===============================================================================
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)
September 10, 1998
First Alliance Mortgage Company
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-44585-03 95-2944875
- ------------------------------- ---------------- -------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
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 (949) 224-8500
--------------
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 1998-3, described in a
Prospectus Supplement to be dated as of September 14, 1998, 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 (the "Related
Computational Materials").
The Related Computational Materials furnished to certain prospective
investors by the lead Underwriter, Prudential Securities Incorporated, are filed
herewith as Exhibit 99.1. In addition, Wheat First Securities, Inc., acting
through First Union Capital Markets, a division of Wheat First Securities, Inc.
("First Union Capital Markets"), as co-underwriter, has furnished Related
Computational Materials to certain prospective investors, which are
substantially identical to the Related Computational Materials furnished by
Prudential Securities Incorporated, other than the disclosure in First Union
Capital Markets' legend. Therefore, only First Union Capital Markets' legend has
been filed herewith.
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 Legend to the Related Computational Materials
furnished by First Union Capital Markets.
<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/ Francisco Nebot
----------------------------------
Name: Francisco Nebot
Title: Executive Vice President and Chief
Financial Officer
Dated: September 10, 1998
Exhibit 99.1
First Alliance Mortgage Loan Trust 1998-3
Mortgage Loan Asset Backed Certificates, Series 1998-3
[$100,000,000] Class A Certificates
--------------------------------------------------------------------------
[$30,000,000] Class A-1 Fixed Rate Group Certificates - [TBD]%
(non-SMMEA-eligible)
[$22,000,000] Class A-2 Fixed Rate Group Certificates - [TBD]%
(non-SMMEA-eligible)
[$18,000,000] Class A-3 Fixed Rate Group Certificates - [TBD]%
(non-SMMEA-eligible)
[$30,000,000] Class A-4 Floating Rate Group Certificates - 1M LIBOR + [TBD] bps.
(non-SMMEA-eligible)
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust
1998-3 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 1998-3
Mortgage Loan Asset Backed Certificates, Series 1998-3
- -------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust 1998-3,
Class A-1, Class A-2 and Class A-3 Fixed Rate Group
Certificates and Class A-4 Variable Rate Group
Certificates (collectively, the "Certificates").
<TABLE>
<CAPTION>
Certificate
Description: Class A-1 Class A-2 Class A-3 Class A-4
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Collateral: Fixed Rate Fixed Rate Fixed Rate Variable Rate
Mortgage Loans Mortgage Loans Mortgage Loans Mortgage Loans
Prepayment
Assumption: [27% HEP] [27% HEP] [27% HEP] [30% CPR]
Approximate Size: [$30,000,000] [$22,000,000] [$18,000,000] [30,000,000]
Average Life
to Call (years): [1.012] [3.011] [6.275] [2.458]
Average Life
to maturity (years): [1.012] [3.011] [7.213] [2.674]
Coupon: [-----------TBD----------------------------] The lesser of:
1) One Month LIBOR + [TBD]bps
2) The Available Funds Cap
Coupon Step-up: N/A N/A After the Clean-up After the Clean-up Call,
Call, 0.50%. the lesser of:
1) One Month LIBOR + 2x [TBD] bps
2) The Available Funds Cap
Yield to Call: [------------------TBD-----------------------] Variable
Collateral
Adjustment Frequency: N/A N/A N/A Every 6 months (Both
Interest Rate & Payment)
Payment Delay (days): [19] [19] [19] NONE
Interest
Accrual Basis: 30/360 30/360 30/360 Actual/360
Rating (Moody's/S&P): Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA
Dated Date: [09/01/98] [09/01/98] [09/01/98] [09/21/98]
First Payment: [10/20/98] [10/20/98] [10/20/98] [10/20/98]
Expected Maturity
without Call: [09/20/00] [02/20/03] [10/20/14] [02/20/13]
Expected Maturity
with 10% Call: [09/20/00] [02/20/03] [01/20/06] [02/20/05]
Stated Maturity: [11/20/18] [09/20/24] [12/20/29] [10/20/28]
Pricing Date: [---------------------------------------TBD--------------------------]
Settlement Date: [09/21/98] [09/21/98] [09/21/98] [09/21/98]
Taxation: REMIC REMIC REMIC REMIC
SMMEA Eligibility: non-SMMEA non-SMMEA non-SMMEA non-SMMEA
</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>
First Alliance Mortgage Loan Trust 1998-3
Mortgage Loan Asset Backed Certificates, Series 1998-3
- -------------------------------------------------------------------------------
Company and
Servicer: First Alliance Mortgage Company, a California
corporation
Servicing Fee: 50 basis points per annum
Trustee: Norwest Bank, Minnesota, National Association
Aggregate
Group Balance: Fixed Rate Group $[70,000,000]
Variable Rate Group $[30,000,000]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on October 20, 1998
Record Date: Class A-1, Class A-2, Class A-3 & Class A-4 - The last
day of the calendar month immediately preceding the
related Payment Date
Interest The interest accrual period for the Class A-1, Class
Accrual Period: A-2 and Class A-3 Certificates is the calendar month
prior to the month in which a distribution occurs.
Interest will accrue on the Class A-4 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 For the Class A-1, Class A-2 and Class A-3 Fixed-Rate
Assumption: 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 10based on loan
seasoning.)
For the Class A-4 Variable-Rate Group Certificates,
[30]% CPR
10% Clean-up Call: The Servicer has the option to exercise a call when the
aggregate fixed-rate mortgage loan balance equals 10% or
less of the sum of the original fixed-rate collateral
balance and the original fixed-rate amount of the
prefunding account. The call will be exercised at par
plus accrued interest.
The Servicer has the option to exercise a call when the
aggregate floating-rate mortgage loan balance equals
10% or less of the sum of the original floating-rate
collateral balance and the original floating-rate
amount of the prefunding account. 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-3 Certificates shall be raised to
[TBD]% + 0.50%.
If the Servicer does not exercise the Cleanup Call, the
coupon on the Class A-4 Certificates shall be raised to
1M LIBOR + 2x [TBD]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 third
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-4 Certificates,
(c) the fees due to the Trustee relating to the Class
A-4 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 The Class A-4 Certificates will have an interest carry
Carry Forward: forward feature. Theexcess of the interest accrued on
the Class A-4 Certificates over the amount of interest
actually distributed will be paid on future Remittance
Dates to the extent of Class A-4 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-4 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 1998-3 Mortgage Loan
Asset Backed Certificates, Series 1998-3
- -------------------------------------------------------------------------------
Pre-Funding Account: On the Closing Date, approximately [$4,839,407.60] will
be deposited in a pre-funding account for the purchase
of additional floating-rate mortgage loans and
[$19,855,442.26] will be deposited in a pre-funding
account for the purchase of additional fixed-rate
mortgage loans. From the Closing Date until [October
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 [November] 1998 Payment Date.]
Funds remaining in the floating-rate pre-funding account
will be distributed to the Class A-4 Certificateholders
as a prepayment on the [November] 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, John Kim at (212) 778-1507, Naveen Bhalla at
(212) 778-7448, Howard Blecher at (212) 778-4429, or
James Chuchman at (212) 778-4540.
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>
<TABLE>
<CAPTION>
CURRENT BALANCE: $30,000,000.00 DATED DATE: 09/01/98
COUPON: 6.275% famt983 FIRST PAYMENT: 10/20/98
FACTOR: 1.0000000000 TOTAL CLASSES: 4
ORIGINAL BALANCE: $30,000,000.00 BOND A1 BE-YIELD TABLE YIELD TABLE DATE: 09/21/98
PREPAYMENT SPEED
FIXED HEP 27.00% 23.00% 25.00% 29.00% 31.00% 33.00% 35.00%
ARMs CPR 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 6.272 6.282 6.277 6.267 6.262 6.257 6.252
99-24+ 6.255 6.267 6.261 6.249 6.244 6.238 6.232
99-25 6.239 6.253 6.246 6.232 6.225 6.219 6.212
99-25+ 6.222 6.238 6.230 6.214 6.207 6.199 6.192
99-26 6.206 6.224 6.215 6.197 6.188 6.180 6.172
99-26+ 6.189 6.209 6.199 6.180 6.170 6.161 6.151
99-27 6.173 6.195 6.184 6.162 6.152 6.141 6.131
99-27+ 6.156 6.180 6.168 6.145 6.133 6.122 6.111
99-28 6.140 6.165 6.153 6.127 6.115 6.103 6.091
99-28+ 6.123 6.151 6.137 6.110 6.097 6.084 6.071
99-29 6.107 6.136 6.122 6.093 6.078 6.064 6.051
99-29+ 6.090 6.122 6.106 6.075 6.060 6.045 6.030
99-30 6.074 6.107 6.091 6.058 6.042 6.026 6.010
99-30+ 6.057 6.093 6.075 6.040 6.023 6.007 5.990
99-31 6.041 6.078 6.060 6.023 6.005 5.987 5.970
99-31+ 6.025 6.064 6.044 6.006 5.987 5.968 5.950
100-00 6.008 6.049 6.029 5.988 5.968 5.949 5.930
100-00+ 5.992 6.035 6.013 5.971 5.950 5.930 5.910
100-01 5.975 6.020 5.998 5.953 5.932 5.911 5.890
100-01+ 5.959 6.006 5.982 5.936 5.914 5.891 5.869
100-02 5.942 5.991 5.967 5.919 5.895 5.872 5.849
100-02+ 5.926 5.977 5.951 5.901 5.877 5.853 5.829
100-03 5.910 5.962 5.936 5.884 5.859 5.834 5.809
100-03+ 5.893 5.948 5.920 5.867 5.841 5.815 5.789
100-04 5.877 5.933 5.905 5.849 5.822 5.795 5.769
100-04+ 5.860 5.919 5.889 5.832 5.804 5.776 5.749
100-05 5.844 5.905 5.874 5.815 5.786 5.757 5.729
100-05+ 5.828 5.890 5.859 5.797 5.767 5.738 5.709
100-06 5.811 5.876 5.843 5.780 5.749 5.719 5.689
100-06+ 5.795 5.861 5.828 5.763 5.731 5.700 5.669
100-07 5.779 5.847 5.812 5.746 5.713 5.680 5.649
100-07+ 5.762 5.832 5.797 5.728 5.695 5.661 5.629
First Payment 0.081 0.081 0.081 0.081 0.081 0.081 0.081
Average Life 1.012 1.154 1.078 0.955 0.905 0.860 0.820
Last Payment 1.997 2.247 2.081 1.831 1.747 1.664 1.581
Mod.Dur. @ 100-00 0.947 1.074 1.006 0.896 0.851 0.810 0.774
</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>
<TABLE>
<CAPTION>
CURRENT BALANCE: $22,000,000.00 DATED DATE: 09/01/98
COUPON: 6.270% famt983 FIRST PAYMENT: 10/20/98
FACTOR: 1.0000000000 TOTAL CLASSES: 4
ORIGINAL BALANCE: $22,000,000.00 BOND A2 BE-YIELD TABLE YIELD TABLE DATE: 09/21/98
PREPAYMENT SPEED
FIXED HEP 27.00% 23.00% 25.00% 29.00% 31.00% 33.00% 35.00%
ARMs CPR 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 6.322 6.326 6.324 6.320 6.318 6.316 6.314
99-24+ 6.316 6.321 6.319 6.314 6.311 6.309 6.306
99-25 6.310 6.316 6.313 6.307 6.305 6.302 6.299
99-25+ 6.304 6.311 6.308 6.301 6.298 6.295 6.291
99-26 6.298 6.306 6.302 6.295 6.291 6.287 6.284
99-26+ 6.293 6.301 6.297 6.289 6.284 6.280 6.276
99-27 6.287 6.295 6.291 6.282 6.278 6.273 6.269
99-27+ 6.281 6.290 6.286 6.276 6.271 6.266 6.261
99-28 6.275 6.285 6.280 6.270 6.264 6.259 6.254
99-28+ 6.269 6.280 6.275 6.264 6.258 6.252 6.246
99-29 6.263 6.275 6.269 6.257 6.251 6.245 6.239
99-29+ 6.257 6.270 6.264 6.251 6.245 6.238 6.231
99-30 6.252 6.265 6.258 6.245 6.238 6.231 6.224
99-30+ 6.246 6.260 6.253 6.238 6.231 6.224 6.216
99-31 6.240 6.255 6.247 6.232 6.225 6.217 6.209
99-31+ 6.234 6.250 6.242 6.226 6.218 6.210 6.201
100-00 6.228 6.245 6.236 6.220 6.211 6.203 6.194
100-00+ 6.222 6.240 6.231 6.213 6.205 6.196 6.187
100-01 6.216 6.234 6.225 6.207 6.198 6.189 6.179
100-01+ 6.211 6.229 6.220 6.201 6.191 6.182 6.172
100-02 6.205 6.224 6.215 6.195 6.185 6.174 6.164
100-02+ 6.199 6.219 6.209 6.188 6.178 6.167 6.157
100-03 6.193 6.214 6.204 6.182 6.171 6.160 6.149
100-03+ 6.187 6.209 6.198 6.176 6.165 6.153 6.142
100-04 6.181 6.204 6.193 6.170 6.158 6.146 6.134
100-04+ 6.175 6.199 6.187 6.163 6.151 6.139 6.127
100-05 6.170 6.194 6.182 6.157 6.145 6.132 6.119
100-05+ 6.164 6.189 6.176 6.151 6.138 6.125 6.112
100-06 6.158 6.184 6.171 6.145 6.131 6.118 6.105
100-06+ 6.152 6.179 6.165 6.138 6.125 6.111 6.097
100-07 6.146 6.174 6.160 6.132 6.118 6.104 6.090
100-07+ 6.140 6.169 6.154 6.126 6.112 6.097 6.082
First Payment 1.997 2.247 2.081 1.831 1.747 1.664 1.581
Average Life 3.011 3.532 3.252 2.802 2.618 2.456 2.311
Last Payment 4.414 5.164 4.747 4.081 3.831 3.581 3.331
Mod.Dur. @ 100-00 2.657 3.065 2.847 2.489 2.340 2.206 2.086
</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>
<TABLE>
<CAPTION>
CURRENT BALANCE: $18,000,000.00 DATED DATE: 09/01/98
COUPON: 6.515% famt983 FIRST PAYMENT: 10/20/98
FACTOR: 1.0000000000 TOTAL CLASSES: 4
ORIGINAL BALANCE: $18,000,000.00 BOND A3 BE-YIELD TABLE YIELD TABLE DATE: 09/21/98
PREPAYMENT SPEED
***** TO 10% CALL *****
FIXED HEP 27.00% 23.00% 25.00% 29.00% 31.00% 33.00% 35.00%
ARMs CPR 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 6.585 6.588 6.586 6.584 6.583 6.582 6.580
99-24+ 6.582 6.585 6.583 6.581 6.579 6.578 6.576
99-25 6.579 6.582 6.581 6.577 6.576 6.574 6.572
99-25+ 6.576 6.579 6.578 6.574 6.572 6.570 6.569
99-26 6.573 6.577 6.575 6.571 6.569 6.567 6.565
99-26+ 6.570 6.574 6.572 6.567 6.565 6.563 6.561
99-27 6.566 6.571 6.569 6.564 6.562 6.559 6.557
99-27+ 6.563 6.568 6.566 6.561 6.558 6.555 6.553
99-28 6.560 6.566 6.563 6.557 6.555 6.552 6.549
99-28+ 6.557 6.563 6.560 6.554 6.551 6.548 6.545
99-29 6.554 6.560 6.557 6.551 6.547 6.544 6.541
99-29+ 6.551 6.557 6.554 6.547 6.544 6.540 6.537
99-30 6.548 6.555 6.551 6.544 6.540 6.537 6.533
99-30+ 6.545 6.552 6.548 6.541 6.537 6.533 6.529
99-31 6.541 6.549 6.545 6.538 6.533 6.529 6.525
99-31+ 6.538 6.547 6.542 6.534 6.530 6.526 6.521
100-00 6.535 6.544 6.540 6.531 6.526 6.522 6.517
100-00+ 6.532 6.541 6.537 6.528 6.523 6.518 6.513
100-01 6.529 6.538 6.534 6.524 6.519 6.514 6.509
100-01+ 6.526 6.536 6.531 6.521 6.516 6.511 6.506
100-02 6.523 6.533 6.528 6.518 6.512 6.507 6.502
100-02+ 6.520 6.530 6.525 6.514 6.509 6.503 6.498
100-03 6.516 6.527 6.522 6.511 6.505 6.499 6.494
100-03+ 6.513 6.525 6.519 6.508 6.502 6.496 6.490
100-04 6.510 6.522 6.516 6.504 6.498 6.492 6.486
100-04+ 6.507 6.519 6.513 6.501 6.495 6.488 6.482
100-05 6.504 6.517 6.510 6.498 6.491 6.484 6.478
100-05+ 6.501 6.514 6.507 6.494 6.488 6.481 6.474
100-06 6.498 6.511 6.505 6.491 6.484 6.477 6.470
100-06+ 6.495 6.508 6.502 6.488 6.481 6.473 6.466
100-07 6.491 6.506 6.499 6.485 6.477 6.470 6.462
100-07+ 6.488 6.503 6.496 6.481 6.474 6.466 6.458
First Payment 4.414 5.164 4.747 4.081 3.831 3.581 3.331
Average Life 6.275 7.443 6.820 5.830 5.417 5.060 4.756
Last Payment 7.331 8.747 7.997 6.831 6.331 5.914 5.581
Mod.Dur. @ 100-00 4.982 5.701 5.324 4.693 4.417 4.172 3.959
</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>
<TABLE>
<CAPTION>
CURRENT BALANCE: $30,000,000.00 DATED DATE: 09/21/98
CURRENT COUPON: 5.845% famt983 FIRST PAYMENT: 10/20/98
FACTOR: 1.0000000000 TOTAL CLASSES: 4
ORIGINAL BALANCE: $30,000,000.00 BOND A4 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 09/21/98
ASSUMED CONSTANT LIBOR-1M 5.6250
***** TO 10% CALL *****
FIXED HEP 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%
ARMs CPR 30.00% 24.00% 26.00% 28.00% 32.00% 34.00% 36.00%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-24 33.311 31.123 31.847 32.573 34.094 34.887 35.680
99-24+ 32.603 30.551 31.231 31.910 33.337 34.080 34.823
99-25 31.895 29.980 30.614 31.248 32.579 33.273 33.967
99-25+ 31.187 29.409 29.998 30.587 31.822 32.466 33.110
99-26 30.479 28.838 29.381 29.925 31.066 31.660 32.254
99-26+ 29.771 28.267 28.765 29.264 30.309 30.854 31.398
99-27 29.064 27.697 28.149 28.602 29.553 30.048 30.543
99-27+ 28.356 27.127 27.534 27.941 28.796 29.242 29.688
99-28 27.649 26.556 26.918 27.280 28.040 28.437 28.832
99-28+ 26.943 25.986 26.303 26.620 27.285 27.631 27.978
99-29 26.236 25.416 25.688 25.959 26.529 26.826 27.123
99-29+ 25.529 24.846 25.073 25.299 25.774 26.021 26.269
99-30 24.823 24.277 24.458 24.639 25.019 25.217 25.414
99-30+ 24.117 23.707 23.843 23.979 24.264 24.412 24.560
99-31 23.411 23.138 23.229 23.319 23.509 23.608 23.707
99-31+ 22.706 22.569 22.614 22.659 22.754 22.804 22.853
100-00 22.000 22.000 22.000 22.000 22.000 22.000 22.000
100-00+ 21.295 21.431 21.386 21.341 21.246 21.196 21.147
100-01 20.590 20.863 20.772 20.682 20.492 20.393 20.294
100-01+ 19.885 20.294 20.158 20.023 19.738 19.590 19.442
100-02 19.180 19.726 19.545 19.364 18.985 18.787 18.589
100-02+ 18.475 19.157 18.932 18.706 18.231 17.984 17.737
100-03 17.771 18.589 18.318 18.047 17.478 17.182 16.885
100-03+ 17.067 18.022 17.705 17.389 16.725 16.380 16.034
100-04 16.363 17.454 17.093 16.731 15.973 15.577 15.182
100-04+ 15.659 16.886 16.480 16.073 15.220 14.776 14.331
100-05 14.956 16.319 15.867 15.416 14.468 13.974 13.480
100-05+ 14.252 15.752 15.255 14.758 13.716 13.173 12.630
100-06 13.549 15.185 14.643 14.101 12.964 12.371 11.779
100-06+ 12.846 14.618 14.031 13.444 12.212 11.570 10.929
100-07 12.143 14.051 13.419 12.787 11.461 10.770 10.079
100-07+ 11.441 13.484 12.808 12.130 10.710 9.969 9.229
First Payment 0.081 0.081 0.081 0.081 0.081 0.081 0.081
Average Life 2.458 3.147 2.879 2.654 2.280 2.124 1.988
Last Payment 6.414 8.247 7.497 6.914 5.914 5.497 5.164
Mod.Dur. @ 100-00 2.131 2.642 2.448 2.280 1.993 1.871 1.762
</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>
AVAILABLE FUNDS CAP FOR BOND A4
Cap: Net WAC - Trustee Fee (2 bps) - Surety Fee (13 bps) - 50 bps cushion
(starting month 7)
DATE Av Funds Cap (30/360 Basis)
- -----------------------------------
10/98 7.666
11/98 7.665
12/98 7.665
01/99 7.665
02/99 7.665
03/99 8.063
04/99 7.845
05/99 8.056
06/99 8.236
07/99 8.236
08/99 8.236
09/99 8.634
10/99 8.905
11/99 9.116
12/99 9.294
01/00 9.294
02/00 9.294
03/00 9.606
04/00 9.744
05/00 9.953
06/00 10.132
07/00 10.132
08/00 10.132
09/00 10.132
10/00 10.132
11/00 10.132
12/00 10.137
01/01 10.137
02/01 10.137
03/01 10.137
04/01 10.137
05/01 10.137
06/01 10.137
07/01 10.137
08/01 10.137
09/01 10.137
10/01 10.137
11/01 10.137
12/01 10.137
01/02 10.137
02/02 10.137
03/02 10.137
04/02 10.137
05/02 10.137
06/02 10.137 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 83 FIXED
- Cut Off Date of Tape is 09/01/98
- Fixed Rate Collateral
- $50,144,557.74
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 566
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $50,144,557.74
Aggregate Original Principal Balance: $50,404,339.00
Weighted Average Gross Coupon: 9.361%
Gross Coupon Range: 7.400% - 14.850%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $88,594.62
Average Original Principal Balance: $89,053.60
Maximum Unpaid Principal Balance: $317,748.00
Minimum Unpaid Principal Balance: $16,989.00
Maximum Original Principal Balance: $317,748.00
Minimum Original Principal Balance: $16,989.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 334.292
Stated Rem Term Range: 97.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 4.937
Age Range: 0.000 - 83.000
Weighted Average Original Term (to amortization): 339.229
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 60.710
Original LTV Range: 9.534% - 84.992%
Weighted Average Combined LTV: 60.916
Combined LTV Range: 9.534% - 84.992%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.00% < Gross Coupon <= 7.50% 5 512,014.65 1.02
7.75% < Gross Coupon <= 8.00% 18 1,843,120.14 3.68
8.00% < Gross Coupon <= 8.25% 10 1,055,968.89 2.11
8.25% < Gross Coupon <= 8.50% 60 5,119,690.24 10.21
8.50% < Gross Coupon <= 8.75% 21 2,588,583.54 5.16
8.75% < Gross Coupon <= 9.00% 129 11,633,397.39 23.20
9.00% < Gross Coupon <= 9.25% 28 2,849,688.55 5.68
9.25% < Gross Coupon <= 9.50% 99 8,626,063.41 17.20
9.50% < Gross Coupon <= 9.75% 25 2,681,999.50 5.35
9.75% < Gross Coupon <= 10.00% 83 6,764,475.79 13.49
10.00% < Gross Coupon <= 10.25% 11 1,044,374.62 2.08
10.25% < Gross Coupon <= 10.50% 22 1,438,832.20 2.87
10.50% < Gross Coupon <= 10.75% 9 1,004,925.22 2.00
10.75% < Gross Coupon <= 11.00% 20 1,694,782.90 3.38
11.00% < Gross Coupon <= 11.25% 1 71,990.00 0.14
11.25% < Gross Coupon <= 11.50% 5 367,019.63 0.73
11.50% < Gross Coupon <= 11.75% 2 43,761.05 0.09
11.75% < Gross Coupon <= 12.00% 7 405,686.50 0.81
12.00% < Gross Coupon <= 12.25% 1 45,675.84 0.09
12.25% < Gross Coupon <= 12.50% 1 48,091.00 0.10
12.50% < Gross Coupon <= 12.75% 1 22,437.70 0.04
12.75% < Gross Coupon <= 13.00% 3 125,722.00 0.25
13.00% < Gross Coupon <= 13.25% 1 26,933.00 0.05
13.25% < Gross Coupon <= 13.50% 2 71,749.94 0.14
13.50% < Gross Coupon <= 13.75% 1 25,692.04 0.05
14.75% < Gross Coupon <= 15.00% 1 31,882.00 0.06
- --------------------------------------------------------------------------------
Total.......... 566 $ 50,144,557.74 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
96 < Rem Term <= 108 1 37,095.94 0.07%
108 < Rem Term <= 120 6 460,315.85 0.92%
144 < Rem Term <= 156 2 116,946.34 0.23%
156 < Rem Term <= 168 5 289,317.17 0.58%
168 < Rem Term <= 180 62 4,329,655.94 8.63%
228 < Rem Term <= 240 8 599,280.85 1.20%
276 < Rem Term <= 288 1 22,437.70 0.04%
300 < Rem Term <= 312 11 1,311,538.95 2.62%
312 < Rem Term <= 324 4 489,730.09 0.98%
324 < Rem Term <= 336 13 1,123,815.27 2.24%
336 < Rem Term <= 348 54 4,845,669.97 9.66%
348 < Rem Term <= 360 399 36,518,753.67 72.83%
- --------------------------------------------------------------------------------
Total............ 566 $50,144,557.74 100.00%
================================================================================
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
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
5.00 < LTV <= 10.00 1 29,556.00 0.06
10.00 < LTV <= 15.00 6 194,611.53 0.39
15.00 < LTV <= 20.00 9 271,357.21 0.54
20.00 < LTV <= 25.00 19 823,024.84 1.64
25.00 < LTV <= 30.00 14 734,541.49 1.46
30.00 < LTV <= 35.00 34 1,782,109.49 3.55
35.00 < LTV <= 40.00 39 2,138,093.97 4.26
40.00 < LTV <= 45.00 26 1,661,474.04 3.31
45.00 < LTV <= 50.00 39 3,017,742.32 6.02
50.00 < LTV <= 55.00 49 4,046,752.90 8.07
55.00 < LTV <= 60.00 58 4,925,871.21 9.82
60.00 < LTV <= 65.00 66 7,205,818.84 14.37
65.00 < LTV <= 70.00 106 11,723,798.98 23.38
70.00 < LTV <= 75.00 53 5,966,477.72 11.90
75.00 < LTV <= 80.00 45 5,423,864.25 10.82
80.00 < LTV <= 85.00 2 199,462.95 0.40
- --------------------------------------------------------------------------
Total.................... 566 $ 50,144,557.74 100.00%
==========================================================================
ORIGINAL 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
5.000 <Comb LTV<= 10.000 1 29,556.00 0.06
10.000 <Comb LTV<= 15.000 2 62,995.53 0.13
15.000 <Comb LTV<= 20.000 7 209,363.27 0.42
20.000 <Comb LTV<= 25.000 18 796,091.84 1.59
25.000 <Comb LTV<= 30.000 15 759,439.49 1.51
30.000 <Comb LTV<= 35.000 34 1,782,109.49 3.55
35.000 <Comb LTV<= 40.000 39 2,138,093.97 4.26
40.000 <Comb LTV<= 45.000 26 1,661,474.04 3.31
45.000 <Comb LTV<= 50.000 40 3,054,838.26 6.09
50.000 <Comb LTV<= 55.000 49 4,046,752.90 8.07
55.000 <Comb LTV<= 60.000 59 4,937,958.21 9.85
60.000 <Comb LTV<= 65.000 66 7,205,818.84 14.37
65.000 <Comb LTV<= 70.000 108 11,788,878.98 23.51
70.000 <Comb LTV<= 75.000 55 6,047,859.72 12.06
75.000 <Comb LTV<= 80.000 45 5,423,864.25 10.82
80.000 <Comb LTV<= 85.000 2 199,462.95 0.40
- --------------------------------------------------------------------------
Total.................... 566 $ 50,144,557.74 100.00%
==========================================================================
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>
JUNIOR LIEN RATIOS
Percentage of
Aggregate Cut-Off Date
JUNIOR Number of Unpaid Aggregate
LIEN Mortgage Principal Principal
Ratio Loans Balance Balance
10.000 < LIEN <= 20.000 3 96,962.00 0.19
20.000 < LIEN <= 30.000 1 34,654.00 0.07
30.000 < LIEN <= 40.000 2 64,028.94 0.13
70.000 < LIEN <= 80.000 2 74,398.00 0.15
90.000 < LIEN <=100.000 558 49,874,514.80 99.46
- --------------------------------------------------------------------------------
Total.................... 566 $ 50,144,557.74 100.00%
================================================================================
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
Balance <= 25,000 13 289,053.10 0.58
25,000 < Balance <= 50,000 91 3,646,336.93 7.27
50,000 < Balance <= 75,000 144 9,103,057.55 18.15
75,000 < Balance <= 100,000 143 12,519,601.35 24.97
100,000 < Balance <= 150,000 132 15,783,686.88 31.48
150,000 < Balance <= 175,000 17 2,781,605.10 5.55
175,000 < Balance <= 200,000 11 2,089,120.89 4.17
200,000 < Balance <= 250,000 5 1,103,136.23 2.20
250,000 < Balance <= 300,000 7 1,903,149.70 3.80
300,000 < Balance <= 350,000 3 925,810.01 1.85
- --------------------------------------------------------------------------------
Total.................... 566 $ 50,144,557.74 100.00%
================================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 7 433,518.48 0.86
California 174 17,465,647.61 34.83
Colorado 19 1,524,362.56 3.04
Dist of Col 6 388,294.40 0.77
Florida 20 1,676,061.25 3.34
Georgia 8 637,152.22 1.27
Hawaii 1 150,952.56 0.30
Idaho 1 102,548.72 0.20
Illinois 43 3,719,361.62 7.42
Maryland 20 1,493,173.15 2.98
Massachsetts 29 2,245,836.98 4.48
Minnesota 1 109,581.00 0.22
New Jersey 65 4,943,961.07 9.86
New York 67 6,394,154.71 12.75
Ohio 18 1,347,329.75 2.69
Oregon 28 2,123,543.65 4.23
Pennsylvania 22 1,966,134.55 3.92
Utah 17 1,496,790.45 2.98
Virginia 7 703,404.99 1.40
Washington 13 1,222,748.02 2.44
- --------------------------------------------------------------------------------
Total............... 566 $ 50,144,557.74 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 511 45,470,256.88 90.68
PUD 2 113,334.77 0.23
Condominiums 15 1,159,049.29 2.31
2-4 Family 38 3,401,916.80 6.78
- --------------------------------------------------------------------------
Total............... 566 $ 50,144,557.74 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 536 47,872,252.69 95.47
Investor 28 2,023,077.95 4.03
Second Home 2 249,227.10 0.50
- --------------------------------------------------------------------------
Total.................. 566 $ 50,144,557.74 100.00%
==========================================================================
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 83 ARM
- Cut Off Date of Tape is 09/01/98
- Adjustable Rate Collateral
- $25,160,592.40
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 259
Lien Status: 1st Lien Loans
Aggregate Unpaid Principal Balance: $25,160,592.40
Aggregate Original Principal Balance: $25,176,976.00
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 8.316%
Gross Coupon Range: 6.330% - 12.490%
Weighted Average Margin (Gross): 5.706%
Gross Margin Range: 2.990% - 8.790%
Weighted Average Life Cap (Gross): 15.310%
Gross Life Cap Range: 13.330% - 19.490%
Weighted Average Life Floor (Gross): 8.312%
Gross Life Floor Range: 6.330% - 12.490%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $97,145.14
Average Original Principal Balance: $97,208.40
Maximum Unpaid Principal Balance: $325,600.00
Minimum Unpaid Principal Balance: $20,378.00
Maximum Original Principal Balance: $325,600.00
Minimum Original Principal Balance: $20,378.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 346.314
Stated Rem Term Range: 120.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.441
Age Range: 0.000 - 13.000
Weighted Average Original Term(to amortization): 346.755
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 63.025
Original LTV Range: 12.736% - 85.000%
Weighted Average Periodic Interest Cap: 1.058%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Months to Interest Roll: 5.739
Months to Interest Roll Range: 1 - 23
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
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 TYPE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
WA WA
WA WA WA WA PER MONTH WA Total Total
# % Rem WA Orig LIFE GROSS INT TO INT LIFE Original Current
Loan Type Loan Pool WAC Term Age LTV CAP MARGIN CAP ROLL FLOOR Balance Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28LIBOR ARMs 2 .81 8.357 356.11 3.89 59.42 15.06 5.320 1.350 19.11 8.36 $203,200.00 $202,762.33
Six Month LIBOR 257 99.19 8.316 346.23 .41 63.05 15.31 5.709 1.056 5.63 8.31 $24,973,776.00 $24,957,830.07
- ------------------------------------------------------------------------------------------------------------------------------------
Total..... 259 100.00% 8.316 346.31 .44 63.02 15.31 5.706 1.058 5.74 8.31 $25,176,976.00 $25,160,592.40
====================================================================================================================================
</TABLE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.00% < Gross Coupon <= 6.50% 1 154,855.19 0.62
6.50% < Gross Coupon <= 7.00% 17 1,980,079.24 7.87
7.00% < Gross Coupon <= 7.50% 42 4,245,867.34 16.88
7.50% < Gross Coupon <= 7.75% 11 1,088,854.55 4.33
7.75% < Gross Coupon <= 8.00% 58 5,717,774.79 22.73
8.00% < Gross Coupon <= 8.25% 7 588,239.58 2.34
8.25% < Gross Coupon <= 8.50% 29 2,515,795.96 10.00
8.50% < Gross Coupon <= 8.75% 20 2,229,493.90 8.86
8.75% < Gross Coupon <= 9.00% 19 1,962,141.24 7.80
9.00% < Gross Coupon <= 9.25% 7 764,083.67 3.04
9.25% < Gross Coupon <= 9.50% 14 1,126,786.12 4.48
9.50% < Gross Coupon <= 9.75% 10 816,598.05 3.25
9.75% < Gross Coupon <= 10.00% 6 585,693.71 2.33
10.25% < Gross Coupon <= 10.50% 5 501,768.40 1.99
10.50% < Gross Coupon <= 10.75% 7 541,566.05 2.15
10.75% < Gross Coupon <= 11.00% 3 214,016.58 0.85
11.00% < Gross Coupon <= 11.25% 1 20,378.00 0.08
11.25% < Gross Coupon <= 11.50% 1 48,612.43 0.19
12.25% < Gross Coupon <= 12.50% 1 57,987.60 0.23
- --------------------------------------------------------------------------------
Total.......... 259 $ 25,160,592.40 100.00%
================================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 1 46,787.00 0.19%
168 < Rem Term <= 180 21 1,732,646.41 6.89%
228 < Rem Term <= 240 1 84,463.64 0.34%
336 < Rem Term <= 348 1 60,673.25 0.24%
348 < Rem Term <= 360 235 23,236,022.10 92.35%
- -------------------------------------------------------------------
Total............ 259 $25,160,592.40 100.00%
===================================================================
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>
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
10.00 < LTV <= 15.00 1 20,378.00 0.08
20.00 < LTV <= 25.00 6 231,590.53 0.92
25.00 < LTV <= 30.00 7 352,941.25 1.40
30.00 < LTV <= 35.00 10 654,419.71 2.60
35.00 < LTV <= 40.00 9 591,922.15 2.35
40.00 < LTV <= 45.00 13 864,563.16 3.44
45.00 < LTV <= 50.00 19 1,753,037.48 6.97
50.00 < LTV <= 55.00 25 2,036,349.60 8.09
55.00 < LTV <= 60.00 34 3,231,201.96 12.84
60.00 < LTV <= 65.00 30 3,075,600.24 12.22
65.00 < LTV <= 70.00 32 3,449,248.85 13.71
70.00 < LTV <= 75.00 43 5,230,626.73 20.79
75.00 < LTV <= 80.00 24 2,892,741.60 11.50
80.00 < LTV <= 85.00 6 775,971.14 3.08
- --------------------------------------------------------------------------
Total.................... 259 $ 25,160,592.40 100.00%
==========================================================================
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
Balance <= 25,000 1 20,378.00 0.08
25,000 < Balance <= 50,000 27 1,136,625.76 4.52
50,000 < Balance <= 75,000 74 4,688,486.34 18.63
75,000 < Balance <= 100,000 62 5,424,336.27 21.56
100,000 < Balance <= 150,000 57 6,950,472.87 27.62
150,000 < Balance <= 175,000 20 3,192,643.81 12.69
175,000 < Balance <= 200,000 12 2,227,043.21 8.85
200,000 < Balance <= 250,000 4 902,098.14 3.59
250,000 < Balance <= 300,000 1 292,908.00 1.16
300,000 < Balance <= 350,000 1 325,600.00 1.29
- --------------------------------------------------------------------------
Total.................... 259 $ 25,160,592.40 100.00%
==========================================================================
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
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 6 514,847.05 2.05
California 50 6,416,470.42 25.50
Colorado 14 1,138,970.18 4.53
Dist of Col 2 216,832.00 0.86
Florida 4 282,786.79 1.12
Georgia 2 241,640.00 0.96
Illinois 37 2,919,189.61 11.60
Maryland 7 660,403.14 2.62
Massachsetts 6 549,105.60 2.18
Minnesota 8 639,363.92 2.54
New Jersey 17 1,884,597.07 7.49
New York 24 2,145,790.76 8.53
Ohio 14 1,108,197.85 4.40
Oregon 15 1,426,445.48 5.67
Pennsylvania 8 652,752.17 2.59
Utah 21 1,790,469.42 7.12
Virginia 2 91,349.00 0.36
Washington 22 2,481,381.94 9.86
- --------------------------------------------------------------------------
Total............... 259 $ 25,160,592.40 100.00%
==========================================================================
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
2.500 < Margin <= 3.000 1 100,713.69 0.40
3.500 < Margin <= 4.000 4 654,912.65 2.60
4.000 < Margin <= 4.500 8 769,081.68 3.06
4.500 < Margin <= 5.000 34 3,029,334.38 12.04
5.000 < Margin <= 5.500 88 8,707,268.59 34.61
5.500 < Margin <= 6.000 58 5,603,353.47 22.27
6.000 < Margin <= 6.500 34 3,188,001.65 12.67
6.500 < Margin <= 7.000 19 1,873,037.68 7.44
7.000 < Margin <= 7.500 9 781,579.43 3.11
7.500 < Margin <= 8.000 2 227,537.18 0.90
8.000 < Margin <= 8.500 1 137,382.00 0.55
8.500 < Margin <= 9.000 1 88,390.00 0.35
- --------------------------------------------------------------------------------
Total................. 259 $ 25,160,592.40 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 235 22,237,662.10 88.38
1.500 24 2,922,930.30 11.62
- --------------------------------------------------------------------------------
Total................. 259 $ 25,160,592.40 100.00%
================================================================================
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>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
13.000 < LIFE CAP <= 13.500 1 154,855.19 0.62
13.500 < LIFE CAP <= 14.000 17 1,980,079.24 7.87
14.000 < LIFE CAP <= 14.500 42 4,245,867.34 16.88
14.500 < LIFE CAP <= 15.000 69 6,806,629.34 27.05
15.000 < LIFE CAP <= 15.500 36 3,104,035.54 12.34
15.500 < LIFE CAP <= 16.000 39 4,191,635.14 16.66
16.000 < LIFE CAP <= 16.500 22 1,939,482.22 7.71
16.500 < LIFE CAP <= 17.000 17 1,462,965.01 5.81
17.000 < LIFE CAP <= 17.500 5 501,768.40 1.99
17.500 < LIFE CAP <= 18.000 9 694,909.38 2.76
18.000 < LIFE CAP <= 18.500 1 20,378.00 0.08
19.000 < LIFE CAP <= 19.500 1 57,987.60 0.23
- --------------------------------------------------------------------------
Total................. 259 $ 25,160,592.40 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
LIFE FLOOR
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
6.000 < Life Floor <= 6.500 1 154,855.19 0.62
6.500 < Life Floor <= 7.000 17 1,980,079.24 7.87
7.000 < Life Floor <= 7.500 42 4,245,867.34 16.88
7.500 < Life Floor <= 8.000 69 6,806,629.34 27.05
8.000 < Life Floor <= 8.500 36 3,104,035.54 12.34
8.500 < Life Floor <= 9.000 39 4,191,635.14 16.66
9.000 < Life Floor <= 9.500 22 1,939,482.22 7.71
9.500 < Life Floor <= 10.000 16 1,402,291.76 5.57
10.000 < Life Floor <= 10.500 5 501,768.40 1.99
10.500 < Life Floor <= 11.000 10 755,582.63 3.00
11.000 < Life Floor <= 11.500 1 20,378.00 0.08
12.000 < Life Floor <= 12.500 1 57,987.60 0.23
- --------------------------------------------------------------------------
Total................. 259 $ 25,160,592.40 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 240 23,319,290.28 92.68
PUD 1 106,655.90 0.42
Condominiums 5 607,896.20 2.42
2-4 Family 13 1,126,750.02 4.48
- --------------------------------------------------------------------------
Total............... 259 $ 25,160,592.40 100.00%
==========================================================================
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>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 253 24,670,145.61 98.05
Investor 6 490,446.79 1.95
- --------------------------------------------------------------------------------
Total.................. 259 $ 25,160,592.40 100.00%
================================================================================
LOAN SUMMARY STRATIFIED BY
LOAN TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Type Loans Balance Balance
2/28LIBOR ARMs 2 202,762.33 0.81
Six Month LIBOR 257 24,957,830.07 99.19
- --------------------------------------------------------------------------------
Total.................. 259 $ 25,160,592.40 100.00%
================================================================================
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.
Exhibit 99.2
First Alliance Mortgage Loan Trust 1998-3
Mortgage Loan Asset Backed Certificates, Series 1998-3
[$100,000,000] Class A Certificates
--------------------------------------------------------------------------
[$30,000,000] Class A-1 Fixed Rate Group Certificates - [TBD]%
(non-SMMEA-eligible)
[$22,000,000] Class A-2 Fixed Rate Group Certificates - [TBD]%
(non-SMMEA-eligible)
[$18,000,000] Class A-3 Fixed Rate Group Certificates - [TBD]%
(non-SMMEA-eligible)
[$30,000,000] Class A-4 Floating Rate Group Certificates - 1M LIBOR + [TBD] bps.
(non-SMMEA-eligible)
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 First Union Capital Markets (the
"Underwriter") and not by the issuer of the securities identified above (the
"Offered Securities") or any other party. The Marketing Memorandum is based upon
information made available to the Underwriter. Neither the Underwriter, the
issuer of the Offered Securities, nor 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 or as legal, tax, and 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 Securities has been filed with the Securities and Exchange Commission
and is effective, the final prospectus supplement relating to the Offered
Securities has not been filed with the Securities and Exchange Commission. This
communication shall not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of the Offered Securities 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 Securities for definitive terms of the
Offered Securities and the collateral.
Please be advised that Offered Securities 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
Securities.
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.
First Union Capital Markets
- --------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. INFORMATION
CONTAINED HEREIN IS CONFIDENTIAL AND PROVIDED FOR INFORMATION ONLY, DOES NOT
PURPORT TO BE COMPLETE AND SHOULD NOT BE RELIED UPON IN CONNECTION WITH ANY
DECISION TO PURCHASE THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND ACCOMPANYING
PROSPECTUS SUPPLEMENT. OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY THE
SECURITIES ARE MADE ONLY BY THE FINAL PROSPECTUS SUPPLEMENT AND THE RELATED
PROSPECTUS.
