SUBJECT TO REVISION
SERIES TERM SHEET DATED December 15, 2000
$197,290,000
[LOGO APPEARS HERE] OMI Trust 2000-D
Issuer
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 2000-D
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 2000-D. The Series Term
Sheet has been prepared by Oakwood Mortgage for informational purposes only and
is subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus and prospectus
supplement and by any other additional information subsequently filed with the
Securities and Exchange Commission or incorporated by reference into the
Registration Statement.
Neither Credit Suisse First Boston nor any of its affiliates makes any
representation as to the accuracy or completeness of any of the information set
forth in the attached Series Term Sheet. This cover sheet is not part of the
Series Term Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates has been filed with the Securities and Exchange
Commission and declared effective. The final prospectus supplement relating to
the securities will be filed after the securities have been priced and all of
the terms and information are finalized. This communication is not an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
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. Interested persons are referred to the final prospectus and
prospectus supplement to which the securities relate. Any investment decision
should be based only upon the information in the final prospectus and prospectus
supplement as of their publication dates.
Credit Suisse First Boston
<PAGE>
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 2000-D Pooling and Servicing Agreement (including the May 1999 Edition to
the Standard Terms) to be dated as of December 1, 2000, among Oakwood Mortgage
Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as Servicer, and
Wells Fargo Bank Minnesota, National Association, as Trustee.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Moody's / Fitch / Average Modified
Principal Amount(1) S&P Life Duration First Last
Class Description Ratings(2) (yrs)(3) Coupon (4)(5) (yrs) (3) Pay(3) Pay(3)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $49,900,000 Senior Aaa/AAA/AAA 1.00 TBD TBD 1/01 1/03
A-2 41,520,000 Senior Aaa/AAA/AAA 3.00 TBD TBD 1/03 1/05
A-3 20,650,000 Senior Aaa/AAA/AAA 5.00 TBD TBD 1/05 6/07
A-4 40,190,000 Senior Aaa/AAA/AAA 11.22 TBD TBD 6/07 12/15
M-1 18,230,000 Mezzanine Aa2/AA/AA 9.76 TBD TBD 6/05 12/15
M-2 16,080,000 Mezzanine A2/A/A 9.76 TBD TBD 6/05 12/15
B-1 10,720,000 Subordinate Baa2/BBB/BBB 9.76 TBD TBD 6/05 12/15
B-2 (retained) 10,720,000 Subordinate Ba3/BB/BB- 9.76 TBD TBD 6/05 12/15
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The aggregate initial principal balance of the certificates may be
increased or decreased by up to 5%. Any such increase or decrease may
be allocated disproportionately among the classes of certificates.
Accordingly, any investor's commitments with respect to the
certificates may be increased or decreased correspondingly.
(2) It is a condition to the issuance of the certificates that they be
rated as above. A security rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any
time by the assigning rating organization.
(3) Assumes that the 10% optional termination is exercised. Data run at a
prepayment speed of 200% MHP.
(4) Computed on the basis of a 360-day year of twelve 30-day months.
(5) The lesser of (i) a specified rate per annum, or (ii) the weighted
average net asset rate for the related distribution date.
<TABLE>
<CAPTION>
Class Designations
<S> <C>
Class A Certificates...........................Class A-1, class A-2, class A-3, and class A-4 certificates.
Class M Certificates...........................Class M-1 and class M-2 certificates.
Class B Certificates...........................Class B-1 and class B-2 certificates.
Subordinated Certificates......................Class M, class B, class X and class R certificates.
Offered Certificates...........................Class A, class M and class B-1 certificates.
Offered Subordinated Certificates..............Class M and class B-1 certificates.
Other Certificates................................The class B-2, class X and class R certificates are expected
to be sold initially to affiliates of Oakwood Mortgage, which
may offer them in the future in one or more privately
negotiated transactions.
Denominations.....................................The Offered Certificates will be book-entry certificates only,
in minimum denominations of $1,000 and integral multiples of
$1 in excess thereof.
Cut-off Date......................................With respect to each Initial Asset, December 1, 2000, or with
respect to each subsequent asset, the date as of which such
asset is purchased by the trust.
Distribution Dates................................The fifteenth day of each month, (or if such fifteenth day is
not a business day, the next succeeding business day)
commencing in January 2001.
Record Date.......................................With respect to each distribution date for the Offered
Certificates, the close of business on the last business day
of the month preceding the month in which such distribution
date occurs.
Interest Accrual Period...........................With respect to each distribution date for the Offered
Certificates, the calendar month preceding the month in which
the distribution date occurs.
Pre-Funding Account...............................The Trustee will establish a trust account (the "Pre-Funding
Account"). On the closing date, $52,003,075.95 (the
"Pre-Funded Amount") will be deposited in the Pre-Funding
Account to provide the trust with funds to purchase additional
assets within 90 days after the closing date ("Subsequent
Assets"). The subsequent assets will be required to, in the
aggregate, have characteristics very similar to the
characteristics Initial Assets (as defined herein). Among
other things, the weighted average net asset rate of the
assets of the trust at the end of the pre-funding period may
not be more than 0.50% lower than the
</TABLE>
1
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
weighted average net asset rate of the assets as of the
closing date. The Trustee will also establish a capitalized
interest account into which funds will be deposited on the
closing date to provide protection against interest shortfalls
on your certificates during the pre-funding period. Any
amounts on deposit in the Pre-Funding Account at the end of
the pre-funding period will be paid to certificate holders as
a prepayment of principal on the next Distribution Date.
Distributions.....................................The "Available Distribution Amount" for a distribution date
generally will include (1)(a) monthly payments of principal
and interest due on the trust assets during the related
Collection Period, to the extent such payments were actually
collected from the obligors or advanced by the servicer and
(b) unscheduled payments received with respect to the assets
during the related Prepayment Period, including principal
prepayments, the portion of the Pre-funded Amount not used to
acquire subsequent assets by the end of the Pre-Funding
period, Compensating Interest, proceeds of repurchases, net
liquidation proceeds and net insurance proceeds, less (2)(a)
amounts required to reimburse the servicer for previously
unreimbursed Advances in accordance with the pooling and
servicing agreement, (b) amounts required to reimburse Oakwood
Mortgage or the servicer for certain reimbursable expenses in
accordance with the pooling and servicing agreement, (c)
amounts required to reimburse any party for an overpayment of
a Repurchase Price for an asset in accordance with the pooling
and servicing agreement, (d) the Interest Deficiency Amount or
portion thereof, if any, paid from collections on the
preceding distribution date, (e) the Trustee's fee, and (f) if
Oakwood Acceptance is not the servicer, the Servicing Fees for
the related Collection Period.
The Class A Certificates are entitled to principal
distributions that are senior in priority to principal
distributions on the other classes of Offered Certificates.
The class A Principal Distribution Amount for any distribution
date prior to the Cross-over date or as to which the Principal
Distribution Tests are not met will equal the entire Principal
Distribution Amount, and on any other distribution date will
equal the class A percentage of the Principal Distribution
Amount. The class A Principal Distribution Amount will be
applied to each class of class A certificates sequentially, in
numeric order.
The class M-1 Principal Distribution Amount for any
distribution date will equal (a) as long as any class A
certificates remain outstanding and prior to the Cross-over
Date, zero, (b) on any distribution date as to which the
Principal Distribution Tests are not met and any class A
certificates remain outstanding, zero, (c) on any distribution
date as to which the Principal Distribution Tests are not met
and the class A certificates have been retired, the Principal
Distribution Amount, or (d) on any other distribution date,
the class M-1 percentage of the Principal Distribution Amount.
The class M-2 Principal Distribution Amount for any
distribution date will equal (a) as long as any class A or any
class M-1 certificates remain outstanding and prior to the
Cross-over Date, zero, (b) on any distribution date as to
which the Principal Distribution Tests are not met and any
class A or any class M-1 certificates remain outstanding,
zero, (c) on any distribution date as to which the Principal
Distribution Tests are not met and the class A and class M-1
certificates have been retired, the Principal Distribution
Amount, or (d) on any other distribution date, the class M-2
percentage of the Principal Distribution Amount.
</TABLE>
2
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
The Class B-1 Principal Distribution Amount for any
distribution date will equal (a) as long as any class A or
class M certificates remain outstanding and prior to the
Cross-over Date, zero, (b) on any distribution date as to
which the Principal Distribution Tests are not met and any
class A or class M certificates remain outstanding, zero, (c)
on any distribution date as to which the Principal
Distribution Tests are not met and the class A and class M
certificates have been retired, the Principal Distribution
Amount, or (d) on any other distribution date, the class B-1
percentage of the Principal Distribution Amount.
The Class B-2 Principal Distribution Amount for any
distribution date will equal (a) as long as any class A, class
M, or class B-1 certificates remain outstanding and prior to
the Cross-over Date, zero, (b) on any distribution date as to
which the Principal Distribution Tests are not met and any
class A, class M, or class B-1 certificates remain
outstanding, zero, (c) on any distribution date as to which
the Principal Distribution Tests are not met and the class A,
class M, and class B-1 certificates have been retired, the
Principal Distribution Amount, or (d) on any other
distribution date, the class B-2 percentage of the Principal
Distribution Amount.
For any distribution date, if the Principal Distribution
Amount for a class exceeds the certificate principal balance
of that class, less any Principal Distribution Amounts
remaining unpaid from previous distribution dates, with
respect to this class and distribution date, then these
amounts shall be allocated to the Principal Distribution
Amount of the relatively next junior class of certificates.
If the certificate principal balances of each of the class
A-1, class A-2, class A-3, class A-4, class M-1, class M-2 and
class B-1 certificates have not been reduced to zero on or
before any distribution date, then amounts otherwise allocable
to the Class B-2 Principal Distribution Amount shall be
allocated sequentially to the principal distribution amounts
of the class B-1, class M-2, class M-1, class A-4, class A-3,
class A-2, class A-1 and finally to the class B-2
certificates, to the extent that allocation of these amounts
to the Class B-2 Principal Distribution Amount would reduce
the class B-2 certificate principal balance below the Class
B-2 Floor Amount.
If the certificate principal balance of the class A-1, class
A-2, class A-3, class A-4, class M-1, class M-2 and class B-1
certificates have not been reduced to zero on or before any
distribution date, then amounts otherwise allocable to the
Class B-2 Principal Distribution Amount shall be allocated
sequentially to the principal distribution amounts of the
class B-1, class M-2, class M-1, class A-4, class A-3, class
A-2, class A-1 and finally to the class B-2 certificates, to
the extent that allocation of these amounts to the Class B-2
Principal Distribution Amount would reduce the sum of the
class B-2 certificate principal balance and the Current
Overcollateralization Amount below the Total Floor Amount.
If an Interest Deficiency Event occurs on any distribution
date with respect to the class M-1, class M-2, class B-1 or
class B-2, collections received after the end of the related
Collection Period and prior to such distribution date will be
applied, up to a limited amount to be determined by the rating
agencies, to remedy such deficiency in order of class
seniority. Any remaining deficiency will be carried forward as
shortfall for the next distribution date. "Interest Deficiency
Event" means, with respect to the class M-1, class M-2, class
B-1 and class B-2
</TABLE>
3
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
certificates and a distribution date, that after distribution
of the Available Distribution Amount in the order of priority
set forth below under "Priority of Distributions," there
remains unpaid any of the current Interest Distribution
Amounts, Interest Distribution Amounts remaining unpaid from
prior distribution dates, Writedown Interest Distribution
Amounts or Carryover Writedown Interest Distribution Amounts
for these classes and distribution date (the "Interest
Deficiency Amount").
Distributions will be made on each distribution date to
holders of record on the preceding Record Date. Distributions
on a class of certificates will be allocated among the
certificates of such class as prescribed herein.
Priority of Distributions.........................On each distribution date the Available Distribution Amount
will be distributed in the following amounts and in the
following order of priority:
(1) first, concurrently to all class A certificates (a) first,
the related pro rata Interest Distribution Amount for such
distribution date and (b) second, any Interest Distribution
Amounts remaining unpaid from previous distribution dates,
plus interest on this carryover amount, if any, for such
distribution date;
(2) second, to the class M-1 certificates, (a) first, the
related Interest Distribution Amount for such distribution
date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous distribution dates, plus
interest on this carryover amount, if any, for such
distribution date;
(3) third, to the class M-2 certificates, (a) first, the
related Interest Distribution Amount for such distribution
date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous distribution dates, plus
interest on this carryover amount, if any, for such
distribution date;
(4) fourth, to the class B-1 certificates, (a) first, the
related Interest Distribution Amount for such distribution
date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous distribution dates, plus
interest on this carryover amount, if any, for such
distribution date;
(5) fifth, to the class B-2 certificates, (a) first, the
related Interest Distribution Amount for such distribution
date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous distribution dates, plus
interest on this carryover amount, if any, for such
distribution date;
(6) sixth, to the class A certificates sequentially in numeric
order until the certificate principal balance of each class of
the class A certificates is reduced to zero, Principal
Distribution Amounts remaining unpaid from previous
distribution dates;
(7) seventh, to the class A certificates sequentially in
numeric order until the certificate principal balance of each
class of the class A certificates is reduced to zero, the
class A Principal Distribution Amount until the Class A
certificate principal balance is reduced to zero;
(8) eighth, to the class M-1 certificates, (a) first, any
related Writedown Interest Distribution Amount for such
distribution date, (b) second, any related Carryover Writedown
Interest Distribution Amount for such distribution date, (c)
third, any related Principal Distribution Amounts remaining
unpaid from prior distribution dates, and (d) fourth, any
class M-1 Principal Distribution Amount
</TABLE>
4
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
until the class M-1 certificate principal balance is reduced
to zero;
(9) ninth, to the class M-2 certificates, (a) first, any
related Writedown Interest Distribution Amount for such
distribution date, (b) second, any related Carryover Writedown
Interest Distribution Amount for such distribution date, (c)
third, any related Principal Distribution Amounts remaining
unpaid from prior distribution dates, and (d) fourth, any
class M-2 Principal Distribution Amount until the class M-2
certificate principal balance is reduced to zero;
(10) tenth, to the class B-1 certificates, (a) first, any
related Writedown Interest Distribution Amount for such
distribution date, (b) second, any related Carryover Writedown
Interest Distribution Amount for such distribution date, (c)
third, any related Principal Distribution Amounts remaining
unpaid from prior distribution dates, and (d) fourth, any
class B-1 Principal Distribution Amount until the class B-1
certificate principal balance is reduced to zero;
(11) eleventh, to the class B-2 certificates, (a) first any
related Writedown Interest Distribution Amount for such
distribution date, (b) second, any related Carryover Writedown
Interest Distribution Amount for such distribution date, (c)
third, any related Principal Distribution Amounts remaining
unpaid from prior distribution dates, and (d) fourth, any
class B-2 Principal Distribution Amount until the class B-2
certificate principal balance is reduced to zero;
(12) twelfth, if Oakwood Acceptance is the servicer, to the
servicer, the following amounts in sequential order: (i), the
Servicing Fees for the related Collection Period, and (ii) any
Servicing Fees from previous distribution dates remaining
unpaid;
(13) thirteenth, sequentially to (i) the class A certificates
sequentially in numeric order, (ii) class M-1 certificates,
(iii) class M-2 certificates, (iv) class B-1 certificates and
(v) class B-2 certificates, the Accelerated Principal
Distribution Amount for such distribution date until the
certificate principal balance of each class is reduced to
zero;
(14) fourteenth, to the class X certificates, in the following
sequential order: (i) the current class X Strip Amount; and
(ii) any class X Strip Amounts from previous distribution
dates remaining unpaid; and
(15) finally, any remainder to the class R certificates.
The primary credit support for the class A Certificates is the
subordination of the Subordinated Certificates and
overcollateralization; for the class M-1 certificates is the
subordination of the class M-2, class B, class X, and class R
certificates and overcollateralization; for the class M-2
certificates is the subordination of the class B, class X and
class R certificates and overcollateralization; and for the
class B-1 certificates is the subordination of the class B-2,
class X, and class R certificates and overcollateralization.
Cross-over Date...................................The later to occur of (a) the distribution date occurring in
June 2005 or (b) the first distribution date on which the
percentage equivalent of a fraction, which shall not be
greater than 1, the numerator of which is the sum of the
certificate principal balance - as adjusted for write-downs -
of the Subordinated Certificates and the Current
Overcollateralization Amount for such distribution date and
the denominator of which is the aggregate scheduled principal
balance for the trust assets that includes the Initial Assets,
then-current Pre-Funded Amount and any
</TABLE>
5
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Subsequent Assets ("Pool Scheduled Principal Balance") on such
distribution date, equals or exceeds 1.93 times the percentage
equivalent of a fraction, which shall not be greater than 1,
the numerator of which is the sum of the initial aggregate
certificate principal balance - as adjusted for write-downs -
of the Subordinated Certificates and the Initial
Overcollateralization Amount and the denominator of which is
the Pool Scheduled Principal Balance as of December 1, 2000.
Performance Test..................................The Average Sixty Day Delinquency Ratio is less than or equal
to 5.5%, the Current Realized Loss Ratio is less than or equal
to 3.0%; and the Cumulative Realized Losses are less than or
equal to the following percentages of the original Pool
Scheduled Principal Balance, set forth below:
7% June 2005 through November 2006,
8% December 2006 through November 2007,
9.5% December 2007 through May 2009, and
10.5% thereafter.
Overcollateralization........................... Excess interest collections will be applied, to the extent
available, to make accelerated payments of principal on the
class A (sequentially by class number), class M-1, class M-2,
class B-1 and class B-2 certificates. The "Target
Overcollateralization Amount" generally shall mean, (i) for
any distribution date prior to the Cross-over Date, 6.0% of
the Pool Scheduled Principal Balance as of December 1, 2000
and (ii) for any other distribution date, the lesser of (x)
6.0% of the Pool Scheduled Principal Balance as of December 1,
2000, and (y) 10.5% of the then-outstanding Pool Scheduled
Principal Balance; provided, however, that in no event shall
the Target Overcollateralization Amount be less than 1.0% of
the Pool Scheduled Principal Balance as of December 1, 2000.
On the closing date, the initial overcollateralization amount
shall equal at least 3.0% of the Pool Scheduled Principal
Balance as of December 1, 2000.
The "Current Overcollateralization Amount" shall mean, for any
distribution date, the positive difference, if any, between
the Pool Scheduled Principal Balance of the assets and the
certificate principal balance of all the outstanding classes
of certificates. The "Accelerated Principal Distribution
Amount" for any distribution date shall be the positive
difference, if any, between the Target Overcollateralization
Amount and the Current Overcollateralization Amount.
Allocation of Writedown Amounts...................The Writedown Amount for any distribution date will be the
amount, if any, by which the aggregate certificate principal
balance of all certificates, after all distributions have been
made on the certificates on such distribution date, exceeds
the Pool Scheduled Principal Balance of the assets for the
next distribution date. The Writedown Amount will be allocated
among the classes of Subordinated Certificates in the
following order of priority:
(1) first, to the class B-2 certificates, to be applied in
reduction of the certificate principal balance - as
adjusted for write-downs - of such class until it has
been reduced to zero;
(2) second, to the class B-1 certificates, to be applied in
reduction of the certificate principal balance - as
adjusted for write-downs - of such class until it has
been reduced to zero;
(3) third, to the class M-2 certificates, to be applied in
reduction of the certificate principal balance - as
adjusted for write-downs - of such class until it has
been reduced to zero.
</TABLE>
6
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
(4) fourth, to the class M-1 certificates, to be applied in
reduction of the certificate principal balance - as
adjusted for write-downs - of such class until it has
been reduced to zero.
Advances..........................................For each distribution date, the servicer will be obligated to
make an advance (a "P&I Advance") in respect of any delinquent
monthly payment that will, in the servicer's judgment, be
recoverable from late payments on or liquidation proceeds from
such asset. The servicer will also be obligated to make
advances ("Servicing Advances" and, together with P&I
Advances, "Advances") in respect of liquidation expenses and
certain taxes and insurance premiums not paid by an obligor on
a timely basis, to the extent the servicer deems such
Servicing Advances recoverable out of liquidation proceeds or
from subsequent collections. P&I Advances and Servicing
Advances are reimbursable to the servicer under certain
circumstances. In addition, the servicer is obligated under
certain circumstances to pay Compensating Interest with
respect to any asset that prepays on a date other than on a
Due Date for such asset.
Final Scheduled Distribution Dates................To the extent not previously paid prior to such dates, the
outstanding principal amount of each class of Offered
Certificates will be payable on the distribution date set
forth below (with respect to each class of Offered
Certificates, the "Final Scheduled Distribution Date"). For
each class of the class A certificates, the Final Scheduled
Distribution Dates were determined based on the assumptions
that (i) there are no defaults, prepayments or delinquencies
with respect to payments due on the Assumed Asset
Characteristics and (ii) the optional termination right is not
exercised by the servicer. For each class of the Subordinate
Certificates, the Final Scheduled Distribution Dates were
determined by the maturity date of the asset with the latest
stated maturity.
</TABLE>
7
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Final Scheduled
Distribution Dates
------------------
Class A-1 Certificates February 16, 2013
Class A-2 Certificates March 16, 2018
Class A-3 Certificates May 16, 2022
Class A-4 Certificates July 16, 2030
Class M-1 Certificates January 16, 2031
Class M-2 Certificates January 16, 2031
Class B-1 Certificates January 16, 2031
Class B-2 Certificates January 16, 2031
Optional Termination..............................The servicer at its option and subject to the limitations
imposed by the pooling and servicing agreement, will have the
option to purchase from the Trust all assets then outstanding
and all other property in the trust on any distribution date
occurring on or after the distribution date on which the sum
of the certificate principal balance of the certificates is
less than 10% of the sum of the original certificate principal
balance of the certificates. The servicer also may terminate
the trust estate if it determines that there is a substantial
risk that the trust estate's REMIC status will be lost.
Auction Sale......................................If the servicer does not exercise its optional termination
right within 90 days after it first becomes eligible to do so,
the trustee shall solicit bids for the purchase of all assets
then outstanding and all other property in the trust estate.
In the event that satisfactory bids are received, the sale
proceeds will be distributed to certificateholders.
Initial Assets....................................The assets to be conveyed to the Trust on the Closing Date
will consist in part of the Pre-Funded Amount and (1)
manufactured housing installment sales contracts secured by
security interests in manufactured homes, and with respect to
certain of the contracts, secured by liens on the real estate
on which the related manufactured homes are located
("Land-Secured Contracts"), or (2) mortgage loans secured by
first liens on the real estate to which the related
manufactured homes are deemed permanently affixed ("Mortgage
Loans").
On the closing date, the trust expects to (i) purchase 3,768
Initial Assets with an aggregate principal balance of
$162,442,598.09 as of the Cut-off Date, (ii) receive the
Pre-Funded Amount, which will be used to acquire additional
contracts and Mortgage Loans. This term sheet only contains
information on the Initial Assets, which represent
approximately 75% of the total expected asset pool.
As of December 1, 2000, 99.17% of the Initial Assets are fixed
rate collateral and 0.83% of the Initial Assets are adjustable
and fluctuate according to an index. As of the Cut-off Date,
approximately 16.98% of the Initial Assets are Mortgage Loans
and approximately 0.34% of the Initial Assets are Land-Secured
Contracts. As of December 1, 2000, approximately 68.48% of the
Initial Assets (by scheduled principal balance) are secured by
manufactured homes which were new, approximately 10.53% of the
Initial Assets are secured by manufactured homes which were
used, approximately 19.99% of the Initial Assets are secured
by manufactured homes which were repossessed, and
approximately 0.11% of the Initial Assets are secured by
manufactured homes which were transferred. As of the Cut-off
Date, the Initial Assets were secured by manufactured homes or
mortgaged properties located in 38 states, and approximately
16.22% and 15.93% of the Initial Assets were secured by
</TABLE>
8
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
manufactured homes or mortgaged properties located in North
Carolina and Texas, respectively, based on the mailing
addresses of the obligors on the assets as of the Cut-off
Date. Each fixed rate contract will bear a fixed contract rate
of interest other than "step-up rate" contracts. As of the
Cut-off Date, approximately 2.19% of the Initial Assets by
aggregate outstanding principal balance are step-up rate
contracts. Each Initial Asset bears interest at an annual
percentage rate of at least 2.01% and not more than 19.00%.
The weighted averaged APR of the Initial Assets as of the
Cut-off Date is approximately 12.64%. The Initial Assets have
remaining terms to maturity as of the Cut-off Date of at least
5 months but not more than 360 months and original terms to
stated maturity of at least 27 months but not more than 360
months. As of the Cut-off Date, the Initial Assets had a
weighted average original term to stated maturity of
approximately 310 months, and a weighted average remaining
term to stated maturity of approximately 307 months. The
Initial Assets have a Loan-to-Value Ratio, where available, as
of the Cut-off Date of at least 22.62%, but not more than
100.00%, with a weighted average Loan-to-Value Ratio of
approximately 92.02%. The final scheduled payment date on the
asset with the latest maturity occurs in January 2031.
The servicer will be required to cause to be maintained one or
more standard hazard insurance policies with respect to each
manufactured homes or mortgaged properties.
Certain Federal Income Tax
Consequences....................................For federal income tax purposes, the trust estate will be
treated as one or more real estate mortgage investment
conduits (each, a "REMIC"). The class A, class M, class B and
class X certificates will constitute "regular interests" in a
REMIC for federal income tax purposes. The class R
certificates will be treated as the sole class of "residual
interests" in each REMIC for federal income tax purposes.
Recent Developments...............................In November 1998, four shareholder suits were filed against
Oakwood Homes and certain of its directors and officers. These
suits have been consolidated in one suit in the Middle
District of North Carolina. The lawsuit generally alleges that
certain of Oakwood Homes' financial statements were false and
misleading and that certain other disclosures were inaccurate.
Oakwood Homes has filed a motion to dismiss this complaint,
and in July of 2000, the magistrate hearing this suit
submitted a recommended order dismissing the plaintiffs'
complaint with prejudice. A District Court judge affirmed the
magistrate's recommended order, and as of the date hereof, no
appeal has been filed. Oakwood Mortgage believes that this
lawsuit will not adversely affect distributions on
ERISA Considerations..............................Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"),
or corresponding provisions of the Code (any of the foregoing,
a "Plan"), persons acting on behalf of a Plan, or persons
using the assets of a Plan ("Plan Investors") should consult
with their own counsel to determine whether the purchase or
holding of the Offered Certificates could give rise to a
transaction that is prohibited either under ERISA or the Code.
Because the Offered Subordinated Certificates are subordinated
securities, they will not satisfy the requirements of certain
prohibited transaction exemptions. As a result, the purchase
or holding of any of the Offered Subordinated Certificates by
a Plan Investor may constitute a non-exempt prohibited
transaction or result in the imposition of excise taxes or
civil penalties. Accordingly, none of the Offered Subordinated
</TABLE>
9
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Certificates are offered for sale, and are not transferable,
to a Plan Investor, unless such Plan Investor provides the
Seller and the Trustee with a Benefit Plan Opinion, or the
circumstances described in clause (ii) below are satisfied.
Unless such Opinion is delivered, each person acquiring an
Offered Subordinated Certificate will be deemed to represent
to the trustee, Oakwood Capital and the servicer that either
(i) such person is not a Plan Investor subject to ERISA or
Section 4975 of the Code, or (ii) such person is an insurance
company that is purchasing an Offered Subordinated Certificate
with funds from its "general account" and the provisions of
Prohibited Transaction Class Exemption 95-60 will apply to
exempt the purchase, holding and resale of such Certificate,
and transactions in connection with the servicing, operation
and management of the trust from the prohibited transaction
rules of ERISA and the Code.
Legal Investment Considerations...................When the amount on deposit in the Pre-Funding Account has been
reduced to zero, the class A certificates and class M-1
certificates are expected to constitute "mortgage related
securities" for purposes of SMMEA.
The class M-2 and B-1 certificates are not "mortgage related
securities" for purposes of SMMEA because such certificates
are not rated in one of the two highest rating categories by a
nationally recognized rating agency.
</TABLE>
10
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
Delinquency, Loan Loss and Repossession Experience
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential Mortgage Loans
serviced by Oakwood Acceptance. Because delinquencies, losses and repossessions
are affected by a variety of economic, geographic and other factors, there can
be no assurance that the delinquency and loss experience of the assets will be
comparable to that set forth below.
<TABLE>
<CAPTION>
Asset Servicing Portfolio
(Dollars in thousands)
At September 30,
----------------------------------------------------------------------------
1996 1997 1998 1999 2000
------------- ------------ ------------- ------------- -------------
Total Number of Serviced Assets
<S> <C> <C> <C> <C> <C>
Oakwood Originated............... 67,120 89,411 111,351 122,955 126,347
Acquired Portfolios.............. 4,177 3,602 2,818 2,160 1,689
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated............... $1,687,406 $2,499,794 $3,536,657 $4,223,475 $4,582,535
Acquired Portfolios.............. $57,837 $47,027 $35,882 $26,306 $19,895
Average Outstanding Principal Balance
per Serviced Asset
Oakwood Originated............... $25.1 $28.0 $31.8 $34.3 $36.3
Acquired Portfolios.............. $13.8 $13.1 $12.7 $12.2 $11.8
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated............... 11.5% 11.0% 10.8% 10.6% 10.8%
Acquired Portfolios.............. 11.2% 11.1% 11.0% 10.7% 10.9%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Experience (1)
(Dollars in thousands)
At September 30,
-----------------------------------------------------------------------
1996 1997 1998 1999 2000
---- ---- ---- ---- ----
Total Number of Serviced Assets
<S> <C> <C> <C> <C> <C>
Oakwood Originated....................... 67,120 89,411 111,351 122,955 126,347
Acquired Portfolios...................... 4,177 3,602 2,818 2,160 1,689
Number of Delinquent Assets (2)................
Oakwood Originated:......................
30-59 Days.............................. 835 1,171 2,345 3,391 2,558
60-89 Days.............................. 308 476 906 1,046 1,125
90 Days or More......................... 492 716 1,222 1,783 1,944
Total Number of Assets Delinquent 1,635 2,363 4,473 6,220 5,627
Acquired Portfolios......................
30-59 Days.............................. 66 90 75 59 27
60-89 Days.............................. 23 23 31 14 18
90 Days or More......................... 62 75 57 45 46
Total Number of Assets Delinquent 151 188 163 118 91
Total Delinquencies as a Percentage of
Serviced Assets (3)......................
Oakwood Originated....................... 2.4% 2.6% 4.0% 5.1% 4.5%
Acquired Portfolios...................... 3.6% 5.2% 5.8% 5.5% 5.4%
</TABLE>
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
11
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
Loan Loss/Repossession Experience
(Dollars in thousands)
At or for the fiscal year
ended
September 30,
-------------------------------------------------------------------------------
1996 1997 1998 1999 2000
----------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets (1).. 71,297 93,013 114,169 125,115 128,036
Average Number of Serviced Assets During
Period.......................... 63,868 82,155 103,591 119,642 126,576
Number of Serviced Assets
Repossessed..................... 2,746 3,885 5,411 7,790 8,649
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2)...................... 3.85% 4.18% 4.74% 6.23% 6.76%
Serviced Assets Repossessed as a
Percentage of Average Number of
Serviced Assets................. 4.30% 4.73% 5.22% 6.51% 6.83%
Average Outstanding Principal Balance of
Assets (3)......................
Oakwood Originated.............. $1,409,467 $2,065,033 $2,978,235 $3,839,274 $4,358,545
Acquired Portfolios............. $27,351 $22,943 $19,179 $14,781 $11,033
Net Losses from Asset Liquidation(4):
Total Dollars (3)...............
Oakwood Originated............ $14,248 $26,872 $45,189 $66,037 $88,666
Acquired Portfolios........... $592 $528 $220 $173 $104
As a Percentage of Average
Outstanding Principal Balance of
Assets (3) (5)
Oakwood Originated............ 1.01% 1.30% 1.52% 1.72% 2.03%
Acquired Portfolios........... 2.16% 2.30% 1.15% 1.17% 0.94%
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance and serviced by Oakwood
Acceptance and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance -serviced
portfolios. Such amounts include estimates of net losses with respect to
certain defaulted assets. Charges to the losses reserves in respect of a
defaulted asset generally are made before the defaulted asset becomes a
liquidated asset. The length of the accrual period for the amount of accrued
and unpaid interest include in the calculation of the net loss varies
depending upon the period in which the loss was charged and whether the
asset was owned by an entity other than Oakwood Acceptance.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative purposes only
and there is no assurance that the delinquency, loan loss or repossession
experience of the Initial Assets will be similar to that set forth above. The
delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
12
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
Initial Assets
<TABLE>
<CAPTION>
Geographical Distribution of Manufactured Homes(1)
Number of Initial Aggregate Scheduled Percentage of
Geographic Location Assets Principal Balance Initial Asset Pool by SPB
------------------- ----------------- ------------------- -------------------------
<S> <C> <C> <C>
Alabama 164 $ 6,237,927 3.84%
Arizona 102 6,386,209 3.93
Arkansas 92 3,995,219 2.46
California 22 1,575,154 0.97
Colorado 49 2,504,964 1.54
Delaware 27 979,713 0.60
Florida 193 6,752,510 4.16
Georgia 183 7,556,470 4.65
Idaho 27 1,395,741 0.86
Illinois 4 98,807 0.06
Indiana 4 139,532 0.09
Iowa 1 52,860 0.03
Kansas 40 1,694,826 1.04
Kentucky 82 3,365,768 2.07
Louisiana 125 5,246,157 3.23
Maryland 8 238,767 0.15
Michigan 12 638,225 0.39
Minnesota 2 93,864 0.06
Mississippi 132 5,462,165 3.36
Missouri 102 4,144,419 2.55
Montana 1 127,882 0.08
Nevada 11 985,878 0.61
New Jersey 1 40,576 0.02
New Mexico 79 3,473,004 2.14
New York 4 185,505 0.11
North Carolina 688 26,353,099 16.22
Ohio 68 2,550,209 1.57
Oklahoma 71 3,626,604 2.23
Oregon 49 3,946,051 2.43
Pennsylvania 2 153,028 0.09
South Carolina 324 12,502,070 7.70
Tennessee 216 9,694,810 5.97
Texas 577 25,876,227 15.93
Utah 8 623,766 0.38
Virginia 155 6,478,231 3.99
Washington 43 3,565,408 2.19
West Virginia 91 3,148,645 1.94
Wyoming 9 552,307 0.34
----- ------- ----
Total........................ 3,768 $ 162,442,598 100.00%
===== ============== =======
(1) Based on the mailing address of the obligor on the related Initial Asset as of the Cut-off Date.
(*) Less than 0.01%
</TABLE>
13
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
Year of Origination of Assets (1)
Number of Aggregate Scheduled Percentage of
Year of Origination Initial Assets Principal Balance Initial Asset Pool by SPB
------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
1986 15 120,540 0.07
1987 35 609,137 0.37
1988 25 448,329 0.28
1989 16 327,634 0.20
1990 19 180,742 0.11
1991 10 73,274 0.05
1992 11 143,595 0.09
1993 10 202,271 0.12
1996 2 24,186 0.01
1997 4 136,033 0.08
1998 6 287,301 0.18
1999 4 153,073 0.09
2000 3,611 159,736,484 98.33
----- ----------- -----
Total................. 3,768 $ 162,442,598 100.00%
===== ============== ======
---------------------
(1) The weighted average seasoning of the Initial Assets was approximately 3.51 months as of the Cut-off Date.
(*) Less than 0.01%.
</TABLE>
<TABLE>
<CAPTION>
Distribution of Remaining Loan Balance (1)
Number of Aggregate Scheduled Percentage of
Remaining Loan Balance Initial Assets Principal Balance Initial Asset Pool by SPB
---------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
$ 0.01 - $ 4,999.99 16 $ 40,008 0.02%
$ 5,000.00 - $ 9,999.99 64 512,311 0.32
$ 10,000.00 - $ 14,999.99 82 1,032,937 0.64
$ 15,000.00 - $ 19,999.99 149 2,677,924 1.65
$ 20,000.00 - $ 24,999.99 275 6,259,309 3.85
$ 25,000.00 - $ 29,999.99 484 13,359,663 8.22
$ 30,000.00 - $ 34,999.99 575 18,575,836 11.44
$ 35,000.00 - $ 39,999.99 386 14,423,307 8.88
$ 40,000.00 - $ 44,999.99 291 12,315,122 7.58
$ 45,000.00 - $ 49,999.99 298 14,151,653 8.71
$ 50,000.00 - $ 54,999.99 298 15,579,496 9.59
$ 55,000.00 - $ 59,999.99 187 10,740,206 6.61
$ 60,000.00 - $ 64,999.99 179 11,150,476 6.86
$ 65,000.00 - $ 69,999.99 123 8,317,515 5.12
$ 70,000.00 - $ 74,999.99 88 6,367,880 3.92
$ 75,000.00 - $ 79,999.99 58 4,473,751 2.75
$ 80,000.00 - $ 84,999.99 41 3,388,863 2.09
$ 85,000.00 - $ 89,999.99 27 2,362,971 1.45
$ 90,000.00 - $ 94,999.99 30 2,774,135 1.71
$ 95,000.00 - $ 99,999.99 24 2,333,463 1.44
$100,000.00 or more 93 11,605,773 7.14
-- ---------- ----
Total.................. 3,768 $ 162,442,598 100.00%
===== ============== ======
---------------------
(1) The highest remaining asset amount was $192,031.00 which represents
approximately 0.12% of the aggregate remaining principal balance of the
Initial Assets. The average remaining principal amount of the Initial Assets
was approximately $43,111.09.
</TABLE>
14
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
Distribution of Original Loan Balance (1)
Number of Aggregate Scheduled Percentage of
Original Loan Balance Initial Assets Principal Balance Initial Asset Pool by SPB
--------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C> <C>
$ 5,000.00 - $ 9,999.99 37 $ 290,635 0.18%
$ 10,000.00 - $ 14,999.99 61 705,573 0.43
$ 15,000.00 - $ 19,999.99 138 2,145,287 1.32
$ 20,000.00 - $ 24,999.99 271 5,906,904 3.64
$ 25,000.00 - $ 29,999.99 507 13,675,077 8.42
$ 30,000.00 - $ 34,999.99 602 19,073,390 11.74
$ 35,000.00 - $ 39,999.99 403 14,668,953 9.03
$ 40,000.00 - $ 44,999.99 295 12,452,701 7.67
$ 45,000.00 - $ 49,999.99 300 14,153,246 8.71
$ 50,000.00 - $ 54,999.99 300 15,669,768 9.65
$ 55,000.00 - $ 59,999.99 185 10,591,690 6.52
$ 60,000.00 - $ 64,999.99 182 11,302,716 6.96
$ 65,000.00 - $ 69,999.99 125 8,429,837 5.19
$ 70,000.00 - $ 74,999.99 88 6,362,906 3.92
$ 75,000.00 - $ 79,999.99 59 4,548,711 2.80
$ 80,000.00 - $ 84,999.99 40 3,304,002 2.03
$ 85,000.00 - $ 89,999.99 27 2,357,914 1.45
$ 90,000.00 - $ 94,999.99 31 2,864,052 1.76
$ 95,000.00 - $ 99,999.99 24 2,333,463 1.44
$100,000.00 or more 93 11,605,773 7.14
-- ---------- ----
Total.................. 3,768 $ 162,442,598 100.00%
===== ============== ======
---------------------
(1) The highest original asset amount was $192,115.00 which represents
approximately 0.12% of the aggregate principal balance of the Initial Assets
at origination. The average original principal amount of the Initial Assets
was approximately $43,646 as of the Cut-off Date.
</TABLE>
<TABLE>
<CAPTION>
Current Asset Rates (1)
Number of Aggregate Scheduled Percentage of
Current Asset Rate Initial Assets Principal Balance Initial Asset Pool by SPB
------------------ -------------- ----------------- -------------------------
<S> <C> <C> <C>
5.999% or Less 6 $ 56,617 0.03%
6.000% - 6.999% 22 1,010,051 0.62
7.000% - 7.999% 53 5,305,906 3.27
8.000% - 8.999% 85 7,293,597 4.49
9.000% - 9.999% 424 25,053,019 15.42
10.000%-10.999% 161 9,494,482 5.84
11.000%-11.999% 215 11,704,935 7.21
12.000%-12.999% 470 21,291,434 13.11
13.000%-13.999% 546 21,735,872 13.38
14.000%-14.999% 547 18,808,585 11.58
15.000%-15.999% 651 22,962,841 14.14
16.000% or more 588 17,725,260 10.91
--- ---------- -----
Total.................. 3,768 $ 162,442,598 100.00%
===== ============== ======
---------------------
(1) The weighted average current asset rate was approximately 12.64% as of the Cut-off Date. This table reflects the asset rates
of the Step-up Rate Loans as of the Cut-off Date and does not reflect any subsequent increases in the asset rates of the Step-up
Rate Loans.
</TABLE>
15
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
Remaining Terms to Maturity of Assets (In Months) (1)
Number of Aggregate Scheduled Percentage of
Remaining Term to Maturity Initial Assets Principal Balance Initial Asset Pool by SPB
-------------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C> <C>
1 - 60 78 $ 670,143 0.41%
61 - 96 102 1,588,843 0.98
97 - 120 81 1,518,870 0.94
121 - 156 137 3,140,489 1.93
157 - 180 280 7,657,373 4.71
181 - 216 42 1,312,024 0.81
217 - 240 834 26,407,093 16.26
241 - 300 817 32,003,184 19.70
301 - 360 1,397 88,144,580 54.26
----- ---------- -----
Total.................. 3,768 $ 162,442,598 100.00%
===== ============== ======
---------------------
(1) The weighted average remaining term to maturity of the Initial Assets was approximately 307 months as of the Cut-off Date.
</TABLE>
<TABLE>
<CAPTION>
Original Terms to Maturity of Assets (In Months) (1)
Number of Aggregate Scheduled Percentage of
Original Term to Maturity Initial Assets Principal Balance Initial Asset Pool by SPB
------------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C> <C>
1 - 60 34 $ 355,676 0.22%
61 - 96 26 343,729 0.21
97 - 120 67 1,151,824 0.71
121 - 156 138 2,946,883 1.81
157 - 180 335 8,246,864 5.08
181 - 216 42 1,290,873 0.79
217 - 240 910 27,890,856 17.17
241 - 300 819 32,071,313 19.74
301 - 360 1,397 88,144,580 54.26
----- ---------- -----
Total.................. 3,768 $ 162,442,598 100.00%
===== ============== ======
---------------------
(1) The weighted average original term to maturity of the Initial Assets was approximately 310 months as of the Cut-off Date.
</TABLE>
16
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
Distribution of Original Loan-to-Value Ratios of Assets(1)
Number of Aggregate Scheduled Percentage of
Loan-to-Value Ratio(2) Initial Assets Principal Balance Initial Asset Pool by SPB
------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
50% or less 14 $ 489,987 0.30%
51% - 55% 5 104,773 0.06
56% - 60% 18 912,350 0.56
61% - 65% 16 893,651 0.55
66% - 70% 33 1,406,481 0.87
71% - 75% 71 3,620,168 2.23
76% - 80% 156 7,087,361 4.36
81% - 85% 213 9,255,805 5.70
86% - 90% 564 25,070,373 15.43
91% - 95% 1,246 61,623,259 37.94
96% - 100% 1,341 50,419,958 31.04
Not Available 91 1,558,432 0.96
-- --------- ----
Total.............. 3,768 $ 162,442,598 100.00%
===== ============== ======
(1) The weighted average original Loan-to-Value Ratio, where available, of the Initial Assets was approximately 92.02% as of the
Cut-off Date.
(2) Rounded to nearest 1%.
</TABLE>
"Loan-to-Value Ratio" means, (a) with respect to each Contract, (i)
as to each Contract with respect to which a lien on land is required for
underwriting purposes, the ratio, expressed as a percentage, of the principal
amount of such Contract to the sum of the purchase price of the home (including
taxes, insurance and any land improvements), the tax value or appraised value of
the land and the amount of any prepaid finance charges or closing costs that are
financed; and (ii) as to each other Contract, the ratio, expressed as a
percentage, of the principal amount of such Contract to the purchase price of
the home (including taxes, insurance and any land improvements) and the amount
of any prepaid finance charges or closing costs that are financed; and (b) with
respect to each Mortgage Loan, the ratio, expressed as a percentage, of the
principal amount of such Mortgage Loan at the time of determination, to either
(i) the sum of the appraised value of the land and improvements, and the amount
of any prepaid finance charges or closing costs that are financed or (ii) the
sum of the purchase price of the home (including taxes, insurance and any land
improvements), the appraised value of the land and the amount of any prepaid
finance charges or closing costs that are financed.
17
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
<PAGE>
<TABLE>
<CAPTION>
MHP Prepayment Sensitivities
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
To Call
<S> <C> <C> <C> <C> <C> <C>
Class A-1 6.47 2/13 1.66 6/04 1.24 7/03
Class A-2 15.00 7/18 5.25 1/08 3.81 2/06
Class A-3 19.10 5/22 8.71 1/12 6.36 2/09
Class A-4 25.50 12/28 17.33 10/22 13.84 2/19
Class M-1 24.05 12/28 15.35 10/22 12.12 2/19
Class M-2 24.05 12/28 15.35 10/22 12.12 2/19
Class B-1 24.05 12/28 15.35 10/22 12.12 2/19
To Maturity
Class A-1 6.47 2/13 1.66 6/04 1.24 7/03
Class A-2 15.00 7/18 5.25 1/08 3.81 2/06
Class A-3 19.10 5/22 8.71 1/12 6.36 2/09
Class A-4 25.72 7/30 18.10 11/28 14.72 8/26
Class M-1 24.21 5/30 15.89 1/28 12.75 4/25
Class M-2 24.19 3/30 15.81 2/27 12.66 4/24
Class B-1 24.12 10/29 15.59 6/25 12.38 3/22
</TABLE>
<TABLE>
<CAPTION>
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
To Call
<S> <C> <C> <C> <C> <C> <C>
Class A-1 1.00 1/03 0.85 9/02 0.73 6/02
Class A-2 3.00 1/05 2.49 4/04 2.13 10/03
Class A-3 5.00 6/07 3.81 4/05 3.23 8/04
Class A-4 11.22 12/15 8.50 7/13 6.37 9/11
Class M-1 9.76 12/15 8.77 7/13 8.02 9/11
Class M-2 9.76 12/15 8.77 7/13 8.02 9/11
Class B-1 9.76 12/15 8.77 7/13 8.02 9/11
To Maturity
Class A-1 1.00 1/03 0.85 9/02 0.73 6/02
Class A-2 3.00 1/05 2.49 4/04 2.13 10/03
Class A-3 5.00 6/07 3.81 4/05 3.23 8/04
Class A-4 12.13 11/23 9.20 12/20 6.83 7/18
Class M-1 10.39 4/22 9.47 11/19 8.77 11/17
Class M-2 10.29 12/20 9.38 10/18 8.70 11/16
Class B-1 10.03 1/19 9.14 12/16 8.49 3/15
</TABLE>
18
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by Oakwood Mortgage and
has not been independently verified by Credit Suisse First Boston. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston makes no representations
that the above referenced security will actually perform as described in any
scenario presented.
