- --------------------------------------------------------------------------------
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)
December 9, 1997
First Alliance Mortgage Company
(Exact name of registrant as specified in its charter)
California 33-99604-07 95-2944875
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
17305 Von Karman Avenue
Irvine, California 92614-6203
(Address of Principal Executive Offices) (Zip Code)
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 1997-4, described in a Prospectus
Supplement dated as of December 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 First Union Capital
Markets Corp. 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: December 9, 1997
First Alliance Mortgage Loan Trust 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
[$106,000,000] Class A Certificates
-------------------------------------------------------------------
[$44,000,000] Class A-1 Fixed Rate Group Certificates - [6.710]%
[$12,000,000] Class A-2 Fixed Rate Group Certificates - [7.130]%
[$50,000,000] Class A-3 Floating Rate Group Certificates
- 1M LIBOR + [23] bps.
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust
1997-4 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 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
- --------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust
1997-4, Class A-1 and Class A-2 Fixed Rate Group
Certificates and Class A-3 Variable Rate Group
Certificates (collectively, the "Certificates").
Certificate
Description: Class A-1 Class A-2 Class A-3
--------- --------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home
Mortgage Loans Equity Mortgage Loans
Prepayment
Assumption: [27% HEP] [27% HEP] [27% CPR]
Approximate Size: [$44,000,000] [$12,000,000] [$50,000,000]
Average Life
to Call (years): [2.039] [6.586] [2.821]
Average Life
to maturity (years): [2.039] [7.670] [3.059]
Coupon: [6.710%] [7.130%] The lesser of:
1) One Month LIBOR
+ [23]bps
2) The Available
Funds Cap
Coupon Step-up: N/A After the After the Clean-up
Clean-up Call, Call, the lesser of:
0.50%. 1) One Month LIBOR
+ 2x [23] bps
2) The Available
Funds Cap
Yield to Call: [6.609%] [7.163%] Variable
Collateral
Adjustment Frequency: N/A N/A Every 6 months (Both
Interest Rate &
Payment)
Payment Delay (days): [19] [19] NONE
Interest
Accrual Basis: 30/360 30/360 Actual/360
Dated Date: [12/01/97] [12/01/97] [12/22/97]
First Payment: [1/20/98] [11/20/02] [1/20/98]
Expected Maturity
without Call: [11/20/02] [10/20/13] [3/20/14]
Expected Maturity
with 10% Call: [11/20/02] [4/20/05] [4/20/05]
Stated Maturity: [4/20/24] [4/20/29] [12/20/27]
Pricing Date: [12/09/97] [12/09/97] [12/09/97]
Settlement Date: [12/22/97] [12/22/97] [12/22/97]
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 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
- --------------------------------------------------------------------------------
Company and
Servicer: First Alliance Mortgage Company, a California corporation
Servicing Fee: 50 basis points per annum
Trustee: [The Bank of New York]
Aggregate
Group Balance: Fixed Rate Group $[56,000,000]
Variable Rate Group $[50,000,000]
Payment Date: The 20th day of each month or, if such day is not a business
day, the next succeeding business day, beginning on January
20, 1998
Record Date: Class A-1, Class A-2 & Class A-3 - 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 and Class A-2
Certificates is the calendar month prior to the month in
which a distribution occurs.
Interest will accrue on the Class A-3 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 and Class A-2 Fixed-Rate Group
Certificates, [27]% HEP ([2.7]% CPR in month 1 with monthly
incremental increases of [2.7]% CPR until the speed reaches
[27]% CPR in month 10 based on loan seasoning.)
For the Class A-3 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-2 Certificates shall be raised to
[7.130]% + 0.50%.
If the Servicer does not exercise the Cleanup Call, the
coupon on the Class A-3 Certificates shall be raised to 1M
LIBOR + 2x [23]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-3 Certificates, (c)
the fees due to the Trustee relating to the Class A-3
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-3 Certificates will have an interest carry
forward feature. The excess of the interest accrued on the
Class A-3 Certificates over the amount of interest actually
distributed will be paid on future Remittance Dates to the
extent of Class A-3 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-3 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 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
- --------------------------------------------------------------------------------
Pre-Funding
Account: On the Closing Date, approximately [$14,686,993.95] will be
deposited in a pre-funding account for the purchase of
additional floating-rate mortgage loans and [$11,300,436.20]
will be deposited in a pre-funding account for the purchase
of additional fixed-rate mortgage loans. From the Closing
Date until [January 20,1998] 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 [February] 1998 Payment Date.]
Funds remaining in the floating-rate pre-funding account
will be distributed to the Class A-3 Certificateholders as a
prepayment on the [February] 1998 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 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 ABS desk at (212)
778-2741, Paul Richardson at (212) 778-1507, Sean Arnold at
(212) 778-4921, Lina Hsu at (212) 778-1451, or Joe Astorina
at (212) 778-2667.
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 FOR BOND A3
Cap: Net WAC - Trustee Fee (2 bps) - Surety Fee (14 bps) - 50bps cushion
(starting month 7)
DATE Av Funds Cap (30/360 Basis)
- -------------------------------------
02/20/98 8.157
03/20/98 8.223
04/20/98 8.223
05/20/98 8.330
06/20/98 8.460
07/20/98 7.960
08/20/98 8.201
09/20/98 8.600
10/20/98 8.600
11/20/98 8.707
12/20/98 8.837
01/20/99 8.837
02/20/99 9.078
03/20/99 9.477
04/20/99 9.477
05/20/99 9.583
06/20/99 9.714
07/20/99 9.714
08/20/99 10.023
09/20/99 10.242
10/20/99 10.298
11/20/99 10.321
12/20/99 10.363
01/20/00 10.363
02/20/00 10.539
03/20/00 10.539
04/20/00 10.595
05/20/00 10.595
06/20/00 10.616
07/20/00 10.616
08/20/00 10.616
09/20/00 10.616
10/20/00 10.622
11/20/00 10.622
12/20/00 10.642
01/20/01 10.642
02/20/01 10.642
03/20/01 10.642
04/20/01 10.643
05/20/01 10.643
06/20/01 10.648
07/20/01 10.648
08/20/01 10.648
09/20/01 10.648
10/20/01 10.648
11/20/01 10.648
12/20/01 10.648
01/20/02 10.648
02/20/02 10.648
03/20/02 10.648
04/20/02 10.648
05/20/02 10.648
06/20/02 10.648
07/20/02 10.648
08/20/02 10.648
09/20/02 10.648
10/20/02 10.648
11/20/02 10.648
12/20/02 10.648
01/20/03 10.648
02/20/03 10.648 And so on...
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>
- --------------------------------------------------------------------------------
- FAMT 1997-4
- Cut Off Date of Tape is 12/1/97
- FIX
- $44,699,563.80
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 654
Aggregate Unpaid Principal Balance: $44,699,563.80
Aggregate Original Principal Balance: $45,031,379.22
Weighted Average Gross Coupon: 9.841%
Gross Coupon Range: 7.75% - 15.95%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $68,347.96
Average Original Principal Balance: $68,855.32
Maximum Unpaid Principal Balance: $343,022.24
Minimum Unpaid Principal Balance: $5,664.95
Maximum Original Principal Balance: $343,651.00
Minimum Original Principal Balance: $11,223.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 316.680
Stated Rem Term Range: 12.00 - 360.00
Weighted Average Age : 1.943
Age Range: 0.00 - 83.00
Weighted Average Original Term: 318.623
Original Term Range: 60.00 - 360.00
Weighted Average Original LTV: 53.449
Original LTV Range: 7.97% - 79.99%
Weighted Average Combined LTV: 54.041
Combined LTV Range: 9.94% - 79.99%
- --------------------------------------------------------------------------------
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
75.01 to 80.00 13 1,317,368.53 2.95
70.01 to 75.00 37 3,869,145.72 8.66
65.01 to 70.00 62 6,300,305.53 14.09
60.01 to 65.00 71 6,155,248.66 13.77
55.01 to 60.00 78 5,937,156.85 13.28
50.01 to 55.00 74 5,750,792.67 12.87
45.01 to 50.00 57 3,330,500.04 7.45
40.01 to 45.00 53 3,239,772.83 7.25
35.01 to 40.00 58 2,871,108.36 6.42
30.01 to 35.00 41 2,060,394.21 4.61
25.01 to 30.00 38 1,596,412.90 3.57
20.01 to 25.00 33 1,093,110.28 2.45
15.01 to 20.00 23 653,223.70 1.46
10.01 to 15.00 14 488,107.24 1.09
5.01 to 10.00 2 36,916.28 0.08
- --------------------------------------------------------------------------
Total............ 654 $ 44,699,563.80 100.00%
==========================================================================
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 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 13 1,317,368.53 2.95
70.01 to 75.00 35 3,795,359.85 8.49
65.01 to 70.00 62 6,300,305.53 14.09
60.01 to 65.00 70 6,134,384.66 13.72
55.01 to 60.00 70 5,690,548.00 12.73
50.01 to 55.00 69 5,470,560.03 12.24
45.01 to 50.00 55 3,294,353.95 7.37
40.01 to 45.00 49 3,140,237.08 7.03
35.01 to 40.00 56 2,865,190.99 6.41
30.01 to 35.00 43 2,203,378.94 4.93
25.01 to 30.00 38 1,623,886.31 3.63
20.01 to 25.00 35 1,246,567.65 2.79
15.01 to 20.00 29 827,999.72 1.85
10.01 to 15.00 23 654,683.44 1.46
5.01 to 10.00 7 134,739.12 0.30
- --------------------------------------------------------------------------
Total............ 654 $ 44,699,563.80 100.00%
==========================================================================
GROSS MORTGAGE INTEREST RATE RANGE 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.50% < Gross Coupon <= 8.00% 2 155,572.65 0.35
8.00% < Gross Coupon <= 8.50% 17 1,305,426.11 2.92
8.50% < Gross Coupon <= 9.00% 140 11,343,156.54 25.38
9.00% < Gross Coupon <= 9.50% 122 8,754,801.80 19.59
9.50% < Gross Coupon <= 10.00% 161 10,607,580.55 23.73
10.00% < Gross Coupon <= 10.50% 88 5,594,026.52 12.51
10.50% < Gross Coupon <= 11.00% 49 3,289,419.02 7.36
11.00% < Gross Coupon <= 11.50% 24 1,396,056.37 3.12
11.50% < Gross Coupon <= 12.00% 17 819,090.91 1.83
12.00% < Gross Coupon <= 12.50% 5 224,305.22 0.50
12.50% < Gross Coupon <= 13.00% 4 204,518.45 0.46
13.00% < Gross Coupon <= 13.50% 5 191,374.98 0.43
13.50% < Gross Coupon <= 14.00% 9 301,295.45 0.67
14.00% < Gross Coupon <= 14.50% 3 126,275.31 0.28
14.50% < Gross Coupon <= 15.00% 6 369,201.60 0.83
15.00% < Gross Coupon <= 15.50% 1 6,427.87 0.01
15.50% < Gross Coupon <= 16.00% 1 11,034.45 0.02
- ----------------------------------------------------------------------------
Total.......... 654 $ 44,699,563.80 100.00%
============================================================================
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 11 803,929.69 1.80
CA 147 11,923,446.24 26.67
CO 17 1,107,427.66 2.48
DC 14 754,713.54 1.69
FL 30 1,890,337.87 4.23
GA 9 495,469.35 1.11
IL 46 3,075,627.33 6.88
MA 11 668,606.84 1.50
MD 33 2,127,790.17 4.76
MI 1 62,570.70 0.14
NJ 80 5,156,563.71 11.54
NY 145 9,184,452.60 20.55
OH 6 402,616.38 0.90
OR 14 922,610.53 2.06
PA 36 2,198,623.14 4.92
UT 15 1,057,171.51 2.37
VA 6 457,168.37 1.02
WA 33 2,410,438.17 5.39
- --------------------------------------------------------------------------
Total............... 654 $ 44,699,563.80 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
1 < Rem Term <= 12 1 10,022.94 0.02%
24 < Rem Term <= 36 1 8,324.27 0.02%
36 < Rem Term <= 48 1 6,427.87 0.01%
48 < Rem Term <= 60 3 54,467.36 0.12%
72 < Rem Term <= 84 4 123,081.31 0.28%
96 < Rem Term <= 108 2 33,130.71 0.07%
108 < Rem Term <= 120 18 682,941.00 1.53%
120 < Rem Term <= 132 2 43,289.76 0.10%
156 < Rem Term <= 168 1 92,465.79 0.21%
168 < Rem Term <= 180 142 7,110,508.11 15.91%
228 < Rem Term <= 240 48 2,661,432.46 5.95%
312 < Rem Term <= 324 1 101,016.62 0.23%
336 < Rem Term <= 348 6 381,327.81 0.85%
348 < Rem Term <= 360 424 33,391,127.79 74.70%
- -------------------------------------------------------------------
Total............ 654 44,699,563.80 100.00%
===================================================================
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 3 20,417.09 0.05
10,000 < Balance <= 15,000 6 79,709.32 0.18
15,000 < Balance <= 20,000 12 223,760.04 0.50
20,000 < Balance <= 25,000 34 780,743.21 1.75
25,000 < Balance <= 30,000 29 808,388.28 1.81
30,000 < Balance <= 35,000 33 1,080,191.46 2.42
35,000 < Balance <= 40,000 38 1,445,161.54 3.23
40,000 < Balance <= 45,000 36 1,553,175.44 3.47
45,000 < Balance <= 50,000 45 2,177,418.59 4.87
50,000 < Balance <= 55,000 41 2,171,950.01 4.86
55,000 < Balance <= 60,000 46 2,657,420.07 5.95
60,000 < Balance <= 65,000 48 3,021,795.92 6.76
65,000 < Balance <= 70,000 38 2,563,930.86 5.74
70,000 < Balance <= 75,000 20 1,451,949.80 3.25
75,000 < Balance <= 80,000 29 2,256,640.67 5.05
80,000 < Balance <= 85,000 19 1,570,815.85 3.51
85,000 < Balance <= 90,000 29 2,548,472.19 5.70
90,000 < Balance <= 95,000 26 2,416,366.63 5.41
95,000 < Balance <= 100,000 20 1,954,127.55 4.37
100,000 < Balance <= 125,000 53 5,899,286.66 13.20
125,000 < Balance <= 150,000 27 3,700,872.82 8.28
150,000 < Balance <= 200,000 16 2,779,787.77 6.22
200,000 < Balance <= 250,000 3 664,063.79 1.49
250,000 < Balance <= 300,000 2 530,096.00 1.19
300,000 < Balance <= 350,000 1 343,022.24 0.77
- --------------------------------------------------------------------------
Total.................... 654 $ 44,699,563.80 100.00%
==========================================================================
MORTGAGED PROPERTIES 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 572 39,270,432.27 87.85
PUD 4 229,382.13 0.51
Condominium 13 696,056.41 1.56
2-4 Family 65 4,503,692.99 10.08
- --------------------------------------------------------------------------
Total............... 654 $ 44,699,563.80 100.00%
==========================================================================
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 623 42,450,269.64 94.97
Investor 26 1,787,353.43 4.00
Second Home 5 461,940.73 1.03
- --------------------------------------------------------------------------
Total.................. 654 $ 44,699,563.80 100.00%
==========================================================================
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 2 44,790.97 0.10
20.01 to 30.00 9 162,440.56 0.36
30.01 to 40.00 7 235,485.47 0.53
40.01 to 50.00 3 136,982.75 0.31
50.01 to 60.00 5 195,145.86 0.44
60.01 to 70.00 1 17,460.42 0.04
70.01 to 80.00 4 161,289.58 0.36
90.01 to 100.00 623 43,745,968.19 97.87
- --------------------------------------------------------------------------
Total............ 654 $ 44,699,563.80 100.00%
==========================================================================
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>
- --------------------------------------------------------------------------------
- FAMT 1997-4
- Cut Off Date of Tape is 12/1/97
- ARMs
- $35,313,006.05
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 402
Index: Libor-6M
Aggregate Unpaid Principal Balance: $35,313,006.05
Aggregate Original Principal Balance: $35,346,973.01
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 8.902%
Gross Coupon Range: 6.99% - 14.03%
Weighted Average Margin (Gross): 5.876%
Gross Margin Range: 3.99% - 9.49%
Weighted Average Life Cap (Gross): 15.711%
Gross Life Cap Range: 13.95% - 20.25%
Weighted Average Life Floor (Gross): 8.894%
Gross Life Floor Range: 6.99% - 14.03%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $87,843.30
Average Original Principal Balance: $87,927.79
Maximum Unpaid Principal Balance: $341,063.21
Minimum Unpaid Principal Balance: $20,000.00
Maximum Original Principal Balance: $341,250.00
Minimum Original Principal Balance: $20,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 347.052
Stated Rem Term Range: 120.00 - 360.00
Weighted Average Age (First Pay thru Paid Thru): 1.322
Age Range: 0.00 - 10.00
Weighted Average Original Term: 348.373
Original Term Range: 120.00 - 360.00
Weighted Average Original LTV: 58.280
Original LTV Range: 8.95% - 84.99%
Weighted Average Combined LTV: 58.280
Combined LTV Range: 8.95% - 84.99%
Weighted Average Periodic Interest Cap: 1.021%
Periodic Interest Cap Range: 1.00% - 1.50%
Weighted Average Initial Interest Cap: 1.516%
Initial Interest Cap Range: 1.00% - 6.50%
Weighted Average Months to Interest Roll: 8.685 * calculated
from 12/97
to next
rolldate
Months to Interest Roll Range: 1 - 57
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARM TYPE
- -------------------------------------------------------------------------------------------------------------------
WA WA WA Total
# % Rem WA Life Life WA Current
Loan Feature Loan Pool WAC Term Age Cap floor Margin Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6M Libor 306 79.32 8.629 344.81 .73 15.58 8.62 5.89 $28,010,474.55
2/28 90 19.36 9.968 356.43 3.57 16.22 9.97 5.84 $6,836,462.22
3/27 4 1.00 9.985 340.47 3.87 16.15 9.99 5.52 $351,718.12
5/25 2 .32 8.768 356.79 3.21 15.27 8.77 6.11 $114,351.16
- -------------------------------------------------------------------------------------------------------------------
Total..... 402 100.00% 8.902 347.05 1.32 15.71 8.89 5.88 $35,313,006.05
===================================================================================================================
</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>
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 2 277,411.02 0.79
75.01 to 80.00 10 1,274,071.12 3.61
70.01 to 75.00 36 3,985,322.74 11.29
65.01 to 70.00 57 5,952,819.96 16.86
60.01 to 65.00 62 5,817,330.25 16.47
55.01 to 60.00 52 5,003,172.65 14.17
50.01 to 55.00 41 4,001,866.22 11.33
45.01 to 50.00 40 3,048,745.48 8.63
40.01 to 45.00 33 2,412,731.48 6.83
35.01 to 40.00 22 1,396,558.01 3.95
30.01 to 35.00 17 881,774.30 2.50
25.01 to 30.00 11 623,319.56 1.77
20.01 to 25.00 9 332,765.05 0.94
15.01 to 20.00 7 237,159.29 0.67
10.01 to 15.00 2 44,515.92 0.13
5.01 to 10.00 1 23,443.00 0.07
- --------------------------------------------------------------------------
Total............ 402 $ 35,313,006.05 100.00%
==========================================================================
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 2 277,411.02 0.79
75.01 to 80.00 10 1,274,071.12 3.61
70.01 to 75.00 36 3,985,322.74 11.29
65.01 to 70.00 57 5,952,819.96 16.86
60.01 to 65.00 62 5,817,330.25 16.47
55.01 to 60.00 52 5,003,172.65 14.17
50.01 to 55.00 41 4,001,866.22 11.33
45.01 to 50.00 40 3,048,745.48 8.63
40.01 to 45.00 33 2,412,731.48 6.83
35.01 to 40.00 22 1,396,558.01 3.95
30.01 to 35.00 17 881,774.30 2.50
25.01 to 30.00 11 623,319.56 1.77
20.01 to 25.00 9 332,765.05 0.94
15.01 to 20.00 7 237,159.29 0.67
10.01 to 15.00 2 44,515.92 0.13
5.01 to 10.00 1 23,443.00 0.07
- --------------------------------------------------------------------------
Total............ 402 $ 35,313,006.05 100.00%
==========================================================================
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 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% < Gross Coupon <= 7.00% 1 75,170.00 0.21
7.00% < Gross Coupon <= 7.50% 34 3,572,925.31 10.12
7.50% < Gross Coupon <= 8.00% 69 5,801,453.80 16.43
8.00% < Gross Coupon <= 8.50% 70 6,095,824.95 17.26
8.50% < Gross Coupon <= 9.00% 69 6,881,428.57 19.49
9.00% < Gross Coupon <= 9.50% 40 3,839,972.18 10.87
9.50% < Gross Coupon <= 10.00% 57 4,610,137.09 13.06
10.00% < Gross Coupon <= 10.50% 17 1,390,879.51 3.94
10.50% < Gross Coupon <= 11.00% 21 1,349,651.89 3.82
11.00% < Gross Coupon <= 11.50% 6 489,240.69 1.39
11.50% < Gross Coupon <= 12.00% 10 778,803.00 2.21
12.00% < Gross Coupon <= 12.50% 4 223,010.82 0.63
12.50% < Gross Coupon <= 13.00% 2 125,963.97 0.36
13.50% < Gross Coupon <= 14.00% 1 27,989.12 0.08
14.00% < Gross Coupon <= 14.50% 1 50,555.15 0.14
- ----------------------------------------------------------------------------
Total.......... 402 $ 35,313,006.05 100.00%
============================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 8 606,034.56 1.72
CA 69 8,110,806.60 22.97
CO 8 592,331.61 1.68
DC 5 422,133.67 1.20
FL 23 1,745,877.07 4.94
GA 6 366,552.48 1.04
ID 2 95,273.46 0.27
IL 82 6,209,917.86 17.59
MA 21 2,106,280.56 5.96
MD 13 989,404.88 2.80
MI 1 71,930.31 0.20
MN 2 160,685.29 0.46
NJ 32 2,795,034.62 7.92
NY 30 2,777,451.19 7.87
OH 18 1,178,207.23 3.34
OR 31 2,621,092.25 7.42
PA 8 619,054.63 1.75
UT 15 1,248,276.60 3.53
VA 4 364,857.28 1.03
WA 24 2,231,803.90 6.32
- --------------------------------------------------------------------------
Total............... 402 $ 35,313,006.05 100.00%
==========================================================================
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>
REMAINING MONTHS TO STATED MATURITY 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 1 87,737.00 0.25%
168 < Rem Term <= 180 30 2,001,064.70 5.67%
228 < Rem Term <= 240 2 244,435.00 0.69%
348 < Rem Term <= 360 369 32,979,769.35 93.39%
- -------------------------------------------------------------------
Total............ 402 35,313,006.05 100.00%
===================================================================
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 2 40,000.00 0.11
20,000 < Balance <= 25,000 7 168,995.51 0.48
25,000 < Balance <= 30,000 5 138,540.14 0.39
30,000 < Balance <= 35,000 13 441,124.48 1.25
35,000 < Balance <= 40,000 12 451,968.20 1.28
40,000 < Balance <= 45,000 12 508,353.57 1.44
45,000 < Balance <= 50,000 21 1,024,158.47 2.90
50,000 < Balance <= 55,000 20 1,053,974.48 2.98
55,000 < Balance <= 60,000 26 1,514,133.41 4.29
60,000 < Balance <= 65,000 14 872,471.13 2.47
65,000 < Balance <= 70,000 23 1,564,804.92 4.43
70,000 < Balance <= 75,000 25 1,820,150.56 5.15
75,000 < Balance <= 80,000 23 1,775,245.34 5.03
80,000 < Balance <= 85,000 28 2,332,255.86 6.60
85,000 < Balance <= 90,000 20 1,748,176.22 4.95
90,000 < Balance <= 95,000 18 1,676,392.76 4.75
95,000 < Balance <= 100,000 22 2,156,406.33 6.11
100,000 < Balance <= 125,000 57 6,438,488.81 18.23
125,000 < Balance <= 150,000 21 2,883,895.80 8.17
150,000 < Balance <= 200,000 19 3,261,373.08 9.24
200,000 < Balance <= 250,000 9 1,989,614.76 5.63
250,000 < Balance <= 300,000 3 791,025.01 2.24
300,000 < Balance <= 350,000 2 661,457.21 1.87
- --------------------------------------------------------------------------
Total.................... 402 $ 35,313,006.05 100.00%
==========================================================================
MORTGAGED PROPERTIES 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 343 30,679,653.82 86.88
PUD 2 128,775.57 0.36
Condominium 10 696,991.79 1.97
2-4 Family 47 3,807,584.87 10.78
- --------------------------------------------------------------------------
Total............... 402 $ 35,313,006.05 100.00%
==========================================================================
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
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Occupancy Status Loans Balance Balance
Owner Occupied 387 34,358,889.67 97.30
Investor 15 954,116.38 2.70
- --------------------------------------------------------------------------
Total.................. 402 $ 35,313,006.05 100.00%
==========================================================================
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.50 < Life Cap <= 14.00 2 121,030.76 0.34
14.00 < Life Cap <= 14.50 40 4,184,137.00 11.85
14.50 < Life Cap <= 15.00 76 6,329,093.91 17.92
15.00 < Life Cap <= 15.50 79 6,720,930.14 19.03
15.50 < Life Cap <= 16.00 81 8,133,573.87 23.03
16.00 < Life Cap <= 16.50 36 3,279,136.25 9.29
16.50 < Life Cap <= 17.00 42 3,306,051.71 9.36
17.00 < Life Cap <= 17.50 18 1,303,191.46 3.69
17.50 < Life Cap <= 18.00 12 804,211.57 2.28
18.00 < Life Cap <= 18.50 10 770,360.64 2.18
18.50 < Life Cap <= 19.00 3 232,756.57 0.66
19.50 < Life Cap <= 20.00 1 49,987.90 0.14
20.00 < Life Cap <= 20.50 2 78,544.27 0.22
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
DISTRIBUTION OF
MINIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
6.50 < Life Floor <= 7.00 1 75,170.00 0.21
7.00 < Life Floor <= 7.50 34 3,572,925.31 10.12
7.50 < Life Floor <= 8.00 70 5,907,197.27 16.73
8.00 < Life Floor <= 8.50 70 6,095,824.95 17.26
8.50 < Life Floor <= 9.00 69 6,884,501.19 19.50
9.00 < Life Floor <= 9.50 41 3,909,642.72 11.07
9.50 < Life Floor <= 10.00 56 4,501,321.00 12.75
10.00 < Life Floor <= 10.50 16 1,321,208.97 3.74
10.50 < Life Floor <= 11.00 21 1,349,651.89 3.82
11.00 < Life Floor <= 11.50 6 489,240.69 1.39
11.50 < Life Floor <= 12.00 10 778,803.00 2.21
12.00 < Life Floor <= 12.50 4 223,010.82 0.63
12.50 < Life Floor <= 13.00 2 125,963.97 0.36
13.50 < Life Floor <= 14.00 1 27,989.12 0.08
14.00 < Life Floor <= 14.50 1 50,555.15 0.14
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
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
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
3.0 < Margin <= 4.0 20 2,126,519.67 6.02
4.0 < Margin <= 5.0 92 7,946,036.97 22.50
5.0 < Margin <= 6.0 107 9,166,567.79 25.96
6.0 < Margin <= 7.0 130 11,700,061.72 33.13
7.0 < Margin <= 8.0 43 3,646,767.12 10.33
8.0 < Margin <= 9.0 9 679,841.78 1.93
9.0 < Margin <= 10.0 1 47,211.00 0.13
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY 3-Dec-1997
PERIODIC CAP Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 389 33,863,280.38 95.89
1.500 13 1,449,725.67 4.11
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
ARM TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
6 Month Libor 306 28,010,474.55 79.32
2/28 90 6,836,462.22 19.36
3/27 4 351,718.12 1.00
5/25 2 114,351.16 0.32
- -----------------------------------------------------------------------------
Total............... 402 $ 35,313,006.05 100.00%
=============================================================================
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.
Marketing Memorandum for
First Alliance Mortgage Loan Trust, 1997-4
The attached Marketing Memorandum (the "Marketing Memorandum") is privileged and
confidential and is intended for use by the addressee only. This Marketing
Memorandum is furnished to you solely by Prudential Securities, Inc. and First
Union Capital Markets Corp. (the "Underwriters") and not by the issuer of the
certificates identified above (the "Offered Certificates") or any other party.
The issuer of the Offered Certificates has not prepared or taken part in the
preparation of the materials. The Marketing Memorandum is based upon information
made available to the Underwriters. None of the Underwriters, the issuer of the
Offered Certificates, or any other party makes any representation to the
accuracy or completeness of the information therein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission. The information herein may not be provided to any third party other
than the addressee's legal, tax financial and/or accounting advisors for the
purpose of evaluating such information.
No assurance can be given as to the accuracy, appropriateness or completeness of
the Marketing Memorandum in any particular context; or as to whether the
Marketing Memorandum reflects future performance. This Marketing Memorandum
should not be construed as either a prediction of as legal, tax, financial or
accounting advice.
Any yields or weighted average lives shown in the Marketing Memorandum are based
on prepayment and other assumptions and actual experience may dramatically
affect such yields or weighted average lives. The principal amount and
designation of any security described in the term sheet are subject to change
prior to issuance.
Although a registration statement (including the prospectus) relating to the
Offered Certificates has been filed with the Securities and Exchange Commission
and is effective, the final prospectus supplement relating to the Offered
Certificates has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the Offered Certificates in any
state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the Offered Certificates for definitive terms of the
Offered Certificates and the collateral
Please be advised that Offered Certificates may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should fully consider the risk of an investment in these Offered
Certificates.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
First Alliance Mortgage Loan Trust 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
- --------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust
1997-4, Class A-1 and Class A-2 Fixed Rate Group
Certificates and Class A-3 Variable Rate Group
Certificates (collectively, the "Certificates").
Certificate
Description: Class A-1 Class A-2 Class A-3
--------- --------- ---------
Collateral: Fixed Rate Home Equity Variable Rate Home
Mortgage Loans Equity Mortgage Loans
Prepayment
Assumption: [27% HEP] [27% HEP] [27% CPR]
Approximate Size: [$44,000,000] [$12,000,000] [$50,000,000]
Average Life
to Call (years): [2.039] [6.586] [2.821]
Average Life
to maturity (years): [2.039] [7.670] [3.059]
Coupon: [6.710%] [7.130%] The lesser of:
1) One Month LIBOR
+ [23]bps
2) The Available
Funds Cap
Coupon Step-up: N/A After the After the Clean-up
Clean-up Call, Call, the lesser of:
0.50%. 1) One Month LIBOR
+ 2x [23] bps
2) The Available
Funds Cap
Yield to Call: [6.609%] [7.163%] Variable
Collateral
Adjustment Frequency: N/A N/A Every 6 months (Both
Interest Rate &
Payment)
Payment Delay (days): [19] [19] NONE
Interest
Accrual Basis: 30/360 30/360 Actual/360
Dated Date: [12/01/97] [12/01/97] [12/22/97]
First Payment: [1/20/98] [11/20/02] [1/20/98]
Expected Maturity
without Call: [11/20/02] [10/20/13] [3/20/14]
Expected Maturity
with 10% Call: [11/20/02] [4/20/05] [4/20/05]
Stated Maturity: [4/20/24] [4/20/29] [12/20/27]
Pricing Date: [12/09/97] [12/09/97] [12/09/97]
Settlement Date: [12/22/97] [12/22/97] [12/22/97]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
First Alliance Mortgage Loan Trust 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
- --------------------------------------------------------------------------------
Company and
Servicer: First Alliance Mortgage Company, a California corporation
Servicing Fee: 50 basis points per annum
Trustee: [The Bank of New York]
Aggregate
Group Balance: Fixed Rate Group $[56,000,000]
Variable Rate Group $[50,000,000]
Payment Date: The 20th day of each month or, if such day is not a business
day, the next succeeding business day, beginning on January
20, 1998
Record Date: Class A-1, Class A-2 & Class A-3 - 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 and Class A-2
Certificates is the calendar month prior to the month in
which a distribution occurs.
Interest will accrue on the Class A-3 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 and Class A-2 Fixed-Rate Group
Certificates, [27]% HEP ([2.7]% CPR in month 1 with monthly
incremental increases of [2.7]% CPR until the speed reaches
[27]% CPR in month 10 based on loan seasoning.)
For the Class A-3 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-2 Certificates shall be raised to
[7.130]% + 0.50%.
If the Servicer does not exercise the Cleanup Call, the
coupon on the Class A-3 Certificates shall be raised to 1M
LIBOR + 2x [23]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-3 Certificates, (c)
the fees due to the Trustee relating to the Class A-3
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-3 Certificates will have an interest carry
forward feature. The excess of the interest accrued on the
Class A-3 Certificates over the amount of interest actually
distributed will be paid on future Remittance Dates to the
extent of Class A-3 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-3 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 FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
First Alliance Mortgage Loan Trust 1997-4
Mortgage Loan Asset Backed Certificates, Series 1997-4
- --------------------------------------------------------------------------------
Pre-Funding
Account: On the Closing Date, approximately [$14,686,993.95] will be
deposited in a pre-funding account for the purchase of
additional floating-rate mortgage loans and [$11,300,436.20]
will be deposited in a pre-funding account for the purchase
of additional fixed-rate mortgage loans. From the Closing
Date until [January 20,1998] 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 [February] 1998 Payment Date.]
Funds remaining in the floating-rate pre-funding account
will be distributed to the Class A-3 Certificateholders as a
prepayment on the [February] 1998 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 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 ABS desk at (212)
778-2741, Paul Richardson at (212) 778-1507, Sean Arnold at
(212) 778-4921, Lina Hsu at (212) 778-1451, or Joe Astorina
at (212) 778-2667.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
AVAILABLE FUNDS CAP FOR BOND A3
Cap: Net WAC - Trustee Fee (2 bps) - Surety Fee (14 bps) - 50bps cushion
(starting month 7)
DATE Av Funds Cap (30/360 Basis)
- -------------------------------------
02/20/98 8.157
03/20/98 8.223
04/20/98 8.223
05/20/98 8.330
06/20/98 8.460
07/20/98 7.960
08/20/98 8.201
09/20/98 8.600
10/20/98 8.600
11/20/98 8.707
12/20/98 8.837
01/20/99 8.837
02/20/99 9.078
03/20/99 9.477
04/20/99 9.477
05/20/99 9.583
06/20/99 9.714
07/20/99 9.714
08/20/99 10.023
09/20/99 10.242
10/20/99 10.298
11/20/99 10.321
12/20/99 10.363
01/20/00 10.363
02/20/00 10.539
03/20/00 10.539
04/20/00 10.595
05/20/00 10.595
06/20/00 10.616
07/20/00 10.616
08/20/00 10.616
09/20/00 10.616
10/20/00 10.622
11/20/00 10.622
12/20/00 10.642
01/20/01 10.642
02/20/01 10.642
03/20/01 10.642
04/20/01 10.643
05/20/01 10.643
06/20/01 10.648
07/20/01 10.648
08/20/01 10.648
09/20/01 10.648
10/20/01 10.648
11/20/01 10.648
12/20/01 10.648
01/20/02 10.648
02/20/02 10.648
03/20/02 10.648
04/20/02 10.648
05/20/02 10.648
06/20/02 10.648
07/20/02 10.648
08/20/02 10.648
09/20/02 10.648
10/20/02 10.648
11/20/02 10.648
12/20/02 10.648
01/20/03 10.648
02/20/03 10.648 And so on...
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT 1997-4
- Cut Off Date of Tape is 12/1/97
- FIX
- $44,699,563.80
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 654
Aggregate Unpaid Principal Balance: $44,699,563.80
Aggregate Original Principal Balance: $45,031,379.22
Weighted Average Gross Coupon: 9.841%
Gross Coupon Range: 7.75% - 15.95%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $68,347.96
Average Original Principal Balance: $68,855.32
Maximum Unpaid Principal Balance: $343,022.24
Minimum Unpaid Principal Balance: $5,664.95
Maximum Original Principal Balance: $343,651.00
Minimum Original Principal Balance: $11,223.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 316.680
Stated Rem Term Range: 12.00 - 360.00
Weighted Average Age : 1.943
Age Range: 0.00 - 83.00
Weighted Average Original Term: 318.623
Original Term Range: 60.00 - 360.00
Weighted Average Original LTV: 53.449
Original LTV Range: 7.97% - 79.99%
Weighted Average Combined LTV: 54.041
Combined LTV Range: 9.94% - 79.99%
- --------------------------------------------------------------------------------
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
75.01 to 80.00 13 1,317,368.53 2.95
70.01 to 75.00 37 3,869,145.72 8.66
65.01 to 70.00 62 6,300,305.53 14.09
60.01 to 65.00 71 6,155,248.66 13.77
55.01 to 60.00 78 5,937,156.85 13.28
50.01 to 55.00 74 5,750,792.67 12.87
45.01 to 50.00 57 3,330,500.04 7.45
40.01 to 45.00 53 3,239,772.83 7.25
35.01 to 40.00 58 2,871,108.36 6.42
30.01 to 35.00 41 2,060,394.21 4.61
25.01 to 30.00 38 1,596,412.90 3.57
20.01 to 25.00 33 1,093,110.28 2.45
15.01 to 20.00 23 653,223.70 1.46
10.01 to 15.00 14 488,107.24 1.09
5.01 to 10.00 2 36,916.28 0.08
- --------------------------------------------------------------------------
Total............ 654 $ 44,699,563.80 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<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 13 1,317,368.53 2.95
70.01 to 75.00 35 3,795,359.85 8.49
65.01 to 70.00 62 6,300,305.53 14.09
60.01 to 65.00 70 6,134,384.66 13.72
55.01 to 60.00 70 5,690,548.00 12.73
50.01 to 55.00 69 5,470,560.03 12.24
45.01 to 50.00 55 3,294,353.95 7.37
40.01 to 45.00 49 3,140,237.08 7.03
35.01 to 40.00 56 2,865,190.99 6.41
30.01 to 35.00 43 2,203,378.94 4.93
25.01 to 30.00 38 1,623,886.31 3.63
20.01 to 25.00 35 1,246,567.65 2.79
15.01 to 20.00 29 827,999.72 1.85
10.01 to 15.00 23 654,683.44 1.46
5.01 to 10.00 7 134,739.12 0.30
- --------------------------------------------------------------------------
Total............ 654 $ 44,699,563.80 100.00%
==========================================================================
GROSS MORTGAGE INTEREST RATE RANGE 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.50% < Gross Coupon <= 8.00% 2 155,572.65 0.35
8.00% < Gross Coupon <= 8.50% 17 1,305,426.11 2.92
8.50% < Gross Coupon <= 9.00% 140 11,343,156.54 25.38
9.00% < Gross Coupon <= 9.50% 122 8,754,801.80 19.59
9.50% < Gross Coupon <= 10.00% 161 10,607,580.55 23.73
10.00% < Gross Coupon <= 10.50% 88 5,594,026.52 12.51
10.50% < Gross Coupon <= 11.00% 49 3,289,419.02 7.36
11.00% < Gross Coupon <= 11.50% 24 1,396,056.37 3.12
11.50% < Gross Coupon <= 12.00% 17 819,090.91 1.83
12.00% < Gross Coupon <= 12.50% 5 224,305.22 0.50
12.50% < Gross Coupon <= 13.00% 4 204,518.45 0.46
13.00% < Gross Coupon <= 13.50% 5 191,374.98 0.43
13.50% < Gross Coupon <= 14.00% 9 301,295.45 0.67
14.00% < Gross Coupon <= 14.50% 3 126,275.31 0.28
14.50% < Gross Coupon <= 15.00% 6 369,201.60 0.83
15.00% < Gross Coupon <= 15.50% 1 6,427.87 0.01
15.50% < Gross Coupon <= 16.00% 1 11,034.45 0.02
- ----------------------------------------------------------------------------
Total.......... 654 $ 44,699,563.80 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 11 803,929.69 1.80
CA 147 11,923,446.24 26.67
CO 17 1,107,427.66 2.48
DC 14 754,713.54 1.69
FL 30 1,890,337.87 4.23
GA 9 495,469.35 1.11
IL 46 3,075,627.33 6.88
MA 11 668,606.84 1.50
MD 33 2,127,790.17 4.76
MI 1 62,570.70 0.14
NJ 80 5,156,563.71 11.54
NY 145 9,184,452.60 20.55
OH 6 402,616.38 0.90
OR 14 922,610.53 2.06
PA 36 2,198,623.14 4.92
UT 15 1,057,171.51 2.37
VA 6 457,168.37 1.02
WA 33 2,410,438.17 5.39
- --------------------------------------------------------------------------
Total............... 654 $ 44,699,563.80 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
1 < Rem Term <= 12 1 10,022.94 0.02%
24 < Rem Term <= 36 1 8,324.27 0.02%
36 < Rem Term <= 48 1 6,427.87 0.01%
48 < Rem Term <= 60 3 54,467.36 0.12%
72 < Rem Term <= 84 4 123,081.31 0.28%
96 < Rem Term <= 108 2 33,130.71 0.07%
108 < Rem Term <= 120 18 682,941.00 1.53%
120 < Rem Term <= 132 2 43,289.76 0.10%
156 < Rem Term <= 168 1 92,465.79 0.21%
168 < Rem Term <= 180 142 7,110,508.11 15.91%
228 < Rem Term <= 240 48 2,661,432.46 5.95%
312 < Rem Term <= 324 1 101,016.62 0.23%
336 < Rem Term <= 348 6 381,327.81 0.85%
348 < Rem Term <= 360 424 33,391,127.79 74.70%
- -------------------------------------------------------------------
Total............ 654 44,699,563.80 100.00%
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<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 3 20,417.09 0.05
10,000 < Balance <= 15,000 6 79,709.32 0.18
15,000 < Balance <= 20,000 12 223,760.04 0.50
20,000 < Balance <= 25,000 34 780,743.21 1.75
25,000 < Balance <= 30,000 29 808,388.28 1.81
30,000 < Balance <= 35,000 33 1,080,191.46 2.42
35,000 < Balance <= 40,000 38 1,445,161.54 3.23
40,000 < Balance <= 45,000 36 1,553,175.44 3.47
45,000 < Balance <= 50,000 45 2,177,418.59 4.87
50,000 < Balance <= 55,000 41 2,171,950.01 4.86
55,000 < Balance <= 60,000 46 2,657,420.07 5.95
60,000 < Balance <= 65,000 48 3,021,795.92 6.76
65,000 < Balance <= 70,000 38 2,563,930.86 5.74
70,000 < Balance <= 75,000 20 1,451,949.80 3.25
75,000 < Balance <= 80,000 29 2,256,640.67 5.05
80,000 < Balance <= 85,000 19 1,570,815.85 3.51
85,000 < Balance <= 90,000 29 2,548,472.19 5.70
90,000 < Balance <= 95,000 26 2,416,366.63 5.41
95,000 < Balance <= 100,000 20 1,954,127.55 4.37
100,000 < Balance <= 125,000 53 5,899,286.66 13.20
125,000 < Balance <= 150,000 27 3,700,872.82 8.28
150,000 < Balance <= 200,000 16 2,779,787.77 6.22
200,000 < Balance <= 250,000 3 664,063.79 1.49
250,000 < Balance <= 300,000 2 530,096.00 1.19
300,000 < Balance <= 350,000 1 343,022.24 0.77
- --------------------------------------------------------------------------
Total.................... 654 $ 44,699,563.80 100.00%
==========================================================================
MORTGAGED PROPERTIES 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 572 39,270,432.27 87.85
PUD 4 229,382.13 0.51
Condominium 13 696,056.41 1.56
2-4 Family 65 4,503,692.99 10.08
- --------------------------------------------------------------------------
Total............... 654 $ 44,699,563.80 100.00%
==========================================================================
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 623 42,450,269.64 94.97
Investor 26 1,787,353.43 4.00
Second Home 5 461,940.73 1.03
- --------------------------------------------------------------------------
Total.................. 654 $ 44,699,563.80 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<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 2 44,790.97 0.10
20.01 to 30.00 9 162,440.56 0.36
30.01 to 40.00 7 235,485.47 0.53
40.01 to 50.00 3 136,982.75 0.31
50.01 to 60.00 5 195,145.86 0.44
60.01 to 70.00 1 17,460.42 0.04
70.01 to 80.00 4 161,289.58 0.36
90.01 to 100.00 623 43,745,968.19 97.87
- --------------------------------------------------------------------------
Total............ 654 $ 44,699,563.80 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
- --------------------------------------------------------------------------------
- FAMT 1997-4
- Cut Off Date of Tape is 12/1/97
- ARMs
- $35,313,006.05
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 402
Index: Libor-6M
Aggregate Unpaid Principal Balance: $35,313,006.05
Aggregate Original Principal Balance: $35,346,973.01
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 8.902%
Gross Coupon Range: 6.99% - 14.03%
Weighted Average Margin (Gross): 5.876%
Gross Margin Range: 3.99% - 9.49%
Weighted Average Life Cap (Gross): 15.711%
Gross Life Cap Range: 13.95% - 20.25%
Weighted Average Life Floor (Gross): 8.894%
Gross Life Floor Range: 6.99% - 14.03%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $87,843.30
Average Original Principal Balance: $87,927.79
Maximum Unpaid Principal Balance: $341,063.21
Minimum Unpaid Principal Balance: $20,000.00
Maximum Original Principal Balance: $341,250.00
Minimum Original Principal Balance: $20,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 347.052
Stated Rem Term Range: 120.00 - 360.00
Weighted Average Age (First Pay thru Paid Thru): 1.322
Age Range: 0.00 - 10.00
Weighted Average Original Term: 348.373
Original Term Range: 120.00 - 360.00
Weighted Average Original LTV: 58.280
Original LTV Range: 8.95% - 84.99%
Weighted Average Combined LTV: 58.280
Combined LTV Range: 8.95% - 84.99%
Weighted Average Periodic Interest Cap: 1.021%
Periodic Interest Cap Range: 1.00% - 1.50%
Weighted Average Initial Interest Cap: 1.516%
Initial Interest Cap Range: 1.00% - 6.50%
Weighted Average Months to Interest Roll: 8.685 * calculated
from 12/97
to next
rolldate
Months to Interest Roll Range: 1 - 57
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ARM TYPE
- -------------------------------------------------------------------------------------------------------------------
WA WA WA Total
# % Rem WA Life Life WA Current
Loan Feature Loan Pool WAC Term Age Cap floor Margin Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6M Libor 306 79.32 8.629 344.81 .73 15.58 8.62 5.89 $28,010,474.55
2/28 90 19.36 9.968 356.43 3.57 16.22 9.97 5.84 $6,836,462.22
3/27 4 1.00 9.985 340.47 3.87 16.15 9.99 5.52 $351,718.12
5/25 2 .32 8.768 356.79 3.21 15.27 8.77 6.11 $114,351.16
- -------------------------------------------------------------------------------------------------------------------
Total..... 402 100.00% 8.902 347.05 1.32 15.71 8.89 5.88 $35,313,006.05
===================================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<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 2 277,411.02 0.79
75.01 to 80.00 10 1,274,071.12 3.61
70.01 to 75.00 36 3,985,322.74 11.29
65.01 to 70.00 57 5,952,819.96 16.86
60.01 to 65.00 62 5,817,330.25 16.47
55.01 to 60.00 52 5,003,172.65 14.17
50.01 to 55.00 41 4,001,866.22 11.33
45.01 to 50.00 40 3,048,745.48 8.63
40.01 to 45.00 33 2,412,731.48 6.83
35.01 to 40.00 22 1,396,558.01 3.95
30.01 to 35.00 17 881,774.30 2.50
25.01 to 30.00 11 623,319.56 1.77
20.01 to 25.00 9 332,765.05 0.94
15.01 to 20.00 7 237,159.29 0.67
10.01 to 15.00 2 44,515.92 0.13
5.01 to 10.00 1 23,443.00 0.07
- --------------------------------------------------------------------------
Total............ 402 $ 35,313,006.05 100.00%
==========================================================================
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 2 277,411.02 0.79
75.01 to 80.00 10 1,274,071.12 3.61
70.01 to 75.00 36 3,985,322.74 11.29
65.01 to 70.00 57 5,952,819.96 16.86
60.01 to 65.00 62 5,817,330.25 16.47
55.01 to 60.00 52 5,003,172.65 14.17
50.01 to 55.00 41 4,001,866.22 11.33
45.01 to 50.00 40 3,048,745.48 8.63
40.01 to 45.00 33 2,412,731.48 6.83
35.01 to 40.00 22 1,396,558.01 3.95
30.01 to 35.00 17 881,774.30 2.50
25.01 to 30.00 11 623,319.56 1.77
20.01 to 25.00 9 332,765.05 0.94
15.01 to 20.00 7 237,159.29 0.67
10.01 to 15.00 2 44,515.92 0.13
5.01 to 10.00 1 23,443.00 0.07
- --------------------------------------------------------------------------
Total............ 402 $ 35,313,006.05 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% < Gross Coupon <= 7.00% 1 75,170.00 0.21
7.00% < Gross Coupon <= 7.50% 34 3,572,925.31 10.12
7.50% < Gross Coupon <= 8.00% 69 5,801,453.80 16.43
8.00% < Gross Coupon <= 8.50% 70 6,095,824.95 17.26
8.50% < Gross Coupon <= 9.00% 69 6,881,428.57 19.49
9.00% < Gross Coupon <= 9.50% 40 3,839,972.18 10.87
9.50% < Gross Coupon <= 10.00% 57 4,610,137.09 13.06
10.00% < Gross Coupon <= 10.50% 17 1,390,879.51 3.94
10.50% < Gross Coupon <= 11.00% 21 1,349,651.89 3.82
11.00% < Gross Coupon <= 11.50% 6 489,240.69 1.39
11.50% < Gross Coupon <= 12.00% 10 778,803.00 2.21
12.00% < Gross Coupon <= 12.50% 4 223,010.82 0.63
12.50% < Gross Coupon <= 13.00% 2 125,963.97 0.36
13.50% < Gross Coupon <= 14.00% 1 27,989.12 0.08
14.00% < Gross Coupon <= 14.50% 1 50,555.15 0.14
- ----------------------------------------------------------------------------
Total.......... 402 $ 35,313,006.05 100.00%
============================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 8 606,034.56 1.72
CA 69 8,110,806.60 22.97
CO 8 592,331.61 1.68
DC 5 422,133.67 1.20
FL 23 1,745,877.07 4.94
GA 6 366,552.48 1.04
ID 2 95,273.46 0.27
IL 82 6,209,917.86 17.59
MA 21 2,106,280.56 5.96
MD 13 989,404.88 2.80
MI 1 71,930.31 0.20
MN 2 160,685.29 0.46
NJ 32 2,795,034.62 7.92
NY 30 2,777,451.19 7.87
OH 18 1,178,207.23 3.34
OR 31 2,621,092.25 7.42
PA 8 619,054.63 1.75
UT 15 1,248,276.60 3.53
VA 4 364,857.28 1.03
WA 24 2,231,803.90 6.32
- --------------------------------------------------------------------------
Total............... 402 $ 35,313,006.05 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
REMAINING MONTHS TO STATED MATURITY 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 1 87,737.00 0.25%
168 < Rem Term <= 180 30 2,001,064.70 5.67%
228 < Rem Term <= 240 2 244,435.00 0.69%
348 < Rem Term <= 360 369 32,979,769.35 93.39%
- -------------------------------------------------------------------
Total............ 402 35,313,006.05 100.00%
===================================================================
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 2 40,000.00 0.11
20,000 < Balance <= 25,000 7 168,995.51 0.48
25,000 < Balance <= 30,000 5 138,540.14 0.39
30,000 < Balance <= 35,000 13 441,124.48 1.25
35,000 < Balance <= 40,000 12 451,968.20 1.28
40,000 < Balance <= 45,000 12 508,353.57 1.44
45,000 < Balance <= 50,000 21 1,024,158.47 2.90
50,000 < Balance <= 55,000 20 1,053,974.48 2.98
55,000 < Balance <= 60,000 26 1,514,133.41 4.29
60,000 < Balance <= 65,000 14 872,471.13 2.47
65,000 < Balance <= 70,000 23 1,564,804.92 4.43
70,000 < Balance <= 75,000 25 1,820,150.56 5.15
75,000 < Balance <= 80,000 23 1,775,245.34 5.03
80,000 < Balance <= 85,000 28 2,332,255.86 6.60
85,000 < Balance <= 90,000 20 1,748,176.22 4.95
90,000 < Balance <= 95,000 18 1,676,392.76 4.75
95,000 < Balance <= 100,000 22 2,156,406.33 6.11
100,000 < Balance <= 125,000 57 6,438,488.81 18.23
125,000 < Balance <= 150,000 21 2,883,895.80 8.17
150,000 < Balance <= 200,000 19 3,261,373.08 9.24
200,000 < Balance <= 250,000 9 1,989,614.76 5.63
250,000 < Balance <= 300,000 3 791,025.01 2.24
300,000 < Balance <= 350,000 2 661,457.21 1.87
- --------------------------------------------------------------------------
Total.................... 402 $ 35,313,006.05 100.00%
==========================================================================
MORTGAGED PROPERTIES 3-Dec-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 343 30,679,653.82 86.88
PUD 2 128,775.57 0.36
Condominium 10 696,991.79 1.97
2-4 Family 47 3,807,584.87 10.78
- --------------------------------------------------------------------------
Total............... 402 $ 35,313,006.05 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
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 387 34,358,889.67 97.30
Investor 15 954,116.38 2.70
- --------------------------------------------------------------------------
Total.................. 402 $ 35,313,006.05 100.00%
==========================================================================
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.50 < Life Cap <= 14.00 2 121,030.76 0.34
14.00 < Life Cap <= 14.50 40 4,184,137.00 11.85
14.50 < Life Cap <= 15.00 76 6,329,093.91 17.92
15.00 < Life Cap <= 15.50 79 6,720,930.14 19.03
15.50 < Life Cap <= 16.00 81 8,133,573.87 23.03
16.00 < Life Cap <= 16.50 36 3,279,136.25 9.29
16.50 < Life Cap <= 17.00 42 3,306,051.71 9.36
17.00 < Life Cap <= 17.50 18 1,303,191.46 3.69
17.50 < Life Cap <= 18.00 12 804,211.57 2.28
18.00 < Life Cap <= 18.50 10 770,360.64 2.18
18.50 < Life Cap <= 19.00 3 232,756.57 0.66
19.50 < Life Cap <= 20.00 1 49,987.90 0.14
20.00 < Life Cap <= 20.50 2 78,544.27 0.22
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
DISTRIBUTION OF
MINIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
6.50 < Life Floor <= 7.00 1 75,170.00 0.21
7.00 < Life Floor <= 7.50 34 3,572,925.31 10.12
7.50 < Life Floor <= 8.00 70 5,907,197.27 16.73
8.00 < Life Floor <= 8.50 70 6,095,824.95 17.26
8.50 < Life Floor <= 9.00 69 6,884,501.19 19.50
9.00 < Life Floor <= 9.50 41 3,909,642.72 11.07
9.50 < Life Floor <= 10.00 56 4,501,321.00 12.75
10.00 < Life Floor <= 10.50 16 1,321,208.97 3.74
10.50 < Life Floor <= 11.00 21 1,349,651.89 3.82
11.00 < Life Floor <= 11.50 6 489,240.69 1.39
11.50 < Life Floor <= 12.00 10 778,803.00 2.21
12.00 < Life Floor <= 12.50 4 223,010.82 0.63
12.50 < Life Floor <= 13.00 2 125,963.97 0.36
13.50 < Life Floor <= 14.00 1 27,989.12 0.08
14.00 < Life Floor <= 14.50 1 50,555.15 0.14
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
3.0 < Margin <= 4.0 20 2,126,519.67 6.02
4.0 < Margin <= 5.0 92 7,946,036.97 22.50
5.0 < Margin <= 6.0 107 9,166,567.79 25.96
6.0 < Margin <= 7.0 130 11,700,061.72 33.13
7.0 < Margin <= 8.0 43 3,646,767.12 10.33
8.0 < Margin <= 9.0 9 679,841.78 1.93
9.0 < Margin <= 10.0 1 47,211.00 0.13
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY 3-Dec-1997
PERIODIC CAP Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 389 33,863,280.38 95.89
1.500 13 1,449,725.67 4.11
- --------------------------------------------------------------------------
Total................. 402 $ 35,313,006.05 100.00%
==========================================================================
ARM TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
6 Month Libor 306 28,010,474.55 79.32
2/28 90 6,836,462.22 19.36
3/27 4 351,718.12 1.00
5/25 2 114,351.16 0.32
- -----------------------------------------------------------------------------
Total............... 402 $ 35,313,006.05 100.00%
=============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION CAPITAL MARKETS
CORP. FINANCIAL ADVISOR IMMEDIATELY.
