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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): November 24, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
--------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-83541 13-3836437
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
- ----------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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<PAGE>
Item 5. Other Events.
- ---- ------------
Filing of Computational Materials
- ---------------------------------
In connection with the proposed offering of the Bear Stearns Asset
Backed Securities, Inc., Mortgage Loan Trust, Series RASC 1999-RS4, Mortgage
Asset-Backed Pass-Through Certificates, Series 1999-RS4 (the "Certificates"),
Bear, Stearns & Co. Inc., as the underwriter (the "Underwriter"), has prepared
certain materials (the "Computational Materials") for distribution to its
potential investors. Although Bear Stearns Asset Backed Securities, Inc. (the
"Company") provided the Underwriter with certain information regarding the
characteristics of the mortgage loans (the "Mortgage Loans") in the related
portfolio, the Company did not participate in the preparation of the
Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
the Series 1999-RS4 term sheet, computer generated tables and/or charts
displaying, with respect to the Certificates, any of the following: yield;
average life; duration, expected maturity; interest rate sensitivity; loss
sensitivity; cash flow characteristics; background information regarding the
Mortgage Loans; the proposed structure; decrement tables; or similar
information (tabular or otherwise) of a statistical, mathematical, tabular or
computational nature. The Computational Materials are attached hereto as
Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 The Bear Stearns Computational Materials, filed on Form 8-K dated
November 24, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Matthew Perkins
-----------------------
Name: Matthew Perkins
Title: Vice President
Dated: November 24, 1999
<PAGE>
Exhibit Index
-------------
Exhibit Page
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99.1 The Bear Stearns Computational Materials, filed on
Form 8-K dated November 24, 1999 6
<PAGE>
Exhibit 99.1
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BEAR STEARNS
BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
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RESIDENTIAL FUNDING CORPORATION
MORTGAGE LOAN TRUST, SERIES RASC 1999-RS4
COMPUTATIONAL MATERIALS (AS OF WEDNESDAY, NOVEMBER 10, 1999)
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FAX TO: DATE: 11/10/99
COMPANY: # PAGES (incl. cover):
FAX NO: PHONE NO:
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FROM: PHONE NO:
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STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES,
PRICING ESTIMATES, AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Any information herein
regarding the collateral or the securities supersedes any prior information
regarding the collateral or the securities and will be superseded by information
regarding the collateral and/or the securities contained in the Offering
Documents and any subsequent information regarding the collateral or the
securities. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current and
any subsequent information regarding the collateral or the securities. Contact
your registered representative for Offering Documents, current Information or
additional materials, including other models for performance analysis, which are
likely to produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
GENERAL INFORMATION: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals employed thereby may have positions in these securities while the
Information is circulating or during such period may engage in transactions with
the issuer or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 1 OF 8)
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$163,356,000 (Subject to 5% variance)
ISSUER: Mortgage Loan Trust, Series RASC 1999-RS4
DEPOSITOR: Bear Stearns Asset Backed Securities, Inc.
SELLER: Residential Funding Corporation
ORIGINATOR: Bank One, National Association.
UNDERWRITERS: Bear, Stearns & Co. Inc.
Residential Funding Securities Corporation
CERTIFICATE INSURER: Ambac Assurance Corporation ("Ambac")
MASTER SERVICER: Residential Funding Corporation (the "Master
Servicer" or "RFC"), an affiliate of the
Seller and an indirect, wholly-owned
subsidiary of GMAC Mortgage Group, Inc.
SPECIAL SERVICER: RFC's Asset Resolution Division, a division
of HomeComings Financial Network, Inc.
("HomeComings") will act as Special Servicer
with respect to the Mortgage Loans when such
loans become 90 days or more delinquent.
HomeComings is a wholly-owned subsidiary of
RFC. HomeComings was awarded a "Special
Servicer" designation from Standard & Poor's
and Fitch IBCA, Inc. in March 1999.
TRUSTEE: Bank One, National Association.
CUSTODIAN: Norwest Bank Minnesota, National Association.
THE CERTIFICATES: Mortgage Loan Trust, Series 1999-RS4 will
issue 2 classes or 6 classes of senior
Certificates (the "Class A Certificates") and
multiple residual certificates (the "Class R
Certificates"). The Class R Certificates are
not being offered hereby.
<TABLE>
<CAPTION>
CHARACTERISTICS OF THE CERTIFICATES (A), (B), (C), (D), (E), (F)
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Original Pass- Avg Life Principal Principal Final Sch.
Offered Loan Principal Through To Call Lockout Window Maturity Ratings
Certificates Group Balance** Rate (years) (months) (months) Date (S&P/Fitch)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-I-1 I $59,330,000 Floating (g) 1.00 None 25 10/25/10 AAA / AAA
Class A-I-2 I $34,050,000 Fixed 3.00 24 25 11/25/14 AAA / AAA
Class A-I-3 I $21,900,000 Fixed 5.00 48 25 10/25/18 AAA / AAA
Class A-I-4 I $12,700,000 Fixed 7.00 72 24 9/25/23 AAA / AAA
Class A-I-5 I $17,508,000 Fixed 8.62 95 9 11/25/29 AAA / AAA
Class A-II II $17,868,000 Floating (h) 2.84 None 104 11/25/29 AAA / AAA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Bond balances subject to a 5% variance.
NOTES:
(a) THE ISSUER MAY ELECT TO ISSUE FIVE ("OPTION I") OR ONE ("OPTION II")
CLASS A-I CERTIFICATES.
(b) Pricing Prepayment Speed Assumption: Fixed Rate Mortgage Loans
(4% in month 1, ramping to 20% by month 15, and remaining constant
at 20% thereafter); Adjustable Rate Mortgage Loans (30% CPR).
(c) Transaction priced to 10% clean-up call.
(d) 100% P&I guaranty by Ambac.
(e) The coupon on the Class A-I-5 Certificates will increase by 0.50%,
if the 10% clean-up call is not exercised.
(f) The margin on the Class A-II Certificates will double if the 10%
clean-up call is not exercised.
(g) The lesser of (i) One-Month LIBOR plus 0._ % per annum and (ii) 11%.
(h) The lesser of (i) One-Month LIBOR plus 0._ % per annum and (ii) 14%,
subject to the Net WAC Cap Rate.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 2 OF 8)
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ASSETS OF THE TRUST: On the Closing Date, the assets of the Trust
are expected to include: (i) the Mortgage
Loans (namely, the Group I Mortgage Loans and
the Group II Mortgage Loans); (ii) such
assets as from time to time are identified as
deposited, in respect of the Mortgage Loans,
in the Custodial Account and in the
Certificate Account and belonging to the
Trust; (iii) property acquired by foreclosure
of such Mortgage Loans or deed in lieu of
foreclosure; (iv) any applicable Primary
Insurance Policies and standard hazard
insurance policies; (v) the Policy; (vi) the
Yield Maintenance Agreement and the Reserve
Fund; and (vii) all proceeds of the
foregoing.
CUT-OFF DATE: As of November 1, 1999.
SETTLEMENT DATE: On or about November 23, 1999.
DISTRIBUTION DATE: The 25th day of each month (or the next
succeeding business day), commencing December
27, 1999.
PASS-THROUGH RATE: With the exception of the Class A-I-1
Certificates and the Class A-II Certificates,
interest will accrue on such Certificates at
a fixed rate during the month prior to the
month of the related Distribution Date (or
from the Cut-off Date to the end of such
month in the case of the first Distribution
Date) on a 30/360-day basis.
With respect to any Distribution Date, the
Class A-I-1 Certificates and the Class A-II
Certificates will each be entitled to
interest accrued from and including the
preceding Distribution Date (or from and
including the Closing Date in the case of the
first Distribution Date) to and including the
day prior to the then current Distribution
Date at the related Pass-Through Rate on the
related Certificate principal balance on an
actual/360-day basis.
The coupon on the Class A-I-1 Certificates
will be equal to the lesser of (a) 1-month
LIBOR + [_._]% per annum and (b) [11]% per
annum, payable monthly.
On each Distribution Date, the Class A-II
Pass-Through Rate will be a per annum rate
equal to the lesser of (x) with respect to
any Distribution Date which occurs on or
prior to the Distribution Date after the
Optional Redemption Date, One-Month LIBOR
plus __% (the "Class A-II Spread"), and for
any Distribution Date thereafter, One-Month
LIBOR plus 2.0 times the Class A-II Spread,
and (y) 14%, subject to the Net WAC Cap Rate.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 3 OF 8)
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The Note Rate applicable to the Class A-I-5
Certificates will increase by 0.50% after the
Step-Up Date. The "Step-Up Date" is the first
Distribution Date after which the current
Pool Principal Balance declines to 10% or
less of the original Pool Principal Balance
of the Mortgage Loans.
PAYMENT DELAY: With the exception of the Class A-I-1
Certificates and the Class A-II Certificates,
the Certificates will have a payment delay of
24 days. With respect to the Class A-I-1
Certificates and the Class A-II Certificates,
0 days.
NET WAC CAP RATE: The "Net WAC Cap Rate" will be a per annum
rate equal to the weighted average Net
Mortgage Rate on the Group II Mortgage Loans
(calculated based on the number of days in
the preceding Interest Accrual Period). The
"Net Mortgage Rate" on each Group II Mortgage
Loan is equal to the Mortgage Rate thereon
minus the sum of (i) the rate per annum at
which the related master servicing and
subservicing fees accrue (the "Servicing Fee
Rate") and (ii) the Policy Premium Rate.
Interest that would be payable on the Class
A-II Certificates, if the Pass-Through Rate
were not limited to the Net WAC Cap Rate, may
be payable as described below under the
"Reserve Fund and Yield Maintenance
Agreement".
RESERVE FUND: On the Closing Date, the Trustee will
establish a reserve fund account (the
"Reserve Fund") to cover certain payments on
the Class A Certificates. In addition, on the
Closing Date, a Yield Maintenance Agreement
(as described herein) will be entered into
between Bear Stearns Financial Products Inc.
("BSFP") and the Trustee, as trustee, for the
benefit of the Certificate Insurer and the
Certificateholders. Pursuant to the Yield
Maintenance Agreement, on each Distribution
Date, an amount will be deposited into the
Reserve Fund equal to the amounts received
under the Yield Maintenance Agreements (the
"Reserve Fund Addition"). In addition, on any
Distribution Date for which the
Overcollateralization Amount is equal to the
Required Overcollateralization Amount and any
Basis Risk Shortfall Carry-Forward Amount
exists, which would not otherwise be covered
by amounts currently in the Reserve Fund, a
portion of the Net Monthly Excess Cash Flow
will be deposited in the Reserve Fund as
described herein.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 4 OF 8)
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Basis Risk Shortfall
Carry-Forward Amount: The "Basis Risk Shortfall Carry-Forward
Amount" is equal to the aggregate amount of
Basis Risk Shortfall on such Distribution
Date, plus any unpaid Basis Risk Shortfall
from prior Distribution Dates, plus interest
thereon to the extent previously unreimbursed
by amounts in the Reserve Fund.
On any Distribution Date on which the Class
A-II Certificates receive interest based on
the Net WAC Cap Rate, "Basis Risk Shortfall"
is equal to the excess, if any, of (a)
accrued Certificate interest on the Class
A-II Certificates calculated pursuant to the
lesser of (i) clause (x) of the definition of
Pass-Through Rate thereof and (ii) 14% over
(b) accrued Certificate interest on the Class
A-II Certificates calculated pursuant to the
Net WAC Cap Rate. Basis Risk Shortfall will
only be recoverable from the Reserve Fund,
including Net Monthly Excess Cash Flow to the
extent deposited in the Reserve Fund, and not
from the Policy or otherwise.
PRINCIPAL: TO THE EXTENT THE CLASS A-I CERTIFICATES ARE
NOT ISSUED AS A SINGLE CLASS PASS THRU, any
payments of principal allocable to the Class
A-I Certificates shall be paid to the Class
A-I-1 Certificates, the Class A-I-2
Certificates, the Class A-I-3 Certificates,
the Class A-I-4 Certificates, and the Class
A-I-5 Certificates, in that order, , until
the outstanding principal balance of each of
these Certificates has been reduced to zero.
All payments of principal allocable to the
Class A-II Certificates shall be paid to the
Class A-II Certificates until the outstanding
principal balance of the Class A-II
Certificates has been reduced to zero.
These amounts will be distributed
concurrently to the Class A-I Certificates
and the Class A-II Certificates, in each
case, allocated in proportion to the
percentage of the principal collections
derived from the related Mortgage Loan Group.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 5 OF 8)
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Priority of Distributions: On each Distribution Date, amounts
distributable to each Class of Class A
Certificateholders will be allocated in the
following order of priority:
1. To pay accrued interest due on the Class
A Certificates;
2. To pay principal to the holders of the
Class A Certificates in an amount equal
to scheduled principal and principal
prepayments received in respect of the
related Mortgage Loans;
3. To pay as principal to the Class A
Certificates an amount necessary to cover
Realized Losses on the Mortgage Loans;
4. To pay the Certificate Insurer the
accrued and unpaid premium for the
Policy, and any payments in connection
with the limited reimbursement agreement;
5. To pay permitted reimbursements to the
Certificate Insurer for prior draws on
the Policy;
6. To pay as additional principal on the
Class A Certificates, the amount of
Excess Spread (if any) necessary to bring
the amount of overcollateralization up to
the Required Overcollateralization
Amount;
7. To pay, if necessary, (1) through (6)
above with respect to the Class A
Certificates relating to the other
Mortgage Loan Group;
8. To the holder of the Class R
Certificates.
x On each Distribution Date, to the extent
required, the Trustee will withdraw from
amounts in the Reserve Fund to cover the
following items, in the following order:
1. To reimburse the Certificate Insurer
for any unreimbursed draws under the
Policy;
2. To pay the Class A Certificates to
cover Realized Losses on the Mortgage
Loans to the extent not covered by Net
Monthly Excess Spread.
In addition, if following any Distribution
Date, the sum of the Overcollateralization
Amount and the amount in the Reserve Fund is
greater than the Required
Overcollateralization Amount, such excess
will be paid from the Reserve Fund as
follows:
1. To pay the Class A-II Certificateholders
for any Basis Risk Shortfall
Carry-Forward Amount; and
2. To the holder of the Class R
Certificates.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 6 OF 8)
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Allocation of Losses: Realized Losses with respect to
each Mortgage Loan Group will not be
allocated to the related Class A
Certificates, to the extent covered as
follows:
1. By the amount of Excess Spread available;
2. By the amounts in the Reserve Fund
(including the current distribution under
the Yield Maintenance Agreements);
3. By the amount of excess spread or
overcollateralization available, if any,
with respect to the other Mortgage Loan
Group;
4. By decreasing the amount of
overcollateralization in the Trust.
To the extent not covered as described above,
Realized Losses on the Mortgage Loans will be
allocated to the Class A Certificates. Any
such loss will be covered by the Policy.
YIELD MAINTENANCE AGREEMENT: The Trust will benefit from a series of
interest rate cap payments pursuant to an
amortizing cap agreement (the "Yield
Maintenance Agreement") designed to partially
mitigate the interest rate risk that could
arise from the difference between the Class
A-II Pass-Through Rate and the weighted
average Net Mortgage Rates of the Fixed Rate
Mortgage Loans contained in Group II.
On each Distribution Date, payments under the
amortizing cap agreement on the Fixed Rate
Mortgage Loans contained in Group II will be
made relating to an amount equal the notional
balance of the Fixed Rate Mortgage Loans
contained in Group II, based on an
amortization schedule applying a constant 15%
CPR (the "Notional Balance"). The amount of
such payment will be equal to the product of
(a) 1/12th of the excess of (i) then-current
LIBOR over (ii) the applicable strike rate
and (b) the then-current Notional Balance.
It is anticipated that the Yield Maintenance
Agreements on the Fixed Rate Mortgage Loans
contained in Group II will have a strike rate
and maturity date pursuant the following
schedule:
Estimated
Months Strike Rate
------ -----------
1-24 [7.00]%
25-96 [8.00]%
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 7 OF 8)
- --------------------------------------------------------------------------------
Credit Enhancement: Credit enhancement with respect to the
Certificates will be provided by (1) excess
spread, (2) overcollateralization, (3)
cross-collateralization and (4) the Ambac
Insurance Policy.
EXCESS SPREAD: The interest due on the
Mortgage Loans is generally expected to be
higher than the interest due on the
Certificates and other fees and expenses of
the Trust, thus generating excess interest
collections ("Excess Spread"), which will be
available to fund distributions on the
Certificates, commencing with the
Distribution Date in January 2000. Such
amount can vary over time based on the
prepayment and default experience of the
Mortgage Loans. On each Distribution Date,
excess spread generated during the related
collection period will be available to cover
losses and build overcollateralization on
such Distribution Date.
RESERVE FUND: The Trustee will establish a
reserve fund (the "Reserve Fund") to make
certain payments on the Class A Certificates.
The Reserve Fund will generally be funded by
payments under the Yield Maintenance
Agreements. On each Distribution Date, the
Trustee will make draws from the Reserve
Fund, to the extent of funds available, to
cover (a) reimbursements to the Insurer; (b)
distributions to the Class A Certificates in
respect of any Realized Losses not covered by
Excess Spread; and (c) distributions to the
Class A Certificates to cover any Basis Risk
Shortfall.
CROSS-COLLATERALIZATION: Excess spread from
one Mortgage Loan Group will be available to
cover losses and build overcollateralization
in the other Mortgage Loan Group.
OVERCOLLATERALIZATION: The initial
overcollateralization amount will be equal to
[0.00]% of the Original Pool Principal
Balance on the Closing Date. Thereafter,
excess spread will be applied, to the extent
available, to make accelerated payments of
principal to the securities then entitled to
receive payments of principal; such
application will cause the aggregate
principal balance of the Certificates to
amortize more rapidly than the Mortgage
Loans, resulting in overcollateralization.
Prior to the Stepdown Date, the "Required
Overcollateralization Amount" will be equal
to [2.00]% of the original Pool Principal
Balance. On or after the Stepdown Date, the
"Required Overcollateralization Amount" will
be permitted, subject to certain performance
triggers being satisfied, to decrease to
[4.00]% of current Pool Principal Balance of
the Mortgage Loans, subject to a floor of
0.50% of the original Pool Principal Balance.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Preliminary Term Sheet (PAGE 8 OF 8)
- --------------------------------------------------------------------------------
AMBAC INSURANCE POLICY: Ambac Assurance
Corporation (the "Note Insurer") will
unconditionally and irrevocably guarantee:
(a) timely payment of interest, (b) the
amount of any losses not covered by excess
spread or overcollateralization, and (c) the
payment of principal on the Certificates by
no later than their respective final
scheduled maturity date. The Insurance Policy
is not revocable for any reason.
STEP DOWNDATE: The Stepdown Date is the Distribution Date
occurring on the later of:
(1) the Distribution Date in [May, 2002]
(i.e. on the [30]th Distribution Date);
and
(2) the first Distribution Date on which the
current Pool Principal Balance has been
reduced to an amount equal to 50% of the
original Pool Principal Balance.
COMPENSATING INTEREST: The Master Servicer will be required to cover
interest shortfalls as a result of principal
prepayments in full up to the lesser of (a)
one-twelfth of [_.__]% and (b) the sum of the
Master Servicing Fee payable to the Master
Servicer plus reinvestment income for such
distribution date.
SUBSERVICING FEE: With respect to each Mortgage Loan Group, the
Trust is subject to certain fees, including a
weighted average Subservicing Fee, as the
Cut-Off Date, of approximately [0.50]% per
annum, payable monthly.
ADVANCING: The Master Servicer will be obligated to
advance delinquent principal and interest
through the liquidation of REO or until
deemed unrecoverable.
OPTIONAL REDEMPTION: The Master Servicer may, at its option,
effect an early redemption or termination of
the Certificates on the first Distribution
Date after the Distribution Date on which the
current Pool Principal Balance declines to
10% or less of the original Pool Principal
Balance of the Mortgage Loans (the "Step-Up
Date").
OFFERING: The Certificates will be issued publicly from
a shelf registration.
FORM OF REGISTRATION: Book-entry form, same day funds through DTC,
Euroclear.
TAX STATUS: The Trust is expected to be a REMIC for tax
purposes.
ERISA ELIGIBILITY: The Certificates are not expected to be ERISA
eligible.
SMMEA TREATMENT: The Certificates will constitute "mortgage
related securities" for purposes of SMMEA.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Notes (PAGE 1 OF 5)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Option I: Multi-Class, Sequential, Conforming Fixed-Rate Certificates +
Single-Class, Nonconforming Adjustable-Rate Certificates
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b), (c), (d), (e)
- ----------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated Estimated
Pass- WAL to Modified Principal Principal
OFFERED Approximate Through Call Duration Lockout Window Ratings
NOTES Size** Rate (years) (years) (months) (months) (S&P/Fitch)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-I-1 $59,330,000 Floating (f) 1.00 0.94 None 25 AAA / AAA
CLASS A-I-2 $34,050,000 Fixed 3.00 2.61 24 25 AAA / AAA
CLASS A-I-3 $21,900,000 Fixed 5.00 4.04 48 25 AAA / AAA
CLASS A-I-4 $12,700,000 Fixed 7.00 5.25 72 24 AAA / AAA
CLASS A-I-5 $17,508,000 Fixed 8.62 6.06 95 9 AAA / AAA
CLASS A-II $17,868,000 Floating (g) 2.84 2.41 None 104 AAA / AAA
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Bond balances subject to a 5% variance
NOTES:
(a) Pricing Prepayment Speed Assumption: Fixed Rate Mortgage Loans (4% in
month 1, ramping to 20% by month 15, and remaining constant at 20%
thereafter); Adjustable Rate Mortgage Loans (30% CPR).
(b) Transaction priced to 10% clean-up call.
(c) 100% P&I guaranty by Ambac.
(d) The coupon on the Class A-I-5 Certificates will increase by 0.50%, if
the 10% clean-up call is not exercised.
(e) The margin on the Class A-II Certificates will double if the 10%
clean-up call is not exercised.
(f) The lesser of (i) One-Month LIBOR plus 0._ % per annum and (ii) 11%.
(g) The lesser of (i) One-Month LIBOR plus 0._ % per annum and (ii) 14%,
subject to the Net WAC Cap Rate.
<TABLE>
<CAPTION>
CLASS A-I-1 (TO MATURITY)
- ----------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.81 1.77 1.28 1.00 0.82 0.70
MODIFIED DURATION (YEARS) 4.63 1.61 1.19 0.94 0.78 0.66
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 5/25/10 9/25/03 8/25/02 12/25/01 7/25/01 4/25/01
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 126 46 33 25 20 17
ILLUSTRATIVE YIELD (30/360) 5.749% 5.748% 5.748% 5.749% 5.748% 5.750%
- ----------------------------------------------------------------------------------------------------------
CLASS A-I-2 (TO MATURITY)
- ----------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- ----------------------------------------------------------------------------------------------------------
Average Life (years) 12.49 5.35 3.89 3.00 2.41 2.00
MODIFIED DURATION (YEARS) 8.02 4.30 3.28 2.61 2.15 1.81
FIRST PRINCIPAL PAYMENT 5/25/10 9/25/03 8/25/02 12/25/01 7/25/01 4/25/01
LAST PRINCIPAL PAYMENT 5/25/14 12/25/06 2/25/05 12/25/03 2/25/03 7/25/02
PRINCIPAL LOCKOUT (MONTHS) 125 45 32 24 19 16
PRINCIPAL WINDOW (MONTHS) 49 40 31 25 20 16
ILLUSTRATIVE YIELD (30/360) 7.157% 7.106% 7.072% 7.035% 6.996% 6.954%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Notes (PAGE 2 OF 5)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Option I: Multi-Class, Sequential, Conforming Fixed-Rate Certificates +
Single-Class, Nonconforming Adjustable-Rate Certificates
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-I-3 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 16.79 8.55 6.40 5.00 4.04 3.34
MODIFIED DURATION (YEARS) 9.30 6.12 4.93 4.04 3.38 2.86
FIRST PRINCIPAL PAYMENT 5/25/14 12/25/06 2/25/05 12/25/03 2/25/03 7/25/02
LAST PRINCIPAL PAYMENT 8/25/18 2/25/10 8/25/07 12/25/05 10/25/04 12/25/03
PRINCIPAL LOCKOUT (MONTHS) 173 84 62 48 38 31
PRINCIPAL WINDOW (MONTHS) 52 39 31 25 21 18
ILLUSTRATIVE YIELD (30/360) 7.483% 7.455% 7.435% 7.413% 7.389% 7.363%
- -------------------------------------------------------------------------------------------------------------
CLASS A-I-4 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------
Average Life (years) 21.18 11.47 8.83 7.00 5.70 4.74
MODIFIED DURATION (YEARS) 10.20 7.41 6.22 5.25 4.47 3.85
FIRST PRINCIPAL PAYMENT 8/25/18 2/25/10 8/25/07 12/25/05 10/25/04 12/25/03
LAST PRINCIPAL PAYMENT 6/25/23 9/25/12 12/25/09 11/25/07 6/25/06 5/25/05
PRINCIPAL LOCKOUT (MONTHS) 224 122 92 72 58 48
PRINCIPAL WINDOW (MONTHS) 59 32 29 24 21 18
ILLUSTRATIVE YIELD (30/360) 7.672% 7.653% 7.640% 7.625% 7.608% 7.590%
- -------------------------------------------------------------------------------------------------------------
CLASS A-I-5 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------
Average Life (years) 26.58 16.53 13.26 10.84 8.99 7.57
MODIFIED DURATION (YEARS) 10.84 8.90 7.91 7.00 6.18 5.47
FIRST PRINCIPAL PAYMENT 6/25/23 9/25/12 12/25/09 11/25/07 6/25/06 5/25/05
LAST PRINCIPAL PAYMENT 12/25/28 1/25/26 7/25/21 9/25/17 11/25/14 10/25/12
PRINCIPAL LOCKOUT (MONTHS) 282 153 120 95 78 65
PRINCIPAL WINDOW (MONTHS) 67 161 140 119 102 90
ILLUSTRATIVE YIELD (30/360) 7.916% 7.948% 7.949% 7.953% 7.953% 7.949%
- -------------------------------------------------------------------------------------------------------------
CLASS A-I-5 (TO 10% CLEAN-UP CALL)
- -------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------
Average Life (years) 25.65 13.44 10.78 8.62 7.05 5.89
MODIFIED DURATION (YEARS) 10.73 8.05 7.05 6.06 5.24 4.56
FIRST PRINCIPAL PAYMENT 6/25/23 9/25/12 12/25/09 11/25/07 6/25/06 5/25/05
LAST PRINCIPAL PAYMENT 1/25/26 5/25/13 9/25/10 7/25/08 12/25/06 10/25/05
PRINCIPAL LOCKOUT (MONTHS) 282 153 120 95 78 65
PRINCIPAL WINDOW (MONTHS) 32 9 10 9 7 6
ILLUSTRATIVE YIELD (30/360) 7.910% 7.894% 7.885% 7.873% 7.859% 7.845%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Notes (PAGE 3 OF 5)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Option I: Multi-Class, Sequential, Conforming Fixed-Rate Certificates +
Single-Class, Nonconforming Adjustable-Rate Certificates
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-II (TO MATURITY)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIXED RATE LOANS (RAMP TO) 0% 10% 15% 20% 25% 30%
ADJUSTABLE RATE LOANS (FLAT CPR) 0% 20% 25% 30% 35% 40%
- ---------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 19.11 4.74 3.68 2.97 2.45 2.07
MODIFIED DURATION (YEARS) 10.46 3.65 2.97 2.48 2.10 1.81
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 9/25/29 7/25/23 2/25/19 10/25/15 2/25/13 2/25/11
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 358 284 231 191 159 135
ILLUSTRATIVE YIELD (30/360) 5.908% 5.912% 5.912% 5.914% 5.915% 5.916%
- ---------------------------------------------------------------------------------------------------------------
Class A-II (to 10% clean-up call)
- ---------------------------------------------------------------------------------------------------------------
FIXED RATE LOANS (RAMP TO) 0% 10% 15% 20% 25% 30%
ADJUSTABLE RATE LOANS (FLAT CPR) 0% 20% 25% 30% 35% 40%
- ---------------------------------------------------------------------------------------------------------------
Average Life (years) 18.59 4.55 3.54 2.84 2.34 1.97
MODIFIED DURATION (YEARS) 10.36 3.58 2.90 2.41 2.04 1.74
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 1/25/26 5/25/13 9/25/10 7/25/08 12/25/06 10/25/05
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 314 162 130 104 85 71
ILLUSTRATIVE YIELD (30/360) 5.905% 5.904% 5.904% 5.904% 5.904% 5.904%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Notes (PAGE 4 OF 5)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Option II: Single-Class, Conforming Fixed-Rate Certificates +
Single-Class, Nonconforming Adjustable-Rate Certificates
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b), (c), (d), (e)
- ---------------------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated Estimated
Pass- WAL to Modified Principal Principal
OFFERED Approximate Through Call Duration Lockout Window Ratings
NOTES Size** Rate (years) (years) (months) (months) (S&P/Fitch)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-I $145,488,000 Fixed 3.51 2.80 None 104 AAA / AAA
CLASS A-II $17,868,000 Floating (f) 2.84 2.41 None 104 AAA / AAA
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Bond balances subject to a 5% variance
NOTE:
(a) 100% Prepayment Assumption: Fixed Rate Mortgage Loans (4.0% CPR in
month 1, ramping to 20% CPR by month 15. On and after month 15, 20%
CPR); Adjustable Rate Mortgage Loans (30% CPR).
(b) Transaction priced to 10% clean-up call;
(c) 100% P&I guaranty by Ambac;
(d) The coupon on the Class A-I Certificates will increase by 0.50%, if
the 10% clean-up call is not exercised.
(e) The margin on the Class A-II Certificates will double if the 10%
clean-up call is not exercised.
(f) The lesser of (i) One-Month LIBOR plus 0._ % per annum and (ii) 14%,
subject to the Net WAC Cap Rate.
<TABLE>
<CAPTION>
CLASS A-I (TO MATURITY)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -----------------------------------------------------------------------------------------------------------
Average Life (years) 12.87 6.25 4.76 3.78 3.09 2.58
MODIFIED DURATION (YEARS) 7.25 4.32 3.51 2.92 2.48 2.13
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 12/25/28 1/25/26 7/25/21 9/25/17 11/25/14 10/25/12
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 349 314 260 214 180 155
ILLUSTRATIVE YIELD (30/360) 7.540% 7.505% 7.481% 7.457% 7.431% 7.401%
- -----------------------------------------------------------------------------------------------------------
CLASS A-I (TO 10% CLEAN-CALL)
- -----------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -----------------------------------------------------------------------------------------------------------
Average Life (years) 12.75 5.88 4.46 3.51 2.85 2.38
MODIFIED DURATION (YEARS) 7.24 4.20 3.39 2.80 2.36 2.02
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 1/25/26 5/25/13 9/25/10 7/25/08 12/25/06 10/25/05
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 314 162 130 104 85 71
ILLUSTRATIVE YIELD (30/360) 7.539% 7.489% 7.461% 7.429% 7.396% 7.360%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Notes (PAGE 5 OF 5)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OPTION II: SINGLE-CLASS, CONFORMING FIXED-RATE CERTIFICATES +
SINGLE-CLASS, NONCONFORMING ADJUSTABLE-RATE CERTIFICATES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-II (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIXED RATE LOANS (RAMP TO) 0% 10% 15% 20% 25% 30%
ADJUSTABLE RATE LOANS (FLAT CPR) 0% 20% 25% 30% 35% 40%
- --------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 19.11 4.74 3.68 2.97 2.45 2.07
MODIFIED DURATION (YEARS) 10.46 3.65 2.97 2.48 2.10 1.81
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 9/25/29 7/25/23 2/25/19 10/25/15 2/25/13 2/25/11
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 358 284 231 191 159 135
ILLUSTRATIVE YIELD (30/360) 5.908% 5.912% 5.912% 5.914% 5.915% 5.916%
- --------------------------------------------------------------------------------------------------------------
CLASS A-II (TO 10% CLEAN-UP CALL)
- --------------------------------------------------------------------------------------------------------------
FIXED RATE LOANS (RAMP TO) 0% 10% 15% 20% 25% 30%
ADJUSTABLE RATE LOANS (FLAT CPR) 0% 20% 25% 30% 35% 40%
- --------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.59 4.55 3.54 2.84 2.34 1.97
MODIFIED DURATION (YEARS) 10.36 3.58 2.90 2.41 2.04 1.74
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 1/25/26 5/25/13 9/25/10 7/25/08 12/25/06 10/25/05
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 314 162 130 104 85 71
ILLUSTRATIVE YIELD (30/360) 5.905% 5.904% 5.904% 5.904% 5.904% 5.904%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 1 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
TOTAL NUMBER OF LOANS: 1,427
INITIAL PRINCIPAL BALANCE: $145,488,025.05
AVERAGE LOAN BALANCE: $101,953.77
WA LOAN RATE: 11.62%
RANGE OF LOAN RATES: (9.50% - 14.96%)
WA REMAINING TERM (MONTHS): 231
RANGE OF REMAINING TERMS: (43 - 356)
WA ORIGINAL TERM (MONTHS): 240
RANGE OF ORIGINAL TERMS: (48 - 361)
CREDIT SCORE:
WA 633
< 640 53.77%
640 - 679 27.21%
680 - 719 13.54%
>= 720 5.48%
DEBT-TO-INCOME RATIO:
WA 42.60%
>45% 43.34%
LTV:
WA 103.42%
> 100% 98.89%
GEOGRAPHIC CONCENTRATION: OH 12.52%
(as a Percentage of Loan Type) MI 11.13%
(STATES NOT LISTED ACCOUNT FOR IN 8.50%
LESS THAN 5% OF THE AGGREGATE FL 6.16%
PRINCIPAL BALANCE OF THE CATEGORY) IL 5.60%
NY 5.38%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 2 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
LOAN RATES
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN RATES (%) LOANS PRINCIPAL BALANCE LOAN POOL
- --------------------------------------------------------------------------------
9.001 to 9.500 3 $269,629.64 0.19%
9.501 to 10.000 112 14,684,621.10 10.09%
10.001 to 10.500 127 15,753,572.23 10.83%
10.501 to 11.000 214 22,230,460.12 15.28%
11.001 to 11.500 111 9,262,819.64 6.37%
11.501 to 12.000 201 17,685,121.38 12.16%
12.001 to 12.500 297 28,813,934.95 19.81%
12.501 to 13.000 211 21,968,135.24 15.10%
13.001 to 13.500 80 7,978,197.86 5.48%
13.501 to 14.000 49 4,493,735.34 3.09%
14.001 to 14.500 16 1,619,445.82 1.11%
14.501 to 15.000 6 728,351.73 0.50%
----------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
ORIGINAL PRINCIPAL BALANCES
RANGE OF ORIGINAL NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- --------------------------------------------------
25,000.01 to 50,000.00 65 $2,868,549.87 1.97%
50,000.01 to 75,000.00 336 20,708,520.19 14.23%
75,000.01 to 100,000.00 360 30,582,147.72 21.02%
100,000.01 to 125,000.00 291 31,942,938.81 21.96%
125,000.01 to 150,000.00 177 23,769,632.05 16.34%
150,000.01 to 175,000.00 106 17,075,727.38 11.74%
175,000.01 to 200,000.00 50 9,245,327.25 6.35%
200,000.01 to 225,000.00 23 4,850,626.89 3.33%
225,000.01 to 250,000.00 18 4,169,064.76 2.87%
275,000.01 to 300,000.00 1 275,490.13 0.19%
-------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 3 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
CURRENT LOAN PRINCIPAL BALANCES
RANGE OF CURRENT NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- -------------------------------------------------
Up to $25,000.00 1 $6,484.28 0.00%
25,000.01 to 50,000.00 79 3,547,821.14 2.44%
50,000.01 to 75,000.00 346 21,829,051.59 15.00%
75,000.01 to 100,000.00 362 31,399,860.42 21.58%
100,000.01 to 125,000.00 276 30,796,179.57 21.17%
125,000.01 to 150,000.00 170 23,035,326.73 15.83%
150,000.01 to 175,000.00 110 17,893,519.80 12.30%
175,000.01 to 200,000.00 41 7,684,599.74 5.28%
200,000.01 to 225,000.00 24 5,072,900.12 3.49%
225,000.01 to 250,000.00 17 3,946,791.53 2.71%
275,000.01 to 300,000.00 1 275,490.13 0.19%
------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
LOAN-TO-VALUE RATIOS
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ------------------------------------------------
50.01 to 55.00 1 $68,614.87 0.05%
70.01 to 75.00 1 49,964.52 0.03%
80.01 to 85.00 1 97,460.51 0.07%
85.01 to 90.00 3 395,087.16 0.27%
90.01 to 95.00 2 138,878.99 0.10%
95.01 to 100.00 10 866,847.82 0.60%
100.01 to 105.00 1,299 134,172,974.82 92.22%
105.01 to 110.00 102 8,908,415.70 6.12%
110.01 to 115.00 2 212,910.78 0.15%
115.01 to 120.00 5 511,313.72 0.35%
125.01 to 130.00 1 65,556.16 0.05%
------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 4 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
MONTHS REMAINING TO MATURITY
MONTHS REMAINING NUMBER OF CUT-OFF DATE PERCENTAGE OF
TO MATURITY LOANS PRINCIPAL BALANCE LOAN POOL
-------------------------- -----------------------------------------------
1 to 96 35 $2,515,132.86 1.73%
97 to 108 22 1,753,774.19 1.21%
109 to 120 74 5,855,263.74 4.02%
121 to 144 28 2,990,100.81 2.06%
145 to 156 8 547,053.94 0.38%
157 to 168 158 13,903,215.41 9.56%
169 to 180 367 35,371,924.00 24.31%
181 to 288 380 41,352,069.67 28.42%
289 to 300 54 5,909,216.41 4.06%
301+ 301 35,290,274.02 24.26%
-----------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
YEAR OF ORIGINATION
NUMBER OF CUT-OFF DATE PERCENTAGE OF
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE LOAN POOL
-------------------------- ----------------------------------------------
1996 1 $56,308.79 0.04%
1997 23 1,495,468.07 1.03%
1998 620 62,557,652.97 43.00%
1999 783 81,378,595.22 55.93%
----------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
LIEN PRIORITY
NUMBER OF CUT-OFF DATE PERCENTAGE OF
LIEN PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
-------------------------- ----------------------------------------------
First Lien 1,427 $145,488,025.05 100.00%
----------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 5 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
STATE LOANS PRINCIPAL BALANCE LOAN POOL
- --------------------------------------------------------------------------
Ohio 190 $18,216,810.52 12.52%
Michigan 163 16,187,400.08 11.13%
Indiana 141 12,368,000.43 8.50%
Florida 86 8,958,152.26 6.16%
Illinois 59 8,141,507.87 5.60%
New York 71 7,831,685.37 5.38%
Georgia 70 7,114,448.98 4.89%
Arizona 70 6,740,711.06 4.63%
Pennsylvania 72 6,214,072.14 4.27%
Virginia 55 5,621,985.10 3.86%
Tennessee 56 5,121,221.22 3.52%
Oklahoma 54 4,743,946.96 3.26%
Kentucky 48 4,535,193.68 3.12%
California 29 4,202,755.96 2.89%
North Carolina 36 4,133,514.58 2.84%
New Jersey 29 3,739,528.72 2.57%
South Carolina 33 3,472,386.34 2.39%
Maryland 26 3,201,986.45 2.20%
Other < 2% 139 14,942,717.33 10.27%
-----------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 6 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
MORTGAGED PROPERTY TYPES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- ---------------------- ---------------------------------------------------
Single Family Residence 1,276 $129,557,575.47 89.05%
Multifamily (2-4) 37 4,489,771.39 3.09%
Townhouse 34 3,078,114.93 2.12%
PUD 22 2,997,667.74 2.06%
Manufactured Housing 31 2,813,392.95 1.93%
Condo 27 2,551,502.57 1.75%
-----------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
LOAN PURPOSE
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PURPOSE LOANS PRINCIPAL BALANCE LOAN POOL
- ---------------------- ---------------------------------------------------
Equity Refi 1,249 $126,217,650.23 86.75%
Rate/Term Refi 140 15,388,899.77 10.58%
Purchase 38 3,881,475.05 2.67%
-----------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
DEBT-TO-INCOME RATIO
NUMBER OF CUT-OFF DATE PERCENTAGE OF
DEBT-TO-INCOME RATIO (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ---------------------------------------------------------------------------
NA 2 $230,293.60 0.16%
5.01 to 20.00 3 225,207.24 0.15%
10.01 to 25.00 6 402,791.66 0.28%
15.01 to 20.00 41 2,866,148.32 1.97%
20.01 to 25.00 75 6,105,023.17 4.20%
25.01 to 30.00 129 12,184,045.06 8.37%
30.01 to 35.00 186 17,955,891.53 12.34%
35.01 to 40.00 196 19,241,172.22 13.23%
40.01 to 45.00 217 23,220,788.13 15.96%
45.01 to 50.00 199 21,039,786.86 14.46%
50.01 to 55.00 187 20,720,931.07 14.24%
55.01+ 186 21,295,946.19 14.64%
-----------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 7 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
CREDIT SCORES
RANGE OF NUMBER CUT-OFF DATE PERCENTAGE OF
CREDIT SCORES LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ------------------------------------------------
Up to 479 16 $983,556.10 0.68%
480 - 499 9 834,458.77 0.57%
500 - 519 27 2,452,786.79 1.69%
520 - 539 50 4,916,598.11 3.38%
540 - 559 61 6,407,572.79 4.40%
560 - 579 86 8,140,931.05 5.60%
580 - 599 142 13,568,006.20 9.33%
600 - 619 169 17,911,832.15 12.31%
620 - 639 229 23,019,105.60 15.82%
640 - 659 201 19,412,620.34 13.34%
660 - 679 182 20,167,877.35 13.86%
680 - 699 112 11,626,250.42 7.99%
700 - 719 73 8,073,838.82 5.55%
720 - 739 40 4,549,019.40 3.13%
740 - 759 21 2,327,628.64 1.60%
760 - 779 5 514,729.17 0.35%
780 - 799 4 581,213.35 0.40%
-----------------------------------------------------
TOTAL 1,427 $145,488,025.05 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 8 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II
- ----------------------
TOTAL NUMBER OF LOANS: 100
INITIAL PRINCIPAL BALANCE: $17,868,180.14
AVERAGE LOAN BALANCE: $178,868.18
WA LOAN RATE: 9.26%
RANGE OF LOAN RATES: (7.00% - 12.77%)
WA REMAINING TERM (MONTHS): 323
RANGE OF REMAINING TERMS: (110 - 360)
WA ORIGINAL TERM (MONTHS): 327
RANGE OF ORIGINAL TERMS: (120 - 360)
CREDIT SCORE:
WA 633
< 640 52.98%
640 - 679 26.59%
680 - 719 15.40%
>= 720 5.03%
DEBT-TO-INCOME RATIO:
WA 44.87%
>45% 13.19%
LTV:
WA 100.74%
> 100% 63.34%
GEOGRAPHIC CONCENTRATION: MI 8.23%
(as a Percentage of Loan Type) WI 8.18%
(STATES NOT LISTED ACCOUNT FOR NY 7.44%
LESS THAN 5% OF THE AGGREGATE IL 6.63%
PRINCIPAL BALANCE OF THE CATEGORY) CO 6.49%
MD 6.17%
GA 5.09%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 9 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP I
- ---------------------
LOAN RATES
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN RATES (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ------------------------------------------------
6.501 to 7.000 1 $137,387.29 0.77%
7.001 to 7.500 15 2,472,928.90 13.84%
7.501 to 8.000 15 2,089,302.24 11.69%
8.001 to 8.500 18 3,131,964.74 17.53%
8.501 to 9.000 9 1,298,093.58 7.26%
9.001 to 9.500 9 1,539,886.12 8.62%
9.501 to 10.000 9 1,954,745.33 10.94%
10.001 to 10.500 15 2,983,952.46 16.70%
10.501 to 11.000 3 694,803.62 3.89%
11.001 to 11.500 3 741,232.38 4.15%
12.001 to 12.500 1 266,061.33 1.49%
12.501 to 13.000 2 557,822.15 3.12%
-----------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
ORIGINAL PRINCIPAL BALANCES
RANGE OF ORIGINAL NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- --------------------------------------------------
$75,000,00 to $100,000.00 2 $192,764.03 1.08%
100,000.01 to 125,000.00 13 1,447,098.59 8.10%
125,000.01 to 150,000.00 29 3,982,618.84 22.29%
150,000.01 to 175,000.00 13 2,124,449.36 11.89%
175,000.01 to 200,000.00 11 2,039,812.76 11.42%
200,000.01 to 225,000.00 8 1,699,599.37 9.51%
225,000.01 to 250,000.00 5 1,193,870.13 6.68%
250,000.01 to 275,000.00 12 3,057,564.74 17.11%
275,000.01 to 300,000.00 5 1,406,019.86 7.87%
350,000.01 to 375,000.00 2 724,382.46 4.05%
-------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 10 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II
- ----------------------
CURRENT PRINCIPAL BALANCES
RANGE OF CURRENT NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
------------------------- ----------------------------------------------
$75,000,00 to $100,000.00 2 $192,764.03 1.08%
100,000.01 to 125,000.00 14 1,571,763.00 8.80%
125,000.01 to 150,000.00 28 3,857,954.43 21.59%
150,000.01 to 175,000.00 13 2,124,449.36 11.89%
175,000.01 to 200,000.00 11 2,039,812.76 11.42%
200,000.01 to 225,000.00 8 1,699,599.37 9.51%
225,000.01 to 250,000.00 8 1,924,221.89 10.77%
250,000.01 to 275,000.00 9 2,327,212.98 13.02%
275,000.01 to 300,000.00 5 1,406,019.86 7.87%
350,000.01 to 375,000.00 2 724,382.46 4.05%
--------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
LOAN-TO-VALUE RATIOS
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE LOAN POOL
------------------------- ----------------------------------------------
65.01 to 70.00 1 $115,000.00 0.64%
70.01 to 75.00 3 394,813.55 2.21%
75.01 to 80.00 2 255,166.97 1.43%
80.01 to 85.00 4 565,257.32 3.16%
85.01 to 90.00 12 2,024,438.50 11.33%
90.01 to 95.00 10 1,494,171.24 8.36%
95.01 to 100.00 11 1,701,910.41 9.52%
100.01 to 105.00 28 6,373,160.25 35.67%
105.01 to 110.00 14 2,466,066.08 13.80%
110.01 to 115.00 8 1,358,610.26 7.60%
115.01 to 120.00 4 570,105.64 3.19%
120.01 to 125.00 1 172,664.92 0.97%
125.01 to 130.00 2 376,815.00 2.11%
---------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 11 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II
- ----------------------
MONTHS REMAINING TO MATURITY
MONTHS REMAINING NUMBER OF CUT-OFF DATE PERCENTAGE OF
TO MATURITY LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- -------------------------------------------------
109 to 120 2 $591,729.83 3.31%
121 to 144 2 508,388.18 2.85%
169 to 180 2 492,575.40 2.76%
181 to 288 7 1,794,762.88 10.04%
289 to 300 1 244,900.22 1.37%
301+ 86 14,235,823.63 79.67%
-----------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
YEAR OF ORIGINATION
NUMBER OF CUT-OFF DATE PERCENTAGE OF
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- -------------------------------------------------
1998 7 $1,888,754.03 10.57%
1999 93 15,979,426.11 89.43%
-----------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
LIEN PRIORITY
NUMBER OF CUT-OFF DATE PERCENTAGE OF
LIEN PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ---------------------------------------------
First Lien 100 $17,868,180.14 100.00%
---------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 12 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II
- ----------------------
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
STATE LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- -------------------------------------------------
Michigan 9 $1,471,203.50 8.23%
Wisconsin 8 1,462,161.05 8.18%
New York 6 1,330,208.06 7.44%
Illinois 7 1,184,742.89 6.63%
Colorado 5 1,159,370.65 6.49%
Maryland 4 1,102,828.39 6.17%
Georgia 4 908,812.70 5.09%
California 3 786,884.28 4.40%
Florida 5 779,885.59 4.36%
Ohio 5 755,805.73 4.23%
Indiana 4 639,468.70 3.58%
Virginia 2 463,123.57 2.59%
Missouri 3 457,204.92 2.56%
Nevada 2 442,731.63 2.48%
Pennsylvania 3 422,308.22 2.36%
North Carolina 3 408,244.72 2.28%
Indiana 2 361,993.65 2.03%
Texas 3 358,628.88 2.01%
Others < 2 % 22 3,372,573.01 18.87%
-----------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 13 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II
- ----------------------
MORTGAGED PROPERTY TYPES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ------------------------------------------------
Single Family Residence 98 $17,593,640.38 98.46%
PUD 2 274,539.76 1.54%
-------------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
LOAN PURPOSE
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PURPOSE LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- --------------------------------------------------
Rate / Term Refi 81 $12,897,312.16 72.18%
Equity Refi 19 4,970,867.98 27.82%
-----------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
DEBT-TO-INCOME RATIO
NUMBER OF CUT-OFF DATE PERCENTAGE OF
DEBT-TO-INCOME RATIO (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ---------------------------------------------------------------------------
NA 81 $12,852,983.04 71.93%
25.01 to 30.00 2 499,935.52 2.80%
30.01 to 35.00 3 756,979.94 4.24%
35.01 to 40.00 3 883,935.46 4.95%
40.01 to 45.00 2 516,745.79 2.89%
45.01 to 50.00 3 817,752.25 4.58%
50.01 to 55.00 1 258,540.32 1.45%
55.01+ 5 1,281,307.82 7.17%
-----------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 14 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II
- ----------------------
CREDIT SCORES
RANGE OF NUMBER CUT-OFF DATE PERCENTAGE OF
CREDIT SCORES LOANS PRINCIPAL BALANCE LOAN POOL
------------------------- -----------------------------------------------
Up to 479 1 $111,253.64 0.62%
480 - 499 2 319,698.04 1.79%
500 - 519 4 619,293.58 3.47%
520 - 539 3 553,145.24 3.10%
540 - 559 6 921,531.23 5.16%
560 - 579 2 217,157.82 1.22%
580 - 599 10 1,710,072.62 9.57%
600 - 619 12 2,084,411.30 11.67%
620 - 639 16 2,931,292.00 16.41%
640 - 659 14 2,505,050.21 14.02%
660 - 679 12 2,245,712.61 12.57%
680 - 699 9 1,580,113.07 8.84%
700 - 719 5 1,171,389.36 6.56%
720 - 739 2 434,699.01 2.43%
740 - 759 1 263,657.89 1.48%
760 - 779 1 199,702.52 1.12%
-----------------------------------------------------
TOTAL 100 $17,868,180.14 100.00%
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 15 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- -----------------------------------
TOTAL NUMBER OF LOANS: 81
INITIAL PRINCIPAL BALANCE: $12,852,983.04
AVERAGE LOAN BALANCE: $158,678.80
WA LOAN RATE: 8.71%
RANGE OF LOAN RATES: (7.00% - 11.50%)
INDEX: 1-YR CMT
WA MARGIN: 6.127%
WA INITIAL PERIODIC CAP: 1.877%
WA PERIODIC CAP: 2.000%
WA NEXT RATE CHANGE DATE: 10 months
WA RATE RESET FREQUENCY: 12 MONTHS
WA REMAINING TERM (MONTHS): 358
RANGE OF REMAINING TERMS: (353 - 360)
WA ORIGINAL TERM (MONTHS): 360
RANGE OF ORIGINAL TERMS: (360 - 360)
CREDIT SCORE:
WA 618
< 640 65.55%
640 - 679 23.08%
680 - 719 8.40%
>= 720 2.97%
LTV:
WA 99.01%
> 100% 49.03%
GEOGRAPHIC CONCENTRATION: MI 11.45%
(as a Percentage of Loan Type) WI 9.15%
(STATES NOT LISTED ACCOUNT FOR IL 7.17%
LESS THAN 5% OF THE AGGREGATE CO 6.81%
PRINCIPAL BALANCE OF THE CATEGORY)
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 16 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
LOAN RATES
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN RATES (%) LOANS PRINCIPAL BALANCE LOAN POOL
- -----------------------------------------------------------------------------
6.501 to 7.000 1 $137,387.29 1.07%
7.001 to 7.500 15 2,472,928.90 19.24%
7.501 to 8.000 15 2,089,302.24 16.26%
8.001 to 8.500 18 3,131,964.74 24.37%
8.501 to 9.000 9 1,298,093.58 10.10%
9.001 to 9.500 9 1,539,886.12 11.98%
9.501 to 10.000 4 659,123.63 5.13%
10.001 to 10.500 8 1,111,636.45 8.65%
10.501 to 11.000 1 187,964.77 1.46%
11.001 to 11.500 1 224,695.32 1.75%
--------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
ORIGINAL LOAN PRINCIPAL BALANCES
RANGE OF ORIGINAL NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- -------------------------------------------------
$75,000.00 to $100,000.00 2 $192,764.03 1.50%
100,000.01 to 125,000.00 13 1,447,098.59 11.26%
125,000.01 to 150,000.00 29 3,982,618.84 30.99%
150,000.01 to 175,000.00 13 2,124,449.36 16.53%
175,000.01 to 200,000.00 11 2,039,812.76 15.87%
200,000.01 to 225,000.00 8 1,699,599.37 13.22%
225,000.01 to 250,000.00 2 471,830.05 3.67%
250,000.01 to 275,000.00 2 523,834.92 4.08%
350,000.01 to 375,000.00 1 370,975.12 2.89%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 17 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
CURRENT LOAN PRINCIPAL BALANCES
RANGE OF CURRENT NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ----------------------------------------------
$75,000.00 to $100,000.00 2 $192,764.03 1.50%
100,000.01 to 125,000.00 14 1,571,763.00 12.23%
125,000.01 to 150,000.00 28 3,857,954.43 30.02%
150,000.01 to 175,000.00 13 2,124,449.36 16.53%
175,000.01 to 200,000.00 11 2,039,812.76 15.87%
200,000.01 to 225,000.00 8 1,699,599.37 13.22%
225,000.01 to 250,000.00 2 471,830.05 3.67%
250,000.01 to 275,000.00 2 523,834.92 4.08%
350,000.01 to 375,000.00 1 370,975.12 2.89%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
LOAN-TO-VALUE RATIOS
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ----------------------------------------------
65.01 to 70.00 1 $115,000.00 0.89%
70.01 to 75.00 3 394,813.55 3.07%
75.01 to 80.00 2 255,166.97 1.99%
80.01 to 85.00 4 565,257.32 4.40%
85.01 to 90.00 12 2,024,438.50 15.75%
90.01 to 95.00 10 1,494,171.24 11.63%
95.01 to 100.00 11 1,701,910.41 13.24%
100.01 to 105.00 12 2,129,411.89 16.57%
105.01 to 110.00 12 1,937,722.12 15.08%
110.01 to 115.00 8 1,358,610.26 10.57%
115.01 to 120.00 4 570,105.64 4.44%
120.01 to 125.00 1 172,664.92 1.34%
125.00 to 130.00 1 133,710.22 1.04%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 18 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
MONTHS REMAINING TO MATURITY
MONTHS REMAINING NUMBER OF CUT-OFF DATE PERCENTAGE OF
TO MATURITY LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- -----------------------------------------------
301+ 81 $12,852,983.04 100.00%
-----------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
YEAR OF ORIGINATION
NUMBER OF CUT-OFF DATE PERCENTAGE OF
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- -----------------------------------------------
1999 81 $12,852,983.04 100.00%
---------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
LIEN PRIORITY
NUMBER OF CUT-OFF DATE PERCENTAGE OF
LIEN PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ----------------------------------------------
First Lien 81 $12,852,983.04 100.00%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 19 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
STATE LOANS PRINCIPAL BALANCE LOAN POOL
- ---------------------------------------------------------------------
Michigan 9 $1,471,203.50 11.45%
Wisconsin 7 1,175,640.81 9.15%
Illinois 6 921,085.00 7.17%
Colorado 4 875,907.75 6.81%
Indiana 4 639,468.70 4.98%
Florida 4 534,985.37 4.16%
Ohio 4 502,054.78 3.91%
Missouri 3 457,204.92 3.56%
New York 3 455,704.09 3.55%
Nevada 2 442,731.63 3.44%
Pennsylvania 3 422,308.22 3.29%
North Carolina 3 408,244.72 3.18%
Others < 2 % 29 4,546,443.55 35.37%
-------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 20 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
MORTGAGED PROPERTY TYPES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- -------------------------------------------------
Single Family Residence 79 $12,578,443.28 97.86%
PUD 2 274,539.76 2.14%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
LOAN PURPOSE
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PURPOSE LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- -------------------------------------------------
Rate / Term Refi 80 $12,652,581.87 98.44%
Equity Refi 1 200,401.17 1.56%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
DEBT-TO-INCOME RATIO
NUMBER OF CUT-OFF DATE PERCENTAGE OF
DEBT-TO-INCOME RATIO (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------ -----------------------------------------------
NA 81 $12,852,983.04 100.00%
--------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 21 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
CREDIT SCORES
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
CREDIT SCORES LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ----------------------------------------------
0 - 479 1 $111,253.64 0.87%
480 - 499 2 319,698.04 2.49%
500 - 519 4 619,293.58 4.82%
520 - 539 3 553,145.24 4.30%
540 - 559 5 683,208.74 5.32%
560 - 579 2 217,157.82 1.69%
580 - 599 10 1,710,072.62 13.30%
600 - 619 11 1,839,511.08 14.31%
620 - 639 14 2,372,032.45 18.46%
640 - 659 10 1,476,470.14 11.49%
660 - 679 9 1,490,316.56 11.60%
680 - 699 6 814,265.52 6.34%
700 - 719 2 265,400.45 2.06%
720 - 739 1 181,454.64 1.41%
760 - 779 1 199,702.52 1.55%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
NEXT RATE CHANGE DATE
NUMBER OF CUT-OFF DATE PERCENTAGE OF
DATE LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- --------------------------------------------------
April 2000 1 $133,466.33 1.04%
May 2000 3 429,574.13 3.34%
June 2000 6 715,303.91 5.57%
July 2000 5 861,202.92 6.70%
August 2000 13 1,884,124.85 14.66%
September 2000 19 2,835,472.17 22.06%
October 2000 28 4,958,388.73 38.58%
November 2000 6 1,035,450.00 8.06%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 22 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (ARMS ONLY)
- ----------------------------------
MARGINS
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
MARGINS LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ----------------------------------------------
4.000 - 4.499 2 $322,568.12 2.51%
4.500 - 4.999 3 464,160.00 3.61%
5.000 - 5.499 13 2,144,596.50 16.69%
5.500 - 5.999 17 2,313,004.46 18.00%
6.000 - 6.499 19 2,994,067.11 23.29%
6.500 - 6.999 12 1,880,667.75 14.63%
7.000 - 7.499 8 1,497,261.25 11.65%
7.500 - 7.999 6 1,081,344.86 8.41%
8.500 - 8.999 1 155,312.99 1.21%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
LIFETIME CAP
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LIFETIME CAP LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ----------------------------------------------
13.000 - 13.499 1 $137,387.29 1.07%
13.500 - 13.999 15 2,472,928.90 19.24%
14.000 - 14.499 15 2,089,302.24 16.26%
14.500 - 14.999 18 3,131,964.74 24.37%
15.000 - 15.499 9 1,298,093.58 10.10%
15.500 - 15.999 10 1,702,287.81 13.24%
16.000 - 16.499 4 628,015.37 4.89%
16.500 - 16.999 8 1,168,307.79 9.09%
17.500 - 17.999 1 224,695.32 1.75%
-----------------------------------------------------
TOTAL 81 $12,852,983.04 100.00%
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 23 OF 27)
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (FIXED RATE MORTGAGE LOANS ONLY)
- -------------------------------------------------------
TOTAL NUMBER OF LOANS: 19
INITIAL PRINCIPAL BALANCE: $5,015,197.10
AVERAGE LOAN BALANCE: $263,957.74
WA LOAN RATE: 10.67%
RANGE OF LOAN RATES: (9.55% - 12.77%)
WA REMAINING TERM (MONTHS): 235
RANGE OF REMAINING TERMS: (110 - 353)
WA ORIGINAL TERM (MONTHS): 244
RANGE OF ORIGINAL TERMS: (120 - 360)
CREDIT SCORE:
WA 670
< 640 20.79%
640 - 679 35.57%
680 - 719 33.34%
>= 720 10.31%
DEBT-TO-INCOME RATIO:
WA 44.87%
>45% 47.01%
LTV:
WA 105.15%
> 100% 100.00%
GEOGRAPHIC CONCENTRATION: NY 17.44%
(as a Percentage of Loan Type) CA 15.69%
(STATES NOT LISTED ACCOUNT FOR MD 14.59%
LESS THAN 10% OF THE AGGREGATE GA 10.57%
PRINCIPAL BALANCE OF THE CATEGORY)
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 24 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (FIXED RATE MORTGAGE LOANS ONLY)
- -------------------------------------------------------
LOAN RATES
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN RATES (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- -------------------------------------------------
9.501 to 10.000 5 $1,295,621.70 25.83%
10.001 to 10.500 7 1,872,316.01 37.33%
10.501 to 11.000 2 506,838.85 10.11%
11.001 to 11.500 2 516,537.06 10.30%
12.001 to 12.500 1 266,061.33 5.31%
12.501 to 13.000 2 557,822.15 11.12%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
ORIGINAL LOAN PRINCIPAL BALANCES
RANGE OF ORIGINAL NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ----------------------------------------------------
$225,000.01 to $250,000.00 3 $722,040.08 14.40%
250,000.01 to 275,000.00 10 2,533,729.82 50.52%
275,000.01 to 300,000.00 5 1,406,019.86 28.04%
350,000.01 to 375,000.00 1 353,407.34 7.05%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
CURRENT LOAN PRINCIPAL BALANCES
RANGE OF CURRENT NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN AMOUNTS LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ----------------------------------------------------
$225,000.01 to $250,000.00 6 $1,452,391.84 28.96%
250,000.01 to 275,000.00 7 1,803,378.06 35.96%
275,000.01 to 300,000.00 5 1,406,019.86 28.04%
350,000.01 to 375,000.00 1 353,407.34 7.05%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 25 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (FIXED RATE MORTGAGE LOANS ONLY)
- -------------------------------------------------------
LOAN-TO-VALUE RATIOS
RANGE OF NUMBER OF CUT-OFF DATE PERCENTAGE OF
LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ---------------------------------------------
100.01 to 105.00 16 $4,243,748.36 84.62%
105.01 to 110.00 2 528,343.96 10.53%
125.01 to 130.00 1 243,104.78 4.85%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
MONTHS REMAINING TO MATURITY
MONTHS REMAINING NUMBER OF CUT-OFF DATE PERCENTAGE OF
TO MATURITY LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ---------------------------------------------
109 to 120 2 $591,729.83 11.80%
121 to 144 2 508,388.18 10.14%
169 to 180 2 492,575.40 9.82%
181 to 288 7 1,794,762.88 35.79%
289 to 300 1 244,900.22 4.88%
301+ 5 1,382,840.59 27.57%
---------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
YEAR OF ORIGINATION
NUMBER OF CUT-OFF DATE PERCENTAGE OF
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE LOAN POOL
- ------------------------- ---------------------------------------------
1998 7 $1,888,754.03 37.66%
1999 12 3,126,443.07 62.34%
---------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 26 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
MORTGAGE LOAN GROUP II (FIXED RATE MORTGAGE LOANS ONLY)
- -------------------------------------------------------
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
STATE LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ------------------------------------------------
New York 3 $874,503.97 17.44%
California 3 786,884.28 15.69%
Maryland 3 731,853.27 14.59%
Georgia 2 530,021.54 10.57%
Wisconsin 1 286,520.24 5.71%
Colorado 1 283,462.90 5.65%
Virginia 1 278,214.57 5.55%
Illinois 1 263,657.89 5.26%
Ohio 1 253,750.95 5.06%
Florida 1 244,900.22 4.88%
Oregon 1 243,104.78 4.85%
New Jersey 1 238,322.49 4.75%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
MORTGAGED PROPERTY TYPES
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- -----------------------------------------------
Single Family Residence 19 $5,015,197.10 100.00%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
LOAN PURPOSE
NUMBER OF CUT-OFF DATE PERCENTAGE OF
PURPOSE LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ------------------------------------------------
Equity Refi 18 $4,770,466.81 95.12%
Rate / Term Refi 1 244,730.29 4.88%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
RESIDENTIAL FUNDING CORPORATION
RASC 1999-RS4
Computational Materials: Information Relating to the Collateral (PAGE 27 OF 27)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- --------------------------------------------------------------------------------
Mortgage Loan Group II (Fixed Rate Mortgage Loans Only)
LIEN PRIORITY
NUMBER OF CUT-OFF DATE PERCENTAGE OF
LIEN PROPERTY LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ----------------------------------------------
First Lien 19 $5,015,197.10 100.00%
----------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
DEBT-TO-INCOME RATIO
NUMBER OF CUT-OFF DATE PERCENTAGE OF
DEBT-TO-INCOME RATIO (%) LOANS PRINCIPAL BALANCE LOAN POOL
- ----------------------------------------------------------------------------
25.01 to 30.00 2 $499,935.52 9.97%
30.01 to 35.00 3 756,979.94 15.09%
35.01 to 40.00 3 883,935.46 17.63%
40.01 to 45.00 2 516,745.79 10.30%
45.01 to 50.00 3 817,752.25 16.31%
50.01 to 55.00 1 258,540.32 5.16%
55.01+ 5 1,281,307.82 25.55%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
CREDIT SCORES
RANGE OF NUMBER CUT-OFF DATE PERCENTAGE OF
CREDIT SCORES LOANS PRINCIPAL BALANCE LOAN POOL
- -------------------------- ----------------------------------------------
540 - 559 1 $238,322.49 4.75%
600 - 619 1 244,900.22 4.88%
620 - 639 2 559,259.55 11.15%
640 - 659 4 1,028,580.07 20.51%
660 - 679 3 755,396.05 15.06%
680 - 699 3 765,847.55 15.27%
700 - 719 3 905,988.91 18.06%
720 - 739 1 253,244.37 5.05%
740 - 759 1 263,657.89 5.26%
-----------------------------------------------------
TOTAL 19 $5,015,197.10 100.00%
