Exhibit 99.1
Residential Funding Mortgage Securities II, Inc.
Home Equity Loan Backed Term Notes, Series 2000-HS1
GMAC RFC
RFMSII 2000-HS1
[$ 138,370,000] 1 Mo LIBOR Term Notes
Variable Funding Notes - Not Discussed Herein
Residential Funding Securities Corporation
as underwriter
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Residential Funding Mortgage Securities II, Inc.
Home Equity Loan Backed Term Notes, Series 2000-HS1
Title of Securities: Home Equity Loan Backed Term Notes, Series 2000-HS1
The Term Notes are being issued concurrently with Variable
Funding Notes having an initial balance of $0.00. Although
the Variable Funding Notes are not discussed herein,
payments on those Notes will be supported by borrowers'
payments, as described below.
Company: Residential Funding Mortgage Securities II, Inc.
Master Servicer: Residential Funding Corporation
Servicing Fee: 50 bps Primary Servicing per annum + 8 bps Master Servicing per
annum
Trustee: Chase Manhattan Bank, N.A.
Pricing Date: [September 8, 2000]
Settlement Date: [September 26, 2000]
Mortgage Loans: $136,995,402 of Adjustable Rate Revolving Credit Loans
Term Note Ratings: S&P Fitch
--- -----
AAA AAA
Note Insurer: AMBAC Assurance Corporation.
Collateral: Adjustable Rate, Primarily Second Lien Revolving Credit Mortgage
Loans
Approximate Size: [$138,370,000]
Cut-off Date September 1, 2000
Avg. Life to Call [3.12 years]
Note Rate LIBOR + [ DM ], subject to a Net Rate Cap described below and a
maximum of [17.25]%
Price PAR
Preliminary Spread Talk [23-24 DM]
Yield to Maturity (CBE) [6.95%]
Day Count Act/360
Expected Maturity [December 20, 2015]
(at pricing speed)
Projected Call Date [October 20, 2008]
Stated Maturity
Dated Date [September 26, 2000]
Initial Yield Tables: Included with this memo
Pricing Speed: 35 CPR
Draw Rate: 15 CDR
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Net Rate Cap: A rate equal to the weighted average net coupon rate
(i.e. the weighted average coupon rate less [0.70%]) for the
revolving credit loans for such Payment Date. Any shortfall
between LIBOR + [ DM ] and the Net Rate Cap or maximum rate
described above (whichever is less) will accrue interest at the
applicable Note rate and will be paid on future payment dates.
Basis risk shortfalls on the Term Notes will not be covered by
the AMBAC Policy and may remain unpaid on the final payment date.
Payment Date: The 20th day of each month or, if such day is not a business day,
the next succeeding business day, beginning on October 20, 2000.
Payment Delay: 0 days (interest)
Interest Accrual Period: With respect to the first distribution
date, the actual number of days from the Settlement Date
to one day preceding the first payment date and with
respect to all other payment dates, the actual number of
days from the preceding month's payment date to one day
preceding such payment date.
Optional Termination: At its option, on any date when the aggregate
principal balance of the loans in the Loan Pool is less
than 10% of the original principal balance of the loans in
the Loan Pool, the Master Servicer will have the right to
purchase all the remaining mortgage loans from the Loan
Pool and thereby effect early retirement of the Notes.
Prospectus: The Term Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to the
Notes 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
Term Notes may not be consummated unless the purchaser has
received the Prospectus.
ERISA Consideration: The Term Notes are expected to 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 Term Notes.
SMMEA Consideration: The Notes will NOT be SMMEA eligible.
Taxation: For Federal income tax purposes, the Term Notes will be characterized
as indebtedness of the issuer.
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
CASH FLOWS/CREDIT ENHANCEMENT
I. Payment of Note Interest and Principal: The distribution amount on the pool
will be paid in the following sequence:
1. Servicing fees at 58 bps (including primary and master servicing)
2. Interest on the Term Notes and Variable Funding Notes (together, the
"Notes"), other than Basis Risk Shortfalls on the Notes that would be
carried over and paid in #9 below
3. Principal Collections payable pro-rata to the Notes ("Principal Collection
Distribution Amount")
4. Realized Losses ("Liquidation Loss Distribution Amount")
5. Insurance Policy Premium
6. Reimbursement of prior draws on insurance policy
7. Starting with the payment date in November 2000, pay as additional
principal pro-rata to the Notes an amount necessary to bring the amount of
collateralization up to the required overcollateralization amount ("Reserve
Increase Amount")
8. Other amounts owed to Credit Enhancer
9. Pay Term Notes and Variable Funding Notes, pro rata, any previously unpaid
Basis Risk Shortfall, with interest thereon
10. Any excess cash flows paid to Certificate holders (not offered)
II. Allocation of
Principal Collections:
1. From September 26, 2000 until the Payment Date
in October, 2005 ("Revolving Period") or until
an "Amortization Event" occurs, principal
collections, net of draws, will be allocated
pro-rata among the Notes. If draws on the
revolving credit Mortgage Loans exceed
principal collections, the Notes will receive
no principal payments. The net draw amount will
be added to the balance of the Variable Funding
Notes.
2. After the Revolving Period, all principal collections will be allocated
pro-rata to the Notes. All draws will be added to the balance of the
Variable Funding Notes.
Credit Enhancement: 1. Excess Spread
2. Overcollateralization
3. The Ambac Assurance Corporation ("AMBAC")
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Excess Spread
The interest due on the Mortgage Loans is generally expected to
be higher than the interest due on the Notes and other fees and
expenses of the Trust, resulting in excess interest collections
("Excess Spread"), which will be available to fund distributions
on the Notes, commencing with the Payment Date in November 2000.
Such amount can vary over time based on the prepayment and
default experience of the Home Loans. On each Payment Date, other
than the first Payment Date, any Excess Spread from the related
collection period will be available to cover losses and eliminate
undercollateralization or build overcollateralization on such
Payment Date.
Overcollateralization
As of the Closing Date, the aggregate Security Balance of the
Notes will exceed the Cut-off Date Balance of the Mortgage Loans
by approximately $[1,374,598] (approximately [0.99]% of the
Cut-off Date Balance), representing an initial
undercollateralization of the Notes related to the Mortgage
Loans. On each Payment Date, commencing with the November 2000
payment date, the Reserve Increase Amount (available excess
interest) will be used first, to eliminate this initial
undercollateralization by reducing the aggregate Security Balance
of the Notes to an amount equal to the Pool Balance as of the end
of the related Collection Period, and then to increase the
overcollateralization until such amount is equal to the Reserve
Amount Target.
Prior to the stepdown date, the Reserve Amount Target is expected
to be 1.75% of the Cut-off Date Balance. On or after the stepdown
date, the Reserve Amount Target is expected to equal the greater
of (a) 1.75% of the Cut-off Date Balance and (b) 3.50% of the
then outstanding aggregate unpaid principal balance of the
Mortgage Loans, plus 50% of the outstanding principal balance of
all revolving credit loans 90 or more days delinquent as of such
Payment Date, subject to certain delinquency and loss triggers
and subject to a floor of 0.50% of the Cut-off Date Balance.
Policy
The AMBAC policy will unconditionally and irrevocably guarantee:
(a) current period interest on the Notes at the applicable note
rate, (b) the amount of any losses not covered by excess spread
or overcollateralization, and (c) the payment of principal on the
Notes by no later than their respective final scheduled maturity
date. The policy will not cover basis risk shortfalls on the
Notes; however, any basis risk shortfalls remaining unpaid from
prior periods on the Term Notes and Variable Funding Notes will
be paid, with interest thereon, from any future excess interest,
to the extent available. The policy is not revocable for any
reason.
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Residential Funding Mortgage Securities II, Inc
Home Equity Loan Backed Term Notes, Series 2000-HS1
GMAC / RFC
RESIDENTIAL FUNDING CORPORATION
The following collateral description is based on a preliminary pool. The
collateral / rep lines that were modeled for the yield tables are reasonable
approximations of the final pool, based on the preliminary pool. The final pool
will be available in September 2000. All information reported here is subject to
a 10% + / - variance on the final collateral pool.
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Residential Funding Mortgage Securities II, Inc.
Home Equity Loan Backed Term Notes, Seris 2000-HS1
RFMSII SERIES 2000-HS1, Class A
<TABLE>
<CAPTION>
Assumptions: Balance Coupon Balance as of Settlement Accrued Days Run to Call
138,370,000 6.85% 09/01/2000 09/26/2000 FLAT YES
Prime = 9.50%, 1mo Libor = 6.62%, 15% CDR in all scenarios below.
------------------------------------------------------------------------------------------------------
Price 15CPR 25CPR 35CPR 40CPR 45CPR 50CPR
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99.8437% 0.254 0.270 0.291 0.304 0.319 0.336
99.8437% 0.253 0.268 0.288 0.301 0.315 0.330
99.8516% 0.252 0.266 0.285 0.297 0.310 0.325
99.8594% 0.251 0.264 0.282 0.294 0.306 0.320
99.8672% 0.250 0.262 0.280 0.290 0.302 0.315
99.8750% 0.248 0.260 0.277 0.287 0.298 0.310
99.8828% 0.247 0.258 0.274 0.283 0.293 0.305
99.8906% 0.246 0.256 0.271 0.279 0.289 0.300
99.8984% 0.245 0.255 0.268 0.276 0.285 0.295
99.9062% 0.244 0.253 0.265 0.272 0.281 0.290
99.9141% 0.243 0.251 0.262 0.269 0.276 0.285
99.9219% 0.241 0.249 0.259 0.265 0.272 0.280
99.9297% 0.240 0.247 0.256 0.262 0.268 0.275
99.9375% 0.239 0.245 0.253 0.258 0.264 0.270
99.9453% 0.238 0.243 0.250 0.255 0.259 0.265
99.9531% 0.237 0.241 0.247 0.251 0.255 0.260
99.9609% 0.236 0.239 0.244 0.248 0.251 0.255
99.9687% 0.234 0.237 0.241 0.244 0.247 0.250
99.9766% 0.233 0.235 0.239 0.240 0.243 0.245
99.9844% 0.232 0.234 0.236 0.237 0.238 0.240
99.9922% 0.231 0.232 0.233 0.233 0.234 0.235
100.0000% 0.230 0.230 0.230 0.230 0.230 0.230
100.0078% 0.229 0.228 0.227 0.226 0.226 0.225
100.0156% 0.227 0.226 0.224 0.223 0.221 0.220
100.0234% 0.226 0.224 0.221 0.219 0.217 0.215
100.0313% 0.225 0.222 0.218 0.216 0.213 0.210
100.0391% 0.224 0.220 0.215 0.212 0.209 0.205
100.0469% 0.223 0.218 0.212 0.209 0.205 0.200
100.0547% 0.222 0.216 0.209 0.205 0.200 0.195
100.0625% 0.220 0.215 0.206 0.202 0.196 0.190
100.0703% 0.219 0.213 0.204 0.198 0.192 0.185
100.0781% 0.218 0.211 0.201 0.194 0.188 0.180
100.0859% 0.217 0.209 0.198 0.191 0.183 0.175
100.0938% 0.216 0.207 0.195 0.187 0.179 0.170
100.1016% 0.215 0.205 0.192 0.184 0.175 0.165
100.1094% 0.213 0.203 0.189 0.180 0.171 0.160
100.1172% 0.212 0.201 0.186 0.177 0.166 0.155
100.1250% 0.211 0.199 0.183 0.173 0.162 0.150
100.1328% 0.210 0.197 0.180 0.170 0.158 0.145
100.1406% 0.209 0.195 0.177 0.166 0.154 0.140
100.1484% 0.208 0.194 0.174 0.163 0.150 0.135
100.1563% 0.206 0.192 0.171 0.159 0.145 0.130
100.1641% 0.205 0.190 0.169 0.156 0.141 0.125
------------------------------------------------------------------------------------------------------
WAL 9.44 5.20 3.12 2.50 2.05 1.69
Modified Dur 6.53 3.99 2.60 2.15 1.80 1.51
1st Pay Date 11/20/00 10/20/00 10/20/00 10/20/00 10/20/00 10/20/00
Last Pay Date 1/20/20 6/20/15 10/20/08 2/20/07 1/20/06 2/20/05
</TABLE>
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. It is not an official confirmation of terms and is based
on information generally available to the public from sources believed to be
reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Residential Funding Mortgage Securities II, Inc.
Home Equity Loan Backed Term Notes, Series 2000-HS1
GMAC RFC
RFMSII 2000-HS1
[$ 138,370,000] 1 Mo LIBOR Term Notes
Variable Funding Notes - Not Discussed Herein
Residential Funding Securities Corporation
as underwriter
<PAGE>
Title of Securities: Home Equity Loan Backed Term Notes, Series 2000-HS1
The Term Notes are being issued concurrently with Variable
Funding Notes (collectively the "Notes") having an initial
balance of $0.00. Although the Variable Funding Notes are
not discussed herein, payments on the Variable Funding
Notes will be supported by principal and interest
collections, as described below.
Company: Residential Funding Mortgage Securities II, Inc.
Master Servicer: Residential Funding Corporation
Servicing Fee: 50 bps Primary Servicing per annum + 8 bps Master Servicing per
annum
Indenture Trustee: Chase Manhattan Bank
Pricing Date: [September 8, 2000]
Settlement Date: [September 26, 2000]
Term Note Ratings: S&P Fitch
--- -----
AAA AAA
Note Insurer: AMBAC Assurance Corporation.
Collateral: Approximately $136,995,402 adjustable rate, primarily second lien
revolving credit loans
Approximate Size: [$138,370,000]
Cut-off Date September 1, 2000
Avg. Life to Call [3.12 years]
Note Rate LIBOR + [ DM ], subject to a Net Rate Cap described below and a
maximum of [17.25]%
Price PAR
Preliminary Spread Talk [23-24 DM]
Yield to Maturity (CBE) [6.95%]
Day Count Act/360
Expected Maturity [December 20, 2015]
(at pricing speed)
Projected Call Date [October 20, 2008]
Stated Maturity [September 20, 2030]
Dated Date [September 26, 2000]
Initial Yield Tables: Included with this memo
Pricing Speed: 35 CPR
Draw Rate: 15 CDR
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Net Rate Cap: A rate equal to the weighted average net coupon rate (i.e. the
weighted average coupon rate less [0.70%]) for the revolving credit loans
for such Payment Date. Any shortfall between LIBOR + [ DM ] and the Net
Rate Cap or maximum rate described above (whichever is less) will accrue
interest at the applicable Note rate and will be paid on future payment
dates. Basis risk shortfalls on the Notes will not be covered by the AMBAC
Policy and may remain unpaid on the final payment date.
Payment Date: The 20th day of each month or, if such day is not a business day,
the next succeeding business day, beginning on October 20, 2000.
Payment Delay: 0 days (interest)
Interest Accrual Period: With respect to the first distribution date, the actual
number of days from the Settlement Date to one day preceding the first
payment date and with respect to all other payment dates, the actual number
of days from the preceding month's payment date to one day preceding such
payment date.
Optional Termination: At its option, on any payment date when the aggregate
principal balance of the revolving credit loans is less than 10% of the
Cut-off Date balance, the Master Servicer will have the right to purchase
all the remaining revolving credit loans and thereby effect early
retirement of the Notes.
Prospectus: The Term Notes will be offered pursuant to a Prospectus which
includes a Prospectus Supplement (together, the "Prospectus"). Complete
information with respect to the Notes 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 Term Notes may not be consummated unless the
purchaser has received the Prospectus.
ERISAConsideration: The Term Notes are expected to 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 Term Notes.
SMMEA Consideration: The Term Notes will NOT be SMMEA eligible.
Taxation: For Federal income tax purposes, the Term Notes will be characterized
as indebtedness of the issuer.
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
CASH FLOWS/CREDIT ENHANCEMENT
I. Payment of Note Interest and Principal: The distribution amount on the pool
will be paid in the following sequence:
1. Servicing fees at 58 bps (including primary and master servicing)
2. Interest on the Notes, other than Basis Risk Shortfalls on the Notes that
would be
carried over and paid in #9 below
3. Principal Collections payable pro-rata to the Notes ("Principal Collection
Distribution Amount")
4. Realized Losses ("Liquidation Loss Distribution Amount")
5. Insurance Policy Premium, plus any unpaid premium with interest
6. Reimbursement of any prior draws, with interest, on insurance policy
7. Starting with the payment date in November 2000, pay as additional
principal pro-rata to the Notes an amount (if any) necessary to bring the
amount of collateralization up to the required overcollateralization amount
("Reserve Increase Amount")
8. Other amounts, if any, owed to Credit Enhancer
9. Pay Notes, pro rata, any previously unpaid Basis Risk Shortfall, with
interest thereon
10. Any remaining amounts paid to Certificate holders
II. Allocation of
Principal Collections:
1. From September 26, 2000 until the Payment Date in October, 2005 ("Revolving
Period") or until an "Amortization Event" occurs, principal collections,
net of draws, will be allocated pro-rata among the Notes. If draws on the
revolving credit loans exceed principal collections, the Notes will receive
no principal payments. The net draw amount will be added to the balance of
the Variable Funding Notes.
2. After the Revolving Period, all principal collections will be allocated
pro-rata to the Notes. All draws will be added to the balance of the
Variable Funding Notes.
Credit Enhancement: 1. Excess Spread
2. Overcollateralization
3. The Ambac insurance policy
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Excess Spread
The interest due on the revolving credit loans is generally
expected to be higher than the interest due on the Notes and
other fees and expenses of the Trust, resulting in excess
interest collections ("Excess Spread"), which will be available
to fund distributions on the Notes, commencing with the Payment
Date in November 2000. Such amount can vary over time based on
the prepayment and default experience of the revolving credit
loans. On each Payment Date, other than the first Payment Date,
any Excess Spread from the related collection period will be
available to cover losses and eliminate undercollateralization or
build overcollateralization on such Payment Date.
Overcollateralization
As of the Closing Date, the aggregate principal balance of the
Notes will exceed the Cut-off Date Balance of the revolving
credit loans by approximately $[1,374,598] (approximately [0.99]%
of the Cut-off Date Balance), representing an initial
undercollateralization of the Notes related to the revolving
credit loans. On each Payment Date, commencing with the November
2000 payment date, the Reserve Increase Amount (available excess
interest) will be used first, to eliminate this initial
undercollateralization by reducing the aggregate principal
balance of the Notes to an amount equal to the Pool Balance as of
the end of the related Collection Period, and then to increase
the overcollateralization until such amount is equal to the
Reserve Amount Target. To the extent any undercollateralization
exists after[ 9] months from the date of issuance, a draw will be
made on the AMBAC insurance policy to reduce the remaining
undercollateralization amount to zero.
Prior to the stepdown date, the Reserve Amount Target is expected
to be 1.75% of the Cut-off Date Balance. On or after the stepdown
date, the Reserve Amount Target is expected to equal the greater
of (a) 1.75% of the Cut-off Date Balance and (b) 3.50% of the
then outstanding aggregate unpaid principal balance of the
revolving credit loans, plus 50% of the outstanding principal
balance of all revolving credit loans 90 or more days delinquent
as of such Payment Date, subject to certain delinquency and loss
triggers and subject to a floor of 0.50% of the Cut-off Date
Balance.
Policy
The Ambac insurance policy will unconditionally and irrevocably
guarantee: (a) current period interest on the Notes at the
applicable note rate exclusive of basis risk shortfall, (b) the
amount of any losses not covered by excess spread or
overcollateralization, and (c) the payment of principal on the
Notes by no later than their respective final scheduled maturity
date. Although the policy will not cover basis risk shortfalls on
the Notes; any basis risk shortfalls remaining unpaid from prior
periods on the Notes will be paid, with interest thereon, from
any future excess interest, to the extent available. The
insurance policy is not revocable for any reason.
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
Residential Funding Mortgage Securities II, Inc.
Home Equity Loan Backed Term Notes, Series 2000-HS1
GMAC / RFC
RESIDENTIAL FUNDING CORPORATION
The following collateral description is based on a preliminary pool. The
collateral / rep lines that were modeled for the yield tables are reasonable
approximations of the final pool, based on the preliminary pool. The final pool
will be available in September 2000. All information reported here is subject to
a 10% + / - variance on the final collateral pool.
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
<TABLE>
<CAPTION>
Residential Funding Mortgage Securities II, Inc.
Home Equity Loan Backed Term Notes, Seris 2000-HS1
RFMSII SERIES 2000-HS1, Class A
Assumptions: Balance Coupon Balance as of Settlement Accrued Days Run to Call
138,370,000 6.85% 09/01/2000 09/26/2000 FLAT YES
Prime = 9.50%, 1mo Libor = 6.62%, 15% CDR in all scenarios below.
------------------------------------------------------------------------------------------------------
Price 15CPR 25CPR 35CPR 40CPR 45CPR 50CPR
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
99.8437% 0.254 0.270 0.291 0.304 0.319 0.336
99.8437% 0.253 0.268 0.288 0.301 0.315 0.330
99.8516% 0.252 0.266 0.285 0.297 0.310 0.325
99.8594% 0.251 0.264 0.282 0.294 0.306 0.320
99.8672% 0.250 0.262 0.280 0.290 0.302 0.315
99.8750% 0.248 0.260 0.277 0.287 0.298 0.310
99.8828% 0.247 0.258 0.274 0.283 0.293 0.305
99.8906% 0.246 0.256 0.271 0.279 0.289 0.300
99.8984% 0.245 0.255 0.268 0.276 0.285 0.295
99.9062% 0.244 0.253 0.265 0.272 0.281 0.290
99.9141% 0.243 0.251 0.262 0.269 0.276 0.285
99.9219% 0.241 0.249 0.259 0.265 0.272 0.280
99.9297% 0.240 0.247 0.256 0.262 0.268 0.275
99.9375% 0.239 0.245 0.253 0.258 0.264 0.270
99.9453% 0.238 0.243 0.250 0.255 0.259 0.265
99.9531% 0.237 0.241 0.247 0.251 0.255 0.260
99.9609% 0.236 0.239 0.244 0.248 0.251 0.255
99.9687% 0.234 0.237 0.241 0.244 0.247 0.250
99.9766% 0.233 0.235 0.239 0.240 0.243 0.245
99.9844% 0.232 0.234 0.236 0.237 0.238 0.240
99.9922% 0.231 0.232 0.233 0.233 0.234 0.235
100.0000% 0.230 0.230 0.230 0.230 0.230 0.230
100.0078% 0.229 0.228 0.227 0.226 0.226 0.225
100.0156% 0.227 0.226 0.224 0.223 0.221 0.220
100.0234% 0.226 0.224 0.221 0.219 0.217 0.215
100.0313% 0.225 0.222 0.218 0.216 0.213 0.210
100.0391% 0.224 0.220 0.215 0.212 0.209 0.205
100.0469% 0.223 0.218 0.212 0.209 0.205 0.200
100.0547% 0.222 0.216 0.209 0.205 0.200 0.195
100.0625% 0.220 0.215 0.206 0.202 0.196 0.190
100.0703% 0.219 0.213 0.204 0.198 0.192 0.185
100.0781% 0.218 0.211 0.201 0.194 0.188 0.180
100.0859% 0.217 0.209 0.198 0.191 0.183 0.175
100.0938% 0.216 0.207 0.195 0.187 0.179 0.170
100.1016% 0.215 0.205 0.192 0.184 0.175 0.165
100.1094% 0.213 0.203 0.189 0.180 0.171 0.160
100.1172% 0.212 0.201 0.186 0.177 0.166 0.155
100.1250% 0.211 0.199 0.183 0.173 0.162 0.150
100.1328% 0.210 0.197 0.180 0.170 0.158 0.145
100.1406% 0.209 0.195 0.177 0.166 0.154 0.140
100.1484% 0.208 0.194 0.174 0.163 0.150 0.135
100.1563% 0.206 0.192 0.171 0.159 0.145 0.130
100.1641% 0.205 0.190 0.169 0.156 0.141 0.125
------------------------------------------------------------------------------------------------------
WAL 9.44 5.20 3.12 2.50 2.05 1.69
Modified Dur 6.53 3.99 2.60 2.15 1.80 1.51
1st Pay Date 11/20/00 10/20/00 10/20/00 10/20/00 10/20/00 10/20/00
Last Pay Date 1/20/20 6/20/15 10/20/08 2/20/07 1/20/06 2/20/05
</TABLE>
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
1. Portfolio Summary
Number of Loans: 3,819
Credit Line: $183,094,643.00
Current Balance: $136,995,402.51
Average Credit Line: $47,943.09
Minimum Credit Line: $8,900.00
Maximum Credit Line: $350,000.00
Average Current Balance: $35,872.06
Minimum Current Balance: $0.00
Maximum Current Balance: $290,000.00
WA Gross Coupon: 9.016%
Minimum Gross Coupon: 5.990%
Maximum Gross Coupon: 14.750%
WA Remaining Term: 214.53
Minimum Remaining Term: 112.00
Max Remaining Term: 353.00
WA CLTV: 81.2%
Minimum CLTV: 12.5%
Maximum CLTV: 100.0%
WA Credit Score: 722.90
Minimum Credit Score: 610.00
Maximum Credit Score: 818.00
Non-Zero Weighted Averages
<TABLE>
<CAPTION>
2. Current Balance ($)
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Current Balance ($) Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
---------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
<= 24,999 22,274,653 1,603 16.3 9.234 8.654 1.232 19.233 2.06 81.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
25,000 - 49,999 50,389,838 1,408 36.8 9.016 8.436 1.357 19.4 2.088 82.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
50,000 - 74,999 27,776,311 466 20.3 9.086 8.506 1.169 19.805 2.049 83.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
75,000 - 99,999 18,344,419 207 13.4 9.298 8.718 1.134 19.939 1.841 82
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
100,000 - 124,999 7,518,278 72 5.5 8.17 7.59 0.752 19.938 2.419 76.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
125,000 - 149,999 3,006,800 22 2.2 8.413 7.833 0.355 20.726 1.951 73.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
150,000 - 174,999 2,575,391 16 1.9 8.351 7.771 0.59 18.81 2.671 72.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
175,000 - 199,999 2,475,129 13 1.8 8.922 8.342 0.377 19.393 1.836 65.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
200,000 >= 2,634,584 12 1.9 8.321 7.741 0.776 20.277 3.036 63.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
3. Documentation
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Documentation Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Full Doc 129,683,814 3,595 94.7 9.05 8.47 1.2 19.623 2.075 82.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Stated Doc 7,311,589 224 5.3 8.414 7.834 0.651 19.045 2.204 62.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
4. Fico Score
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Fico Score Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
600 - 619 244,914 5 0.2 12.346 11.766 2.266 21.939 1 84.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
620 - 639 1,837,918 85 1.3 9.296 8.716 2.672 18.932 2.019 79.1
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
640 - 659 7,050,118 225 5.1 9.249 8.669 2.314 19.402 2.316 83.9
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
660 - 679 10,735,599 301 7.8 9.275 8.695 2.334 19.611 1.983 84.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
680 - 699 21,792,136 583 15.9 9.406 8.826 1.219 19.876 2.032 82.1
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
700 - 719 21,970,128 549 16 9.016 8.436 1.085 19.551 2.175 79.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
720 - 739 23,079,682 645 16.8 9.157 8.577 1.01 19.696 2.075 83.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
740 - 759 21,432,663 598 15.6 8.8 8.22 0.856 19.555 2.084 81
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
760 - 779 18,492,139 524 13.5 8.637 8.057 0.739 19.539 1.991 77.9
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
780 - 799 8,585,321 263 6.3 8.519 7.939 0.757 19.204 2.067 79
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
800 >= 1,774,784 41 1.3 8.123 7.543 0.694 19.103 2.53 76.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
5. Gross Interest Rate
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Gross Interest Rate Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
---------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
<= 7.999 29,488,791 751 21.5 5.99 5.41 1.272 18.501 1.544 81.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
8.000 - 8.499 37,623 1 0 8.25 7.67 0.42 18 1 75
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
8.500 - 8.999 53,845,928 1,533 39.3 8.5 7.92 1.16 19.523 3.385 80.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
9.500 - 9.999 11,209,282 271 8.2 9.57 8.99 -0.496 22.35 1.023 71.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
10.000 - 10.499 8,053,025 221 5.9 10.127 9.547 0.067 20.336 1.11 70.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
10.500 - 10.999 6,534,941 194 4.8 10.628 10.048 0.548 20.802 1.053 75.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
11.000 - 11.499 5,784,427 191 4.2 11.175 10.595 1.095 19.957 1.114 82.9
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
11.500 - 11.999 4,700,379 146 3.4 11.618 11.038 1.546 19.242 1.158 88
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
12.000 - 12.499 6,404,276 189 4.7 12.18 11.6 2.1 18.985 1.061 94.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
12.500 - 12.999 3,277,346 102 2.4 12.663 12.083 2.583 19.303 1.04 92.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
13.000 - 13.499 4,430,833 115 3.2 13.217 12.637 3.137 18.935 1.038 95.9
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
13.500 - 13.999 1,733,704 57 1.3 13.671 13.091 3.591 18.7 1.045 95.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
14.000 - 14.499 1,101,940 31 0.8 14.072 13.492 3.992 19.738 1.045 94.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
14.500 - 14.999 392,909 17 0.3 14.525 13.945 4.445 18.639 1.126 90
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
6. CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
CLTV Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
0.01 - 50.00 5,721,534 154 4.2 8.562 7.982 0.369 19.694 1.949 39.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
50.01 - 60.00 6,314,159 148 4.6 8.47 7.89 0.192 19.671 2.213 55.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
60.01 - 70.00 12,371,969 301 9 8.794 8.214 0.245 19.925 2.11 65.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
70.01 - 80.00 39,333,773 1,076 28.7 8.674 8.094 0.149 20.197 2.095 77
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
80.01 - 85.00 6,720,727 197 4.9 8.994 8.414 1.618 19.515 1.985 83
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
85.01 - 90.00 33,165,784 1,028 24.2 8.825 8.245 1.576 19.208 2.137 89.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
90.01 - 95.00 23,515,101 649 17.2 8.903 8.323 2.45 19.031 2.301 94.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
95.01 - 100.00 9,852,357 266 7.2 12.204 11.624 2.777 19.319 1.35 99.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
7. Gross Ceiling Rate
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Gross Ceiling Rate Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
---------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
<= 10.000 193,798 7 0.1 9.208 8.628 2.314 10 1 94.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
13.751 - 14.000 456,661 13 0.3 10.095 9.515 1.855 14 1.748 85.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
15.751 - 16.000 486,008 15 0.4 9.857 9.277 1.15 16 2.624 84
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
17.751 - 18.000 98,142,734 2,804 71.6 8.827 8.247 1.329 18 2.11 82
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
19.751 - 20.000 54,700 2 0 8.5 7.92 1.117 20 4.282 89.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
20.001 >= 37,661,502 978 27.5 9.485 8.905 0.744 23.869 2.01 79.1
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
8. Net Margin Rate
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Net Margin Rate Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
---------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
<= 0.250 37,664,998 950 27.5 8.717 8.137 -0.208 20.542 2.003 70.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
0.251 - 0.750 18,945,893 563 13.8 8.532 7.952 0.463 19.557 2.24 71
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
0.751 - 1.250 20,193,770 608 14.7 8.608 8.028 0.964 19.263 2.186 81.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
1.251 - 1.750 19,898,931 535 14.5 8.795 8.215 1.493 19.286 2.237 88.1
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
1.751 - 2.250 13,094,367 383 9.6 9.482 8.902 2.033 18.801 1.887 92.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
2.251 - 2.750 10,240,690 290 7.5 9.382 8.802 2.521 19.198 1.996 90.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
2.751 - 3.250 8,463,103 222 6.2 10.453 9.873 3.089 19.095 1.796 94.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
3.251 - 3.750 5,255,054 160 3.8 9.981 9.401 3.5 19.019 2.338 93.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
3.751 - 4.250 2,483,615 80 1.8 10.584 10.004 3.96 19.486 1.897 93.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
4.251 - 4.750 613,294 25 0.4 12.611 12.031 4.424 18.959 1.971 91.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
4.751 - 5.250 100,100 2 0.1 8.5 7.92 4.92 18 1.191 94
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
5.251 - 5.750 41,587 1 0 8.5 7.92 5.42 18 1 87
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
9. Occupancy Status
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Occupancy Status Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Primary 135,908,494 3,778 99.2 9.003 8.423 1.165 19.587 2.085 81.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Second Home 328,978 15 0.2 8.688 8.108 0.496 19.11 2.338 70.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Investment 757,931 26 0.6 11.594 11.014 2.354 20.702 1.552 81.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
10. Credit Line
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Credit Line Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
---------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
<= 25,000 14,488,619 963 10.6 9.133 8.553 1.51 19.009 2.109 83.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
25,001 - 100,000 106,533,258 2,710 77.8 9.064 8.484 1.227 19.623 2.052 82.6
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
100,001 - 200,000 14,191,018 137 10.4 8.63 8.05 0.416 20.154 2.264 71.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
200,001 - 252,700 1,035,584 6 0.8 7.715 7.135 0.682 18 2.859 66.1
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
252,701 - 300,000 564,275 2 0.4 8.668 8.088 2.062 18 1.486 49.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
300,001 - 400,000 182,649 1 0.1 10 9.42 -0.080 18 1 56.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
11. Product Type
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Product Type Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
15 Year Balloon 52,187,371 1,354 38.1 9.401 8.821 0.846 22.205 2.104 79.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
15 Year Term 40,723,703 1,157 29.7 9.213 8.633 1.767 17.981 1.998 85.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
25 Year Term 44,045,145 1,307 32.2 8.374 7.794 1.002 17.985 2.136 79.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
30 Year Term 39,184 1 0 13.5 12.92 3.42 18 1 95
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
12. Property Type
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
Property Type Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Single Family 105,926,081 2,965 77.3 9.073 8.493 1.11 19.672 2.1 80.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Townhouse 788,122 26 0.6 9.416 8.836 1.364 18.405 1.504 77.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Condo 5,802,234 184 4.2 9.255 8.675 1.497 19.194 2.138 83.9
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Manufactured Housing 70,554 3 0.1 7.687 7.107 0.677 18 3.028 85.7
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Planned Unit Development 23,032,955 598 16.8 8.604 8.024 1.332 19.395 2.043 84.1
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Mobile Home 29,608 1 0 8.5 7.92 0.42 18 1 80
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
2 - 4 Family Units 1,216,964 38 0.9 10.457 9.877 1.654 19.131 1.47 81.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Other 128,884 4 0.1 10.011 9.431 2.1 19.757 1.078 84.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
13. States
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% WA % WA % WA % WA WA
$ Current # of % Cur Gross Net Net Gross Roll % WA
States Balance Loans Bal Coupon Coupon Margin Ceiling Month CLTV
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
CA 60,446,528 1,407 44.1 9.046 8.466 1.082 19.998 1.833 80.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NJ 10,001,860 305 7.3 8.848 8.268 0.976 19.712 3.018 79.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
CO 7,864,259 212 5.7 8.857 8.277 1.003 18.018 2.238 81
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
GA 6,703,660 221 4.9 8.602 8.022 1.627 19.113 1.759 88
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
FL 6,494,047 227 4.7 8.862 8.282 1.526 18.023 1.816 83.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MI 5,063,518 147 3.7 8.856 8.276 1.721 18 2.502 79
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
MA 4,568,354 120 3.3 8.915 8.335 1.092 18 2.148 78.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
UT 4,378,678 151 3.2 9.107 8.527 1.204 18.909 2.498 78.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NY 4,030,699 103 2.9 9.117 8.537 1.119 19.956 2.167 78.4
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
WA 3,211,048 95 2.3 9.363 8.783 1.527 21.212 1.732 83.3
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
AZ 3,157,006 94 2.3 8.732 8.152 1.428 22.223 2.323 81.8
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Other 21,075,744 737 15.4 9.26 8.68 1.119 19.745 2.28 82.5
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total: 136,995,403 3,819 100 9.016 8.436 1.17 19.592 2.082 81.2
----------------------------------------------------------------------------------------------------
</TABLE>
This information was prepared for informational purposes only. It is not an
offer to buy or sell any MBS/ABS instrument. In the event of such offering, this
information is deemed superseded & amended entirely by a Prospectus or
Prospectus Supplement. The information herein supersedes any previous term sheet
and computational materials. It is not an official confirmation of terms and is
based on information generally available to the public from sources believed to
be reliable. No representation is made of accuracy or completeness or that any
returns indicated will be achieved. Any changes to assumptions may have a
material impact on returns. Past performance is not indicative of future
results. The related security may only be transferred in accordance with U.S. or
other relevant securities laws and according to the terms of such security. --
Residential Funding Corporation and affiliates, Residential Funding Securities
Corporation and RFSC International Limited.
<PAGE>
