SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 23, 1996
EquiVantage Home Equity Loan Trust 1996-2
----------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 33-99364 Application Pending
- ----------------------------- ---------------- -----------------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o EquiVantage Acceptance 77040
Corp., ----------------------
Attention: John E. Smith (Zip Code)
13111 Northwest Freeway
Houston, Texas
-----------------------------
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (713) 895-1957
---------------
13111 Northwest Freeway, Houston Texas 77040
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
------------
In connection with the offering of EquiVantage Home Equity Loan
Trust 1996-2 Home Equity Loan Asset-Backed Certificates, Series 1996-2,
described in a Prospectus Supplement dated May 16, 1996, certain
"Computational Materials" within the meanings of the May 20, 1994 Kidder,
Peabody No-Action Letter and the February 17, 1995 Public Securities
Association No-Action Letter were furnished to certain prospective
investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
---------------------------------------------------------
Exhibits.
--------
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this Report
to be signed on its behalf by the undersigned thereunto duly authorized.
EQUIVANTAGE ACCEPTANCE CORPORATION
as Sponsor and on behalf of
EQUIVANTAGE HOME EQUITY LOAN TRUST 1996-2
-----------------------------------------
Registrant
By: /s/
--------------------------------
Name: John E. Smith
Title: President
Dated: May 21, 1996
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page No.
----------- ----------- --------
99.1 Related Computational 6
Materials (as defined
in Item 5 above).
EXHIBIT 99.1
------------
<PAGE>
Marketing Memorandum for
EquiVantage Home Equity Loan Trust 1996-2
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Sponsor. PSI makes no representations as to
the accuracy of such information provided to it by the Sponsor. All assumptions
and information in this report reflect PSI's judgment as of this date and are
subject to change. All analyses are based on certain assumptions noted herein
and different assumptions could yield substantially different results. You are
cautioned that there is no universally accepted method for analyzing financial
instruments.
You should review the assumptions; there may be differences between these
assumptions and your actual business practices. Further, PSI does not guarantee
any results and there is no guarantee as to the liquidity of the instruments
involved in this analysis. The decision to adopt any strategy remains your
responsibility. PSI (or any of its affiliates) or their officers, directors,
analysts or employees may have positions in securities, commodities or
derivative instruments thereon referred to 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
<PAGE>
instruments mentioned herein. No sale of any securities, commodities or
derivative instruments should be consumated without the purchaser first having
received a prospectus and, if required, prospectus supplement. Finally, PSI has
not addressed the legal, accounting and tax implications of the analysis with
respect to you, and PSI strongly urges you to seek advice from your counsel,
accountant and tax advisor.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-2
Preliminary Marketing Memo
Title of Securities: EquiVantage Home Equity Loan Trust 1996-2, Class A-1
Fixed Rate Certificates, Class A-2 Fixed Rate
Certificates,
Class A-3 Fixed Rate Certificates, Class A-4 Fixed Rate
Certificates (collectively, the "Certificates").
Collateral: Substantially all of the collateral consists of
fixed rate home equity loans
Approximate Size: [$100,000,000]
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4
--------- ---------- --------- --------
<S> <C> <C> <C> <C>
Approximate Face Amount: $39,456,000 $30,930,000 $15,058,000 $15,560,000
Average Life to Maturity:
Average Life to 10% Call:
Price:
Spread:
Initial Coupon:
Pricing Speed: [23 HEP] [23 HEP] [23 HEP] [23 HEP]
Yield (CBE):
Day Count: 30/360 30/360 30/360 30/360
</TABLE>
Expected Maturity:
Expected Maturity to 10% Call:
Final Maturity:
Servicer: EquiVantage Inc.
Servicing Fee: 50 basis points per annum for first lien loans and
75 basis points per annum for second lien loans.
Trustee: Norwest Bank Minnesota, National Association
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's.
<PAGE>
Certificate Insurer: Financial Guaranty Insurance Company ("FGIC"). FGIC's
claims-paying ability is rated AAA/Aaa/AAA by Standard
and
Poor's, Moody's and Fitch.
Certificate Insurance: Timely payments of interest and eventual principal on
the Certificates will be 100% guaranteed by FGIC.
Cashflow Priority: 1) Servicing fee;
2) FGIC fee;
3) Trustee fee;
4) Repayment of unreimbursed Surety payments;
5) Accrued monthly interest for Class A-1;
6) Accrued monthly interest for Class A-2;
7) Accrued monthly interest for Class A-3;
8) Accrued monthly interest for Class A-4;
9) Monthly principal to Class A-1 until the Class A-1
principal balance has been reduced to zero;
10) Monthly principal to Class A-2 until the Class A-2
principal balance has been reduced to zero;
11) Monthly principal to Class A-3 until the Class A-3
principal balance has been reduced to zero;
12) Monthly principal to Class A-4 until the Class A-4
principal balance has been reduced to zero; 13)
Repayment of any unreimbursed Servicer advances; 14)
Excess cashflow to build over-collateralization ("O/C");
and 15) Any excess cashflow reverts to the Sponsor.
Credit Enhancement: 1) 100% wrap from FGIC guaranteeing timely payment of
interest and eventual principal.
2) Overcollateralization.
3) Excess monthly cash flow
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.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-2
Preliminary Marketing Memo
<TABLE>
<S> <C>
Overcollateralization: The credit enhancement provisions of the Trust are intended to provide for the
limited acceleration of the Certificates relative to the amortization of the
related collateral, generally in the early months of the transaction. Accelerated
amortization is achieved by applying certain excess interest collected on the collateral
to the payment of principal on the Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the principal balance of the
Certificates faster than the principal amortization of the respective collateral
pool, an overcollateralization amount equal to the excess of the aggregate principal
balance of the Collateral Pool over the principal balance of the related Certificates is
created. Excess cashflow will be directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event the acceleration feature will
cease, unless it is once again necessary to maintain the required O/C level.
Overcollateralization
Levels (Approx.): Initial O/C based O/C Target based
on collateral balance:[0.00%] on collateral balance:[2.45%]
These O/C percentages are subject to step-downs
beginning in month [36] if certain tests are met.
Clean-up Call: The Residual Holder has the right to purchase the mortgage
loans from the Trust when the outstanding aggregate principal
balance of the mortgage loans has declined to 10% or less of
the initial aggregate principal balance of the mortgage loans. If
such option is not excercised, the Servicer will then have such
option. The option to purchase the mortgage loans is at par plus
accrued interest for both the Residual Holder and the Servicer.
</TABLE>
<PAGE>
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on June 25, 1996.
Payment Delay: 24 days.
Interest Accrual
Period: Interest will accrue from the 1st day of the preceeding
month until the 30th day of the preceeding month for
the Class A-1 Certificates.
Pricing Date: [May , 1996]
Settlement Date: [May , 1996]
ERISA
Considerations: The Certificates will be ERISA eligible. However,
investors should consult with their counsel with
respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such certificates.
Taxation: REMIC.
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.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-2
Preliminary Marketing Memo
Available Pool
Information: AS OF JANUARY 31, 1996, THE STATISTICAL CALCULATION
DATE:
Loans: 1291
Balance: $75,008,489.59
WAC: 11.105%
WAM: 246
WA CLTV: 75.46%
% 1st Lien: 97.45%
% 2nd Lien: 2.55%
Loans with
prepay penalty: 43.73%
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
<TABLE>
<S> <C>
Further Information: Call the desk at (212) 778-2741, Mimi Cheng at (212) 778-7474,
Paul Richardson at (212) 778-1507, or Randy White at
(212)778-7461 with any questions.
</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.
<PAGE>
Financial Strategies 02/23/96 01:30:39 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP EQHEL61 Deal Date 02/20/96
Series 1996-1 Delivery Date 02/28/96
Underwriter PSI Dated Date 02/01/96
Issuer EQUIVANTAGE Credit Support
Collateral 100% HOME EQUITY LOANS (Real) Deal Type HEL REMIC
N/GWAC (Orig) / (10.599/11.105) Pricing Speed HEP 24.00
WAM (Orig) (25.165) Rating
Size 75,005,771 Coupon Range
Trustee Modeled Y
View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ------ ------- ----- ------- ---- ---- ------- ------- -------------------------
A1 6.550 N/A 75,005 3.3 116 99-30+ 6.495 PASS THROUGH
Financial Strategies 02/23/96 01:34:51 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP EQHEL61 Coupon 6.550
Class A1 PASS THROUGH Accr 0.49125 1st Pmt 03/25/96
Collateral 100% HOME EQUITY LOANS (Real) Factor on / /
N/GWAC (Orig) / (10.599/11.105)
WAM (Orig) (25.165) Mat N/A Settle 02/28/96
CenterPrice 99-30+ Inc 0.5 Table Yield Roll@
*****************TO 10% CALL********************
HEP 24.00 HEP 18.00 HEP 20.00 HEP 22.00 HEP 26.00 HEP 28.00 HEP 30.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-21 6.606 6.613 6.610 6.608 6.604 6.601 6.599
99-21+ 6.600 6.608 6.605 6.603 6.598 6.595 6.592
99-22 6.594 6.603 6.600 6.597 6.591 6.588 6.585
99-22+ 6.589 6.599 6.595 6.592 6.585 6.582 6.578
99-23 6.583 6.594 6.591 6.587 6.579 6.575 6.571
<PAGE>
99-23+ 6.577 6.590 6.586 6.581 6.573 6.569 6.565
99-24 6.572 6.585 6.581 6.576 6.567 6.562 6.558
99-24+ 6.566 6.580 6.576 6.571 6.561 6.556 6.551
99-25 6.560 6.576 6.571 6.565 6.555 6.549 6.544
99-25+ 6.554 6.571 6.566 6.560 6.549 6.543 6.537
99-26 6.549 6.567 6.561 6.555 6.543 6.536 6.530
99-26+ 6.543 6.562 6.556 6.549 6.537 6.530 6.523
99-27 6.537 6.557 6.551 6.544 6.531 6.523 6.516
99-27+ 6.532 6.553 6.546 6.539 6.524 6.517 6.510
99-28 6.526 6.548 6.541 6.533 6.518 6.511 6.503
99-28+ 6.520 6.544 6.536 6.528 6.512 6.504 6.496
99-29 6.514 6.539 6.531 6.523 6.506 6.498 6.489
99-29+ 6.509 6.534 6.526 6.518 6.500 6.491 6.482
99-30 6.503 6.530 6.521 6.512 6.494 6.485 6.475
99-30+ 6.497 6.525 6.516 6.507 6.488 6.478 6.468
99-31 6.492 6.521 6.511 6.502 6.482 6.472 6.462
99-31+ 6.486 6.516 6.506 6.496 6.476 6.465 6.455
100-00 6.480 6.511 6.501 6.491 6.470 6.459 6.448
100-00+ 6.475 6.507 6.496 6.486 6.464 6.452 6.441
100-01 6.469 6.502 6.491 6.480 6.458 6.446 6.434
100-01+ 6.463 6.498 6.487 6.475 6.452 6.439 6.427
100-02 6.458 6.493 6.482 6.470 6.446 6.433 6.420
100-02+ 6.452 6.489 6.477 6.464 6.439 6.427 6.414
100-03 6.446 6.484 6.472 6.459 6.433 6.420 6.407
100-03+ 6.441 6.479 6.467 6.454 6.427 6.414 6.400
100-04 6.435 6.475 6.462 6.448 6.421 6.407 6.393
100-04+ 6.429 6.470 6.457 6.443 6.415 6.401 6.386
100-05 6.423 6.466 6.452 6.438 6.409 6.394 6.379
100-05+ 6.418 6.461 6.447 6.433 6.403 6.388 6.373
100-06 6.412 6.457 6.442 6.427 6.397 6.382 6.366
100-06+ 6.406 6.452 6.437 6.422 6.391 6.375 6.359
100-07 6.401 6.448 6.432 6.417 6.385 6.369 6.352
100-07+ 6.395 6.443 6.427 6.411 6.379 6.362 6.345
100-08 6.389 6.438 6.422 6.406 6.373 6.356 6.339
Avg. Life 3.293 4.290 3.906 3.577 3.054 2.839 2.651
Mod. Dur. 2.731 3.394 3.145 2.926 2.562 2.408 2.270
Mac. Dur. 2.820 3.505 3.248 3.021 2.645 2.486 2.343
1st Pmt. 0.075 0.075 0.075 0.075 0.075 0.075 0.075
Last Pmt. 04/25/04 10/25/06 11/25/05 01/25/05 09/25/03 02/25/03 08/25/02
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.
<PAGE>
- --------------------------------------------------------------------------------
- EQUIVANTAGE
- Cut Off Date of Tape is 01/31/96
- $75,008,489.59
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,291
Aggregate Unpaid Principal Balance: $75,008,489.59
Aggregate Original Principal Balance: $75,106,904.00
Average Unpaid Principal Balance: $58,101.08
Average Original Principal Balance: $58,177.31
Maximum Unpaid Principal Balance: $379,694.58
Minimum Unpaid Principal Balance: $9,200.00
Maximum Original Principal Balance: $380,000.00
Minimum Original Principal Balance: $9,200.00
Weighted Average Gross Coupon: 11.105%
Gross Coupon Range: 6.500% - 16.000%
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 246.333
Stated Rem Term Range: 35.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 1.239
Age Range: 0.000 - 44.000
Weighted Average Original Term: 247.572
Original Term Range: 60.000 - 360.000
Weighted Average Combined LTV: 75.457
Combined LTV Range: 10.000% - 95.500%
- -------------------------------------------------------------------------------
<PAGE>
GROSS COUPON
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WA Max. Orig Total
Gross # % Rem WA Loan Current
Coupon Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
6.25% < Gross Coupon <= 6.50% 1 .22 6.500 35.00 25.00 $171,000 $166,529.99
8.00% < Gross Coupon <= 8.25% 2 .10 8.250 147.46 1.00 $40,000 $75,482.23
8.25% < Gross Coupon <= 8.50% 3 .46 8.500 215.56 .42 $144,000 $342,320.33
8.50% < Gross Coupon <= 8.75% 6 .79 8.649 285.98 6.61 $151,200 $594,186.57
8.75% < Gross Coupon <= 9.00% 7 .78 8.870 343.35 .99 $118,456 $581,342.09
9.00% < Gross Coupon <= 9.25% 12 .83 9.215 240.48 .44 $104,000 $620,010.75
9.25% < Gross Coupon <= 9.50% 35 2.56 9.441 247.39 .99 $141,400 $1,917,672.25
9.50% < Gross Coupon <= 9.75% 50 4.44 9.684 250.29 .85 $208,000 $3,326,702.81
9.75% < Gross Coupon <= 10.00% 70 6.03 9.933 245.38 .83 $300,000 $4,522,225.91
10.00% < Gross Coupon <= 10.25% 79 6.20 10.188 238.27 1.02 $230,000 $4,646,850.90
10.25% < Gross Coupon <= 10.50% 119 9.83 10.443 243.26 1.28 $319,200 $7,375,458.09
10.50% < Gross Coupon <= 10.75% 130 11.04 10.681 243.70 1.24 $282,000 $8,278,384.08
10.75% < Gross Coupon <= 11.00% 121 9.40 10.925 250.38 1.19 $380,000 $7,049,875.07
11.00% < Gross Coupon <= 11.25% 100 7.27 11.163 272.33 1.28 $146,200 $5,451,996.66
11.25% < Gross Coupon <= 11.50% 105 9.27 11.416 236.92 1.05 $320,000 $6,952,247.25
11.50% < Gross Coupon <= 11.75% 84 6.36 11.646 272.05 1.36 $360,750 $4,767,297.26
11.75% < Gross Coupon <= 12.00% 98 7.49 11.898 265.46 1.11 $300,000 $5,618,594.03
12.00% < Gross Coupon <= 12.25% 48 3.03 12.163 243.30 1.51 $191,668 $2,274,518.17
<PAGE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
12.25% < Gross Coupon <= 12.50% 45 2.91 12.418 250.40 1.35 $113,550 $2,179,472.37
12.50% < Gross Coupon <= 12.75% 30 1.96 12.652 235.81 .54 $141,600 $1,470,665.03
12.75% < Gross Coupon <= 13.00% 45 3.07 12.918 187.63 1.21 $250,000 $2,300,829.76
13.00% < Gross Coupon <= 13.25% 24 1.67 13.163 259.82 1.42 $300,000 $1,255,357.80
13.25% < Gross Coupon <= 13.50% 28 1.57 13.428 195.00 1.35 $80,000 $1,180,973.37
13.50% < Gross Coupon <= 13.75% 11 .60 13.673 182.39 .91 $100,000 $451,895.39
13.75% < Gross Coupon <= 14.00% 12 .53 13.932 198.49 1.41 $48,750 $395,078.62
14.00% < Gross Coupon <= 14.25% 5 .31 14.150 188.53 .73 $70,000 $232,933.70
14.25% < Gross Coupon <= 14.50% 13 .92 14.408 214.31 1.06 $136,000 $692,814.51
14.50% < Gross Coupon <= 14.75% 4 .21 14.687 168.26 .60 $67,200 $157,874.04
15.00% < Gross Coupon <= 15.25% 1 .07 15.250 357.00 3.00 $55,200 $55,177.15
15.25% < Gross Coupon <= 15.50% 2 .06 15.434 179.32 .68 $28,807 $43,764.02
15.75% < Gross Coupon <= 16.00% 1 .04 16.000 179.00 1.00 $30,000 $29,959.39
- --------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
========================================================================================================
</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.
<PAGE>
ORIGINAL MATURITY
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
Original # % Rem WA Loan Current
Maturity Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
50 < Original Maturity <= 60 5 .30 7.783 41.40 18.60 $171,000 $227,439.80
80 < Original Maturity <= 90 4 .11 10.968 83.10 .90 $37,500 $85,399.14
110 < Original Maturity <= 120 47 1.58 11.464 118.78 1.22 $80,000 $1,188,264.26
160 < Original Maturity <= 170 1 .06 9.750 168.00 .00 $46,700 $46,700.00
170 < Original Maturity <= 180 728 52.18 11.243 178.99 1.01 $320,000 $39,140,747.98
230 < Original Maturity <= 240 164 11.13 10.934 238.77 1.23 $300,000 $8,348,097.11
350 < Original Maturity <= 360 342 34.63 10.969 358.56 1.44 $380,000 $25,971,841.30
- -------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
=======================================================================================================
</TABLE>
REMAINING TERM
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
# % Rem WA Loan Current
Remaining Term Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
24 < Rem Term <= 36 1 .22 6.500 35.00 25.00 $171,000 $166,529.99
48 < Rem Term <= 60 4 .08 11.290 58.89 1.11 $27,100 $60,909.81
72 < Rem Term <= 84 4 .11 10.968 83.10 .90 $37,500 $85,399.14
108 < Rem Term <= 120 47 1.58 11.464 118.78 1.22 $80,000 $1,188,264.26
156 < Rem Term <= 168 1 .06 9.750 168.00 .00 $46,700 $46,700.00
168 < Rem Term <= 180 728 52.18 11.243 178.99 1.01 $320,000 $39,140,747.98
228 < Rem Term <= 240 164 11.13 10.934 238.77 1.23 $300,000 $8,348,097.11
312 < Rem Term <= 324 1 .12 8.750 316.00 44.00 $94,950 $87,822.92
336 < Rem Term <= 348 2 .14 11.705 346.63 13.37 $64,000 $101,653.01
348 < Rem Term <= 360 339 34.37 10.974 358.76 1.24 $380,000 $25,782,365.37
- -------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
=======================================================================================================
</TABLE>
<PAGE>
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
<TABLE>
- -------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
# % Rem WA Loan Current
Age of Loan Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
0 < Age <= 12 1,287 99.53 11.117 246.59 1.12 $380,000 $74,652,483.67
12 < Age <= 24 2 .14 11.705 346.63 13.37 $64,000 $101,653.01
24 < Age <= 36 1 .22 6.500 35.00 25.00 $171,000 $166,529.99
36 < Age <= 48 1 .12 8.750 316.00 44.00 $94,950 $87,822.92
- ------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
======================================================================================================
</TABLE>
YEAR OF ORIGINATION
- ------------------------------------------------------------------------
Year of # of % of Current
Origination Loans Pool WAC WAM Balance
1985 1 .05 12.00 238.00 $37,524
1992 1 .12 8.75 316.00 $87,823
1993 1 .22 6.50 35.00 $166,530
1994 2 .14 11.71 346.63 $101,653
1995 1,109 85.81 11.09 246.89 $64,368,476
1996 177 13.66 11.27 244.68 $10,246,484
- ------------------------------------------------------------------------
Total... 1,291 100.00% $75,008,490
========================================================================
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.
<PAGE>
LAST PAYMENT DATE
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
Last WA Max. Orig Total
Pay # % Rem WA Loan Current
Date Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
11/01/95 7 .71 12.617 203.11 1.08 $250,000 $530,545.78
12/01/95 53 4.41 11.477 243.10 .96 $230,000 $3,310,845.05
01/01/96 902 69.65 11.074 246.84 1.23 $380,000 $52,244,677.75
01/15/96 1 .20 10.000 178.00 2.00 $147,200 $147,069.21
02/01/96 324 24.62 11.101 246.77 1.27 $360,750 $18,468,186.87
03/01/96 3 .36 10.081 291.23 2.84 $157,000 $269,502.77
06/01/96 1 .05 14.500 174.00 6.00 $37,700 $37,662.16
- -------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
=======================================================================================================
</TABLE>
<TABLE>
COMBINED LTV RANGE
- --------------------------------------------------------------------------------------------------
<CAPTION>
Combined LTV # of % of Current
Range Loans Pool WAC WAM WACLTV Balance
<S> <C> <C> <C> <C> <C> <C>
5.0 < CLTV <= 10.0 1.00 0.06 12.25 178.00 10.00 44,822.89
20.0 < CLTV <= 25.0 3.00 0.15 9.98 141.07 21.88 111,897.74
25.0 < CLTV <= 30.0 9.00 0.26 11.32 174.19 28.54 196,340.16
30.0 < CLTV <= 35.0 13.00 0.47 11.25 233.85 32.60 348,959.60
35.0 < CLTV <= 40.0 18.00 0.69 11.14 197.74 38.29 513,812.36
40.0 < CLTV <= 45.0 19.00 0.79 11.28 210.32 43.41 592,203.91
45.0 < CLTV <= 50.0 24.00 1.07 11.56 222.67 48.01 800,298.80
50.0 < CLTV <= 55.0 26.00 1.40 11.28 218.47 53.09 1,050,123.46
55.0 < CLTV <= 60.0 60.00 4.24 11.25 231.07 58.21 3,177,218.46
60.0 < CLTV <= 65.0 46.00 2.27 11.79 206.60 63.46 1,700,150.15
65.0 < CLTV <= 70.0 109.00 7.47 11.49 234.35 68.76 5,603,418.88
70.0 < CLTV <= 75.0 286.00 20.52 11.63 237.58 74.24 15,393,037.85
75.0 < CLTV <= 80.0 500.00 42.72 10.99 254.04 79.46 32,047,058.67
80.0 < CLTV <= 85.0 148.00 14.55 10.68 262.59 83.57 10,915,538.24
85.0 < CLTV <= 90.0 27.00 3.24 9.33 252.79 87.71 2,433,517.56
90.0 < CLTV <= 95.0 1.00 0.04 12.25 240.00 93.75 28,125.00
95.0 < CLTV <= 100.0 1.00 0.07 11.40 358.00 95.50 51,965.86
- --------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.11% 246.33 75.46% $75,008,489.59
============================================================================================
</TABLE>
<PAGE>
ORIGINAL MORTGAGE AMOUNT
<TABLE>
- --------------------------------------------------------------------------------------------------------
WA Max. Orig Total
Original # % Rem WA Loan Current
Mortgage Amt. Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Balance <= 25,000 150 3.84 11.750 179.37 1.21 $25,000 $2,881,390.00
25,000 < Balance <= 50,000 540 27.37 11.300 220.90 1.21 $50,000 $20,532,597.27
50,000 < Balance <= 75,000 359 29.22 11.107 251.21 1.25 $75,000 $21,914,862.61
75,000 < Balance <= 100,000 110 12.76 10.920 266.81 1.66 $100,000 $9,567,655.87
100,000 < Balance <= 150,000 88 14.32 10.886 272.88 .84 $150,000 $10,739,447.44
150,000 < Balance <= 202,300 25 5.74 10.690 266.76 1.95 $199,500 $4,306,768.42
202,300 < Balance <= 250,000 10 2.97 10.930 207.33 .80 $250,000 $2,224,629.89
250,000 < Balance <= 300,000 5 1.95 11.416 265.58 .60 $300,000 $1,461,756.66
300,000 < Balance <= 350,000 2 .85 10.926 268.85 1.00 $320,000 $638,936.85
350,000 < Balance <= 400,000 2 .99 11.215 358.97 1.03 $380,000 $740,444.58
- --------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
========================================================================================================
</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.
<PAGE>
CURRENT MORTGAGE AMOUNT
<TABLE>
- --------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
Current # % Rem WA Loan Current
Mortgage Amt. Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance <= 25,000 150 3.84 11.750 179.37 1.21 $25,000 $2,881,390.00
25,000 < Balance <= 50,000 541 27.44 11.300 220.80 1.21 $50,150 $20,582,422.51
50,000 < Balance <= 75,000 358 29.15 11.106 251.38 1.24 $75,000 $21,865,037.37
75,000 < Balance <= 100,000 110 12.76 10.920 266.81 1.66 $100,000 $9,567,655.87
100,000 < Balance <= 150,000 88 14.32 10.886 272.88 .84 $150,000 $10,739,447.44
150,000 < Balance <= 202,300 25 5.74 10.690 266.76 1.95 $199,500 $4,306,768.42
202,300 < Balance <= 250,000 10 2.97 10.930 207.33 .80 $250,000 $2,224,629.89
250,000 < Balance <= 300,000 5 1.95 11.416 265.58 .60 $300,000 $1,461,756.66
300,000 < Balance <= 350,000 2 .85 10.926 268.85 1.00 $320,000 $638,936.85
350,000 < Balance <= 400,000 2 .99 11.215 358.97 1.03 $380,000 $740,444.58
- --------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
========================================================================================================
</TABLE>
<PAGE>
GEOGRAPHIC DISTRIBUTION
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
Rem WA Loan Current
State # Loans % Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CA 1 .22 6.500 35.00 25.00 $171,000 $166,529.99
DC 1 .08 12.125 347.00 13.00 $64,000 $63,731.30
DE 1 .17 11.600 358.00 2.00 $128,500 $128,419.27
FL 19 1.31 10.839 234.35 .43 $109,100 $981,047.41
GA 113 7.63 11.347 259.84 1.49 $177,800 $5,726,678.36
IL 31 3.81 10.982 271.96 .73 $282,000 $2,860,731.13
IN 134 9.01 11.118 229.59 1.09 $149,400 $6,755,576.21
KS 1 .21 10.650 180.00 .00 $158,950 $158,950.00
KY 41 1.98 11.351 200.47 1.37 $73,950 $1,483,214.45
LA 79 4.15 11.735 219.94 .80 $108,000 $3,115,434.63
MD 77 8.51 10.735 271.24 1.32 $300,000 $6,386,128.35
MI 163 13.62 11.619 270.79 1.35 $360,750 $10,215,365.13
MO 2 .10 11.769 179.00 1.00 $36,800 $71,653.08
MS 50 2.87 11.775 232.45 .95 $191,668 $2,152,603.32
NC 89 7.80 10.993 263.23 1.09 $380,000 $5,850,419.30
NV 1 .12 8.750 316.00 44.00 $94,950 $87,822.92
OH 230 18.50 10.884 255.94 1.08 $300,000 $13,877,923.45
SC 82 6.05 11.070 228.35 .99 $210,000 $4,538,783.38
TN 153 11.57 10.913 196.70 1.11 $320,000 $8,679,777.82
VA 1 .05 11.800 239.00 1.00 $36,750 $36,711.83
WA 16 1.71 10.067 267.01 .31 $196,000 $1,284,974.37
WI 6 .51 11.693 306.10 1.67 $158,000 $386,013.89
- --------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
========================================================================================================
</TABLE>
<PAGE>
PROPERTY-TYPE
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
Rem WA Loan Current
# Loans % Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Manufacturing 4.12 11.627 226.66 1.22 $90,000 $3,088,137.65
74
PUD .40 10.204 295.32 .00 $118,000 $301,250.00
3
Townhouses 1.32 10.908 246.17 1.82 $282,000 $989,369.60
14
Condominiums .81 10.124 203.66 7.76 $185,000 $605,744.93
6
Single Family Detached 89.11 11.072 248.18 1.19 $380,000 $66,840,614.08
1,136
Single Family Attached 2.96 11.403 225.38 1.11 $205,000 $2,219,412.43
45
2-4 Family .63 12.127 213.73 1.16 $136,000 $474,293.81
7
Blankets (2 Units Detached) .65 12.132 267.36 .67 $140,150 $489,667.09
6
- --------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
========================================================================================================
</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.
<PAGE>
<TABLE>
OCCUPANCY
- ------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
Rem WA Loan Current
# Loans % Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occ. 1,210 95.32 11.091 246.84 1.23 $380,000 $71,495,736.28
Investor 81 4.68 11.385 235.98 1.33 $210,000 $3,512,753.31
- -------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
=======================================================================================================
</TABLE>
LOAN-PURPOSE
<TABLE>
- ------------------------------------------------------------------------------------------------------
<CAPTION>
WA Max. Orig Total
Rem WA Loan Current
# Loans % Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Purchase 79 8.44 11.142 277.23 1.62 $380,000 $6,334,032.66
Cash Out Refit 787 57.08 11.147 242.07 1.28 $360,750 $42,812,355.54
Refinance 46 3.70 11.141 241.91 1.22 $280,000 $2,771,689.86
Debt Consolidation Refi 379 30.78 11.014 246.29 1.06 $300,000 $23,090,411.53
- -------------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.105 246.33 1.24 $380,000 $75,008,489.59
=======================================================================================================
</TABLE>
<PAGE>
APPRAISAL VALUE
- -----------------------------------------------------------------------
Appraisal
Value # Loans % Pool WAC WAM
Balance<= 25,000 11 .21 11.50 157.48
25,000 <Balance<= 50,000 309 11.89 11.40 203.65
50,000 <Balance<= 75,000 452 27.11 11.22 234.80
75,000 <Balance<= 100,000 238 19.85 11.05 252.80
100,000 <Balance<= 150,000 164 18.39 10.95 271.13
150,000 <Balance<= 200,000 74 11.35 10.89 257.39
200,000 <Balance<= 250,000 19 3.89 11.02 258.53
250,000 <Balance<= 300,000 6 1.71 10.80 236.74
300,000 <Balance<= 350,000 5 1.19 11.45 182.57
350,000 <Balance<= 400,000 6 2.16 10.95 274.20
400,000 <Balance<= 450,000 3 .77 11.17 273.79
450,000 <Balance<= 500,000 2 .99 11.22 358.97
500,000 <Balance<= 600,000 2 .51 11.36 208.42
- -----------------------------------------------------------------------
Total..... 1,291 100.00%
=======================================================================
LIEN STATUS
<TABLE>
----------------------------------------------------------------------------------
<CAPTION>
% Current
Lien Status # Loans Pool WAC WAM WACLTV Balance
<S> <C> <C> <C> <C> <C> <C>
1 1,221 97.45 11.09 247.76 75.52 $73,094,079
2 70 2.55 11.57 191.66 73.08 $1,914,410
- -----------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.11 246.33 75.46 $75,008,490
===================================================================================
</TABLE>
<PAGE>
Credit Grade
- ------------------------------------------------------------------------
Current
Loan Feature # Loans WAC WAM Balance
A 481 38.66 10.36 251.56 $29,001,354
B 610 48.67 11.27 256.08 $36,507,582
C 200 12.66 12.76 192.91 $9,499,553
- ------------------------------------------------------------------------
Total..... 1,291 100.00% $75,008,490
========================================================================
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.
<PAGE>
PREPAYMENT PENALTY
<TABLE>
- ----------------------------------------------------------------------------------------------------
<CAPTION>
Penalty # Loans % Pool WAC WAM Curr Balance Orig Balance
<S> <C> <C> <C> <C> <C> <C>
No 681 56.27 11.04 245.10 $4,220,7672.07 $42,268,724.00
Yes 610 43.73 11.19 247.92 $3,280,0817.52 $32,838,180.00
- ----------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.11 246.33 $75,008,489.59 $75,106,904.00
====================================================================================================
</TABLE>
NON INCOME VERIFICATION
<TABLE>
- ----------------------------------------------------------------------------------------------------
<CAPTION>
Non-Income Ver. # Loans % Pool WAC WAM Curr Balance Orig Balance
<S> <C> <C> <C> <C> <C> <C>
No 1,277 98.07 11.09 246.25 $7,355,8591.76 $73,656,029.00
Yes 14 1.93 11.88 250.44 $144,9897.83 $1,450,875.00
- ----------------------------------------------------------------------------------------------------
Total..... 1,291 100.00% 11.11 246.33 $75,008,489.59 $75,106,904.00
====================================================================================================
</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.
