<PAGE>
Rule 424(b)(5)
File # 33-84910
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED NOVEMBER 22, 1995
(To Prospectus dated November 23, 1994)
CWMBS, INC.
Depositor
(LOGO) Independent
National
Mortgage Corporation
Seller and Master Servicer
Mortgage Pass-Through Certificates, Series 1995-V
-------------------------
This Supplement relates to the offering by the Seller of the Class B-1
Certificates of the Series referenced above. This Supplement does not
contain complete information about the offering of the Class B-1
Certificates. Additional information is contained in the Prospectus
Supplement dated November 22, 1995 (the "Prospectus Supplement") prepared in
connection with the offering of the Offered Certificates of the Series
referenced above and in the Prospectus of the Depositor dated November 23,
1994 (the "Prospectus"). Purchasers are urged to read this Supplement, the
Prospectus Supplement and the Prospectus in full.
As of June 25, 1996 (the "Certificate Date"), the Class Certificate
Balance of the Class B-1 Certificates was approximately $12,024,274.
THE CLASS B-1 CERTIFICATES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION
OF THE DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THE CLASS B-1 CERTIFICATES NOR THE
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL ENTITY, THE
DEPOSITOR, THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR
AFFILIATES OR ANY OTHER PERSON. DISTRIBUTIONS ON THE CLASS B-1 CERTIFICATES
WILL BE PAYABLE SOLELY FROM THE ASSETS TRANSFERRED TO THE TRUST FUND FOR THE
BENEFIT OF CERTIFICATEHOLDERS.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
The Class B-1 Certificates offered hereby will be sold directly by the
Seller. Proceeds to the Seller from the sale of the Class B-1 Certificates
are expected to be approximately 92.00% of the aggregate principal balance
of the Class B-1 Certificates as of the Certificate Date before deducting
sale expenses payable by the Seller.
It is expected that the Class B-1 Certificates will be delivered by the
Seller on or about June 26, 1996.
JUNE 26, 1996
1
<PAGE>
UNTIL NINETY DAYS AFTER THE DATE OF THIS SUPPLEMENT, ALL DEALERS
EFFECTING TRANSACTIONS IN THE CLASS B-1 CERTIFICATES, WHETHER OR NOT
PARTICIPATING IN THIS DISTRIBUTION, MAY BE REQUIRED TO DELIVER A SUPPLEMENT,
THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. THIS IS IN ADDITION TO THE
OBLIGATION OF DEALERS TO DELIVER A SUPPLEMENT, THE PROSPECTUS SUPPLEMENT AND
THE PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO THEIR UNSOLD
ALLOTMENTS OR SUBSCRIPTIONS.
This Supplement is qualified in its entirety by reference to the
detailed information appearing in the accompanying Prospectus Supplement and
Prospectus. Certain capitalized terms used in this Supplement are defined
in the Prospectus Supplement or the Prospectus.
2
<PAGE>
THE MORTGAGE POOL
As of June 1, 1996 (the "Reference Date"), the Mortgage Pool included
approximately 1,435 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $197,426,717.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
AS OF
JUNE 1, 1996
------------
<S> <C>
Total Number of Mortgage Loans . . . . . . . . . . . . . . . . . 1,435
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days . . . . . . . . . . . . . . . . . . . . . . . . . 1.32%
60-89 days . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
90 days or more (excluding pending foreclosures) . . . . . . 0.14
----
Total Delinquencies . . . . . . . . . . . . . . . . . . . . . . . 1.46%
====
Foreclosures Pending . . . . . . . . . . . . . . . . . . . . . . 0.21%
----
Total delinquencies and foreclosures pending . . . . . . . . . . 1.67%
====
</TABLE>
______________
(1) As a percentage of the total number of Mortgage Loans as of the
Reference Date.
None of the Mortgage Loans has been converted to REO as of the Reference
Date and, as of the Reference Date, there have been no Realized Losses.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 2 in tabular format. Other than with respect to
rates of interest, percentages (approximate) are stated in such tables by
Stated Principal Balance of the Mortgage Loans as of the Reference Date and
have been rounded in order to total 100.00%.
3
<PAGE>
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
INMC will continue to act as Master Servicer under the Agreement.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency and foreclosure
experience, respectively, as of December 31, 1994, December 31, 1995 and
March 31, 1996 on approximately $6.8 billion, $9.4 billion and $9.9 billion,
respectively, in outstanding principal balance of conventional mortgage loans
master serviced by the Master Servicer. INMC commenced master servicing
conventional mortgage loans during April 1993. The delinquency and
foreclosure percentages may be affected by the size and relative lack of
seasoning of the servicing portfolio because many of such mortgage loans were
not outstanding long enough to give rise to some or all of the indicated
periods of delinquency. Accordingly, the information should not be
considered as a basis for assessing the likelihood, amount or severity of
delinquency or losses on the Mortgage Loans, and no assurances can be given
that the foreclosure and delinquency experience presented in the table below
will be indicative of such experience on the Mortgage Loans in the future:
<TABLE>
<CAPTION> As of As of
December 31, March 31,
------------ ---------
1994 1995 1996
---- ---- ----
<S> <C> <C> <C>
Total Number of Conventional
Mortgage Loans in Portfolio . . . . . . . . . 30,803 53,101 57,435
Delinquent Mortgage Loans and
Pending Foreclosures at Period End(1):
30-59 days . . . . . . . . . . . . . 0.83% 2.30% 2.12%
60-89 days . . . . . . . . . . . . . 0.13 0.42 0.46
90 days or more (excluding
pending foreclosures) . . . . . . . . . . . . 0.09 0.38 0.42
Total Delinquencies . . . . . . . . . . . . 1.05% 3.10% 3.00%
Foreclosures pending . . . . . . . . . . . . . 0.07 0.30 0.43
Total delinquencies and foreclosures pending . . 1.12% 3.40% 3.43%
</TABLE>
______________
(1) As a percentage of the total number of loans master serviced.
DESCRIPTION OF THE CLASS B-1 CERTIFICATES
The Class B-1 Certificates are Subordinated Certificates. To the extent
funds are available therefor, the Class B-1 Certificates will be entitled to
receive interest in the amount of the Interest Distribution Amount for such
Class as described in the Prospectus Supplement under "Description of the
Certificates -- Interest". The Class B-1 Certificates are allocated amounts
received in respect of principal on the Mortgage Loans based on the
Subordinated Principal Distribution Amount as described in the Prospectus
Supplement under "Description of the Certificates -- Principal --
Subordinated Principal Distribution Amount". Distributions of principal of
the Subordinated Certificates will be made sequentially to the Classes of
Subordinated Certificates in the order of their numerical Class designations,
beginning with the Class B-1 Certificates, until the respective Class
Certificate Balances thereof have been reduced to zero. Realized Losses will
be allocated to the Class B-1 Certificates as described in the Prospectus
Supplement under "Description of the Certificates -- Allocation of Losses".
Additional information relating to distributions of certain unscheduled
payments in respect of principal (including, but not limited to, partial
principal prepayments and principal prepayments in full) are set forth in the
Prospectus Supplement under "Description of the Certificates -- Principal".
4
<PAGE>
As of the Certificate Date, the Class Certificate Balance of the Class
B-1 Certificates was approximately $12,024,274, evidencing a beneficial
ownership interest of approximately 6.09% in the Trust Fund. As of the
Certificate Date, the Senior Certificates had an aggregate principal balance
of approximately $172,281,383 and evidenced in the aggregate a beneficial
ownership interest of approximately 87.26% in the Trust Fund. As of the
Certificate Date, the Class B-2, Class B-3, Class B-4, Class B-5 and Class
B-6 Certificates had aggregate principal balances of $4,919,882, $3,280,253,
$1,640,625, $1,092,754 and $2,187,546, respectively, and evidenced in the
aggregate a beneficial ownership interest of approximately 2.49%, 1.66%,
0.83%, 0.55% and 1.11%, respectively, in the Trust Fund. The Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6 Certificates are the only
Certificates supporting the Class B-1 Certificates. For additional
information with respect to the Class B-1 Certificates, see "Description of
the Certificates" in the Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein at Exhibit 1.
CREDIT ENHANCEMENT
SUBORDINATION OF CERTAIN CLASSES
As of the Reference Date, the Special Hazard Loss Coverage Amount,
Bankruptcy Loss Coverage Amount and Fraud Loss Coverage Amount were
approximately $2,013,628, $100,000 and $6,585,874, respectively.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective purchasers of the Class B-1 Certificates should consider
carefully the income tax consequences of an investment in the Class B-1
Certificates discussed under "Certain Federal Income Tax Consequences" in the
Prospectus Supplement and in the Prospectus. Such purchasers should also
consult their own tax advisors with respect to those consequences.
ERISA CONSIDERATIONS
Prospective purchasers of the Class B-1 Certificates should consider
carefully the ERISA consequences of an investment in the Class B-1
Certificates discussed under "ERISA Considerations" in the Prospectus, the
Prospectus Supplement and herein, and should consult their own advisors with
respect to those consequences. As described in the Prospectus Supplement,
the Class B-1 Certificates do not qualify for purposes of the Exemption, PTCE
83-1, or any other issued exemption under ERISA.
RATINGS
The Class B-1 Certificates are currently rated "AA" by Fitch Investors
Service, L.P. See "Ratings" in the Prospectus Supplement.
5
<PAGE>
USE OF PROCEEDS
The Seller intends to use the net proceeds from the sale of the Class
B-1 Certificates for general corporate purposes.
6
<PAGE>
EXHIBIT 1
Most Recent Statement to Certificateholders
THE BANK OF NEW YORK
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1995-V
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENTS DATED NOVEMBER 1, 1995
CUSIP #126691
<TABLE>
<CAPTION>
4.06(i) Reduction of the Stated SINGLE TOTAL
Amount of Certificates CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates NP5 $25.83662259 $3,910,738.73
Class A-2 Certificates NQ3 $0.00000000 $0.00
Class A-3 Certificates NR1 $0.56748786 $11,025.34
Class A-4 Certificates NS9 $0.00000000 $0.00
Class A-5 Certificates NT7 $0.00000000 $0.00
Class A-6 Certificates NU4 $0.00000000 $0.00
Class A-7 Certificates NV2 $8.58051304 $15,207.03
Class A-8 Certificates NW0 $0.00000000 $0.00
Class A-9 Certificates NX8 $0.00000000 $0.00
Class A-10 Certificates NY6 $0.00000000 $0.00
Class PO Certificates NZ3 $0.00000000 $0.00
Class X Certificates PA6 N/A N/A
Class A-R Certificates PB4 $0.00000000 $0.00
Class B-1 Certificates PC2 $0.56748786 $6,850.15
Class B-2 Certificates PD0 $0.56748786 $2,802.82
Class B-3 Certificates PE8 $0.56748786 $1,868.74
Class B-4 Certificates $0.56748786 $934.65
Class B-5 Certificates $0.56748786 $622.53
Class B-6 Certificates $0.56748786 $1,246.23
Total Amount 3,951,296.22
Aggregate amount of any Principal Prepayments 3,821,441.10
4.06(ii) Amount of distribution CERTIFICATE AMOUNT
representing interest
Class A-1 Certificates $5.32245686 $805,629.22
Class A-2 Certificates $6.04166667 $27,187.50
Class A-3 Certificates $5.91373333 $114,893.95
Class A-4 Certificates $5.93750000 $14,843.75
Class A-5 Certificates $5.93750000 $13,997.31
Class A-6 Certificates $5.93750000 $17,812.50
Class A-7 Certificates $5.73709580 $10,167.71
Class A-8 Certificates $6.04166667 $20,742.75
ex. 1-1
<PAGE>
Class A-9 Certificates $0.00000000 $0.00
Class A-10 Certificates $5.93750000 $20,781.25
Class PO Certificates $0.00000000 N/A
Class X Certificates $1.11252876 $243,238.12
Class A-R Certificates $0.00000000 $0.00
Class B-1 Certificates $6.02170880 $72,688.05
Class B-2 Certificates $6.02170880 $29,741.22
Class B-3 Certificates $6.02170880 $19,829.49
Class B-4 Certificates $6.02170880 $9,917.75
Class B-5 Certificates $6.02170880 $6,605.81
Class B-6 Certificates $6.02170880 $13,223.96
Total Amount 1,441,300.34
4.06(iii) Amount of interest shortfall 0.00
4.06(iv)
Stated Amount of
Certificates after
this Distribution
ORIGINAL SINGLE TOTAL
BALANCE CERTIFICATE AMOUNT
Class A-1 Certificates 51,364,162.00 $855.12175361 $129,434,787.64
Class A-2 Certificates 4,500,000.00 $1,000.00000000 $4,500,000.00
Class A-3 Certificates 19,428,327.00 $996.12914156 $19,353,122.70
Class A-4 Certificates 2,500,000.00 $1,000.00000000 $2,500,000.00
Class A-5 Certificates 2,357,442.00 $1,000.00000000 $2,357,442.00
Class A-6 Certificates 3,000,000.00 $1,000.00000000 $3,000,000.00
Class A-7 Certificates 1,772,275.00 $941.00775749 $1,667,724.52
Class A-8 Certificates 3,433,282.00 $1,000.00000000 $3,433,282.00
Class A-9 Certificates 2,427,682.00 $1,043.06596852 $2,532,232.48
Class A-10 Certificates 3,500,000.00 $1,000.00000000 $3,500,000.00
Class PO Certificates $2,805.28 $995.27576570 $2,792.03
Class X Certificates 218,637,319.00 $898.93061029 $196,539,778.60
Class A-R Certificates 100.00 $0.00000000 $0.00
Class B-1 Certificates 12,071,000.00 $996.12914156 $12,024,274.87
Class B-2 Certificates 4,939,000.00 $996.12914156 $4,919,881.83
Class B-3 Certificates 3,293,000.00 $996.12914156 $3,280,253.26
Class B-4 Certificates 1,647,000.00 $996.12914156 $1,640,624.70
Class B-5 Certificates 1,097,000.00 $996.12914156 $1,092,753.67
Class B-6 Certificates 2,196,048.42 $996.12914156 $2,187,545.58
Total $197,426,717.27
4.06(v) The Pool Stated Principal Balance for the following
Distribution Date $197,426,717.27
4.06(vi) Senior Percentage for this Distribution Date 87.65051354870
Subordinated Percentage for this Distribution Date 12.4948645130%
4.06(vii) Amount of the Master Servicing Fees paid to
or retained by the Master Servicer with respect
to such Distribution Date 44,193.91
4.06(viii) Pass-Through Rate and for each Class of Certificates
Class A-1 Certificates 7.25000000%
Class A-2 Certificates 7.25000000%
Class A-3 Certificates 7.12000000%
ex. 1-2
<PAGE>
Class A-4 Certificates 7.12500000%
Class A-5 Certificates 7.12500000%
Class A-6 Certificates 7.12500000%
Class A-7 Certificates 7.25000000%
Class A-8 Certificates 7.25000000%
Class A-9 Certificates 7.25000000%
Class A-10 Certificates 7.12000000%
Class PO Certificates N/A
Class X Certificates 1.45596951%
Class A-R Certificates 7.25000000%
Class B-1 Certificates 7.25000000%
Class B-2 Certificates 7.25000000%
Class B-3 Certificates 7.25000000%
Class B-4 Certificates 7.25000000%
Class B-5 Certificates 7.25000000%
Class B-6 Certificates 7.25000000%
</TABLE>
4.06(ix) Amount of Advances included in the
distribution on such Distribution Date 20,194.21
Aggregate amount of Advances outstanding as of
the close of business on such Distribution Date 22,577.45
4.06(x) The number and aggregate principal amounts of
Mortgage Loans delinquent
30 to 59 days 9 $2,262,760.77
60 to 89 days 0 $0.00
90 or more 2 $138,899.23
The number and aggregate principal amounts
of Mortgage Loans in foreclosure
In foreclosure 3 $419,433.05
4.06(xi) The aggregate dollar amount of Scheduled
Payments for each of Mortgage Loan for the
preceding 12 calendar months or all
calendar months since cut-off date
(a) All outstanding Mortgage Loans on
each Due Date 0.00
(b) Delinquent 60 days or more on each
of the Due Dates 0.00
4.06(xii) Loan number and Stated Principal Balance
of any Mortgage Loan that became an REO
Property during the preceding calendar
month 0 $0.00
4.06(xiii) Total number and principal balance of
any REO Properties as of the close of
business on the Determination Date
preceding such Distribution Date 0 $0.00
4.06(xiv) Senior Prepayment Percentage 100.0000000000%
4.06(xv) Aggregate amount of Realized Losses
incurred during the preceding
calendar month $0.00
Aggregate amount of Realized Losses
through Distribution Date $0.00
4.06(xvi) Special Hazard Loss Coverage Amount 2,013,628.09
Required Fraud Loss Coverage 6,585,874.00
Current Bankruptcy Amount 100,000.00
ex. 1-3
<PAGE>
4.06(xvii) Guaranteed Distributions for such Distribution
date and amounts in respect of the
Guaranteed Distributions paid under the
applicable Policy
A-2 $27,187.50
A-3 $125,919.28
A-4 $14,843.75
A-5 $13,997.31
A-6 $25,374.74
A-10 $20,781.25
4.06(xviii) Withdrawal from Reserve Fund for such
Distribution Date $0.00
4.06(xix) Amount remaining in the Reserve Fund
after taking into account amounts
withdrawn for such distribution date $23,984.00
Ex. 1-4
<PAGE>
EXHIBIT 2
Mortgage Rates(1)
-----------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Mortgage Rates Mortgage Balance Percent of
(%) Loans Outstanding Mortgage Pool
-------------- --------- ----------- -------------
<C> <C> <C> <C>
7.375 1 $ 48,974 0.02%
7.625 3 837,965 0.42
7.750 2 547,523 0.28
7.875 7 1,510,096 0.76
8.000 6 1,306,397 0.66
8.125 8 2,332,951 1.18
8.130 1 306,917 0.16
8.250 12 3,302,643 1.67
8.375 17 4,054,625 2.05
8.380 1 195,002 0.10
8.450 1 100,408 0.05
8.500 54 9,551,734 4.84
8.510 1 366,965 0.19
8.530 1 52,243 0.03
8.575 1 519,580 0.26
8.580 3 334,459 0.17
8.600 1 187,745 0.10
8.625 59 11,827,652 5.99
8.630 1 118,175 0.06
8.650 1 525,782 0.27
8.655 2 546,335 0.28
8.700 2 275,474 0.14
8.725 1 140,703 0.07
8.730 1 248,733 0.13
8.750 117 18,853,664 9.55
8.755 1 111,826 0.06
8.800 2 145,369 0.07
8.805 1 63,341 0.03
8.825 6 816,302 0.41
8.830 3 330,640 0.17
8.850 1 114,815 0.06
8.875 127 19,577,329 9.92
8.880 1 49,800 0.03
8.905 3 770,766 0.39
8.930 1 41,718 0.02
8.950 4 490,524 0.25
8.955 1 328,313 0.17
8.970 1 59,743 0.03
9.000 163 23,040,806 11.67
9.040 1 29,884 0.02
9.070 1 91,029 0.05
9.080 1 84,994 0.04
9.125 110 15,551,011 7.88
9.130 1 83,633 0.04
9.135 1 62,974 0.03
9.150 1 39,826 0.02
9.175 1 120,974 0.06
<PAGE>
</TABLE>
<TABLE>
<CAPTION> Aggregate
Number of Principal
Mortgage Rates Mortgage Balance Percent of
(%) Loans Outstanding Mortgage Pool
-------------- --------- ----------- -------------
<C> <C> <C> <C>
9.190 1 $ 30,858 0.02%
9.220 2 173,541 0.09
9.250 136 17,596,088 8.91
9.255 3 190,618 0.10
9.270 1 73,527 0.04
9.295 1 37,860 0.02
9.330 3 251,827 0.13
9.375 116 15,047,070 7.62
9.500 123 13,128,343 6.65
9.505 1 148,469 0.08
9.580 1 56,700 0.03
9.605 1 206,171 0.10
9.625 81 9,414,734 4.77
9.750 55 5,810,582 2.94
9.830 1 42,717 0.02
9.855 1 49,338 0.02
9.875 47 4,524,763 2.29
9.915 2 103,547 0.05
10.000 36 3,340,873 1.69
10.125 21 1,959,761 0.99
10.170 1 27,353 0.01
10.235 1 22,998 0.01
10.250 26 1,853,609 0.94
10.375 17 1,492,625 0.76
10.435 1 46,076 0.02
10.500 11 744,475 0.38
10.625 3 370,226 0.19
10.750 3 198,671 0.10
10.875 2 299,752 0.15
11.000 1 85,182 0.04
----- ------------- -------
Total 1,435 $ 197,426,717 100.00%
===== ============= =======
</TABLE>
(1) As of the Reference Date, the weighted average Mortgage Rate of the
Mortgage Loans is expected to be approximately 9.080% per annum.
Ex. 2-2
<PAGE>
Original Loan-to-Value Ratio(1)
-------------------------------
<TABLE>
<CAPTION> Aggregate
Original Number of Principal
Loan-to-Value Mortgage Balance Percent of
Ratios (%) Loans Outstanding Mortgage Pool
------------- --------- ----------- -------------
<S> <C> <C> <C>
60.00 and Below 182 $ 21.789.466 11.04%
60.01 -- 65.00 91 11,848,904 6.00
65.01 -- 70.00 183 19.945,332 10.10
70.01 -- 75.00 244 38,452,769 19.48
75.01 -- 80.00 431 63,238,373 32.03
80.01 -- 85.00 10 2,013,879 1.02
85.01 -- 90.00 194 22,346,477 11.32
90.01 -- 95.00 100 17,791,517 9.01
------ ---------------- ------
Total 1,435 $ 197,426,717 100.00%
====== ================ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Mortgage Loans
is expected to be approximately 76.01%.
Current Mortgage Loan Principal Balances(1)
-------------------------------------------
<TABLE>
<CAPTION>
Aggregate
Range of Current Number of Principal
Mortgage Loan Mortgage Balance Percent of
Principal Balances Loans Outstanding Mortgage Pool
------------------ --------- ----------- -------------
<S> <C> <C> <C>
$0 -- $50,000 153 $ 6,150,939 3.12%
$50,001 -- $100,000 488 36,234,704 18.35
$100,001 -- $150,000 372 45,221,072 22.91
$150,001 -- $200,000 141 24,442,364 12.38
$200,001 -- $250,000 112 25,075,325 12.70
$250,001 -- $300,000 66 18,170,282 9.20
$300,001 -- $350,000 38 12,327,008 6.24
$350,001 -- $400,000 28 10,526,853 5.33
$400,001 -- $450,000 13 5,482,132 2.78
$450,001 -- $500,000 6 2,885,205 1.46
$500,001 -- $550,000 7 3,694,747 1.87
$550,001 -- $600,000 6 3,462,241 1.75
$600,001 -- $650,000 2 1,263,515 0.64
$650,001 -- $700,000 1 672,360 0.34
$800,001 -- $850,000 1 821,690 0.42
$950,001 -- $1,000,000 1 996,281 0.50
----- ------------ ------
Total 1,435 $197,426,717 100.00%
===== ============ ======
</TABLE>
(1) As of Reference Date, the average current Mortgage Loan principal
balance is expected to be approximately $137,580.
Ex.2-3
<PAGE>
Original Terms to Maturity(1)
-----------------------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Original Term to Mortgage Balance Percent of
Maturity (Months) Loans Outstanding Mortgage Pool
----------------- --------- ----------- -------------
<C> <C> <C> <C>
300 1 150,533 0.08%
359 1 244,222 0.12
360 1,433 $197,031,963 99.80
----- ------------ ------
Total 1,435 $197,426,717 100.00%
===== ============ ======
</TABLE>
(1) As of the Reference Date, the weighted average remaining term to
maturity of the Mortgage Loans is expected to be approximately 352 months.
Documentation for Mortgage Loans
--------------------------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Type of Mortgage Balance Percent of
Program Loans Outstanding Mortgage Pool
--------- --------- ----------- -------------
<S> <C> <C> <C>
Full 554 $ 78,712,017 39.87%
Alternative 154 19,113,019 9.68
Reduc 721 98,992,831 50.14
No Income/No Asset 6 608,849 0.31
----- --------------- ------
Total 1,435 $ 197,426,717 100.00%
===== =============== ======
</TABLE>
Ex.2-4
<PAGE>
State Distributions of Mortgaged Properties(1)
----------------------------------------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Mortgage Balance Percent of
State Loans Outstanding Mortgage Pool
----- -------- ----------- -------------
<S> <C> <C> <C>
Arizona 59 $ 6,274,427 3.18%
California 430 83,048,549 42.07
Colorado 72 8,695,328 4.40
Florida 158 16,922,643 8.57
Hawaii 13 4,492,199 2.28
Massachusetts 38 4,294,840 2.18
Nevada 63 7,694,046 3.90
New Jersey 42 4,780,611 2.42
New York 74 10,590,551 5.36
Oregon 85 8,358,676 4.23
Utah 36 4,041,303 2.05
Washington 65 7,702,954 3.90
Other 300 30,530,592 15.46
----- --------------- ------
Total 1,435 $ 197,426,717 100.00%
===== =============== ======
</TABLE>
(1) Other includes 30 other states, the District of Columbia, with under
2.00% concentration individually. No more than approximately 0.62% of the
Mortgage Loans will be secured by Mortgaged Properties located in any
one postal zip code area.
Purpose of Mortgage Loans
-------------------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Mortgage Balance Percent of
Loan Purpose Loans Outstanding Mortgage Pool
------------ --------- ------------- -------------
<S> <C> <C> <C>
Purchase 840 $ 115,851,869 58.68%
Refinance (Rate or Term) 232 36,048,416 18.26
Refinance (cash-out) 363 45,526,432 23.06
----- -------------- ------
1,435 $ 197,426,717 100.00%
Total ===== ============== ======
</TABLE>
Ex. 2-5
<PAGE>
Type of Mortgaged Properties
----------------------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Mortgage Balance Percent of
Property Type Loans Outstanding Mortgage Pool
<S> <C> <C> <C>
Single Family 982 $ 147,241,568 74.58%
Planned Unit
Development (PUD) 18 2,170,082 1.10
Low Rise Condominium 127 11,978,778 6.07
2-4 Units 280 33,114,224 16.77
Cooperative 7 761,767 0.39
High Rise Condominium 18 1,915,550 0.97
Townhome 3 244,748 0.12
------ -------------- ------
Total 1,435 $ 197,426,717 100.00%
====== ============== ======
</TABLE>
Occupancy Types(1)
------------------
<TABLE>
<CAPTION> Aggregate
Number of Principal
Mortgage Balance Percent of
Occupancy Type Loans Outstanding Mortgage Pool
-------------- --------- ----------- -------------
<S> <C> <C> <C>
Primary Home 868 $ 145,558,999 73.73%
Second Home 62 8,098,908 4.10
Investor 505 43,768,810 22.17
----- -------------- ------
Total 1,435 $ 197,426,717 100.00%
====== ============== ======
</TABLE>
(1) Based upon representation of the related Mortgagors at the time of
origination.
