- - --------------------------------------------------------------------------------
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)
March 10, 1997
First Alliance Mortgage Company
(Exact name of registrant as specified in its charter)
California 33-99604-04 95-2944875
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
92714-6203
17305 Von Karman Avenue (Zip Code)
Irvine, California
(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 March 10, 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.
<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: March 11, 1997
First Alliance Mortgage Loan Trust 1997-1
Mortgage Loan Asset Backed Certificates, Series 1997-1
[$73,000,000] Class A Certificates
-----------------------------------------------------------------
[$24,500,000] Class A-1 Fixed Rate Group Certificates - [.]%
[$48,500,000] 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
1997-1 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 1997-1
Mortgage Loan Asset Backed Certificates, Series 1997-1
- - -------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust 1997-1,
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] [25% HEP]
Approximate Size: [$24,500,000] [$48,500,000]
Average Life
to Call: [3.471] [3.373]
Average Life
to maturity: [3.773] [3.625]
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 + 2x []bps
50 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: [3/1/97] []
Expected Maturity
without Call: [1/20/16] [3/20/15]
Expected Maturity
with 10% Call: [8/20/05] [8/20/05]
Stated Maturity: [3/20/27] [3/20/27]
Pricing Date: [March , 1997] [March , 1997]
Settlement Date: [March 27, 1997] [March 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 1997-1
Mortgage Loan Asset Backed Certificates, Series 1997-1
- - -------------------------------------------------------------------------------
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 $[24,500,000]
Variable Rate Group $[48,500,000]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day, beginning
on April 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, [25]%
HEP.
10% Clean-up Call: The Servicer has the option to excercise 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 excercised 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.
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 1997-1
Mortgage Loan Asset Backed Certificates, Series 1997-1
- - -------------------------------------------------------------------------------
Pre-Funding Account: On the Closing Date, approximately [$ million] will be
deposited in a pre-funding account for the purchase of
additional floating-rate mortgage loans and [$ million]
will be deposited in a pre-funding account for the
purchase of additional fixed-rate mortgage loans. From
the Closing Date until [April 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 April 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 April 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 John Mawe at (212) 778-1166.
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>
Class A1 CUR Accr 0.51603 1st Pmt 04/20/97
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.920/9.420) LIBOR-1M 5.43750
WAM (Orig) (28.614) Mat N/A Settle 03/27/97
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
*** PRICED TO 10% CALL ***
FIX HEP% 19.00 21.00 23.00 25.00
Price ARM HEP% 21.00 23.00 25.00 27.00
----- ----- ----- ----- -----
99-28+ 7.170 7.163 7.157 7.150
99-29 7.165 7.158 7.151 7.144
99-29+ 7.160 7.153 7.146 7.138
99-30 7.155 7.148 7.140 7.132
99-30+ 7.151 7.143 7.135 7.126
99-31 7.146 7.137 7.129 7.121
99-31+ 7.141 7.132 7.123 7.115
100-00 7.136 7.127 7.118 7.109
100-00+ 7.131 7.122 7.112 7.103
100-01 7.127 7.117 7.107 7.097
100-01+ 7.122 7.112 7.101 7.091
100-02 7.117 7.106 7.096 7.085
100-02+ 7.112 7.101 7.090 7.079
100-03 7.107 7.096 7.085 7.073
100-03+ 7.103 7.091 7.079 7.067
Avg. Life 4.160 3.785 3.471 3.202
1st Pmt. 0.064 0.064 0.064 0.064
Last Pmt. 04/20/07 05/20/06 08/20/05 12/20/04
Class A2 FLT CUR LIBOR-1M+TBA> Accr 0.00000 1st Pmt 04/20/97
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.920/9.420) LIBOR-1M 5.43750
WAM (Orig) (28.614) Mat N/A Settle 03/27/97
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
*** PRICED TO 10% CALL ***
FIX HEP% 19.00 21.00 23.00 25.00
Price ARM HEP% 21.00 23.00 25.00 27.00
----- ----- ----- ----- -----
99-28+ 23.206 23.451 23.696 23.942
99-29 22.747 22.958 23.167 23.379
99-29+ 22.289 22.465 22.639 22.815
99-30 21.831 21.971 22.111 22.252
99-30+ 21.373 21.478 21.583 21.689
99-31 20.915 20.985 21.055 21.126
99-31+ 20.458 20.493 20.528 20.563
100-00 20.000 20.000 20.000 20.000
100-00+ 19.543 19.507 19.473 19.437
100-01 19.085 19.015 18.945 18.875
100-01+ 18.628 18.523 18.418 18.313
100-02 18.171 18.031 17.891 17.750
100-02+ 17.714 17.539 17.364 17.188
100-03 17.257 17.047 16.838 16.626
100-03+ 16.800 16.555 16.311 16.065
Avg. Life 3.997 3.658 3.373 3.127
1st Pmt. 0.064 0.064 0.064 0.064
Last Pmt. 04/20/07 05/20/06 08/20/05 12/20/04
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
DATE COUPON
-------- ------
05/20/97 8.3165 A2 Coupon: LIBOR + TBA,
06/20/97 8.3165 (2*TBA after collateral below 10%)
07/20/97 8.3203
08/20/97 8.3499 Cap: Net WAC - fees - 50bps cushion
09/20/97 8.5398 (starting month7)
10/20/97 8.4434
11/20/97 8.7971
12/20/97 8.8211
01/20/98 8.8248
02/20/98 8.8540
03/20/98 9.0432
04/20/98 9.4455
05/20/98 9.8017
06/20/98 9.8262
07/20/98 9.8299
08/20/98 9.8592
09/20/98 10.0485
10/20/98 10.4508
11/20/98 10.8069
12/20/98 10.8313
01/20/99 10.8318
02/20/99 10.8469
03/20/99 10.9344
04/20/99 11.1078
05/20/99 11.2687
06/20/99 11.2811
07/20/99 11.2811
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>
- - -------------------------------------------------------------------------------
- FAMT71
- Cut Off Date of Tape is 2/28/97
- FIX
- $18,563,694.90
- Mortgage Summary Report
- - -------------------------------------------------------------------------------
Number of Mortgage Loans: 238
Aggregate Unpaid Principal Balance: $18,563,694.90
Aggregate Original Principal Balance: $18,593,867.00
Weighted Average Net Coupon: 9.777%
Net Coupon Range: 8.250% - 16.250%
Weighted Average Gross Coupon: 10.277%
Gross Coupon Range: 8.750% - 16.750%
- - --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $77,998.72
Average Original Principal Balance: $78,125.49
Maximum Unpaid Principal Balance: $332,617.00
Minimum Unpaid Principal Balance: $15,093.00
Maximum Original Principal Balance: $332,617.00
Minimum Original Principal Balance: $15,093.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 333.628
Stated Rem Term Range: 97.000 - 360.000
Weighted Avg. Amortized Rem. Term: 333.125
Amortized Rem Term Range: 57.690 - 360.848
Weighted Average Age (First Pay thru Paid Thru Date): 0.526
Age Range: 0.000 - 83.000
Weighted Average Original Term: 334.154
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 57.213
Original LTV Range: 5.390% - 79.990%
Weighted Average Combined LTV: 57.417
Combined LTV Range: 9.450% - 79.990%
- - --------------------------------------------------------------------------------
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
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
75.01 to 80.00 5 607,224.63 3.27
70.01 to 75.00 20 2,269,218.81 12.22
65.01 to 70.00 28 2,896,800.23 15.60
60.01 to 65.00 34 3,849,417.41 20.74
55.01 to 60.00 30 2,583,117.72 13.91
50.01 to 55.00 26 1,866,078.03 10.05
45.01 to 50.00 17 1,032,313.10 5.56
40.01 to 45.00 16 942,097.61 5.07
35.01 to 40.00 16 899,400.18 4.84
30.01 to 35.00 13 645,310.00 3.48
25.01 to 30.00 7 225,021.47 1.21
20.01 to 25.00 11 370,829.49 2.00
15.01 to 20.00 9 244,567.12 1.32
10.01 to 15.00 5 109,092.55 0.59
5.01 to 10.00 1 23,206.55 0.13
- - --------------------------------------------------------------------------
Total............ 238 $ 18,563,694.90 100.00%
==========================================================================
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
75.01 to 80.00 5 607,224.63 3.27
70.01 to 75.00 20 2,269,218.81 12.22
65.01 to 70.00 28 2,896,800.23 15.60
60.01 to 65.00 33 3,823,418.41 20.60
55.01 to 60.00 29 2,552,283.38 13.75
50.01 to 55.00 26 1,866,078.03 10.05
45.01 to 50.00 16 1,004,472.85 5.41
40.01 to 45.00 16 942,097.61 5.07
35.01 to 40.00 16 899,400.18 4.84
30.01 to 35.00 14 676,144.34 3.64
25.01 to 30.00 7 225,021.47 1.21
20.01 to 25.00 10 349,058.07 1.88
15.01 to 20.00 8 220,543.20 1.19
10.01 to 15.00 8 180,886.89 0.97
5.01 to 10.00 2 51,046.80 0.27
- - --------------------------------------------------------------------------
Total............ 238 $ 18,563,694.90 100.00%
==========================================================================
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 6-Mar-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
8.50% < Gross Coupon <= 9.00% 16 1,579,641.50 8.51
9.00% < Gross Coupon <= 9.50% 12 1,433,677.65 7.72
9.50% < Gross Coupon <= 10.00% 84 7,359,524.10 39.64
10.00% < Gross Coupon <= 10.50% 37 3,007,813.71 16.20
10.50% < Gross Coupon <= 11.00% 36 2,666,664.02 14.36
11.00% < Gross Coupon <= 11.50% 11 705,335.74 3.80
11.50% < Gross Coupon <= 12.00% 9 498,562.86 2.69
12.00% < Gross Coupon <= 12.50% 11 423,124.93 2.28
12.50% < Gross Coupon <= 13.00% 8 504,997.41 2.72
13.00% < Gross Coupon <= 13.50% 3 97,903.51 0.53
13.50% < Gross Coupon <= 14.00% 5 117,032.00 0.63
14.00% < Gross Coupon <= 14.50% 1 24,023.92 0.13
14.50% < Gross Coupon <= 15.00% 2 64,656.25 0.35
15.00% < Gross Coupon <= 15.50% 1 26,475.00 0.14
15.50% < Gross Coupon <= 16.00% 1 25,999.00 0.14
16.50% < Gross Coupon <= 17.00% 1 28,263.30 0.15
- - ----------------------------------------------------------------------------
Total.......... 238 $ 18,563,694.90 100.00%
============================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES 6-Mar-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 1 49,022.44 0.26
CA 116 9,761,576.02 52.58
CO 7 546,127.06 2.94
FL 15 938,728.74 5.06
GA 9 627,638.01 3.38
IL 14 1,023,059.07 5.51
NJ 8 714,705.59 3.85
NY 24 1,943,895.38 10.47
OH 7 430,163.40 2.32
OR 9 579,653.19 3.12
PA 13 855,507.06 4.61
UT 7 435,884.55 2.35
WA 8 657,734.39 3.54
- - --------------------------------------------------------------------------
Total............... 238 $ 18,563,694.90 100.00%
==========================================================================
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 6-Mar-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
96 < Rem Term <= 108 1 24,023.92 0.13%
108 < Rem Term <= 120 6 265,142.80 1.43%
168 < Rem Term <= 180 31 1,999,088.75 10.77%
228 < Rem Term <= 240 6 444,245.10 2.39%
288 < Rem Term <= 300 1 16,827.16 0.09%
324 < Rem Term <= 336 1 29,457.54 0.16%
348 < Rem Term <= 360 192 15,784,909.63 85.03%
- - -------------------------------------------------------------------
Total............ 238 18,563,694.90 100.00%
===================================================================
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 6 110,114.08 0.59
20,000 < Balance <= 25,000 8 176,186.69 0.95
25,000 < Balance <= 30,000 10 271,062.64 1.46
30,000 < Balance <= 35,000 12 387,958.18 2.09
35,000 < Balance <= 40,000 11 417,949.48 2.25
40,000 < Balance <= 45,000 12 511,704.87 2.76
45,000 < Balance <= 50,000 15 717,868.94 3.87
50,000 < Balance <= 55,000 12 622,140.23 3.35
55,000 < Balance <= 60,000 9 523,261.92 2.82
60,000 < Balance <= 65,000 8 502,152.99 2.71
65,000 < Balance <= 70,000 12 805,606.14 4.34
70,000 < Balance <= 75,000 13 950,240.85 5.12
75,000 < Balance <= 80,000 16 1,237,674.98 6.67
80,000 < Balance <= 85,000 6 492,932.16 2.66
85,000 < Balance <= 90,000 6 521,448.75 2.81
90,000 < Balance <= 95,000 10 930,004.27 5.01
95,000 < Balance <= 100,000 13 1,274,997.59 6.87
100,000 < Balance <= 125,000 31 3,425,327.67 18.45
125,000 < Balance <= 150,000 12 1,610,163.59 8.67
150,000 < Balance <= 200,000 12 2,024,928.54 10.91
200,000 < Balance <= 250,000 2 465,725.79 2.51
250,000 < Balance <= 300,000 1 251,627.55 1.36
300,000 < Balance <= 350,000 1 332,617.00 1.79
- - --------------------------------------------------------------------------
Total.................... 238 $ 18,563,694.90 100.00%
==========================================================================
MORTGAGED PROPERTIES 6-Mar-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 218 17,058,247.55 91.89
PUD 1 37,191.00 0.20
Condo 2 241,265.00 1.30
2-4 Family 17 1,226,991.35 6.61
- - --------------------------------------------------------------------------
Total............... 238 $ 18,563,694.90 100.00%
==========================================================================
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
1 230 17,953,668.59 96.71
2 8 610,026.31 3.29
- - --------------------------------------------------------------------------
Total.................. 238 $ 18,563,694.90 100.00%
==========================================================================
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 53,839.25 0.29
50.01 to 60.00 1 30,834.34 0.17
60.01 to 70.00 2 45,795.34 0.25
90.01 to 100.00 233 18,433,225.97 99.30
- - --------------------------------------------------------------------------
Total............ 238 $ 18,563,694.90 100.00%
==========================================================================
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>
- - --------------------------------------------------------------------------------
- FAMT71
- Cut Off Date of Tape is 2/28/97
- ARM
- $35,077,095.40
- - --------------------------------------------------------------------------------
Number of Mortgage Loans: 402
Index: LIBOR-6M
Aggregate Unpaid Principal Balance: $35,077,095.40
Aggregate Original Principal Balance: $35,089,766.00
- - --------------------------------------------------------------------------------
Weighted Average Coupon (Net): 8.486%
Net Coupon Range: 6.450% - 12.750%
Weighted Average Coupon (Gross): 8.986%
Gross Coupon Range: 6.950% - 13.250%
- - --------------------------------------------------------------------------------
Weighted Average Margin (Net): 6.233%
Net Margin Range: 3.990% - 9.990%
Weighted Average Life Cap (Net): 15.485%
Net Life Cap Range: 13.450% - 19.750%
Weighted Average Life Floor (Net): 8.485%
Net Life Floor Range: 6.450% - 12.750%
Weighted Average Margin (Gross): 6.733%
Gross Margin Range: 4.490% - 10.490%
Weighted Average Life Cap (Gross): 15.985%
Gross Life Cap Range: 13.950% - 20.250%
Weighted Average Life Floor (Gross): 8.985%
Gross Life Floor Range: 6.950% - 13.250%
- - --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $87,256.46
Average Original Principal Balance: $87,287.98
Maximum Unpaid Principal Balance: $316,151.00
Minimum Unpaid Principal Balance: $18,817.00
Maximum Original Principal Balance: $316,151.00
Minimum Original Principal Balance: $18,817.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 348.733
Stated Rem Term Range: 120.000 - 360.000
Weighted Avg. Amortized Rem. Term: 347.318
Amortized Rem Term Range: 0.000 - 360.027
Weighted Average Age (First Pay thru Paid Thru): 0.092
Age Range: 0.000 - 5.000
Weighted Average Original Term: 348.826
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 61.212
Original LTV Range: 11.450% - 81.030%
Weighted Average Periodic Interest Cap: 1.005%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Months to Interest Roll: 6.135 *
Months to Interest Roll Range: 3 - 8
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- - --------------------------------------------------------------------------------
* calculated from 3/97 to next rolldate
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
80.01 to 85.00 1 63,147.67 0.18
75.01 to 80.00 28 3,058,062.34 8.72
70.01 to 75.00 59 7,201,200.13 20.53
65.01 to 70.00 49 4,975,030.20 14.18
60.01 to 65.00 58 5,495,385.03 15.67
55.01 to 60.00 44 3,904,933.18 11.13
50.01 to 55.00 34 2,955,224.53 8.42
45.01 to 50.00 34 2,444,657.77 6.97
40.01 to 45.00 31 2,232,957.20 6.37
35.01 to 40.00 21 1,068,482.70 3.05
30.01 to 35.00 13 688,571.49 1.96
25.01 to 30.00 11 423,954.36 1.21
20.01 to 25.00 9 313,896.00 0.89
15.01 to 20.00 6 156,336.00 0.45
10.01 to 15.00 4 95,256.80 0.27
- - --------------------------------------------------------------------------
Total............ 402 $ 35,077,095.40 100.00%
==========================================================================
GROSS MORTGAGE INTEREST RATE RANGE 6-Mar-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 80,001.00 0.23
7.00% < Gross Coupon <= 7.50% 31 2,699,626.33 7.70
7.50% < Gross Coupon <= 8.00% 73 6,379,516.19 18.19
8.00% < Gross Coupon <= 8.50% 62 5,881,251.25 16.77
8.50% < Gross Coupon <= 9.00% 82 7,399,854.27 21.10
9.00% < Gross Coupon <= 9.50% 41 3,901,357.91 11.12
9.50% < Gross Coupon <= 10.00% 53 4,453,249.60 12.70
10.00% < Gross Coupon <= 10.50% 10 652,760.01 1.86
10.50% < Gross Coupon <= 11.00% 20 1,463,393.18 4.17
11.00% < Gross Coupon <= 11.50% 11 783,610.30 2.23
11.50% < Gross Coupon <= 12.00% 8 604,575.06 1.72
12.00% < Gross Coupon <= 12.50% 3 257,255.56 0.73
12.50% < Gross Coupon <= 13.00% 5 368,012.74 1.05
13.00% < Gross Coupon <= 13.50% 2 152,632.00 0.44
- - ----------------------------------------------------------------------------
Total.......... 402 $ 35,077,095.40 100.00%
============================================================================
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 6-Mar-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AZ 10 875,753.09 2.50
CA 68 7,367,580.17 21.00
CO 19 1,699,609.57 4.85
FL 25 1,995,320.20 5.69
GA 10 864,738.00 2.47
ID 1 74,952.18 0.21
IL 50 4,042,020.26 11.52
NJ 25 1,711,805.37 4.88
NY 65 5,563,114.86 15.86
OH 15 1,029,917.52 2.94
OR 37 3,543,670.90 10.10
PA 28 2,265,237.45 6.46
UT 23 1,946,251.05 5.55
WA 26 2,097,124.78 5.98
- - --------------------------------------------------------------------------
Total............... 402 $ 35,077,095.40 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY 6-Mar-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 4 142,813.45 0.41%
168 < Rem Term <= 180 30 1,933,847.00 5.51%
228 < Rem Term <= 240 1 80,001.00 0.23%
348 < Rem Term <= 360 367 32,920,433.95 93.85%
- - -------------------------------------------------------------------
Total............ 402 35,077,095.40 100.00%
===================================================================
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
15,000 < Balance <= 20,000 3 58,234.37 0.17
20,000 < Balance <= 25,000 5 112,958.00 0.32
25,000 < Balance <= 30,000 9 249,874.72 0.71
30,000 < Balance <= 35,000 6 200,450.93 0.57
35,000 < Balance <= 40,000 13 499,984.80 1.43
40,000 < Balance <= 45,000 13 555,310.38 1.58
45,000 < Balance <= 50,000 16 755,230.60 2.15
50,000 < Balance <= 55,000 16 842,679.93 2.40
55,000 < Balance <= 60,000 18 1,034,804.46 2.95
60,000 < Balance <= 65,000 26 1,627,429.44 4.64
65,000 < Balance <= 70,000 27 1,827,065.54 5.21
70,000 < Balance <= 75,000 24 1,766,134.21 5.04
75,000 < Balance <= 80,000 32 2,491,426.65 7.10
80,000 < Balance <= 85,000 24 1,974,669.08 5.63
85,000 < Balance <= 90,000 17 1,491,438.39 4.25
90,000 < Balance <= 95,000 17 1,564,497.22 4.46
95,000 < Balance <= 100,000 23 2,247,727.50 6.41
100,000 < Balance <= 125,000 56 6,179,931.19 17.62
125,000 < Balance <= 150,000 24 3,245,158.02 9.25
150,000 < Balance <= 200,000 21 3,473,515.18 9.90
200,000 < Balance <= 250,000 8 1,717,478.12 4.90
250,000 < Balance <= 300,000 3 844,945.67 2.41
300,000 < Balance <= 350,000 1 316,151.00 0.90
- - --------------------------------------------------------------------------
Total.................... 402 $ 35,077,095.40 100.00%
==========================================================================
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 6-Mar-1997
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family 385 33,565,870.44 95.69
PUD 3 231,479.00 0.66
Condo 3 251,524.00 0.72
2-4 Family 11 1,028,221.96 2.93
- - --------------------------------------------------------------------------
Total............... 402 $ 35,077,095.40 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 384 33,605,451.12 95.80
Investor 18 1,471,644.28 4.20
- - --------------------------------------------------------------------------
Total.................. 402 $ 35,077,095.40 100.00%
==========================================================================
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 1 80,001.00 0.23
14.00 < Life Cap <= 14.50 31 2,699,626.33 7.70
14.50 < Life Cap <= 15.00 73 6,379,516.19 18.19
15.00 < Life Cap <= 15.50 62 5,881,251.25 16.77
15.50 < Life Cap <= 16.00 82 7,399,854.27 21.10
16.00 < Life Cap <= 16.50 41 3,901,357.91 11.12
16.50 < Life Cap <= 17.00 53 4,453,249.60 12.70
17.00 < Life Cap <= 17.50 10 652,760.01 1.86
17.50 < Life Cap <= 18.00 20 1,463,393.18 4.17
18.00 < Life Cap <= 18.50 11 783,610.30 2.23
18.50 < Life Cap <= 19.00 9 661,449.29 1.89
19.00 < Life Cap <= 19.50 3 257,255.56 0.73
19.50 < Life Cap <= 20.00 4 311,138.51 0.89
20.00 < Life Cap <= 20.50 2 152,632.00 0.44
- - --------------------------------------------------------------------------
Total................. 402 $ 35,077,095.40 100.00%
==========================================================================
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
4.0 < Margin <= 5.0 37 3,271,101.58 9.33
5.0 < Margin <= 6.0 113 10,032,843.47 28.60
6.0 < Margin <= 7.0 115 9,986,735.63 28.47
7.0 < Margin <= 8.0 92 7,921,069.64 22.58
8.0 < Margin <= 9.0 36 3,090,607.33 8.81
9.0 < Margin <= 10.0 8 677,506.75 1.93
10.0 < Margin <= 11.0 1 97,231.00 0.28
- - --------------------------------------------------------------------------
Total................. 402 $ 35,077,095.40 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY 6-Mar-1997
PERIODIC CAP Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 398 34,716,595.40 98.97
1.500 4 360,500.00 1.03
- - --------------------------------------------------------------------------
Total................. 402 $ 35,077,095.40 100.00%
==========================================================================
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.
