- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
June 9, 1997
First Alliance Mortgage Company
(Exact name of registrant as specified in its charter)
California 33-99604-05 95-2944875
------------------------------- ---------------- -------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
17305 Von Karman Avenue 92714-6203
Irvine, California ----------
- --------------------------------------- (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (714) 224-8400
No Change
------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events.
In connection with the offering of First Alliance Mortgage Company Mortgage
Loan Asset Backed Certificates, Series 1997-1, described in a Prospectus
Supplement dated as of June 9, 1997, certain "Computational Materials" within
the meaning of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Computational Materials provided by Prudential Securities
Incorporated in connection with sales efforts related to the
Registrant's securities.
99.2 Computational Materials provided by Lehman Brothers, Inc. in
connection with sales efforts related to the Registrant's
securities.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: FIRST ALLIANCE MORTGAGE COMPANY, as
Company
By: /s/Brian Chisick
---------------------------
Name: Brian Chisick
Title: President
Dated: June 10, 1997
First Alliance Mortgage Loan Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
[$75,000,000] Class A Certificates
- --------------------------------------------------------------------------------
[$20,000,000] Class A-1 Fixed Rate Group Certificates - [.]%
[$55,000,000] Class A-2 Floating Rate Group Certificates - 1M LIBOR + [ ] bps.
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust
1997-2 transaction, and not by or as agent for First Alliance Mortgage Company
(the "Sponsor") or any of its affiliates. The analysis in this report is
accurate to the best of PSI's knowledge and is based on information provided by
the Sponsor. PSI makes no representations as to the accuracy of such information
provided to it by the Sponsor. All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
- --------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust 1997-2,
Class A-1 Fixed Rate Group Certificates and
Class A-2 Variable Rate Group Certificates
(collectively, the "Certificates").
Certificate
Description: Class A-1 Class A-2
--------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home Equity
Mortgage Loans Mortgage Loans
Prepayment
Assumption: [23% HEP] [27% CPR]
Approximate Size: [$20,000,000] [$55,000,000]
Average Life
to Call: [3.496] [2.888]
Average Life
to maturity: [3.861] [3.095]
Coupon: [.%] The lesser of:
1) One Month LIBOR + []bps
2) The Available Funds Cap
Coupon Step-up: After the Clean-Up Call, After the Clean-up Call,
the Coupon will the lesser of:
be increased by 1) One Month LIBOR +
50 bps. 2x [] bps
2) The Available Funds Cap
Yield to Call: [.%] Variable
Collateral
Adjustment Frequency: N/A Every 6 months (Both
Interest Rate & Payment)
Payment Delay: [19] NONE
Interest
Accrual Basis: 30/360 Actual/360
Dated Date: [6/1/97] [6/26/97]
Expected Maturity
without Call: [12/20/15] [10/20/13]
Expected Maturity
with 10% Call: [03/20/05] [03/20/05]
Stated Maturity: [09/20/28] [06/20/27]
Pricing Date: [June __, 1997] [June __, 1997]
Settlement Date: [June 27, 1997] [June 27, 1997]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
- --------------------------------------------------------------------------------
Company and
Servicer: First Alliance Mortgage Company, a California
corporation.
Servicing Fee: 50 basis points per annum.
Trustee: The Chase Manhattan Bank
Aggregate
Group Balance: Fixed Rate Group $[20,000,000]
Variable Rate Group $[55,000,000]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on July 20, 1997.
Record Date: Class A-1 & Class A-2 - The last day of the calendar
month immediately preceeding the related Payment
Date.
Interest
Accrual Period: The interest accrual period for the Class A-1
Certificates is the calendar month prior to the month
in which a distribution occurs.
Interest will accrue on the Class A-2 Certificates
from Payment Date to Payment Date. For the first
Payment Date, interest will accrue from the Closing
Date to the first Payment Date.
Form of Certificates: Book-entry only through the same-day funds facilities
of DTC, Euroclear and CEDEL.
Denominations: Minimum denominations of $1,000 and integral
multiples thereof.
Prepayment
Assumption: For the Class A-1 Fixed-Rate Group Certificates,
[23]% HEP ([2.3]% CPR in month 1 with monthly
incremental increases of [2.3]% CPR until the speed
reaches [23]% CPR in month 10 based on loan
seasoning.)
For the Class A-2 Variable-Rate Group Certificates,
[27]% CPR.
10% Clean-up Call: The Servicer has the option to exercise a call when
the aggregate mortgage loan balance equals 10% or
less of the original aggregate collateral balance and
the original aggregate amount of the prefunding
accounts. The call will be exercised at par plus
accrued interest.
Coupon Step-Up: If the Servicer does not exercise the Cleanup Call,
the coupon on the Class A-1 Certificates shall be
raised to [.]% + 0.50%.
If the Servicer does not exercise the Cleanup Call,
the coupon on the Class A-2 Certificates shall be
raised to 1M LIBOR + 2x []bps, subject to the Monthly
Available Funds Cap.
Available Funds Cap: The Available Funds Cap is the weighted average of
the Mortgage Rates on the Mortgage Loans in the
Variable Rate Group, less the sum of (a) the
Variable- Rate Group Servicing Fee (50 bps), (b)
beginning on the Second Payment Date from the Closing
Date, the premiums due to the Certificate Insurer
with respect to the Certificate Insurance Policy
relating to the Class A-2 Certificates, (c) the fees
due to the Trustee relating to the Class A-2
Certificates, and (d) beginning on the [seventh]
Payment Date from the Closing Date, [0.50%],
expressed as a percentage of the Mortgage loans in
the Variable Rate Group, calculated as of the first
day of the related Remittance Period.
Interest
Carry Forward: The Class A-2 Certificates will have an interest
carry forward feature. The excess of the interest
accrued on the Class A-2 Certificates over the amount
of interest actually distributed will be paid on
future Remittance Dates to the extent of Class A-2
Available funds prior to distributing any Excess
Spread to the holder of the Class R Certificate. The
Interest Carryover Amount will accrue interest at the
Class A-2 Certificate Rate. No interest Carryover
will be paid once its principal balance has been
reduced to zero. The Interest Carryover Amount is not
guaranteed by MBIA. There will be no make-whole of
the interest carry forward at the call date.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
- --------------------------------------------------------------------------------
Pre-Funding Account: On the Closing Date, approximately [$14,102,328.94]
will be deposited in a pre-funding account for the
purchase of additional floating-rate mortgage loans
and [$4,569,684.29] will be deposited in a
pre-funding account for the purchase of additional
fixed-rate mortgage loans. From the Closing Date
until [July 20,1997] the Trust intends to purchase
mortgage loans up to the entire pre-funding amounts.
The additional mortgage loans, purchased with funds
deposited in the prefunding account, will be subject
to certain individual and aggregate group
characteristics that will be more fully described in
the Prospectus Supplement.
Funds remaining in the fixed-rate pre-funding account
will be distributed to the Class A-1
Certificateholders as a prepayment on the July 1997
Payment Date.
Funds remaining in the floating-rate pre-funding
account will be distributed to the Class A-2
Certificateholders as a prepayment on the July 1997
Payment Date.
Credit Enhancement: A combination of:
- Overcollateralization.
- Cross-collateralization of excess spread
- 100% wrap from MBIA guarantee of timely interest
and ultimate principal.
Certificate Ratings: The Certificates will be rated AAA by Standard &
Poor's and Aaa by Moody's Investor Service.
Certificate Insurer: MBIA Insurance Corporation ("MBIA").
MBIA's claims-paying ability is rated AAA/Aaa by
Standard and Poor's and Moody's.
Certificate
Insurance: Timely payments of interest and the ultimate payment
of principal on the Certificates will be 100%
guaranteed by MBIA.
ERISA
Considerations: The Certificates will not be ERISA eligible during
the Prefunding Period. At the end of the Prefunding
Period, the Certificates may be ERISA eligible.
Investors should consult with their counsel with
respect to the consequences under ERISA and the Code
of the Plan's acquisition and ownership of such
certificates.
SMMEA: The Certificates will NOT constitute "mortgage
related securities" for purposes of SMMEA.
Taxation: REMIC.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information
with respect to the Certificates and the Collateral
is contained in the Prospectus. The foregoing is
qualified in its entirety by the information
appearing in the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus, the
Prospectus shall govern in all respects. Sales of the
Certificates may not be consumated unless the
purchaser has received the Prospectus.
Further Information: For further information, call the desk at (212)
778-2741, Paul Richardson at (212) 778-1507, Sean
Arnold at (212) 778-4921 or Lina Hsu at (212)
778-1451.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
AVAILABLE FUNDS CAP
===================
Cap: Net WAC - fees - 50bps cushion (starting month7)
(30/360 day count)
DATE COUPON
---- ------
07/97 8.448
08/97 8.448
09/97 8.449
10/97 8.449
11/97 8.449
12/97 8.579
01/98 8.079
02/98 8.515
03/98 8.903
04/98 8.971
05/98 8.971
06/98 9.102
07/98 9.102
08/98 9.537
09/98 9.926
10/98 9.994
11/98 9.994
12/98 10.124
01/99 10.125
02/99 10.560
03/99 10.948
04/99 11.016
05/99 11.016
06/99 11.081
07/99 11.081
08/99 11.318
09/99 11.514
10/99 11.549
11/99 11.549
12/99 11.549
01/00 11.549
02/00 11.549
03/00 11.549
04/00 11.549
05/00 11.549
06/00 11.549
07/00 11.549
08/00 11.549
09/00 11.549
10/00 11.549
11/00 11.549
12/00 11.549
01/01 11.549
02/01 11.549
03/01 11.549
04/01 11.549
05/01 11.549
06/01 11.549
07/01 11.549
08/01 11.549
09/01 11.549
10/01 11.549
11/01 11.549
12/01 11.549
01/02 11.549
02/02 11.549
03/02 11.549
04/02 11.549
05/02 11.549
06/02 11.549
07/02 11.549
08/02 11.549
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCE: $20,000,000.00 DATED DATE: 06/01/97
COUPON: TBD FIRST PAYMENT: 07/20/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $20,000,000.00 YIELD TABLE DATE: 06/27/97
FAMT72
BOND A1 PRICE-YIELD TABLE
PREPAYMENT SPEED
*** PRICED TO 10% CALL ***
<TABLE>
<CAPTION>
PRICING SPEED
FIX 23.0%/ 19.00%/ 21.00%/ 23.00%/ 25.00%/ 27.00%/ 29.00%/ HEP
PRICE ARM 27.0% 21.00 23.00 25.00 27.00 29.00 31.00 CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.324 7.330 7.327 7.324 7.321 7.318 7.315
99-24+ 7.318 7.325 7.322 7.319 7.315 7.312 7.308
99-25 7.313 7.321 7.317 7.313 7.309 7.306 7.302
99-25+ 7.307 7.316 7.312 7.308 7.304 7.299 7.295
99-26 7.302 7.311 7.307 7.302 7.298 7.293 7.289
99-26+ 7.296 7.306 7.302 7.297 7.292 7.287 7.282
99-27 7.291 7.302 7.297 7.291 7.286 7.281 7.276
99-27+ 7.285 7.297 7.291 7.286 7.280 7.275 7.269
99-28 7.280 7.292 7.286 7.281 7.275 7.269 7.263
99-28+ 7.274 7.287 7.281 7.275 7.269 7.263 7.256
99-29 7.269 7.283 7.276 7.270 7.263 7.256 7.250
99-29+ 7.263 7.278 7.271 7.264 7.257 7.250 7.243
99-30 7.258 7.273 7.266 7.259 7.251 7.244 7.237
99-30+ 7.252 7.268 7.261 7.253 7.246 7.238 7.230
99-31 7.247 7.264 7.256 7.248 7.240 7.232 7.224
99-31+ 7.241 7.259 7.251 7.242 7.234 7.226 7.217
100-00 7.236 7.254 7.246 7.237 7.228 7.219 7.211
100-00+ 7.230 7.250 7.241 7.232 7.223 7.213 7.204
100-01 7.225 7.245 7.236 7.226 7.217 7.207 7.198
100-01+ 7.219 7.240 7.230 7.221 7.211 7.201 7.191
100-02 7.214 7.235 7.225 7.215 7.205 7.195 7.185
100-02+ 7.208 7.231 7.220 7.210 7.199 7.189 7.178
100-03 7.203 7.226 7.215 7.205 7.194 7.183 7.172
100-03+ 7.197 7.221 7.210 7.199 7.188 7.177 7.165
100-04 7.192 7.217 7.205 7.194 7.182 7.170 7.159
100-04+ 7.187 7.212 7.200 7.188 7.176 7.164 7.152
100-05 7.181 7.207 7.195 7.183 7.171 7.158 7.146
100-05+ 7.176 7.202 7.190 7.177 7.165 7.152 7.139
100-06 7.170 7.198 7.185 7.172 7.159 7.146 7.133
100-06+ 7.165 7.193 7.180 7.167 7.153 7.140 7.126
100-07 7.159 7.188 7.175 7.161 7.148 7.134 7.120
100-07+ 7.154 7.184 7.170 7.156 7.142 7.128 7.113
First Payment 0.064 0.064 0.064 0.064 0.064 0.064 0.064
Average Life 3.496 4.214 3.850 3.545 3.281 3.052 2.854
Last Payment 7.731 9.814 8.897 8.147 7.481 6.897 6.397
Mod.Dur. @ 100-00 2.837 3.289 3.062 2.864 2.688 2.531 2.392
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCE: $55,000,000.00 DATED DATE: 06/26/97
CURRENT COUPON: TBD FIRST PAYMENT: 07/20/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $55,000,000.00 YIELD TABLE DATE: 06/27/97
FAMT72
BOND A2 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
*** PRICED TO 10% CALL ***
<TABLE>
<CAPTION>
PRICING SPEED
FIX 23.0%/ 19.00%/ 21.00%/ 23.00%/ 25.00%/ 27.00%/ 29.00%/ HEP
PRICE ARM 27.0% 21.00 23.00 25.00 27.00 29.00 31.00 CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 32.826 30.866 31.526 32.193 32.878 33.581 34.294
99-24+ 32.210 30.373 30.992 31.617 32.260 32.918 33.586
99-25 31.595 29.880 30.458 31.042 31.641 32.255 32.879
99-25+ 30.980 29.388 29.924 30.466 31.023 31.593 32.172
99-26 30.365 28.896 29.390 29.891 30.404 30.931 31.465
99-26+ 29.750 28.403 28.857 29.315 29.786 30.268 30.758
99-27 29.135 27.911 28.323 28.740 29.168 29.607 30.052
99-27+ 28.521 27.419 27.790 28.165 28.550 28.945 29.346
99-28 27.906 26.928 27.257 27.590 27.933 28.283 28.639
99-28+ 27.292 26.436 26.724 27.016 27.315 27.622 27.933
99-29 26.678 25.944 26.191 26.441 26.698 26.961 27.228
99-29+ 26.064 25.453 25.659 25.867 26.081 26.300 26.522
99-30 25.451 24.962 25.126 25.293 25.464 25.639 25.817
99-30+ 24.837 24.471 24.594 24.719 24.847 24.978 25.112
99-31 24.224 23.980 24.062 24.145 24.230 24.318 24.407
99-31+ 23.611 23.489 23.530 23.571 23.614 23.657 23.702
100-00 22.998 22.998 22.998 22.998 22.998 22.997 22.997
100-00+ 22.385 22.507 22.466 22.424 22.381 22.337 22.293
100-01 21.772 22.017 21.935 21.851 21.765 21.678 21.589
100-01+ 21.160 21.527 21.403 21.278 21.150 21.018 20.885
100-02 20.547 21.037 20.872 20.705 20.534 20.359 20.181
100-02+ 19.935 20.547 20.341 20.132 19.919 19.700 19.477
100-03 19.323 20.057 19.810 19.560 19.303 19.040 18.774
100-03+ 18.711 19.567 19.279 18.987 18.688 18.382 18.070
100-04 18.100 19.077 18.748 18.415 18.073 17.723 17.367
100-04+ 17.488 18.588 18.217 17.843 17.458 17.064 16.664
100-05 16.877 18.098 17.687 17.271 16.844 16.406 15.962
100-05+ 16.266 17.609 17.157 16.699 16.229 15.748 15.259
100-06 15.655 17.120 16.627 16.128 15.615 15.090 14.557
100-06+ 15.044 16.631 16.097 15.556 15.001 14.432 13.855
100-07 14.433 16.142 15.567 14.985 14.387 13.775 13.153
100-07+ 13.823 15.654 15.037 14.414 13.773 13.117 12.451
First Payment 0.064 0.064 0.064 0.064 0.064 0.064 0.064
Average Life 2.888 3.749 3.405 3.116 2.866 2.649 2.460
Last Payment 7.731 9.814 8.897 8.147 7.481 6.897 6.397
Mod.Dur. @ 100-00 2.450 3.060 2.823 2.618 2.436 2.275 2.131
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT72
- Cut Off Date of Tape is 5/31/97
- FIX
- $15,430,315.71
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 222
Aggregate Unpaid Principal Balance: $15,430,315.71
Aggregate Original Principal Balance: $15,596,000.00
Weighted Average Gross Coupon: 10.675%
Gross Coupon Range: 8.500% - 16.950%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $69,505.93
Average Original Principal Balance: $70,252.25
Maximum Unpaid Principal Balance: $233,764.00
Minimum Unpaid Principal Balance: $9,304.45
Maximum Original Principal Balance: $233,764.00
Minimum Original Principal Balance: $11,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 309.677
Stated Rem Term Range: 80.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 3.598
Age Range: 0.000 - 73.000
Weighted Average Original Term: 313.274
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 54.861
Original LTV Range: 4.800% - 83.250%
Weighted Average Combined LTV: 56.016
Combined LTV Range: 12.350% - 83.250%
- --------------------------------------------------------------------------------
LARGEST ZIP CODE CONCENTRATION FOR FIX LOANS
ZIP # OF LOANS BALANCE CLTV %
95030 2 311,725.00 47.99 2.02
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
80.01 to 85.00 1 101,419.23 0.66
75.01 to 80.00 6 629,017.46 4.08
70.01 to 75.00 15 1,453,140.76 9.42
65.01 to 70.00 26 2,447,719.45 15.86
60.01 to 65.00 28 2,056,039.39 13.32
55.01 to 60.00 23 2,104,269.22 13.64
50.01 to 55.00 26 1,829,203.05 11.85
45.01 to 50.00 25 1,643,726.24 10.65
40.01 to 45.00 17 921,988.82 5.98
35.01 to 40.00 9 459,496.06 2.98
30.01 to 35.00 21 918,477.01 5.95
25.01 to 30.00 11 427,225.11 2.77
20.01 to 25.00 6 251,240.00 1.63
15.01 to 20.00 5 145,096.00 0.94
10.01 to 15.00 3 42,257.91 0.27
- --------------------------------------------------------------------------
Total............ 222 $ 15,430,315.71 100.00%
==========================================================================
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
80.01 to 85.00 1 101,419.23 0.66
75.01 to 80.00 6 629,017.46 4.08
70.01 to 75.00 15 1,453,140.76 9.42
65.01 to 70.00 23 2,311,746.31 14.98
60.01 to 65.00 24 1,970,705.23 12.77
55.01 to 60.00 21 2,005,173.89 13.00
50.01 to 55.00 23 1,720,005.70 11.15
45.01 to 50.00 24 1,661,063.64 10.76
40.01 to 45.00 15 891,000.00 5.77
35.01 to 40.00 9 501,961.65 3.25
30.01 to 35.00 20 869,551.57 5.64
25.01 to 30.00 14 550,754.45 3.57
20.01 to 25.00 7 271,240.00 1.76
15.01 to 20.00 10 312,593.94 2.03
10.01 to 15.00 6 134,450.80 0.87
5.01 to 10.00 3 37,186.63 0.24
0.01 to 5.00 1 9,304.45 0.06
- --------------------------------------------------------------------------
Total............ 222 $ 15,430,315.71 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
8.00% < Gross Coupon <= 8.50% 1 95,941.84 0.62
8.50% < Gross Coupon <= 9.00% 7 741,065.56 4.80
9.00% < Gross Coupon <= 9.50% 11 933,251.66 6.05
9.50% < Gross Coupon <= 10.00% 58 4,654,577.49 30.17
10.00% < Gross Coupon <= 10.50% 31 2,521,862.89 16.34
10.50% < Gross Coupon <= 11.00% 36 2,526,596.08 16.37
11.00% < Gross Coupon <= 11.50% 20 1,249,071.58 8.09
11.50% < Gross Coupon <= 12.00% 13 760,770.70 4.93
12.00% < Gross Coupon <= 12.50% 5 294,498.95 1.91
12.50% < Gross Coupon <= 13.00% 8 532,123.80 3.45
13.00% < Gross Coupon <= 13.50% 4 224,877.13 1.46
13.50% < Gross Coupon <= 14.00% 13 467,144.83 3.03
14.00% < Gross Coupon <= 14.50% 2 78,337.66 0.51
14.50% < Gross Coupon <= 15.00% 4 117,283.39 0.76
15.00% < Gross Coupon <= 15.50% 8 219,646.70 1.42
16.50% < Gross Coupon <= 17.00% 1 13,265.45 0.09
- ----------------------------------------------------------------------------
Total.......... 222 $ 15,430,315.71 100.00%
============================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 1 33,178.00 0.22
CA 88 5,992,876.20 38.84
CO 10 557,310.00 3.61
FL 16 1,441,664.05 9.34
GA 13 653,890.57 4.24
IL 16 1,251,146.10 8.11
NJ 13 1,071,818.33 6.95
NY 25 1,868,994.86 12.11
OH 1 56,030.00 0.36
OR 5 330,223.86 2.14
PA 3 188,579.49 1.22
UT 15 995,793.78 6.45
WA 16 988,810.47 6.41
- --------------------------------------------------------------------------
Total............... 222 $ 15,430,315.71 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
72 < Rem Term <= 84 2 33,718.62 0.22%
96 < Rem Term <= 108 1 17,077.35 0.11%
108 < Rem Term <= 120 25 929,506.43 6.02%
168 < Rem Term <= 180 48 2,788,471.47 18.07%
228 < Rem Term <= 240 4 253,447.65 1.64%
348 < Rem Term <= 360 142 11,408,094.19 73.93%
- -------------------------------------------------------------------
Total............ 222 15,430,315.71 100.00%
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 < Balance <= 10,000 1 9,304.45 0.06
10,000 < Balance <= 15,000 4 50,134.09 0.32
15,000 < Balance <= 20,000 6 112,902.03 0.73
20,000 < Balance <= 25,000 5 107,290.48 0.70
25,000 < Balance <= 30,000 10 282,238.46 1.83
30,000 < Balance <= 35,000 9 297,836.65 1.93
35,000 < Balance <= 40,000 10 371,962.33 2.41
40,000 < Balance <= 45,000 12 506,121.79 3.28
45,000 < Balance <= 50,000 21 993,980.93 6.44
50,000 < Balance <= 55,000 14 737,427.18 4.78
55,000 < Balance <= 60,000 11 636,643.82 4.13
60,000 < Balance <= 65,000 12 749,129.86 4.85
65,000 < Balance <= 70,000 13 876,580.87 5.68
70,000 < Balance <= 75,000 9 656,556.84 4.25
75,000 < Balance <= 80,000 19 1,472,369.69 9.54
80,000 < Balance <= 85,000 9 741,125.85 4.80
85,000 < Balance <= 90,000 6 528,150.65 3.42
90,000 < Balance <= 95,000 10 929,341.00 6.02
95,000 < Balance <= 100,000 10 981,189.13 6.36
100,000 < Balance <= 125,000 13 1,452,859.61 9.42
125,000 < Balance <= 150,000 9 1,261,948.00 8.18
150,000 < Balance <= 200,000 6 1,027,156.00 6.66
200,000 < Balance <= 250,000 3 648,066.00 4.20
- --------------------------------------------------------------------------
Total.................... 222 $ 15,430,315.71 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 208 14,531,635.12 94.18
PUD 1 72,880.00 0.47
Condo 5 232,051.00 1.50
2-4 Family 8 593,749.59 3.85
- --------------------------------------------------------------------------
Total............... 222 $ 15,430,315.71 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Occupancy Status Loans Balance Balance
Owner Occupied 213 14,868,492.92 96.36
Investor 9 561,822.79 3.64
- --------------------------------------------------------------------------
Total.................. 222 $ 15,430,315.71 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL JUNIOR LIEN RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Junior Lien Mortgage Principal Principal
Ratio Loans Balance Balance
10.01 to 20.00 3 42,757.39 0.28
20.01 to 30.00 4 98,406.22 0.64
30.01 to 40.00 4 93,655.59 0.61
40.01 to 50.00 3 105,636.20 0.68
50.01 to 60.00 1 29,822.16 0.19
60.01 to 70.00 2 94,472.34 0.61
70.01 to 80.00 3 118,309.47 0.77
80.01 to 90.00 4 180,677.86 1.17
90.01 to 100.00 198 14,666,578.48 95.05
- --------------------------------------------------------------------------
Total............ 222 $ 15,430,315.71 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 196 14,545,586.38 94.27
2 24 839,289.38 5.44
3 2 45,439.95 0.29
- --------------------------------------------------------------------------
Total............... 222 $ 15,430,315.71 100.00%
==========================================================================
PREPAYMENT PENALTY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
NONE 98 7,602,402.72 49.27
1 1 56,030.00 0.36
2 13 995,186.53 6.45
6 110 6,776,696.46 43.92
- --------------------------------------------------------------------------
Total............... 222 $ 15,430,315.71 100.00%
==========================================================================
1 = 1% of original principal balance for 5 years
2 = 3 mos interest on 100% of UPB for 3 years
6 = 6 mos interest on 80% of UPB for 5 years
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Business Capital 1 68,074.95 0.44
Purchase 1 95,941.84 0.62
Refinance/Cashout 171 12,803,468.84 82.98
Investment 1 77,062.00 0.50
Debt Consolidation 33 1,861,148.12 12.06
Home Improvement 15 524,619.96 3.40
- --------------------------------------------------------------------------
Total.................. 222 $ 15,430,315.71 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 193 13,682,138.24 88.67
Alternate Documentation 19 1,299,929.09 8.42
No Documentation 10 448,248.38 2.90
- --------------------------------------------------------------------------------
Total.................. 222 $ 15,430,315.71 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT72
- Cut Off Date of Tape is 5/31/97
- 6M LIBOR ARMs
- $40,897,671.06
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 466
Loan Type: 100% 6M LIBOR ARMs
Aggregate Unpaid Principal Balance: $40,897,671.06
Aggregate Original Principal Balance: $40,912,508.00
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 9.115%
Gross Coupon Range: 6.315% - 14.750%
Weighted Average Margin (Gross): 6.761%
Gross Margin Range: 4.990% - 10.750%
Weighted Average Life Cap (Gross): 16.111%
Gross Life Cap Range: 13.315% - 21.750%
Weighted Average Life Floor (Gross): 9.111%
Gross Life Floor Range: 6.315% - 14.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $87,763.24
Average Original Principal Balance: $87,795.08
Maximum Unpaid Principal Balance: $362,317.00
Minimum Unpaid Principal Balance: $19,951.63
Maximum Original Principal Balance: $362,317.00
Minimum Original Principal Balance: $20,001.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 345.186
Stated Rem Term Range: 96.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.236
Age Range: 0.000 - 7.000
Weighted Average Original Term: 345.422
Original Term Range: 96.000 - 360.000
Weighted Average Original LTV: 58.390
Original LTV Range: 8.811% - 80.000%
Weighted Average Periodic Interest Cap: 1.026%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Months to Interest Roll: 6.273 * calculated
from 6/97 to
next rolldate
Months to Interest Roll Range: 1 - 8
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
Lien Status 100% First Lien
- --------------------------------------------------------------------------------
LARGEST ZIP CODE CONCENTRATION FOR ARM LOANS
ZIP # OF LOANS BALANCE CLTV %
84093 2 514,069.15 68.81 1.26%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
75.01 to 80.00 14 1,386,738.16 3.39
70.01 to 75.00 55 6,391,553.69 15.63
65.01 to 70.00 59 5,989,202.20 14.64
60.01 to 65.00 73 8,184,147.24 20.01
55.01 to 60.00 54 4,940,462.63 12.08
50.01 to 55.00 43 3,662,003.94 8.95
45.01 to 50.00 40 3,144,175.79 7.69
40.01 to 45.00 27 2,123,801.50 5.19
35.01 to 40.00 27 1,670,447.20 4.08
30.01 to 35.00 30 1,656,384.54 4.05
25.01 to 30.00 20 923,698.22 2.26
20.01 to 25.00 12 446,582.00 1.09
15.01 to 20.00 8 283,863.32 0.69
10.01 to 15.00 3 74,522.63 0.18
5.01 to 10.00 1 20,088.00 0.05
- --------------------------------------------------------------------------
Total............ 466 $ 40,897,671.06 100.00%
==========================================================================
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.00% < Gross Coupon <= 6.50% 1 77,000.00 0.19
6.50% < Gross Coupon <= 7.00% 2 142,875.00 0.35
7.00% < Gross Coupon <= 7.50% 23 2,163,235.48 5.29
7.50% < Gross Coupon <= 8.00% 80 6,756,460.59 16.52
8.00% < Gross Coupon <= 8.50% 67 6,256,909.41 15.30
8.50% < Gross Coupon <= 9.00% 94 8,760,936.03 21.42
9.00% < Gross Coupon <= 9.50% 53 4,769,838.79 11.66
9.50% < Gross Coupon <= 10.00% 62 5,345,499.12 13.07
10.00% < Gross Coupon <= 10.50% 23 1,815,711.01 4.44
10.50% < Gross Coupon <= 11.00% 24 2,055,506.03 5.03
11.00% < Gross Coupon <= 11.50% 10 789,860.44 1.93
11.50% < Gross Coupon <= 12.00% 13 1,073,569.52 2.63
12.00% < Gross Coupon <= 12.50% 3 214,245.22 0.52
12.50% < Gross Coupon <= 13.00% 6 305,838.00 0.75
13.00% < Gross Coupon <= 13.50% 2 91,890.42 0.22
13.50% < Gross Coupon <= 14.00% 1 158,772.00 0.39
14.00% < Gross Coupon <= 14.50% 1 74,951.00 0.18
14.50% < Gross Coupon <= 15.00% 1 44,573.00 0.11
- ----------------------------------------------------------------------------
Total.......... 466 $ 40,897,671.06 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 17 1,318,779.00 3.22
CA 77 8,934,506.44 21.85
CO 16 1,247,061.67 3.05
FL 19 1,370,154.38 3.35
GA 5 297,559.00 0.73
ID 2 148,276.75 0.36
IL 53 4,614,954.37 11.28
MA 5 423,323.00 1.04
NJ 58 4,356,055.19 10.65
NY 70 6,169,823.52 15.09
OH 21 1,309,413.76 3.20
OR 34 2,864,179.21 7.00
PA 25 1,982,693.26 4.85
UT 26 2,538,878.15 6.21
WA 38 3,322,013.36 8.12
- --------------------------------------------------------------------------
Total............... 466 $ 40,897,671.06 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
84 < Rem Term <= 96 1 21,563.00 0.05%
108 < Rem Term <= 120 2 71,013.20 0.17%
168 < Rem Term <= 180 49 3,081,141.94 7.53%
228 < Rem Term <= 240 4 157,210.00 0.38%
348 < Rem Term <= 360 410 37,566,742.92 91.86%
- -------------------------------------------------------------------
Total............ 466 40,897,671.06 100.00%
===================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
15,000 < Balance <= 20,000 1 19,951.63 0.05
20,000 < Balance <= 25,000 9 198,643.00 0.49
25,000 < Balance <= 30,000 7 199,238.20 0.49
30,000 < Balance <= 35,000 9 292,878.09 0.72
35,000 < Balance <= 40,000 19 713,715.45 1.75
40,000 < Balance <= 45,000 22 942,333.16 2.30
45,000 < Balance <= 50,000 20 954,655.39 2.33
50,000 < Balance <= 55,000 18 949,371.40 2.32
55,000 < Balance <= 60,000 21 1,220,036.87 2.98
60,000 < Balance <= 65,000 26 1,634,492.39 4.00
65,000 < Balance <= 70,000 27 1,818,147.75 4.45
70,000 < Balance <= 75,000 37 2,694,250.96 6.59
75,000 < Balance <= 80,000 24 1,862,261.37 4.55
80,000 < Balance <= 85,000 19 1,575,933.58 3.85
85,000 < Balance <= 90,000 18 1,576,687.67 3.86
90,000 < Balance <= 95,000 21 1,947,800.50 4.76
95,000 < Balance <= 100,000 31 3,023,545.67 7.39
100,000 < Balance <= 125,000 71 7,853,758.41 19.20
125,000 < Balance <= 150,000 31 4,214,942.93 10.31
150,000 < Balance <= 200,000 21 3,531,958.98 8.64
200,000 < Balance <= 250,000 7 1,564,910.15 3.83
250,000 < Balance <= 300,000 3 782,585.95 1.91
300,000 < Balance <= 350,000 3 963,254.56 2.36
350,000 < Balance <= 400,000 1 362,317.00 0.89
- --------------------------------------------------------------------------
Total.................... 466 $ 40,897,671.06 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 434 38,034,331.68 93.00
PUD 3 196,046.00 0.48
Condo 5 493,656.05 1.21
2-4 Family 24 2,173,637.33 5.31
- --------------------------------------------------------------------------
Total............... 466 $ 40,897,671.06 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Occupancy Status Loans Balance Balance
Owner Occupied 447 39,169,660.57 95.77
Investor 19 1,728,010.49 4.23
- --------------------------------------------------------------------------
Total.................. 466 $ 40,897,671.06 100.00%
==========================================================================
DISTRIBUTION OF MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.00 < Life Cap <= 13.50 1 77,000.00 0.19
13.50 < Life Cap <= 14.00 2 142,875.00 0.35
14.00 < Life Cap <= 14.50 23 2,163,235.48 5.29
14.50 < Life Cap <= 15.00 80 6,756,460.59 16.52
15.00 < Life Cap <= 15.50 67 6,256,909.41 15.30
15.50 < Life Cap <= 16.00 95 8,831,049.08 21.59
16.00 < Life Cap <= 16.50 53 4,769,838.79 11.66
16.50 < Life Cap <= 17.00 62 5,349,996.47 13.08
17.00 < Life Cap <= 17.50 23 1,815,711.01 4.44
17.50 < Life Cap <= 18.00 23 1,980,895.63 4.84
18.00 < Life Cap <= 18.50 10 789,860.44 1.93
18.50 < Life Cap <= 19.00 13 1,073,569.52 2.63
19.00 < Life Cap <= 19.50 3 214,245.22 0.52
19.50 < Life Cap <= 20.00 6 305,838.00 0.75
20.00 < Life Cap <= 20.50 2 91,890.42 0.22
20.50 < Life Cap <= 21.00 1 158,772.00 0.39
21.00 < Life Cap <= 21.50 1 74,951.00 0.18
21.50 < Life Cap <= 22.00 1 44,573.00 0.11
- --------------------------------------------------------------------------
Total................. 466 $ 40,897,671.06 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
DISTRIBUTION OF MINIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
6.00 < Life Floor <= 6.50 1 77,000.00 0.19
6.50 < Life Floor <= 7.00 2 142,875.00 0.35
7.00 < Life Floor <= 7.50 23 2,163,235.48 5.29
7.50 < Life Floor <= 8.00 80 6,756,460.59 16.52
8.00 < Life Floor <= 8.50 67 6,256,909.41 15.30
8.50 < Life Floor <= 9.00 95 8,831,049.08 21.59
9.00 < Life Floor <= 9.50 53 4,769,838.79 11.66
9.50 < Life Floor <= 10.00 62 5,349,996.47 13.08
10.00 < Life Floor <= 10.50 23 1,815,711.01 4.44
10.50 < Life Floor <= 11.00 23 1,980,895.63 4.84
11.00 < Life Floor <= 11.50 10 789,860.44 1.93
11.50 < Life Floor <= 12.00 13 1,073,569.52 2.63
12.00 < Life Floor <= 12.50 3 214,245.22 0.52
12.50 < Life Floor <= 13.00 6 305,838.00 0.75
13.00 < Life Floor <= 13.50 2 91,890.42 0.22
13.50 < Life Floor <= 14.00 1 158,772.00 0.39
14.00 < Life Floor <= 14.50 1 74,951.00 0.18
14.50 < Life Floor <= 15.00 1 44,573.00 0.11
- --------------------------------------------------------------------------
Total................. 466 $ 40,897,671.06 100.00%
==========================================================================
DISTRIBUTION OF MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
4.0 < Margin <= 5.0 43 3,338,210.87 8.16
5.0 < Margin <= 6.0 132 11,426,577.86 27.94
6.0 < Margin <= 7.0 130 12,512,987.68 30.60
7.0 < Margin <= 8.0 116 10,003,827.26 24.46
8.0 < Margin <= 9.0 36 2,981,378.75 7.29
9.0 < Margin <= 10.0 6 356,392.64 0.87
10.0 < Margin <= 11.0 3 278,296.00 0.68
- --------------------------------------------------------------------------
Total................. 466 $ 40,897,671.06 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 448 38,788,339.44 94.84
1.500 18 2,109,331.62 5.16
- --------------------------------------------------------------------------
Total................. 466 $ 40,897,671.06 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Business Capital 2 161,281.00 0.39
Refinance/Cashout 378 35,425,234.21 86.62
Investment 3 283,402.00 0.69
Debt Consolidation 55 3,576,275.22 8.74
Home Improvement 28 1,451,478.63 3.55
- --------------------------------------------------------------------------
Total.................. 466 $ 40,897,671.06 100.00%
==========================================================================
PREPAYMENT PENALTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
NONE 306 27,149,833.53 66.38
1 15 984,056.88 2.41
3 3 241,630.00 0.59
6 142 12,522,150.65 30.62
- ------------------------------------------------------------------------
Total............... 466 $ 40,897,671.06 100.00%
========================================================================
1 = 1% of original principal balance for 5 years
3 = 3 mos interest on 100% of UPB for 3 years
6 = 6 mos interest on 80% of UPB for 5 years
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 388 33,541,257.67 82.01
Alternate Documentation 36 3,267,029.00 7.99
No Documentation 42 4,089,384.39 10.00
- ----------------------------------------------------------------------------
Total.................. 466 $ 40,897,671.06 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
LEHMAN BROTHERS
COMPUTATIONAL MATERIALS
$75,000,000 Certificates (Approximate)
First Alliance Mortgage Loan Trust 1997-2
First Alliance Mortgage Company (Sponsor)
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Title of Securities: First Alliance Mortgage Loan Trust 1997-2,
Class A-1 Fixed Rate Group Certificates and
Class A-2 Variable Rate Group Certificates
(collectively, the "Certificates").
Certificate
Description: Class A-1 Class A-2
--------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home Equity
Mortgage Loans Mortgage Loans
Prepayment
Assumption: [23% HEP] [27% CPR]
Approximate Size: [$20,000,000] [$55,000,000]
Average Life
to Call: [3.496] [2.888]
Average Life
to maturity: [3.861] [3.095]
Coupon: [.%] The lesser of:
1) One Month LIBOR + []bps
2) The Available Funds Cap
Coupon Step-up: After the Clean-Up Call, After the Clean-up Call,
the Coupon will the lesser of:
be increased by 1) One Month LIBOR
50 bps. + 2x []bps
2) The Available Funds Cap
Yield to Call: [.%] Variable
Collateral
Adjustment Frequency: N/A Every 6 months (Both
Interest Rate & Payment)
Payment Delay: [19] NONE
Interest
Accrual Basis: 30/360 Actual/360
Dated Date: [6/1/97] [6/26/97]
Expected Maturity
without Call: [12/20/15] [10/20/13]
Expected Maturity
with 10% Call: [03/20/05] [03/20/05]
Stated Maturity: [/20/] [/20/]
Pricing Date: [June __, 1997] [June __, 1997]
Settlement Date: [June 27, 1997] [June 27, 1997]
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Company and
Servicer: First Alliance Mortgage Company, a California
corporation.
Servicing Fee: 50 basis points per annum.
Trustee: The Chase Manhattan Bank
Aggregate
Group Balance: Fixed Rate Group $[20,000,000]
Variable Rate Group $[55,000,000]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on July 20, 1997.
Record Date: Class A-1 & Class A-2 - The last day of the calendar
month immediately preceeding the related Payment Date.
Interest
Accrual Period: The interest accrual period for the Class A-1
Certificates is the calendar month prior to the month in
which a distribution occurs.
Interest will accrue on the Class A-2 Certificates from
Payment Date to Payment Date. For the first Payment
Date, interest will accrue from the Closing Date to the
first Payment Date.
Form of Certificates: Book-entry only through the same-day funds facilities of
DTC, Euroclear and CEDEL.
Denominations: Minimum denominations of $1,000 and integral multiples
thereof.
Prepayment
Assumption: For the Class A-1 Fixed-Rate Group Certificates, [23]%
HEP ([2.3]% CPR in month 1 with monthly incremental
increases of [2.3]% CPR until the speed reaches [23]%
CPR in month 10 based on loan seasoning.)
For the Class A-2 Variable-Rate Group Certificates,
[27]% CPR.
10% Clean-up Call: The Servicer has the option to exercise a call when the
aggregate mortgage loan balance equals 10% or less of
the original aggregate collateral balance and the
original aggregate amount of the prefunding accounts.
The call will be exercised at par plus accrued interest.
Coupon Step-Up: If the Servicer does not exercise the Cleanup Call, the
coupon on the Class A-1 Certificates shall be raised to
[.]% + 0.50%.
If the Servicer does not exercise the Cleanup Call, the
coupon on the Class A-2 Certificates shall be raised to
1M LIBOR + 2x []bps, subject to the Monthly Available
Funds Cap.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Available Funds Cap: The Available Funds Cap is the weighted average of the
Mortgage Rates on the Mortgage Loans in the Variable
Rate Group, less the sum of (a) the VariableRate Group
Servicing Fee (50 bps), (b) beginning on the Second
Payment Date from the Closing Date, the premiums due to
the Certificate Insurer with respect to the Certificate
Insurance Policy relating to the Class A-2 Certificates,
(c) the fees due to the Trustee relating to the Class
A-2 Certificates, and (d) beginning on the [seventh]
Payment Date from the Closing Date, [0.50%], expressed
as a percentage of the Mortgage loans in the Variable
Rate Group, calculated as of the first day of the
related Remittance Period.
Interest
Carry Forward: The Class A-2 Certificates will have an interest carry
forward feature. The excess of the interest accrued on
the Class A-2 Certificates over the amount of interest
actually distributed will be paid on future Remittance
Dates to the extent of Class A-2 Available funds prior
to distributing any Excess Spread to the holder of the
Class R Certificate. The Interest Carryover Amount will
accrue interest at the Class A-2 Certificate Rate. No
interest Carryover will be paid once its principal
balance has been reduced to zero. The Interest Carryover
Amount is not guaranteed by MBIA. There will be no
make-whole of the interest carry forward at the call
date.
Pre-Funding Account: On the Closing Date, approximately [$14,102,328.94] will
be deposited in a pre-funding account for the purchase
of additional floating-rate mortgage loans and
[$4,569,684.29] will be deposited in a pre-funding
account for the purchase of additional fixed-rate
mortgage loans. From the Closing Date until [July
20,1997] the Trust intends to purchase mortgage loans up
to the entire pre-funding amounts. The additional
mortgage loans, purchased with funds deposited in the
prefunding account, will be subject to certain
individual and aggregate group characteristics that will
be more fully described in the Prospectus Supplement.
Funds remaining in the fixed-rate pre-funding account
will be distributed to the Class A-1 Certificateholders
as a prepayment on the July 1997 Payment Date.
Funds remaining in the floating-rate pre-funding account
will be distributed to the Class A-2 Certificateholders
as a prepayment on the July 1997 Payment Date.
Credit Enhancement: A combination of:
- Overcollateralization.
- Cross-collateralization of excess spread
- 100% wrap from MBIA guarantee of timely interest and
ultimate principal.
Certificate Ratings: The Certificates will be rated AAA by Standard & Poor's
and Aaa by Moody's Investor Service.
Certificate Insurer: MBIA Insurance Corporation ("MBIA"). MBIA's
claims-paying ability is rated AAA/Aaa by Standard and
Poor's and Moody's.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
Certificate
Insurance: Timely payments of interest and the ultimate payment of
principal on the Certificates will be 100% guaranteed by
MBIA.
ERISA
Considerations: The Certificates will not be ERISA eligible during the
Prefunding Period. At the end of the Prefunding Period,
the Certificates may be ERISA eligible. Investors should
consult with their counsel with respect to the
consequences under ERISA and the Code of the Plan's
acquisition and ownership of such certificates.
SMMEA: The Certificates will NOT constitute "mortgage related
securities" for purposes of SMMEA.
Taxation: REMIC.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
AVAILABLE FUNDS CAP
Cap: Net WAC - fees - 50bps cushion (starting month7)
(30/360 day count)
DATE COUPON
- ---- ------
07/97 8.448
08/97 8.448
09/97 8.449
10/97 8.449
11/97 8.449
12/97 8.579
01/98 8.079
02/98 8.515
03/98 8.903
04/98 8.971
05/98 8.971
06/98 9.102
07/98 9.102
08/98 9.537
09/98 9.926
10/98 9.994
11/98 9.994
12/98 10.124
01/99 10.125
02/99 10.560
03/99 10.948
04/99 11.016
05/99 11.016
06/99 11.081
07/99 11.081
08/99 11.318
09/99 11.514
10/99 11.549
11/99 11.549
12/99 11.549
01/00 11.549
02/00 11.549
03/00 11.549
04/00 11.549
05/00 11.549
06/00 11.549
07/00 11.549
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
AVAILABLE FUNDS CAP
Cap: Net WAC - fees - 50bps cushion (starting month7)
(30/360 day count)
DATE COUPON
- ---- ------
08/00 11.549
09/00 11.549
10/00 11.549
11/00 11.549
12/00 11.549
01/01 11.549
02/01 11.549
03/01 11.549
04/01 11.549
05/01 11.549
06/01 11.549
07/01 11.549
08/01 11.549
09/01 11.549
10/01 11.549
11/01 11.549
12/01 11.549
01/02 11.549
02/02 11.549
03/02 11.549
04/02 11.549
05/02 11.549
06/02 11.549
07/02 11.549
08/02 11.549
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
CURRENT BALANCE: $20,000,000.00 DATED DATE: 06/01/97
COUPON: TBD FIRST PAYMENT: 07/20/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $20,000,000.00 YIELD TABLE DATE: 06/27/97
FAMT72
BOND A1 PRICE-YIELD TABLE
PREPAYMENT SPEED
*** PRICED TO 10% CALL ***
<TABLE>
<CAPTION>
PRICING SPEED
FIX 23.0%/ 19.00%/ 21.00%/ 23.00%/ 25.00%/ 27.00%/ 29.00%/ HEP
PRICE ARM 27.0% 21.00 23.00 25.00 27.00 29.00 31.00 CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.324 7.330 7.327 7.324 7.321 7.318 7.315
99-24+ 7.318 7.325 7.322 7.319 7.315 7.312 7.308
99-25 7.313 7.321 7.317 7.313 7.309 7.306 7.302
99-25+ 7.307 7.316 7.312 7.308 7.304 7.299 7.295
99-26 7.302 7.311 7.307 7.302 7.298 7.293 7.289
99-26+ 7.296 7.306 7.302 7.297 7.292 7.287 7.282
99-27 7.291 7.302 7.297 7.291 7.286 7.281 7.276
99-27+ 7.285 7.297 7.291 7.286 7.280 7.275 7.269
99-28 7.280 7.292 7.286 7.281 7.275 7.269 7.263
99-28+ 7.274 7.287 7.281 7.275 7.269 7.263 7.256
99-29 7.269 7.283 7.276 7.270 7.263 7.256 7.250
99-29+ 7.263 7.278 7.271 7.264 7.257 7.250 7.243
99-30 7.258 7.273 7.266 7.259 7.251 7.244 7.237
99-30+ 7.252 7.268 7.261 7.253 7.246 7.238 7.230
99-31 7.247 7.264 7.256 7.248 7.240 7.232 7.224
99-31+ 7.241 7.259 7.251 7.242 7.234 7.226 7.217
100-00 7.236 7.254 7.246 7.237 7.228 7.219 7.211
100-00+ 7.230 7.250 7.241 7.232 7.223 7.213 7.204
100-01 7.225 7.245 7.236 7.226 7.217 7.207 7.198
100-01+ 7.219 7.240 7.230 7.221 7.211 7.201 7.191
100-02 7.214 7.235 7.225 7.215 7.205 7.195 7.185
100-02+ 7.208 7.231 7.220 7.210 7.199 7.189 7.178
100-03 7.203 7.226 7.215 7.205 7.194 7.183 7.172
100-03+ 7.197 7.221 7.210 7.199 7.188 7.177 7.165
100-04 7.192 7.217 7.205 7.194 7.182 7.170 7.159
100-04+ 7.187 7.212 7.200 7.188 7.176 7.164 7.152
100-05 7.181 7.207 7.195 7.183 7.171 7.158 7.146
100-05+ 7.176 7.202 7.190 7.177 7.165 7.152 7.139
100-06 7.170 7.198 7.185 7.172 7.159 7.146 7.133
100-06+ 7.165 7.193 7.180 7.167 7.153 7.140 7.126
100-07 7.159 7.188 7.175 7.161 7.148 7.134 7.120
100-07+ 7.154 7.184 7.170 7.156 7.142 7.128 7.113
First Payment 0.064 0.064 0.064 0.064 0.064 0.064 0.064
Average Life 3.496 4.214 3.850 3.545 3.281 3.052 2.854
Last Payment 7.731 9.814 8.897 8.147 7.481 6.897 6.397
Mod.Dur. @ 100-00 2.837 3.289 3.062 2.864 2.688 2.531 2.392
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
CURRENT BALANCE: $55,000,000.00 DATED DATE: 06/26/97
CURRENT COUPON: TBD FIRST PAYMENT: 07/20/97
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $55,000,000.00 YIELD TABLE DATE: 06/27/97
FAMT72
BOND A2 DISCOUNT MARGIN ACT/360 TABLE
ASSUMED CONSTANT LIBOR-1M 5.6875
*** PRICED TO 10% CALL ***
<TABLE>
<CAPTION>
PRICING SPEED
FIX 23.0%/ 19.00%/ 21.00%/ 23.00%/ 25.00%/ 27.00%/ 29.00%/HEP
PRICE ARM 27.0% 21.00 23.00 25.00 27.00 29.00 31.00 CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 32.826 30.866 31.526 32.193 32.878 33.581 34.294
99-24+ 32.210 30.373 30.992 31.617 32.260 32.918 33.586
99-25 31.595 29.880 30.458 31.042 31.641 32.255 32.879
99-25+ 30.980 29.388 29.924 30.466 31.023 31.593 32.172
99-26 30.365 28.896 29.390 29.891 30.404 30.931 31.465
99-26+ 29.750 28.403 28.857 29.315 29.786 30.268 30.758
99-27 29.135 27.911 28.323 28.740 29.168 29.607 30.052
99-27+ 28.521 27.419 27.790 28.165 28.550 28.945 29.346
99-28 27.906 26.928 27.257 27.590 27.933 28.283 28.639
99-28+ 27.292 26.436 26.724 27.016 27.315 27.622 27.933
99-29 26.678 25.944 26.191 26.441 26.698 26.961 27.228
99-29+ 26.064 25.453 25.659 25.867 26.081 26.300 26.522
99-30 25.451 24.962 25.126 25.293 25.464 25.639 25.817
99-30+ 24.837 24.471 24.594 24.719 24.847 24.978 25.112
99-31 24.224 23.980 24.062 24.145 24.230 24.318 24.407
99-31+ 23.611 23.489 23.530 23.571 23.614 23.657 23.702
100-00 22.998 22.998 22.998 22.998 22.998 22.997 22.997
100-00+ 22.385 22.507 22.466 22.424 22.381 22.337 22.293
100-01 21.772 22.017 21.935 21.851 21.765 21.678 21.589
100-01+ 21.160 21.527 21.403 21.278 21.150 21.018 20.885
100-02 20.547 21.037 20.872 20.705 20.534 20.359 20.181
100-02+ 19.935 20.547 20.341 20.132 19.919 19.700 19.477
100-03 19.323 20.057 19.810 19.560 19.303 19.040 18.774
100-03+ 18.711 19.567 19.279 18.987 18.688 18.382 18.070
100-04 18.100 19.077 18.748 18.415 18.073 17.723 17.367
100-04+ 17.488 18.588 18.217 17.843 17.458 17.064 16.664
100-05 16.877 18.098 17.687 17.271 16.844 16.406 15.962
100-05+ 16.266 17.609 17.157 16.699 16.229 15.748 15.259
100-06 15.655 17.120 16.627 16.128 15.615 15.090 14.557
100-06+ 15.044 16.631 16.097 15.556 15.001 14.432 13.855
100-07 14.433 16.142 15.567 14.985 14.387 13.775 13.153
100-07+ 13.823 15.654 15.037 14.414 13.773 13.117 12.451
First Payment 0.064 0.064 0.064 0.064 0.064 0.064 0.064
Average Life 2.888 3.749 3.405 3.116 2.866 2.649 2.460
Last Payment 7.731 9.814 8.897 8.147 7.481 6.897 6.397
Mod.Dur. @ 100-00 2.450 3.060 2.823 2.618 2.436 2.275 2.131
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
<PAGE>
First Alliance Mortgage Loan Trust 1997-2
- FAMT72
- Cut Off Date of Tape is 5/31/97
- FIX
- $15,430,315.71
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 222
Aggregate Unpaid Principal Balance: $15,430,315.71
Aggregate Original Principal Balance: $15,596,000.00
Weighted Average Gross Coupon: 10.675%
Gross Coupon Range: 8.500% - 16.950%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $69,505.93
Average Original Principal Balance: $70,252.25
Maximum Unpaid Principal Balance: $233,764.00
Minimum Unpaid Principal Balance: $9,304.45
Maximum Original Principal Balance: $233,764.00
Minimum Original Principal Balance: $11,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 309.677
Stated Rem Term Range: 80.000 - 360.000
Weighted Avg. Amortized Rem. Term: 309.511
Amortized Rem Term Range: 79.997 - 360.056
Weighted Average Age (First Pay thru Paid Thru Date): 3.598
Age Range: 0.000 - 73.000
Weighted Average Original Term: 313.274
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 54.861
Original LTV Range: 4.800% - 83.250%
Weighted Average Combined LTV: 56.017
Combined LTV Range: 12.350% - 83.250%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared and
delivered by Lehman Brothers Inc. and the contents and accuracy thereof have not
been reviewed by the issuer. This information was prepared on the basis of
certain assumptions (including, in certain cases, assumptions specified by the
recipient hereof) regarding payments, interest rates, weighted average lives,
weighted average loan age, losses and other matters, including, but not limited
to, the assumptions described in the Offering Document. Lehman Brothers Inc.,
and any of its affiliates, make no representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or underlying assets, the
information contained in the Offering Document).
