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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): February 24, 2000
RESIDENTIAL ACCREDIT LOANS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-72661 51-0368240
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (612) 832-7000
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Item 5. Other Events.
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Filing of Computational Materials
On February 29, 2000, the Registrant will cause the issuance and sale of
approximately $218,881,934 initial principal amount of Mortgage Asset- Backed
Pass-Through Certificates, Series 2000-QS2, Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class R-I, Class R-II, Class A-P,
Class IO, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates (the "Certificates") pursuant to the Series Supplement, dated as of
February 1, 2000, and the Standard Terms of Pooling and Servicing Agreement,
dated as of December 1, 1999 (collectively, the "Pooling and Servicing
Agreement"), among the Registrant, Residential Funding Corporation, as Master
Servicer, and Bankers Trust Company, as Trustee.
In connection with the expected sale of the Series 2000-QS2 Class A-1
through Class A-7 Certificates, Class R-I, Class R-II, Class M-1, Class M-2 and
Class M-3 Certificates, other than a de minimis portion of the Class R-I and
Class R-II Certificates, (the "Underwritten Certificates") to Bear, Stearns &
Co. Inc. (the "Underwriter"), the Registrant has been advised by the Underwriter
that the Underwriter has furnished to prospective investors certain yield tables
and other computational materials (the "Computational Materials") with respect
to the Underwritten Certificates following the effective date of Registration
Statement No. 333-72661, which Computational Materials are being filed as
exhibits to this report.
The Computational Materials have been provided by the Underwriter. The
information in the Computational Materials is preliminary and may be superseded
by the Prospectus Supplement relating to the Certificates and by any other
information subsequently filed with the Securities and Exchange Commission.
The Underwriter has advised the Registrant that certain information in the
Computational Materials may have been based on assumptions that differed from
the final pool information.
The Computational Materials were prepared by the Underwriter at the
request of certain prospective investors, based on assumptions provided by, and
satisfying the special requirements of, such prospective investors. The
Computational Materials may be based on assumptions that differ from the
assumptions set forth in the Prospectus Supplement. The Computational Materials
may not include, and do not purport to include, information based on assumptions
representing a complete set of possible scenarios. Accordingly, the
Computational Materials may not be relevant to or appropriate for investors
other than those specifically requesting them.
In addition, the actual characteristics and performances of the mortgage
loans underlying the Underwritten Certificates (the "Mortgage Loans") may differ
from the assumptions used in the Computational Materials, which are hypothetical
in nature and which were provided to certain investors only to give a general
sense of how the yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of a particular class of Underwritten
Certificates might vary under varying prepayment and other scenarios. Any
difference between such assumptions and the actual characteristics and
performance of the
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Mortgage Loans will affect the actual yield, average life, duration, expected
maturity, interest rate sensitivity and cash flow characteristics of a
particular class of Underwritten Certificates.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Financial Statements
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit Item 601(a) of Regulation S-K
Number Exhibit No. Description
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1 99 Computational Materials
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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.
RESIDENTIAL ACCREDIT LOANS, INC.
By: /s/ Timothy G. Pillar
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Name: Timothy G. Pillar
Title: Vice President
Dated: February 24, 2000
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EXHIBIT INDEX
Item 601(a) Sequentially
Exhibit of Regulation S-K Numbered
Number Exhibit No. Description Page
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1 99 Computational Materials 6
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EXHIBIT
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class A (A-1 ) _ Prorata(AA) p
Orig Bal 15,000,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche A(A-1 )
CLOSE-00QS2/V100
prepay
losses
Price 1.25 Avg. Life
03/00 1st Prin
07/02 Last Prin
<S> <C> <C>
99:31 7.47 Yield
1.14 Duration
100: 3 7:36 Yield
1:14 Duration
100: 7 7:25 Yield
1:14 Duration
100:11 7:15 Yield
1:15 Duration
100:15 7:04 Yield
1:15 Duration
100:19 6:93 Yield
1:15 Duration
100:23 6:82 Yield
1:15 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class A2 (A-2 ) _ Combine(AC,BB) p
Orig Bal 83,021,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche A2 (A-2 )
CLOSE-00QS2/V100
prepay
losses
Price 2.04 Avg. Life
03/00 1st Prin
01/05 Last Prin
<S> <C> <C>
99:29 7.65 Yield
1.77 Duration
100: 1 7:58 Yield
1:78 Duration
100: 5 7:51 Yield
1:78 Duration
100: 9 7:44 Yield
1:78 Duration
100:13 7:37 Yield
1:78 Duration
100:17 7:30 Yield
1:78 Duration
100:21 7:23 Yield
1:78 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class C (A-4 ) _ Seq(SR) p
Orig Bal 17,862,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche C(A-4 )
CLOSE-00QS2/V100
prepay
losses
Price 5.50 Avg. Life
01/05 1st Prin
05/06 Last Prin
<S> <C> <C>
98:4+ 8.19 Yield
4.30 Duration
98:8+ 8:17 Yield
4:30 Duration
98:12+ 8:14 Yield
4:30 Duration
98:16+ 8:11 Yield
4:31 Duration
98:20+ 8:08 Yield
4:31 Duration
98:24+ 8:05 Yield
4:31 Duration
98:28+ 8:02 Yield
4:31 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class D (A-5 ) _ Seq(SR) p
Orig Bal 17,150,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche D(A-5 )
CLOSE-00QS2/V100
prepay
losses
Price 7.15 Avg. Life
05/06 1st Prin
07/08 Last Prin
<S> <C> <C>
97:14 8.27 Yield
5.26 Duration
97:18 8:25 Yield
5:26 Duration
97:22 8:22 Yield
5:26 Duration
97:26 8:20 Yield
5:26 Duration
97:30 8:18 Yield
5:27 Duration
97: 2 8:15 Yield
5:27 Duration
98: 6 8:13 Yield
5:27 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class E (A-6 ) _ Seq(SR) p
Orig Bal 20,000,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche B(A-6 )
CLOSE-00QS2/V100
prepay
losses
Price 13.08 Avg. Life
07/08 1st Prin
12/29 Last Prin
<S> <C> <C>
96:20 8.26 Yield
7.61 Duration
96:24 8:24 Yield
7:61 Duration
96:28 8:22 Yield
7:62 Duration
97: 0 8:21 Yield
7:62 Duration
97:04 8:19 Yield
7:63 Duration
97:08 8:17 Yield
7:63 Duration
97:12 8:16 Yield
7:64 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class L (A-7 ) NAS p
Orig Bal 21,888,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche L(A-7 )
CLOSE-00QS2/V100
prepay
losses
Price 11.71 Avg. Life
03/05 1st Prin
12/29 Last Prin
<S> <C> <C>
96:16+ 8.30 Yield
7.03 Duration
96:20+ 8:29 Yield
7:00 Duration
96:24+ 8:27 Yield
7:04 Duration
96:28+ 8:25 Yield
7:04 Duration
97: 0+ 8:23 Yield
7:05 Duration
97: 4+ 8:21 Yield
7:05 Duration
97: 8+ 8:20 Yield
7:05 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class M1 (M-1 ) MEZZ1/FIX/AA p
Orig Bal 9,850,160 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche M1(M-1 )
CLOSE-00QS2/V100
prepay
losses
Price 11.20 Avg. Life
03/00 1st Prin
12/29 Last Prin
<S> <C> <C>
96:20+ 8.30 Yield
6.77 Duration
96:24+ 8:28 Yield
6:77 Duration
96:28+ 8:26 Yield
6:78 Duration
97: 0+ 8:25 Yield
6:78 Duration
97: 4+ 8:23 Yield
6:79 Duration
97: 8+ 8:21 Yield
6:79 Duration
97:12+ 8:19 Yield
6:80 Duration
</TABLE>
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<TABLE>
<CAPTION>
Bear, Stearns & Co. Inc. February 23, 2000
plingen 01:51AM EST
CLOSE-00QS2 Page 1 of 1
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CLOSE-00QS2 Class M2 (M-2 ) MEZZ1/FIX/AA p
Orig Bal 2,845,000 Fac 1.00000 Coup 7.750 Mat 02/25/30 *
COLLATERAL GROUP INFO NOT AVAIL
DIRECTED CASH FLOW FROM GROUP ALL ()amort start set, use NO hist factor
Price/Yield View Hist Coupons
Settle Date 29-Feb-2000 Curve Date 22-Feb-2000 Tranche M2(M-2 )
CLOSE-00QS2/V100
prepay
losses
Price 11.20 Avg. Life
03/00 1st Prin
12/28 Last Prin
<S> <C> <C>
94:14 8.64 Yield
6.69 Duration
94:18 8:62 Yield
6:70 Duration
94:22 8:60 Yield
6:70 Duration
94:26 8:58 Yield
6:70 Duration
94:30 8:56 Yield
6:71 Duration
95: 2 8:54 Yield
6:71 Duration
95: 6 8:53 Yield
6:72 Duration
</TABLE>
