===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 4, 1998
First Alliance Mortgage Company
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-44585-04 95-2944875
- ---------------------------- ---------------- ------------------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
17305 Von Karman Avenue
Irvine, California 92614-6203
---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (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 1998-4, described in a
Prospectus Supplement to be dated as of December 7, 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 Underwriter, Prudential Securities Incorporated, are filed
herewith as Exhibit 99.1.
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/ Francisco Nebot
-------------------------------
Name: Francisco Nebot
Title: Executive Vice President and
Chief Financial Officer
Dated: December 7, 1998
Exhibit 99.1
First Alliance Mortgage Loan Trust 1998-4
Mortgage Loan Asset Backed Certificates, Series 1998-4
[$120,000,000] Class A Certificates
-----------------------------------------------------------
[$96,000,000] Class A-1 Certificates - [6.225]%
(non-SMMEA-eligible)
[$24,000,000] Class A-2 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
1998-4 transaction, and not by or as agent for First Alliance Mortgage Company
(the "Sponsor") or any of its affiliates. The analysis in this report is
accurate to the best of PSI's knowledge and is based on information provided by
the Sponsor. PSI makes no representations as to the accuracy of such information
provided to it by the Sponsor. All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
First Alliance Mortgage Loan Trust 1998-4
Mortgage Loan Asset Backed Certificates, Series 1998-4
- -------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust 1998-4,
Class A-1 and Class A-2 Certificates.
Certificate
Description: Class A-1 Class A-2
--------- ---------
Collateral: Fixed-Rate Adjustable-Rate
Mortgage Loans Mortgage Loans
Prepayment
Assumption: [27% HEP] [30% CPR]
Approximate Size: [$96,000,000] [$24,000,000]
Average Life
to Call (years): [2.982] [2.462]
Average Life
to maturity (years): [3.232] [2.694]
Coupon: [6.225] The lesser of:
1) One Month LIBOR +[TBD] bps
2) The Available Funds Cap
Coupon Step-up: 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: [6.177] Variable
Collateral
Adjustment Frequency: N/A Every 6 months (Both Interest
Rate & Payment)
Payment Delay (days): [19] NONE
Interest
Accrual Basis: 30/360 Actual/360
Rating (Moody's/S&P): Aaa/AAA Aaa/AAA
Dated Date: [12/01/1998] [12/15/1998]
First Payment: [01/20/1999] [01/20/1999]
Expected Maturity
without Call: [11/20/2014] [05/20/2013]
Expected Maturity
with 10% Call: [02/20/2006] [03/20/2005]
Stated Maturity: [03/01/2030] [01/01/2029]
Pricing Date: [12/03/1998] [---TBD----]
Settlement Date: [12/15/1998] [12/15/1998]
Taxation: REMIC REMIC
SMMEA Eligibility: non-SMMEA non-SMMEA
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 1998-4
Mortgage Loan Asset Backed Certificates, Series 1998-4
- -------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust 1998-4,
Class A-1 and Class A-2 Certificates.
Fixed-Rate Loans: Fixed-Rate conventional home equity mortgage loans
secured by first and second lien mortgage
Floating-Rate Loans: Adjustable-Rate conventional home equity mortgage loans
secured by first lien mortgages and
Company and
Servicer: First Alliance Mortgage Company, a California
corporation
Servicing Fee: 50 basis points per annum
Master Servicer: Norwest Bank, Minnesota, National Association
Trustee: Norwest Bank, Minnesota, National Association
Aggregate
Collateral Balance: Fixed-Rate $[96,000,000.00]
Floating-Rate $[24,000,000.00]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on [January 20], 1999
Record Date: Class A-1 and 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 Certificates, [27]% HEP ([2.7]% CPR in
month 1 with monthly incremental increases of [2.7]% CPR
until the speed reaches [27]% CPR in month 10 based on
loan seasoning.)
For the Class A-2 Certificates, [30]% CPR
10% Clean-up Call: The Servicer has the option to exercise call when the
A-1 Certificate balance equals 10% of the original
A-1 Certificate balance. The call will be exercised at
par plus accrued interest.
The Servicer has the option to exercise a call when the
A-2 Certificate balance equals 10% of the A-2
Certificate balance. The call will be exercised at par
plus accrued interest.
Coupon Step-Up: If the Servicer does not exercise the Clean-up Call,
the coupon on the Class A-1 Certificates shall be
raised to [6.225]% + 50 bps.
If the Servicer does not exercise the Cleanup Call, the
coupon on the Class A-2 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
Adjustable-Rate Loans, less the sum of (a) the
Adjustable-Rate Loan Servicing Fee (50 bps), (b) 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 Master
Servicer and 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 Adjustable-Rate
Loans, 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 based on LIBOR plus the
margin over the amount of interest accrued at the
Available Funds Cap will be paid on future Remittance
Dates to the extent of funds from the Adjustable-Rate
Loans prior to distributing any Excess Spread to the
holder of the Class R Certificate. The Interest
Carryover Amount will accrue interest at the Class A-2
Certificate Rate. No interest Carryover will be paid
once its principal balance has been reduced to zero. The
Interest Carryover Amount is not guaranteed by MBIA.
There will be no make-whole of the interest carry
forward at the call date.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
First Alliance Mortgage Loan Trust 1998-4
Mortgage Loan Asset Backed Certificates, Series 1998-4
- -------------------------------------------------------------------------------
Pre-Funding Account: On the Closing Date, approximately [$18,000,000] will be
deposited in a pre-funding account for the purchase of
additional Fixed-Rate Mortgage Loans and [$6,000,000.00]
will be deposited in a pre-funding account for the
purchase of additional Adjustable-Rate Mortgage Loans.
From the Closing Date until [January 31,1999] the Trust
intends to purchase mortgage loans up to the entire
pre-funding amounts. The additional mortgage loans,
purchased with funds deposited in the prefunding
account, will be subject to certain individual and
aggregate group characteristics that will be more fully
described in the Prospectus Supplement.
Funds remaining in the Fixed-Rate pre-funding account
will be distributed to the Class A-1 Certificateholders
as a prepayment on the [February] 1999 Payment Date.
Funds remaining in the Adjustable-Rate pre-funding
account will be distributed to the Class A-2
Certificateholders as a prepayment on the [February]
1999 Payment Date.
Credit Enhancement: A combination of:
- Excess Spread
- Overcollateralization
- Cross-collateralization
- 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, Len Blum at (212) 778-1397 John Kim
at (212) 778-1833, 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: $24,000,000.00 DATED DATE: 12/15/98
CURRENT COUPON: TBD% famt984 FIRST PAYMENT: 01/20/99
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $24,000,000.00 BOND A2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 12/15/98
ASSUMED CONSTANT LIBOR-1M 5.5919
**** TO CALL ****
PRICING SPEED
GROUP I HEP 27.00% 27.00% 27.00% 27.00% 27.00% 27.00% 27.00%
GROUP II CPR 30.00% 24.00% 26.00% 28.00% 32.00% 34.00% 36.00%
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 66.339 64.181 64.884 65.603 67.080 67.862 68.688
99-24+ 65.629 63.606 64.265 64.939 66.324 67.057 67.831
99-25 64.919 63.031 63.646 64.276 65.567 66.251 66.974
99-25+ 64.209 62.456 63.027 63.612 64.811 65.446 66.117
99-26 63.500 61.882 62.409 62.948 64.055 64.641 65.261
99-26+ 62.790 61.307 61.790 62.285 63.300 63.837 64.405
99-27 62.081 60.733 61.172 61.622 62.544 63.032 63.548
99-27+ 61.372 60.159 60.554 60.959 61.789 62.228 62.693
99-28 60.663 59.585 59.936 60.296 61.034 61.424 61.837
99-28+ 59.955 59.012 59.319 59.633 60.279 60.620 60.981
99-29 59.246 58.438 58.701 58.971 59.524 59.817 60.126
99-29+ 58.538 57.865 58.084 58.309 58.769 59.013 59.271
99-30 57.830 57.291 57.467 57.647 58.015 58.210 58.417
99-30+ 57.122 56.718 56.850 56.985 57.261 57.407 57.562
99-31 56.415 56.145 56.233 56.323 56.507 56.605 56.708
99-31+ 55.707 55.573 55.616 55.661 55.753 55.802 55.854
100-00 55.000 55.000 55.000 55.000 55.000 55.000 55.000
100-00+ 54.293 54.428 54.384 54.339 54.247 54.198 54.146
100-01 53.586 53.855 53.768 53.678 53.494 53.396 53.293
100-01+ 52.879 53.283 53.152 53.017 52.741 52.595 52.440
100-02 52.173 52.711 52.536 52.356 51.988 51.793 51.587
100-02+ 51.467 52.139 51.920 51.696 51.236 50.992 50.734
100-03 50.760 51.568 51.305 51.036 50.483 50.191 49.882
100-03+ 50.055 50.996 50.690 50.375 49.731 49.390 49.030
100-04 49.349 50.425 50.074 49.716 48.979 48.590 48.178
100-04+ 48.643 49.854 49.459 49.056 48.228 47.789 47.326
100-05 47.938 49.283 48.845 48.396 47.476 46.989 46.474
100-05+ 47.233 48.712 48.230 47.737 46.725 46.189 45.623
100-06 46.528 48.141 47.616 47.078 45.974 45.390 44.772
100-06+ 45.823 47.570 47.001 46.419 45.223 44.590 43.921
100-07 45.118 47.000 46.387 45.760 44.472 43.791 43.070
100-07+ 44.414 46.430 45.773 45.101 43.722 42.992 42.220
First Payment 0.097 0.097 0.097 0.097 0.097 0.097 0.097
Average Life 2.462 3.141 2.882 2.657 2.292 2.136 1.993
Last Payment 6.264 8.014 7.347 6.764 5.847 5.431 5.014
Mod.Dur. @ 100-00 2.123 2.622 2.435 2.270 1.992 1.871 1.758
</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>
- -------------------------------------------------------------------------------
- FAMT84
- Cut Off Date of Tape is 11/30/98
- Fixed Rate Collateral
- $74,677,660.67
- Mortgage Summary Report
- -------------------------------------------------------------------------------
Number of Mortgage Loans: 854
Lien Status: 1st and 2nd Lien Loans
Aggregate Unpaid Principal Balance: $74,677,660.67
Aggregate Original Principal Balance: $75,677,335.00
Weighted Average Gross Coupon: 9.164%
Gross Coupon Range: 6.490% - 14.500%
- -------------------------------------------------------------------------------
Average Unpaid Principal Balance: $87,444.57
Average Original Principal Balance: $88,615.15
Maximum Unpaid Principal Balance: $359,073.11
Minimum Unpaid Principal Balance: $12,973.91
Maximum Original Principal Balance: $362,317.00
Minimum Original Principal Balance: $16,100.00
<TABLE>
<S> <C> <C>
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 329.432 * excludes I/O Periods
Stated Rem Term Range: 69.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 10.924 * excludes I/O Periods
Age Range: 0.000 - 111.000
Weighted Average Original Term(to amortization): 340.824 * excludes I/O Periods
Original Term Range (to amortization): 120.000 - 411.000
</TABLE>
Weighted Average Original LTV: 60.580
Original LTV Range: 6.809% - 84.992%
Weighted Average Combined LTV: 61.003
Combined LTV Range: 9.771% - 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
6.00% < Gross Coupon <= 6.50% 1 82,692.34 0.11
6.50% < Gross Coupon <= 7.00% 1 107,990.00 0.14
7.00% < Gross Coupon <= 7.50% 23 2,288,550.78 3.06
7.50% < Gross Coupon <= 8.00% 65 5,831,008.87 7.81
8.00% < Gross Coupon <= 8.50% 129 11,865,450.14 15.89
8.50% < Gross Coupon <= 9.00% 220 18,779,201.76 25.15
9.00% < Gross Coupon <= 9.50% 153 14,822,541.75 19.85
9.50% < Gross Coupon <= 10.00% 157 13,449,624.92 18.01
10.00% < Gross Coupon <= 10.50% 47 3,459,061.70 4.63
10.50% < Gross Coupon <= 11.00% 33 2,531,661.54 3.39
11.00% < Gross Coupon <= 11.50% 8 385,358.41 0.52
11.50% < Gross Coupon <= 12.00% 7 455,279.25 0.61
12.00% < Gross Coupon <= 12.50% 3 158,089.00 0.21
12.50% < Gross Coupon <= 13.00% 4 278,824.50 0.37
13.50% < Gross Coupon <= 14.00% 2 80,194.62 0.11
14.00% < Gross Coupon <= 14.50% 1 102,131.09 0.14
- -------------------------------------------------------------------------------
Total.......... 854 $74,677,660.67 100.00%
===============================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
60 < Rem Term <= 72 1 22,998.53 0.03%
96 < Rem Term <= 108 6 161,198.01 0.22%
108 < Rem Term <= 120 10 521,814.30 0.70%
120 < Rem Term <= 132 11 512,228.91 0.69%
132 < Rem Term <= 144 3 118,695.39 0.16%
144 < Rem Term <= 156 7 434,122.06 0.58%
156 < Rem Term <= 168 22 1,470,379.37 1.97%
168 < Rem Term <= 180 63 4,253,467.54 5.70%
204 < Rem Term <= 216 2 128,300.64 0.17%
216 < Rem Term <= 228 3 216,308.93 0.29%
228 < Rem Term <= 240 7 459,163.15 0.61%
276 < Rem Term <= 288 1 102,131.09 0.14%
288 < Rem Term <= 300 9 954,792.75 1.28%
300 < Rem Term <= 312 40 3,835,429.84 5.14%
312 < Rem Term <= 324 14 782,230.21 1.05%
324 < Rem Term <= 336 49 4,427,593.22 5.93%
336 < Rem Term <= 348 128 11,460,463.56 15.35%
348 < Rem Term <= 360 478 44,816,343.17 60.01%
- -------------------------------------------------------------------
Total............ 854 $74,677,660.67 100.00%
===================================================================
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 3 64,987.38 0.09
10.00 < LTV <= 15.00 13 392,762.89 0.53
15.00 < LTV <= 20.00 17 523,996.85 0.70
20.00 < LTV <= 25.00 19 894,967.10 1.20
25.00 < LTV <= 30.00 31 1,387,362.91 1.86
30.00 < LTV <= 35.00 37 2,331,696.93 3.12
35.00 < LTV <= 40.00 40 2,528,590.89 3.39
40.00 < LTV <= 45.00 44 3,517,889.60 4.71
45.00 < LTV <= 50.00 67 4,795,066.96 6.42
50.00 < LTV <= 55.00 62 5,133,092.96 6.87
55.00 < LTV <= 60.00 91 8,196,706.92 10.98
60.00 < LTV <= 65.00 131 12,963,265.79 17.36
65.00 < LTV <= 70.00 126 12,115,305.84 16.22
70.00 < LTV <= 75.00 106 12,370,073.51 16.56
75.00 < LTV <= 80.00 59 6,750,773.28 9.04
80.00 < LTV <= 85.00 8 711,120.86 0.95
- --------------------------------------------------------------------------
Total.................... 854 $74,677,660.67 100.00%
==========================================================================
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 23,828.06 0.03
10.000 <Comb LTV<= 15.000 8 222,239.37 0.30
15.000 <Comb LTV<= 20.000 14 398,819.78 0.53
20.000 <Comb LTV<= 25.000 17 841,438.10 1.13
25.000 <Comb LTV<= 30.000 29 1,232,770.01 1.65
30.000 <Comb LTV<= 35.000 36 2,233,971.03 2.99
35.000 <Comb LTV<= 40.000 38 2,436,717.95 3.26
40.000 <Comb LTV<= 45.000 45 3,546,576.83 4.75
45.000 <Comb LTV<= 50.000 68 4,897,357.18 6.56
50.000 <Comb LTV<= 55.000 61 5,067,550.46 6.79
55.000 <Comb LTV<= 60.000 92 8,219,759.30 11.01
60.000 <Comb LTV<= 65.000 134 13,086,858.97 17.52
65.000 <Comb LTV<= 70.000 132 12,376,426.69 16.57
70.000 <Comb LTV<= 75.000 110 12,571,349.27 16.83
75.000 <Comb LTV<= 80.000 60 6,797,902.90 9.10
80.000 <Comb LTV<= 85.000 9 724,094.77 0.97
- --------------------------------------------------------------------------
Total.................... 854 $74,677,660.67 100.00%
==========================================================================
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 4 104,667.40 0.14
20.000 < LIEN <= 30.000 5 198,322.28 0.27
30.000 < LIEN <= 40.000 3 100,658.62 0.13
40.000 < LIEN <= 50.000 3 138,885.22 0.19
50.000 < LIEN <= 60.000 1 112,646.28 0.15
60.000 < LIEN <= 70.000 2 79,337.23 0.11
70.000 < LIEN <= 80.000 2 113,046.85 0.15
80.000 < LIEN <= 90.000 3 158,344.44 0.21
90.000 < LIEN <= 100.000 831 73,671,752.35 98.65
- --------------------------------------------------------------------------
Total.................... 854 $74,677,660.67 100.00%
==========================================================================
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 21 426,639.55 0.57
25,000 < Balance <= 50,000 126 4,952,105.34 6.63
50,000 < Balance <= 75,000 227 14,251,309.64 19.08
75,000 < Balance <= 100,000 229 19,857,093.29 26.59
100,000 < Balance <= 150,000 184 21,947,014.43 29.39
150,000 < Balance <= 175,000 25 4,000,888.36 5.36
175,000 < Balance <= 200,000 18 3,364,854.93 4.51
200,000 < Balance <= 250,000 15 3,307,000.91 4.43
250,000 < Balance <= 300,000 7 1,872,800.08 2.51
300,000 < Balance <= 350,000 1 338,881.03 0.45
350,000 < Balance <= 400,000 1 359,073.11 0.48
- --------------------------------------------------------------------------
Total.................... 854 $74,677,660.67 100.00%
==========================================================================
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 16 1,168,345.75 1.56
California 274 27,538,834.66 36.88
Colorado 23 1,820,920.82 2.44
Dist of Col 5 419,509.03 0.56
Florida 28 2,102,189.85 2.82
Georgia 12 758,234.60 1.02
Idaho 1 165,932.74 0.22
Illinois 67 4,905,257.30 6.57
Maryland 26 2,188,330.60 2.93
Massachusetts 16 1,421,547.88 1.90
Minnesota 14 1,102,666.41 1.48
New Jersey 74 6,032,207.35 8.08
New York 98 9,100,203.66 12.19
Ohio 27 1,743,790.79 2.34
Oregon 49 4,077,166.16 5.46
Pennsylvania 32 2,441,292.26 3.27
Utah 39 2,744,519.66 3.68
Virginia 10 1,050,018.42 1.41
Washington 43 3,896,692.73 5.22
- --------------------------------------------------------------------------
Total............... 854 $74,677,660.67 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 765 67,279,997.82 90.09
PUD 4 212,980.26 0.29
Condominiums 14 1,022,714.36 1.37
2-4 Family 71 6,161,968.23 8.25
- --------------------------------------------------------------------------
Total............... 854 $74,677,660.67 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 812 71,327,516.34 95.51
Investor 40 2,987,211.12 4.00
Second Home 2 362,933.21 0.49
- --------------------------------------------------------------------------
Total.................. 854 $74,677,660.67 100.00%
==========================================================================
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>
- -------------------------------------------------------------------------------
- FAMT984
- Cut Off Date of Tape is 11/30/98
- Adjustable Rate Collateral
- $20,466,013.71
- -------------------------------------------------------------------------------
Number of Mortgage Loans: 175
Lien Status: 1st Lien Loans
Aggregate Unpaid Principal Balance: $20,466,013.71
Aggregate Original Principal Balance: $20,488,989.00
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 8.202%
Gross Coupon Range: 5.890% - 11.990%
Weighted Average Margin (Gross): 5.684%
Gross Margin Range: 3.990% - 9.012%
Weighted Average Life Cap (Gross): 15.202%
Gross Life Cap Range: 12.890% - 18.990%
Weighted Average Life Floor (Gross): 8.202%
Gross Life Floor Range: 5.890% - 11.990%
- -------------------------------------------------------------------------------
Average Unpaid Principal Balance: $116,948.65
Average Original Principal Balance: $117,079.94
Maximum Unpaid Principal Balance: $367,470.00
Minimum Unpaid Principal Balance: $21,531.00
Maximum Original Principal Balance: $367,470.00
Minimum Original Principal Balance: $21,531.00
<TABLE>
<S> <C> <C>
Weighted Avg. Stated Rem.Term (PTD to Mat Date): 347.004 * excludes I/O Periods
Stated Rem Term Range: 176.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru): 0.691 * excludes I/O Periods
Age Range: 0.000 - 4.000
Weighted Average Original Term (To Amortization): 347.695 * excludes I/O Periods
Original Term Range (To Amortization): 180.000 - 360.000
</TABLE>
Weighted Average Original LTV: 63.754
Original LTV Range: 22.664% - 80.000%
Weighted Average Periodic Interest Cap: 1.088%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Months to Interest Roll: 6.544
Months to Interest Roll Range: 3 - 24
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>
<TABLE>
<CAPTION>
LOAN TYPE
- ----------------------------------------------------------------------------------------------------------------------------------
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>
2/28 LIBOR ARMs 4 2.31 7.797 359.20 .80 59.68 14.80 5.513 1.500 23.33 7.80 $473,750.00 $474,179.77
Six Month LIBOR 171 97.69 8.212 346.71 .69 63.85 15.21 5.689 1.079 6.15 8.21 $20,015,239.00 $19,992633.94
- ----------------------------------------------------------------------------------------------------------------------------------
Total..... 175 100.00% 8.202 347.00 .69 63.75 15.20 5.684 1.088 6.54 8.20 $20,488,989.00 $20,466,013.71
===================================================================================================================================
</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
5.50% < Gross Coupon <= 6.00% 1 362,630.97 1.77
6.50% < Gross Coupon <= 7.00% 10 919,338.00 4.49
7.00% < Gross Coupon <= 7.50% 29 3,824,982.33 18.69
7.50% < Gross Coupon <= 8.00% 60 7,026,345.23 34.33
8.00% < Gross Coupon <= 8.50% 21 2,308,967.09 11.28
8.50% < Gross Coupon <= 9.00% 25 2,853,190.08 13.94
9.00% < Gross Coupon <= 9.50% 7 783,607.17 3.83
9.50% < Gross Coupon <= 10.00% 12 1,316,337.00 6.43
10.50% < Gross Coupon <= 11.00% 8 909,273.84 4.44
11.50% < Gross Coupon <= 12.00% 2 161,342.00 0.79
- -------------------------------------------------------------------------------
Total.......... 175 $20,466,013.71 100.00%
===============================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
168 < Rem Term <= 180 17 1,259,015.26 6.15%
228 < Rem Term <= 240 2 210,103.00 1.03%
348 < Rem Term <= 360 156 18,996,895.45 92.82%
- -------------------------------------------------------------------
Total............ 175 $20,466,013.71 100.00%
===================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL 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
20.00 < LTV <= 25.00 3 161,476.15 0.79
25.00 < LTV <= 30.00 1 39,910.37 0.20
30.00 < LTV <= 35.00 2 112,794.54 0.55
35.00 < LTV <= 40.00 6 419,126.28 2.05
40.00 < LTV <= 45.00 12 785,562.01 3.84
45.00 < LTV <= 50.00 13 1,282,062.46 6.26
50.00 < LTV <= 55.00 19 1,938,138.09 9.47
55.00 < LTV <= 60.00 12 1,026,036.69 5.01
60.00 < LTV <= 65.00 37 4,868,711.67 23.79
65.00 < LTV <= 70.00 30 3,938,052.40 19.24
70.00 < LTV <= 75.00 26 3,888,753.89 19.00
75.00 < LTV <= 80.00 14 2,005,389.16 9.80
- --------------------------------------------------------------------------
Total.................... 175 $20,466,013.71 100.00%
==========================================================================
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 21,531.00 0.11
25,000 < Balance <= 50,000 16 692,851.40 3.39
50,000 < Balance <= 75,000 36 2,315,981.82 11.32
75,000 < Balance <= 100,000 39 3,525,081.55 17.22
100,000 < Balance <= 150,000 36 4,379,207.14 21.40
150,000 < Balance <= 175,000 15 2,401,167.24 11.73
175,000 < Balance <= 200,000 14 2,616,522.88 12.78
200,000 < Balance <= 250,000 11 2,453,214.36 11.99
250,000 < Balance <= 300,000 5 1,330,355.35 6.50
350,000 < Balance <= 400,000 2 730,100.97 3.57
- --------------------------------------------------------------------------
Total.................... 175 $20,466,013.71 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 5 424,431.59 2.07
California 46 7,591,647.60 37.09
Colorado 8 702,014.40 3.43
Florida 4 465,813.52 2.28
Georgia 3 502,365.20 2.45
Illinois 15 1,566,108.75 7.65
Minnesota 4 254,448.38 1.24
New Jersey 26 2,932,970.16 14.33
New York 7 652,818.33 3.19
Ohio 14 1,072,860.80 5.24
Oregon 11 1,043,280.60 5.10
Pennsylvania 10 736,350.39 3.60
Utah 12 1,226,820.64 5.99
Virginia 1 75,665.99 0.37
Washington 9 1,218,417.36 5.95
- --------------------------------------------------------------------------
Total............... 175 $20,466,013.71 100.00%
==========================================================================
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
12.500 < LIFE CAP <= 13.000 1 362,630.97 1.77
13.500 < LIFE CAP <= 14.000 10 919,338.00 4.49
14.000 < LIFE CAP <= 14.500 29 3,824,982.33 18.69
14.500 < LIFE CAP <= 15.000 60 7,026,345.23 34.33
15.000 < LIFE CAP <= 15.500 21 2,308,967.09 11.28
15.500 < LIFE CAP <= 16.000 25 2,853,190.08 13.94
16.000 < LIFE CAP <= 16.500 7 783,607.17 3.83
16.500 < LIFE CAP <= 17.000 12 1,316,337.00 6.43
17.500 < LIFE CAP <= 18.000 8 909,273.84 4.44
18.500 < LIFE CAP <= 19.000 2 161,342.00 0.79
- --------------------------------------------------------------------------
Total................. 175 $20,466,013.71 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
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
5.500 < Life Floor <= 6.000 1 362,630.97 1.77
6.500 < Life Floor <= 7.000 10 919,338.00 4.49
7.000 < Life Floor <= 7.500 29 3,824,982.33 18.69
7.500 < Life Floor <= 8.000 60 7,026,345.23 34.33
8.000 < Life Floor <= 8.500 21 2,308,967.09 11.28
8.500 < Life Floor <= 9.000 25 2,853,190.08 13.94
9.000 < Life Floor <= 9.500 7 783,607.17 3.83
9.500 < Life Floor <= 10.000 12 1,316,337.00 6.43
10.500 < Life Floor <= 11.000 8 909,273.84 4.44
11.500 < Life Floor <= 12.000 2 161,342.00 0.79
- --------------------------------------------------------------------------
Total................. 175 $20,466,013.71 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
1.000 145 16,846,101.33 82.31
1.500 30 3,619,912.38 17.69
- --------------------------------------------------------------------------
Total................. 175 $20,466,013.71 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY
Gross Margin
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
3.000 < Gross Margin <= 4.00 2 186,154.99 0.91
4.000 < Gross Margin <= 5.00 35 4,150,207.40 20.28
5.000 < Gross Margin <= 6.00 99 11,802,725.73 57.67
6.000 < Gross Margin <= 7.00 27 3,049,600.29 14.90
7.000 < Gross Margin <= 8.00 9 1,002,853.30 4.90
8.000 < Gross Margin <= 9.00 2 155,540.00 0.76
9.000 < Gross Margin <= 10.00 1 118,932.00 0.58
- --------------------------------------------------------------------------
Total................. 175 $20,466,013.71 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single-family 168 19,379,542.21 94.69
PUD 1 362,630.97 1.77
Condominiums 2 399,722.15 1.95
2-4 Family 4 324,118.38 1.58
- --------------------------------------------------------------------------
Total............... 175 $20,466,013.71 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 172 20,086,266.39 98.14
Investor 3 379,747.32 1.86
- --------------------------------------------------------------------------
Total.................. 175 $20,466,013.71 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
