
<TABLE>
Page 6 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800239295 SEAMAN JEREMY NJ 60,000.00 9.750 6.250
800239303 JAWAHAR HENRY NY 222,253.20 11.375 7.750
800239675 COUNTRYMAN ROBERT J NY 55,185.06 12.250 7.250
800241994 PHILLIPS EDWARD J PA 55,199.59 9.875 7.500
800242604 KLEIN ALEX NY 334,898.69 11.750 7.800
800243545 KLEIN ALEXANDRIA NY 265,894.29 10.500 6.050
800244618 ANGERS MARC D CT 152,500.00 10.250 5.750
800245078 FOREMAN TAMMIE NY 51,920.00 11.250 6.750
800246423 REGA BERNARDINO PA 80,931.78 10.250 6.750
800250326 FURLOW LYNN E PA 49,500.00 9.875 5.000
800251423 CROCKWELL ANDRE CT 133,147.06 10.500 6.875
800251480 MEEKINS RACHEL D. NJ 23,988.34 12.750 7.000
800251696 FERREIRA EUNICE NJ 138,936.37 10.375 6.750
800252207 SCHOCH ROBERT C OH 63,000.00 10.500 5.500
800252587 SANTOS JOSE M NJ 100,000.00 9.750 5.300
800255218 CARRINGTON CAROL NY 184,906.57 9.375 5.800
800258204 BAE PAN CHUL NJ 259,175.82 12.000 7.550
800259913 ROACH FLORA NJ 103,868.78 11.625 8.250
800260218 BECKER ROBERT NY 200,000.00 9.625 5.050
800260226 HERTZLER ANNE E PA 78,625.00 8.625 3.750
800261059 WRIGHT THOMAS NY 131,400.00 9.625 6.050
800261943 MCCLAIN MCDO A DARLENE FL 143,100.00 11.500 7.000
800263303 HARKINS KAREN KARTMAN PA 113,848.24 9.875 6.250
800263485 MUNDLE PAUL A PA 45,881.26 10.375 7.000
800265803 STAMETS CHARLES W PA 83,216.02 10.375 6.750
800266215 MINCY MICHAEL NJ 99,910.87 11.875 8.250
800266231 KALEM MARGO NJ 170,000.00 11.375 6.900
800270043 SIMKIN ERIC J NJ 172,350.00 10.000 6.500
800271215 TARNEF MICHAEL A NJ 99,906.32 9.750 5.000
800272379 JIMINEZ MARIA NY 116,450.00 12.000 7.550
800273211 BROWN RALPH E MD 357,081.46 10.625 7.000
800273518 PETRICK JOHN R PA 34,000.00 12.875 7.500
800274649 WARD WALTER PA 39,950.00 11.125 6.600
800274961 STINSON JAMES H GA 133,200.00 10.500 5.750
800275570 GELINEAU RICHARD CT 91,838.49 10.500 6.100
800275802 MARTINS ADRIEL V CT 123,152.34 10.625 6.150
800276149 YOUNG KENNETH G PA 63,200.00 12.250 7.300
800276909 WESHNER ERIC NY 100,000.00 11.625 7.000
800277618 LINONIS CHRISTOPHE PA 10,200.00 10.875 6.250
800278491 BARBER RAYMOND NJ 99,913.49 10.125 6.250
800278509 DOUGLAS ANTHONY NY 150,300.00 10.875 5.950
800278566 ROBINSON MARLIN A CT 132,000.00 12.000 7.250
800279408 BASS DANA L PA 48,000.00 11.875 7.050
800280190 BERTOLLO MARK A PA 44,100.00 9.250 4.500
800280497 JONES ANGELLA G NY 249,000.00 11.875 8.500
800281800 WOLFE BARRETT M PA 56,790.00 9.650 5.650
800282253 ARNHEITER THEODORE L NY 58,000.00 11.000 6.000
800283905 BARTHWAITE EARL NY 139,500.00 9.750 6.400
800284366 THORNE MELANIE A PA 31,500.00 10.500 5.750
800284945 KONESKY JAMES B UT 119,200.00 11.000 7.625
800286023 NEGRI CARRIE L. CT 107,100.00 11.125 6.500
800287856 SHAMY JERROLYN AZ 70,000.00 9.750 5.300
800288177 TINGLEY EDWIN V PA 52,000.00 9.375 4.750
800290454 WARNER JEANETTE Y PA 53,740.00 11.750 7.000
800292294 SOBON GEORGE T CT 88,000.00 11.625 7.150
800292930 BRUNO MAUREEN NY 105,600.00 10.750 7.400
800292963 IULIUCCI LOUIS NY 85,000.00 9.625 6.200
800293060 OLSEN MICHELLE C UT 93,600.00 10.750 6.500
800295701 MANNS KEVIN P PA 66,400.00 12.625 7.500
800295735 HAAG MATTHEW J PA 56,000.00 9.750 5.250
800296782 GREENBERG JEFFREY NY 50,000.00 12.750 7.950
800296881 MILLS LEO F PA 51,200.00 10.625 6.050
800297525 STALEY JEROME N PA 85,500.00 9.375 5.750
</TABLE>
<PAGE>
<TABLE>
Page 7 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800298523 GEORGE FRANCIS M PA 45,900.00 12.500 8.050
800299299 MILES GERALD A UT 76,800.00 12.750 8.000
800301228 GARRIDO FREDDIE NJ 159,000.00 10.125 5.900
800302291 PEKTAS PAUL M. PA 96,000.00 12.625 7.850
800302333 HOWARD J. CHRISTOPHE TX 29,325.00 10.625 6.250
800305930 ANDALORO ANNA NY 125,900.00 10.500 7.150
800306185 DEMARCO DANIELLE NY 157,500.00 11.000 6.800
800307712 LENTZ BRIAN K PA 49,520.00 12.625 7.500
800308827 FRITZ KURT J CT 160,000.00 8.875 5.500
800309619 SCHMUTZ DONNA NJ 59,500.00 11.750 7.550
800310013 GUZMAN JUAN A FL 43,850.00 9.375 5.750
800310633 SARNO VICTORIA M PA 50,400.00 9.750 5.000
800310955 CRICH JOHN T PA 72,000.00 12.875 8.050
800311862 COZINE CHARLES W CO 86,400.00 10.750 7.250
800312167 NEAR LEESA AZ 180,000.00 9.125 4.500
800312241 BOYCE OWEN NJ 88,000.00 13.000 8.300
800314460 WIEGAND DAVID S UT 144,000.00 10.750 6.550
800315806 SNEE THOMAS J NY 38,320.00 9.750 5.250
800315962 OSBURNE EMMA J FL 45,900.00 10.250 5.750
800316846 JAMISON JACQUELINE PA 30,000.00 10.625 5.500
800317885 SMITH MARSHALL G PA 49,500.00 10.500 5.750
800318016 EWALT VALERIE A AZ 175,000.00 8.750 5.400
800321697 RICHBURG MICHELLE A NY 161,500.00 9.750 5.550
800321804 BANKES DAVID PA 51,850.00 11.000 6.500
800321879 KIRK COURTLANDT B CO 181,050.00 10.750 6.375
800322000 RUYBAL KATHLEEN M CO 46,500.00 12.125 6.750
800322083 DIETER DARWIN D PA 93,500.00 9.250 5.250
800322091 RANKIN ANDRE P PA 182,000.00 9.750 5.250
800322521 CARUSO GUY F. MA 138,000.00 10.625 5.750
800322745 GUTIERREZ AC ANTONIO AZ 54,000.00 10.875 6.550
800322943 MOYES QUINN B UT 191,250.00 10.250 6.500
800323412 KOUMANDARAKI JOHN GA 192,500.00 9.500 6.050
800324311 WECKMAN JACQUELINE PA 42,000.00 11.000 6.600
800325433 CHAU MAGGIE CO 136,210.00 9.625 5.000
800325656 SIGNORE TERESA PA 117,000.00 10.250 5.750
800326803 HAWKINS ERIC G TX 80,550.00 10.000 5.750
800328031 RUSSOMAGNO GERARD NJ 350,000.00 10.125 5.800
800331225 WARREN JAMES D AZ 96,000.00 9.000 4.800
800331423 FONTANEZ VICTOR PA 62,100.00 10.375 5.750
800331506 BOWMAN HOWARD W PA 52,000.00 12.375 7.500
800332389 ANKENY STEPHEN B AZ 244,000.00 8.875 5.550
800332652 HINTZE JIM UT 207,000.00 9.500 5.250
800332868 GRIFFIN KENNETH C. AZ 84,000.00 10.750 6.000
800333379 BALDONI MARK J PA 26,350.00 11.125 6.500
800335051 REID PAULINE NY 233,750.00 11.250 7.000
800335119 RYAN JAN ELIZABETH CO 148,000.00 8.250 4.000
800335689 GOODWIN KIM T PA 101,150.00 11.875 7.000
800335986 POPIELARZ ROBERT NY 120,000.00 13.625 8.875
800336059 KNUDSEN ORVEST L PA 87,000.00 8.875 5.250
800336125 DRUCKER JESSE NY 95,625.00 10.375 7.000
800336729 CLEMMER DIANE NJ 71,920.00 11.625 7.250
800337396 WILLIAMS THEODORE M NY 142,950.00 10.875 6.550
800338055 RICHARDS JAMES MICHAEL PA 110,160.00 8.375 5.000
800338410 VIGIL ROBERT ANTHONY CO 114,300.00 9.500 5.250
800338972 CUNNINGHAM THOMAS L PA 44,115.00 11.750 7.000
800340697 WILLIAMS RANDALL K PA 76,500.00 9.875 5.000
800341307 SCHOUTEN ROBERT D AZ 168,300.00 9.625 5.400
800341562 MANSON JAMES FL 85,900.00 10.875 6.550
800342032 FIELDS CHARMAIN CO 72,000.00 12.000 7.250
800342149 HANNAN JOSEPH J AZ 62,050.00 10.875 6.550
800342347 CARDILLO LAWRENCE PA 28,000.00 10.500 6.150
800342354 DRDUL DAVID PA 32,000.00 13.000 8.200
800342495 ASANTE AKEEM GA 106,100.00 10.250 5.750
</TABLE>
<PAGE>
<TABLE>
Page 8 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800342933 NORMAND CATHERINE DE 46,800.00 10.250 5.750
800343279 LITCHMORE ALLEN M NY 218,700.00 10.500 5.875
800344202 PETERS NICHOLAS WA 63,700.00 10.750 6.000
800344640 GORITY THOMAS W PA 48,000.00 11.625 7.000
800345142 BAIN MARTHA S FL 41,850.00 9.625 5.000
800345225 BLALOCK T DIANN GA 54,900.00 9.750 5.550
800346256 RANDALL DEE UT 208,000.00 11.000 6.500
800346389 BROWN RICKIE L. FL 36,000.00 8.750 3.750
800346587 KELLEY PAMELA CO 58,800.00 12.000 7.250
800346702 SEIGHMAN TERRY L PA 46,000.00 9.000 4.500
800347122 NATERA EDGARDO CT 29,600.00 9.750 5.150
800347924 PARKER, ERWIN KENNETH FL 82,400.00 9.875 5.500
800348252 SMITH JEFFREY DAVID CO 332,000.00 9.000 4.750
800348419 LEMLER LAWRENCE AZ 75,200.00 8.250 4.850
800349250 DURR PAMELA E GA 67,050.00 10.875 6.250
800349599 CRAWFORD WILLIAM R FL 122,400.00 12.625 7.500
800349698 GERMINSKY ROBERT A NJ 162,500.00 9.750 5.750
800350340 VO MY NGA THI WA 199,750.00 10.750 6.500
800350688 GARTRELL ROGER D CO 117,300.00 8.250 4.000
800351587 POLANCO ROBERT NJ 243,750.00 9.750 5.250
800352676 HOWARD LISA MARIE CO 95,000.00 7.875 5.250
800353112 MOATE LOLA J PA 30,750.00 10.500 5.750
800353468 ELLINGTON DARRELL V FL 54,400.00 11.500 7.900
800356776 BRADLEY BERNICE H PA 37,600.00 10.625 6.250
800356784 REIPRISH MICHAEL K PA 123,300.00 7.125 3.750
800357279 PEREZ RAYMOND PA 98,888.50 10.000 5.500
800357782 FULMORE THEODIS FL 68,000.00 10.875 6.250
800358988 EVERETT TODD W PA 162,000.00 9.750 5.750
800359580 MACKEY DONALD NY 141,525.00 11.375 6.850
800360141 DESMARAIS DAVID M WA 188,800.00 9.500 5.000
800360661 HOWELL GEORGE W GA 80,910.00 10.375 5.750
800362618 RUGER TERRY GEORGE PA 128,308.98 11.500 7.500
800364689 SALERNO TIMOTHY C. FL 59,500.00 10.875 6.500
800366114 FAULKNER HOBART FL 416,000.00 8.750 5.250
800367351 WESTFALL DOROTHY A UT 91,375.00 10.000 6.250
800367682 CASTILLO VICTOR PA 124,800.00 12.125 7.250
800368441 ZAMARRIPA ERASMO WA 72,250.00 8.625 4.250
800370561 GOLPARVAR KUYOMARS NY 155,000.00 10.500 5.750
800375149 RO YOUNG CO 109,170.00 9.250 4.500
- -------------------------------------------------------------------------------------------------------------
Loans in Servicing not yet tagged for sale 32,265,801.78 10.418 6.123
106151477 THAME MAURA NV 120,657.00 10.250 6.000
106151908 HUBBARD THOMAS E. IN 90,000.00 9.875 5.000
106153489 WRIGHT-BURTON YVONNE C. MI 122,000.00 10.625 7.250
106153558 GRAHAM WILLIAM C. IL 112,000.00 9.625 5.000
106153638 PRITT MARLIN OH 52,000.00 12.625 7.500
106153906 PIOTROWSKI ZBIGNIEW IL 98,600.00 8.375 3.750
106154026 HANSON DAVID A. MN 92,800.00 11.750 7.000
106154202 BELTRAN, JR. VITO MARCELO C. IL 150,000.00 9.875 6.000
106154252 DEL VALLE EDWIN IL 130,000.00 10.125 5.500
106154367 CAMPBELL ROBERT CLAIR MI 91,000.00 10.750 5.500
106154474 MULLER JR. ROBERT C. OH 102,000.00 9.750 5.000
106154650 SMITH JR. FREDERICK IL 103,500.00 9.625 6.800
106154657 FORSTON JEANETTE IL 72,900.00 10.250 5.750
106154750 BROWN PHYLLIS IL 106,200.00 11.000 6.250
106154916 JOHNSON STEVEN E. OH 54,000.00 9.875 5.000
106154942 CROWDER TERRY D. TN 39,600.00 11.125 6.500
106154959 JONES KEITH R. IL 137,700.00 11.750 7.000
106155174 FERRELL KEENAN IL 144,000.00 11.000 6.250
106155242 SEGAL NEIL MI 72,000.00 11.625 7.150
106155243 GARRISON II EDWARD T. MI 69,700.00 11.000 6.500
106155331 COUCH STEVEN M. IN 67,200.00 8.750 4.250
106155351 BENGOUGH ALFRED OH 135,000.00 10.375 5.750
</TABLE>
<PAGE>
<TABLE>
Page 9 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106155485 RIOPELLE STEVEN MI 104,000.00 9.875 5.250
106155515 GLUCKMAN MARK A. IL 450,000.00 10.250 6.500
106155574 KIDD GERALD F. OH 35,700.00 10.625 5.750
106155704 WALKER WILLIAM MI 175,000.00 7.625 4.150
106155795 SHARIF HAMID R. IN 69,600.00 9.750 5.000
106155833 YUTZY ROGER IL 49,300.00 11.000 6.500
106155989 HOAG WILLIAM M. IN 33,800.00 10.500 5.750
106156217 THIBODEAUX DOLORES C. IL 120,000.00 12.750 7.500
800198756 SHARRER JAMES A PA 24,000.00 13.500 8.500
800198806 CONOVER GARY R PA 246,500.00 10.000 5.500
800201105 OBAROWSKI MICHAEL NY 120,000.00 12.125 6.700
800207284 BEHMER TIMOTHY L PA 99,600.00 12.500 8.500
800241267 OKKEMA RICHARD W NJ 131,250.00 9.625 6.300
800249658 BLAINE LATHELL NJ 160,000.00 12.250 8.900
800257644 ROUTIE RICHARD NJ 144,000.00 10.375 5.750
800264475 CLEMENS THOMAS G PA 145,780.00 9.000 5.000
800267403 ASH MELVIN S PA 124,500.00 10.250 6.250
800270191 JAMES ROCHELLE NY 84,000.00 13.125 7.650
800272981 ROGERS SHAWN NJ 161,100.00 10.000 6.800
800275513 ALLEN ADOLPHUS E NY 253,800.00 10.500 6.875
800277774 STRONY GREGORY J PA 67,590.00 10.250 5.750
800281313 LAVEYNE VICKI L PA 25,510.00 12.000 8.500
800283152 TOWNSEND GEORGE H PA 160,000.00 13.500 8.550
800285215 CHARLES MICHELLE NY 180,000.00 8.875 4.600
800286734 TORRES ALBA NJ 136,000.00 12.250 8.900
800287245 REYNOLDS KENNETH NY 170,000.00 11.500 7.200
800287542 DOBRIN JEANETTE NY 162,000.00 9.750 6.400
800288938 BRESCIA QUIRINO NY 201,500.00 11.375 6.800
800291437 ZITO MICHAEL C PA 85,500.00 10.875 6.300
800293292 THOMSEN MICHELE NY 59,400.00 12.000 7.200
800293391 HARRINGTON ANTHONY J GA 79,900.00 12.750 8.050
800296063 MCCARTHY THOMAS H NJ 123,250.00 11.375 8.050
800298556 RUTHERFORD ROBERT PAUL CO 109,800.00 10.125 6.800
800300915 GELVIN BRIAN MARK PA 90,200.00 10.625 6.250
800301814 LADOTUN MORYAM NY 157,500.00 11.000 6.400
800302648 SINGH BASMATTEE NY 177,000.00 10.875 6.675
800304081 WALTY ELAINE NJ 66,950.00 13.500 8.650
800304255 WALTER ROGER A PA 29,150.00 12.625 7.850
800304735 RAYMOND PATRICK NY 207,000.00 11.375 7.150
800306128 HAMPSON LEONARD J NY 87,975.00 11.875 7.550
800306557 DRURY JAMES G PA 68,000.00 11.250 6.800
800313413 PENA ANTONIO NY 142,400.00 11.625 7.150
800315509 FEARMAN DANIEL J CO 108,715.00 10.375 6.000
800319063 DE ANGELIS GAETANO L PA 134,000.00 10.375 5.750
800321432 AMSTERDAM GEORGE NY 123,000.00 9.375 4.800
800322711 LARWA FRANCIS P PA 143,225.00 11.625 7.300
800324303 DUBREUIL JR ALPHONSE T CT 143,000.00 8.750 4.450
800324527 MURRAY JAMES C NY 52,000.00 9.750 5.200
800326993 DELANEY MARIE GIBSON PA 52,800.00 10.625 5.750
800327231 MAFFEI KATHY LYNN FL 68,000.00 11.250 7.500
800330672 EDWARDS DENNIS F CO 209,600.00 7.625 3.000
800334807 HENNE MICHAEL W PA 149,300.00 11.000 6.800
800339681 GETZ TODD CO 145,800.00 10.000 5.750
800340176 DIAS DOMINGOS CT 77,000.00 10.125 5.900
800344723 LATTUGA RICHARD NY 487,500.00 13.500 8.150
800344871 SCHAFFER GLORIA FL 72,250.00 10.750 5.500
800346264 GOINGS NEAL R TX 100,000.00 9.500 5.000
800348609 RIDEOUT TYRONE PA 52,000.00 12.250 7.500
800352171 MCGEE BRUCE J CO 72,250.00 8.875 5.550
800352775 LOWE KRAIG CO 101,600.00 10.500 7.100
800355018 FLORES VIRGINIA G AZ 40,400.00 12.375 8.000
800356024 SWEINHAGEN PAUL B AZ 80,100.00 9.875 6.550
800360877 MAIORANA ANTHONY NJ 216,750.00 11.875 7.550
</TABLE>
<PAGE>
<TABLE>
Page 10 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800364135 SNEAD GREGORY RI 64,000.00 12.125 7.250
800367062 ESPINOSA LESLY AZ 60,000.00 10.875 6.400
800368607 NELSON CAROLE ANN UT 111,200.00 9.875 5.250
800370165 D'ARCY HARRY E GA 184,450.00 11.625 7.000
800373318 SCOTT DANIELA T AZ 81,600.00 10.750 7.300
800381675 WILDEY STACEY E UT 114,000.00 9.375 5.000
- -------------------------------------------------------------------------------------------------------------
Loans Funded and not yet in Servicing 10,725,952.00 10.751 6.429
Total ARM Loans Funded and Available 66,108,513.54 10.518 6.242
</TABLE>
<PAGE>
<TABLE>
Page 11 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106083842 TOUSANT CHARLES C NY 19,491.20 12.990 0.000
106144056 TOLA DURO CT 103,804.99 12.800 0.000
106144063 RUST RICHARD H ID 35,039.53 12.750 0.000
106147159 HOLOWCZAK MICHAEL NJ 117,000.00 13.950 0.000
106148345 WINTERS ROBERT D CA 64,000.00 13.200 0.000
106148931 DUKE VIRGINIA C UT 42,000.00 12.600 0.000
106149148 WILLIAMS DANIEL D WA 22,658.00 15.600 0.000
106149877 HARTMAN GERALD E CO 21,954.91 11.750 0.000
106150214 METCALF JERRY K IL 82,722.97 11.300 0.000
106150342 KORDISH ANN D OH 71,344.22 11.100 0.000
106150343 WALKER JAMES A MN 74,756.96 14.250 0.000
106150675 HEIL JOHN JR IN 39,800.00 13.350 0.000
106150801 COX R LEE CA 23,000.00 12.500 0.000
106151369 RYAN TROY LEE UT 33,259.00 13.250 0.000
106151943 HECKMAN MARK L NM 35,400.00 12.150 0.000
106152083 MARSHALL DOROTHY A NY 21,000.00 12.100 0.000
106152132 FLETCHER MARK CT 385,000.00 11.100 0.000
106152250 HARRIS BOBBY IN 44,083.69 12.400 0.000
106152332 JERKOVIC TIJANA AZ 39,000.00 11.500 0.000
106152402 TISDALE MARY ELLEN MN 45,700.00 11.800 0.000
106152544 BASTON DANIEL OH 59,984.02 10.150 0.000
106152640 PERRY GEORGE R PA 25,578.43 11.850 0.000
106152702 GIRARDO JAMES N UT 50,000.00 12.600 0.000
106152868 ESPARZA DAVE AZ 28,021.68 12.600 0.000
106153037 MCGOWAN ANGEL B OH 67,447.43 11.550 0.000
106153265 BLOCK JAMES R II WI 41,700.00 11.550 0.000
106153289 STARK TIMOTHY M WA 125,950.00 13.600 0.000
106153323 TILLCHOCK SCOTT NY 38,000.00 10.650 0.000
106153341 BOWLING MICHAEL S OH 104,000.00 9.900 0.000
106153385 TERRELL JEFFRY D CO 33,586.00 11.100 0.000
106153415 GRAFFEO JOSEPH IL 64,300.00 11.600 0.000
106153720 MCGEE ROSIE LEE IL 59,258.81 11.550 0.000
106153757 BROWN CATALINA T IL 53,500.00 9.900 0.000
106154053 STAUB GREGORY A IN 43,000.00 10.900 0.000
106154086 HARRIS LORAINE IL 42,500.00 12.000 0.000
106154107 COTTON EDWARD L IL 38,400.00 10.950 0.000
106154199 WIERSEMA WILLIAM IL 75,600.00 9.500 0.000
106154244 BARAKZAI MIRWAIS NY 217,000.00 10.950 0.000
106154304 OLSON MARIE A WI 33,500.00 11.650 0.000
106154336 TENUT LESLIE IL 28,000.00 13.850 0.000
106154441 CAMPBELL RICHARD E JR IN 33,150.00 12.000 0.000
106154450 WATTS ERVIN A IL 103,200.00 9.370 0.000
106154476 HUNTOON GLORIA W IL 27,000.00 10.400 0.000
106154546 PIPER GLEN W IL 123,400.00 9.700 0.000
106154547 KURZAK ANDY IL 78,000.00 12.400 0.000
106154581 KWEMBE TOR A IL 21,217.00 10.000 0.000
106154685 GALLEGOS MARIA IN 19,900.00 11.750 0.000
106154752 WILLIAMS VERLIN J II OH 67,500.00 11.500 0.000
106154754 BIVENS EDGAR IL 56,200.00 11.850 0.000
106154785 DADLANI ANDY J IL 29,000.00 12.350 0.000
106154803 SMOLARCZYK JOHN IL 75,000.00 10.250 0.000
106154849 BROWN CATALINA T IL 52,400.00 9.900 0.000
106154853 SEHL GERALD L MI 32,800.00 14.500 0.000
106154938 WILSON DANIEL MI 44,100.00 10.850 0.000
106155247 HOLT CHARLENE IN 28,000.00 10.150 0.000
106155273 CHICHESTER LEWIS G WA 37,250.00 11.600 0.000
800064263 MASSARO SALVATORE NY 34,975.63 11.100 0.000
800099012 STIRES ROBERT A FL 24,858.54 10.750 0.000
800131088 WASHENBERGER JEFFERY A VA 24,990.00 13.350 0.000
800139545 GALL FRANK FL 10,639.90 11.500 0.000
800139610 SMITH DERRICK NY 211,814.80 11.500 0.000
800148603 HUTCHISON JANE CT 21,295.65 13.500 0.000
800198822 SUAREZ MARCOS MA 52,382.49 11.300 0.000
</TABLE>
<PAGE>
<TABLE>
Page 12 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800215147 DRAKE RAYMOND A NJ 158,950.00 12.800 0.000
800219925 VAUGHAN CHRISTOPHE W NJ 25,766.52 12.750 0.000
800225096 HAMMON DOUGLAS J FL 22,500.00 12.750 0.000
800236283 O'NEAL HARVEY C FL 41,815.36 10.050 0.000
800236564 JOSEPH KETTLY M NY 16,840.00 14.000 0.000
800236721 MESSINA SALVATORE NY 71,000.00 9.900 0.000
800243495 SAULSBURY ROBERT H.S. NY 57,400.00 10.050 0.000
800245334 GOURDINE CHARLES A FL 14,327.42 11.490 0.000
800246043 KURILOFF FLOYD M VA 150,000.00 13.250 0.000
800246589 ROMANO FRANK J CT 40,000.00 11.900 0.000
800252058 ANNUTTO LISA J NY 25,961.86 10.850 0.000
800252678 TRIPP BRADFORD NY 142,500.00 11.400 0.000
800253676 DUELL WILLIAM J NY 55,780.86 10.375 0.000
800254617 MAY KEVIN E SC 99,200.00 11.800 0.000
800256877 SCHILLACI JOHN P NY 14,737.00 12.250 0.000
800257453 MILLER JEFFREY G FL 30,900.00 10.990 0.000
800257503 KIM MAL SOON NY 113,500.00 13.150 0.000
800257594 KIM EUN YOUNG NY 27,250.00 13.200 0.000
800258147 DAVEY DANIEL M CT 10,383.00 13.990 0.000
800259541 MORRIS MICHAEL KEVIN NC 54,000.00 11.800 0.000
800260051 PASQUA PATRICK NJ 19,499.24 12.600 0.000
800261547 GUSTAFSON CLEVA M. FL 54,000.00 12.300 0.000
800263337 YALANIS ANASTASIOS CT 20,161.99 12.650 0.000
800263618 ANDERSON CLIVE NY 133,000.00 11.750 0.000
800263899 LUTZ RONALD F PA 44,800.00 14.600 0.000
800264368 BATY MICHAEL FL 25,096.51 12.450 0.000
800265035 ORLANDO LYNN CYNTHIA CT 24,881.51 11.650 0.000
800266587 JIMENEZ DULCE NY 104,969.89 11.990 0.000
800266827 WILLIAMS M MIA PA 45,750.00 12.250 0.000
800267221 SHANNON KATHERINE NY 31,000.00 12.950 0.000
800267809 MCFADDEN JOAN SC 59,311.07 12.750 0.000
800269854 HANNIGAN CHARLES A NY 34,500.00 10.600 0.000
800270092 LEBRON SIFREDO NY 204,000.00 11.500 0.000
800270266 MARTIN LOUIS E SC 59,945.21 12.750 0.000
800274524 HINES REGINALD L FL 38,200.73 12.850 0.000
800275430 WHITE ALMON E. MA 25,000.00 13.600 0.000
800275760 GRIMSHAW RICHARD G NY 25,000.00 12.750 0.000
800276073 NAGY LINDA M PA 21,000.00 10.900 0.000
800278590 LEWIS HARRY A MI 26,100.00 11.050 0.000
800279143 ROWELL PETER A MD 396,500.00 11.500 0.000
800279721 CAMPOS EVER NY 97,500.00 12.500 0.000
800279820 MENEGATOS NIKOLAUS NJ 90,190.00 12.100 0.000
800280075 URQUHART KAY FL 36,221.43 11.300 0.000
800280166 GARCIA JOSE M PA 37,969.92 10.800 0.000
800281669 FAZZI SANDRA M FL 61,200.00 9.650 0.000
800282469 ROWAND RICHARD R GA 18,888.23 15.490 0.000
800286171 MERRITT RHONDA L FL 28,000.00 12.550 0.000
800286320 CASELLA STEPHANIE PA 98,296.15 13.250 0.000
800286791 ROBINSON JUANITA FL 32,883.08 10.850 0.000
800286809 PUNO EDUARDO A NY 60,000.00 12.450 0.000
800287229 ROSSELLI THOMAS NY 28,500.00 10.550 0.000
800287575 WRIGHT CHARLES E UT 16,475.00 11.750 0.000
800287898 CHILLEEN EDOUARD R AZ 336,000.00 9.950 0.000
800288375 TAYLOR, ALBERT THOMAS NC 81,600.00 12.150 0.000
800289068 BLACK WILLIAM REX AZ 57,398.39 13.300 0.000
800289522 STOYAK JESSIE D CT 40,000.00 9.150 0.000
800290579 NEAL CHRISTOPHE FL 20,832.00 11.600 0.000
800292492 GATELY WILLIAM J. MA 100,250.00 12.100 0.000
800293151 STEINBERG CHARLES E CT 87,000.00 12.050 0.000
800293532 STANTON MICHAEL J PA 15,000.00 11.800 0.000
800293771 COGSWELL JAMES K GA 154,000.00 12.000 0.000
800296048 BRAMHALL MICHAEL J NJ 18,900.00 12.990 0.000
800296212 BROWN WILLIAM L PA 28,900.00 11.750 0.000
</TABLE>
<PAGE>
<TABLE>
Page 13 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800296337 BROCKMAN CARL K FL 51,000.00 11.050 0.000
800296386 EDMONDS BETTY JANE CT 51,000.00 9.400 0.000
800296816 WATROUS KENNETH W FL 33,823.56 12.850 0.000
800296972 HAN THOMAS H NY 63,000.00 13.800 0.000
800297129 DE MELLO ELISA RI 103,700.00 11.850 0.000
800297152 BROTHERTON WILLIAM H GA 216,750.00 11.600 0.000
800297624 WILLIAMSON ARTHUR G PA 42,500.00 11.600 0.000
800297871 PRUSH LINDA S NY 43,498.00 12.850 0.000
800298416 MONACO ROBERT P NY 280,000.00 14.100 0.000
800298440 CASTRO ROMEO N CA 45,300.00 12.100 0.000
800298648 WORSLEY RANDY K UT 20,000.00 11.600 0.000
800298689 WOODSON FREDERICK D MN 23,000.00 12.000 0.000
800298713 TAPPAN ROY G MI 67,500.00 9.650 0.000
800298952 GAMBLE MONTY L OR 23,012.00 13.350 0.000
800299083 WADDELL CHARLES E MO 52,061.00 9.900 0.000
800299273 DAVIS DENEAL MAY UT 21,100.00 12.600 0.000
800299869 PATOUHAS VASILIOS A NJ 68,000.00 11.400 0.000
800300113 ALLSBERRY RAY ANTHONY VA 46,750.00 9.900 0.000
800300170 FRY HARRY NJ 20,610.43 11.850 0.000
800300337 PEKALA SUSANN M PA 25,500.00 11.150 0.000
800301038 BENSKIN REYNOLD NY 148,000.00 10.900 0.000
800302267 ELLIS ZENOBIA NC 17,945.00 11.500 0.000
800302598 GAMEZ FELIPE A CO 31,000.00 13.850 0.000
800303406 AGUIRRE MARITZA P FL 38,700.00 12.500 0.000
800303661 REID MELISSA J AZ 28,500.00 11.600 0.000
800303695 HARKNESS ANNETTE D CO 16,000.00 12.700 0.000
800304461 PERRONE ALBERT E NJ 75,000.00 11.850 0.000
800304594 NOVAK GARY W CT 26,000.00 11.990 0.000
800306342 JACOBSEN MICHELE T FL 29,750.00 11.600 0.000
800306359 CALDERON JUAN PA 36,000.00 11.400 0.000
800306524 WILLIAMS GREG PA 39,950.00 12.300 0.000
800307019 MORELAND JAMES B PA 35,700.00 10.600 0.000
800307092 GLYNN R. ALLEN MI 48,600.00 10.900 0.000
800307704 COHEN DON A CA 140,250.00 11.850 0.000
800308272 LINDO CAROL M NY 136,000.00 12.500 0.000
800308496 GRIFFITH EDGAR A PA 47,000.00 11.750 0.000
800308835 CLARK CECILE C FL 100,000.00 10.850 0.000
800309221 MATTHEWS JERRY A. NC 48,000.00 10.900 0.000
800309320 MONTANI GUY R AZ 20,700.00 11.550 0.000
800309387 SCOTT JERRY W PA 35,000.00 9.650 0.000
800309429 GREGORY JAMES M WA 42,000.00 10.900 0.000
800310468 HARRIS JAMES M OR 37,720.00 11.150 0.000
800311177 KOLEN EDWARD NJ 38,250.00 8.900 0.000
800311235 BARNES CYRIL P FL 10,000.00 11.650 0.000
800312043 STEWARDSON ROBERTA S CO 50,000.00 10.350 0.000
800312126 KHAN MOHAMMAD NY 15,000.00 9.250 0.000
800312985 HENRY MARK D PA 49,600.00 12.850 0.000
800313108 ROMICH JAYME A PA 40,000.00 13.350 0.000
800313306 BRISARD LUC NY 216,750.00 12.750 0.000
800313769 MORRIS JAMES L CO 95,200.00 9.900 0.000
800314155 ATKINS JAMES H FL 170,000.00 10.150 0.000
800314304 PANIO FRANCINE NY 69,700.00 12.600 0.000
800314973 BLEVINS SCOTT K FL 17,841.00 14.650 0.000
800315269 MARTINEZ GEORGE K. FL 20,398.00 12.600 0.000
800315293 PEPE MARTIN A PA 24,500.00 12.750 0.000
800316184 WRIGHT CHARLES FL 105,400.00 9.000 0.000
800316507 SCHOENEWOLF STEVEN H. NY 67,150.00 11.850 0.000
800316713 KOSTENBORDER KENNETH J OR 37,000.00 10.150 0.000
800316747 LOCKHART GREGORY CT 135,900.00 10.300 0.000
800316820 BEEBE ANDREAS VA 77,500.00 11.150 0.000
800316911 MCCOTTER BETSY A NY 48,750.00 9.250 0.000
800317323 RUSSELL DAN NC 20,800.00 11.700 0.000
800317968 HEATH LORI J CT 27,000.00 12.500 0.000
</TABLE>
<PAGE>
<TABLE>
Page 14 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800318008 PEREZ VIRGINIA NY 75,000.00 13.000 0.000
800318024 BOMMER WILLIAM R OH 62,200.00 11.000 0.000
800318172 FIORDALICE MARY LOUISE NY 76,240.00 10.750 0.000
800318396 FAIDLEY ARVILLA MD 103,200.00 13.350 0.000
800319022 PAPASIMAKIS PAUL NY 16,700.00 12.900 0.000
800319311 COULOMBE KEVIN C FL 19,000.00 11.150 0.000
800319659 JACOBS LLOYD NY 23,000.00 11.750 0.000
800319782 CHASE NOLA UT 41,944.00 10.750 0.000
800320145 ELDER GARY G FL 58,400.00 13.100 0.000
800321036 CANNIZZARO VICTOR PA 13,990.00 12.600 0.000
800321887 GARCIA NESTOR RAUL NY 133,000.00 10.400 0.000
800321929 DEGUZMAN ALFREDO T. MD 23,000.00 12.600 0.000
800322430 BOUCHER EDWARD M CT 20,300.00 11.750 0.000
800322737 BUONAIUTO THOMAS NY 51,500.00 11.250 0.000
800322802 JONES JOHN P FL 32,200.00 12.000 0.000
800323016 KUCZINSKI MICHAEL NY 171,000.00 11.550 0.000
800323156 GRAY DENNIS AZ 41,000.00 11.700 0.000
800323602 BROOKS PATRICIA L PA 48,540.00 12.600 0.000
800323693 KOWZUN TADGIO T NJ 25,195.00 12.450 0.000
800323859 KOCEJA CLARINDA FL 60,000.00 11.150 0.000
800324253 BAGGA GEETIKA NY 28,000.00 13.500 0.000
800324477 VERDE SALVATORE NY 38,730.00 11.150 0.000
800324600 BURKES ARTIE FL 30,000.00 10.000 0.000
800324618 HAWKINS SAMUEL NY 138,125.00 11.500 0.000
800324865 EATON DIANA L MO 16,155.00 11.400 0.000
800325359 SMALL RACHEL FL 18,000.00 9.750 0.000
800325540 CROSSMAN JUDITH A RI 26,550.00 11.350 0.000
800325680 KAIGHIN MYRTLE N MO 56,010.00 9.650 0.000
800326878 RASMUSSEN LARRY ALLEN CO 33,652.00 13.850 0.000
800327306 RAMOS LIDYS FL 80,400.00 12.350 0.000
800327322 SCHOMMER PHILIP E PA 22,500.00 13.250 0.000
800327637 BROWN PEGGY LINN FL 36,750.00 12.950 0.000
800328296 PYLANT FRANK GA 21,297.00 11.400 0.000
800328379 CASSON CHARLES B WA 115,000.00 10.850 0.000
800328684 SORENSEN WILLEMINA UT 25,000.00 12.700 0.000
800329005 KEATING MICHAEL T CO 22,000.00 11.400 0.000
800329203 SINCLAIR KEITH OH 45,750.00 9.650 0.000
800329286 YONKIN DAVID J FL 58,600.00 12.100 0.000
800329344 RITCHIE JAMES WILLIAM FL 79,500.00 10.350 0.000
800329831 BIHUN HAZEL L PA 44,000.00 10.250 0.000
800330425 SCHMIDT GLENN A WA 16,550.00 12.000 0.000
800330565 HALL VALLI RENE FL 30,000.00 11.350 0.000
800330789 MELBOURNE CYNTHIA A FL 37,000.00 11.150 0.000
800330854 WIES MICHAEL R MO 29,640.00 9.500 0.000
800331076 RUIZ CARLYN M CO 51,840.00 11.200 0.000
800331282 WEINBERG ROBERT J NY 185,000.00 11.900 0.000
800332090 MOZZONE THOMAS W NJ 80,000.00 14.000 0.000
800333270 BARBER MIRIAM H NY 25,000.00 9.250 0.000
800333296 A PERREAULT PAUL AZ 79,900.00 12.150 0.000
800333627 THOMAS REBA J. FL 39,000.00 10.950 0.000
800333841 ROBINSON EASTER NY 139,500.00 11.600 0.000
800334666 TERRY VICTORIA FL 22,400.00 12.100 0.000
800334674 BLATCHLEY FRANCIS CT 60,000.00 11.100 0.000
800334682 GIFFORD TERESA LYNN FL 36,000.00 9.600 0.000
800334732 HARRIS JERRI A. FL 27,000.00 10.000 0.000
800334849 MCCANN DIXIE UT 125,000.00 10.250 0.000
800335150 MITCHELL J CHRIS ID 25,000.00 11.150 0.000
800335366 PENDELTON TRACY R UT 54,000.00 12.850 0.000
800335853 FRASCA THOMAS A. MO 99,000.00 10.900 0.000
800336281 NOLAN JOHN E FL 35,730.00 10.500 0.000
800336414 PAPADOPOULIS KALLIOPI NJ 22,725.00 13.150 0.000
800336612 WALLACE LORA ANN GA 52,000.00 9.500 0.000
800337016 SINCLAIR LACY L FL 55,222.00 10.650 0.000
</TABLE>
<PAGE>
<TABLE>
Page 15 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800337636 LAZZARUOLO RANIERO NY 41,900.00 11.600 0.000
800337982 HULTS WALLACE R. NY 48,200.00 9.750 0.000
800338006 BRYAN LEO HARPER FL 15,779.00 10.250 0.000
800338063 RIZZO JOSEPH F GA 32,000.00 10.400 0.000
800338139 CHOW PETER S M OH 21,700.00 10.450 0.000
800338196 LIVINGSTON FRANCIS E PA 16,626.00 11.100 0.000
800338923 GNJIDIC MARINKO FL 104,400.00 9.900 0.000
800339467 ROWE CYNTHIA H. FL 20,600.00 11.100 0.000
800339574 MCKEAN JEFFRY UT 75,600.00 11.400 0.000
800340184 HEDGER RAYMOND C PA 58,000.00 10.500 0.000
800340820 RAZNY DAVID E SC 25,000.00 11.750 0.000
800340945 SILVEY JEFFREY G CO 26,500.00 11.850 0.000
800341257 VITALE BEVERLY NY 24,000.00 11.100 0.000
800341489 DUNCAN WILLIAM R FL 39,250.00 11.650 0.000
800341711 PAOLI MICHAEL D FL 27,500.00 11.450 0.000
800342164 CABAN JOSE A PA 59,500.00 10.150 0.000
800342396 CREVAR MARGARET A. NC 26,900.00 9.750 0.000
800342594 KALAFATIS POPI FL 60,350.00 10.100 0.000
800342966 GREEN JANICE P W MD 127,500.00 12.100 0.000
800343055 BURKS STEPHANIE A. FL 13,500.00 12.600 0.000
800343345 PHONGSAVANG SOMSACK CO 48,784.00 11.350 0.000
800344061 MORALES JOSE M. FL 56,700.00 10.650 0.000
800345340 GRANDPRE CYNTHIA A CT 37,200.00 14.000 0.000
800345563 XANOUBANE DALA CO 18,339.00 13.750 0.000
800345597 FOSS ROBERT A NV 17,090.00 11.500 0.000
800346074 DINSMOOR MARJORIE E. FL 11,300.00 11.850 0.000
800346181 SLAYTON TAMARA FL 36,645.00 11.350 0.000
800346801 FRANCIS TIMOTHY NY 15,000.00 12.150 0.000
800346934 KOTOUCH RICHARD W PA 49,000.00 9.750 0.000
800347304 HARRIS SYLVIA MD 33,800.00 10.700 0.000
800348039 YELLIN LINDA CO 30,000.00 10.600 0.000
800349144 BREYMEIER ROBERT PA 75,000.00 9.500 0.000
800349664 GRINNELL ALAN C UT 29,811.00 13.200 0.000
800350043 JONES PHILLIP A WA 100,000.00 11.150 0.000
800350167 TAYLOR DEBORAH L CO 68,800.00 11.375 0.000
800352452 IRWIN DENNIS M FL 66,300.00 12.100 0.000
800353245 ALLEN PHILLIP NC 51,000.00 10.800 0.000
800354631 OBRIEN HOLLY AZ 39,713.00 11.600 0.000
800357477 HOBERT MARK R FL 35,000.00 11.350 0.000
- -------------------------------------------------------------------------------------------------------------
Loans tagged for 1st Subsequent Transfer 16,726,829.21 11.558 0.000
106073024 WATKINS ROSETTA L MD 44,488.54 13.200 0.000
106139634 WALKER CHARLES R UT 27,584.55 15.350 0.000
106142347 WOODARD GERRY MI 42,000.00 13.600 0.000
106145260 THOMAS JANICE L DC 88,549.23 13.700 0.000
106148941 WOOLLEY DONALD AZ 16,000.00 12.900 0.000
106150029 TUR LARRY KY 35,700.00 13.000 0.000
106150845 MELTON DEBRA S KY 12,800.00 15.365 0.000
106150851 FRANEY DANIEL J MN 39,900.00 12.275 0.000
106151052 TURNBULL ROLAND G AZ 13,200.00 14.000 0.000
106151095 ARVILA MARY L MN 46,100.00 12.275 0.000
106151297 VREELAND DONALD R NJ 78,200.00 9.125 0.000
106151422 TERRY L CAROL MN 32,600.00 12.525 0.000
106151510 HAAN MARK R MN 83,300.00 12.775 0.000
106151641 GRONHOY CURTIS M MN 56,000.00 9.500 0.000
106151664 WELLWERTS ANTHONY J IL 25,000.00 11.850 0.000
106151753 SANTANGELO JANE NJ 73,800.00 11.990 0.000
106151870 MCLAUGHLIN ARDYTH A OR 34,800.00 10.500 0.000
106151875 WANNEMACHER SHIRLEY OH 26,500.00 12.925 0.000
106151883 FATLAND MICHAEL W MN 29,000.00 11.275 0.000
106151988 LAWTON RALPH D MN 115,700.00 10.375 0.000
106151991 HOWARD MICHAEL L KY 57,900.00 9.320 0.000
106151997 ZIGLER JAMES B MN 34,000.00 11.875 0.000
</TABLE>
<PAGE>
<TABLE>
Page 16 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106152000 SIEMEN JOHN J JR OH 41,300.00 13.525 0.000
106152002 GOLDSTEIN ALLAN D MN 208,200.00 12.775 0.000
106152139 DIPASQUALE MICHAEL D AZ 16,169.08 12.500 0.000
106152225 VANDEN BOSCH MN 51,700.00 9.410 0.000
106152234 PAGE DAVID R KY 40,800.00 10.275 0.000
106152235 SEXTON TERI L KY 21,000.00 10.875 0.000
106152270 HIDALGO MARK C AZ 110,000.00 10.550 0.000
106152374 JOHNSON MITCHELL D MN 13,000.00 13.125 0.000
106152379 AHLNESS JOANNE R MN 15,600.00 11.625 0.000
106152406 MCPHERSON HARRIETTE IL 26,000.00 9.600 0.000
106152409 RENO MARIANNE MN 21,500.00 13.125 0.000
106152413 WERMERSKIRCH DANIEL P MN 168,000.00 10.625 0.000
106152633 WHITE TERESA R NY 46,200.00 11.875 0.000
106152638 FANELLI GERALDINE MARY NJ 18,300.00 11.025 0.000
106152641 COLEMAN MARY H NJ 83,200.00 9.090 0.000
106152668 PENNINGTON CHUCK R KY 96,000.00 9.410 0.000
106152755 NELSON JAMES R MN 11,900.00 11.875 0.000
106152756 MCMANUS JC KY 65,600.00 10.625 0.000
106152817 SUMNERS CARLTON NJ 236,700.00 11.625 0.000
106152829 HATTERY JOY A OH 10,600.00 10.875 0.000
106153000 DUNN RONALD J SR NJ 12,700.00 11.875 0.000
106153013 BARTELT JANICE J WI 25,200.00 11.875 0.000
106153015 ULRICH KEVIN M KY 15,300.00 13.125 0.000
106153016 WHITING MARGARET A IL 25,200.00 11.025 0.000
106153023 EVANS JAMES R OH 44,800.00 9.650 0.000
106153122 JONES MICHAEL D OR 59,400.00 13.300 0.000
106153143 HEINISCH TERESA A KY 103,600.00 10.525 0.000
106153144 HEINISCH TERESA A KY 13,600.00 10.625 0.000
106153145 SIPLE KEVIN M KY 27,000.00 13.125 0.000
106153146 LEVANDOSKI MICHAEL T MN 124,000.00 10.525 0.000
106153218 BERNSTEIN SHELDON NY 88,100.00 10.875 0.000
106153239 CROSS MONICA L KY 19,300.00 11.875 0.000
106153332 KAUL KRISTI P MN 30,000.00 12.525 0.000
106153335 EVANS EDMUND L OH 67,000.00 9.695 0.000
106153361 EPPERSON DENNIS D IN 157,500.00 10.650 0.000
106153412 MORRISON CONSTANCE A WI 25,200.00 10.125 0.000
106153455 HORTON KAREN NJ 21,000.00 10.875 0.000
106153456 GLAPION THOMAS A NJ 79,400.00 10.375 0.000
106153457 DI GUILMI DONNA LEE NJ 14,700.00 10.875 0.000
106153458 MANSILLA JUDITH A NJ 17,700.00 10.875 0.000
106153459 REAGAN DENNIS R NJ 17,600.00 11.625 0.000
106153460 TOMCHUK RICHARD NJ 56,700.00 12.375 0.000
106153463 FARLEY EILEEN D NJ 40,300.00 10.625 0.000
106153466 SIENKIEWICZ EDWARD NJ 107,100.00 11.875 0.000
106153467 LELLAHI HOSSEIN NJ 54,600.00 13.000 0.000
106153483 MILLS ALEX W NJ 18,000.00 11.875 0.000
106153515 ROBERTSON JAMES J MN 107,700.00 9.320 0.000
106153517 BRANNIN BARBARA L KY 75,800.00 11.125 0.000
106153527 RUSSELL JOYCE V V WI 58,900.00 10.375 0.000
106153532 HORTON THOMAS J IN 47,600.00 11.525 0.000
106153609 BALLINGER BARBARA NJ 100,400.00 11.375 0.000
106153616 WEFLEN BARBARA E MN 18,000.00 11.875 0.000
106153713 MIZACK SUSAN NJ 122,000.00 9.010 0.000
106153722 OLSEN ANDREW K MN 19,100.00 12.125 0.000
106153736 MORRIS BARBARA JEAN KY 31,200.00 9.250 0.000
106153743 ANDERSEN ROBERT L MN 79,800.00 11.625 0.000
106153785 PRAMBERGER JOHN P NJ 38,300.00 11.875 0.000
106153904 DOYLE JOHN F NY 39,900.00 12.375 0.000
106153917 SAIN MICHAEL D MN 104,700.00 9.445 0.000
106153918 SAIN MICHAEL MN 20,800.00 10.375 0.000
106153919 KLEIN JERRY D WI 22,500.00 10.875 0.000
106153923 HERLITZ JANE A WI 16,700.00 13.875 0.000
106153924 BARNFIELD MARILYN R IL 93,300.00 11.025 0.000
</TABLE>
<PAGE>
<TABLE>
Page 17 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106153935 LAWTON RALPH T MN 13,400.00 11.875 0.000
106153972 SEPPANEN PETER A NY 29,000.00 10.625 0.000
106153976 DEMERS ROBERT NY 21,300.00 11.625 0.000
106153982 HAIGHT SHARAN R NY 15,500.00 10.875 0.000
106153991 BARTZ FRANK C IN 27,100.00 12.625 0.000
106153992 BADZINSKI JAMES P MN 21,500.00 10.875 0.000
106153995 HARDISON ROBERT F IL 34,000.00 12.125 0.000
106154064 DUNLEAVY DAVID A MN 17,700.00 13.125 0.000
106154066 LOUWAGIE STEVEN P MN 39,500.00 10.875 0.000
106154102 TAYLOR KIM NJ 18,200.00 11.875 0.000
106154105 DE GENNARO JR NJ 15,200.00 10.625 0.000
106154112 HOBSON RANDALL E IN 14,000.00 12.125 0.000
106154120 BUTLER ROLAND JR KY 39,500.00 10.375 0.000
106154138 POLANSKI KIM OH 36,000.00 12.100 0.000
106154181 GOSCH JEFFREY F WI 62,600.00 11.625 0.000
106154208 PANNARALE VICTOR IL 24,000.00 11.150 0.000
106154265 CONN JAMES M JR IN 126,000.00 10.625 0.000
106154270 PITTS JOAN IL 40,000.00 10.500 0.000
106154327 DONOVAN MICHAEL F IN 32,800.00 12.500 0.000
106154349 MOSER JEFFERY C IL 20,000.00 11.650 0.000
106154380 CHANEY EVETTE R NJ 34,400.00 12.125 0.000
106154381 LEE JAMES W NJ 72,700.00 9.625 0.000
106154454 HARMELINK DAVID J WI 75,600.00 9.195 0.000
106154458 HUMMITZSCH DELORES A WI 54,700.00 11.990 0.000
106154459 GUTH ANTHONY IN 103,200.00 9.320 0.000
106154605 WELK THOMAS OH 19,000.00 11.650 0.000
106154621 HALENA KAREN L WI 44,500.00 10.625 0.000
106154640 ISKIERKA EDWARD W MN 20,200.00 11.625 0.000
106154654 SINKS LUCILLE M IL 47,100.00 12.350 0.000
106154700 POLEY BARBARA NJ 69,300.00 10.375 0.000
106154710 GRIMES ROGER IN 75,000.00 14.000 0.000
106154716 SIATKOWSKI MARK NY 63,800.00 10.625 0.000
106154841 BLOXTON WILLIAM E KY 59,000.00 12.775 0.000
106154937 BINGHAM RONALD W MI 36,500.00 10.150 0.000
106154956 COTTRELL SHARON L OH 64,600.00 13.600 0.000
106155111 KILGORE ROBERT M IN 15,000.00 11.650 0.000
106155196 SMITH CLARENCE IL 25,000.00 11.350 0.000
106155496 FOX VERMON C IL 87,500.00 11.100 0.000
106155712 MARION ROBERT L IN 48,400.00 11.850 0.000
106156110 MACLAURY DONNAH NY 51,800.00 10.975 0.000
800001620 BOUVIER ARTHUR L JR CT 24,119.59 11.750 0.000
800001851 JASON RICK NY 59,514.04 10.450 0.000
800005456 SECOLA JOSEPH P CT 38,923.15 12.400 0.000
800013716 WILLIAMS H GENE VA 112,503.72 10.950 0.000
800022055 SNELL REATHA NJ 64,471.86 12.950 0.000
800022345 ODEWALE SHOLA M RI 33,529.24 13.750 0.000
800024804 WILSON CARL VA 56,617.97 12.950 0.000
800045213 HYNES ROBERT J RI 29,749.28 10.500 0.000
800046997 SKROBOT JAMES F NC 28,534.01 11.750 0.000
800049066 WINKLHOFER ELLEN NY 27,312.76 10.750 0.000
800057721 ARMSTEAD DAVID JR NY 89,289.12 12.600 0.000
800064644 KENNEY JOHN C MD 55,395.00 11.150 0.000
800071367 CHERVINSKI KATHLEEN E FL 13,838.29 11.900 0.000
800072324 HAAS JOHN E PA 21,922.73 10.750 0.000
800077034 YANES JOSE ANTONIO NY 187,945.26 12.250 0.000
800077315 RIVERA DENNY FL 80,728.79 10.750 0.000
800081226 MINFORD SONDRA A PA 30,799.94 11.750 0.000
800085797 JUMP ROBERT G FL 23,445.09 12.750 0.000
800099095 LIAKIOTIS DIMITRIOS FL 15,242.00 11.500 0.000
800101123 JONES ALVIN H MD 49,424.02 10.500 0.000
800103350 MELENDEZ MARIA NJ 88,721.58 12.250 0.000
800123028 SABAN LIMOR NY 326,359.87 10.500 0.000
800124851 HARDY DEBORAH A NC 39,248.94 10.800 0.000
</TABLE>
<PAGE>
<TABLE>
Page 18 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800131211 ROLLE KELLY PRICE NY 137,417.40 12.850 0.000
800139073 GONZALEZ JOSEPH D NY 282,677.50 10.750 0.000
800141673 M'BENGUE AMADOU PA 29,834.44 10.850 0.000
800143521 LOPEZ CESAR A NJ 37,393.86 11.350 0.000
800147175 VILLAFANE ADA I PA 25,471.49 10.050 0.000
800149056 BALYOZIAN CHARLES J MA 34,800.00 12.000 0.000
800149577 RIVERA JOSE H FL 40,020.10 10.150 0.000
800150872 MITCHELL WILLIE MAE NY 54,186.18 12.250 0.000
800152985 SMITH CARL NC 56,418.77 11.800 0.000
800164311 BUTTENSCHON DENNIS NY 22,925.00 12.190 0.000
800172413 HARTKE JEFFREY S NJ 95,000.00 11.800 0.000
800173734 GROSS TIMOTHY J FL 44,466.55 9.400 0.000
800174062 DIPAOLO ANNETTE NJ 28,183.23 11.850 0.000
800177818 ARANGO CARMEN BORGES NY 49,985.69 12.000 0.000
800178238 JONES ENID NY 83,184.95 12.650 0.000
800180507 PADULA CRISTOFORO PA 44,400.00 11.750 0.000
800181869 PHILPOT THEODORE JR NY 248,482.88 11.900 0.000
800183972 BASTIAN DONALD R NJ 19,214.00 16.000 0.000
800188294 FOWLER ROBERT P FL 50,390.84 12.750 0.000
800191462 CIRRI JOHN NY 34,659.08 10.750 0.000
800194441 DEL PLATO DAWN MARIE NY 34,758.88 12.250 0.000
800201535 GILBERT GWENDOLYN E NJ 60,000.00 15.100 0.000
800205247 CUMMINGS DAVID R MA 25,291.89 13.200 0.000
800210742 SHIN TAE KUK NY 99,980.71 13.750 0.000
800210833 COMSTOCK DONALD A CT 28,374.94 13.000 0.000
800211229 MCMULLEN CYNTHIA L NY 59,851.65 10.750 0.000
800213951 VARGAS PABLO A NY 34,216.63 13.750 0.000
800216277 CLARK ELIZABETH R NY 69,500.00 13.700 0.000
800216723 GARNER JAMES C MD 28,902.51 12.050 0.000
800221590 LEVIELLE HEIDI A NJ 103,939.75 11.550 0.000
800228058 BARNES MICHAEL F PA 24,247.95 10.500 0.000
800228942 ELY BETTY A NJ 64,332.96 12.000 0.000
800230161 DAILEY ROBERT S PA 24,142.73 11.400 0.000
800231532 SHAMAILOV MICHAEL NY 49,952.44 12.450 0.000
800231664 DISTANT LORENZO NY 155,700.00 12.100 0.000
800233173 CELONA ANGELO J NY 50,000.00 14.000 0.000
800233314 DAVIS JAMES S PA 26,527.33 11.800 0.000
800234379 KAYE MARILYN NY 50,900.00 13.700 0.000
800234650 BERVY ELIZABETH NY 155,700.00 11.000 0.000
800235616 TAERSTEIN ELI NY 113,800.00 13.650 0.000
800236739 OHW SUNG NY 60,000.00 15.550 0.000
800240418 PORTIS SALLIE M PA 65,350.00 12.500 0.000
800241820 BOSWELL ERIC RI 91,433.89 10.650 0.000
800243149 KRAKUE JAMES RI 51,100.00 10.750 0.000
800245706 WOOD MARK E NY 30,000.00 12.250 0.000
800245789 ADAMSON TERRY L NC 18,800.00 12.850 0.000
800247306 PEMBERTON PATRICIA NY 150,946.63 12.250 0.000
800247637 DAWKINS MABEL NY 122,375.90 12.500 0.000
800250797 DESALVO JOSEPH J NY 41,888.94 12.750 0.000
800254955 KIM DONG HYUN NY 112,500.00 13.050 0.000
800255648 WEBER DEAN NY 66,321.58 12.500 0.000
800255788 VERRONE VINCENT M PA 63,200.00 12.500 0.000
800255879 DESIMONE ANTHONY D. NY 19,800.00 12.000 0.000
800256307 KOL ARON NY 49,902.27 12.250 0.000
800256612 CORBELL ROBERT L FL 75,000.00 12.000 0.000
800256786 PICONE ROBERTO PA 34,000.00 12.250 0.000
800256851 LESCAVAGE BENJAMIN J PA 72,800.00 10.750 0.000
800258451 GALLAGHER JOHN NY 40,000.00 10.600 0.000
800261307 GIANAKOS GEORGE CT 19,823.65 11.400 0.000
800261398 GREGORY DARREN L MD 46,533.76 11.100 0.000
800262578 CONNELLY PAUL Y MD 232,000.00 11.250 0.000
800262974 SPRUILL EDISON OH 35,320.00 14.300 0.000
800263725 DEMORIN MARIE J NY 126,000.00 11.300 0.000
</TABLE>
<PAGE>
<TABLE>
Page 19 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800265027 BROWN PATRICIA JEAN NY 19,400.00 11.800 0.000
800265217 GAGLIARDO FRANK E NY 25,600.00 12.750 0.000
800265332 HOWARD STEPHEN C WA 49,000.00 13.250 0.000
800266397 EDDINGS JERRY L FL 63,600.00 12.125 0.000
800266561 BOWEN WESLEY NC 160,174.98 12.250 0.000
800268807 VETTRAINO GERARD A VA 38,400.00 13.300 0.000
800269052 ACCARDI STEVE J PA 58,900.00 13.350 0.000
800270597 DIXON KATHERINE NY 78,152.30 12.550 0.000
800270746 MILLER KEITH NY 30,334.89 12.750 0.000
800271843 DEPRIMO ROSS CT 24,941.04 12.750 0.000
800272163 CARY LAVERNE B. GA 49,300.00 12.625 0.000
800272494 PATRIDGE KEITH L PA 50,468.00 13.350 0.000
800273724 GAGNON MARCIA COWING MA 88,200.00 10.500 0.000
800274516 MORGAN JOYCE L FL 54,157.71 10.100 0.000
800274706 KEARNEY JOHN PA 24,032.50 13.590 0.000
800275414 HOLDY JAMIE L NY 89,250.00 11.750 0.000
800276966 ZOBEL HILLER B MA 99,995.63 9.750 0.000
800277386 BARNETT MARIA A NY 200,000.00 9.875 0.000
800277758 PATKINS ROBERT W PA 29,000.00 10.050 0.000
800277907 ESQUIBEL FELIPE PA 42,880.00 13.750 0.000
800278079 BUSSEY CAROL CT 27,950.00 9.650 0.000
800278194 MENTZER JAMES W PA 107,116.00 10.900 0.000
800278202 MIGELL EDNA NY 127,415.00 12.800 0.000
800278368 KNOWLES GRETCHEN NY 157,454.94 12.000 0.000
800278822 RASUL FLORENCE NY 22,500.00 14.150 0.000
800278962 SCOTT MELVIN A GA 74,900.00 9.330 0.000
800279002 INGERSOLL DAVID H GA 25,900.00 11.875 0.000
800279028 WHITED JAMES D. GA 32,040.00 12.990 0.000
800279135 SKASKO ROBERT PA 55,697.05 14.500 0.000
800280232 BANNISTER LISA NY 132,000.00 11.650 0.000
800282675 GILLIE TODD J PA 16,000.00 13.350 0.000
800283020 KLINE CARL J PA 10,000.00 13.550 0.000
800283145 OAKES JOANNE W NC 43,955.00 9.850 0.000
800284226 OYER WILLIAM D NY 23,100.00 9.150 0.000
800284994 ROBINSON CHRISTINE PA 30,946.12 12.000 0.000
800285231 CHANDLER ARNOLD A DE 54,600.00 11.050 0.000
800285298 BLACKWELL CHARLES S GA 34,922.99 10.750 0.000
800285348 BUTLER WILLIAM F CA 42,500.00 12.500 0.000
800285918 DOWERS RICHARD B. OR 54,900.00 10.650 0.000
800286189 GARRETT SHERRY SUE FL 26,400.00 12.100 0.000
800286635 STILLER MICHAEL A CO 22,500.00 12.350 0.000
800287062 MACLEOD KYLE CT 16,675.00 12.990 0.000
800287880 SOSA AIDA RI 74,800.00 12.000 0.000
800287922 STOUTMIRE JAMES E PA 43,200.00 11.300 0.000
800288409 TATTA ROBERT L PA 23,345.21 11.500 0.000
800289175 WEISS JEFFREY R GA 24,300.00 12.600 0.000
800289787 MROCKOWSKI DOUGLAS P MD 14,050.00 10.300 0.000
800290389 OZELLA MARK A PA 28,400.00 11.700 0.000
800290611 ROBINSON UNDRACUS LAMAR SC 56,745.66 13.000 0.000
800290801 MCCANTS WILBUR G SC 46,582.25 13.000 0.000
800291957 LIPPERT KIMBERLY ANN PA 36,000.00 9.900 0.000
800292393 COUSAR TONYA S PA 16,730.00 11.150 0.000
800292500 SMITH KATHRYN DE 241,400.00 11.500 0.000
800292773 GOMEZ MIGUEL A. CA 23,800.00 12.750 0.000
800292922 COX JOHN W. NC 82,875.00 12.600 0.000
800293003 JARAMILLO KENNETH W CO 42,000.00 12.600 0.000
800293011 MANCUSO CARL G RI 76,500.00 10.650 0.000
800293144 WADE EVERETT RUSSELL MD 73,000.00 12.250 0.000
800293516 SANDERS GENE AZ 36,000.00 10.050 0.000
800293854 LONG CARL M FL 45,900.00 11.000 0.000
800294696 SALLEY J MICHAEL NY 23,450.00 12.600 0.000
800295016 BELL JOHN DAVID PA 34,500.00 13.000 0.000
800295180 BURACK JEDIDIAH NY 160,884.41 10.990 0.000
</TABLE>
<PAGE>
<TABLE>
Page 20 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800295354 TYLER ENOCH MD 110,500.00 11.050 0.000
800295388 BOGOYAVLENSK IGOR NY 33,500.00 12.650 0.000
800296253 PIEL WILLIAM NY 50,000.00 13.250 0.000
800296352 REDDICK STACEY L FL 17,650.00 12.000 0.000
800296360 MURDOCK SHAWN PATRICK UT 50,776.00 11.450 0.000
800296873 VINCENT JARIM R. NC 22,000.00 12.150 0.000
800297350 SHEPHERD BILL A CO 72,680.00 11.350 0.000
800298382 HARSTAD MARIA CO 38,473.00 10.850 0.000
800300386 CROSSON BRENDA C FL 12,150.00 11.050 0.000
800300709 CHARLES RUBY E GA 52,400.00 9.000 0.000
800300725 CHARLES RUBY E GA 11,100.00 12.625 0.000
800301244 MASSARI RICHARD W CT 31,983.15 11.900 0.000
800301566 NIMNEH BERNADETTE RI 52,000.00 13.600 0.000
800302481 THOMPSON DAVID UT 53,199.00 10.200 0.000
800303331 HALL MARGARET S. PA 15,000.00 10.150 0.000
800303810 DAVIS THOMAS M WA 16,100.00 10.900 0.000
800303885 LEE PATRICIA C GA 63,400.00 13.625 0.000
800303893 BELL DEWAINE GA 50,300.00 11.000 0.000
800303919 LEWIS MELVIN S FL 58,200.00 10.125 0.000
800304354 LOPEZ FELICITA NY 47,000.00 9.000 0.000
800304438 CRUZ MIGUEL NY 38,000.00 10.450 0.000
800304537 HOOVER DEBORAH C VA 42,000.00 13.600 0.000
800304552 MILLER DALE OWEN PA 12,000.00 10.350 0.000
800304560 MILLER DALE OWEN PA 10,000.00 10.350 0.000
800304602 ALLEN JAMES F FL 35,400.00 11.850 0.000
800304933 LARSON BRADLEY D WA 21,800.00 11.625 0.000
800304982 INKS CHARLES L WA 87,300.00 9.320 0.000
800305021 VAUGHAN PATRICIA E ID 56,300.00 10.375 0.000
800305054 PARKS LARRY C ID 91,200.00 9.320 0.000
800305138 SOBIESCZYK JAMES A OR 59,600.00 11.625 0.000
800305377 DOYLE REGINA NY 61,000.00 8.900 0.000
800305401 HUNTER EDIE FL 23,100.00 11.750 0.000
800305559 SLOBODNIK ETHEL P CO 81,957.00 12.600 0.000
800305625 OGLETREE ELONZY GA 18,000.00 9.900 0.000
800306847 CLARK ROBERT PA 27,000.00 11.150 0.000
800306946 WASHINGTON DONNA CT 15,580.00 14.500 0.000
800307027 TURNER JAMES D UT 22,900.00 11.150 0.000
800307217 PETROSKY WILLIAM J FL 78,500.00 12.450 0.000
800307282 RIFICE CHRISTINE NY 27,900.00 11.250 0.000
800307928 MCINTOSH SYDNEY NY 98,000.00 12.150 0.000
800307993 PRIMUS EARL NY 184,500.00 11.950 0.000
800308157 COOPER RONALD L GA 49,500.00 9.320 0.000
800308405 VAUGHN FLOYD W OR 90,500.00 12.275 0.000
800308538 SPINELLI ROSEMARY NY 136,800.00 11.850 0.000
800308769 BURNETTE ROBERT N. NC 51,825.00 8.900 0.000
800309296 KRAYNAK JOSEPH R CT 16,640.00 11.990 0.000
800309411 CHAPMAN MARY E. MD 22,500.00 10.150 0.000
800311813 CHRISTNER DANIEL L FL 92,000.00 10.350 0.000
800311961 ANDERSON ELLEN FL 62,910.00 11.150 0.000
800312019 BENSON DEBRA A CO 54,250.00 10.850 0.000
800313066 BOYER LEROY A PA 63,750.00 12.250 0.000
800313298 MAJEWSKI STEPHEN FL 11,975.00 12.600 0.000
800313405 SIMERSON LEON L PA 102,600.00 10.900 0.000
800314171 GREGORY STEPHEN R. MO 29,107.00 11.150 0.000
800314213 MCCANN MARK KEVIN PA 36,200.00 11.700 0.000
800314411 NARCISSE ROSETTE NY 234,900.00 10.900 0.000
800314536 CONLON JENI L CO 18,500.00 11.600 0.000
800314734 HAFNER EMIL NY 92,500.00 10.250 0.000
800314791 GUIDICE SAMUEL NY 175,000.00 10.990 0.000
800314981 READY JAMES FL 33,695.82 10.800 0.000
800315350 VONK RICHARD UT 35,000.00 10.100 0.000
800315384 KREPS BARBARA E MD 38,000.00 11.950 0.000
800315434 SMYSER VIRGINIA FL 66,400.00 10.750 0.000
</TABLE>
<PAGE>
<TABLE>
Page 21 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800315590 WHITE CATHERINE NJ 67,881.80 12.000 0.000
800315699 BISOGNO MARIO F NY 52,848.61 14.240 0.000
800316085 GAZZILLO CLEMENT CT 149,833.19 9.750 0.000
800316366 GIDDENS JOHN R GA 88,000.00 9.000 0.000
800316457 SMITH MARY E GA 92,504.00 10.775 0.000
800316465 SMITH MARY E GA 11,271.00 12.525 0.000
800316556 EISEMAN SHERRIE L CO 14,239.00 11.750 0.000
800316606 DEARING ALEXIS M CO 15,000.00 11.150 0.000
800316861 MOLCHANOW JOAN PA 32,000.00 12.700 0.000
800316937 HICKEY ROBERT F. PA 30,500.00 11.350 0.000
800316994 BASTA JOANN D MD 45,390.00 11.500 0.000
800317422 PATTERSON MARIAN D GA 40,000.00 12.350 0.000
800317539 BENTO ARNET J. RI 85,000.00 10.250 0.000
800317547 PAYNE RONALD K FL 15,500.00 13.150 0.000
800317786 MCARDLE PETER NY 15,000.00 12.350 0.000
800317851 MARTIN JOSE LUIS FL 27,400.00 11.400 0.000
800318271 HORAN DAVID W NY 44,200.00 11.850 0.000
800318909 PARKIN CHARLES N ID 63,500.00 9.320 0.000
800319147 GLENN JOSEPH C FL 36,000.00 8.990 0.000
800319261 COBB CATHERINE C. NC 99,000.00 9.250 0.000
800319287 BREEDLOVE HOPE FAITH VA 41,000.00 12.600 0.000
800319501 KETCHIE MARY P. NC 31,450.00 11.600 0.000
800319519 SIMPSON ADELLE M FL 45,000.00 10.200 0.000
800320202 MCSORLEY MICHAEL LEROY FL 25,500.00 12.850 0.000
800320251 BRACE RONALD E FL 96,750.00 8.550 0.000
800320939 STEER VERNA NJ 44,800.00 11.100 0.000
800321010 COLEMAN FRANCES CO 25,000.00 11.150 0.000
800322331 VACCA JANET F FL 78,400.00 11.950 0.000
800322554 TALBOTT-MERR MARJORIE L. FL 34,000.00 12.000 0.000
800322729 KNIGHT JOSEPH A AZ 50,000.00 9.800 0.000
800323271 SOLTIS RALPH G PA 48,800.00 9.400 0.000
800323990 OLSON STACEY D AZ 45,000.00 12.000 0.000
800324246 ROBBINS TIMOTHY MARK MD 171,943.18 11.350 0.000
800324899 ANTOSH CHRISTINE A. AZ 24,300.00 10.450 0.000
800325193 CARVALHO JANET V CO 25,000.00 11.250 0.000
800325508 CISSE MAMADOU PA 37,600.00 12.700 0.000
800325581 WILLIAMS GILDA L. NC 42,300.00 10.400 0.000
800326100 CHAMOW ROBIN NY 25,000.00 9.250 0.000
800326183 BROWN FREDERICK FL 44,800.00 13.350 0.000
800327025 WEEKS LAWRENCE PA 45,600.00 12.650 0.000
800327447 PERRY DIANE C FL 17,547.00 12.950 0.000
800327611 SANTOS MARISOL RI 75,600.00 11.500 0.000
800327835 MARTINEZ JUAN TX 28,800.00 11.150 0.000
800327843 BROWN RANDALL A. NC 73,850.00 9.900 0.000
800327868 ZARZYCZNY BARRY L PA 59,800.00 10.600 0.000
800328411 WILLIAMS NORMA E. RI 61,200.00 11.750 0.000
800328460 ARMIJO PHILIP E CO 33,485.00 11.800 0.000
800329070 PICCOLELLA DANA NV 22,678.00 10.600 0.000
800329211 EISENBEISS WILLIAM MD 46,817.00 13.600 0.000
800329609 HINDS DAVID M NC 45,000.00 10.650 0.000
800329716 GAY JAMES RICHARD NC 29,600.00 12.100 0.000
800330391 IBRAHIM SOHIER SAMI FL 12,100.00 10.350 0.000
800330771 JONES GUY GA 20,800.00 11.400 0.000
800330995 RINNE ROGER L AZ 81,500.00 9.250 0.000
800331035 DE LONES THOMAS W. FL 46,750.00 10.500 0.000
800331142 PIZARO MICHAEL NY 30,000.00 13.500 0.000
800331332 MORRAN MICHAEL G PA 56,845.00 13.100 0.000
800331589 CHANEY DENNIS A VA 226,745.00 10.750 0.000
800331928 GASKILL ALLEN T MD 72,000.00 13.750 0.000
800331985 BODIE GARY NY 80,000.00 10.000 0.000
800332264 ROMANCE JOSEPH L FL 51,716.00 11.990 0.000
800332546 SUSANKA CAROL M. MO 43,750.00 10.150 0.000
800332926 LESSER MARK L CO 78,000.00 10.700 0.000
</TABLE>
<PAGE>
<TABLE>
Page 22 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800333148 JENTOFT R MICHAEL CO 27,500.00 10.000 0.000
800333163 LEVY MARVIN T AZ 32,776.00 11.600 0.000
800333197 HUGHES MARIA LUZ AZ 55,250.00 11.600 0.000
800333239 TINLING SONIA NY 187,000.00 10.990 0.000
800333759 BAKER RONALD K. NC 55,700.00 10.400 0.000
800333973 STONE MARIAN GA 126,650.00 10.900 0.000
800334203 MOREKIN DANIEL S PA 64,600.00 11.600 0.000
800335564 EISMANN PATRICIA L PA 32,300.00 11.650 0.000
800335606 HAN CHANG YON NY 90,000.00 11.900 0.000
800335796 PIERUCCI DAVID V FL 47,900.00 10.750 0.000
800335846 KOESTER KEITH M MO 10,533.00 11.150 0.000
800335929 BECKER JOAN M DE 15,000.00 12.350 0.000
800335945 WILLIAMS TERRANCE A FL 70,550.00 12.100 0.000
800336034 HARRIS STEPHEN P CT 100,000.00 11.900 0.000
800336406 ZALTZ JOSEPH NY 499,000.00 10.000 0.000
800336646 SMART ROGER A UT 24,900.00 10.500 0.000
800336711 GOMEZ JOAN L CT 19,100.00 12.500 0.000
800336810 DEAL SHIRLEY J FL 38,400.00 10.100 0.000
800336869 BIARD JAMES L. CO 48,000.00 13.100 0.000
800337040 MARTINEZ KENDRA L CO 36,410.00 10.900 0.000
800337883 HALLISEY JERRY M PA 38,065.30 13.600 0.000
800338014 HUBBARD WALTER FL 14,800.00 11.150 0.000
800338220 HARROLD RANDY M CO 16,300.00 13.850 0.000
800338907 MONGENE DEBBIE N FL 10,900.00 11.150 0.000
800339046 MITCHELL JOHN R FL 128,092.50 10.400 0.000
800339095 SNYDER ROBERT LEE MD 74,699.00 11.850 0.000
800339491 VARCIANNA HEZEKIAH NY 206,480.49 9.990 0.000
800339749 JACKSON JOE D WA 94,200.00 9.000 0.000
800340374 POCKLINGTON BRUCE A WA 101,900.00 9.000 0.000
800340507 DEAN RICHARD H UT 50,000.00 11.150 0.000
800340960 THOMAS SCOTT A. FL 22,000.00 11.150 0.000
800341000 PETERSON GREGORY F FL 56,800.00 11.850 0.000
800341083 GORESEN DOROTHY E. NY 48,000.00 12.100 0.000
800341166 GLEE REGINA FL 35,000.00 14.600 0.000
800341240 ENGLISH MICHELLE L OR 13,900.00 10.875 0.000
800342719 SCHOFIELD ROGER M FL 15,000.00 11.650 0.000
800342867 ANDERSON STEPHEN A FL 17,640.00 13.850 0.000
800343105 MITCHELL SHERRY R FL 24,450.00 9.400 0.000
800343477 CUTTER CYNTHIA A MA 12,820.00 12.990 0.000
800343568 BROWN SHARON NY 108,000.00 13.350 0.000
800343667 ANDERSON KATIE MAE GA 15,100.00 12.375 0.000
800343691 ZIPP JEAN A NY 112,000.00 9.750 0.000
800344160 DAVIDSON DENNIS T AZ 22,825.00 11.600 0.000
800344194 PETRY CAROLE N UT 66,000.00 10.850 0.000
800344699 LOFTUS EDWARD J PA 18,500.00 13.100 0.000
800345167 MOCK WILLIAM E FL 48,600.00 11.400 0.000
800345209 SPRADLEY GLORIA G. FL 27,200.00 11.350 0.000
800345241 SKOLNEKOVICH IVAN J CO 63,700.00 11.600 0.000
800345449 GONZALES FAUSTIN M NM 64,000.00 12.850 0.000
800345605 MAGUIRE TIMOTHY J NY 50,328.00 10.600 0.000
800345944 FRATUS MICHEAL J SC 38,200.00 11.650 0.000
800346520 JENSEN TRUDY J UT 26,000.00 11.200 0.000
800347197 BRADY JAMES P CA 205,000.00 9.400 0.000
800347262 HEARN WILLIAM THOMAS MD 50,400.00 10.900 0.000
800348179 LINONIS CHRISTOPHE J PA 10,200.00 10.875 0.000
800348450 MILSTEIN RANDY NY 37,500.00 11.850 0.000
800348484 SUTLICK ALBERT F WA 163,951.00 8.500 0.000
800349128 FISHEL GAIL L CO 29,000.00 11.600 0.000
800349151 ANDERSON D BRENT UT 120,000.00 12.100 0.000
800349201 MACFARLANE ROBERT A MI 73,600.00 9.500 0.000
800349276 BEAKES THOMAS NY 38,500.00 11.650 0.000
800349490 COIL TROY D UT 18,772.00 11.850 0.000
800350407 ROBERTS RUBY I WA 41,000.00 9.250 0.000
</TABLE>
<PAGE>
<TABLE>
Page 23 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800351074 ALTIERI KEVIN R CO 23,369.00 12.200 0.000
800351538 BRUNO TODD DC 108,800.00 11.750 0.000
800352239 RAHMINGS WILLIAM FL 74,700.00 10.900 0.000
800352445 WILLARD ROBERT J MN 57,984.00 11.650 0.000
800352577 HAWKINS DALE E FL 15,650.00 11.400 0.000
800352833 EDWARDS LAWRENCE AZ 30,000.00 13.350 0.000
800353187 SETTERBERG DANIEL P WA 28,500.00 11.000 0.000
800353773 BARNES JUDY NJ 232,500.00 11.600 0.000
800354565 SCHEG TIMOTHY C CO 35,563.00 11.500 0.000
800355794 LAMDIN-TYLER KIMBERLY CO 14,200.00 11.350 0.000
800356081 BILLITTERI PHILIP W FL 19,300.00 11.650 0.000
800357261 SASSO STEPHANIE NY 124,000.00 8.750 0.000
800358160 JACKSON RAYMOND NY 140,000.00 10.650 0.000
800358327 GERIENE JOHN KRIST WA 71,050.00 10.850 0.000
800359028 KESTELL ROBERT J. WA 33,750.00 10.300 0.000
800359473 DENNIS JAMES P MI 76,500.00 10.650 0.000
800360851 ROSS JEFFREY WA 117,000.00 10.750 0.000
800361131 VELAZQUEZ JOSEPH M PA 10,000.00 13.250 0.000
800362691 BRACE RONALD E FL 19,350.00 11.650 0.000
800363657 STUART CLARENCE NY 191,250.00 9.750 0.000
800364044 CARMINE GLENDA E GA 9,100.00 10.375 0.000
800364093 LEE GREG E CO 27,300.00 10.250 0.000
800366841 HACK HAROLD R WA 54,000.00 12.250 0.000
800366866 BOULLY IRA LEROY CO 39,950.00 12.500 0.000
800366932 FAHSHOLTZ CHRIS W WA 14,419.00 11.125 0.000
800367161 JAMES LOYSE T FL 11,300.00 11.050 0.000
800367245 MAYO KEVIN L. NY 30,000.00 11.350 0.000
800368821 LANCE JAMES E NY 72,250.00 11.750 0.000
800369373 BYNUM JO ANNE WA 77,952.00 11.375 0.000
- -------------------------------------------------------------------------------------------------------------
Loans in Servicing not yet tagged for sale 28,250,502.32 11.318 0.000
106145534 EFRAIN SUAREZ AKA EFRAIN ROSAR NY 100,000.00 14.750 0.000
106148514 MCCALLUM CYNTHIA NY 124,500.00 15.200 0.000
106151366 SAENZ FRANK E CO 26,000.00 12.250 0.000
106151833 CARDIFF PATRICIA A OR 16,800.00 13.450 0.000
106151835 VILLAREALE CHRISTOPHER A NV 121,500.00 11.100 0.000
106151868 CHRISTISON DAYLE H CA 42,000.00 11.950 0.000
106151959 LOMBARDOZZI ANTHONY A NY 75,000.00 12.300 0.000
106152052 MARTINSEN STEWART L UT 60,000.00 13.000 0.000
106152055 VALLADARES ANTONIO NJ 80,500.00 11.350 0.000
106152057 STERN CHARLES D NY 105,000.00 11.100 0.000
106152082 HUTCHINSON THOMAS J UT 25,350.00 11.400 0.000
106152184 RITA EDWARD T AZ 14,750.00 12.850 0.000
106152301 LESSING RICHARD NV 65,000.00 11.550 0.000
106152772 MROCZENSKI DONALD J. WI 25,100.00 11.650 0.000
106152912 MCKNIGHT DAVID TRUMAN KY 49,700.00 11.125 0.000
106152996 THOMPSON PAT DIAMOND AZ 25,000.00 11.600 0.000
106153337 LUTHENS JANNETTE S. MN 54,600.00 10.125 0.000
106153550 SALCEDA JOHN FRUCTUOSO IL 81,400.00 12.350 0.000
106153596 GIBSON PHYLLIS M. IN 93,600.00 11.150 0.000
106153622 WASON WILLIAM ROBERT KY 31,600.00 12.125 0.000
106153685 LIUZZO NINO OH 58,800.00 9.650 0.000
106153729 KELLY DIANNE L. OH 24,400.00 14.625 0.000
106153755 BROWN SR. CARLOS E. IL 53,500.00 10.150 0.000
106153861 CIMBALLA, JR. GEORGE L. OH 128,500.00 11.850 0.000
106154267 GOODRICH CECELIA E. IN 48,800.00 13.625 0.000
106154390 BYARS MARLA L. IL 50,000.00 9.900 0.000
106154450 WATTS ERVIN A. IL 103,200.00 9.370 0.000
106154812 JONES GAIRY OH 46,900.00 10.500 0.000
106154901 BANKS LEONARD IN 19,900.00 9.770 0.000
106154903 OWENSBY SAMUEL R. IL 45,000.00 11.850 0.000
106155184 TONEY JUDY R. OH 54,400.00 13.350 0.000
106155256 JULIAN WILLIAM E. IN 47,000.00 10.050 0.000
</TABLE>
<PAGE>
<TABLE>
Page 24 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
106155395 HANSON RICHARD L. MN 10,500.00 11.650 0.000
106155576 SAENZ JOSE LUIS IL 30,000.00 12.500 0.000
106155656 GOAD STEVEN IN 24,600.00 11.250 0.000
106155657 GOAD STEVEN IN 23,600.00 11.250 0.000
106155658 GOAD STEVEN IN 24,200.00 11.250 0.000
106155659 GOAD STEVEN IN 25,100.00 11.250 0.000
106155797 IMEL STEVE A. IN 116,000.00 12.700 0.000
106155829 HUNT GILBERT R. MI 44,000.00 10.500 0.000
106155838 SAENZ JOSE LUIS IL 27,000.00 12.500 0.000
106155867 RICCO SEBASTIAN J OH 101,500.00 11.100 0.000
800214942 HEVRONI SIMONA NY 59,000.00 12.750 0.000
800228603 JUN CLARA KEUM J NY 49,000.00 10.750 0.000
800251019 STENGER MARY K FL 18,000.00 12.050 0.000
800259434 AKARASKUL DEJAVADHANA GA 18,800.00 12.450 0.000
800262123 TERRY DANIEL GA 74,750.00 12.050 0.000
800262552 WOODRUFF RICHARD B PA 27,400.00 13.040 0.000
800270209 BRADY PATRICK PA 24,000.00 11.200 0.000
800288250 STRAUB VIRGINA F PA 63,890.00 8.850 0.000
800291189 CARDOZA JR DANIEL MA 42,500.00 12.500 0.000
800293433 SIONY NATHAN NY 140,250.00 10.850 0.000
800295107 HAGERTY CAROLYN K. AZ 32,000.00 11.250 0.000
800297269 VAN NIEKERK ADRIAAN CO 63,500.00 12.750 0.000
800298812 STEINHART JOSEPH J AZ 14,856.00 11.800 0.000
800299976 DORWARD TAMMY L PA 16,790.00 14.650 0.000
800302341 GARCIA JOSE T NJ 60,366.00 13.800 0.000
800303620 CAREY MARTIN NY 100,000.00 11.900 0.000
800306003 BARTH DAVID GA 34,460.00 10.500 0.000
800309726 HENDRY ANGELA ELLISON FL 60,000.00 12.900 0.000
800313256 GREENHOLT CRAIG A PA 61,000.00 11.350 0.000
800316689 TRAYLOR LINDA E CO 24,500.00 14.350 0.000
800316796 WOODBURY LYLE J AZ 25,015.00 12.450 0.000
800320103 MARSHALL TIMOTHY B OR 33,358.00 13.100 0.000
800321580 URQUHART KAY A. FL 38,500.00 11.300 0.000
800321960 MCGLOCKING JAMES N FL 90,000.00 13.340 0.000
800322257 CAMERON RON C UT 25,000.00 11.700 0.000
800322265 JOHNSON RAYMOND E GA 50,000.00 12.100 0.000
800325037 RAYMOND WESLEY H UT 50,000.00 11.400 0.000
800325722 BOLDEN VELMA J CO 18,000.00 10.900 0.000
800329088 SAHLI LIBBE ANNE WA 34,983.00 11.150 0.000
800330482 RAWLS EDGAR O FL 63,000.00 10.700 0.000
800330730 RIDER F CARL CO 21,520.00 13.600 0.000
800332074 GRODOTZ ROBERT E FL 33,575.00 12.250 0.000
800333544 HOWARD SAMUEL NY 68,400.00 12.350 0.000
800335390 GARVEY SAGE AZ 20,900.00 12.000 0.000
800336430 BURGE TERRY S CO 20,850.00 12.800 0.000
800340572 DIBENEDETTO DEBORAH V NY 34,500.00 12.000 0.000
800340838 MORGAN CHARLES EDWARD MD 75,150.00 11.050 0.000
800342792 JIMENEZ MARIA NY 174,250.00 10.350 0.000
800343402 DELGADO ALFREDO NY 14,700.00 13.990 0.000
800344418 ELIASON DEAN J. UT 71,692.00 13.200 0.000
800344764 ROWELL DOUGLAS A PA 19,600.00 10.200 0.000
800345472 NATION JOYCE A FL 33,750.00 10.450 0.000
800346504 HARRIS CLAYTON W UT 81,750.00 11.150 0.000
800347759 MARTINEZ EDWARD R CO 41,767.00 12.700 0.000
800348567 BARNER WILLIAM A WA 78,000.00 11.850 0.000
800351082 HRUBEC GEORGE AZ 33,000.00 12.100 0.000
800352296 PASSERO JR SALVATORE NJ 12,500.00 12.100 0.000
800355554 NORTON JUDY K SC 12,500.00 11.950 0.000
800356214 LYDA LYNDA OR 37,750.00 11.350 0.000
800356313 GELB EDWARD NY 59,500.00 10.000 0.000
800357444 LOCKARD JR ROBERT A CO 17,200.00 11.850 0.000
800357626 CARUSO THEODORE L PA 10,000.00 11.550 0.000
800364598 LUJAN EMILIO G AZ 14,064.00 14.150 0.000
</TABLE>
<PAGE>
<TABLE>
Page 25 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800368508 MCDANIEL VERNON T UT 31,496.00 15.200 0.000
800368722 KENNEDY TRINA L UT 28,432.00 12.600 0.000
800369118 BIRCH KEITH UT 17,421.00 12.450 0.000
800369340 MYERS DAVID S FL 14,000.00 11.550 0.000
800369589 LANCASTER WILLIAM D CA 17,000.00 9.900 0.000
800371056 WATSON GREG CA 194,048.00 11.400 0.000
800387441 JARAMILLO DOUGLAS B UT 35,602.00 12.050 0.000
- -------------------------------------------------------------------------------------------------------------
Loans Funded and not yet in Servicing 5,062,135.00 11.785 0.000
Total Fixed Rate Loans Funded and Available 50,039,466.53 11.446 0.000
Grand Total Funded and Available 116,147,980.07 10.918
</TABLE>
<PAGE>
<TABLE>
Page 26 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLOSED NOT FUNDED
106152444 LINDON TROY A MI 131,700.00 9.750 5.150
106153261 KASHAM RAFIQ A MI 120,000.00 7.625 4.300
106153539 MARCUS BRUCE T. IL 654,500.00 9.875 6.000
106153583 LERCHENFELDT THOMAS A. MI 70,000.00 12.125 7.400
106153696 HAIRSTON LORI R. MI 56,000.00 11.750 7.125
106154201 MCKINLEY COLUMBUS IL 50,400.00 11.625 7.150
106154229 TOTH ANDRAS MI 108,900.00 9.375 6.050
106154233 CULLING GREGG M. MI 178,000.00 9.625 6.050
106154383 GEORGE JR. HAROLD W. NY 78,950.00 12.250 6.750
106154438 GREENE KENNETH A MI 133,500.00 9.625 6.300
106154854 KOWICH KIMBERLY A MI 69,700.00 9.250 4.650
106154860 SINQUEFIELD MOORE EVELYN MI 87,300.00 10.125 6.800
106154865 MCGOWAN DONALD S MI 156,400.00 11.375 8.050
106154927 CASH PAMELA A. MI 36,000.00 13.125 8.650
106154932 REUST CYNTHIA S. MI 164,800.00 11.500 8.050
106155083 NICHOLSON DELORES IL 60,000.00 11.000 5.850
106155586 CEPEDA JUANA IL 64,000.00 11.000 7.500
106155675 WHITINGER KEITH E. IN 119,000.00 9.250 4.250
106155703 CASH MICHAEL R MI 95,000.00 9.875 5.550
106155924 ACKERMANN ROBERT J MI 175,500.00 8.375 5.000
106156242 RAKOZY LAWRENCE F. MI 245,000.00 9.750 5.600
106156356 PARKER HERMAN IL 117,000.00 11.125 6.500
800340101 MCKOY SR JAMES E. NC 54,400.00 12.000 7.250
800346124 VANCE GEORGETTE FL 26,000.00 11.250 7.000
800347890 SHEELY STEVEN A PA 264,000.00 10.750 6.500
800353039 KILMER CHARLES A PA 87,300.00 9.875 5.500
800356529 WOOTEN CYNTHIA NY 101,200.00 10.375 5.750
800366205 ANDERSEN JEFFERY WA 118,400.00 12.750 8.250
800374738 HALBERT KELLY M FL 64,000.00 10.625 5.750
800376493 APODACA RICHARD X CO 113,040.00 12.125 7.125
800381626 METCALF PAMELA S UT 242,262.00 9.625 5.250
800383119 KOSTALAS ISIDOROS PA 88,400.00 12.250 6.750
- -------------------------------------------------------------------------------------------------------------
ARM Loans Closed and not Funded 4,130,652.00 10.325 6.190
SET TO CLOSE
106152514 MOCK MARLENE M OR 111,930.00 9.625 6.300
106152796 HURNS ALLEN FL 64,175.00 11.125 7.300
106153573 CALHOUN DANNY IL 80,000.00 11.250 6.800
106153788 BRUGLIO VINCENT P. MI 103,500.00 10.625 5.750
106154429 BARNES PATSIE J. IL 34,200.00 11.875 6.250
106154790 KERLEY TRUDY OH 45,000.00 9.875 6.000
106154807 PETERS EDITH IL 64,800.00 12.250 8.900
106154869 MCCLURE DIANNE IN 29,700.00 10.375 5.750
106154896 GARRETT ROBERT IL 98,000.00 9.625 5.000
106154969 CULP RANDY L. IN 250,000.00 11.750 7.000
106155282 DAOANG EVELYN C. IL 125,100.00 10.875 6.250
106155494 BAKER GEORGE B. IN 20,900.00 11.875 6.250
106155743 KREMKE DONALD W. IN 89,200.00 12.625 7.000
106156093 PACK KENNETH IN 72,200.00 11.875 7.000
106156177 MCFEELY SCOTT IN 68,400.00 10.375 5.750
106156355 SMITH JACQUELINE IL 215,900.00 10.625 6.000
106156673 MARCUS BRUCE T. IL 658,000.00 9.875 6.000
800220626 MEDICH THOMAS P PA 90,000.00 11.625 7.300
800236051 SCANDIFFIO ANTHONY NJ 283,500.00 10.000 6.450
800236309 GILYARD DWAYNE NJ 89,600.00 12.375 8.900
800241424 VARNER GWENDOLYN NY 97,600.00 9.250 5.900
800242414 RICHARDS, JR. JAMES R PA 80,000.00 10.125 5.550
800243842 BORNEMAN GLENN F PA 192,500.00 11.500 7.150
800248635 LEBEAU STEVEN W NY 61,700.00 11.375 6.000
800252884 INDIVIGLIO PATRICIA NY 229,500.00 11.875 7.550
800253064 CLINE MARILYN W VA 89,675.00 11.125 5.800
800256000 LADSON RALPH NY 167,750.00 11.625 7.300
</TABLE>
<PAGE>
<TABLE>
Page 27 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800259459 BRAZAK LAURA J NY 28,000.00 10.750 6.000
800260481 MALDONADO ELIZABETH F NY 104,000.00 11.875 7.450
800260978 MORRIS ANTHONY PA 88,000.00 11.500 8.125
800261281 ELIYAHU AVIVA NY 346,500.00 11.000 6.800
800261570 ORLANDO RICHARD T PA 112,000.00 11.875 7.050
800261604 SPRANKLE JEFFREY L PA 55,880.00 13.500 9.300
800263428 FRIEND BRUCE A MD 140,163.00 12.500 8.050
800266314 SOLIS JOSE L NJ 31,500.00 11.500 7.150
800266348 DAVID BERNARD NY 123,000.00 9.750 5.550
800267668 KORAP STANLEY NJ 116,800.00 9.750 5.550
800269300 COOKSEY CARMELITA PA 46,970.00 11.000 6.250
800270308 DUNSTON SAMUEL NY 149,400.00 11.000 6.050
800271884 SHEA RICHARD CT 140,000.00 12.500 7.250
800272080 LEWANDOWSKI PAUL M NJ 405,000.00 10.875 6.050
800273435 STANLEY LUSHIE CT 80,000.00 11.000 7.600
800273484 WOLF CHRISTOPHER NJ 500,000.00 10.000 6.650
800273781 WILLIAMS STEPHEN NY 207,200.00 10.750 6.400
800274011 GRIECO FRANCES NY 120,000.00 12.875 8.400
800279150 DALEY PAT NJ 95,000.00 13.000 7.800
800279390 O'DONNELL WILLIAM L MD 76,500.00 10.000 5.550
800280109 SNYDER SCOTT M PA 20,000.00 12.375 7.400
800280307 POWERS JOSEPH CT 100,300.00 12.500 8.050
800281354 ECHON DAVID T PA 66,000.00 10.500 6.300
800282550 SHAFFER STANLEY NY 232,262.00 12.250 7.775
800283111 HUMASON ANDREA MA 72,250.00 12.000 7.500
800283640 POWELL ROY NY 162,000.00 10.625 6.300
800284309 DE KENIPP CHRISTOPHER M PA 32,400.00 12.750 7.500
800284572 ECHON DAVID T PA 56,000.00 10.250 6.050
800286692 RALSTON CURTIS W CT 276,750.00 9.625 5.000
800286916 LUCKENBILL SCOTT J PA 56,000.00 13.500 8.550
800287070 SUAREZ JOSEPH NJ 430,000.00 10.500 7.150
800288060 YOUNG M RODNEY PA 245,000.00 9.500 5.000
800288102 LANDIS ROBERT E PA 95,448.00 9.375 4.850
800288193 BAIO JOSEPH J PA 37,600.00 12.125 8.550
800289506 TOMARO PETER NJ 110,400.00 12.000 7.700
800291130 MENA JUAN NJ 170,000.00 10.375 6.850
800291395 HODANISH CAROL ANN AMIET PA 169,150.00 11.750 7.550
800291700 LITA FAIK NJ 232,500.00 9.250 5.900
800292260 DELSORBO WILLIAM NY 168,000.00 10.500 7.150
800293128 MARZEC KEITH F NY 66,212.00 12.125 7.550
800293755 RIEDLINGER CHARLES G PA 109,500.00 11.750 7.050
800293961 KUHN JOHN CT 90,000.00 10.000 5.000
800296188 BULICKI CHRIS NJ 58,400.00 11.250 7.000
800298010 YOO HYONG JOON NJ 186,800.00 9.375 6.050
800301608 BOVILLE JR LAWRENCE A OH 128,350.00 11.750 7.200
800304420 SMIDA JAY H PA 58,650.00 12.500 8.050
800304644 SWEENEY ROBERT PA 39,000.00 10.500 6.300
800305864 BRUNSON HENRY NJ 128,000.00 13.625 8.900
800305872 GARGIULO JAMES NJ 206,000.00 10.000 6.500
800306755 CAIRONE JEFFREY A PA 63,700.00 10.250 6.050
800307134 FORBES HECTOR NY 172,500.00 10.375 6.050
800307589 MOHMOUD TERESITA L NJ 216,000.00 11.000 6.800
800307738 ZIPPITTELLI, SR LOUIS A PA 93,750.00 11.125 6.800
800308652 KELLAM JEFFERSON VA 340,000.00 9.875 5.650
800308967 EMMONS GEORGE F NJ 59,200.00 10.500 6.050
800309023 PARATO BARBARA NY 139,500.00 9.750 6.400
800309130 POWELL ROBERT PA 63,750.00 12.625 8.300
800310021 MYRTETUS STEPHEN B NJ 50,900.00 11.625 7.200
800312035 FOLDVARY PAMELA J CT 119,000.00 11.375 6.950
800312068 BLACHMAN CHAIM NY 318,750.00 12.250 7.900
800313488 FARS FRANK PA 115,515.00 9.875 6.500
800313843 MONTERO LOUIS NJ 155,000.00 11.500 7.150
800314296 CARDENAS JOSEPHINE NY 161,000.00 11.625 7.250
</TABLE>
<PAGE>
<TABLE>
Page 28 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800314510 PARKS JAMES GA 62,050.00 12.375 7.950
800315418 ONIYIDE MELVILLE I NJ 194,400.00 9.875 6.500
800315525 SIEGEL JARED NJ 162,000.00 9.750 6.400
800317083 FRIEDMAN SAMUEL D NY 499,000.00 10.250 5.850
800317133 CAMPELLONE DIANE L NJ 167,300.00 11.375 7.150
800317158 D'AMBRA III FRANK VA 401,250.00 10.875 6.375
800317372 FUHRMAN JOHN NJ 124,000.00 10.000 6.000
800317497 KING III JACOB E OH 50,000.00 11.250 6.450
800317570 NICARRY ANDREW R PA 102,840.00 10.750 6.500
800318214 BOGDANICH JOHN NY 150,000.00 11.500 7.150
800319485 WILKEY ANTHONY NY 21,500.00 10.875 6.650
800319618 TRACY ELIZABETH L GA 104,000.00 12.250 7.450
800320657 FITZ JOSEPH A PA 151,650.00 9.625 6.250
800322653 HAZEN JACK NY 270,000.00 10.125 6.400
800323487 IANUZZI STEVEN J PA 44,000.00 13.625 8.900
800323727 GOODMAN CHRIS AZ 72,000.00 10.250 6.750
800323909 VITIELLO PASQUINO J NJ 375,000.00 9.625 5.000
800324220 KETCHUM MARVIN FL 39,920.00 13.625 8.900
800324543 FRANCIS MERLINE NY 162,000.00 9.375 6.050
800325334 MOYER RANDY L PA 96,000.00 13.625 8.900
800325466 BUTLER PAUL B OR 110,250.00 8.500 5.000
800326142 POTTS JOANNE S DE 84,000.00 10.750 6.550
800326217 SUSCA MD VITO J NY 373,500.00 9.750 6.300
800326951 SMITH TREVOR G NY 180,000.00 11.000 6.800
800327215 TROTT JULIANNE M PA 77,000.00 10.750 6.000
800327587 DAVIS DUANE A DE 65,600.00 11.000 6.250
800328239 MARSHALL SCOTT A PA 23,250.00 12.500 7.750
800328478 MEEKINS RACHEL NJ 34,154.00 12.125 7.400
800328502 BRAUNSKILL ARNOLD NY 81,250.00 13.375 8.150
800328775 MAYER ELZBIETA B NY 178,500.00 11.000 7.550
800329625 BARRETT KENNETH NJ 112,000.00 11.250 7.000
800330284 DOHRMANN MARK E AZ 182,430.00 9.000 5.550
800330490 HODGE CHARLES NJ 34,000.00 9.875 6.500
800330524 PARIANTE JOHN PA 195,300.00 10.375 6.100
800330631 BRIGANTI VINCENT NY 184,450.00 10.125 5.900
800330722 LEVINE IRA NY 263,500.00 10.500 6.300
800331704 MCCOLLUM RUSSELL PA 58,000.00 11.000 6.450
800332165 LAWSON LAURA P VA 87,000.00 10.750 7.400
800332306 CURRAN P DAVID PA 92,000.00 11.750 7.550
800332769 HILL ANTHONY P FL 115,000.00 11.625 7.000
800333312 AGUIRRE JOHNNY H AZ 111,350.00 9.500 6.000
800333478 JACKSON CAROL NY 100,000.00 13.750 8.900
800333619 SACCA SR JOSEPH J NJ 88,000.00 12.625 8.300
800333783 WHITAKER PHILLIP ANDREW NC 73,800.00 11.250 6.750
800334070 PAGLIA EDWARD CT 234,000.00 9.750 5.370
800334385 CARDINAL ROINE E SC 196,350.00 10.250 5.950
800334393 LAPENNA ANTHONY NY 182,385.00 10.625 6.000
800335259 THOMAS CURT G NY 130,400.00 12.500 8.250
800336653 SAYLOR JR DONALD F PA 88,000.00 8.750 4.100
800336976 BRANCATO BARBARA JEAN NY 164,500.00 10.750 6.550
800338428 UHER WILLIAM PA 51,000.00 11.500 7.200
800339483 JAMES ALLAN NY 176,000.00 9.375 6.050
800339723 DOSSANTOS MIQUILI RI 66,300.00 11.625 7.200
800340226 PIERCE ROGER L NJ 162,000.00 10.000 5.750
800340366 PEARSON CHRISTINE E CO 216,500.00 10.125 6.750
800340382 LARRABEE STEVEN R PA 103,500.00 11.000 6.800
800340952 SARKI ADNAN NJ 228,600.00 11.000 6.800
800342628 BOLEY MARY JO PA 58,800.00 8.750 4.500
800342644 SMOTHERS MARIE NY 186,300.00 9.125 5.750
800342727 MARCELLE GLORIA NY 112,800.00 13.125 8.625
800342958 MCDOWELL ELLEN C NJ 52,900.00 11.000 6.650
800343030 ROMANCHIK THOMAS J PA 56,800.00 11.250 7.550
800343766 NEWSOM MICHAEL JOSEPH GA 184,500.00 8.875 6.050
</TABLE>
<PAGE>
<TABLE>
Page 29 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800344657 ZACHAREWSKI JACQUELINE NY 117,000.00 9.000 5.625
800345118 BORNSTEIN MARC H CT 92,700.00 11.000 6.400
800346165 SNYDER RAYMOND A UT 123,900.00 10.250 5.750
800347411 TOBIAS JOEL P CT 72,000.00 9.625 5.625
800347510 BAGHDADI JACQUES NY 390,000.00 10.875 6.500
800347577 LEIDIG NANCI NY 258,300.00 10.500 7.150
800347718 FOSTER KATHRYN CT 126,000.00 9.500 5.750
800347726 FRALEY BENNIE L OH 103,050.00 10.250 6.900
800348286 RICHARDS MICHAEL L NY 119,000.00 11.500 7.000
800348377 ARPAIO JOSEPH NY 159,800.00 10.875 7.550
800348617 CHINAULT EDWARD E PA 84,150.00 9.500 5.250
800348641 CURRY JOSEPH NJ 130,000.00 10.500 6.300
800349235 WAGNER LUCY E GA 62,250.00 9.875 5.550
800349342 RHETT ROBERT NY 223,550.00 9.875 6.500
800349409 DAVIS SHEILA NY 118,800.00 10.125 6.800
800349656 BASCOM GILLIAN NY 249,900.00 9.375 6.050
800349722 BROWN BRIDGETT D GA 21,000.00 13.125 8.800
800350670 THORP DEBORAH NJ 40,000.00 11.250 6.550
800351280 FITZGERALD JANICE A PA 72,000.00 9.500 5.250
800351496 RUFFINO GLEN J. NJ 208,800.00 10.250 5.500
800352361 JONES AUDREY NJ 104,000.00 12.250 8.900
800352643 MCKENNA PAUL NJ 241,800.00 10.500 7.050
800353054 GARRETT COMPTON NY 246,500.00 10.625 7.300
800353344 FINN JOHN J PA 90,000.00 10.375 5.700
800353633 BLACKBURN RAYMOND PA 68,000.00 10.375 6.050
800354060 GARCIA ARACELY NY 205,200.00 10.000 5.350
800354201 MEASE MELODIE L. PA 66,400.00 11.500 7.000
800355380 GAY CHRISTINE A GA 132,500.00 10.875 7.550
800356347 CHERY MARIE CARMEN NY 193,500.00 11.000 6.725
800357386 YOO CHANG YOUNG UT 153,850.00 9.750 6.000
800357857 CUERVO DENNIS NY 144,000.00 9.875 5.500
800358053 DOYLE DENNIS NJ 131,000.00 9.500 5.100
800358632 GRANT III WESLEY RI 80,500.00 9.000 5.250
800358640 HOEL JOHN UT 176,400.00 9.625 5.250
800358780 CAREY DAWN PA 35,000.00 12.250 7.500
800358947 GOFF DANIEL R OH 97,750.00 10.750 6.250
800359168 LOWERY MARILYN R PA 38,250.00 10.875 6.450
800359481 MEBS SR CHARLES NJ 106,250.00 11.000 6.550
800359895 SINGH RAJENDRA M NJ 111,650.00 10.500 7.550
800359929 BAILEY CHRISTOPHER CT 85,500.00 9.750 5.000
800360208 WINTERS JUNE NY 134,400.00 11.125 7.600
800360216 LEE VERNON L GA 209,700.00 10.250 6.800
800360810 DOUGLASS RICKEY CT 186,300.00 10.250 6.800
800362675 BLAKELY GEORGE M PA 120,600.00 10.250 5.750
800363624 EL SIMBA T NJ 58,500.00 10.500 5.700
800363715 ASHTON BYRON NY 120,000.00 9.750 6.300
800363947 MILLS JOHN H NJ 99,700.00 9.875 5.550
800364721 BROWN JOAN CT 116,450.00 11.500 7.150
800366163 GOOD JAMES T PA 64,000.00 11.000 6.250
800366452 MARCHIONNI MARIO CT 67,200.00 10.875 6.400
800367534 DAVIS ANDREA C PA 37,825.00 11.000 6.250
800367757 TAYLOR SR TODD E NJ 112,000.00 13.125 8.900
800368334 ALSTON NINA NY 72,250.00 12.625 8.050
800368599 ROANE TAMEEKA NY 140,250.00 12.625 8.050
800368938 DARLING MICHAEL P. NY 100,000.00 12.125 7.250
800369050 HEADEN JR BENJAMIN PA 153,000.00 9.625 5.200
800369191 DALEY NIKKI F NY 150,000.00 12.125 8.650
800369316 KOCI LAIM AZ 162,700.00 9.500 6.050
800370272 HALL VINCE B NJ 211,500.00 12.250 7.400
800370959 GRAY LINDA NY 189,900.00 10.750 6.050
800371536 O KEEFE ROBERT N NJ 171,000.00 11.125 6.800
800372765 HEFFRON ANDREW S MD 38,250.00 11.250 6.800
800373755 DUNCAN BETTY L GA 86,850.00 9.500 5.750
</TABLE>
<PAGE>
<TABLE>
Page 30 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800373847 PARLOW CHARLES P CT 130,000.00 11.750 8.300
800376600 WILLIAM DENNIS L GA 107,100.00 11.875 7.550
800379760 MASTROBERTI HOWARD A CT 75,000.00 11.500 8.050
800381154 YUKA JOSEPH NJ 93,000.00 11.875 7.125
800381535 BRENNAN JOSEPH D CT 144,500.00 11.625 7.200
800381816 NOVEMBRE MARIE NY 105,000.00 10.625 6.300
800382913 COE CLARA L PA 96,000.00 11.750 7.000
800385569 SCIARTILLI JR RICHARD M PA 76,500.00 11.500 8.050
800386625 STEELMAN PAUL M NJ 115,650.00 10.500 6.100
- -------------------------------------------------------------------------------------------------------------
ARM Loans Set to Close 30,180,534.00 10.716 6.594
Total ARM Loans Not Yet Funded but Closed or Set to Close 34,311,186.00 10.669 6.545
</TABLE>
<PAGE>
<TABLE>
Page 31 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLOSED NOT FUNDED
106152993 MOFFAT VINCENT J WA 71,150.00 12.100 0.000
106153694 SPURLOCK CONNIE MI 74,600.00 12.250 0.000
106153786 MOREIRA CLAUDIO NJ 28,000.00 11.150 0.000
106153876 KLAWITTER TIM E. WI 33,400.00 11.650 0.000
106153908 GARMON IRENE IL 46,000.00 11.600 0.000
106155104 BOLLING JOHN H. MI 16,500.00 12.250 0.000
106155219 TRAYLOR THELMA IL 25,600.00 9.900 0.000
106155706 CUCURO JAMES L. MI 110,000.00 10.850 0.000
106155976 HORACE RAYMOND IL 116,000.00 10.825 0.000
106156015 PALM FREDRIK D. IL 21,900.00 14.000 0.000
106156172 SPAID CRAIG E. IN 123,200.00 12.000 0.000
800261471 PARRY DAVID V DE 113,000.00 12.500 0.000
800261588 PARRY DAVID V PA 131,000.00 12.500 0.000
800304743 PEREZ PEDRO P. NJ 49,400.00 12.700 0.000
800305914 ASH RAMI NY 454,000.00 10.350 0.000
800308751 NARRAMORE MARCHELL L FL 37,500.00 11.600 0.000
800309213 FENSTERER JOHN P FL 43,000.00 10.950 0.000
800310674 ZULKA RYAN PA 20,400.00 12.600 0.000
800313892 BARRON-AGUIRRE TRANQUILINO CO 22,464.00 13.600 0.000
800315061 GUNNING MICHAEL E FL 37,610.00 12.350 0.000
800315624 PAYNE JERRY RICHARD OR 20,600.00 10.500 0.000
800315954 WANEES EMIL G NY 170,000.00 9.250 0.000
800323131 PAUL SHARON M NY 14,966.00 11.250 0.000
800329534 SNYDER SCOTT A. NC 13,398.00 11.600 0.000
800330433 KORNEGAY DAVID L NC 73,600.00 13.600 0.000
800334062 MCKILLOP THOMAS C PA 50,500.00 10.650 0.000
800335036 GREENLAND THERESA NY 14,822.00 12.600 0.000
800337263 MAINS PHILIP JAY FL 45,600.00 10.150 0.000
800338345 DUPREY DENNIS J CO 39,122.00 13.350 0.000
800339541 WOOD II RICHARD A CT 20,000.00 12.350 0.000
800343139 HARDESTY CHARLES M FL 11,125.00 12.350 0.000
800343303 GOODWIN LAWRENCE A MO 39,144.00 9.750 0.000
800344046 GIDDENS GROVER C FL 31,450.00 12.250 0.000
800346108 MILNER MARK W UT 50,944.00 11.600 0.000
800348088 BUCK JAMES D FL 56,000.00 11.850 0.000
800348294 ROMANI JAMES NY 12,512.00 11.750 0.000
800348625 CHATMAN TIMOTHY H. FL 55,000.00 12.350 0.000
800348930 DIAZ PATRICIA ANN FL 14,500.00 10.900 0.000
800351066 YEARY JR REX C FL 27,200.00 12.550 0.000
800351884 SYLVAN KAYVAN CA 29,500.00 11.250 0.000
800352254 NEAL WILLIAM FL 35,000.00 10.500 0.000
800356222 ALBRIGHT SHERRY L FL 13,600.00 12.850 0.000
800357410 BROCKINGTON LEROY FL 10,000.00 11.850 0.000
800358038 MCHUGH JR PATRICK F RI 56,000.00 11.500 0.000
800360521 STAMOS LEONARD FL 62,250.00 10.500 0.000
800364317 HUGHES BREGITTA D CO 25,000.00 10.150 0.000
800365033 RENLUND STEVEN J CO 14,400.00 11.150 0.000
800365579 STREVIG CRAIG O PA 37,500.00 13.250 0.000
800366148 LEONARD CHARLES H FL 51,000.00 9.800 0.000
800366924 HUGHES STEPHEN M. FL 34,370.00 10.400 0.000
800367385 SWENSON RONALD J WA 59,450.00 12.000 0.000
800369811 HOLCOMBE ROY LAMAR GA 69,700.00 9.800 0.000
800370249 TIPTON DONALD A FL 63,900.00 10.950 0.000
800370330 BROWNER EILEEN P. MO 111,380.00 9.800 0.000
800370439 PLEWS MARK C MI 65,900.00 9.800 0.000
800370660 WOOD MALCOLM E SC 49,000.00 11.550 0.000
800371874 WINGHART JOSEPH F. PA 130,100.00 10.050 0.000
800372773 WINER STEPHEN NY 49,350.00 12.250 0.000
800374399 BODINE ELANA NY 34,000.00 11.000 0.000
800378655 SPRING DANIEL M CO 26,300.00 11.300 0.000
800378903 ARRINGTON DORIS PA 42,500.00 11.000 0.000
800379372 HAMILTON DONALD J CA 104,500.00 11.150 0.000
</TABLE>
<PAGE>
<TABLE>
Page 32 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800379612 PYE KAY L FL 44,000.00 8.750 0.000
800379646 PYE KAY L FL 44,000.00 8.750 0.000
800381337 DINITTO VINCENT FL 18,500.00 11.250 0.000
800384778 GONDER DANA E AZ 40,100.00 12.850 0.000
800385635 WECHSLER LEONARD A AZ 53,254.00 11.350 0.000
- -------------------------------------------------------------------------------------------------------------
Fixed Rate Loans Closed and not Funded 3,709,761.00 11.142 0.000
SET TO CLOSE
106150959 WALKER HAROLD CA 33,000.00 10.850 0.000
106151361 DEFAZIO JIM P WA 15,000.00 11.250 0.000
106151822 FRANK REALTY CORP. NY 193,500.00 12.050 0.000
106151978 TAYLOR JAMES R WA 55,698.00 13.300 0.000
106152312 LESHAJ & SONS INC. NY 90,000.00 10.990 0.000
106152617 CHANDLER JOSEPH P NJ 175,000.00 13.450 0.000
106152992 TERRA JUDITH A NM 18,950.00 13.050 0.000
106153089 FLEETWOOD JAMES CO 29,000.00 10.300 0.000
106153113 STEGON ANDREW R NV 13,200.00 12.400 0.000
106153377 DIAZ SR JOSE NM 17,100.00 12.150 0.000
106153442 ARKO STELLA NJ 80,000.00 11.100 0.000
106153606 SINGLETON FRANKLIN NY 93,700.00 14.300 0.000
106153881 MCGEE ELLA IN 29,700.00 12.750 0.000
106154159 SCHMID THOMAS C OH 61,600.00 14.650 0.000
106154475 PENA, III FRED OH 12,700.00 11.650 0.000
106154496 CANULL KEVIN IN 27,200.00 12.250 0.000
106154762 WATERS, JR. MILTON M. IL 27,000.00 13.600 0.000
106154834 BROWN TOMMY E. OH 35,000.00 10.400 0.000
106154947 STRINGER CARRIE IL 78,900.00 9.870 0.000
106154996 MILLINGTON DOREEN NY 62,500.00 14.050 0.000
106155133 LAFLAMME J MAURICE MA 210,000.00 11.600 0.000
106155222 FUSCO CAROLINE T. IL 30,000.00 13.100 0.000
106155318 DUNBAR SERAPHINE IL 38,000.00 9.450 0.000
106155346 SHUMPERT CAMPBELL DEVETTA IN 28,000.00 13.600 0.000
106155491 GORDON SALLY M. IN 43,400.00 10.500 0.000
106155739 ELDER JAMES A. IL 20,000.00 13.850 0.000
106155835 TELLEZ JOHN C. IL 45,600.00 13.350 0.000
106155908 FEARN SHELIA L. IL 87,200.00 13.100 0.000
106156178 BAKER JOHN EDMOND IN 20,000.00 12.250 0.000
106156268 PERDUE SCOTT NH 84,700.00 11.100 0.000
106156418 LOCKNEY, JR. EUGENE E. OH 22,500.00 12.000 0.000
106156713 SMITH SHERRI ANN IN 42,500.00 11.900 0.000
800219800 NG EDWARD NY 180,000.00 10.350 0.000
800230492 GABBAY YONA NY 40,000.00 13.650 0.000
800234742 LEVIT LEONID NY 128,750.00 12.990 0.000
800237547 TESTA ANGELO NY 30,000.00 12.950 0.000
800240319 SABO STACY NY 165,350.00 12.850 0.000
800241770 BRANFMAN JOE NY 84,000.00 12.000 0.000
800249922 LINAREZ RAFAEL NJ 15,400.00 11.200 0.000
800256158 SINGH SUKHDEV NY 18,850.00 12.250 0.000
800258717 NELUS JULOT NY 132,000.00 10.700 0.000
800267015 TRAKANSOOK DEGHUNDIT NY 136,000.00 13.650 0.000
800269029 GRIFFITH BARRY L PA 25,000.00 12.750 0.000
800272551 BRONG BRIAN R PA 29,760.00 12.600 0.000
800273351 BARRANTES GREGORIO NY 196,200.00 11.700 0.000
800274912 RUGGIERI LARRY NY 82,600.00 10.850 0.000
800277048 BARRY MARK T NJ 40,000.00 11.625 0.000
800277196 FAHY THOMAS NY 32,000.00 13.800 0.000
800278061 GREEN JR LOUIS FL 55,835.00 11.650 0.000
800279168 CORTIMEGLIA CHARLES NY 30,000.00 11.900 0.000
800283178 DEMERS JEAN RI 50,000.00 12.200 0.000
800283194 LUCKNER DAVID CT 130,000.00 10.500 0.000
800283202 HALL LUCILLE NY 182,400.00 9.750 0.000
800283723 SUKHDEO SHARDA NY 23,000.00 13.300 0.000
800285173 PACHON HENRY NY 109,800.00 12.100 0.000
</TABLE>
<PAGE>
<TABLE>
Page 33 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800287427 PALUMBO NICOLE A NY 31,000.00 14.150 0.000
800287450 RODRIGUEZ JOE NY 61,200.00 12.950 0.000
800287633 PERRY DENNIS GA 32,750.00 10.050 0.000
800288888 THOMAS KYONG AIE NJ 58,400.00 13.040 0.000
800289019 BYRNE JOHANNA F NY 48,900.00 12.950 0.000
800289779 ARCHARD CHARLES H FL 84,150.00 12.000 0.000
800289811 DIXON KEVIN E GA 22,000.00 13.150 0.000
800290082 ESPOSITO SALVATORE NJ 31,100.00 14.450 0.000
800290124 HUSS JOHN C NY 91,000.00 11.350 0.000
800291775 JORGENSEN RALPH B AZ 24,800.00 12.350 0.000
800292377 MAZZONE JOSEPH NJ 40,000.00 11.900 0.000
800292666 RICE PATRICIA PA 20,100.00 12.000 0.000
800294118 FREEMAN WILLIAM NY 30,000.00 12.850 0.000
800295396 DELEO JR RICHARD MA 40,890.00 13.490 0.000
800296105 DEROSE JOSEPH NJ 120,000.00 11.550 0.000
800296352 REDDICK STACEY L FL 17,650.00 12.000 0.000
800296584 LE HAI NJ 61,800.00 12.990 0.000
800296915 WEATHERFORD HAROLD SC 66,725.00 10.900 0.000
800296980 LEONARD BRIAN NY 18,750.00 11.990 0.000
800297293 HILDRETH TERRY NC 65,000.00 11.900 0.000
800297749 MENDINI RICHARD G PA 17,500.00 12.450 0.000
800298721 CLARKE VENOLA NY 20,250.00 12.450 0.000
800300147 HAYNES GERALDINE NY 127,500.00 11.650 0.000
800301749 LOFGREN NORMAN H AZ 27,392.00 11.800 0.000
800302572 MOHAMED SAHEID NY 186,150.00 12.500 0.000
800302796 DEKYI FREMLIN Y NY 157,250.00 12.050 0.000
800305468 SWEET GLEN H WA 15,921.00 13.100 0.000
800305849 BEGLEY BERNARD NY 50,200.00 12.500 0.000
800306391 CARR PAULETTE MD 38,849.00 13.100 0.000
800306649 MILLER THOMAS M PA 12,647.00 12.450 0.000
800306771 GREINER J. SCOTT PA 27,250.00 11.950 0.000
800307258 HALOTA STEVEN B MD 58,350.00 12.100 0.000
800307779 ADKINS ALAN IL 20,000.00 14.350 0.000
800308231 WONG ALAN CT 82,800.00 12.950 0.000
800308280 SHAW HERMAN L. NJ 131,750.00 8.750 0.000
800308298 HARD DAVID SR UT 19,550.00 12.900 0.000
800308850 SMITH FRANCINE M FL 34,000.00 12.650 0.000
800309247 HILSHER BARRY D PA 16,300.00 11.350 0.000
800309460 YARRINGTON SUSAN H DE 12,795.00 11.700 0.000
800309544 KIM DONG JIN NJ 50,000.00 11.500 0.000
800309668 BALLARD STEPHEN LEE FL 15,000.00 10.150 0.000
800309783 ALMANZA RAFAEL REYES RI 60,000.00 11.200 0.000
800309817 COMEGNA LISA A NY 249,999.00 12.800 0.000
800309999 MISHLER EDITH M PA 27,000.00 12.100 0.000
800310153 NOEL JAMES WESLEY NY 122,400.00 12.900 0.000
800310971 BELL GEORGE NJ 25,000.00 11.600 0.000
800311730 BARDIN JEFFREY E. CA 24,100.00 12.100 0.000
800312142 RICOTTA DOMENICO NY 128,700.00 11.550 0.000
800312365 HODGES WILLIE NY 650,000.00 10.350 0.000
800313397 CITRANGOLA THOMAS NY 50,000.00 12.250 0.000
800314049 KRAUSE BRIAN L PA 44,000.00 12.000 0.000
800314627 ROLPH JOHN J UT 15,346.00 11.550 0.000
800314866 STRICKLAND RONNIE GA 42,500.00 13.550 0.000
800315798 DAVIS EVELL FL 45,000.00 11.450 0.000
800315855 BURNETTE JAMES KENNETH MN 10,639.00 13.750 0.000
800316275 LEUNG SUI NY 75,000.00 12.500 0.000
800317109 RICHARDS HIRAM E PA 13,340.00 11.000 0.000
800317562 BERBERICH CHARLES T NY 116,800.00 10.200 0.000
800317646 ZINK ELMER A PA 24,035.00 11.200 0.000
800318735 LAVOIE THOMAS M AZ 22,000.00 12.200 0.000
800318792 PETCH PATRICIA A NY 54,909.00 12.900 0.000
800319105 GREENE LINDA M VA 80,000.00 12.400 0.000
800319204 CARRINGTON SUMM YVONNE MD 38,700.00 11.750 0.000
</TABLE>
<PAGE>
<TABLE>
Page 34 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800319857 STROBACH NANCY C CO 28,000.00 12.350 0.000
800320020 ZAHNISER BRIAN P NY 25,500.00 12.900 0.000
800320160 PERRY SANDRA L FL 32,400.00 11.550 0.000
800320269 BLAASCH CHARLES AZ 17,567.00 12.100 0.000
800320822 DEJNO KIM A MN 19,536.00 11.400 0.000
800321150 CARDWELL DAVID L PA 84,800.00 13.900 0.000
800321861 HAYNES FITZGERALD NY 78,000.00 14.400 0.000
800322299 MARTELL GEORGE E UT 47,000.00 10.150 0.000
800322471 HUTCHINSON JOSEPH NY 145,000.00 9.500 0.000
800324097 DE JAYNES BARI B CO 49,800.00 12.000 0.000
800324121 RICHARDS DAVID L AZ 66,000.00 10.000 0.000
800325813 KERNBERG MARTIN E. CA 109,350.00 12.900 0.000
800326068 SPRINGER MICHAEL E CT 150,000.00 9.650 0.000
800326134 APPING PETER NY 42,300.00 13.650 0.000
800326860 LUDINGTON RONALD JAY AZ 15,100.00 12.000 0.000
800327090 SHAFFER JEFFREY A PA 24,500.00 11.850 0.000
800327785 ADAM ROGER PA 152,000.00 11.000 0.000
800327850 BAYKO MARY J PA 76,000.00 12.550 0.000
800328387 MILBOURNE ALDITH NY 229,500.00 12.550 0.000
800328544 ROMBOUT BERNARD CT 152,000.00 14.300 0.000
800328635 WILSON RONALD E CO 97,750.00 9.750 0.000
800328759 VALENTI RALPH NY 50,000.00 11.550 0.000
800329021 HILDEBRANT ROBERT C PA 32,000.00 10.450 0.000
800329450 JOSEPH ANN NY 196,000.00 11.500 0.000
800329732 VOORHEES KELLY R UT 14,000.00 12.300 0.000
800330003 GOMEZ JAI NY 84,150.00 11.500 0.000
800330615 BATALLA BUENA NY 171,000.00 11.950 0.000
800331084 MOLINA DORAIDA FL 63,750.00 12.650 0.000
800331159 PATTON KENNETH C NY 71,950.00 14.350 0.000
800331738 KOZO O'BRIEN CONSTANCE M PA 97,750.00 12.750 0.000
800332207 JOHNSON MILTON E MD 66,300.00 12.550 0.000
800332439 NARUSZEWICZ ELIZABETH NY 126,000.00 14.500 0.000
800333247 HOGAN JAMES P FL 42,000.00 12.400 0.000
800333494 DAVIS JANET NY 35,000.00 11.950 0.000
800334542 OHMACHI SUE HAN NY 70,000.00 12.650 0.000
800334575 SINGH SURINDER NY 31,500.00 13.150 0.000
800334799 ADAMSON MICHAEL NY 127,500.00 12.900 0.000
800335069 PROCACCINI STEVEN RI 68,000.00 11.250 0.000
800335317 MILLER PERRY O CO 45,900.00 11.900 0.000
800335432 WAITE WENDELL E AZ 24,700.00 12.900 0.000
800335762 SORRENTINO F JOSEPH NJ 100,000.00 12.400 0.000
800336273 PIAZZA RICHARD NY 35,000.00 10.800 0.000
800336703 PEDOTE ANNA NY 562,500.00 11.400 0.000
800336794 BEST JAY NY 132,000.00 12.500 0.000
800336851 BERGERON DAVID NC 65,700.00 12.150 0.000
800337313 VARVEL-BOUVIER DONNA G FL 22,500.00 12.300 0.000
800337594 PAOLELLO JUDITH A NY 40,500.00 11.900 0.000
800338097 KALBACHER EUGENE C NJ 20,500.00 14.990 0.000
800338279 BEIGHLEY TIMOTHY C NJ 30,300.00 14.500 0.000
800338600 CASSETTA DEBORAH A. CA 54,000.00 12.200 0.000
800338659 YOON JAE WAN NV 28,000.00 11.600 0.000
800338790 CARTAGENA FERNANDO NY 204,000.00 11.050 0.000
800338956 SMITH WILLIAM C NJ 99,500.00 10.550 0.000
800339145 LEFUR FLORENCE FL 12,600.00 11.400 0.000
800339384 ROBERTS CHARLES H DC 52,000.00 9.500 0.000
800341109 LARSEN CORINNE C UT 29,000.00 11.000 0.000
800341265 PROCOPIO HUGO MD 27,600.00 12.990 0.000
800341455 HANISCH JR. KARL H FL 50,000.00 11.300 0.000
800341661 COOPER WESLEY NY 99,000.00 15.500 0.000
800341901 ROMEO RICHARD NY 14,000.00 14.650 0.000
800342362 FLEMING FREDERICK R PA 25,825.00 12.650 0.000
800342412 BETZLER MARY R MD 20,300.00 11.750 0.000
800342784 JAINARINE BASDEO NY 25,000.00 11.200 0.000
</TABLE>
<PAGE>
<TABLE>
Page 35 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800342826 RODRIGUEZ ZULAY FL 60,800.00 13.850 0.000
800342883 COBB DOUGLAS F FL 62,100.00 9.850 0.000
800343113 FLYGARE CHRISTIAN S UT 41,000.00 12.100 0.000
800343832 DEC WALTER NJ 15,000.00 11.600 0.000
800344251 JOHNS RICHARD I FL 24,000.00 12.650 0.000
800345001 BAKER MICHAEL J. FL 112,500.00 9.750 0.000
800345043 INDAL KAMLA NY 140,000.00 12.500 0.000
800345100 SINGH DAHANPAUL NY 90,000.00 11.150 0.000
800345514 AUSTIN WILLIAM D CO 22,500.00 13.850 0.000
800345571 KUCHERA JERRY L NM 29,800.00 13.350 0.000
800345738 CHA CHAE D MD 17,500.00 13.400 0.000
800346496 TUST ROBERT CO 136,000.00 10.500 0.000
800346553 ROSE DONALD G CO 20,000.00 10.750 0.000
800346819 DRENNEN RUSSEL M PA 38,000.00 12.150 0.000
800346900 MASON CLEOPAS L NC 25,500.00 11.150 0.000
800347007 TAM GEORGE FL 33,305.00 12.450 0.000
800347155 KING MARILYN C GA 208,000.00 12.375 0.000
800347338 DELGADO PAUL A PA 41,250.00 12.350 0.000
800348500 SMITH LAWRENCE A NY 157,500.00 12.300 0.000
800348682 LONG RAHAMAN NY 15,000.00 11.650 0.000
800348732 BLATZ GLORIA JEAN PA 20,800.00 13.100 0.000
800348955 CARLSON DONALD FL 14,800.00 13.200 0.000
800349193 BURDICK KENNETH L CT 38,000.00 12.850 0.000
800349706 RICHARDS CLYDE L PA 18,400.00 12.650 0.000
800349854 MERCOGLIANO MICHELE NY 144,000.00 11.550 0.000
800349946 RIVERA CHARLES NY 108,000.00 10.125 0.000
800350308 OCALLAGHAN J BRIEN CT 124,600.00 10.850 0.000
800350373 WALTERS DANIEL LEE SC 190,000.00 10.050 0.000
800350902 BURKE JEFFREY R CO 150,000.00 10.600 0.000
800350993 DABROWSKI ANTHONY FL 40,000.00 12.350 0.000
800351405 OLMEDA MIGUEL CT 84,000.00 11.200 0.000
800351454 WILLIAMS CHERYL PA 24,000.00 10.150 0.000
800351629 ANDIROGLU ESBER FL 66,000.00 10.250 0.000
800352262 BARONY JR NORMAN J PA 32,000.00 11.000 0.000
800352460 STAVROPOULOS SOTIRIOS NY 96,575.00 12.500 0.000
800352619 ZERANSKI VIRGINIA K FL 10,000.00 12.100 0.000
800353278 LUNDY JEAN B GA 52,800.00 9.500 0.000
800353328 HUBER ROBERT D FL 23,129.00 12.500 0.000
800353500 DAUPHIN JEAN S FL 67,200.00 14.050 0.000
800353526 DINES GARRY STEVEN FL 25,000.00 12.350 0.000
800354185 CALATA LUIS UT 30,100.00 9.900 0.000
800354359 BARTON ERIC L NV 21,000.00 11.150 0.000
800354581 RULAND EDWARD G PA 85,450.00 11.750 0.000
800354904 BURGO KEITH M CT 59,500.00 12.650 0.000
800354920 SURGEON WILLIAM W MD 100,800.00 12.350 0.000
800355828 LUCIANO RAFFAELE NJ 44,900.00 12.100 0.000
800355885 HUDOCK JOSEPH NJ 40,000.00 11.450 0.000
800355893 WALKER LAURA L PA 12,843.00 12.450 0.000
800356305 LOZIER BRYAN CA 19,300.00 11.400 0.000
800356883 GUERRERO TONI D CA 75,000.00 10.600 0.000
800357600 HUSTED MARK D NY 33,533.00 12.450 0.000
800357949 CURRY MARK T CT 26,150.00 11.700 0.000
800358129 MCGOVERN BERNARD P CT 39,900.00 12.800 0.000
800358434 SIMMONS VIRGIL NY 176,000.00 14.650 0.000
800359267 ROWE JENNIFER A PA 17,500.00 13.000 0.000
800360224 KNOWLES ROBERT E FL 60,800.00 11.375 0.000
800360653 MILLER PHIL NY 130,200.00 12.150 0.000
800360695 JORDAN DONNA GA 19,300.00 13.300 0.000
800360885 KATZ ABRAHAM NY 80,000.00 11.350 0.000
800362212 GORE CATHERINE M GA 303,750.00 11.700 0.000
800363210 SLAUGHTER GRACE PA 28,050.00 12.350 0.000
800363350 MACCORD GILBERT S DE 52,000.00 11.450 0.000
800363475 ANDERSON LINDA A NJ 25,600.00 12.500 0.000
</TABLE>
<PAGE>
<TABLE>
Page 36 of 36
A L L I A N C E F U N D I N G
A division of Superior Bank FSB
Loans Funded and Available for Sale to 1997-3 as of 9/19/97
<CAPTION>
Current Note
Account Name St Principal NRate Margin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800363566 SLAUGHTER GRACE M PA 23,800.00 10.850 0.000
800363954 COLELLA DIANE M NV 29,400.00 12.100 0.000
800364242 BECKNER MARTHA M. NC 38,500.00 8.900 0.000
800364903 RUIZ BALENTIN AZ 40,700.00 11.900 0.000
800364929 ELCHOUM MOHAMMED K NY 50,000.00 11.550 0.000
800365439 PROCH GEORGE PA 134,400.00 12.500 0.000
800365835 VELEZ RODNEY FL 35,000.00 11.750 0.000
800365983 WILLIAMS ARLENE NY 137,900.00 10.850 0.000
800366395 STEWART ROGER C NY 107,800.00 11.700 0.000
800366643 GUSSIO SCOTT A MD 14,800.00 13.200 0.000
800367708 GAYLE PHILMOUR NY 164,050.00 12.150 0.000
800368490 EMERY DONALD B NJ 120,000.00 10.750 0.000
800368763 ZIEMBA JUDITH A. FL 16,400.00 11.750 0.000
800368953 ALLAN HAYES WILLIAM MICHAEL FL 28,629.00 11.550 0.000
800368987 KAMARA SAM NY 168,000.00 13.650 0.000
800370017 REED SAMUEL L OH 49,600.00 11.750 0.000
800370546 EITEL PAMELA ANN MI 64,000.00 10.500 0.000
800370751 MACASINAG ARTURO E SC 520,000.00 10.950 0.000
800370900 LAWSON CLARENCE DAVID FL 22,600.00 11.650 0.000
800372542 ARELLANO ALDO NJ 112,000.00 11.900 0.000
800373011 CYBATOR CHRISTOPHER PA 20,617.00 10.750 0.000
800375636 KEWAL MAHABIR NY 214,200.00 11.700 0.000
800376089 GIANNELLA SILVIO NJ 110,000.00 12.800 0.000
800376147 LIGON MARIE NY 112,000.00 10.850 0.000
800376527 POWERS CATHY B FL 25,000.00 13.350 0.000
800376758 ADDIS RICHARD L AZ 62,050.00 10.400 0.000
800377111 GAROFALO SALVATORE NY 44,000.00 12.950 0.000
800377970 NIX REX H FL 21,756.00 12.990 0.000
800377988 NAGY NICHOLAS PA 41,700.00 12.600 0.000
800378481 COMMINS MERVYN PAUL WA 100,000.00 10.000 0.000
800379778 DURAN SERGIO J CA 21,200.00 11.300 0.000
800379927 RUSSO CARMINE FL 34,300.00 8.900 0.000
800380016 RUSSO CARMINE FL 28,000.00 8.900 0.000
800382798 FLORES-CHAVEZ CARMELIA M NM 34,000.00 12.800 0.000
800383176 ROGERS EDWARD PA 20,620.00 11.900 0.000
800383572 JONES MARLENE MD 42,900.00 13.490 0.000
800384091 DEANGELIS ARMANDO NY 39,700.00 13.550 0.000
800385890 VENEGAS KENNETH R CA 67,500.00 11.150 0.000
800386815 MORGAN SABRINNA L CO 25,000.00 10.000 0.000
800388415 BRUCE ARCHIE LEE CA 22,462.00 12.100 0.000
- -------------------------------------------------------------------------------------------------------------
Fixed Rate Loans Set to Close 19,619,477.00 11.829 0.000
Total Fixed Rate Loans Not Yet Funded but Closed or Set to Close 23,329,238.00 11.720 0.000
Total Loans Not Yet Funded but Closed or Set to Close 57,640,424.00 11.095
SUMMARY OF ADJUSTABLE RATE MORTGAGES
Loans tagged for 1st Subsequent Transfer 23,116,759.76 10.550 6.322
Loans in Servicing not yet tagged for sale 32,265,801.78 10.418 6.123
Loans Funded and not yet in Servicing 10,725,952.00 10.751 6.429
Loans Closed and not Funded 4,130,652.00 10.325 6.190
Loans Set to Close 30,180,534.00 10.716 6.594
- -------------------------------------------------------------------------------------------------------------
Total ARMs 100,419,699.54 10.570 6.346
SUMMARY OF FIXED RATE MORTGAGES
Loans tagged for 1st Subsequent Transfer 16,726,829.21 11.558 0.000
Loans in Servicing not yet tagged for sale 28,250,502.32 11.318 0.000
Loans Funded and not yet in Servicing 5,062,135.00 11.785 0.000
Loans Closed and not Funded 3,709,761.00 11.142 0.000
Loans Set to Close 19,619,477.00 11.829 0.000
- -------------------------------------------------------------------------------------------------------------
Total Fixed Rate Mortgages 73,368,704.53 11.533 0.000
</TABLE>
<PAGE>
EXHIBIT S
MORTGAGE LOANS 30 OR MORE DAYS DELINQUENT
<PAGE>
EXHIBIT T
SUBSEQUENT TRANSFER INSTRUMENT FOR [SUB-POOL 1][SUB-POOL 2]
Pursuant to this Subsequent Transfer Instrument (the "Instrument"), dated
___________, 199__, between Superior Bank FSB, as seller (the "Depositor"), and
LaSalle National Bank, as Trustee of the AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3, as purchaser (the "Trustee"), and pursuant to the
Pooling and Servicing Agreement, dated as of September 1, 1997, by and among
Superior Bank FSB, as Depositor, Lee Servicing Company, a Division of Superior
Bank FSB, as Servicer, and LaSalle National Bank, as Trustee (the "Pooling and
Servicing Agreement"), the Depositor and the Trustee agree to the sale by the
Depositor and the purchase by the Trustee, on behalf of the Trust Fund, of the
Mortgage Loans listed on the attached Schedule of Mortgage Loans (the
"Subsequent Mortgage Loans").
Capitalized terms used and not defined herein have their respective
meanings as set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
(a) The Depositor does hereby sell, transfer, assign, set over and convey
to the Trustee, on behalf of the Trust Fund, without recourse, all of its right,
title and interest in and to the Subsequent Mortgage Loans, excepting the
Depositor's Yield, and including all amounts due on the Subsequent Mortgage
Loans after the related Subsequent Cut-Off Date, and all items with respect to
the Subsequent Mortgage Loans to be delivered pursuant to Section 2.04 of the
Pooling and Servicing Agreement; provided, however that the Depositor reserves
and retains all right, title and interest in and to amounts (including
Prepayments, Curtailments and Excess Payments) due on the Subsequent Mortgage
Loans on or prior to the related Subsequent Cut-off Date. The Depositor,
contemporaneously with the delivery of this Agreement, has delivered or caused
to be delivered to the Trustee or, if a Custodian has been appointed pursuant to
Section 12.12 of the Pooling and Servicing Agreement, to the Custodian each item
set forth in Section 2.04 of the Pooling and Servicing Agreement. The transfer
to the Trustee by the Depositor of the Subsequent Mortgage Loans identified on
the Mortgage Loan Schedule shall be absolute and is intended by the Depositor,
the Servicer, the Trustee and the Certificateholders to constitute and to be
treated as a sale by the Depositor to the Trust Fund.
(b) The expenses and costs relating to the delivery of the Subsequent
Mortgage Loans, this Instrument and the Pooling and Servicing Agreement shall be
borne by the Depositor.
(c) Additional terms of the sale are set forth on Attachment A hereto.
<PAGE>
Section 2. Representations and Warranties; Conditions Precedent.
(a) The Depositor hereby affirms the representations and warranties set
forth in Section 3.02 of the Pooling and Servicing Agreement that relate to the
Subsequent Mortgage Loans as of the date hereof. The Depositor hereby confirms
that each of the conditions set forth in Section 2.10(b), and as applicable,
Section 2.10(c) or Section 2.10(d), of the Pooling and Servicing Agreement are
satisfied as of the date hereof.
(b) All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified and confirmed; provided, however, that in the event of any
conflict the provisions of this Instrument shall control over the conflicting
provisions of the Pooling and Servicing Agreement.
Section 3. Recordation of Instrument.
To the extent permitted by applicable law, this Instrument, or a memorandum
thereof if permitted under applicable law, is subject to recordation in all
appropriate public offices for real property records in all of the counties or
other comparable jurisdictions in which any or all of the properties subject to
the Mortgages are situated, and in any other appropriate public recording office
or elsewhere, such recordation to be effected by the Servicer at the
Certificateholders' expense on direction of the Certificate Insurer or the
related Majority Certificateholders, but only when accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders or is necessary for the administration
or servicing of the Mortgage Loans.
Section 4. Governing Law.
This Instrument shall be construed in accordance with the laws of the State
of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws, without giving effect to
principles of conflicts of law.
Section 5. Counterparts.
This Instrument may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.
-2-
<PAGE>
Section 6. Successors and Assigns.
This Instrument shall inure to the benefit of and be binding upon the
Depositor and the Trustee and their respective successors and assigns.
SUPERIOR BANK FSB
By: _______________________________
Name:
Title:
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES,
SERIES 1997-3
By: LASALLE NATIONAL BANK,
as Trustee
By: _______________________________
Name:
Title:
Attachments
A. Additional terms of the sale.
B. Schedule of Subsequent Mortgage Loans.
C. Opinions of Depositor's counsel (bankruptcy, corporate).
D. Depositor's Officer's certificate.
E. Trustee's Certificate.
F. Opinion of Trustee's Counsel.
-3-
<PAGE>
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT FOR SUB-POOL 1
Series 1997-3
________, 199__
A.
1. Subsequent Cut-off Date:
2. Pricing Date:
3. Subsequent Transfer Date:
4. Aggregate Principal Balance of the Subsequent Mortgage Loans as of
the Subsequent Cut-off Date:
5. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Longest stated term to maturity: _____ months
2. Lowest Mortgage Rate: _____ %
3. Greatest Combined Loan-to-Value Ratio: _____ %
[As to the final transfer of Subsequent Mortgage Loans:]
4. WAC of all Mortgage Loans: _____ %
5. WAM of all Mortgage Loans: _____ %
6. Weighted average CLTV: _____ %
7. Balloon Mortgage Loans: _____ %
8. Largest Principal Balance: $________
9. Non-owner occupied Mortgaged Properties: _____ %
10. Maximum zip code concentration: _____ %
11. Condominiums: _____ %
12. Single-family: _____ %
13. Multifamily and Mixed Use _____ %
14. Manufactured Homes _____ %
15. Periodic Payment Loans _____ %
16. Weighted average term since origination: _____ months
17. January 1998 first payment date: _____ %
<PAGE>
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT FOR SUB-POOL 2
Series 1997-3
________, 199__
A.
1. Subsequent Cut-off Date:
2. Pricing Date:
3. Subsequent Transfer Date:
4. Aggregate Principal Balance of the Subsequent Mortgage Loans as of
the Subsequent Cut-off Date:
5. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Longest stated term to maturity: _____ months
2. Lowest Gross Margin: _____ %
3. Lowest Minimum Mortgage Rate: _____ %
4. Greatest Maximum Mortgage Rate: _____ %
5. WAC of all Mortgage Loans: _____ %
6. Weighted Average Gross Margin: _____ %
7. WAM of all Mortgage Loans: _____ %
8. Balloon Mortgage Loans: _____ %
9. Largest Principal Balance: $________
10. Non-owner occupied Mortgaged Properties: _____ %
11. Maximum zip code concentration: _____ %
12. Condominiums: _____ %
13. Single-family: _____ %
14. Manufactured Homes: _____ %
15. Weighted average term since origination: _____ months
16. January 1998 first payment date: _____ %
17. Greatest Loan-to-Value Ratio: _____ %
18. Weighted Average LTV: _____%
<PAGE>
EXHIBIT U
FORM OF ADDITION NOTICE
[Date]
[TRUSTEE]
Re: Pooling and Servicing Agreement, dated as of September 1, 1997
(the "Pooling and Servicing Agreement"), between [Depositor]
[Trustee] and [Servicer], relating to AFC Mortgage Loan Asset
Backed Certificates, Series 1997-3
--------------------------------------------------------------
Ladies and Gentlemen:
Pursuant to Section 2.10 of the Pooling and Servicing Agreement,
[Depositor] has designated Subsequent Mortgage Loans to be sold to the Trust
Fund on _________, 199__, with an aggregate principal balance of
$______________. Capitalized terms not otherwise defined herein have the meaning
set forth in the Pooling and Servicing Agreement.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
[DEPOSITOR]
By: _________________________
Name: _________________________
Title: _________________________
ACKNOWLEDGED AND AGREED:
[Trustee]
By: ___________________________
Name: ___________________________
Title: ___________________________
Date: ___________________________
<PAGE>
EXHIBIT V
OFFICER'S CERTIFICATE
I, _________________ hereby certify that I am the duly elected
______________ of Superior Bank FSB, a federally chartered stock savings bank
(the "Depositor"), and further, to the best of my knowledge and after due
inquiry, as follows:
Each condition precedent specified in Section 2.10(b) and [Section
2.10(c) for Sub-Pool 1 Mortgage Loans] [Section 2.10(d) for Sub-Pool 2
Mortgage Loans] of the Pooling and Servicing Agreement, dated as of
September 1, 1997, among the Depositor, Lee Servicing Company, a division
of Superior Bank FSB, and LaSalle National Bank, as Trustee (the "Pooling
and Servicing Agreement") and each condition precedent specified in the
Subsequent Transfer Instrument has been satisfied by the Depositor.
Capitalized terms not otherwise defined herein have the meanings set forth
in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, I have hereunto signed my name.
Dated: _________ __, 199__ By: ____________________________________
Name:
Title:
<PAGE>
EXHIBIT W
FORM OF AGREEMENT OF APPOINTMENT AND
ACCEPTANCE OF SEPARATE TRUSTEE
This AGREEMENT OF APPOINTMENT AND ACCEPTANCE OF SEPARATE TRUSTEE (the
"Agreement") is dated as of the ____ day of _________, _____, by and among
SUPERIOR BANK FSB, as Depositor (the "Company"), LEE SERVICING COMPANY, A
DIVISION OF SUPERIOR BANK FSB, as Servicer (the "Servicer"), LaSalle National
Bank, as Trustee (the "Trustee"), and ______________, as Separate Trustee (the
"Separate Trustee").
RECITALS
A. The Company, the Servicer and the Trustee have entered into that certain
Pooling and Servicing Agreement dated as of September 1, 1997 (as amended,
supplemented or modified from time to time, the "Pooling Agreement") relating to
the AFC Mortgage Loan Asset Backed Certificates, Series 1997-3 (the "Trust").
B. Pursuant to the terms and conditions of the Pooling Agreement, the
Company will assign and deliver to the Trustee certain home equity loans and the
mortgages related thereto comprising part of the Trust Fund (as defined in the
Pooling Agreement).
C. Pursuant to the terms and conditions of the Pooling Agreement, the
Trustee shall act as trustee for, and on behalf and for the benefit of, the
Certificateholders (as defined in the Pooling Agreement).
D. The laws of the State of New Jersey prohibit the transfer of second
mortgage loans originated in New Jersey except to certain transferees, which
transferees would not include the Trustee but would include a national banking
association having its principal office in the State of New Jersey, such as the
Separate Trustee.
E. In order to permit the Company to transfer to the Trust Fund certain
second mortgage loans originated in the State of New Jersey, the parties hereto
intend to appoint, pursuant to Section 12.10 of the Pooling Agreement, the
Separate Trustee, who, as a separate trustee with and on behalf of the Trustee
under the Pooling Agreement, will be the assignee of the mortgage assignments
executed and to be recorded in the State of New Jersey in connection with the
formation of the Trust Fund (the "Assignments"), and the Separate Trustee is so
named in the Pooling Agreement and in the Assignments, for the limited purpose
of satisfying said New Jersey state law requirements and consequently exercising
such duties and functions as may be prescribed herein and under the Pooling
Agreement.
NOW, THEREFORE, the Company, the Trustee and the Separate Trustee do hereby
agree as follows:
1. Appointment of the Separate Trustee; Acceptance of Appointment. To
the extent that the Trust Fund consists of home equity loans secured by
mortgages relating to real estate located in the State of
<PAGE>
New Jersey ("New Jersey Home Equity Loans"), the Company and the Trustee hereby
appoint the Separate Trustee, as of the date hereof, as separate trustee under
the Pooling Agreement, of that part of the Trust Fund consisting of the New
Jersey Home Equity Loans and the Separate Trustee is hereby vested with legal
title to the New Jersey Home Equity Loans, as of such date, to the extent
required by New Jersey law, the power of the Separate Trustee to be exercised
subject to the provisions of this Agreement and Section 12.10 of the Pooling
Agreement.
The Separate Trustee hereby acknowledges that its principal office is
located in the State of New Jersey, accepts the foregoing appointment and agrees
to act as separate trustee with the Trustee, its successors and assigns under
the Pooling Agreement and the Assignments, and to exercise its duties as
separate trustee, in and only in the event of a written request by the Trustee.
2. Limited Scope of Appointment and Duties. The Separate Trustee shall act
as separate trustee under the Pooling Agreement and the Assignments only upon,
and to the extent of, written instructions from the Trustee and no other party.
The Separate Trustee shall not be required to take, nor shall it be responsible
for taking, any action as separate trustee under the Pooling Agreement or the
Assignments unless it has received such written instructions from the Trustee.
The Separate Trustee shall owe no duty as separate trustee under the
Pooling Agreement and the Assignments to any party other than the Trustee and
the Certificateholders. The Trustee shall consult with the Separate Trustee with
respect to decisions deemed by the Trustee to be significant to be made with
respect to the exercise of any powers to be exercised by the Separate Trustee
and, upon request of the Separate Trustee, will provide the Separate Trustee
with copies of all notices and other documents pursuant to which it exercises
its duties as the Trustee.
Any provision of this Agreement or the Pooling Agreement or the Assignments
to the contrary notwithstanding, the Separate Trustee shall have no power to act
in any manner inconsistent with the terms of the Pooling Agreement with respect
to, or to vary the investment in, the trust created hereby.
3. Appointment of the Trustee as Attorney-in-Fact. Wherever and to the
fullest extent permitted by law, the Separate Trustee hereby irrevocably
appoints the Trustee as its agent and Attorney-in-Fact for the purpose of
executing any and all documents which the Separate Trustee may be required, as
separate trustee under the Pooling Agreement and the Assignments, to execute;
provided, however, that nothing in this Agreement shall be deemed an admission
that the Separate Trustee is required to execute any of such documents in its
capacity as separate trustee under the Pooling Agreement and the Assignments.
4. Notices. Notices and instructions under this Agreement shall be deemed
given under this Agreement when sent by overnight courier or when mailed by
Certified Mail, Return Receipt Requested, to the parties at their addresses
provided below or at such other addresses as the parties may direct:
-2-
<PAGE>
If to the Trustee:
LaSalle National Bank
135 S. LaSalle Street, Suite 200
Chicago, Illinois, 60674-4107
Attention: Asset-Backed Securities
Trust Services Department - AFC 1997-3
------------------
If to the Separate Trustee:
------------------
------------------
------------------
(with copy to the Trustee)
If to the Company:
Superior Bank FSB
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
Attention: Mr. William C. Bracken
Senior Vice President and
Chief Financial Officer
-3-
<PAGE>
If to the Servicer:
Lee Servicing Company, a division
of Superior Bank FSB
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
Attention: Mr. William C. Bracken
Senior Vice President and
Chief Financial Officer
5. Choice of Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.
6. Counterparts. This Agreement may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same agreement.
-4-
<PAGE>
IN WITNESS WHEREOF, the Company, the Servicer, the Trustee and the Separate
Trustee hereby execute this Agreement as of the date first set forth above.
COMPANY:
SUPERIOR BANK FSB
By:________________________________
Name:
Title:
TRUSTEE:
LASALLE NATIONAL BANK, as Trustee
By:________________________________
Name:
Title:
SEPARATE TRUSTEE:
______________________, as Separate Trustee
By:________________________________
Name:
Title:
SERVICER:
LEE SERVICING COMPANY, a
division of Superior Bank FSB
By:________________________________
Name:
Title:
-5-
SUBSEQUENT TRANSFER INSTRUMENT
Pursuant to this Subsequent Transfer Instrument (the "Instrument"), dated
September 30, 1997, between Superior Bank FSB, as seller (the "Depositor"), and
LaSalle National Bank, as Trustee of the AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3, as purchaser (the "Trustee"), and pursuant to the
Pooling and Servicing Agreement, dated as of September 1, 1997, among Superior
Bank FSB, as Depositor, Lee Servicing Company, a Division of Superior Bank FSB,
as Servicer, and LaSalle National Bank, as Trustee (the "Pooling and Servicing
Agreement"), the Depositor and the Trustee agree to the sale by the Depositor
and the purchase by the Trustee, on behalf of the Trust Fund, of the Mortgage
Loans listed on the attached Schedule of Mortgage Loans (the "Subsequent
Mortgage Loans").
Capitalized terms used and not defined herein have their respective
meanings as set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
(a) The Depositor does hereby sell, transfer, assign, set over and convey
to the Trustee, on behalf of the Trust Fund, without recourse, all of its right,
title and interest in and to the Subsequent Mortgage Loans, excepting the
Depositor's Yield, and including all amounts due on the Subsequent Mortgage
Loans after the related Subsequent Cut-off Date, and all items with respect to
the Subsequent Mortgage Loans to be delivered pursuant to Section 2.04 of the
Pooling and Servicing Agreement; provided, however that the Depositor reserves
and retains all right, title and interest in and to amounts (including
Prepayments, Curtailments and Excess Payments) due on the Subsequent Mortgage
Loans on or prior to the related Subsequent Cut-off Date. The Depositor,
contemporaneously with the delivery of this Agreement, has delivered or caused
to be delivered to the Trustee or, if a Custodian has been appointed pursuant to
Section 12.12 of the Pooling and Servicing Agreement, to the Custodian each item
set forth in Section 2.04 of the Pooling and Servicing Agreement. The transfer
to the Trustee by the Depositor of the Subsequent Mortgage Loans identified on
the Schedule of Mortgage Loans shall be absolute and is intended by the
Depositor, the Servicer, the Trustee and the Certificateholders to constitute
and to be treated as a sale by the Depositor to the Trust Fund.
(b) The expenses and costs relating to the delivery of the Subsequent
Mortgage Loans, this Instrument and the Pooling and Servicing Agreement shall be
borne by the Depositor.
(c) Additional terms of the sale are set forth on Attachment A hereto.
1
<PAGE>
Section 2. Representations and Warranties; Conditions Precedent.
(a) The Depositor hereby affirms the representations and warranties set
forth in Section 3.02 of the Pooling and Servicing Agreement that relate to the
Subsequent Mortgage Loans as of the date hereof. The Depositor hereby confirms
that each of the conditions set forth in Section 2.10(b), and as applicable,
Section 2.10(c) or Section 2.10(d), of the Pooling and Servicing Agreement are
satisfied as of the date hereof.
(b) All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified and confirmed; provided, however, that in the event of any
conflict the provisions of this Instrument shall control over the conflicting
provisions of the Pooling and Servicing Agreement.
Section 3. Recordation of Instrument.
To the extent permitted by applicable law, this Instrument, or a memorandum
thereof if permitted under applicable law, is subject to recordation in all
appropriate public offices for real property records in all of the counties or
other comparable jurisdictions in which any or all of the properties subject to
the Mortgages are situated, and in any other appropriate public recording office
or elsewhere, such recordation to be effected by the Servicer at the
Certificateholders' expense on direction of the Certificate Insurer or the
related Majority Certificateholders, but only when accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders or is necessary for the administration
or servicing of the Mortgage Loans.
Section 4. Governing Law.
This Instrument shall be construed in accordance with the laws of the State
of New York and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws, without giving effect to
principles of conflicts of law.
Section 5. Counterparts.
This Instrument may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.
2
<PAGE>
Section 6. Successors and Assigns.
This Instrument shall inure to the benefit of and be binding upon the
Depositor and the Trustee and their respective successors and assigns.
SUPERIOR BANK FSB
By:/s/ WILLIAM C. BRACKEN
-----------------------------------
Name: William C. Bracken
Title: Senior Vice President and
Chief Financial Officer
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES,
SERIES 1997-3
By: LASALLE NATIONAL BANK,
as Trustee
By: /s/ SHASHANK MISHRA
-----------------------------------
Name: Shashank Mishra
Title: Trust Officer
Attachments
A. Additional terms of the sale.
B. Schedule of Subsequent Mortgage Loans.
C. Opinions of Depositor's counsel (bankruptcy, corporate).
D. Depositor's Officer's certificate.
E. Opinion of Trustee's Counsel.
3
<PAGE>
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT
FOR SUB-POOL 1
Series 1997-3
September 30, 1997
A.
1. Subsequent Cut-off Date: September 29, 1997
2. Pricing Date:
3. Subsequent Transfer Date: September 30, 1997
4. Aggregate Principal Balance of the Subsequent
Mortgage Loans as of the Subsequent Cut-off Date: $16,722,285.65
5. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Shortest original term to maturity: 120 months
2. Longest original term to maturity: 360 months
3. Lowest Mortgage Rate: 8.90%
4. Greatest Combined Loan-to-Value Ratio: 90.00%
5. Largest Principal Balance $396,500.00
[As to the final transfer of Subsequent Mortgage Loans:]
6. Weighted Average Term since Origination: _____ months
7. January 1998 first payment date: _____%
8. WAC of all Mortgage Loans: _____%
9. WAM of all Mortgage Loans: _____ months
10. Maximum weighted average CLTV: _____%
11. Balloon Loans: _____%
12. Largest Principal Balance: $_____
13. Non-owner occupied Mortgaged Properties: _____%
14. Maximum zip code concentration: _____%
15. Condominiums: _____%
16. Single-family: _____%
17. Multifamily and Mixed Use Properties: _____%
18. Manufactured Housing: _____%
19. Periodic Payment Loans: _____%
4
<PAGE>
AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT
SUB-POOL 2
Series 1997-3
September 30, 1997
A.
1. Subsequent Cut-off Date: September 29, 1997
2. Pricing Date:
3. Subsequent Transfer Date: September 30, 1997
4. Aggregate Principal Balance of the Subsequent
Mortgage Loans as of the Subsequent Cut-off Date: $23,051,842.54
5. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Shortest original term to maturity: 180 months
2. Longest original term to maturity: 360 months
3. Lowest Mortgage Rate: 3.50%
4. Greatest Combined Loan-to-Value Ratio: 90.00%
5. Largest Principal Balance $359,417.13
[As to the final transfer of Subsequent Mortgage Loans:]
6. Weighted Average Term since Origination: ____ months
7. January 1998 first payment date: _____%
8. WAC of all Mortgage Loans: _____%
9. Weighted Average Gross Margin: _____%
10. WAM of all Mortgage Loans: _____ months
11. Maximum Weighted average CLTV: _____%
12. Largest Principal Balance: $_____
13. Non-owner occupied Mortgaged Properties: _____%
14. Maximum zip code concentration: _____%
15. Condominiums: _____%
16. Single-family: _____%
17. Multifamily and Mixed Use Properties: _____%
18. Manufactured Housing: _____%
5
<PAGE>
SCHEDULE OF MORTGAGE LOANS
6
<PAGE>
<TABLE>
Page 1 9/30/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - 1st Subsequent Transfer of Fixed Rate Mortgages - Settlement 9/30/97
<CAPTION>
LSAMS Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
37 SB84 661533232 TILLCHOCK SCOTT 37 SHENANDOAH BOULEVARD PORT JEFFERSON STATI NY 11776
37 39 800259541 MORRIS MICHAEL KEVIN 10940 WILD DOVE LANE CHARLOTTE NC 28277
37 39 800278590 LEWIS HARRY A 19800 WOODINGHAM DRIVE DETROIT MI 48221
37 39 800298713 TAPPAN ROY G 142 MAPLE ROAD MICHIGAN CENTER MI 49254
37 39 800299083 WADDELL CHARLES E 18710 BABLER MEADOWS LANE GLENCOE MO 63038
37 39 800302267 ELLIS ZENOBIA 1211 ROSEWOOD STREET DURHAM NC 27701
37 39 800307092 GLYNN R. ALLEN 221 EDGAR BERGEN BLVD DECATUR MI 49045
37 39 800313769 MORRIS JAMES L 1121 INDIAN SUMMER COURT FORT COLLINS CO 80525
37 39 800317323 RUSSELL DAN 5829 WOODCREST DRIVE RALEIGH NC 27603
37 39 800324865 EATON DIANA L 504 COLDSTREAM CT SAINT PETERS MO 63376
37 39 800325359 SMALL RACHEL 1037 NORTHWEST 13TH STREET FORT LAUDERDALE FL 33311
37 39 800325680 KAIGHIN MYRTLE N 457 CHAMBERLIN DRIVE BALLWIN MO 63021
37 39 800328296 PYLANT FRANK 546 TANNER RD DACULA GA 30019
37 39 800330854 WIES MICHAEL R 1895 ST PETERS COTTLEVILLE SAINT PETERS MO 63376
37 39 800335853 FRASCA THOMAS A. 7072 BRIARWOOD DRIVE CEDAR HILL MO 63016
37 39 800336612 WALLACE LORA ANN 301 SARAH DRIVE WARNER ROBINS GA 31093
37 39 800337016 SINCLAIR LACY L 9582 HIGHLAND AVENUE JACKSONVILLE FL 32208
37 39 800338006 BRYAN LEO HARPER 883 NORTH DUNKENFIELD ROAD CRYSTAL RIVER FL 34205
37 39 800342396 CREVAR MARGARET A. 4037 RIDGEBROOK BLUFFS DRI RALEIGH NC 27603
--------------------------------------
19 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
LSAMS Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
661533232 38,000.00 37,853.60 10/02/97 09/02/12 179.11 11/02/97 82.3 10.650 423.59
800259541 54,000.00 54,000.00 10/04/97 09/04/12 179.18 10/04/97 84.9 11.800 641.16
800278590 26,100.00 26,100.00 10/12/97 09/12/12 179.44 10/12/97 90.0 11.050 297.47
800298713 67,500.00 67,500.00 10/01/97 09/01/07 119.08 10/01/97 77.5 9.650 878.99
800299083 52,061.00 52,061.00 10/06/97 09/06/07 119.24 10/06/97 67.1 9.900 685.11
800302267 17,945.00 17,945.00 10/02/97 09/02/12 179.11 10/02/97 84.9 11.500 209.63
800307092 48,600.00 48,600.00 10/09/97 09/09/12 179.34 10/09/97 90.0 10.900 549.34
800313769 95,200.00 95,200.00 11/01/97 10/01/27 360.07 11/01/97 80.0 9.900 828.42
800317323 20,800.00 20,800.00 10/10/97 09/10/07 119.38 10/10/97 83.2 11.700 294.82
800324865 16,155.00 16,155.00 10/02/97 09/02/17 239.11 10/02/97 86.2 11.400 171.17
800325359 18,000.00 18,000.00 10/10/97 09/10/12 179.38 10/10/97 83.2 9.750 190.69
800325680 56,010.00 56,010.00 10/01/97 09/01/12 179.08 10/01/97 71.8 9.650 589.95
800328296 21,297.00 21,297.00 10/09/97 09/09/12 179.34 10/09/97 89.7 11.400 247.44
800330854 29,640.00 29,640.00 10/10/97 09/10/17 239.38 10/10/97 31.2 9.500 276.28
800335853 99,000.00 99,000.00 10/03/97 09/03/17 239.15 10/03/97 90.0 10.900 1,015.14
800336612 52,000.00 52,000.00 11/01/97 10/01/27 360.07 11/01/97 80.0 9.500 437.24
800337016 55,222.00 55,222.00 10/08/97 09/08/17 239.31 10/08/97 81.2 10.650 556.90
800338006 15,779.00 15,779.00 10/09/97 09/09/12 179.34 10/09/97 52.5 10.250 171.98
800342396 26,900.00 26,900.00 10/04/97 09/04/07 119.18 10/04/97 84.9 9.750 351.77
-------------------------------------------------- ------ --------------------------------
19 810,209.00 810,062.60 214.51 79.5 10.403 8,817.09
</TABLE>
<PAGE>
<TABLE>
Page 2 9/30/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - 1st Subsequent Transfer of Fixed Rate Mortgages - Settlement 9/30/97
<CAPTION>
LSAMS Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
38 SBCL24 661440560 TOLA DURO 411-413 FRANKLIN AVENUE HARTFORD CT 06114
38 SBCL24 661471599 HOLOWCZAK MICHAEL 778 CENTRE STREET TRENTON NJ 08611
38 SBCL24 661503425 KORDISH ANN D 7712 LAWN AVENUE CLEVELAND OH 44102
38 SBCL24 661503433 WALKER JAMES A 1311 EAST LAKE STREET MINNEAPOLIS MN 55407
38 SBCL24 661521328 SUMNER GARDE NS LLC 33-39 SUMNER STREET HARTFORD CT 06101
38 SBCL24 661542449 BARAKZAI MIRWAIS 15-24 124TH STREET COLLEGE POINT NY 11356
--------------------------------------
6 Sale Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
LSAMS Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
661440560 104,000.00 103,804.99 06/01/97 05/01/22 295.04 10/01/97 65.0 12.800 1,157.31
661471599 117,000.00 117,000.00 10/01/97 09/01/27 359.08 10/01/97 65.0 13.950 1,381.67
661503425 71,500.00 71,344.22 08/01/97 07/01/12 177.04 09/01/97 65.0 11.100 817.16
661503433 75,000.00 74,756.96 08/01/97 07/01/12 177.04 10/01/97 48.3 14.250 1,011.43
661521328 385,000.00 385,000.00 10/01/97 09/01/12 179.08 10/01/97 70.0 11.100 4,400.10
661542449 217,000.00 217,000.00 10/01/97 09/01/16 227.08 10/01/97 70.0 10.950 2,265.72
-------------------------------------------------- ------ --------------------------------
6 969,500.00 968,906.17 223.68 66.8 11.836 11,033.39
</TABLE>
<PAGE>
<TABLE>
Page 3 9/30/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - 1st Subsequent Transfer of Fixed Rate Mortgages - Settlement 9/30/97
<CAPTION>
LSAMS Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
39 37 660838426 TOUSANT CHARLES C 353 SOUTH MECHANIC STREET CARTHAGE NY 13619
39 SB84 661440636 RUST RICHARD H 935 SOUTH 4TH WEST ST ANTHONY ID 83445
39 SB84 661483453 WINTERS ROBERT D 22125 MILLER RIDGE ROAD LOS GATOS CA 95030
39 SB84 661489310 DUKE VIRGINIA C 6041 WEST EDDINGTON COURT SALT LAKE CITY UT 84118
39 SB84 661491480 WILLIAMS DANIEL D 3029 149 STREET SOUTHEAST MILL CREEK WA 98012
39 SB84 661498774 HARTMAN GERALD E 7264 SOUTH UPHAM COURT LITTLETON CO 80123
39 39 661502146 METCALF JERRY K 6118 S EBERHART CHICAGO IL 60637
39 SB84 661506758 HEIL JOHN JR 1001 ANN STREET CAMBY IN 46113
39 SB84 661508010 COX R LEE 409 LELAND AVENUE SAN JOSE CA 95128
39 SB84 661513697 RYAN TROY LEE 540 SOUTH 400 EAST PAYSON UT 84651
39 SB84 661519439 HECKMAN MARK L 11205 MORRIS PLACE NE ALBUQUERQUE NM 87112
39 SB84 661520833 MARSHALL DOROTHY A ROUTE 52 PO BOX 232 WALKER VALLEY NY 12588
39 SB84 661522508 HARRIS BOBBY 23050 STATE ROAD 37 NORTH NOBLESVILLE IN 46060
39 SB84 661523324 JERKOVIC TIJANA 6722 S TERRACE ROAD TEMPE AZ 85283
39 SB84 661524025 TISDALE MARY ELLEN 911 WEST 47TH STREET MINNEAPOLIS MN 55409
39 SB84 661525444 BASTON DANIEL 3433 EAST 118TH STREET CLEVELAND OH 44105
39 SB84 661526400 PERRY GEORGE R 1119 EAST HORTTER STREET PHILADELPHIA PA 19150
39 SB84 661527028 GIRARDO JAMES N 3191 EAST BELL CANYON ROAD SANDY UT 84092
39 SB84 661528687 ESPARZA DAVE 728 EAST BROOKS STREET CHANDLER AZ 85225
39 SB84 661530378 MCGOWAN ANGEL B 19601 SUNSET WARRENVILLE HEIGHTS OH 44128
39 SB84 661532655 BLOCK JAMES R II 943 BIRCHWOOD DRIVE WEST BEND WI 53095
39 SB84 661532895 STARK TIMOTHY M 3400 W LAKE SAMMAMISH PKWY BELLEVUE WA 98008
39 SB84 661533414 BOWLING MICHAEL S 2383 EARDLEY ROAD UNIVERSITY HEIGHTS OH 44118
39 SB84 661533851 TERRELL JEFFRY D 1755 BIRCH STREET BROOMFIELD CO 80021
39 SB84 661534156 GRAFFEO JOSEPH 4110 WEST 143RD STREET CRESTWOOD IL 60445
39 SB84 661537209 MCGEE ROSIE LEE 1748 E 83RD PLACE CHICAGO IL 60617
39 SB84 661537571 BROWN CATALINA T 5129 SOUTH LAFLIN STREET CHICAGO IL 60609
39 SB84 661540534 STAUB GREGORY A 427 SIX MILE ROAD VALPARAISO IN 46383
39 SB84 661540864 HARRIS LORAINE 187 WEST 157TH PLACE HARVEY IL 60426
39 SB84 661541078 COTTON EDWARD L 4539 W 207TH STREET MATTESON IL 60443
39 SB84 661541995 WIERSEMA WILLIAM 305 WILLOW DRIVE ROUND LAKE PARK IL 60073
39 SB84 661543041 OLSON MARIE A 2102-2104 FRISCH ROAD MADISON WI 53711
39 SB84 661543363 TENUT LESLIE 1765 WILDWOOD HANOVER PARK IL 60103
39 SB84 661544411 CAMPBELL RICHARD E JR 1922 OHIO AVENUE ANDERSON IN 46016
39 SB84 661544502 WATTS ERVIN A 5627 S MARYLAND CHICAGO IL 60637
39 SB84 661544767 HUNTOON GLORIA W 405 THORNAPPLE LANE LIBERTYVILLE IL 60048
39 SB84 661545467 PIPER GLEN W 10140 5TH AVENUE CUTOFF LA GRANGE IL 60525
39 SB84 661545475 KURZAK ANDY 2140 NORTH 75TH AVENUE ELMWOOD PARK IL 60707
39 SB84 661545814 KWEMBE TOR A 4100 POPLAR AVENUE RICHTON PARK IL 60471
39 SB84 661546853 GALLEGOS MARIA 4320-4322 E WASHINGTON STR INDIANAPOLIS IN 46202
39 SB84 661547521 WILLIAMS VERLIN J II 149 WEST EAGLE STREET PAINESVILLE OH 44077
39 SB84 661547547 BIVENS EDGAR 1751 E 83RD STREET CHICAGO IL 60617
39 SB84 661547851 DADLANI ANDY J 4206 BAYSIDE DRIVE HANOVER PARK IL 60103
39 SB84 661548032 SMOLARCZYK JOHN 5247 SOUTH MENARD AVENUE CHICAGO IL 60638
39 SB84 661548495 BROWN CATALINA T 5303 SOUTH LAFLIN STREET CHICAGO IL 60609
39 SB84 661548537 SEHL GERALD L 949 E REMUIS ROAD MT. PLEASANT MI 48858
39 SB84 661549386 WILSON DANIEL 9951 BALFOUR DETROIT MI 48224
39 SB84 661552471 HOLT CHARLENE 4616 NORTH BROADWAY STREET INDIANAPOLIS IN 46205
39 SB84 661552737 CHICHESTER LEWIS G 2616 NORTH STEVENS STREET TACOMA WA 98407
39 39 680064268 MASSARO SALVATORE 1459 3RD ST WEST BABYLON NY 11704
39 39 680099017 STIRES ROBERT A 19380 OAKDALE AVE BROOKSVILLE FL 34601
39 39 680131083 WASHENBERGER JEFFERY A 1987 MULBERRY STREET SALEM VA 24153
39 39 680139540 GALL FRANK 5275 LANDOVER BOULEVARD SPRING HILL FL 34609
39 39 680139615 SMITH DERRICK 157 EAST 53RD STREET BROOKLYN NY 11203
39 39 800148603 HUTCHISON JANE 1 RAVENWOOD DR WESTON CT 06883
39 39 800198822 SUAREZ MARCOS 32 FAIRMONT STREET LAWRENCE MA 01841
39 39 800215147 DRAKE RAYMOND A 109 MOUNTAIN VIEW ROAD HILLSBOROUGH NJ 08502
39 39 800219925 VAUGHAN CHRISTOPHE W 14 ARKANSAS TRAIL MEDFORD NJ 08055
39 39 800225096 HAMMON DOUGLAS J 514 SOUTHWEST LAKEVIEW DRI SEBRING FL 33870
39 39 800236283 O'NEAL HARVEY C 845 9TH STREET EAGLE LAKE FL 33839
39 39 800236564 JOSEPH KETTLY M 2 ANTHONY CT SPRING VALLEY NY 10977
39 39 800236721 MESSINA SALVATORE 403 EDGEGROVE AVE STATEN ISLAND NY 10312
39 39 800243495 SAULSBURY ROBERT H.S. 128 ESTY STREET ITHACA NY 14850
39 39 800245334 GOURDINE CHARLES A 2137 SANDPIPER DRIVE CLEARWATER FL 34624
39 39 800246043 KURILOFF FLOYD M 784 BISHOPS GATE LANE VIRGINIA BEACH VA 23452
39 39 800246589 ROMANO FRANK J 206 HAWTHORNE AVENUE DERBY CT 06418
39 39 800252058 ANNUTTO LISA J 424 OTSEGO ST ILION NY 13357
39 39 800252678 TRIPP BRADFORD 188 LEFFERTS PLACE BROOKLYN NY 11213
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
LSAMS Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
660838426 19,500.00 19,491.20 09/01/95 08/01/10 154.03 09/01/97 65.0 12.990 215.56
661440636 35,048.00 35,039.53 03/01/97 02/01/12 172.11 09/01/97 89.6 12.750 380.86
661483453 64,000.00 64,000.00 08/21/97 07/21/12 177.70 10/21/97 85.0 13.200 717.99
661489310 42,000.00 42,000.00 06/01/97 05/01/12 175.04 10/01/97 82.7 12.600 451.51
661491480 22,658.00 22,658.00 08/01/97 07/01/12 177.04 09/01/97 79.6 15.600 326.48
661498774 22,000.00 21,927.63 08/22/97 07/22/12 177.73 10/22/97 79.2 11.750 260.51
661502146 82,800.00 82,722.97 08/01/97 07/01/17 237.04 10/01/97 90.0 11.300 871.62
661506758 39,800.00 39,800.00 09/18/97 08/18/12 178.62 10/18/97 79.9 13.350 451.18
661508010 23,000.00 22,937.07 10/01/97 09/01/12 179.08 11/01/97 90.0 12.500 283.48
661513697 33,259.00 33,259.00 08/01/97 07/01/12 177.04 10/01/97 90.0 13.250 426.29
661519439 35,400.00 35,400.00 10/01/97 09/01/12 179.08 10/01/97 84.9 12.150 428.28
661520833 21,000.00 21,000.00 10/05/97 09/05/12 179.21 10/05/97 88.5 12.100 253.39
661522508 44,100.00 44,083.69 09/01/97 08/01/12 178.06 10/01/97 84.8 12.400 540.68
661523324 39,000.00 39,000.00 10/01/97 09/01/12 179.08 10/01/97 83.9 11.500 455.59
661524025 45,700.00 45,700.00 09/22/97 08/22/12 178.75 09/22/97 89.2 11.800 463.05
661525444 60,000.00 59,984.02 09/18/97 08/18/27 358.62 10/18/97 83.3 10.150 533.21
661526400 25,900.00 25,578.43 09/21/97 08/21/17 238.72 11/21/97 38.6 11.850 282.48
661527028 50,000.00 50,000.00 09/01/97 08/01/12 178.06 10/01/97 89.0 12.600 537.51
661528687 28,040.00 28,021.68 09/05/97 08/05/12 178.19 10/05/97 90.0 12.600 347.43
661530378 67,500.00 67,447.43 09/14/97 08/14/27 358.49 10/14/97 85.0 11.550 671.02
661532655 41,700.00 41,595.86 09/25/97 08/25/12 178.85 10/25/97 54.1 11.550 488.46
661532895 125,950.00 125,950.00 09/01/97 08/01/17 238.06 10/01/97 84.9 13.600 1,529.76
661533414 104,000.00 104,000.00 09/11/97 08/11/27 358.39 09/11/97 74.2 9.900 905.00
661533851 33,586.00 33,586.00 11/01/97 10/01/17 240.07 11/01/97 84.9 11.100 348.96
661534156 64,300.00 64,300.00 09/26/97 08/26/12 178.88 09/26/97 76.6 11.600 641.67
661537209 59,500.00 59,258.81 09/27/97 08/27/17 238.92 10/27/97 85.0 11.550 636.58
661537571 53,500.00 53,500.00 09/19/97 08/19/27 358.65 10/19/97 69.9 9.900 465.55
661540534 43,000.00 42,953.30 09/28/97 08/28/27 358.95 10/28/97 61.4 10.900 406.25
661540864 42,500.00 42,454.07 10/01/97 09/01/27 359.08 11/01/97 85.0 12.000 437.16
661541078 38,400.00 38,350.55 09/27/97 08/27/17 238.92 10/27/97 89.9 10.950 395.05
661541995 75,600.00 75,406.90 09/28/97 08/28/17 238.95 10/28/97 70.0 9.500 704.69
661543041 33,500.00 33,389.67 09/20/97 08/20/27 358.68 10/20/97 89.9 11.650 335.59
661543363 28,000.00 28,000.00 09/27/97 08/27/12 178.92 09/27/97 79.9 13.850 328.44
661544411 33,150.00 33,135.97 09/28/97 08/28/27 358.95 10/28/97 85.0 12.000 340.99
661544502 103,200.00 103,200.00 10/01/97 09/01/12 179.08 10/01/97 57.3 9.370 1,069.56
661544767 27,000.00 27,000.00 10/01/97 09/01/12 179.08 10/01/97 82.6 10.400 296.79
661545467 123,400.00 123,400.00 10/01/97 09/01/27 359.08 10/01/97 60.1 9.700 1,055.67
661545475 78,000.00 77,755.27 10/01/97 09/01/17 239.08 11/01/97 89.9 12.400 880.70
661545814 21,300.00 21,217.00 09/25/97 08/25/12 178.85 10/25/97 84.9 10.000 228.89
661546853 19,900.00 19,900.00 09/22/97 08/22/27 358.75 09/22/97 78.0 11.750 200.87
661547521 67,500.00 67,500.00 09/19/97 08/19/27 358.65 09/19/97 84.9 11.500 668.45
661547547 56,200.00 56,200.00 09/25/97 08/25/17 238.85 09/25/97 74.9 11.850 612.94
661547851 29,000.00 29,000.00 10/01/97 09/01/17 239.08 10/01/97 84.2 12.350 326.42
661548032 75,000.00 75,000.00 09/25/97 08/25/17 238.85 09/25/97 62.5 10.250 736.23
661548495 52,400.00 52,400.00 09/19/97 08/19/27 358.65 10/19/97 69.8 9.900 455.98
661548537 32,800.00 32,800.00 10/01/97 09/01/12 179.08 10/01/97 80.0 14.500 401.65
661549386 44,100.00 44,100.00 10/01/97 09/01/27 359.08 10/01/97 70.0 10.850 414.98
661552471 28,000.00 28,000.00 09/28/97 08/28/27 358.95 09/28/97 70.0 10.150 248.83
661552737 37,250.00 37,150.55 10/01/97 09/01/12 179.08 11/01/97 84.7 11.600 371.73
680064268 35,000.00 34,975.63 02/02/97 01/02/12 171.12 09/02/97 73.0 11.100 335.96
680099017 25,000.00 24,858.54 03/01/97 02/01/12 172.11 09/01/97 58.1 10.750 280.24
680131083 24,990.00 24,990.00 04/28/97 03/28/12 173.92 09/28/97 79.9 13.350 283.29
680139540 10,700.00 10,639.90 04/26/97 03/26/12 173.85 09/26/97 90.0 11.500 125.00
680139615 213,350.00 211,814.80 02/13/97 01/13/17 231.48 10/13/97 90.0 11.500 2,275.23
800148603 21,300.00 21,188.68 07/01/97 06/01/12 176.05 11/01/97 74.2 13.500 243.98
800198822 52,400.00 52,382.49 08/01/97 07/01/12 177.04 10/01/97 80.0 11.300 510.93
800215147 158,950.00 158,950.00 09/01/97 08/01/12 178.06 10/01/97 85.0 12.800 1,733.49
800219925 26,000.00 25,766.52 08/07/97 07/07/12 177.24 10/07/97 79.8 12.750 324.70
800225096 22,500.00 22,500.00 10/01/97 09/01/07 119.08 10/01/97 84.5 12.750 332.64
800236283 42,075.00 41,815.36 08/14/97 07/14/12 177.47 10/14/97 85.0 10.050 453.43
800236564 16,840.00 16,840.00 08/21/97 07/21/12 177.70 09/21/97 80.1 14.000 224.27
800236721 71,000.00 71,000.00 10/08/97 09/08/12 179.31 10/08/97 45.9 9.900 758.63
800243495 57,400.00 57,400.00 09/25/97 08/25/12 178.85 09/25/97 70.0 10.050 505.85
800245334 15,000.00 14,327.42 08/02/97 07/02/12 177.07 01/02/98 31.9 11.490 175.13
800246043 150,000.00 150,000.00 08/01/97 07/01/12 177.04 09/01/97 71.3 13.250 1,688.67
800246589 40,000.00 40,000.00 09/27/97 08/27/12 178.92 09/27/97 76.3 11.900 408.37
800252058 26,000.00 25,961.86 09/18/97 08/18/17 238.62 10/18/97 65.0 10.850 265.72
800252678 142,500.00 142,500.00 09/01/97 08/01/12 178.06 10/01/97 75.0 11.400 1,400.30
</TABLE>
<PAGE>
<TABLE>
Page 4 9/30/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - 1st Subsequent Transfer of Fixed Rate Mortgages - Settlement 9/30/97
<CAPTION>
LSAMS Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
39 39 800253676 DUELL WILLIAM J 16 BEACON ROAD GLENMONT NY 12077
39 39 800254617 MAY KEVIN E 212 BIG CONE DRIVE NORTH AUGUSTA SC 29841
39 39 800256877 SCHILLACI JOHN P 2089 DUBLIN ROAD PENFIELD NY 14526
39 39 800257453 MILLER JEFFREY G 2833 GULF WINDS COURT OVIEDO FL 32765
39 39 800257503 KIM MAL SOON 36-28 219TH STREET BAYSIDE NY 11361
39 39 800257594 KIM EUN YOUNG 64-39 228TH STREET BAYSIDE NY 11364
39 37 800258147 DAVEY DANIEL M 41 MANROSS ROAD BRISTOL CT 06010
39 39 800260051 PASQUA PATRICK 109 PLUMSTEAD DRIVE FREEHOLD NJ 07728
39 39 800261547 GUSTAFSON CLEVA M. 7321 TURKEY CREEK ROAD PLANT CITY FL 33567
39 39 800263337 YALANIS ANASTASIOS 101 GREENVIEW DRIVE WATERBURY CT 06708
39 39 800263618 ANDERSON CLIVE 8904 AVENUE L BROOKLYN NY 11236
39 39 800263899 LUTZ RONALD F 867 SULLIVAN TRAIL POCONO PINES PA 18350
39 39 800264368 BATY MICHAEL 2205 BURTON ROAD PLANT CITY FL 33565
39 39 800265035 ORLANDO LYNN CYNTHIA 275 MAIN STREET CROMWELL CT 06416
39 39 800266587 JIMENEZ DULCE 527 WEST 173RD STREET NEW YORK NY 10032
39 39 800266827 WILLIAMS M MIA 1113 DERRY STREET HARRISBURG PA 17104
39 39 800267221 SHANNON KATHERINE 40 CROSBY STREET NEW ROCHELLE NY 10801
39 39 800267809 MCFADDEN JOAN 8 CEDARWOOD SALTERS SC 29590
39 39 800269854 HANNIGAN CHARLES A FLEMING POND RD PARADOX LAKE NY 12858
39 39 800270092 LEBRON SIFREDO 638 40TH ST BROOKLYN NY 11232
39 39 800270266 MARTIN LOUIS E RT 1 BOX 290 B ANDREWS SC 29510
39 39 800274524 HINES REGINALD L 12600 PHYLLIS LANE HUDSON FL 34669
39 39 800275430 WHITE ALMON E. 11 WEST STREET HOLBROOK MA 02343
39 39 800275760 GRIMSHAW RICHARD G 159 WOOD RUN ROCHESTER NY 14612
39 39 800276073 NAGY LINDA M 54-56 HILLSIDE AVENUE EDWARDSVILLE PA 18704
39 39 800279143 ROWELL PETER A 12990 BRIGHTON DAM ROAD CLARKSVILLE MD 21029
39 39 800279721 CAMPOS EVER 42 UNION STREET FREEPORT NY 11520
39 39 800279820 MENEGATOS NIKOLAUS 621 EDGEWATER AVE RIDGEFIELD NJ 07657
39 39 800280075 URQUHART KAY 8612 NORTH ROME AVENUE TAMPA FL 33612
39 39 800280166 GARCIA JOSE M 1520 CATHERINE STREET HARRISBURG PA 17104
39 39 800281669 FAZZI SANDRA M 7415 SAN MIGUEL DRIVE PORT RICHEY FL 34668
39 39 800282469 ROWAND RICHARD R 696 CADES COVE CT AUSTELL GA 30001
39 39 800286171 MERRITT RHONDA L 12225 COUNTRY LAND DRIVE LAKELAND FL 33809
39 39 800286320 CASELLA STEPHANIE 628 RENZ STREET PHILADELPHIA PA 19128
39 39 800286791 ROBINSON JUANITA 2521 36TH STREET SOUTH ST PETERSBURG FL 33712
39 39 800286809 PUNO EDUARDO A 1950 79TH ST BROOKLYN NY 11214
39 39 800287229 ROSSELLI THOMAS 14 CAROLYN ROAD PORT JEFFERSON STA. NY 11776
39 39 800287575 WRIGHT CHARLES E 8904 SOUTH HELEN CIRCLE MAGNA UT 84044
39 39 800287898 CHILLEEN EDOUARD R 5039 EAST CLOUD ROAD CAVE CREEK AZ 85331
39 39 800288375 TAYLOR, ALBERT THOMAS 4554 US 117 ALT SOUTH DUDLEY NC 28333
39 39 800289068 BLACK WILLIAM REX 6638 WEST BLOOMFIELD ROAD GLENDALE AZ 85304
39 39 800289522 STOYAK JESSIE D 731 ROBERT FROST DR BRANFORD CT 06405
39 39 800290579 NEAL CHRISTOPHE 3160 COLLEE COURT NAPLES FL 34112
39 39 800292492 GATELY WILLIAM J. 47 OLD HARBOR STREET SOUTH BOSTON MA 02127
39 39 800293151 STEINBERG CHARLES E 147 TOWNSEND TERRACE NEW HAVEN CT 06512
39 39 800293532 STANTON MICHAEL J 5580 NORTH WALNUT STREET MACUNGIE PA 18062
39 39 800293771 COGSWELL JAMES K 1750 DONCASTER DRIVE ATLANTA GA 30309
39 39 800296048 BRAMHALL MICHAEL J 27 2ND AVE ROSELAND NJ 07068
39 39 800296212 BROWN WILLIAM L 6511 KINGSESSING AVENUE PHILADELPHIA PA 19142
39 39 800296337 BROCKMAN CARL K 4124 ROLLING HILLS EAST LAKE WALES FL 33853
39 39 800296386 EDMONDS BETTY JANE 31 WOODCREST DRIVE NAUGATUCK CT 06770
39 39 800296816 WATROUS KENNETH W 4575 SOUTH EVERGREEN AVENU HOMOSASSA FL 34446
39 39 800296972 HAN THOMAS H 58-27 264TH STREET LITTLE NECK NY 11362
39 39 800297129 DE MELLO ELISA 74-76 PRINCE STREET PAWTUCKET RI 02860
39 39 800297152 BROTHERTON WILLIAM H 4550 JOLYN PLACE NE ATLANTA GA 30342
39 39 800297624 WILLIAMSON ARTHUR G 1305 BAURKOT DRIVE EASTON PA 18040
39 39 800297871 PRUSH LINDA S 475 BOX ROUTE 1 MAMAKATING NY 12721
39 39 800298416 MONACO ROBERT P 180 NEVINS STREET BROOKLYN NY 11201
39 39 800298440 CASTRO ROMEO N 5140 ROSE WAY UNION CITY CA 94587
39 39 800298648 WORSLEY RANDY K 6554 SOUTH JEFFERSON STREE MURRAY UT 84107
39 39 800298689 WOODSON FREDERICK D 1279 ETHELTON WAY APPLE VALLEY MN 55124
39 39 800298952 GAMBLE MONTY L 3325 FOXGLOVE STREET LEBANON OR 97355
39 39 800299273 DAVIS DENEAL MAY 990 EAST 200 NORTH OREM UT 84097
39 39 800299869 PATOUHAS VASILIOS A 1663 MARKET STREET GLOUCESTER CITY NJ 08030
39 39 800300113 ALLSBERRY RAY ANTHONY 385 ALSBERRY STREET STRASBURG VA 22657
39 39 800300170 FRY HARRY 298 LEVIS DRIVE MT. HOLLY NJ 08060
39 39 800300337 PEKALA SUSANN M 4518 LOUISE ST CLAIR DRIVE DOYLESTOWN PA 18901
39 39 800301038 BENSKIN REYNOLD 748 MADISON STREET BROOKLYN NY 11221
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
LSAMS Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800253676 56,000.00 55,780.86 07/18/97 06/18/17 236.61 10/18/97 69.2 10.375 554.40
800254617 99,200.00 99,200.00 08/01/97 07/01/27 357.04 10/01/97 80.0 11.800 1,005.14
800256877 14,737.00 14,737.00 08/08/97 07/08/12 177.27 09/08/97 90.0 12.250 179.25
800257453 30,900.00 30,900.00 09/25/97 08/25/12 178.85 09/25/97 89.9 10.990 351.01
800257503 113,500.00 113,500.00 10/02/97 09/02/12 179.11 10/02/97 84.3 13.150 1,447.27
800257594 27,250.00 27,250.00 09/25/97 08/25/12 178.85 09/25/97 84.9 13.200 348.37
800258147 10,383.00 10,383.00 08/01/97 07/01/17 237.04 09/01/97 89.9 13.990 129.04
800260051 19,600.00 19,499.24 09/22/97 08/22/12 178.75 10/22/97 89.9 12.600 242.85
800261547 54,000.00 54,000.00 10/09/97 09/09/17 239.34 10/09/97 90.0 12.300 605.92
800263337 20,200.00 20,161.99 08/08/97 07/08/12 177.27 10/08/97 81.6 12.650 250.95
800263618 133,000.00 133,000.00 09/20/97 08/20/27 358.68 09/20/97 81.5 11.750 1,342.51
800263899 44,800.00 44,800.00 09/26/97 08/26/12 178.88 09/26/97 74.6 14.600 614.79
800264368 25,200.00 25,096.51 09/09/97 08/09/12 178.32 10/09/97 70.0 12.450 309.78
800265035 25,000.00 24,801.82 09/04/97 08/04/12 178.16 11/04/97 56.8 11.650 250.44
800266587 105,000.00 104,969.89 08/01/97 07/01/27 357.04 10/01/97 70.0 11.990 1,079.24
800266827 45,750.00 45,750.00 09/01/97 08/01/17 238.06 10/01/97 80.9 12.250 511.74
800267221 31,000.00 31,000.00 09/07/97 08/07/12 178.26 10/07/97 90.0 12.950 341.71
800267809 59,400.00 59,311.07 08/10/97 07/10/17 237.34 10/10/97 90.0 12.750 685.36
800269854 34,500.00 34,417.08 09/26/97 08/26/12 178.88 10/26/97 75.0 10.600 383.50
800270092 204,000.00 203,762.50 08/22/97 07/22/17 237.73 10/22/97 80.0 11.500 2,175.52
800270266 60,000.00 59,945.21 08/10/97 07/10/17 237.34 09/10/97 89.9 12.750 692.29
800274524 38,250.00 38,200.73 08/28/97 07/28/12 177.93 09/28/97 85.0 12.850 480.19
800275430 25,000.00 24,925.27 09/28/97 08/28/12 178.95 10/28/97 75.0 13.600 326.24
800275760 25,000.00 25,000.00 09/15/97 08/15/12 178.52 10/15/97 84.7 12.750 312.21
800276073 21,000.00 21,000.00 10/08/97 09/08/12 179.31 10/08/97 54.6 10.900 237.37
800279143 396,500.00 396,500.00 08/15/97 07/15/27 357.50 09/15/97 68.3 11.500 3,926.50
800279721 97,500.00 97,500.00 08/24/97 07/24/12 177.80 09/24/97 75.0 12.500 1,040.58
800279820 90,190.00 90,120.84 09/12/97 08/12/17 238.42 10/12/97 84.6 12.100 999.37
800280075 36,400.00 35,978.65 08/28/97 07/28/12 177.93 11/28/97 70.0 11.300 354.92
800280166 38,000.00 37,969.92 09/12/97 08/12/27 358.42 10/12/97 88.3 10.800 356.15
800281669 61,200.00 61,200.00 10/01/97 09/01/27 359.08 10/01/97 85.0 9.650 521.31
800282469 18,900.00 18,888.23 08/21/97 07/21/17 237.70 10/21/97 84.9 15.490 255.74
800286171 28,000.00 28,000.00 10/01/97 09/01/12 179.08 10/01/97 80.0 12.550 346.02
800286320 98,400.00 97,655.63 08/28/97 07/28/12 177.93 10/28/97 80.0 13.250 1,261.23
800286791 33,000.00 32,883.08 09/01/97 08/01/12 178.06 10/01/97 56.8 10.850 371.97
800286809 60,000.00 60,000.00 09/15/97 08/15/12 178.52 09/15/97 89.7 12.450 638.03
800287229 28,500.00 28,406.50 10/02/97 09/02/12 179.11 11/02/97 80.8 10.550 315.92
800287575 16,475.00 16,475.00 11/01/97 10/01/12 180.07 11/01/97 85.0 11.750 195.09
800287898 336,000.00 336,000.00 09/01/97 08/01/12 178.06 10/01/97 80.0 9.950 2,936.23
800288375 81,600.00 81,600.00 10/01/97 09/01/17 239.08 10/01/97 85.0 12.150 907.03
800289068 57,500.00 57,398.39 09/08/97 08/08/12 178.29 10/08/97 85.2 13.300 738.90
800289522 40,000.00 40,000.00 09/21/97 08/21/12 178.72 09/21/97 45.7 9.150 409.28
800290579 20,832.00 20,832.00 09/27/97 08/27/12 178.92 09/27/97 70.0 11.600 244.68
800292492 100,250.00 100,250.00 10/04/97 09/04/12 179.18 10/04/97 84.9 12.100 1,038.91
800293151 87,000.00 87,000.00 09/08/97 08/08/12 178.29 09/08/97 88.0 12.050 898.24
800293532 15,000.00 15,000.00 10/01/97 09/01/12 179.08 10/01/97 87.6 11.800 178.10
800293771 154,000.00 154,000.00 09/05/97 08/05/12 178.19 10/05/97 80.0 12.000 1,584.06
800296048 18,900.00 18,900.00 09/19/97 08/19/12 178.65 09/19/97 89.9 12.990 239.01
800296212 28,900.00 28,900.00 09/01/97 08/01/27 358.06 10/01/97 85.0 11.750 291.72
800296337 51,000.00 50,835.60 09/26/97 08/26/12 178.88 10/26/97 85.0 11.050 581.27
800296386 51,000.00 50,982.04 09/25/97 08/25/27 358.85 10/25/97 46.3 9.400 425.12
800296816 33,915.00 33,823.56 09/11/97 08/11/12 178.39 10/11/97 85.0 12.850 425.76
800296972 63,000.00 63,000.00 10/01/97 09/01/12 179.08 10/01/97 79.8 13.800 736.51
800297129 103,700.00 103,520.63 10/03/97 09/03/12 179.15 11/03/97 85.0 11.850 1,054.71
800297152 216,750.00 216,750.00 09/12/97 08/12/27 358.42 10/12/97 85.0 11.600 2,163.01
800297624 42,500.00 42,500.00 10/02/97 09/02/12 179.11 10/02/97 84.2 11.600 499.19
800297871 43,498.00 43,498.00 09/18/97 08/18/12 178.62 09/18/97 84.8 12.850 476.08
800298416 280,000.00 280,000.00 09/19/97 08/19/27 358.65 09/19/97 80.0 14.100 3,339.82
800298440 45,300.00 45,300.00 10/01/97 09/01/12 179.08 10/01/97 89.9 12.100 469.45
800298648 20,000.00 20,000.00 10/01/97 09/01/12 179.08 10/01/97 77.7 11.600 234.91
800298689 23,000.00 23,000.00 10/03/97 09/03/12 179.15 10/03/97 78.1 12.000 276.04
800298952 23,012.00 23,012.00 10/01/97 09/01/12 179.08 10/01/97 80.0 13.350 296.48
800299273 21,100.00 21,100.00 11/01/97 10/01/12 180.07 11/01/97 65.6 12.600 261.44
800299869 68,000.00 68,000.00 09/15/97 08/15/12 178.52 10/15/97 53.1 11.400 668.21
800300113 46,750.00 46,475.96 10/05/97 09/05/12 179.21 11/05/97 85.0 9.900 406.81
800300170 20,700.00 20,610.43 09/28/97 08/28/12 178.95 10/28/97 60.0 11.850 210.54
800300337 25,500.00 25,500.00 10/01/97 09/01/12 179.08 10/01/97 89.9 11.150 292.24
800301038 148,000.00 148,000.00 10/01/97 09/01/12 179.08 10/01/97 87.0 10.900 1,398.27
</TABLE>
<PAGE>
<TABLE>
Page 5 9/30/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - 1st Subsequent Transfer of Fixed Rate Mortgages - Settlement 9/30/97
<CAPTION>
LSAMS Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
39 39 800302598 GAMEZ FELIPE A 552 LINDSTROM DRIVE COLORADO SPRINGS CO 80911
39 39 800303406 AGUIRRE MARITZA P 24490 DUFFIELD ROAD BROOKSVILLE FL 34601
39 39 800303661 REID MELISSA J 18632 E VIA DE ARBOLES ROA QUEEN CREEK AZ 85242
39 39 800303695 HARKNESS ANNETTE D 3057 CIMMARON STREET AURORA CO 80011
39 39 800304461 PERRONE ALBERT E 78 STRUBLE ROAD SANDYSTON NJ 07826
39 39 800304594 NOVAK GARY W 336 EAST VILLAGE ROAD SHELTON CT 06484
39 39 800306342 JACOBSEN MICHELE T 3281 EAST GOLF ROAD #28 POMPANO BEACH FL 33062
39 39 800306359 CALDERON JUAN 117 SOUTH 13TH STREET ALLENTOWN PA 18102
39 39 800306524 WILLIAMS GREG 523 TURTLE LANE LANGHORNE PA 19047
39 39 800307019 MORELAND JAMES B 8875 WESTWOOD ROAD PITTSBURGH PA 15235
39 39 800307704 COHEN DON A 456 BRIGHTON STREET SALINAS CA 93907
39 39 800308272 LINDO CAROL M 229 SUMPTER STREET BROOKLYN NY 11233
39 39 800308496 GRIFFITH EDGAR A 113 HIGHLAND DRIVE SOUTH FORK PA 15956
39 39 800308835 CLARK CECILE C 5143 SANDY BEACH AVENUE SARASOTA FL 34242
39 39 800309221 MATTHEWS JERRY A. 5408 TREEBOUND COURT GARNER NC 27529
39 39 800309320 MONTANI GUY R 602 S GOLDEN KEY STREET GILBERT AZ 85233
39 39 800309387 SCOTT JERRY W BOX 369A RD 1 DALLAS PA 18612
39 39 800309429 GREGORY JAMES M 5012 EAST D STREET TACOMA WA 98404
39 39 800310468 HARRIS JAMES M 2822 SE 154TH AVENUE PORTLAND OR 97236
39 39 800311177 KOLEN EDWARD 125 LINCOLN DR BRIGANTINE NJ 08203
39 39 800311235 BARNES CYRIL P 219 SOUTHWEST 22ND PLACE CAPE CORAL FL 33991
39 39 800312043 STEWARDSON ROBERTA S 1421 WEST BYERS PLACE DENVER CO 80223
39 39 800312126 KHAN MOHAMMAD 8791 17TH AVENUE BROOKLYN NY 11214
39 39 800312985 HENRY MARK D 50 POCONO FOREST GOULDSBORO PA 18424
39 39 800313108 ROMICH JAYME A LAKESIDE ROAD HONESDALE PA 18431
39 39 800313306 BRISARD LUC 1333 96TH STREET BROOKLYN NY 11236
39 39 800314155 ATKINS JAMES H 19243 VINTAGE TRACE CIRCLE FORT MYERS FL 33912
39 39 800314304 PANIO FRANCINE 6 WILDWOOD ROAD EASTCHESTER NY 10709
39 39 800314973 BLEVINS SCOTT K 206 MIDWAY ISLAND CLEARWATER FL 34630
39 39 800315269 MARTINEZ GEORGE K. 1475 YELLOWHEART WAY HOLLYWOOD FL 33019
39 39 800315293 PEPE MARTIN A 1207 MEADOW ROAD WOODLYN PA 19094
39 39 800316184 WRIGHT CHARLES 7022 FERRET LANE NEW PORT RICHEY FL 34653
39 39 800316507 SCHOENEWOLF STEVEN H. SANDY PLAINS ROAD SOUTH CAIRO NY 12482
39 39 800316713 KOSTENBORDER KENNETH J 1811 WATERGATE CT SOUTH SALEM OR 97302
39 39 800316747 LOCKHART GREGORY 24 LINDA AVENUE MONTVILLE CT 06353
39 39 800316820 BEEBE ANDREAS 35450 TROON COURT ROUND HILL VA 20141
39 39 800316911 MCCOTTER BETSY A 1679 ROUTE 43 FORT EDWARD NY 12828
39 39 800317968 HEATH LORI J 52 LYNNRICH WEST THOMASTON CT 06787
39 39 800318008 PEREZ VIRGINIA 34-19 75TH STREET JACKSON HEIGHTS NY 11372
39 39 800318024 BOMMER WILLIAM R 23222 WEST 23RD STREET BELLAIRE OH 43906
39 39 800318172 FIORDALICE MARY LOUISE 1065 REMINGTON DRIVE N. TONAWANDA NY 14120
39 39 800318396 FAIDLEY ARVILLA 211 SOLLERS POINT ROAD BALTIMORE MD 21222
39 39 800319022 PAPASIMAKIS PAUL 47 MORICHES ROAD LAKE GROVE NY 11755
39 39 800319311 COULOMBE KEVIN C 8301 44TH STREET NORTH PINELLAS PARK FL 33781
39 39 800319659 JACOBS LLOYD 269 DOVER GREEN STATEN ISLAND NY 10312
39 39 800319782 CHASE NOLA 1618 EAST 1300 SOUTH SALT LAKE CITY UT 84105
39 39 800320145 ELDER GARY G 6153 20TH STREET ZEPHYRHILLS FL 33540
39 39 800321036 CANNIZZARO VICTOR 1218 SOUTH RACE STREET ALLENTOWN PA 18103
39 39 800321887 GARCIA NESTOR RAUL 2 BROOK LANE RYEBROOK NY 10573
39 39 800321929 DEGUZMAN ALFREDO T. 15807 YOUNG COURT ACCOKEEK MD 20607
39 39 800322430 BOUCHER EDWARD M 2290 MADISON AVENUE BRIDGEPORT CT 06606
39 39 800322737 BUONAIUTO THOMAS 234 NORTH COUNTRY ROAD MILLER PLACE NY 11764
39 39 800322802 JONES JOHN P 10912 ROSS STREET TAMPA FL 33610
39 39 800323016 KUCZINSKI MICHAEL 1319 E 57TH STREET BROOKLYN NY 11234
39 39 800323156 GRAY DENNIS 2702 EAST HILLERY STREET PHOENIX AZ 85032
39 39 800323602 BROOKS PATRICIA L 1365 ALLISON AVENUE WASHINGTON PA 15301
39 39 800323693 KOWZUN TADGIO T 9 LOCUST LAKE ROAD HOPE NJ 07825
39 39 800323859 KOCEJA CLARINDA 6597 19TH STREET NORTH ST PETERSBURG FL 33702
39 39 800324253 BAGGA GEETIKA 53 PROSPECT AVENUE BRENTWOOD NY 11717
39 39 800324477 VERDE SALVATORE 83 GARDNER AVENUE HICKSVILLE NY 11801
39 39 800324600 BURKES ARTIE 498 NORTHEAST CYPRESS STRE WAUCHULA FL 33873
39 39 800324618 HAWKINS SAMUEL 178 32 145TH AVENUE SPRINGFIELD GARDENS NY 11434
39 39 800325540 CROSSMAN JUDITH A 888 TEN ROD ROAD NORTH KINGSTOWN RI 02852
39 39 800326878 RASMUSSEN LARRY ALLEN 3680 EAST 122ND AVENUE THORNTON CO 80241
39 39 800327306 RAMOS LIDYS 11530 RIGGS ROAD NAPLES FL 34114
39 39 800327322 SCHOMMER PHILIP E 5744 FRESH MEADOW DRIVE MACUNGIE PA 18062
39 39 800327637 BROWN PEGGY LINN 6921 MAGGIE DRIVE BARTOW FL 33830
39 39 800328379 CASSON CHARLES B 12771 GRAVELLY LAKE DR SW TACOMA WA 98499
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
LSAMS Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800302598 31,000.00 30,911.08 10/01/97 09/01/17 239.08 11/01/97 79.8 13.850 382.12
800303406 38,700.00 38,700.00 09/25/97 08/25/17 238.85 09/25/97 90.0 12.500 439.69
800303661 28,500.00 28,500.00 10/01/97 09/01/12 179.08 10/01/97 73.6 11.600 284.41
800303695 16,000.00 16,000.00 11/01/97 10/01/12 180.07 11/01/97 80.2 12.700 199.29
800304461 75,000.00 75,000.00 09/05/97 08/05/12 178.19 10/05/97 53.9 11.850 762.81
800304594 26,000.00 26,000.00 09/13/97 08/13/12 178.45 09/13/97 87.0 11.990 311.88
800306342 29,750.00 29,750.00 09/08/97 08/08/27 358.29 10/08/97 85.0 11.600 296.88
800306359 36,000.00 36,000.00 09/22/97 08/22/27 358.75 10/22/97 90.0 11.400 353.76
800306524 39,950.00 39,817.34 09/05/97 08/05/12 178.19 10/05/97 85.0 12.300 487.20
800307019 35,700.00 35,700.00 09/28/97 08/28/27 358.95 09/28/97 70.0 10.600 329.23
800307704 140,250.00 140,250.00 10/01/97 09/01/12 179.08 10/01/97 84.4 11.850 1,426.46
800308272 136,000.00 136,000.00 09/15/97 08/15/12 178.52 09/15/97 85.0 12.500 1,451.47
800308496 47,000.00 47,000.00 10/03/97 09/03/27 359.15 10/03/97 85.4 11.750 474.42
800308835 100,000.00 99,950.77 09/27/97 08/27/12 178.92 10/27/97 64.0 10.850 941.01
800309221 48,000.00 48,000.00 10/02/97 09/02/12 179.11 10/02/97 89.3 10.900 542.56
800309320 20,700.00 20,700.00 10/01/97 09/01/12 179.08 10/01/97 79.5 11.550 205.78
800309387 35,000.00 35,000.00 10/10/97 09/10/12 179.38 10/10/97 51.0 9.650 368.65
800309429 42,000.00 42,000.00 10/01/97 09/01/17 239.08 10/01/97 89.8 10.900 430.66
800310468 37,720.00 37,720.00 11/01/97 10/01/12 180.07 11/01/97 90.0 11.150 432.28
800311177 38,250.00 38,250.00 10/04/97 09/04/07 119.18 10/04/97 43.4 8.900 482.47
800311235 10,000.00 10,000.00 10/01/97 09/01/07 119.08 10/01/97 86.5 11.650 141.45
800312043 50,000.00 50,000.00 10/01/97 09/01/27 359.08 10/01/97 48.5 10.350 451.77
800312126 15,000.00 14,965.26 09/29/97 08/29/17 238.98 10/29/97 79.6 9.250 137.38
800312985 49,600.00 49,600.00 10/12/97 09/12/17 239.44 10/12/97 80.0 12.850 575.81
800313108 40,000.00 40,000.00 10/10/97 09/10/12 179.38 10/10/97 80.0 13.350 453.45
800313306 216,750.00 216,750.00 09/18/97 08/18/27 358.62 10/18/97 85.0 12.750 2,355.41
800314155 170,000.00 170,000.00 10/01/97 09/01/12 179.08 10/01/97 62.7 10.150 1,510.75
800314304 69,700.00 69,700.00 10/02/97 09/02/17 239.11 10/02/97 80.9 12.600 796.81
800314973 17,841.00 17,841.00 09/15/97 08/15/12 178.52 10/15/97 80.0 14.650 220.60
800315269 20,398.00 20,398.00 09/29/97 08/29/12 178.98 09/29/97 80.0 12.600 219.28
800315293 24,500.00 24,500.00 09/12/97 08/12/07 118.42 09/12/97 73.7 12.750 362.21
800316184 105,400.00 105,283.34 09/18/97 08/18/17 238.62 10/18/97 78.0 9.000 948.31
800316507 67,150.00 66,970.02 10/01/97 09/01/12 179.08 11/01/97 85.0 11.850 682.97
800316713 37,000.00 37,000.00 10/01/97 09/01/12 179.08 10/01/97 75.2 10.150 401.01
800316747 135,900.00 135,900.00 09/25/97 08/25/12 178.85 09/25/97 90.0 10.300 1,222.86
800316820 77,500.00 77,500.00 10/09/97 09/09/12 179.34 10/09/97 90.0 11.150 746.85
800316911 48,750.00 48,750.00 10/03/97 09/03/07 119.15 10/03/97 73.8 9.250 624.16
800317968 27,000.00 26,935.37 09/27/97 08/27/12 178.92 10/27/97 87.0 12.500 332.78
800318008 75,000.00 75,000.00 10/02/97 09/02/12 179.11 10/02/97 79.6 13.000 829.65
800318024 62,200.00 62,200.00 10/08/97 09/08/12 179.31 10/08/97 79.7 11.000 706.96
800318172 76,240.00 76,240.00 10/15/97 09/15/12 179.54 10/15/97 89.9 10.750 711.69
800318396 103,200.00 103,200.00 10/01/97 09/01/12 179.08 10/01/97 80.0 13.350 1,169.90
800319022 16,700.00 16,700.00 09/20/97 08/20/12 178.68 10/20/97 84.4 12.900 210.20
800319311 19,000.00 19,000.00 09/26/97 08/26/12 178.88 09/26/97 89.1 11.150 217.75
800319659 23,000.00 23,000.00 10/03/97 09/03/12 179.15 10/03/97 84.6 11.750 272.35
800319782 41,944.00 41,944.00 10/01/97 09/01/12 179.08 10/01/97 74.9 10.750 391.54
800320145 58,400.00 58,400.00 09/27/97 08/27/27 358.92 09/27/97 68.7 13.100 650.59
800321036 13,990.00 13,990.00 10/02/97 09/02/12 179.11 10/02/97 84.9 12.600 173.34
800321887 133,000.00 133,000.00 09/21/97 08/21/27 358.72 09/21/97 70.0 10.400 1,206.67
800321929 23,000.00 23,000.00 10/08/97 09/08/12 179.31 10/08/97 84.1 12.600 284.98
800322430 20,300.00 20,300.00 09/19/97 08/19/12 178.65 09/19/97 89.9 11.750 240.38
800322737 51,500.00 51,500.00 10/10/97 09/10/12 179.38 10/10/97 90.0 11.250 500.20
800322802 32,200.00 32,200.00 10/12/97 09/12/12 179.44 10/12/97 70.0 12.000 386.45
800323016 171,000.00 171,000.00 10/01/97 09/01/12 179.08 10/01/97 90.0 11.550 1,699.92
800323156 41,000.00 41,000.00 10/01/97 09/01/12 179.08 10/01/97 86.9 11.700 412.29
800323602 48,540.00 48,540.00 10/04/97 09/04/27 359.18 10/04/97 80.9 12.600 521.82
800323693 25,195.00 25,195.00 10/02/97 09/02/12 179.11 10/02/97 90.0 12.450 267.92
800323859 60,000.00 60,000.00 10/08/97 09/08/27 359.31 10/08/97 75.0 11.150 578.20
800324253 28,000.00 28,000.00 09/19/97 08/19/12 178.65 09/19/97 76.8 13.500 320.72
800324477 38,730.00 38,730.00 10/03/97 09/03/12 179.15 10/03/97 89.9 11.150 443.86
800324600 30,000.00 30,000.00 10/03/97 09/03/27 359.15 10/03/97 69.7 10.000 263.27
800324618 138,125.00 138,125.00 09/15/97 08/15/27 358.52 10/15/97 85.0 11.500 1,367.84
800325540 26,550.00 26,513.02 10/02/97 09/02/12 179.11 11/02/97 84.9 11.350 259.89
800326878 33,652.00 33,652.00 11/01/97 10/01/17 240.07 11/01/97 79.8 13.850 414.81
800327306 80,400.00 80,400.00 10/10/97 09/10/12 179.38 10/10/97 84.9 12.350 848.73
800327322 22,500.00 22,472.98 09/21/97 08/21/12 178.72 10/21/97 85.0 13.250 288.39
800327637 36,750.00 36,750.00 10/09/97 09/09/12 179.34 10/09/97 75.0 12.950 463.77
800328379 115,000.00 115,000.00 11/01/97 10/01/12 180.07 11/01/97 75.0 10.850 1,296.27
</TABLE>
<PAGE>
<TABLE>
Page 6 9/30/97
ALLIANCE FUNDING Sale Schedule
A division of Superior Bank FSB 1997-3 Class 1 - 1st Subsequent Transfer of Fixed Rate Mortgages - Settlement 9/30/97
<CAPTION>
LSAMS Zip
Pool ID Sale ID Account Name Address City State Code
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C>
39 39 800328684 SORENSEN WILLEMINA 4680 WEST 5100 SOUTH SALT LAKE CITY UT 84118
39 39 800329005 KEATING MICHAEL T 5665 WHITING WAY PEYTON CO 80831
39 39 800329203 SINCLAIR KEITH 2226 NORTH WASHINGTON ROAD MANSFIELD OH 44903
39 39 800329286 YONKIN DAVID J 3380 WILDERNESS TRAIL KISSIMMEE FL 34746
39 39 800329344 RITCHIE JAMES WILLIAM 2662 CAJUPUT STREET MATLACHA FL 33993
39 39 800329831 BIHUN HAZEL L RD 5 BOX 26 WAYNESBURG PA 15370
39 39 800330425 SCHMIDT GLENN A 32160 33RD AVENUE SW FEDERAL WAY WA 98023
39 39 800330565 HALL VALLI RENE 3140 56TH STREET NORTH ST. PETERSBURG FL 33710
39 39 800330789 MELBOURNE CYNTHIA A 2216 ELDEORO DRIVE CLEARWATER FL 34624
39 39 800331076 RUIZ CARLYN M 121 WILLOWLEAF DRIVE LITTLETON CO 80127
39 39 800331282 WEINBERG ROBERT J 50 HEADY CREEK LANE SOUTHAMPTON NY 11968
39 39 800332090 MOZZONE THOMAS W 169 CHESTNUT TERRACE ROCKAWAY NJ 07866
39 39 800333270 BARBER MIRIAM H 116-20 146 STREET JAMAICA NY 11436
39 39 800333296 PERREAULT PAUL A 15008 NORTH TAMARACK LANE FOUNTAIN HILLS AZ 85268
39 39 800333627 THOMAS REBA J. 38534 OTIS ALLEN ROAD ZEPHYRHILLS FL 33540
39 39 800333841 ROBINSON EASTER 415 BROOKSIDE AVENUE ROOSEVELT NY 11575
39 39 800334666 TERRY VICTORIA 1253 SOMERSET STREET PORT CHARLOTTE FL 33952
39 39 800334674 BLATCHLEY FRANCIS 77 CARRINGTON ROAD BETHANY CT 06524
39 39 800334682 GIFFORD TERESA LYNN 4010 WINDY GALE DRIVE SOUT JACKSONVILLE FL 32218
39 39 800334732 HARRIS JERRI A. 5561 SOUTHEAST SHORES AVEN ARCADIA FL 34266
39 39 800334849 MCCANN DIXIE 592 EAST CHANNEL DRIVE MURRAY UT 84107
39 39 800335150 MITCHELL J CHRIS 1486 SUNSET STREET RATHDRUM ID 83858
39 39 800335366 PENDELTON TRACY R 11334 SOUTH 675 WEST SOUTH JORDAN UT 84095
39 39 800336281 NOLAN JOHN E 11398 CHURCHHILL TRAIL SEMINOLE FL 33772
39 39 800336414 PAPADOPOULIS KALLIOPI 339401 EGE AVE JERSEY CITY NJ 07304
39 39 800337636 LAZZARUOLO RANIERO 27 THREE PENCE DRIVE MELVILLE NY 11747
39 39 800337982 HULTS WALLACE R. 551 EDGEGROVE AVENUE STATEN ISLAND NY 10312
39 39 800338063 RIZZO JOSEPH F 5955 DORSETT SHOALS ROAD DOUGLASVILLE GA 30135
39 39 800338139 CHOW PETER S M 1604 EAST 45TH STREET CLEVELAND OH 44103
39 39 800338196 LIVINGSTON FRANCIS E 115 SEMINOLE TERRACE MOUNT BETHEL PA 18343
39 39 800338923 GNJIDIC MARINKO 1303 SOUTHEAST 13TH STREET CAPE CORAL FL 33990
39 39 800339467 ROWE CYNTHIA H. 2042 14TH STREET SOUTH ST PETERSBURG FL 33705
39 39 800339574 MCKEAN JEFFRY 94 NORTH BEACON AVENUE LAYTON UT 84015
39 39 800340184 HEDGER RAYMOND C 2 FOX CHASE DRIVE HERSHEY PA 17033
39 39 800340820 RAZNY DAVID E 3281 SUNNY POINT ROAD FLORENCE SC 29501
39 39 800340945 SILVEY JEFFREY G 4193 ZURICH DRIVE COLORADO SPRINGS CO 80920
39 39 800341257 VITALE BEVERLY 158 FARGO AVENUE BUFFALO NY 14201
39 39 800341489 DUNCAN WILLIAM R 5612 7TH AVENUE DRIVE WEST BRADENTON FL 34209
39 39 800341711 PAOLI MICHAEL D 530 SOUTHEAST 1ST TERRACE CAPE CORAL FL 33990
39 39 800342164 CABAN JOSE A 651 WILLIAM STREET BETHLEHEM PA 18015
39 39 800342594 KALAFATIS POPI 812 GAINESWAY DRIVE TARPON SPRINGS FL 34689
39 39 800342966 GREEN JANICE P W 1514 BARRACK LANE GLEN BURNIE MD 21061
39 39 800343055 BURKS STEPHANIE A. 4020 LASALLE STREET TAMPA FL 33607
39 39 800343345 PHONGSAVANG SOMSACK 11774 E VIRGINIA DRIVE AURORA CO 80012
39 39 800344061 MORALES JOSE M. 736 NEW JERSEY STREET WEST PALM BEACH FL 33401
39 39 800345340 GRANDPRE CYNTHIA A 64 COLUMBIA BOULEVARD WATERBURY CT 06710
39 39 800345563 XANOUBANE DALA 2494 SOUTH NOME STREET AURORA CO 80014
39 39 800345597 FOSS ROBERT A 4551 CATHERINE LANE LAS VEGAS NV 89121
39 39 800346074 DINSMOOR MARJORIE E. 5495 80TH AVENUE NORTH PINELLAS PARK FL 33781
39 39 800346181 SLAYTON TAMARA 6848 CIRCLE CREEK DRIVE PINELLAS PARK FL 33781
39 39 800346801 FRANCIS TIMOTHY 2150 NEWBOLD AVENUE BRONX NY 10462
39 39 800346934 KOTOUCH RICHARD W 449 ELDERSVILLE ROAD BURGETTSTOWN PA 15021
39 39 800347304 HARRIS SYLVIA 2125 CLIFTWOOD AVENUE BALTIMORE MD 21213
39 39 800348039 YELLIN LINDA 31 COLARD LANE LYONS CO 80504
39 39 800349144 BREYMEIER ROBERT 134 GLENDALE ROAD PITTSTON PA 18640
39 39 800349664 GRINNELL ALAN C 4829 SOUTH 2980 WEST TAYLORSVILLE UT 84118
39 39 800350043 JONES PHILLIP A 13233 168TH AVENUE NE REDMOND WA 98052
39 39 800350167 TAYLOR DEBORAH L 337 LONGFELLOW DRIVE COLORADO SPRINGS CO 80910
39 39 800352452 IRWIN DENNIS M 13 FIR TRAIL TRACK OCALA FL 34472
39 39 800353245 ALLEN PHILLIP 16409 COBBLER DRIVE MIDLAND NC 28107
39 39 800354631 OBRIEN HOLLY 1311 WEST THOMAS ROAD PHOENIX AZ 85013
39 39 800357477 HOBERT MARK R 4261 1ST AVENUE SOUTHWEST NAPLES FL 34119
--------------------------------------
266 Sale Total
291 Total with Superior
291 Grand Total
<CAPTION>
Principal Cut-off Date First Original Current Scheduled
LSAMS Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
800328684 25,000.00 25,000.00 11/01/97 10/01/12 180.07 11/01/97 70.4 12.700 311.39
800329005 22,000.00 22,000.00 11/01/97 10/01/12 180.07 11/01/97 80.5 11.400 255.60
800329203 45,750.00 45,750.00 10/01/97 09/01/12 179.08 10/01/97 75.0 9.650 481.88
800329286 58,600.00 58,600.00 10/09/97 09/09/12 179.34 10/09/97 80.4 12.100 607.28
800329344 79,500.00 79,500.00 10/01/97 09/01/27 359.08 10/01/97 75.0 10.350 718.32
800329831 44,000.00 44,000.00 10/04/97 09/04/17 239.18 10/04/97 59.4 10.250 431.92
800330425 16,550.00 16,550.00 10/01/97 09/01/17 239.08 10/01/97 84.5 12.000 182.23
800330565 30,000.00 30,000.00 10/03/97 09/03/12 179.15 10/03/97 42.8 11.350 347.60
800330789 37,000.00 37,000.00 10/08/97 09/08/12 179.31 10/08/97 84.8 11.150 356.56
800331076 51,840.00 51,840.00 10/01/97 09/01/12 179.08 10/01/97 73.0 11.200 501.53
800331282 185,000.00 185,000.00 09/25/97 08/25/12 178.85 09/25/97 79.8 11.900 1,888.70
800332090 80,000.00 80,000.00 10/02/97 09/02/12 179.11 10/02/97 76.0 14.000 947.90
800333270 25,000.00 25,000.00 10/01/97 09/01/12 179.08 10/01/97 17.8 9.250 257.30
800333296 79,900.00 79,900.00 10/01/97 09/01/12 179.08 10/01/97 84.9 12.150 831.10
800333627 39,000.00 38,887.47 10/02/97 09/02/27 359.11 11/02/97 60.0 10.950 369.93
800333841 139,500.00 139,500.00 09/25/97 08/25/12 178.85 09/25/97 90.0 11.600 1,392.12
800334666 22,400.00 22,400.00 10/02/97 09/02/12 179.11 10/02/97 84.8 12.100 270.28
800334674 60,000.00 60,000.00 10/10/97 09/10/12 179.38 10/10/97 59.4 11.100 685.73
800334682 36,000.00 36,000.00 10/01/97 09/01/12 179.08 10/01/97 63.4 9.600 378.10
800334732 27,000.00 27,000.00 10/04/97 09/04/12 179.18 10/04/97 75.0 10.000 290.14
800334849 125,000.00 125,000.00 10/01/97 09/01/12 179.08 10/01/97 74.0 10.250 1,362.44
800335150 25,000.00 25,000.00 10/01/97 09/01/12 179.08 10/01/97 88.8 11.150 286.51
800335366 54,000.00 54,000.00 11/01/97 10/01/12 180.07 11/01/97 79.5 12.850 591.02
800336281 35,730.00 35,730.00 10/01/97 09/01/17 239.08 10/01/97 89.9 10.500 356.72
800336414 22,725.00 22,725.00 09/27/97 08/27/12 178.92 09/27/97 84.9 13.150 289.78
800337636 41,900.00 41,900.00 10/09/97 09/09/12 179.34 10/09/97 80.9 11.600 418.13
800337982 48,200.00 48,200.00 10/02/97 09/02/12 179.11 10/02/97 84.9 9.750 510.61
800338063 32,000.00 32,000.00 10/01/97 09/01/12 179.08 10/01/97 77.0 10.400 351.75
800338139 21,700.00 21,700.00 10/01/97 09/01/12 179.08 10/01/97 70.0 10.450 239.20
800338196 16,626.00 16,626.00 10/04/97 09/04/07 119.18 10/04/97 73.0 11.100 229.97
800338923 104,400.00 104,341.02 09/25/97 08/25/12 178.85 10/25/97 80.0 9.900 908.48
800339467 20,600.00 20,600.00 10/01/97 09/01/17 239.08 10/01/97 89.9 11.100 214.03
800339574 75,600.00 75,600.00 10/01/97 09/01/27 359.08 10/01/97 90.0 11.400 742.90
800340184 58,000.00 57,903.26 10/01/97 09/01/12 179.08 11/01/97 89.6 10.500 530.55
800340820 25,000.00 25,000.00 10/04/97 09/04/12 179.18 10/04/97 54.9 11.750 296.03
800340945 26,500.00 26,500.00 11/01/97 10/01/12 180.07 11/01/97 76.3 11.850 269.53
800341257 24,000.00 24,000.00 09/18/97 08/18/12 178.62 09/18/97 60.0 11.100 230.37
800341489 39,250.00 39,250.00 10/04/97 09/04/12 179.18 10/04/97 89.9 11.650 462.26
800341711 27,500.00 27,500.00 10/03/97 09/03/12 179.15 10/03/97 74.7 11.450 320.38
800342164 59,500.00 59,500.00 10/12/97 09/12/27 359.44 10/12/97 70.0 10.150 528.76
800342594 60,350.00 60,350.00 10/08/97 09/08/27 359.31 10/08/97 85.0 10.100 534.08
800342966 127,500.00 127,500.00 10/03/97 09/03/27 359.15 10/03/97 85.0 12.100 1,321.30
800343055 13,500.00 13,500.00 10/08/97 09/08/12 179.31 10/08/97 79.5 12.600 167.27
800343345 48,784.00 48,784.00 11/01/97 10/01/12 180.07 11/01/97 84.8 11.350 565.25
800344061 56,700.00 56,700.00 10/04/97 09/04/27 359.18 10/04/97 90.0 10.650 525.03
800345340 37,200.00 37,200.00 10/04/97 09/04/12 179.18 10/04/97 79.9 14.000 440.77
800345563 18,339.00 18,339.00 11/01/97 10/01/12 180.07 11/01/97 79.9 13.750 241.16
800345597 17,090.00 17,090.00 10/01/97 09/01/12 179.08 10/01/97 84.2 11.500 199.64
800346074 11,300.00 11,227.84 10/12/97 09/12/12 179.44 11/12/97 85.0 11.850 134.53
800346181 36,645.00 36,645.00 10/10/97 09/10/17 239.38 10/10/97 85.0 11.350 387.01
800346801 15,000.00 15,000.00 10/10/97 09/10/12 179.38 10/10/97 84.2 12.150 181.48
800346934 49,000.00 49,000.00 10/09/97 09/09/27 359.34 10/09/97 76.5 9.750 420.99
800347304 33,800.00 33,800.00 10/04/97 09/04/12 179.18 10/04/97 65.0 10.700 377.83
800348039 30,000.00 30,000.00 11/01/97 10/01/17 240.07 11/01/97 77.7 10.600 301.53
800349144 75,000.00 75,000.00 10/08/97 09/08/12 179.31 10/08/97 82.4 9.500 630.64
800349664 29,811.00 29,811.00 09/05/97 08/05/12 178.19 09/05/97 85.0 13.200 381.11
800350043 100,000.00 100,000.00 11/01/97 10/01/12 180.07 11/01/97 88.1 11.150 963.67
800350167 68,800.00 68,735.68 10/01/97 09/01/27 359.08 10/01/97 80.0 11.375 674.77
800352452 66,300.00 66,300.00 10/09/97 09/09/27 359.34 10/09/97 85.0 12.100 687.08
800353245 51,000.00 51,000.00 10/15/97 09/15/12 179.54 10/15/97 79.8 10.800 573.28
800354631 39,713.00 39,713.00 11/01/97 10/01/12 180.07 11/01/97 85.0 11.600 466.45
800357477 35,000.00 35,000.00 10/09/97 09/09/07 119.34 10/09/97 84.9 11.350 489.09
-------------------------------------------------- ------ --------------------------------
266 14,953,116.00 14,943,316.88 231.57 78.9 11.603 157,775.96
291 16,732,825.00 16,722,285.65 230.28 78.2 11.558 177,626.44
291 16,732,825.00 16,722,285.65 230.28 78.2 11.558 177,626.44
</TABLE>
<PAGE>
ADDITION NOTICE
Date: September 30, 1997
LaSalle National Bank
135 South LaSalle Street
Chicago, Illinois 60603
Re: Pooling and Servicing Agreement, dated as of September 1, 1997,
between Superior Bank FSB, as seller (the "Depositor"), LaSalle
National Bank as trustee (the "Trustee") and Lee Servicing
Company, a division of the Depositor, as servicer, relating to
AFC Mortgage Loan Asset Backed Certificates, Series 1997-3
Sub-Pool 1
---------------------------------------------------------------
Ladies and Gentlemen:
Pursuant to Section 2.10 of the above-captioned Pooling and Servicing
Agreement, the Depositor has designated the Subsequent Mortgage Loans to be sold
to the Trust Fund on September 30, 1997, with an aggregate principal balance of
$17,000,000.00*. Capitalized terms not otherwise defined herein have the meaning
set forth in the Pooling and Servicing Agreement.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
*Approximate
SUPERIOR BANK FSB
By: /s/ JOHN A. SORICELLI
-----------------------------
Name: John A. Soricelli
Title: Vice President
ACKNOWLEDGED AND AGREED:
LASALLE NATIONAL BANK
By:/s/ SHASHANK MISHRA
----------------------------
Name: Shashank Mishra
Title: Trust Officer
Date: September 30, 1997
<PAGE>
ADDITION NOTICE
Date: September 30, 1997
LaSalle National Bank
135 South LaSalle Street
Chicago, Illinois 60603
Re: Pooling and Servicing Agreement, dated as of September 1, 1997,
between Superior Bank FSB, as seller (the "Depositor"), LaSalle
National Bank as trustee (the "Trustee") and Lee Servicing
Company, a division of the Depositor, as servicer, relating to
AFC Mortgage Loan Asset Backed Certificates, Series 1997-3
Sub-Pool 2
----------------------------------------------------------------
Ladies and Gentlemen:
Pursuant to Section 2.10 of the above-captioned Pooling and Servicing
Agreement, the Depositor has designated the Subsequent Mortgage Loans to be sold
to the Trust Fund on September 30, 1997, with an aggregate principal balance of
$23,000,000.00*. Capitalized terms not otherwise defined herein have the meaning
set forth in the Pooling and Servicing Agreement.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
*Approximate
SUPERIOR BANK FSB
By:/s/ JOHN A. SORICELLI
----------------------------
Name: John A. Soricelli
Title: Vice President
ACKNOWLEDGED AND AGREED:
LASALLE NATIONAL BANK
By:/s/ SHASHANK MISHRA
-----------------------------
Name: Shashank Mishra
Title: Trust Officer
Date: September 30, 1997
8
<PAGE>
OFFICER'S CERTIFICATE
I, William Bracken hereby certify that I am the duly elected Senior Vice
President and Chief Financial Officer of Superior Bank FSB, a federally
chartered stock savings bank (the "Depositor"), and further, to the best of my
knowledge and after due inquiry, as follows:
Each condition precedent specified in Section 2.10(b), Section 2.10(c) and
Section 2.10(d) for the Subsequent Mortgage Loans of the Pooling and Servicing
Agreement, dated as of September 1, 1997, among the Depositor, Lee Servicing
Company, a division of Superior Bank FSB, and LaSalle National Bank, as Trustee
(the "Pooling and Servicing Agreement") and each condition precedent specified
in Subsequent Transfer Instrument has been satisfied by the Depositor.
Capitalized terms not otherwise defined herein have the meanings set forth
in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, I have hereunto signed my name.
Dated: September 30, 1997 By:/s/ WILLIAM C. BRACKEN
-------------------------------------
Name: William C. Bracken
Title: Senior Vice President and
Chief Financial Officer
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