-1-
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: September 23, 1999
(Date of earliest event reported)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-84939 51-0362653
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
<PAGE>
-2-
Item 5 Other Events.
On September 29, 1999, the Registrant expects to cause the issuance
and sale of Mortgage Asset-Backed Pass-Through Certificates, Series
1999-KS3 (the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of September 1, 1999, among the Registrant,
Residential Funding Corporation, as Master Servicer, and Bank One,
National Association, as Trustee.
In connection with the expected sale of the Series 1999-KS3, the
Class A-I-1A, Class A-I-1B, Class A-I-2, Class A-I-3, Class A-I-4, Class
A-I-5, Class A-I-6, Class A-I-7, Class A-II-1 and Class A-II-2
Certificates, (the "Underwritten Certificates"), the Registrant has been
advised by Prudential Securities Incorporated and Residential Funding
Securities Corporation (the "Underwritesr"), that the Underwriters have
furnished to prospective investors certain collateral information with
respect to the mortgage loans ("Mortgage Loans") underlying the proposed
offering of the Certificates (the "Collateral Term Sheets"), which
Collateral Term Sheets are being filed as exhibits to this report.
The Collateral Term Sheets have been provided by the Underwriters.
The information in the Collateral Term Sheets is preliminary and will be
superseded by the Description of the Mortgage Pool contained in the
Prospectus Supplement relating to the Certificates and by any other
information subsequently filed with the Securities and Exchange
Commission.
The Collateral Term Sheets were prepared by the Underwriters at the
request of certain prospective investors. The Collateral Term Sheets may
be based on information that differs from the information set forth in the
Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the information
provided in the Collateral Term Sheets, which were provided to certain
investors only to give a sense of the underlying collateral which will
effect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the collateral
information in the Collateral Term Sheets and the actual characteristics
of the Mortgage Loans will affect the actual yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of the Certificates.
<PAGE>
-3-
Item 7 Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Collateral Term Sheets
<PAGE>
-4-
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ Diane M. Wold
Name: Diane M. Wold
Title: Vice President
Date: September 23, 1999
<PAGE>
-5-
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By:________________________
Name: Diane M. Wold
Title: Vice President
Dated: September 23, 1999
<PAGE>
-6-
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term Electronically
Sheets
<PAGE>
-7-
EXHIBIT 1
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates, Series 1999-KS3
[GRAPHIC OMITTED]
[$ TBD] Group I Fixed Collateral Certificates
[$ TBD] Class A-II-1 Certificates - 1 Mo LIBOR SOLD
[$ 400,000,000]Class A-II-2 Certificates - 1 Mo LIBOR SOLD
THIS REPORT HAS BEEN PREPARED FROM SOURCES BELIEVED TO BE RELIABLE, BUT ITS
ACCURACY CANNOT BE GUARANTEED. INFORMATION IS UNAUDITED.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY RESIDENTIAL FUNDING
SECURITIES CORPORATION ("RFSC"). NEITHER THE ISSUER OF THE CERTIFICATES OR ITS
AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THIS
INFORMATION WHICH SUPERCEDES ALL INFORMATION PREVIOUSLY PROVIDED BY RFSC
CONTAINED IN ANY COLLATERAL TERM SHEETS AND / OR ANY COMPUTATIONAL MATERIALS
RELATING TO THE MORTGAGE POOL. THIS INFORMATION IS PRELIMINARY AND WILL BE
SUPERCEDED BY THE DESCRIPTIONS IN THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY
ANY OTHER INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Titleof Securities: Mortgage Asset-Backed Pass-Through Certificates, Series
1999-KS3 Group II: Class A-II-I through Class A-II-2
Company: Residential Asset Securities Corporation
Master Servicer: Residential Funding Corporation
Servicing Fee: 50 bps Primary Servicing per annum + 8 bps Master
Servicing per annum
Trustee: First National Bank of Chicago
Settlement Date: [September 29, 1999]
Trade Amount: $200,000,000
Projected Pool Amount: [$400,000,000]
WAC: [10.0995%] +/- 10%
WA FICO: [587] +/- 10%
WA LTV: [80.2] +/- 10%
WAM: [359] +/- 10%
WA Gross Margin: [6.676] +/- 10%
WA Roll Date: [9/1/2000] +/- 10%
WA Gross Ceiling: [16.7853] +/- 10%
Avg Loan Size: [$94,814.62] +/- 10%
WA Periodic Cap: [1.12%] +/- 10%
<PAGE>
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS3
$ [700,000,000]
**Fixed-Rate Collateral Only**
-----------------------------------------
$ [ 230,000,000 ] Class A-I-1 Floating-Rate Certificates - [TBD%]
$ [ 110,000,000 ] Class A-I-2 Fixed-Rate TAC Certificates - [TBD%]
$ [ 110,000,000 ] Class A-I-3 Fixed-Rate TAC Certificates - [TBD%]
$ [ 30,000,000 ] Class A-I-4 Fixed-Rate TAC Certificates - [TBD%]
$ [ 85,000,000 ] Class A-I-5 Fixed-Rate TAC Certificates - [TBD%]
$ [ 65,000,000 ] Class A-I-6 Floating-Rate Companion Certificates - [TBD%]
$ [ 70,000,000 ] Class A-I-7 Fixed-Rate NAS Certificates - [TBD%]
The information herein has been provided solely by Prudential Securities
Incorporated ("PSI") based on information with respect to the mortgage loans
provided by Residential Funding Corporation and its affiliates ("RFC"). Neither
RFC nor any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary
and supersedes any prior information and will be superseded by the prospectus
supplement and by any other information subsequently filed with the Securities
and Exchange Commission (SEC). 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 here, 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 consummated 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.
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS3
<TABLE>
<CAPTION>
Lead Manager: Prudential Securities Incorporated
Co-Managers: Morgan Stanley Dean Witter, Salomon Smith Barney
<S> <C> <C> <C> <C> <C>
Class: A-I-1 * A-I-2 (TAC) A-I-3 (TAC) A-I-4 (TAC) A-I-5 (TAC)
Approximate Face Amount: [230,000,000 110,000,000 110,000,000 30,000,000 85,000,000]
Coupon: TBD TBD TBD TBD TBD
Price: TBD TBD TBD TBD TBD
Yield: TBD TBD TBD TBD TBD
Spread: TBD TBD TBD TBD TBD
Exp Avg Life to Maturity: [ 0.87 2.00 3.04 4.00 5.27]
Exp Avg Life to 10% Call: [ 0.87 2.00 3.04 4.00 5.27]
Exp 1st Prin Pmt: [ 10/25/1999 04/25/2001 03/25/2002 06/25/2003 12/25/2003]
Exp Mat: [ 04/25/2001 03/25/2002 06/25/2003 12/25/2003 06/25/2006]
Exp Mat to 10% Call: [ 04/25/2001 03/25/2002 06/25/2003 12/25/2003 06/25/2006]
Stated Mat: [ 08/25/2014 09/25/2020 02/25/2025 01/25/2026 04/25/2028]
Expected
Rating: AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Speed: [25]% HEP [25]% HEP [25]% HEP [25]% HEP [25]% HEP
Pmt Delay: 0 days 24 days 24 days 24 days 24 days
Cut-off Date: 09/01/99 09/01/99 09/01/99 09/01/99 09/01/99
Dated Date: 09/29/99 09/01/99 09/01/99 09/01/99 09/01/99
Int Pmt: actual/360 30/360 30/360 30/360 30/360
Pmt Terms: Monthly Monthly Monthly Monthly Monthly
Collateral Type: Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
SMMEA
Eligibility: non-SMMEA non-SMMEA non-SMMEA non-SMMEA non-SMMEA
</TABLE>
- --------------------------------------------------------------------------
* The Pass-Through Rate on the Class A-I-1 Certificates will equal to the lesser
of:
1) One Month LIBOR + [TBD] bps
2) Net Funds Cap
Net Funds Cap: A rate equal to the weighted average of the Mortgage Rates on
the Group I Mortgage Loans less:
(i) Master Servicing and Subservicing Fees; and
(ii) the Insurance Policy Premium Rate.
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS3
Class: A-I-6 (Companion)* A-I-7 (NAS Bond)
Approximate Face Amount: [65,000,000 70,000,000]
Coupon: TBD TBD
Price: TBD TBD
Yield: TBD TBD
Spread: TBD TBD
Exp Avg Life to Maturity: [ 10.39 6.43]
Exp Avg Life to 10% call: [ 7.87 6.26]
Exp 1st Prin Pmt: [06/25/2006 10/25/2002]
(To Maturity)
Exp Mat: [04/25/2016 08/25/2014]
Exp Mat to 10% call: [09/25/2007 09/25/2007]
Stated Mat: [10/25/2030 10/25/2030]
Expected Rating: AAA/Aaa AAA/Aaa
Pricing Speed: [25]% HEP [25]% HEP
Pmt Delay: 0 days 24 days
Cut-off Date: 09/01/99 09/01/99
Dated Date: 09/29/99 09/01/99
Int Pmt: Actual/360 30/360
Pmt Terms: Monthly Monthly
Collateral Type: Fixed-Rate Fixed-Rate
SMMEA Eligibility: non-SMMEA non-SMMEA
- ------------------------------------------------------------------------------
* If the certificates are not called on the Optional Termination Date, the
spread to One Month LIBOR on the Class A-I-6 Certificates will increase to
[2] times its original value.
The Pass-Through Rate on the Class A-I-6 Certificates will equal to the lesser
of: 1) One Month LIBOR + [TBD] bps, or after the Optional Termination Date,
One Month LIBOR + [2] times [TBD]bps
2) Net Funds Cap
Net Funds Cap: A rate equal to the weighted average of the Mortgage Rates on
the Group I Mortgage Loans less:
(i) Master Servicing and Subservicing Fees; and
(ii) the Insurance Policy Premium Rate.
Class A-I-6
Basis Risk Shortfall: On any Distribution Date, if the
Pass-Through Rate on the Class A-I-6 Certificates (up to a
maximum of [14%]) exceeds the Net Funds Cap, the resulting
shortfall will be distributable on subsequent Distribution
Dates from Loan Group I excess cash flow. Interest will
accrue on the Class A-I-6 Basis Risk Shortfall Amount at
the Class A-I-6 Pass-Through Rate.
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS3
<TABLE>
<S> <C> <C> <C>
Principal Paydown: 1) To the Class A-I-7 Certificateholders -- the Class A-I-7 Principal Distribution Amount
2) To the Class A-I-1 until retirement
3) To the Class A-I-2 based on its Targeted Amortization Schedule with any principal
collected in excess of its Targeted Amortization Schedule to the Class A-I-6
4) To the Class A-I-3 based on its Targeted Amortization Schedule with any principal
collected in excess of its Targeted Amortization Schedule to the Class A-I-6
5) To the Class A-I-4 based on its Targeted Amortization Schedule with any principal
collected in excess of its Targeted Amortization Schedule to the Class A-I-6
6) To the Class A-I-5 based on its Targeted Amortization Schedule with any principal
collected in excess of its Targeted Amortization Schedule to the Class A-I-6
7) To the Class A-I-6 until retirement
8) To Class A-I-2, Class A-I-3, Class A-I-4 and Class
A-I-5 Certificates, in that order, without regard to
their respective Targeted Amortization Schedules and
until each such class is retired
9) To the Class A-I-7 until retirement
</TABLE>
Class A-I-7 Lockout
Distribution Amount: For any Distribution Date will be the product of
(i) the Class A-I-7 Lockout Percentage for such
Distribution Date and (ii) the Class A-I-7 Pro-Rata
Distribution Amount for such Distribution Date.
The Class A-I-7
Lockout Percentage: FOR EACH DISTRIBUTION DATE SHALL BE AS FOLLOWS:
-----------------------------------------------
October 1999 to September 2002 ==> 0%
October 2002 to September 2004 ==> 45%
October 2004 to September 2005 ==> 80%
October 2005 to September 2006 ==> 100%
October 2006 and after ==> 300%
Class A-I-7 Pro-Rata
Distribution Amount: For any Distribution Date will be an amount equal
to the product of (x) the ratio of (i) the Class A-I-7
Certificate Principal Balance (on the prior Distribution
Date) and (ii) the aggregate principal balance of the
Class A-I Certificates (on the prior Distribution Date),
and (y) the amount of principal available for distribution
on the related Distribution Date.
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE REFER TO THE PROSPECTUS
SUPPLEMENT SECTION TITLED "DESCRIPTION OF THE OFFERED CERTIFICATES -
DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS3
SUMMARY OF TERMS
--------------------------
<TABLE>
<S> <C>
Title of Securities: Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates, Series 1999-KS3
Group I: Classes A-I-1 through Class A-I-7 (the "Class A-I Certificates");
The Group I Certificates are being offered concurrently
with [$700,000,000] of Adjustable-Rate Mortgage
Pass-Through Certificates (the "Group II
Certificates"). The Group I Certificates are backed by
the Fixed-Rate Loan Pool (the "Group I Loans") and the
Group II Certificates are backed by the Adjustable-Rate
Loan Pool (the "Group II Loans").
The Group I Certificates together with the Group II
Certificates comprise "The Certificates".
Group I Loans: Fixed-rate 1st lien and 2nd lien home equity loans, referred to as the "Mortgage Loans".
Company: Residential Asset Securities Corporation
Master Servicer: Residential Funding Corporation
Servicing Fee: approx. [45] bps per annum
Trustee: First National Bank of Chicago
Aggregate
Certificate Balance: $[700,000,000]
Securities Offered: 100% AMBAC-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus supplement
will be distributed after pricing.
Pricing Date: [TBD]
Settlement Date: [09/29/99]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear and CEDEL
Pass-Through Rate: 1-Month LIBOR + [TBD] bps on Class A-I-1
Floating-Rate Certificates * [TBD] % on Class A-I-2
Fixed-Rate TAC Certificates [TBD] % on Class A-I-3
Fixed-Rate TAC Certificates [TBD] % on Class A-I-4
Fixed-Rate TAC Certificates [TBD] % on Class A-I-5
Fixed-Rate TAC Certificates 1-Month LIBOR + [TBD] bps
on Class A-I-6 Floating-Rate Companion Certificates *
[TBD] % on Class A-I-7 Fixed-Rate NAS Certificates
* Subject to its Net Funds Cap.
Prepayment
Assumption: 25% HEP (2.5% CPR in month 1 with monthly incremental increases of 2.5% CPR until the speed
reaches 25% CPR in month 10.)
Distribution Date: The 25th day of each month (or, if any such date
is not a business day, the first business day
thereafter) commencing in October 1999. The payment
delay will be zero days for the Class A-I-1 and Class
A-I-6 Certificates and 24 days for the Class A-I-2,
A-I-3, A-I-4, A-I-5 and A-I-7 Certificates.
</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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS3
Interest Accrual
Period: The initial interest accrual period on the Class A-I-1
and Class A-I-6 Certificates will be from the
Settlement Date to but excluding the first Distribution
Date in October 1999. In future periods, interest will
accrue on the Class A-I-1 and A-I-6 Certificates at the
applicable Pass-Through Rate from
the preceding Distribution Date to but excluding the
current Distribution Date.
Interest on the Class A-I-2, A-I-3, A-I-4, A-I-5 and
A-I-7 Certificates will accrue during the calendar
month preceding the related Distribution Date assuming
a year consisting of twelve 30-day months.
Optional Termination: At its option, on any date when the
aggregate principal balance of the loans in the
Fixed-Rate Loan Pool is equal to or less than 10% of
the original principal balance of the loans in the
Fixed-Rate Loan Pool, the Master Servicer or the
Company will have the right to purchase all the
remaining mortgage loans from the Fixed Rate Loan Pool
and thereby effect early retirement of the Group I
Certificates.
Certificate Insurer: AMBAC Assurance Corp. ("AMBAC"). AMBAC's claims-paying
ability is rated "AAA" by Standard & Poor's and "Aaa" by Moody's Investors
Service.
Certificate Insurance Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest and ultimate principal payments due on the
Certificates.
Credit Enhancement: A combination of:
(i) the use of excess cashflow to cover losses and to create
overcollateralization;
(ii) limited cross-collateralization; and
(iii) the Certificate Insurance Policy from AMBAC.
Note: The required maintenance levels of overcollateralization will be sized by
the surety provider.
ERISA Considerations: Subject to the considerations and
conditions described in the Prospectus Supplement, it
is expected that the Certificates may be purchased by
employee benefit plans that are subject to ERISA.
Taxation: REMIC elections.
Legal Investment: None of the Certificates will be SMMEA-eligible.
Certificates Ratings: "AAA" by S&P and "Aaa" by Moody's for the Class A-I-1,
A-I-2, A-I-3, A-I-4, A-I-5, A-I-6 and A-I-7 Certificates.
Further Information: Call the desk at (212)778-2741, Januar
Laude at (212)778-7176, Howard Blecher at (212)778-4429,
Brendan Keane at (212)778-4231, Mike Mattera at
(212)778-4459 or Kenny Rosenberg at (212)778-2440 with
questions.
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
FINANCIAL STRATEGIES GROUP
- --------------------------
ORIGINAL BALANCE: $230,000,000.00 BOND A-I-1 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 09/29/99
ASSUMED CONSTANT LIBOR-1M 5.3800
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 49.31 45.10 46.84 51.66 54.61 55.99
99-24+ 47.47 43.53 45.16 49.68 52.44 53.73
99-25 45.64 41.96 43.48 47.69 50.28 51.48
99-25+ 43.81 40.39 41.80 45.71 48.11 49.23
99-26 41.97 38.82 40.12 43.73 45.95 46.98
99-26+ 40.14 37.25 38.44 41.75 43.78 44.73
99-27 38.31 35.68 36.77 39.77 41.62 42.48
99-27+ 36.47 34.11 35.09 37.79 39.45 40.23
99-28 34.64 32.54 33.41 35.82 37.29 37.98
99-28+ 32.81 30.97 31.73 33.84 35.13 35.73
99-29 30.98 29.40 30.05 31.86 32.97 33.48
99-29+ 29.15 27.83 28.38 29.88 30.80 31.23
99-30 27.32 26.27 26.70 27.90 28.64 28.99
99-30+ 25.49 24.70 25.03 25.93 26.48 26.74
99-31 23.66 23.13 23.35 23.95 24.32 24.49
99-31+ 21.83 21.57 21.67 21.98 22.16 22.25
100-00 20.00 20.00 20.00 20.00 20.00 20.00
100-00+ 18.17 18.43 18.33 18.02 17.84 17.75
100-01 16.34 16.87 16.65 16.05 15.68 15.51
100-01+ 14.52 15.30 14.98 14.08 13.52 13.27
100-02 12.69 13.74 13.30 12.10 11.37 11.02
100-02+ 10.86 12.17 11.63 10.13 9.21 8.78
100-03 9.03 10.61 9.96 8.16 7.05 6.54
100-03+ 7.21 9.05 8.29 6.18 4.89 4.29
100-04 5.38 7.48 6.61 4.21 2.74 2.05
First Payment 0.072 0.072 0.072 0.072 0.072 0.072
Average Life 0.869 1.021 0.952 0.802 0.732 0.703
Last Payment 1.572 1.906 1.739 1.406 1.322 1.239
Mod.Dur. @ 100-00 0.822 0.960 0.898 0.761 0.696 0.669
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A-I-1 Floating Rate CLASS
<PAGE>
TAC BOND
ORIGINAL BALANCE: $110,000,000.00 BOND A-I-2 BE-YIELD TABLE
YIELD TABLE DATE: 09/29/99
PREPAYMENT SPEED
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.01 7.03 7.02 7.01 7.01 7.00
99-24+ 7.00 7.02 7.01 7.00 7.00 6.99
99-25 6.99 7.01 7.00 6.99 6.99 6.98
99-25+ 6.98 7.01 7.00 6.98 6.98 6.97
99-26 6.97 7.00 6.99 6.97 6.97 6.97
99-26+ 6.96 6.99 6.98 6.96 6.96 6.96
99-27 6.96 6.98 6.97 6.96 6.95 6.95
99-27+ 6.95 6.98 6.97 6.95 6.95 6.94
99-28 6.94 6.97 6.96 6.94 6.94 6.93
99-28+ 6.93 6.96 6.95 6.93 6.93 6.92
99-29 6.92 6.96 6.94 6.92 6.92 6.91
99-29+ 6.91 6.95 6.93 6.91 6.91 6.90
99-30 6.90 6.94 6.93 6.90 6.90 6.89
99-30+ 6.90 6.93 6.92 6.90 6.89 6.88
99-31 6.89 6.93 6.91 6.89 6.89 6.87
99-31+ 6.88 6.92 6.90 6.88 6.88 6.87
100-00 6.87 6.91 6.90 6.87 6.87 6.86
100-00+ 6.86 6.91 6.89 6.86 6.86 6.85
100-01 6.85 6.90 6.88 6.85 6.85 6.84
100-01+ 6.84 6.89 6.87 6.84 6.84 6.83
100-02 6.83 6.89 6.86 6.83 6.83 6.82
100-02+ 6.83 6.88 6.86 6.83 6.83 6.81
100-03 6.82 6.87 6.85 6.82 6.82 6.80
100-03+ 6.81 6.86 6.84 6.81 6.81 6.79
100-04 6.80 6.86 6.83 6.80 6.80 6.78
100-04+ 6.79 6.85 6.83 6.79 6.79 6.78
100-05 6.78 6.84 6.82 6.78 6.78 6.77
100-05+ 6.77 6.84 6.81 6.77 6.77 6.76
100-06 6.77 6.83 6.80 6.77 6.77 6.75
100-06+ 6.76 6.82 6.80 6.76 6.76 6.74
100-07 6.75 6.81 6.79 6.75 6.75 6.73
100-07+ 6.74 6.81 6.78 6.74 6.74 6.72
First Payment 1.572 1.906 1.739 1.572 1.572 1.572
Average Life 2.003 2.456 2.252 2.003 1.999 1.904
Last Payment 2.489 3.072 2.739 2.489 2.406 2.322
Mod.Dur. @ 100-00 1.809 2.184 2.016 1.809 1.806 1.726
Accrued Interest 0.546 0.546 0.546 0.546 0.546 0.546
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A-I-2 PAC CLASS
<PAGE>
TAC BOND
ORIGINAL BALANCE: $110,000,000.00 BOND A-I-3 BE-YIELD TABLE
YIELD TABLE DATE: 09/29/99
PREPAYMENT SPEED
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.18 7.20 7.19 7.18 7.18 7.18
99-24+ 7.18 7.19 7.19 7.18 7.18 7.17
99-25 7.17 7.19 7.18 7.17 7.17 7.16
99-25+ 7.17 7.19 7.18 7.17 7.16 7.16
99-26 7.16 7.18 7.17 7.16 7.16 7.15
99-26+ 7.15 7.18 7.17 7.15 7.15 7.15
99-27 7.15 7.17 7.16 7.15 7.15 7.14
99-27+ 7.14 7.17 7.16 7.14 7.14 7.13
99-28 7.14 7.16 7.15 7.14 7.13 7.13
99-28+ 7.13 7.16 7.15 7.13 7.13 7.12
99-29 7.12 7.15 7.14 7.12 7.12 7.11
99-29+ 7.12 7.15 7.14 7.12 7.12 7.11
99-30 7.11 7.14 7.13 7.11 7.11 7.10
99-30+ 7.11 7.14 7.13 7.11 7.11 7.09
99-31 7.10 7.13 7.12 7.10 7.10 7.09
99-31+ 7.10 7.13 7.11 7.10 7.09 7.08
100-00 7.09 7.12 7.11 7.09 7.09 7.08
100-00+ 7.08 7.12 7.10 7.08 7.08 7.07
100-01 7.08 7.11 7.10 7.08 7.08 7.06
100-01+ 7.07 7.11 7.09 7.07 7.07 7.06
100-02 7.07 7.10 7.09 7.07 7.06 7.05
100-02+ 7.06 7.10 7.08 7.06 7.06 7.04
100-03 7.05 7.09 7.08 7.05 7.05 7.04
100-03+ 7.05 7.09 7.07 7.05 7.05 7.03
100-04 7.04 7.08 7.07 7.04 7.04 7.03
100-04+ 7.04 7.08 7.06 7.04 7.03 7.02
100-05 7.03 7.07 7.06 7.03 7.03 7.01
100-05+ 7.02 7.07 7.05 7.02 7.02 7.01
100-06 7.02 7.07 7.05 7.02 7.02 7.00
100-06+ 7.01 7.06 7.04 7.01 7.01 6.99
100-07 7.01 7.06 7.04 7.01 7.00 6.99
100-07+ 7.00 7.05 7.03 7.00 7.00 6.98
First Payment 2.489 3.072 2.739 2.489 2.406 2.322
Average Life 3.041 3.838 3.474 3.042 3.001 2.806
Last Payment 3.739 4.739 4.322 3.739 3.739 3.489
Mod.Dur. @ 100-00 2.643 3.244 2.973 2.643 2.612 2.459
Accrued Interest 0.557 0.557 0.557 0.557 0.557 0.557
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A-I-3 PAC CLASS
<PAGE>
TAC BOND
ORIGINAL BALANCE: $30,000,000.00 BOND A-I-4 BE-YIELD TABLE
YIELD TABLE DATE: 09/29/99
PREPAYMENT SPEED
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.41 7.43 7.42 7.41 7.41 7.41
99-24+ 7.41 7.42 7.42 7.41 7.41 7.40
99-25 7.40 7.42 7.41 7.40 7.40 7.40
99-25+ 7.40 7.41 7.41 7.40 7.40 7.39
99-26 7.39 7.41 7.40 7.39 7.39 7.39
99-26+ 7.39 7.41 7.40 7.39 7.39 7.38
99-27 7.38 7.40 7.40 7.38 7.38 7.38
99-27+ 7.38 7.40 7.39 7.38 7.38 7.37
99-28 7.37 7.40 7.39 7.38 7.37 7.37
99-28+ 7.37 7.39 7.38 7.37 7.37 7.36
99-29 7.37 7.39 7.38 7.37 7.37 7.36
99-29+ 7.36 7.38 7.37 7.36 7.36 7.35
99-30 7.36 7.38 7.37 7.36 7.36 7.35
99-30+ 7.35 7.38 7.37 7.35 7.35 7.34
99-31 7.35 7.37 7.36 7.35 7.35 7.34
99-31+ 7.34 7.37 7.36 7.34 7.34 7.33
100-00 7.34 7.36 7.35 7.34 7.34 7.33
100-00+ 7.33 7.36 7.35 7.33 7.33 7.32
100-01 7.33 7.36 7.35 7.33 7.33 7.32
100-01+ 7.32 7.35 7.34 7.32 7.32 7.31
100-02 7.32 7.35 7.34 7.32 7.32 7.31
100-02+ 7.31 7.35 7.33 7.32 7.31 7.30
100-03 7.31 7.34 7.33 7.31 7.31 7.30
100-03+ 7.31 7.34 7.33 7.31 7.31 7.29
100-04 7.30 7.33 7.32 7.30 7.30 7.29
100-04+ 7.30 7.33 7.32 7.30 7.30 7.28
100-05 7.29 7.33 7.31 7.29 7.29 7.28
100-05+ 7.29 7.32 7.31 7.29 7.29 7.27
100-06 7.28 7.32 7.30 7.28 7.28 7.27
100-06+ 7.28 7.32 7.30 7.28 7.28 7.26
100-07 7.27 7.31 7.30 7.27 7.27 7.26
100-07+ 7.27 7.31 7.29 7.27 7.27 7.25
First Payment 3.739 4.739 4.322 3.739 3.739 3.489
Average Life 3.999 5.103 4.598 4.018 3.998 3.709
Last Payment 4.239 5.489 4.906 4.322 4.322 3.989
Mod.Dur. @ 100-00 3.351 4.115 3.773 3.365 3.350 3.140
Accrued Interest 0.573 0.573 0.573 0.573 0.573 0.573
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A-I-4 PAC CLASS
TAC BOND
ORIGINAL BALANCE: $85,000,000.00 BOND A-I-5 BE-YIELD TABLE
YIELD TABLE DATE: 09/29/99
PREPAYMENT SPEED
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.61 7.63 7.62 7.62 7.62 7.61
99-24+ 7.61 7.62 7.62 7.61 7.61 7.61
99-25 7.61 7.62 7.62 7.61 7.61 7.60
99-25+ 7.60 7.62 7.61 7.61 7.61 7.60
99-26 7.60 7.62 7.61 7.60 7.60 7.60
99-26+ 7.60 7.61 7.61 7.60 7.60 7.59
99-27 7.59 7.61 7.60 7.59 7.59 7.59
99-27+ 7.59 7.61 7.60 7.59 7.59 7.59
99-28 7.58 7.60 7.60 7.59 7.59 7.58
99-28+ 7.58 7.60 7.59 7.58 7.58 7.58
99-29 7.58 7.60 7.59 7.58 7.58 7.57
99-29+ 7.57 7.60 7.59 7.58 7.58 7.57
99-30 7.57 7.59 7.58 7.57 7.57 7.57
99-30+ 7.57 7.59 7.58 7.57 7.57 7.56
99-31 7.56 7.59 7.58 7.57 7.57 7.56
99-31+ 7.56 7.58 7.57 7.56 7.56 7.55
100-00 7.56 7.58 7.57 7.56 7.56 7.55
100-00+ 7.55 7.58 7.57 7.56 7.56 7.55
100-01 7.55 7.58 7.56 7.55 7.55 7.54
100-01+ 7.54 7.57 7.56 7.55 7.55 7.54
100-02 7.54 7.57 7.56 7.54 7.54 7.54
100-02+ 7.54 7.57 7.55 7.54 7.54 7.53
100-03 7.53 7.56 7.55 7.54 7.54 7.53
100-03+ 7.53 7.56 7.55 7.53 7.53 7.52
100-04 7.53 7.56 7.54 7.53 7.53 7.52
100-04+ 7.52 7.55 7.54 7.53 7.53 7.52
100-05 7.52 7.55 7.54 7.52 7.52 7.51
100-05+ 7.51 7.55 7.54 7.52 7.52 7.51
100-06 7.51 7.55 7.53 7.52 7.52 7.51
100-06+ 7.51 7.54 7.53 7.51 7.51 7.50
100-07 7.50 7.54 7.53 7.51 7.51 7.50
100-07+ 7.50 7.54 7.52 7.51 7.50 7.49
First Payment 4.239 5.489 4.906 4.322 4.322 3.989
Average Life 5.274 7.222 6.300 5.496 5.471 5.056
Last Payment 6.739 9.822 8.739 7.072 6.156 5.739
Mod.Dur. @ 100-00 4.195 5.349 4.823 4.332 4.323 4.054
Accrued Interest 0.588 0.588 0.588 0.588 0.588 0.588
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A-I-5 PAC CLASS
<PAGE>
FLOATING RATE COMPANION
ORIGINAL BALANCE: $65,000,000.00 BOND A-I-6 DISCOUNT MARGIN ACT/360 TABLE
YIELD TABLE DATE: 09/29/99
ASSUMED CONSTANT LIBOR-1M 5.3800
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 66.96 66.31 66.55 69.61 80.24 81.56
99-24+ 66.71 66.10 66.33 69.20 79.16 80.40
99-25 66.46 65.89 66.11 68.79 78.08 79.24
99-25+ 66.21 65.68 65.88 68.37 77.00 78.08
99-26 65.97 65.48 65.66 67.96 75.93 76.91
99-26+ 65.72 65.27 65.44 67.54 74.85 75.75
99-27 65.47 65.06 65.22 67.13 73.77 74.59
99-27+ 65.22 64.86 65.00 66.72 72.69 73.43
99-28 64.98 64.65 64.77 66.30 71.61 72.27
99-28+ 64.73 64.44 64.55 65.89 70.54 71.11
99-29 64.48 64.24 64.33 65.48 69.46 69.95
99-29+ 64.24 64.03 64.11 65.06 68.38 68.79
99-30 63.99 63.83 63.89 64.65 67.31 67.64
99-30+ 63.74 63.62 63.66 64.24 66.23 66.48
99-31 63.49 63.41 63.44 63.83 65.15 65.32
99-31+ 63.25 63.21 63.22 63.41 64.08 64.16
100-00 63.00 63.00 63.00 63.00 63.00 63.00
100-00+ 62.75 62.79 62.78 62.59 61.92 61.84
100-01 62.51 62.59 62.56 62.18 60.85 60.68
100-01+ 62.26 62.38 62.34 61.76 59.77 59.53
100-02 62.01 62.18 62.11 61.35 58.70 58.37
100-02+ 61.77 61.97 61.89 60.94 57.62 57.21
100-03 61.52 61.76 61.67 60.53 56.55 56.05
100-03+ 61.27 61.56 61.45 60.11 55.47 54.90
100-04 61.03 61.35 61.23 59.70 54.40 53.74
100-04+ 60.78 61.15 61.01 59.29 53.32 52.58
100-05 60.53 60.94 60.79 58.88 52.25 51.43
100-05+ 60.29 60.73 60.56 58.47 51.17 50.27
100-06 60.04 60.53 60.34 58.06 50.10 49.11
100-06+ 59.79 60.32 60.12 57.65 49.03 47.96
100-07 59.55 60.12 59.90 57.23 47.95 46.80
100-07+ 59.30 59.91 59.68 56.82 46.88 45.65
First Payment 6.739 9.822 8.739 1.406 1.322 1.239
Average Life 7.869 9.986 9.063 4.472 1.501 1.389
Last Payment 7.989 9.989 9.072 7.072 2.156 1.572
Mod.Dur. @ 100-00 6.080 7.279 6.775 3.640 1.394 1.295
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</TABLE>
The preliminary pricing information contained herein is neither an offer to sell
nor a solicitation to buy any securities. Moreover, there is no assurance that
such information will not change prior to final pricing. Any formal offer or
solicitation will be made by a prospectus (or offering memorandum) to be
accompanied or followed by a written confirmation.
BOND A-I-6 Flt Companion CLASS
<PAGE>
NAS BOND
ORIGINAL BALANCE: $70,000,000.00 BOND A-I-7 BE-YIELD TABLE
YIELD TABLE DATE: 09/29/99
PREPAYMENT SPEED
(TO CALL)
<TABLE>
<CAPTION>
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 7.66 7.66 7.66 7.66 7.65 7.65
99-24+ 7.66 7.66 7.66 7.65 7.65 7.65
99-25 7.65 7.66 7.65 7.65 7.65 7.64
99-25+ 7.65 7.65 7.65 7.65 7.64 7.64
99-26 7.65 7.65 7.65 7.64 7.64 7.64
99-26+ 7.64 7.65 7.65 7.64 7.63 7.63
99-27 7.64 7.64 7.64 7.64 7.63 7.63
99-27+ 7.64 7.64 7.64 7.63 7.63 7.62
99-28 7.63 7.64 7.64 7.63 7.62 7.62
99-28+ 7.63 7.63 7.63 7.63 7.62 7.62
99-29 7.63 7.63 7.63 7.62 7.62 7.61
99-29+ 7.62 7.63 7.63 7.62 7.61 7.61
99-30 7.62 7.63 7.62 7.62 7.61 7.60
99-30+ 7.62 7.62 7.62 7.61 7.61 7.60
99-31 7.61 7.62 7.62 7.61 7.60 7.60
99-31+ 7.61 7.62 7.61 7.61 7.60 7.59
100-00 7.61 7.61 7.61 7.60 7.59 7.59
100-00+ 7.60 7.61 7.61 7.60 7.59 7.59
100-01 7.60 7.61 7.60 7.60 7.59 7.58
100-01+ 7.60 7.60 7.60 7.59 7.58 7.58
100-02 7.59 7.60 7.60 7.59 7.58 7.57
100-02+ 7.59 7.60 7.60 7.59 7.58 7.57
100-03 7.59 7.59 7.59 7.58 7.57 7.57
100-03+ 7.58 7.59 7.59 7.58 7.57 7.56
100-04 7.58 7.59 7.59 7.57 7.56 7.56
100-04+ 7.58 7.59 7.58 7.57 7.56 7.56
100-05 7.57 7.58 7.58 7.57 7.56 7.55
100-05+ 7.57 7.58 7.58 7.56 7.55 7.55
100-06 7.57 7.58 7.57 7.56 7.55 7.54
100-06+ 7.56 7.57 7.57 7.56 7.55 7.54
100-07 7.56 7.57 7.57 7.55 7.54 7.54
100-07+ 7.56 7.57 7.56 7.55 7.54 7.53
First Payment 3.072 3.072 3.072 3.072 3.072 3.072
Average Life 6.258 6.791 6.577 5.889 5.375 5.122
Last Payment 7.989 9.989 9.072 7.072 6.156 5.739
Mod.Dur. @ 100-00 4.764 5.059 4.943 4.552 4.243 4.084
Accrued Interest 0.590 0.590 0.590 0.590 0.590 0.590
</TABLE>
BOND A-I-7 NAS CLASS
<PAGE>
- --------------------------------------------------------------------------------
- RFC99KS3
- Cut Off Date of Tape is 9/01/99
- FIXED MORTGAGES
- $698,127,326.40
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 8,913
Aggregate Unpaid Principal Balance: $698,127,326.40
Aggregate Original Principal Balance: $699,498,281.06
Weighted Average Net Coupon: 9.747%
Net Coupon Range: 5.740% - 17.550%
Weighted Average Gross Coupon: 10.197%
Gross Coupon Range: 6.240% - 18.050%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $78,326.86
Average Original Principal Balance: $78,480.68
Maximum Unpaid Principal Balance: $649,696.75
Minimum Unpaid Principal Balance: $2,348.09
Maximum Original Principal Balance: $650,000.00
Minimum Original Principal Balance: $2,500.00
Weighted Avg. Stated Rem. Term (PTD to Mat/Ball Date): 301.516
Stated Rem Term Range: 45.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 1.113
Age Range: 0.000 - 25.000
Weighted Average Original Term: 302.629
Original Term Range: 48.000 - 360.000
Weighted Average Original LTV: 76.750
Original LTV Range: 5.000% - 95.000%
- --------------------------------------------------------------------------------
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 25,000 995 15,736,151.01 2.25
25,000 < Balance <= 50,000 2,358 90,927,449.87 13.02
50,000 < Balance <= 75,000 2,216 136,783,297.22 19.59
75,000 < Balance <= 100,000 1,238 106,859,932.62 15.31
100,000 < Balance <= 150,000 1,194 144,343,698.61 20.68
150,000 < Balance <= 175,000 268 43,526,756.11 6.23
175,000 < Balance <= 200,000 207 38,713,631.35 5.55
200,000 < Balance <= 250,000 202 45,147,282.29 6.47
250,000 < Balance <= 300,000 121 33,030,104.02 4.73
300,000 < Balance <= 350,000 59 19,172,775.99 2.75
350,000 < Balance <= 400,000 30 11,343,224.29 1.62
400,000 < Balance <= 450,000 9 3,811,058.84 0.55
450,000 < Balance <= 500,000 5 2,394,146.94 0.34
500,000 < Balance <= 600,000 6 3,154,608.90 0.45
600,000 < Balance <= 750,000 5 3,183,208.34 0.46
- --------------------------------------------------------------------------
Total.................... 8913 $698,127,326.40 100.00%
==========================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
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 67,435.82 0.01
6.50% < Gross Coupon <= 7.00% 3 224,309.32 0.03
7.00% < Gross Coupon <= 7.50% 13 1,615,320.87 0.23
7.50% < Gross Coupon <= 7.75% 25 3,119,608.15 0.45
7.75% < Gross Coupon <= 8.00% 74 7,494,020.51 1.07
8.00% < Gross Coupon <= 8.25% 57 6,285,589.15 0.90
8.25% < Gross Coupon <= 8.50% 152 18,669,422.36 2.67
8.50% < Gross Coupon <= 8.75% 263 28,950,467.61 4.15
8.75% < Gross Coupon <= 9.00% 473 55,860,802.06 8.00
9.00% < Gross Coupon <= 9.25% 336 38,077,789.92 5.45
9.25% < Gross Coupon <= 9.50% 591 61,776,422.82 8.85
9.50% < Gross Coupon <= 9.75% 638 59,585,296.61 8.54
9.75% < Gross Coupon <= 10.00% 895 77,636,890.00 11.12
10.00% < Gross Coupon <= 10.25% 547 41,877,569.06 6.00
10.25% < Gross Coupon <= 10.50% 649 51,952,232.68 7.44
10.50% < Gross Coupon <= 10.75% 683 51,096,004.35 7.32
10.75% < Gross Coupon <= 11.00% 741 54,173,246.06 7.76
11.00% < Gross Coupon <= 11.25% 459 30,889,045.92 4.42
11.25% < Gross Coupon <= 11.50% 448 29,829,401.02 4.27
11.50% < Gross Coupon <= 11.75% 303 19,351,126.86 2.77
11.75% < Gross Coupon <= 12.00% 391 18,709,616.57 2.68
12.00% < Gross Coupon <= 12.25% 128 6,888,913.86 0.99
12.25% < Gross Coupon <= 12.50% 150 7,865,135.32 1.13
12.50% < Gross Coupon <= 12.75% 130 7,316,589.26 1.05
12.75% < Gross Coupon <= 13.00% 169 4,724,761.08 0.68
13.00% < Gross Coupon <= 13.25% 57 2,546,708.61 0.36
13.25% < Gross Coupon <= 13.50% 35 1,758,624.98 0.25
13.50% < Gross Coupon <= 13.75% 26 1,038,306.33 0.15
13.75% < Gross Coupon <= 14.00% 43 1,600,662.80 0.23
14.00% < Gross Coupon <= 14.25% 15 633,730.10 0.09
14.25% < Gross Coupon <= 14.50% 13 542,791.10 0.08
14.50% < Gross Coupon <= 14.75% 7 259,133.04 0.04
14.75% < Gross Coupon <= 15.00% 381 5,014,108.44 0.72
15.00% < Gross Coupon <= 15.25% 2 81,955.20 0.01
15.25% < Gross Coupon <= 15.50% 3 179,131.31 0.03
15.50% < Gross Coupon <= 15.75% 2 107,952.27 0.02
15.75% < Gross Coupon <= 16.00% 1 2,348.09 0.00
16.00% < Gross Coupon <= 16.25% 1 58,487.31 0.01
16.25% < Gross Coupon <= 16.50% 2 93,080.31 0.01
16.50% < Gross Coupon <= 16.75% 1 37,191.73 0.01
16.75% < Gross Coupon <= 17.00% 1 23,990.93 0.00
17.00% < Gross Coupon <= 17.25% 2 39,905.15 0.01
17.25% < Gross Coupon <= 17.50% 1 23,715.36 0.00
18.00% < Gross Coupon <= 18.50% 1 48,486.10 0.01
- -------------------------------------------------------------------------------
Total.......... 8,913 $698,127,326.40 100.00%
===============================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE REFER TO THE PROSPECTUS
SUPPLEMENT SECTION TITLED "DESCRIPTION OF THE OFFERED CERTIFICATES -
DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
NET MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Net Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
5.50% < Net Coupon <= 6.00% 1 67,435.82 0.01
6.00% < Net Coupon <= 6.50% 2 172,627.39 0.02
6.50% < Net Coupon <= 7.00% 11 1,334,378.95 0.19
7.00% < Net Coupon <= 7.50% 87 9,106,788.69 1.30
7.50% < Net Coupon <= 7.75% 51 5,343,869.05 0.77
7.75% < Net Coupon <= 8.00% 99 10,942,521.28 1.57
8.00% < Net Coupon <= 8.25% 212 23,455,637.57 3.36
8.25% < Net Coupon <= 8.50% 378 40,958,637.10 5.87
8.50% < Net Coupon <= 8.75% 425 50,406,897.57 7.22
8.75% < Net Coupon <= 9.00% 504 51,805,331.89 7.42
9.00% < Net Coupon <= 9.25% 744 73,833,616.32 10.58
9.25% < Net Coupon <= 9.50% 891 80,210,018.89 11.49
9.50% < Net Coupon <= 9.75% 656 52,517,384.42 7.52
9.75% < Net Coupon <= 10.00% 643 52,138,992.49 7.47
10.00% < Net Coupon <= 10.25% 693 51,815,230.19 7.42
10.25% < Net Coupon <= 10.50% 743 54,322,481.71 7.78
10.50% < Net Coupon <= 10.75% 458 30,854,855.82 4.42
10.75% < Net Coupon <= 11.00% 449 29,781,781.08 4.27
11.00% < Net Coupon <= 11.25% 304 19,463,514.92 2.79
11.25% < Net Coupon <= 11.50% 391 18,709,616.57 2.68
11.50% < Net Coupon <= 11.75% 128 6,888,913.86 0.99
11.75% < Net Coupon <= 12.00% 150 7,865,135.32 1.13
12.00% < Net Coupon <= 12.25% 130 7,316,589.26 1.05
12.25% < Net Coupon <= 12.50% 169 4,724,761.08 0.68
12.50% < Net Coupon <= 12.75% 57 2,546,708.61 0.36
12.75% < Net Coupon <= 13.00% 35 1,758,624.98 0.25
13.00% < Net Coupon <= 13.25% 26 1,038,306.33 0.15
13.25% < Net Coupon <= 13.50% 43 1,600,662.80 0.23
13.50% < Net Coupon <= 13.75% 15 633,730.10 0.09
13.75% < Net Coupon <= 14.00% 13 542,791.10 0.08
14.00% < Net Coupon <= 14.25% 7 259,133.04 0.04
14.25% < Net Coupon <= 14.50% 381 5,014,108.44 0.72
14.50% < Net Coupon <= 14.75% 2 81,955.20 0.01
14.75% < Net Coupon <= 15.00% 3 179,131.31 0.03
15.00% < Net Coupon <= 15.25% 2 107,952.27 0.02
15.25% < Net Coupon <= 15.50% 1 2,348.09 0.00
15.50% < Net Coupon <= 15.75% 1 58,487.31 0.01
15.75% < Net Coupon <= 16.00% 2 93,080.31 0.01
16.00% < Net Coupon <= 16.25% 1 37,191.73 0.01
16.25% < Net Coupon <= 16.50% 1 23,990.93 0.00
16.50% < Net Coupon <= 16.75% 2 39,905.15 0.01
16.75% < Net Coupon <= 17.00% 1 23,715.36 0.00
17.50% < Net Coupon <= 18.00% 1 48,486.10 0.01
- -------------------------------------------------------------------------------
Total.......... 8,913 $ 698,127,326.40 100.00%
===============================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Original Loan to Value Ratios for the Mortgage Loans
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
LTV <= 5.00 16 187,218.57 0.03
5.00 < LTV <= 10.00 234 3,493,344.29 0.50
10.00 < LTV <= 15.00 246 3,804,103.02 0.54
15.00 < LTV <= 20.00 174 3,590,669.70 0.51
20.00 < LTV <= 25.00 85 2,752,536.83 0.39
25.00 < LTV <= 30.00 79 2,782,549.38 0.40
30.00 < LTV <= 35.00 66 2,795,410.29 0.40
35.00 < LTV <= 40.00 102 5,682,983.45 0.81
40.00 < LTV <= 45.00 113 5,608,087.14 0.80
45.00 < LTV <= 50.00 174 9,332,895.30 1.34
50.00 < LTV <= 55.00 173 11,146,528.80 1.60
55.00 < LTV <= 60.00 310 19,201,890.71 2.75
60.00 < LTV <= 65.00 459 29,859,819.15 4.28
65.00 < LTV <= 70.00 651 48,792,376.15 6.99
70.00 < LTV <= 75.00 1142 92,996,804.92 13.32
75.00 < LTV <= 80.00 2314 205,607,797.09 29.45
80.00 < LTV <= 85.00 1229 109,185,246.05 15.64
85.00 < LTV <= 90.00 1191 122,406,782.71 17.53
90.00 < LTV <= 95.00 155 18,900,282.85 2.71
- --------------------------------------------------------------------------
Total.................... 8913 $698,127,326.40 100.00%
==========================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
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
Alabama 303 19,816,721.29 2.84
Alaska 6 521,783.12 0.07
Arizona 98 8,670,244.64 1.24
Arkansas 69 3,330,164.08 0.48
California 361 50,784,430.99 7.27
Colorado 124 13,798,863.43 1.98
Connecticut 80 9,164,904.83 1.31
Delaware 16 1,498,712.04 0.21
Dist of Col 15 1,346,457.57 0.19
Florida 692 57,148,881.06 8.19
Georgia 685 64,055,779.10 9.18
Hawaii 31 5,565,350.00 0.80
Idaho 31 2,523,949.82 0.36
Illinois 329 25,321,616.28 3.63
Indiana 293 16,985,311.17 2.43
Iowa 105 5,836,844.74 0.84
Kansas 82 4,226,114.43 0.61
Kentucky 120 6,829,055.32 0.98
Louisiana 188 11,672,691.91 1.67
Maine 27 2,025,442.74 0.29
Maryland 102 10,767,763.26 1.54
Massachusetts 107 12,695,299.90 1.82
Michigan 708 46,273,287.47 6.63
Minnesota 110 9,473,335.37 1.36
Mississippi 156 8,125,869.44 1.16
Missouri 213 10,345,147.97 1.48
Montana 12 883,720.99 0.13
Nebraska 46 3,125,895.80 0.45
Nevada 25 3,044,154.86 0.44
New Hampshire 41 3,219,822.95 0.46
New Jersey 134 17,890,284.80 2.56
New Mexico 68 4,794,213.21 0.69
New York 352 37,683,816.64 5.40
North Carolina 369 29,960,846.10 4.29
North Dakota 7 431,266.48 0.06
Ohio 443 27,689,235.45 3.97
Oklahoma 145 8,925,884.81 1.28
Oregon 69 7,139,202.98 1.02
Pennsylvania 245 16,356,514.46 2.34
Rhode Island 32 3,220,667.14 0.46
South Carolina 191 12,708,154.98 1.82
South Dakota 1 58,421.40 0.01
Tennessee 386 21,529,013.60 3.08
Texas 785 46,739,658.72 6.70
Utah 69 6,568,078.03 0.94
Vermont 18 1,342,325.78 0.19
Virginia 155 14,098,073.90 2.02
Washington 86 10,018,020.78 1.43
West Virginia 78 3,967,986.73 0.57
Wisconsin 93 6,952,441.17 1.00
Wyoming 8 411,839.18 0.06
MEXICO 4 563,763.49 0.08
- --------------------------------------------------------------------------
Total............... 8913 $698,127,326.40 100.00%
==========================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 3010 248,663,664.34 35.62
Refinance/No ETO 939 91,313,579.63 13.08
Refinance/ETO 4940 354,550,205.77 50.79
Construct/Perm 24 3,599,876.66 0.52
- --------------------------------------------------------------------------
Total.................. 8913 $698,127,326.40 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 7361 534,710,738.47 76.59
Limited Documentation 1124 131,880,958.72 18.89
Quick Documentation 428 31,535,629.21 4.52
- --------------------------------------------------------------------------
Total.................. 8913 $698,127,326.40 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 8151 655,005,411.35 93.82
Non Owner Occ. 762 43,121,915.05 6.18
- --------------------------------------------------------------------------
Total.................. 8913 $698,127,326.40 100.00%
==========================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Low-Rise Condo 245 17,301,111.05 2.48
Manufactured Housing 231 12,806,222.09 1.83
Leasehold 2 286,541.75 0.04
Townhouses 109 7,514,478.41 1.08
High-Rise Condo 12 1,862,492.92 0.27
Mid-Rise Condo (5-8 Stories) 10 623,258.74 0.09
Single Family Detached 7710 592,644,080.76 84.89
PUD Detached 515 57,665,958.26 8.26
PUD Attached 79 7,423,182.42 1.06
- --------------------------------------------------------------------------------
Total............... 8913 $698,127,326.40 100.00%
================================================================================
CREDIT GRADE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Credit Grade Loans Balance Balance
1A-1 1078 140,017,262.57 20.056
1A 2331 181,132,894.59 25.946
1 2261 171,801,715.64 24.609
2 2175 145,450,331.29 20.834
3 795 45,922,537.29 6.578
4 273 13,802,585.02 1.977
- -----------------------------------------------------------------
Total.......... 8913 $698,127,326.40 100.00%
=================================================================
FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE
REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED
"DESCRIPTION OF THE OFFERED CERTIFICATES - DISTRIBUTIONS".
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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL
INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
