EXHIBIT 99.1
------------
Updated Marketing Memorandum
12/04/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2
$107,500,000 Class A-1, Asset Backed Notes, Series 1998-2
$62,500,000 Class A-2, Asset Backed Notes, Series 1998-2
The attached Marketing Memorandum (the "Marketing Memorandum") is privileged and
confidential and is intended for use by the addressee only. This Marketing
Memorandum is furnished to you solely by First Union Capital Markets (the
"Underwriter") and not by the issuer of the notes identified above (the "Notes")
or any other party. The Marketing Memorandum is based upon information made
available to the Underwriter. Neither the Underwriter, the issuer of the Notes,
nor any other party makes any representation to the accuracy or completeness of
the information therein. The information herein is preliminary, and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission. The information
herein may not be provided to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purpose of evaluating such
information.
No assurance can be given as to the accuracy, appropriateness or completeness of
the Marketing Memorandum in any particular context; or as to whether the
Marketing Memorandum reflects future performance. This Marketing Memorandum
should not be construed as either a prediction or as legal, tax, and financial
or accounting advice.
Any yields or weighted average lives shown in the Marketing Memorandum are based
on prepayment and other assumptions. Actual experience may dramatically affect
such yields or weighted average lives. The principal amount and designation of
any security described in the Marketing Memorandum are subject to change prior
to issuance.
Although a registration statement (including the prospectus) relating to the
Notes has been filed with the Securities and Exchange Commission and is
effective, the final prospectus supplement relating to the Notes has not been
filed with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of the Offered Notes in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state. Prospective purchasers are referred to the
final prospectus and prospectus supplement relating to the Offered Notes for
definitive terms of the Offered Notes and the collateral.
Please be advised that the Notes may not be appropriate for all investors.
Potential investors must be willing to assume, among other things, market price
volatility, prepayments, yield curve and interest rate risks. Investors should
fully consider the risk of an investment in the Notes.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
[FIRST UNION LOGO APPEARS HERE]
FIRST UNION CAPITAL MARKETS
a division of Wheat First Securities, Inc.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 2
Summary of Terms
$107,500,000 Class A-1, Asset Backed Notes, Series 1998-2 (the "Class A-1
Notes")
$62,500,000 Class A-2, Asset Backed Notes, Series 1998-2 (the "Class
A-2 Notes")
Issuer: RBMG Funding Co. Mortgage Loan Trust 1998-2.
Collateral: Adjustable rate and fixed rate mortgage loans and
related Pre-Funding Accounts.
Seller: Resource Bancshares Mortgage Group, Inc.
Servicer: Resource Bancshares Mortgage Group, Inc. or "RBMG".
Sub-Servicer: Ocwen Federal Bank FSB.
Securities Offered:
Securities Class A-1 Class A-2
---------- --------- ---------
Amount: $107,500,000 $62,500,000
Security Type: Floating-rate Floating-rate
Cut-Off Date: December 1, 1998 December 1, 1998
Index: One month LIBOR One month LIBOR
Prepayment 100% PPA equals 100% PPA equals 27% CPR for
Assumptions (PPA): 27% CPR for Adjustable 27% CPR for Adjustable
Rate Pool Rate Pool
25% HEP for Fixed 25% HEP for Fixed
Rate Pool Rate Pool
Average Life to Call: 2.795 years 2.773 years
Average Life to
Maturity: 3.040 years 3.023 years
Expected Call Date: 02/25/06 01/25/06
Expected Maturity
Date: 03/25/14 02/25/14
Expected Coupon: One month LIBOR + TBD One month LIBOR + TBD
Stated Maturity Date: 04/25/30 04/25/30
Payment Date: 25th of each month 25th of each month
Payment Delay: Zero Zero
Dated Date: Settlement Date Settlement Date
Day Count: Actual/360 Actual/360
Pricing Date: TBD TBD
Settlement Date
(Expected) December 11, 1998 December 11, 1998
First Payment Date January 25, 1999 January 25, 1999
Ratings (S&P/Moody's) AAA/Aaa AAA/Aaa
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 3
Description of the Notes: The Notes will be secured by the Trust created by
the Indenture. The assets of the Trust will
consist primarily of (i) a pool of two groups
(each a "Group) of fixed rate and adjustable rate
mortgage loans (the "Mortgage Loans"); (ii) all
payments in respect of principal and interest on
the Mortgage Loans (other than any principal or
interest payments due on or prior to the
applicable Cut-off Date); (iii) segregated
accounts established by the Issuer in the name of
the Indenture Trustee (each, a "Pre-Funding
Account") and funds on deposit therein; (iv) the
Issuer's rights under the Depositor Sale Agreement
and the Servicing Agreement; (v) the rights of the
Indenture Trustee under the Insurance Policy; and
(vi) certain other property.
Two classes (each, a "Class") of Notes will be
issued. The Class A-1 Notes will be secured by
Mortgage Loans in Group I ("the Group I Mortgage
Loans") and the Class A-2 Notes will be secured by
the Group II Mortgage Loans ("the Group II
Mortgage Loans"). Payments on the Class A-1 Notes
are from Available Funds for Group I and payments
on the Class A-2 Notes are from Available Funds
for Group II.
Servicing Fee: 44 basis points per annum
Indenture Trustee: The Bank of New York, a New York banking
corporation.
Owner Trustee: Wilmington Trust Company, a Delaware Banking
corporation.
Denominations: Minimum denominations of $1,000 and in integral
multiples thereof.
Form of Notes: Book-Entry Form, delivered through the
facilities of DTC, Cedel, and Euroclear against
payment in immediately available funds.
Record Date: Last business day preceding Payment Date
Note Insurer:
MBIA Insurance Corporation ("MBIA"), rated
AAA/Aaa/AAA by S&P, Moody's and Fitch.
Note Insurance Policy: Timely payment of interest and ultimate payment of
principal on the Notes will be guaranteed by MBIA.
Credit Enhancement: (a) Excess servicing cash flows
(b) Overcollateralization
(c) Note Insurance Policy
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page
Payments on the Notes: Payments on each Class of Notes will be made on each
Payment Date to each Noteholder of record as of the last
Business Day preceding such Payment Date or, with
respect to Definitive Notes, as of the last Business Day
of the month preceding the month in which such Payment
Date occurs.
On each Payment Date, each Class of Notes, as of the
immediately preceding Record Date, will be entitled to
payments in respect of principal and interest from
Available Funds for such Payment Date, together with any
payments received under the Insurance Policy.
Due Period: With respect to each Class of Notes and any Payment
Date, the period commencing on the second day of the
calendar month preceding the calendar month in which
such Payment Date occurs and ending on the first day of
the calendar month in which such Payment Date occurs.
Collection Period: With respect to each Class of Notes and any Payment Date
of a Mortgage Loan, the calendar month preceding the
month in which such Payment Date occurs.
Available Funds: With respect to each Group of Mortgage Loans and any
Payment Date, the Available Funds will generally consist
of the aggregate of the following amounts:
(i) the sum of (a) all scheduled payments of principal
and interest received with respect to the Mortgage
Loans and due during the related Due Period and
(b) all unscheduled principal payments or
recoveries on the Mortgage Loans, including
principal prepayments, received during the related
Collection Period, minus (w) amounts received with
respect to payments due on or prior to the
applicable Cut-off Date, (x) the Administrative
Fee Amount payable with respect to such Payment
Date, (y) Payments Ahead and (z) reimbursements
for certain P&I Advances and Servicing Advances
made with respect to the Mortgage Loans and
certain other amounts for which the Indenture
Trustee, the Servicer and the Issuer are permitted
to be reimbursed; and
(ii) the amount of any P&I Advances and Compensating
Interest Payments made by the Servicer for such
Payment Date, any amounts deposited in the Note
Account in respect of the repurchase, release,
removal or substitution of Mortgage Loans during
the related Collection Period or amounts deposited
in the Note Account in connection with the
redemption of the Notes.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 5
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 6
Interest Carry-Forward: (a) If, on any Payment Date, the Available Funds Cap
Rate (as defined below) for the related Class of Notes
limits the payment of the full interest rate on the
related Class, the amount of any such shortfall will be
carried forward and be due and payable to the Noteholder
of the related Class on the following Payment Date and
shall accrue interest at the note interest rate until
paid (the "Available Funds Cap Carry Forward Amount") .
(b) The payment of this Available Funds Cap Carry
Forward Amount would be made in future periods from the
excess cash flows.
(c) The Note Insurer (MBIA) does not cover the Available
Funds Cap Carry Forward Amount.
Available Funds Cap Rate:
The Available Funds Cap Rate with respect to each Class
of Notes for any payment date is a rate per annum equal
to the fraction, expressed as a percentage, the
numerator of which is (i) an amount equal to (A) 1/12 of
the aggregate scheduled principal balance of the then
outstanding Mortgage loans and REO properties in the
related Group times the weighted average of the Expense
Adjusted Coupon Rates on the then outstanding Mortgage
loans and REO properties in such Group minus (B) the
amount of the Note Insurer premium for such payment date
allocable to such Group, and the denominator of which is
(ii) an amount equal to (A) the then outstanding
aggregate Note Balance multiplied by (B) the actual
number of days elapsed in the related interest period
divided by 360.
"Note Balance" with respect to a Class will equal as of
any Payment Date, the Original Note Balance as of the
date of issuance of the Notes less all related Monthly
Principal and Excess Cash paid to the respective
Noteholders on previous Payment Dates.
The Expense Adjusted Coupon Rate on any Mortgage Loan is
equal to the then applicable coupon rate minus the sum
of (i) the Minimum Spread and (ii) the Servicing Fee
Rate. For any Payment Date occurring from the Closing
Date through and including the twelfth Payment Date, the
Minimum Spread is equal to 0.00% per annum. For any
Payment Date occurring after the twelfth Payment Date
the Minimum Spread is equal to 0.50% per annum. For any
Payment Date for so long as the Servicer is the
servicer, the Servicing Fee Rate is equal to 0.44% per
annum; provided, however, that the Servicing Fee Rate
may increase up to 0.50% per annum if it is necessary to
appoint a successor Servicer or a successor
Sub-Servicer.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 7
Payments of Principal: On each Payment Date, the Noteholders of a
Class of Notes will be entitled to payments of Monthly
Principal in reduction of the Note Balance.
Monthly Principal The Monthly Principal with respect to
each Class of Notes and for any Payment Date will be
equal to the lesser of (a) the excess of related
Available Funds over the amounts described in clauses
(i) and (ii) of the definition of Excess Cash below, and
(b) the aggregate of all scheduled payments of principal
received or advanced with respect to the Mortgage Loans
in the related Group and due during the related Due
Period and all other amounts collected, received or
otherwise recovered in respect of principal on such
Mortgage Loans during or in respect of the related
Collection Period, not including Payments Ahead, subject
to reduction for any Overcollateralization Surplus with
respect to such Class and the related Payment Date.
Payments of Excess Cash:With respect to each Class of Notes and each Payment
Date on which the Overcollateralization Amount for the
Notes is less than the Required Overcollateralization
Amount for such Payment Date, Excess Cash derived from
Available Funds, if any, will be paid on the related
Class of Notes in reduction of the Note Balance, up to
the amount necessary for the related
Overcollateralization Amount to equal the applicable
Required Overcollateralization Amount
"Excess Cash" with respect to a Group on any Payment
Date will be equal to Available Funds for such Group and
Payment Date, reduced by the sum of (i) any amounts
payable to the Note Insurer for Insured Payments with
respect to the Group paid on prior Payment Dates and not
yet reimbursed and for any unpaid Note Insurer Premiums
for such Group on prior Payment Dates (in each case with
interest thereon at the Late Payment Rate as defined and
set forth in the Insurance Agreement), (ii) the Note
Interest for the related Note and Payment Date (and to
the extent not covered by Available Funds for the other
Group, such amounts with respect to the other Group),
and (iii) the Monthly Principal for the related Note and
Payment Date.
The Insurance Policy does not cover the Available Funds
Cap Carry Forward Amount, Prepayment Interest Shortfalls
or shortfalls in interest due to the application of the
Relief Act; the payment of such amounts may be funded
only from (a) any excess interest resulting from the
Available Funds Cap Rate being in excess of the
applicable Interest Rate on future Payment Dates and (b)
any Excess Cash for either Group that would otherwise be
paid to the holder(s) of the Residual Interest.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 8
Any Excess Cash remaining after making required payments
on each Class of Notes and to the Note Insurer on any
Payment Date as described herein will be released to the
holder(s) of the Residual Interest on such Payment Date,
free from the lien of the Indenture. Certain of the
Mortgage Loans included in each Group as of the
Settlement Date may not have their first monthly payment
due until the Due Period relating to the April 1999
Payment Date.
Optional Redemption: Each Class of Notes may be redeemed, in full but not in
part, at the option of the Servicer or the Note Insurer,
on or after the Payment Date on which the related Note
Balance has declined to less than 10% of the outstanding
related Note Balance as of the Settlement Date .
Coupon Step-up: If the Class A-1 Notes are not redeemed pursuant to the
Optional Redemption, the coupon on the Notes will be set
at the lesser of (a) one month LIBOR plus [xx] basis
points and (b) the related Available Funds Cap Rate.
If the Class A-2 Notes are not redeemed pursuant to the
Optional Redemption, the coupon on the Notes will be set
at the lesser of (a) one month LIBOR plus [xx] basis
points and (b) the related Available Funds Cap Rate.
Interest Period: Interest will accrue on each of the Notes from Payment
Date to Payment Date. For the first Payment Date,
interest will accrue from and including the closing date
to, but not including the first Payment Date.
Pre-Funding Accounts: The Mortgage Loans in Group I as of the closing date
will have approximately an aggregate principal balance
of [$80.7] million. The Mortgage Loans in Group II as of
the Settlement Date will have an aggregate principal
balance of [$47.0] million. Additional Mortgage loans
with characteristics similar to those of the Mortgage
Loans in Group I and Group II as of the Settlement Date
will be transferred to the Trust during the period
ending 90 days from the Settlement Date (the "Funding
Period") in exchange for release of funds from the
Pre-Funding Accounts.
Interest Coverage Accounts: On the Settlement Date, RBMG will deposit in two
segregated accounts, the Interest Coverage Accounts,
cash amounts as required by the Note Insurer to cover
shortfalls in the Note Interest payable on each Class of
Notes attributable to the Pre-Funding feature during the
Funding Period.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 9
Mandatory Prepayment: Each Class of Notes will be prepaid on the Payment Date
in April 1999 to the extent that amounts remain on
deposit in the related Pre-Funding Account at the end of
the Funding Period. The Note Balance of each Class of
Notes will be reduced by an amount equal to the lesser
of (i) the amount then on deposit in the related
Pre-Funding Account and (ii) the outstanding Note
Balance of the related Class of Notes. Although no
assurance is given, it is anticipated by the Issuer that
the principal amount of Additional Mortgage Loans
purchased by the Issuer and pledged to the Indenture
Trustee for the related Class of Notes will require the
application of substantially all of the related amounts
initially deposited in each Pre-Funding Account on the
Settlement Date and that there should be no material
amount of principal prepaid on the each Class of Notes
from amounts in the related Pre-Funding Account.
Compensating Interest
Payments: With respect to any Mortgage Loan in each Group as to
which a prepayment in whole or in part was received
during the related Collection Period, the Sub-Servicer
on behalf of the Servicer will be required to remit to
the Indenture Trustee, up to the amount otherwise
payable to the Sub-Servicer as its servicing
compensation for the related Payment Date, an amount
generally calculated to cover Prepayment Interest
Shortfalls to ensure that a full month's interest on
each such Mortgage Loan is available for payment to the
related Noteholders on the applicable Payment Date.
Compensating Interest Payments are not reimbursable to
the Servicer or the Sub-Servicer. The Note Insurer is
not required to cover any Prepayment Interest
Shortfalls.
Legal Investment
Considerations: The Notes are SMMEA eligible securities.
ERISA Considerations: The Issuer believes that the Notes are
ERISA eligible, subject to individual Plan account
restrictions. Accordingly, any Plan fiduciary
considering whether to purchase any Notes on behalf of a
Plan should consult with its counsel prior to purchase
of such Notes.
Taxation: The Notes will be treated as debt obligations of the
Issuer. No REMIC election will be made.
Note Ratings: AAA/Aaa by S&P and Moody's
Further Information: If you have any questions, please call:
Bill Ingram at (704) 383-7727, Capital Markets Syndicate
Desk
Russ Andrews at (704) 374-3472, Debt Capital Markets
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 10
Weighted Average Life (WAL) and
Payment Windows Table
-----------------------------------------------------------------
To Call (10%)
PPA* 0 75 100 125 150 175
Class A1
Note
WAL 20.494 3.748 2.795 2.202 1.795 1.495
FIRST PAY 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99
LAST PAY 12/25/27 08/25/08 02/25/06 07/25/04 06/25/03 08/25/02
Class A2 Note
WAL 20.444 3.734 2.773 2.181 1.776 1.483
FIRST PAY 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99
LAST PAY 12/25/27 08/25/08 01/25/06 06/25/04 05/25/03 08/25/02
To Maturity
PPA* 0 75 100 125 150 175
Class A1
Note
WAL 20.539 4.082 3.040 2.390 1.944 1.619
FIRST PAY 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99
LAST PAY 12/25/28 02/25/19 03/25/14 11/25/10 07/25/08 10/25/06
Class A2
Note
WAL 20.488 4.062 3.023 2.374 1.930 1.605
FIRST PAY 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99
LAST PAY 12/25/28 01/25/19 02/25/14 11/25/100 6/25/08 10/25/06
-----------------------------------------------------------------
*100 Percent Prepayment Assumption (PPA) represents 27% CPR for the ARM
Collateral, and 25% HEP for the Fixed collateral. 25% HEP equals 2.5% CPR
in month 1 of the life of a loan, increasing each month by 2.5% CPR until
month 10 and remaining constant at 25% CPR thereafter.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 11
Class A-1 Available Funds Cap
Rate
To Call (10%)
6 Month LIBOR = 5.12750%
Class A1
Period Date Class A1 Note Period Date Note
0 Dec-98
1 Jan-99 * 44 Aug-02 11.1563%
2 Feb-99 7.9971% 45 Sep-02 11.1559%
3 Mar-99 8.7003% 46 Oct-02 11.5274%
4 Apr-99 8.8916% 47 Nov-02 11.1552%
5 May-99 9.2173% 48 Dec-02 11.5267%
6 Jun-99 8.9830% 49 Jan-03 11.1545%
7 Jul-99 9.3260% 50 Feb-03 11.1542%
8 Aug-99 9.0582% 51 Mar-03 12.3489%
9 Sep-99 9.0909% 52 Apr-03 11.1535%
10 Oct-99 9.4290% 53 May-03 11.5250%
11 Nov-99 9.1615% 54 Jun-03 11.1528%
12 Dec-99 9.5172% 55 Jul-03 11.5242%
13 Jan-00 8.7522% 56 Aug-03 11.1522%
14 Feb-00 8.7899% 57 Sep-03 11.1518%
15 Mar-00 9.4380% 58 Oct-03 11.5232%
16 Apr-00 8.8728% 59 Nov-03 11.1511%
17 May-00 9.2127% 60 Dec-03 11.5225%
18 Jun-00 8.9614% 61 Jan-04 11.1504%
19 Jul-00 9.3080% 62 Feb-04 11.1501%
20 Aug-00 9.0575% 63 Mar-04 11.9187%
21 Sep-00 9.1080% 64 Apr-04 11.1494%
22 Oct-00 9.4660% 65 May-04 11.5207%
23 Nov-00 9.2172% 66 Jun-04 11.1487%
24 Dec-00 10.8822% 67 Jul-04 11.5200%
25 Jan-01 11.0497% 68 Aug-04 11.1480%
26 Feb-01 11.0808% 69 Sep-04 11.1477%
27 Mar-01 12.3036% 70 Oct-04 11.5189%
28 Apr-01 11.1461% 71 Nov-04 11.1470%
29 May-01 11.5531% 72 Dec-04 11.5182%
30 Jun-01 11.2159% 73 Jan-05 11.1463%
31 Jul-01 11.6277% 74 Feb-05 11.1459%
32 Aug-01 11.1603% 75 Mar-05 12.3398%
33 Sep-01 11.1600% 76 Apr-05 11.1452%
34 Oct-01 11.5316% 77 May-05 11.5164%
35 Nov-01 11.1593% 78 Jun-05 11.1446%
36 Dec-01 11.5309% 79 Jul-05 11.5157%
37 Jan-02 11.1586% 80 Aug-05 11.1439%
38 Feb-02 11.1583% 81 Sep-05 11.1435%
39 Mar-02 12.3534% 82 Oct-05 11.5146%
40 Apr-02 11.1576% 83 Nov-05 11.1428%
41 May-02 11.5292% 84 Dec-05 11.5139%
42 Jun-02 11.1569% 85 Jan-06 11.1421%
43 Jul-02 11.5285% 86 Feb-06 11.1418%
* The Available Funds Cap Rate is not applicable for the first period as RBMG
will deposit sufficient funds in the Interest Coverage Account to pay the
interest payment on the Notes for the first period.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 12
Class A-2 Available Funds Cap Rate
To Call (10%)
6 Month LIBOR = 5.12750%
Class A2 Note
Period Date Class A2 Note Period Date
0 Dec-98
1 Jan-99 * 44 Aug-02 11.1866%
2 Feb-99 7.9744% 45 Sep-02 11.1863%
3 Mar-99 8.6748% 46 Oct-02 11.5589%
4 Apr-99 8.8559% 47 Nov-02 11.1857%
5 May-99 9.1797% 48 Dec-02 11.5583%
6 Jun-99 8.9539% 49 Jan-03 11.1851%
7 Jul-99 9.2982% 50 Feb-03 11.1848%
8 Aug-99 9.0308% 51 Mar-03 12.3829%
9 Sep-99 9.0630% 52 Apr-03 11.1842%
10 Oct-99 9.3997% 53 May-03 11.5567%
11 Nov-99 9.1327% 54 Jun-03 11.1836%
12 Dec-99 9.4856% 55 Jul-03 11.5561%
13 Jan-00 8.7208% 56 Aug-03 11.1830%
14 Feb-00 8.7580% 57 Sep-03 11.1827%
15 Mar-00 9.4033% 58 Oct-03 11.5552%
16 Apr-00 8.8399% 59 Nov-03 11.1821%
17 May-00 9.1780% 60 Dec-03 11.5545%
18 Jun-00 8.9273% 61 Jan-04 11.1815%
19 Jul-00 9.2721% 62 Feb-04 11.1812%
20 Aug-00 9.0222% 63 Mar-04 11.9520%
21 Sep-00 9.0720% 64 Apr-04 11.1806%
22 Oct-00 9.4281% 65 May-04 11.5530%
23 Nov-00 9.1798% 66 Jun-04 11.1800%
24 Dec-00 10.8898% 67 Jul-04 11.5523%
25 Jan-01 11.0851% 68 Aug-04 11.1794%
26 Feb-01 11.1166% 69 Sep-04 11.1791%
27 Mar-01 12.3437% 70 Oct-04 11.5514%
28 Apr-01 11.1828% 71 Nov-04 11.1785%
29 May-01 11.5915% 72 Dec-04 11.5508%
30 Jun-01 11. 2535% 73 Jan-05 11.1778%
31 Jul-01 11.6670% 74 Feb-05 11.1775%
32 Aug-01 11.1902% 75 Mar-05 12.3748%
33 Sep-01 11.1899% 76 Apr-05 11.1769%
34 Oct-01 11.5626% 77 May-05 11.5492%
35 Nov-01 11.1894% 78 Jun-05 11.1763%
36 Dec-01 11.5620% 79 Jul-05 11.5485%
37 Jan-02 11.1888% 80 Aug-05 11.1757%
38 Feb-02 11.1885% 81 Sep-05 11.1754%
39 Mar-02 12.3869% 82 Oct-05 11.5476%
40 Apr-02 11.1879% 83 Nov-05 11.1748%
41 May-02 11.5605% 84 Dec-05 11.5470%
42 Jun-02 11.1873% 85 Jan-06 11.1742%
43 Jul-02 11.5598%
* The Available Funds Cap Rate is not applicable for the first period as RBMG
will deposit sufficient funds in the Interest Coverage Account to pay the
interest payment on the Notes for the first period.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 13
Summary of Characteristics of the Group I Initial Mortgage Loans
Number of Initial Mortgage
Loans 795
Principal Balance
Aggregate Principal
Balance $80,743,708.95
Principal Balance $101,564.41
Range of Principal $21,688.50 -
Balances $225,369.56
Coupon Rates
Weighted Average Coupon
Rate 9.739%
Range of Coupon Rates 7.750% - 12.875%
Remaining Term to
Maturity
Weighted Average Remaining Term to
Maturity 352.41 months
Range of Remaining Term to
Maturity 177 - 360 months
Loan-to-Value Ratio
Weighted Average Loan-to-Value Ratio 77.49%
Range of Loan-to-Value Ratios 18.57% - 100.00%
Percentage of First Lien Mortgage
Loans 100.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 14
Summary of Characteristics of the Group II Initial
Mortgage Loans
Number of Initial Mortgage
Loans 333
Principal Balance
Aggregate Principal
Balance $47,011,161.74
Principal Balance $141,174.66
Range of Principal $18,779.13 -
Balances $599,407.40
Coupon Rates
Weighted Average Coupon
Rate 9.704%
Range of Coupon Rates 7.125% - 14.250%
Remaining Term to Maturity
Weighted Average Remaining Term to
Maturity 351.27 months
Range of Remaining Term to
Maturity 176 - 360 months
Loan-to-Value Ratio
Weighted Average Loan-to-Value Ratio 78.45%
Range of Loan-to-Value Ratios 33.46% - 90.00%
Percentage of First Lien Mortgage
Loans 100.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 15
Group II Initial Adjustable Rate Loans
All Adjustable Rate
Loans
-----------------------
Number of Adjustable Rate
Loans 277
Percentage of All Mortgage Loans 83.18%
(by number of loans)
Aggregate Principal Balance $42,009,566.97
Percentage of All Mortgage Loans 89.36%
(by aggregate principal
balance)
Principal Balance as of the Cut-Off Date
Average $151,659.09
$18,779.13 -
Range $599,407.40
Coupon Rates
Weighted Average 9.632%
Range 7.125% - 13.750%
Remaining Term to Maturity
(in months)
Weighted Average 358.10
Range 352 - 360
Loan-to-Value Ratio at Origination
Weighted Average 78.88%
Range 34.62% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 16
Group II Initial Fixed Rate Loans
All Fixed Rate Loans
-----------------------
Number of Fixed Rate Loans 56
Percentage of All Mortgage Loans 16.82%
(by number of loans)
Aggregate Principal Balance $5,001,594.77
Percentage of All Mortgage Loans 10.64%
(by aggregate principal
balance)
Principal Balance as of the Cut-Off Date
Average $89,314.19
$24,943.72 -
Range $307,387.33
Coupon Rates
Weighted Average 10.306%
Range 7.750% - 14.250%
Remaining Term to Maturity
(in months)
Weighted Average 293.88
Range 176 - 359
Loan-to-Value Ratio at Origination
Weighted Average 74.81%
Range 33.46% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 17
Mortgage Rates of the Group II Initial Fixed Rate Loans
Percentage of
Group II Fixed
Rate Loans by
Number of Aggregate
Fixed Rate Aggregate Principal Principal
Range of Mortgage Rates (%) Loans Balance Balance
- --------------------------- -------- ------------------- ------------
7.501 - 8.000 1 121,657.42 2.43 %
8.501 - 9.000 5 748,636.75 14.97
9.001 - 9.500 6 574,743.37 11.49
9.501 - 10.000 5 459,680.24 9.19
10.001 - 10.500 11 652,526.62 13.05
10.501 - 11.000 11 1,391,312.63 27.82
11.001 - 11.500 8 546,139.91 10.92
11.501 - 12.000 5 380,228.34 7.60
12.001 - 12.500 2 65,282.12 1.31
12.501 - 13.000 1 36,391.67 0.73
14.001 - 14.500 1 24,995.70 0.50
- --------- ----
Totals 56 $5,001,594.77 100.00 %
== ============= ======
Principal Balances of the Group II Initial Fixed Rate Loans
Percentage of
Group II Fixed
Rate Loans by
Number of Aggregate
Range of Principal Fixed Rate Aggregate Principal Principal
Balances ($) Loans Balance Balance
- --------------------- ----------- ------------------- -----------
15,000.01 - 25,000.00 3 74,932.45 1.50 %
25,000.01 - 50,000.00 14 523,981.10 10.48
50,000.01 - 75,000.00 11 636,140.77 12.72
75,000.01 - 100,000.00 12 1,044,744.61 20.89
100,000.01 - 125,000.00 8 930,570.64 18.61
125,000.01 - 150,000.00 2 290,311.89 5.80
200,000.01 - 225,000.00 1 212,339.27 4.25
225,000.01 - 250,000.00 2 470,615.57 9.41
250,000.01 - 275,000.00 2 510,571.14 10.21
300,000.01 - 325,000.00 1 307,387.33 6.15
- ---------- ----
Totals 56 $5,001,594.77 100.00 %
== ============= ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 18
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 19
Remaining Terms to Maturity of the Group II Initial Fixed Rate Loans
Percentage of
Group II Fixed
Rate Loans by
Number of Aggregate
Fixed Rate Aggregate Principal Principal
Remaining Term (months) Loans Balance Balance
176 - 180 24 1,765,538.65 35.30 %
326 - 330 1 121,657.42 2.43
351 - 355 1 93,522.10 1.87
357 5 786,330.15 15.72
358 8 666,573.54 13.33
359 17 1,567,972.91 31.35
-- ------------ -----
Totals 56 $5,001,594.77 100.00 %
== ============= ======
Mortgage Rates of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable
Rate Loans by
Number of Aggregate
Range of Mortgage Rates Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
7.001 - 7.500 1 314,444.78 0.75 %
7.501 - 8.000 5 753,523.31 1.79
8.001 - 8.500 21 4,747,439.06 11.30
8.501 - 9.000 46 7,724,798.18 18.39
9.001 - 9.500 44 6,673,184.99 15.88
9.501 - 10.000 57 9,359,264.48 22.28
10.001 - 10.500 47 6,233,829.96 14.84
10.501 - 11.000 28 3,218,015.84 7.66
11.001 - 11.500 14 1,526,252.59 3.63
11.501 - 12.000 9 1,173,073.83 2.79
12.001 - 12.500 3 165,307.86 0.39
12.501 - 13.000 1 32,483.73 0.08
13.501 - 14.000 1 87,948.36 0.21
- --------- ----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 20
Principal Balances of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable Rate
Loans by
Number of Aggregate
Range of Principal Adjustable Aggregate Principal Principal
Balances ($) Rate Loans Balance Balance
15,000.01 - 25,000.00 3 60,736.44 0.14 %
25,000.01 - 50,000.00 23 951,251.27 2.26
50,000.01 - 75,000.00 43 2,748,759.09 6.54
75,000.01 - 100,000.00 56 5,011,591.35 11.93
100,000.01 - 125,000.00 41 4,529,400.64 10.78
125,000.01 - 150,000.00 18 2,458,733.63 5.85
150,000.01 - 175,000.00 6 962,027.07 2.29
175,000.01 - 200,000.00 4 724,187.35 1.72
200,000.01 - 225,000.00 4 865,388.75 2.06
225,000.01 - 250,000.00 21 4,972,699.30 11.84
250,000.01 - 275,000.00 19 4,951,780.22 11.79
275,000.01 - 300,000.00 12 3,455,896.51 8.23
300,000.01 - 325,000.00 6 1,883,673.15 4.48
325,000.01 - 350,000.00 6 2,011,738.20 4.79
350,000.01 - 375,000.00 2 710,570.18 1.69
375,000.01 - 400,000.00 8 3,157,032.02 7.52
425,000.01 - 450,000.00 1 434,807.52 1.04
475,000.01 - 500,000.00 2 965,119.62 2.30
550,000.01 - 575,000.00 1 554,767.26 1.32
575,000.01 - 600,000.00 1 599,407.40 1.43
- ---------- ----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 21
Remaining Terms to Maturity of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable Rate
Loans by
Number of Aggregate
Adjustable Aggregate Principal Principal
Remaining Term (months) Rate Loans Balance Balance
----------------------- - ---------- ------- -------
351 - 355 1 475,258.51 1.13 %
356 3 491,993.45 1.17
357 63 8,244,327.60 19.62
358 117 16,877,462.29 40.18
359 91 15,612,525.12 37.16
360 2 308,000.00 0.73
- ---------- ----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
Gross Margins of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable Rate
Loans by
Number of Aggregate
Range of Gross Margins Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
4.501 - 5.000 1 314,444.78 0.75 %
5.001 - 5.500 14 2,159,221.91 5.14
5.501 - 6.000 36 6,617,254.34 15.75
6.001 - 6.500 84 13,433,531.80 31.98
6.501 - 7.000 88 12,406,371.89 29.53
7.001 - 7.500 47 6,725,206.24 16.01
7.501 - 8.000 4 198,624.90 0.47
8.001 - 8.500 1 87,948.36 0.21
8.501 - 9.000 2 66,962.75 0.16
- --------- ----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 22
Maximum Rates of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable Rate
Loans by
Number of Aggregate
Range of Maximum Rates Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
14.001 - 14.500 1 314,444.78 0.75 %
14.501 - 15.000 5 753,523.31 1.79
15.001 - 15.500 21 4,747,439.06 11.30
15.501 - 16.000 46 7,724,798.18 18.39
16.001 - 16.500 44 6,673,184.99 15.88
16.501 - 17.000 57 9,359,264.48 22.28
17.001 - 17.500 47 6,233,829.96 14.84
17.501 - 18.000 28 3,218,015.84 7.66
18.001 - 18.500 14 1,526,252.59 3.63
18.501 - 19.000 9 1,173,073.83 2.79
19.001 - 19.500 3 165,307.86 0.39
19.501 - 20.000 1 32,483.73 0.08
20.501 - 21.000 1 87,948.36 0.21
- --------- ----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
Minimum Rates of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable Rate
Loans by
Number of Aggregate
Range of Minimum Rates Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
7.001 - 7.500 1 314,444.78 0.75 %
7.501 - 8.000 5 753,523.31 1.79
8.001 - 8.500 21 4,747,439.06 11.30
8.501 - 9.000 46 7,724,798.18 18.39
9.001 - 9.500 44 6,673,184.99 15.88
9.501 - 10.000 57 9,359,264.48 22.28
10.001 - 10.500 47 6,233,829.96 14.84
10.501 - 11.000 28 3,218,015.84 7.66
11.001 - 11.500 14 1,526,252.59 3.63
11.501 - 12.000 9 1,173,073.83 2.79
12.001 - 12.500 3 165,307.86 0.39
12.501 - 13.000 1 32,483.73 0.08
13.501 - 14.000 1 87,948.36 0.21
- --------- ----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 23
Next Interest Adjustment Date of the Group II Initial Adjustable Rate Loans
Percentage of
Group II
Adjustable Rate
Loans by
Number of Aggregate
Adjustable Aggregate Principal Principal
Next Adjustment Date Rate Loans Balance Balance
04/01/99 4 845,419.85 2.01 %
05/01/99 5 839,131.04 2.00
06/01/99 1 84,954.76 0.20
08/01/00 3 491,993.45 1.17
09/01/00 51 6,835,024.46 16.27
10/01/00 19 2,330,032.01 5.55
11/01/00 113 15,942,305.93 37.95
12/01/00 81 14,640,705.47 34.85
-- ------------- -----
Totals 277 $42,009,566.97 100.00 %
=== ============== ======
Mortgage Rates of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Range of Mortgage Rates Number of Aggregate Principal Principal
(%) Mortgage Loans Balance Balance
7.001 - 7.500 1 314,444.78 0.67 %
7.501 - 8.000 6 875,180.73 1.86
8.001 - 8.500 21 4,747,439.06 10.10
8.501 - 9.000 51 8,473,434.93 18.02
9.001 - 9.500 50 7,247,928.36 15.42
9.501 - 10.000 62 9,818,944.72 20.89
10.001 - 10.500 58 6,886,356.58 14.65
10.501 - 11.000 39 4,609,328.47 9.80
11.001 - 11.500 22 2,072,392.50 4.41
11.501 - 12.000 14 1,553,302.17 3.30
12.001 - 12.500 5 230,589.98 0.49
12.501 - 13.000 2 68,875.40 0.15
13.501 - 14.000 1 87,948.36 0.19
14.001 - 14.500 1 24,995.70 0.05
- --------- ----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 24
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 25
Principal Balances of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Range of Principal Number of Aggregate Principal Principal
Balances ($) Mortgage Loans Balance Balance
15,000.01 - 25,000.00 6 135,668.89 0.29 %
25,000.01 - 50,000.00 37 1,475,232.37 3.14
50,000.01 - 75,000.00 54 3,384,899.86 7.20
75,000.01 - 100,000.00 68 6,056,335.96 12.88
100,000.01 - 125,000.00 49 5,459,971.28 11.61
125,000.01 - 150,000.00 20 2,749,045.52 5.85
150,000.01 - 175,000.00 6 962,027.07 2.05
175,000.01 - 200,000.00 4 724,187.35 1.54
200,000.01 - 225,000.00 5 1,077,728.02 2.29
225,000.01 - 250,000.00 23 5,443,314.87 11.58
250,000.01 - 275,000.00 21 5,462,351.36 11.62
275,000.01 - 300,000.00 12 3,455,896.51 7.35
300,000.01 - 325,000.00 7 2,191,060.48 4.66
325,000.01 - 350,000.00 6 2,011,738.20 4.28
350,000.01 - 375,000.00 2 710,570.18 1.51
375,000.01 - 400,000.00 8 3,157,032.02 6.72
425,000.01 - 450,000.00 1 434,807.52 0.92
475,000.01 - 500,000.00 2 965,119.62 2.05
550,000.01 - 575,000.00 1 554,767.26 1.18
575,000.01 - 600,000.00 1 599,407.40 1.28
- ---------- ----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
Risk Classifications of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Risk Classification Mortgage Loans Balance Balance
------------------- -------------- ------- -------
A 171 28,544,799.51 60.72 %
A- 57 8,721,259.72 18.55
B 70 7,018,535.61 14.93
C 30 2,522,765.00 5.37
D 5 203,801.90 0.43
- ---------- ----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 26
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 27
Loan to Value Ratios of all the Group II Initial Mortgage Loans
Percentage of
Range of Loan-to-Value Number of Aggregate Group II Mortgage
Ratios at Origination Mortgage Principal Loans by Aggregate Weighted
(%) Loans Balance Principal Balance Average LTV
--- ----- ------- ----------------- -----------
30.01 - 35.00 2 270,062.44 0.57 % 34.43 %
35.01 - 40.00 4 114,800.50 0.24 37.07
40.01 - 45.00 2 99,949.35 0.21 42.39
45.01 - 50.00 5 426,614.96 0.91 48.55
50.01 - 55.00 5 333,570.36 0.71 53.97
55.01 - 60.00 8 378,310.86 0.80 58.59
60.01 - 65.00 16 1,736,844.85 3.69 63.41
65.01 - 70.00 41 4,277,165.48 9.10 69.76
70.01 - 75.00 56 8,011,439.52 17.04 74.63
75.01 - 80.00 103 17,871,033.87 38.01 79.76
80.01 - 85.00 51 7,021,048.27 14.93 84.86
85.01 - 90.00 40 6,470,321.28 13.76 89.91
-- ------------ -----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
Remaining Terms to Maturity of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Remaining Term (months) Mortgage Loans Balance Balance
----------------------- -------------- ------- -------
176 - 180 24 1,765,538.65 3.76 %
326 - 330 1 121,657.42 0.26
351 - 355 2 568,780.61 1.21
356 3 491,993.45 1.05
357 68 9,030,657.75 19.21
358 125 17,544,035.83 37.32
359 108 17,180,498.03 36.55
360 2 308,000.00 0.66
- ---------- ----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 28
Geographic Distribution of the Mortgage Properties of all the Group II Initial
Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Location Mortgage Loans Balance Balance
-------- -------------- ------- -------
ALABAMA 30 2,246,934.70 4.78 %
ARIZONA 30 4,163,621.36 8.86
CALIFORNIA 55 15,114,043.16 32.15
COLORADO 30 4,259,454.49 9.06
FLORIDA 7 510,394.06 1.09
GEORGIA 2 106,124.69 0.23
IDAHO 11 1,134,039.97 2.41
ILLINOIS 26 2,638,545.21 5.61
KANSAS 2 55,460.96 0.12
KENTUCKY 1 104,193.35 0.22
LOUISIANA 1 37,462.94 0.08
MARYLAND 2 394,698.06 0.84
MINNESOTA 8 840,656.10 1.79
MISSOURI 5 359,042.35 0.76
NEVADA 6 629,673.86 1.34
NEW JERSEY 1 251,680.25 0.54
NEW YORK 5 799,933.10 1.70
NORTH CAROLINA 11 1,222,960.83 2.60
OHIO 5 273,258.47 0.58
OREGON 38 4,829,100.93 10.27
PENNSYLVANIA 2 123,494.72 0.26
SOUTH CAROLINA 1 32,483.73 0.07
TENNESSEE 7 433,600.09 0.92
TEXAS 7 893,219.13 1.90
UTAH 7 942,669.18 2.01
VIRGINIA 1 229,282.78 0.49
WASHINGTON 26 3,407,076.27 7.25
WEST VIRGINIA 1 55,978.87 0.12
WISCONSIN 3 423,926.78 0.90
WYOMING 2 498,151.35 1.06
- ---------- ----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 29
Number of Months Elapsed from the Date of Origination of all Group II Initial
Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Range of Months Mortgage Loans Balance Balance
- --------------- -------------- ------- -------
0 3 559,888.28 1.19 %
1 135 19,711,886.19 41.93
2 123 17,080,819.06 36.33
3 66 8,678,484.76 18.46
4 - 11 5 858,426.03 1.83
24 - 35 1 121,657.42 0.26
- ---------- ----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
Occupancy Status of the Mortgaged Properties of all the Group II Initial Mortgage
Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Occupancy Status Mortgage Loans Balance Balance
Investment 16 1,259,871.74 2.68 %
Owner Occupied 317 45,751,290.00 97.32
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
Types of Mortgaged Properties of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Property Type Mortgage Loans Balance Balance
------------- -------------- ------- -------
Condo 2 338,016.32 0.72 %
Manufactured Homes 11 834,787.45 1.78
Multi-Family Home 3 495,650.24 1.05
PUD 1 98,569.34 0.21
Single Family Home 316 45,244,138.39 96.24
--- ------------- -----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Use of Proceeds of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Use of Proceeds Mortgage Loans Balance Balance
Purchase 168 24,779,776.47 52.71 %
Refi Cash Out 117 15,485,359.05 32.94
Refi Rate/Term 48 6,746,026.22 14.35
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
Program Classifications of all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Documentation Mortgage Loans Balance Balance
------------- -------------- ------- -------
FULL 214 31,378,962.99 66.75 %
LIMITED 7 1,073,822.73 2.28
Non-Qualifier 45 4,129,119.96 8.78
STATED 67 10,429,256.06 22.18
-- ------------- -----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
Prepayment Penalties with Respect to all the Group II Initial Mortgage Loans
Percentage of
Group II
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Prepayment Penalty Mortgage Loans Balance Balance
------------------ -------------- ------- -------
1 YEAR 103 19,362,470.46 41.19 %
2 YEAR 96 14,250,496.03 30.31
3 YEAR 85 7,725,163.09 16.43
5 YEAR 1 212,339.27 0.45
NONE 48 5,460,692.89 11.62
-- ------------ -----
Totals 333 $47,011,161.74 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 31
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Marketing Memorandum
12/04/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2
$107,500,000 Class A-1, Asset Backed Notes, Series 1998-2
$62,500,000 Class A-2, Asset Backed Notes, Series 1998-2
The attached Marketing Memorandum (the "Marketing Memorandum") is privileged and
confidential and is intended for use by the addressee only. This Marketing
Memorandum is furnished to you solely by First Union Capital Markets (the
"Underwriter") and not by the issuer of the notes identified above (the "Notes")
or any other party. The Marketing Memorandum is based upon information made
available to the Underwriter. Neither the Underwriter, the issuer of the Notes,
nor any other party makes any representation to the accuracy or completeness of
the information therein. The information herein is preliminary, and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission. The information
herein may not be provided to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purpose of evaluating such
information.
No assurance can be given as to the accuracy, appropriateness or completeness of
the Marketing Memorandum in any particular context; or as to whether the
Marketing Memorandum reflects future performance. This Marketing Memorandum
should not be construed as either a prediction or as legal, tax, and financial
or accounting advice.
Any yields or weighted average lives shown in the Marketing Memorandum are based
on prepayment and other assumptions. Actual experience may dramatically affect
such yields or weighted average lives. The principal amount and designation of
any security described in the Marketing Memorandum are subject to change prior
to issuance.
Although a registration statement (including the prospectus) relating to the
Notes has been filed with the Securities and Exchange Commission and is
effective, the final prospectus supplement relating to the Notes has not been
filed with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of the Offered Notes in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state. Prospective purchasers are referred to the
final prospectus and prospectus supplement relating to the Offered Notes for
definitive terms of the Offered Notes and the collateral.
Please be advised that the Notes may not be appropriate for all investors.
Potential investors must be willing to assume, among other things, market price
volatility, prepayments, yield curve and interest rate risks. Investors should
fully consider the risk of an investment in the Notes.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
[FIRST UNION LOGO APPEARS HERE]
FIRST UNION CAPITAL MARKETS
a division of Wheat First Securities, Inc.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 2
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 3
Group I Initial Adjustable Rate Loans
All Adjustable Rate
Loans
-----------------------
Number of Adjustable Rate
Loans 650
Percentage of All Mortgage Loans 81.76%
(by number of loans)
Aggregate Principal Balance $70,212,775.24
Percentage of All Mortgage Loans 86.96%
(by aggregate principal
balance)
Principal Balance of Mortgage Loans as of
the Cut-Off Date
Average $108,019.65
$24,966.82 -
Range $225,369.56
Coupon Rates
Weighted Average 9.639%
Range 7.750% - 12.875%
Remaining Term to Maturity
(in months)
Weighted Average 358.19
Range 345 - 360
Loan-to-Value Ratio at Origination
Weighted Average 78.29%
Range 18.57% - 100.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 4
Group I Initial Fixed Rate Loans
All Fixed Rate Loans
-----------------------
Number of Fixed Rate Loans 145
Percentage of All Mortgage Loans 18.24%
(by number of loans)
Aggregate Principal Balance $10,530,933.71
Percentage of All Mortgage Loans 13.04%
(by aggregate principal
balance)
Principal Balance of Mortgage Loans as of
the Cut-Off Date
Average $72,627.13
$21,688.50 -
Range $220,000.00
Coupon Rates
Weighted Average 10.401%
Range 8.375% - 12.875%
Remaining Term to Maturity
(in months)
Weighted Average 313.90
Range 177 - 360
Loan-to-Value Ratio at Origination
Weighted Average 72.13%
Range 18.64% - 90.00%
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 5
Mortgage Rates of the Group I Initial Fixed Rate Loans
Percentage of
Group I Fixed
Rate Loans by
Number of Aggregate
Range of Mortgage Rates Fixed Rate Aggregate Principal Principal
(%) Loans Balance Balance
8.001 - 8.500 5 398,141.51 3.78 %
8.501 - 9.000 11 1,293,655.15 12.28
9.001 - 9.500 9 913,553.61 8.67
9.501 - 10.000 20 1,651,663.72 15.68
10.001 - 10.500 24 1,859,312.40 17.66
10.501 - 11.000 20 1,311,308.15 12.45
11.001 - 11.500 20 1,286,499.31 12.22
11.501 - 12.000 20 1,094,717.77 10.40
12.001 - 12.500 7 360,608.02 3.42
12.501 - 13.000 9 361,474.07 3.43
- ---------- ----
Totals 145 $10,530,933.71 100.00 %
=== ============== ======
Principal Balances of the Group I Initial Fixed Rate Loans
Percentage of
Group I Fixed
Rate Loans by
Number of Aggregate
Range of Principal Fixed Rate Aggregate Principal Principal
Balances ($) Loans Balance Balance
15,000.01 - 25,000.00 5 118,472.65 1.12 %
25,000.01 - 50,000.00 39 1,561,964.93 14.83
50,000.01 - 75,000.00 49 2,848,911.86 27.05
75,000.01 - 100,000.00 23 2,001,967.34 19.01
100,000.01 - 125,000.00 15 1,646,696.13 15.64
125,000.01 - 150,000.00 6 855,955.12 8.13
150,000.01 - 175,000.00 2 319,157.88 3.03
175,000.01 - 200,000.00 4 750,013.23 7.12
200,000.01 - 225,000.00 2 427,794.57 4.06
- ---------- ----
Totals 145 $10,530,933.71 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 6
Remaining Terms to Maturity of the Group I Initial Fixed Rate Loans
Percentage of
Group I Fixed
Rate Loans by
Number of Aggregate
Fixed Rate Aggregate Principal Principal
Remaining Term (months) Loans Balance Balance
176 - 180 40 2,599,488.09 24.68 %
351 - 355 3 202,815.69 1.93
357 19 1,323,684.50 12.57
358 42 3,015,969.36 28.64
359 38 2,905,776.07 27.59
360 3 483,200.00 4.59
- ---------- ----
Totals 145 $10,530,933.71 100.00 %
=== ============== ======
Mortgage Rates of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable
Rate Loans by
Number of Aggregate
Range of Mortgage Rates Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
7.501 - 8.000 14 1,880,092.90 2.68 %
8.001 - 8.500 55 6,302,851.72 8.98
8.501 - 9.000 118 14,802,708.87 21.08
9.001 - 9.500 107 11,944,074.19 17.01
9.501 - 10.000 142 15,157,107.20 21.59
10.001 - 10.500 94 9,015,404.70 12.84
10.501 - 11.000 60 6,045,129.03 8.61
11.001 - 11.500 39 3,378,258.11 4.81
11.501 - 12.000 14 1,203,965.30 1.71
12.001 - 12.500 2 261,866.00 0.37
12.501 - 13.000 5 221,317.22 0.32
- ---------- ----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 8
Principal Balances of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable Rate
Loans by
Number of Aggregate
Range of Principal Adjustable Aggregate Principal Principal
Balances ($) Rate Loans Balance Balance
15,000.01 - 25,000.00 3 74,930.76 0.11 %
25,000.01 - 50,000.00 64 2,694,732.73 3.84
50,000.01 - 75,000.00 110 6,975,814.08 9.94
75,000.01 - 100,000.00 149 12,942,741.78 18.43
100,000.01 - 125,000.00 112 12,502,149.85 17.81
125,000.01 - 150,000.00 85 11,555,091.14 16.46
150,000.01 - 175,000.00 53 8,649,210.14 12.32
175,000.01 - 200,000.00 40 7,538,352.53 10.74
200,000.01 - 225,000.00 33 7,054,382.67 10.05
225,000.01 - 250,000.00 1 225,369.56 0.32
- ---------- ----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
Remaining Terms to Maturity of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable Rate
Loans by
Number of Aggregate
Adjustable Aggregate Principal Principal
Remaining Term (months) Rate Loans Balance Balance
----------------------- - ---------- ------- -------
341 - 345 1 92,998.24 0.13 %
351 - 355 6 503,793.85 0.72
356 5 509,203.93 0.73
357 116 13,213,692.70 18.82
358 242 26,352,922.82 37.53
359 272 28,700,063.70 40.88
360 8 840,100.00 1.20
- ---------- ----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 8
Gross Margins of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable Rate
Loans by
Number of Aggregate
Range of Gross Margins Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
4.501 - 5.000 3 304,842.57 0.43 %
5.001 - 5.500 45 4,835,753.04 6.89
5.501 - 6.000 105 12,402,863.56 17.66
6.001 - 6.500 176 19,797,378.86 28.20
6.501 - 7.000 213 21,996,904.78 31.33
7.001 - 7.500 79 7,783,674.43 11.09
7.501 - 8.000 23 2,674,067.61 3.81
8.001 - 8.500 5 383,539.41 0.55
9.001 - 9.500 1 33,750.98 0.05
- --------- ----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
Maximum Rates of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable Rate
Loans by
Number of Aggregate
Range of Maximum Rates Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
14.501 - 15.000 14 1,880,092.90 2.68 %
15.001 - 15.500 55 6,302,851.72 8.98
15.501 - 16.000 118 14,802,708.87 21.08
16.001 - 16.500 107 11,944,074.19 17.01
16.501 - 17.000 142 15,157,107.20 21.59
17.001 - 17.500 94 9,015,404.70 12.84
17.501 - 18.000 60 6,045,129.03 8.61
18.001 - 18.500 39 3,378,258.11 4.81
18.501 - 19.000 14 1,203,965.30 1.71
19.001 - 19.500 2 261,866.00 0.37
19.501 - 20.000 5 221,317.22 0.32
- ---------- ----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 9
Minimum Rates of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable Rate
Loans by
Number of Aggregate
Range of Minimum Rates Adjustable Aggregate Principal Principal
(%) Rate Loans Balance Balance
7.501 - 8.000 14 1,880,092.90 2.68 %
8.001 - 8.500 55 6,302,851.72 8.98
8.501 - 9.000 118 14,802,708.87 21.08
9.001 - 9.500 107 11,944,074.19 17.01
9.501 - 10.000 142 15,157,107.20 21.59
10.001 - 10.500 94 9,015,404.70 12.84
10.501 - 11.000 60 6,045,129.03 8.61
11.001 - 11.500 39 3,378,258.11 4.81
11.501 - 12.000 14 1,203,965.30 1.71
12.001 - 12.500 2 261,866.00 0.37
12.501 - 13.000 5 221,317.22 0.32
- ---------- ----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
Next Interest Adjustment Date of the Group I Initial Adjustable Rate Loans
Percentage of
Group I
Adjustable Rate
Loans by
Number of Aggregate
Adjustable Aggregate Principal Principal
Next Adjustment Date Rate Loans Balance Balance
03/01/99 1 112,337.68 0.16 %
04/01/99 6 587,453.32 0.84
05/01/99 6 436,917.87 0.62
06/01/99 11 1,297,885.01 1.85
06/01/00 2 137,414.92 0.20
07/01/00 4 366,378.93 0.52
08/01/00 5 509,203.93 0.73
09/01/00 96 11,215,905.34 15.97
10/01/00 29 3,168,871.26 4.51
11/01/00 235 25,686,892.49 36.58
12/01/00 255 26,693,514.49 38.02
--- ------------- -----
Totals 650 $70,212,775.24 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 10
Mortgage Rates of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Range of Mortgage Rates Number of Aggregate Principal Principal
(%) Mortgage Loans Balance Balance
7.501 - 8.000 14 1,880,092.90 2.33 %
8.001 - 8.500 60 6,700,993.23 8.30
8.501 - 9.000 129 16,096,364.02 19.94
9.001 - 9.500 116 12,857,627.80 15.92
9.501 - 10.000 162 16,808,770.92 20.82
10.001 - 10.500 118 10,874,717.10 13.47
10.501 - 11.000 80 7,356,437.18 9.11
11.001 - 11.500 59 4,664,757.42 5.78
11.501 - 12.000 34 2,298,683.07 2.85
12.001 - 12.500 9 622,474.02 0.77
12.501 - 13.000 14 582,791.29 0.72
-- ---------- ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
Principal Balances of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Range of Principal Number of Aggregate Principal Principal
Balances ($) Mortgage Loans Balance Balance
15,000.01 - 25,000.00 8 193,403.41 0.24 %
25,000.01 - 50,000.00 103 4,256,697.66 5.27
50,000.01 - 75,000.00 159 9,824,725.94 12.17
75,000.01 - 100,000.00 172 14,944,709.12 18.51
100,000.01 - 125,000.00 127 14,148,845.98 17.52
125,000.01 - 150,000.00 91 12,411,046.26 15.37
150,000.01 - 175,000.00 55 8,968,368.02 11.11
175,000.01 - 200,000.00 44 8,288,365.76 10.27
200,000.01 - 225,000.00 35 7,482,177.24 9.27
225,000.01 - 250,000.00 1 225,369.56 0.28
- ---------- ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 11
Risk Classifications of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Risk Classification Mortgage Loans Balance Balance
------------------- -------------- ------- -------
A 372 42,144,855.97 52.20 %
A- 161 16,953,220.67 21.00
B 187 15,942,178.90 19.74
C 66 4,950,027.11 6.13
D 9 753,426.30 0.93
- ---------- ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
Loan to Value Ratios of all the Group I Initial Mortgage Loans
Percentage of
Range of Loan-to-Value Number of Aggregate Group I Mortgage
Ratios at Origination Mortgage Principal Loans by Aggregate Weighted
(%) Loans Balance Principal Balance Average LTV
--- ----- ------- ----------------- -----------
15.01 - 20.00 2 86,868.08 0.11 % 18.59 %
20.01 - 25.00 2 149,847.82 0.19 22.14
30.01 - 35.00 7 581,090.09 0.72 33.00
35.01 - 40.00 4 295,358.56 0.37 36.48
40.01 - 45.00 9 475,673.57 0.59 42.29
45.01 - 50.00 11 832,547.34 1.03 48.54
50.01 - 55.00 11 711,571.84 0.88 52.20
55.01 - 60.00 17 1,435,255.48 1.78 57.56
60.01 - 65.00 45 4,074,684.13 5.05 64.06
65.01 - 70.00 108 9,024,076.90 11.18 69.60
70.01 - 75.00 143 14,187,745.29 17.57 74.78
75.01 - 80.00 212 23,504,609.78 29.11 79.87
80.01 - 85.00 131 13,871,530.39 17.18 84.90
85.01 - 90.00 92 11,401,425.32 14.12 89.92
95.01 - 100.00 1 111,424.36 0.14 100.00
- ---------- ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 12
Remaining Terms to Maturity of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Remaining Term (months) Mortgage Loans Balance Balance
----------------------- -------------- ------- -------
176 - 180 40 2,599,488.09 3.22 %
341 - 345 1 92,998.24 0.12
351 - 355 9 706,609.54 0.88
356 5 509,203.93 0.63
357 135 14,537,377.20 18.00
358 284 29,368,892.18 36.37
359 310 31,605,839.77 39.14
360 11 1,323,300.00 1.64
-- ------------ ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 13
Geographic Distribution of the Mortgage Properties of all the Group I Initial
Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Location Mortgage Loans Balance Balance
-------- -------------- ------- -------
ALABAMA 84 5,551,950.30 6.88 %
ARIZONA 82 7,509,170.38 9.30
CALIFORNIA 133 19,824,311.43 24.55
COLORADO 75 7,943,888.54 9.84
DISTRICT OF COLUMBIA 1 67,922.51 0.08
FLORIDA 34 2,266,556.38 2.81
GEORGIA 1 60,687.86 0.08
IDAHO 20 1,363,350.62 1.69
ILLINOIS 47 4,183,144.94 5.18
INDIANA 1 115,435.25 0.14
IOWA 1 78,168.92 0.10
KANSAS 2 207,820.60 0.26
LOUISIANA 2 144,239.03 0.18
MARYLAND 4 413,826.58 0.51
MINNESOTA 21 2,045,778.54 2.53
MISSOURI 9 710,486.39 0.88
MONTANA 2 163,892.31 0.20
NEVADA 6 687,978.33 0.85
NEW JERSEY 1 128,792.86 0.16
NEW YORK 2 144,114.35 0.18
NORTH CAROLINA 18 1,457,525.90 1.81
OHIO 11 883,185.23 1.09
OKLAHOMA 2 73,462.91 0.09
OREGON 101 11,583,089.70 14.35
PENNSYLVANIA 8 372,841.65 0.46
TENNESSEE 13 939,614.55 1.16
TEXAS 15 1,161,505.81 1.44
UTAH 19 1,948,195.53 2.41
VIRGINIA 3 225,272.08 0.28
WASHINGTON 72 8,149,763.00 10.09
WISCONSIN 1 40,284.40 0.05
WYOMING 4 297,452.07 0.37
- ---------- ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 14
Number of Months Elapsed from the Date of Origination of all Group I Initial
Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Range of Months Mortgage Loans Balance Balance
--------------- -------------- ------- -------
0 29 3,037,851.72 3.76 %
1 351 34,785,464.70 43.08
2 275 28,096,035.85 34.80
3 125 13,515,544.97 16.74
4 - 11 14 1,215,813.47 1.51
12 - 23 1 92,998.24 0.12
- --------- ----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
Occupancy Status of the Mortgaged Properties of all the Group I Initial Mortgage
Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Occupancy Status Mortgage Loans Balance Balance
Investment 34 2,834,278.74 3.51 %
Owner Occupied 760 77,813,479.98 96.37
Second Home 1 95,950.23 0.12
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
Types of Mortgaged Properties of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Property Type Mortgage Loans Balance Balance
------------- -------------- ------- -------
Condo 14 1,130,498.01 1.40 %
Manufactured Homes 14 902,640.93 1.12
Multi-Family Home 16 1,734,847.56 2.15
Single Family Home 751 76,975,722.45 95.33
--- ------------- -----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 15
Use of Proceeds of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Use of Proceeds Mortgage Loans Balance Balance
Purchase 412 45,945,517.79 56.90 %
Refi Cash Out 245 20,811,333.04 25.77
Refi Rate/Term 138 13,986,858.12 17.32
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
Program Classifications of all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Documentation Mortgage Loans Balance Balance
------------- -------------- ------- -------
FULL 506 53,652,402.42 66.45 %
LIMITED 16 1,640,376.67 2.03
Non-Qualifier 125 10,490,724.46 12.99
No Ratio 6 500,236.07 0.62
Stated 142 14,459,969.33 17.91
--- ------------- -----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
Prepayment Penalties with Respect to all the Group I Initial Mortgage Loans
Percentage of
Group I
Mortgage Loans
by Aggregate
Number of Aggregate Principal Principal
Prepayment Penalty Mortgage Loans Balance Balance
------------------ -------------- ------- -------
1 YEAR 199 22,881,778.71 28.34 %
2 YEAR 291 33,188,471.92 41.10
3 YEAR 193 15,920,007.82 19.72
5 YEAR 5 653,896.27 0.81
NONE 107 8,099,554.23 10.03
--- ------------ -----
Totals 795 $80,743,708.95 100.00 %
=== ============== ======
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
Updated Marketing Memorandum- 12/4/98 8:00 AM
RBMG Funding Co. Mortgage Loan Trust 1998-2 Page 16
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS
THIS MARKETING MEMORANDUM SUPERSEDES ANY PREVIOUS MARKETING MEMORANDUM, AND WILL
BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
0 62,500,000.00 0 100.000% 55,850,522.27 0 89.361% 0
1 60,644,872.18 1,855,127.82 100.000% 97.032% 54,080,155.69 1,770,366.58 89.175% 1
2 58,865,602.97 1,779,269.22 100.000% 94.185% 52,384,236.07 1,695,919.62 88.990% 2
3 57,159,043.77 1,706,559.19 100.000% 91.454% 50,759,638.17 1,624,597.90 88.804% 3
4 54,911,095.27 2,247,948.50 100.000% 87.858% 48,620,190.87 2,139,447.30 88.543% 4
5 52,754,932.88 2,156,162.39 100.000% 84.408% 46,570,722.29 2,049,468.58 88.277% 5
6 50,686,966.11 2,067,966.77 100.000% 81.099% 44,607,671.80 1,963,050.49 88.006% 6
7 48,703,388.44 1,983,577.67 100.000% 77.925% 42,727,262.25 1,880,409.55 87.730% 7
8 46,800,621.98 1,902,766.45 100.000% 74.881% 40,925,944.66 1,801,317.60 87.447% 8
9 44,975,317.54 1,825,304.45 100.000% 71.961% 39,200,398.21 1,725,546.45 87.160% 9
10 43,224,265.59 1,751,051.95 100.000% 69.159% 37,547,441.35 1,652,956.86 86.867% 10
11 41,544,390.49 1,679,875.10 100.000% 66.471% 35,964,025.91 1,583,415.44 86.568% 11
12 39,932,783.12 1,611,607.36 100.000% 63.892% 34,447,269.81 1,516,756.10 86.263% 12
13 38,386,591.16 1,546,191.96 100.000% 61.419% 32,994,347.31 1,452,922.50 85.953% 13
14 36,903,093.57 1,483,497.59 100.000% 59.045% 31,602,563.52 1,391,783.79 85.637% 14
15 35,479,696.71 1,423,396.86 100.000% 56.768% 30,269,350.52 1,333,213.00 85.315% 15
16 34,113,915.07 1,365,781.64 100.000% 54.582% 28,992,248.10 1,277,102.43 84.987% 16
17 32,803,366.73 1,310,548.34 100.000% 52.485% 27,768,899.21 1,223,348.89 84.653% 17
18 31,545,769.05 1,257,597.68 100.000% 50.473% 26,597,045.68 1,171,853.53 84.313% 18
19 30,338,934.50 1,206,834.55 100.000% 48.542% 25,474,524.06 1,122,521.62 83.966% 19
20 29,180,766.71 1,158,167.79 100.000% 46.689% 24,399,261.64 1,075,262.42 83.614% 20
21 28,069,256.66 1,111,510.06 100.000% 44.911% 23,369,272.68 1,029,988.97 83.256% 21
22 27,002,478.99 1,066,777.67 100.000% 43.204% 22,382,654.72 986,617.96 82.891% 22
23 25,978,588.55 1,023,890.43 100.000% 41.566% 21,437,585.13 945,069.58 82.520% 23
24 24,998,534.74 980,053.81 100.000% 39.998% 20,535,035.46 902,549.68 82.145% 24
25 24,058,645.31 939,889.43 100.000% 38.494% 19,671,355.24 863,680.22 81.764% 25
26 23,156,278.89 902,366.42 100.000% 37.050% 18,843,924.53 827,430.71 81.377% 26
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
0 6,649,477.73 10.639%
1 6,564,716.49 84,761.24 10.825%
2 6,481,366.90 83,349.59 11.010%
3 6,399,405.60 81,961.30 11.196%
4 6,290,904.40 108,501.20 11.457%
5 6,184,210.59 106,693.81 11.723%
6 6,079,294.31 104,916.28 11.994%
7 5,976,126.19 103,168.12 12.270%
8 5,874,677.32 101,448.87 12.553%
9 5,774,919.33 99,757.99 12.840%
10 5,676,824.24 98,095.09 13.133%
11 5,580,364.58 96,459.66 13.432%
12 5,485,513.31 94,851.27 13.737%
13 5,392,243.85 93,269.46 14.047%
14 5,300,530.05 91,713.80 14.363%
15 5,210,346.19 90,183.86 14.685%
16 5,121,666.97 88,679.22 15.013%
17 5,034,467.52 87,199.45 15.347%
18 4,948,723.37 85,744.15 15.687%
19 4,864,410.44 84,312.93 16.034%
20 4,781,505.07 82,905.37 16.386%
21 4,699,983.98 81,521.09 16.744%
22 4,619,824.27 80,159.71 17.109%
23 4,541,003.42 78,820.85 17.480%
24 4,463,499.28 77,504.14 17.855%
25 4,387,290.07 76,209.21 18.236%
26 4,312,354.36 74,935.71 18.623%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
27 22,289,895.41 866,383.48 100.000% 35.664% 18,051,224.33 792,700.20 80.984% 27
28 21,458,018.73 831,876.68 100.000% 34.333% 17,291,799.22 759,425.10 80.584% 28
29 20,659,233.96 798,784.77 100.000% 33.055% 16,564,254.71 727,544.51 80.178% 29
30 19,892,184.92 767,049.04 100.000% 31.827% 15,867,254.66 697,000.05 79.766% 30
31 19,155,571.70 736,613.23 100.000% 30.649% 15,199,518.87 667,735.79 79.348% 31
32 18,448,148.26 707,423.43 100.000% 29.517% 14,559,820.71 639,698.16 78.923% 32
33 17,768,720.28 679,427.98 100.000% 28.430% 13,946,984.92 612,835.79 78.492% 33
34 17,116,142.92 652,577.36 100.000% 27.386% 13,359,885.42 587,099.50 78.054% 34
35 16,489,318.79 626,824.12 100.000% 26.383% 12,797,443.29 562,442.13 77.611% 35
36 15,887,196.00 602,122.79 100.000% 25.420% 12,258,624.77 538,818.52 77.160% 36
37 15,308,766.23 578,429.78 100.000% 24.494% 11,742,439.37 516,185.39 76.704% 37
38 14,753,062.91 555,703.32 100.000% 23.605% 11,247,938.11 494,501.26 76.241% 38
39 14,219,159.51 533,903.40 100.000% 22.751% 10,774,211.71 473,726.40 75.772% 39
40 13,706,167.86 512,991.65 100.000% 21.930% 10,320,388.97 453,822.74 75.297% 40
41 13,213,236.55 492,931.31 100.000% 21.141% 9,885,635.19 434,753.78 74.816% 41
42 12,739,549.40 473,687.15 100.000% 20.383% 9,469,150.61 416,484.58 74.329% 42
43 12,284,324.00 455,225.40 100.000% 19.655% 9,070,168.97 398,981.64 73.835% 43
44 11,846,810.28 437,513.71 100.000% 18.955% 8,687,956.10 382,212.87 73.336% 44
45 11,426,289.21 420,521.07 100.000% 18.282% 8,321,808.59 366,147.51 72.830% 45
46 11,022,071.46 404,217.75 100.000% 17.635% 7,971,052.48 350,756.11 72.319% 46
47 10,633,496.20 388,575.27 100.000% 17.014% 7,635,042.05 336,010.43 71.802% 47
48 10,259,929.87 373,566.32 100.000% 16.416% 7,313,158.62 321,883.43 71.279% 48
49 9,900,765.11 359,164.76 100.000% 15.841% 7,004,809.43 308,349.19 70.750% 49
50 9,555,419.62 345,345.50 100.000% 15.289% 6,709,426.56 295,382.87 70.216% 50
51 9,223,335.11 332,084.51 100.000% 14.757% 6,426,465.89 282,960.67 69.676% 51
52 8,903,976.35 319,358.76 100.000% 14.246% 6,155,406.08 271,059.81 69.131% 52
53 8,596,830.18 307,146.18 100.000% 13.755% 5,895,747.64 259,658.44 68.580% 53
54 8,301,404.57 295,425.60 100.000% 13.282% 5,647,012.03 248,735.62 68.025% 54
55 8,017,227.81 284,176.77 100.000% 12.828% 5,408,740.73 238,271.30 67.464% 55
56 7,743,847.58 273,380.23 100.000% 12.390% 5,180,494.46 228,246.27 66.898% 56
57 7,480,830.21 263,017.37 100.000% 11.969% 4,961,852.35 218,642.11 66.328% 57
58 7,227,759.87 253,070.34 100.000% 11.564% 4,752,411.16 209,441.19 65.752% 58
59 6,984,237.85 243,522.02 100.000% 11.175% 4,551,784.54 200,626.61 65.172% 59
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
27 4,238,671.08 73,683.28 19.016%
28 4,166,219.51 72,451.57 19.416%
29 4,094,979.25 71,240.26 19.822%
30 4,024,930.26 70,048.99 20.234%
31 3,956,052.83 68,877.43 20.652%
32 3,888,327.55 67,725.28 21.077%
33 3,821,735.36 66,592.19 21.508%
34 3,756,257.50 65,477.86 21.946%
35 3,691,875.50 64,382.00 22.389%
36 3,628,571.23 63,304.27 22.840%
37 3,566,326.86 62,244.37 23.296%
38 3,505,124.80 61,202.06 23.759%
39 3,444,947.80 60,177.00 24.228%
40 3,385,778.89 59,168.91 24.703%
41 3,327,601.36 58,177.53 25.184%
42 3,270,398.79 57,202.57 25.671%
43 3,214,155.03 56,243.76 26.165%
44 3,158,854.18 55,300.85 26.664%
45 3,104,480.62 54,373.56 27.170%
46 3,051,018.98 53,461.64 27.681%
47 2,998,454.15 52,564.83 28.198%
48 2,946,771.25 51,682.90 28.721%
49 2,895,955.68 50,815.57 29.250%
50 2,845,993.06 49,962.62 29.784%
51 2,796,869.22 49,123.84 30.324%
52 2,748,570.27 48,298.95 30.869%
53 2,701,082.54 47,487.73 31.420%
54 2,654,392.54 46,690.00 31.975%
55 2,608,487.08 45,905.46 32.536%
56 2,563,353.12 45,133.96 33.102%
57 2,518,977.86 44,375.26 33.672%
58 2,475,348.71 43,629.15 34.248%
59 2,432,453.31 42,895.40 34.828%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
60 6,749,881.84 234,356.02 100.000% 10.800% 4,359,602.38 192,182.17 64.588% 60
61 6,524,325.22 225,556.62 100.000% 10.439% 4,175,510.03 184,092.35 63.999% 61
62 6,307,216.46 217,108.75 100.000% 10.092% 3,999,167.74 176,342.29 63.406% 62
63 6,098,218.48 208,997.99 100.000% 9.757% 3,830,250.00 168,917.74 62.809% 63
64 5,897,007.99 201,210.48 100.000% 9.435% 3,668,444.94 161,805.06 62.209% 64
65 5,703,275.02 193,732.97 100.000% 9.125% 3,513,453.77 154,991.17 61.604% 65
66 5,516,722.29 186,552.74 100.000% 8.827% 3,364,990.24 148,463.54 60.996% 66
67 5,337,064.68 179,657.60 100.000% 8.539% 3,222,780.08 142,210.16 60.385% 67
68 5,164,028.80 173,035.88 100.000% 8.262% 3,086,560.54 136,219.54 59.770% 68
69 4,997,352.42 166,676.38 100.000% 7.996% 2,956,079.88 130,480.65 59.153% 69
70 4,836,784.05 160,568.36 100.000% 7.739% 2,831,096.94 124,982.94 58.533% 70
71 4,682,082.50 154,701.55 100.000% 7.491% 2,711,380.64 119,716.30 57.910% 71
72 4,533,016.42 149,066.08 100.000% 7.253% 2,596,709.63 114,671.02 57.284% 72
73 4,389,363.93 143,652.50 100.000% 7.023% 2,486,871.81 109,837.82 56.657% 73
74 4,250,912.18 138,451.74 100.000% 6.801% 2,381,664.01 105,207.80 56.027% 74
75 4,117,457.05 133,455.14 100.000% 6.588% 2,280,891.57 100,772.44 55.396% 75
76 3,988,802.69 128,654.36 100.000% 6.382% 2,184,367.99 96,523.58 54.762% 76
77 3,864,761.27 124,041.42 100.000% 6.184% 2,091,914.61 92,453.38 54.128% 77
78 3,745,152.60 119,608.67 100.000% 5.992% 2,003,360.26 88,554.35 53.492% 78
79 3,629,803.81 115,348.79 100.000% 5.808% 1,918,540.96 84,819.30 52.855% 79
80 3,518,549.07 111,254.74 100.000% 5.630% 1,837,299.60 81,241.36 52.218% 80
81 3,411,229.29 107,319.78 100.000% 5.458% 1,759,485.68 77,813.92 51.579% 81
82 3,307,691.83 103,537.46 100.000% 5.292% 1,684,955.00 74,530.68 50.941% 82
83 3,207,790.26 99,901.58 100.000% 5.132% 1,613,569.43 71,385.57 50.302% 83
84 3,111,384.05 96,406.20 100.000% 4.978% 1,545,196.63 68,372.80 49.663% 84
85 3,018,338.41 93,045.64 100.000% 4.829% 1,479,709.81 65,486.82 49.024% 85
86 2,928,523.97 89,814.44 100.000% 4.686% 1,416,987.52 62,722.29 48.386% 86
87 2,841,816.61 86,707.37 100.000% 4.547% 1,356,913.41 60,074.12 47.748% 87
88 2,758,097.20 83,719.41 100.000% 4.413% 1,299,375.98 57,537.42 47.111% 88
89 2,677,251.45 80,845.75 100.000% 4.284% 1,244,268.47 55,107.51 46.476% 89
90 2,599,169.66 78,081.79 100.000% 4.159% 1,191,488.56 52,779.91 45.841% 90
91 2,523,746.55 75,423.11 100.000% 4.038% 1,140,938.24 50,550.32 45.208% 91
92 2,450,881.08 72,865.46 100.000% 3.921% 1,092,523.63 48,414.61 44.577% 92
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
60 2,390,279.46 42,173.85 35.412%
61 2,348,815.19 41,464.27 36.001%
62 2,308,048.72 40,766.47 36.594%
63 2,267,968.48 40,080.24 37.191%
64 2,228,563.05 39,405.43 37.791%
65 2,189,821.25 38,741.80 38.396%
66 2,151,732.05 38,089.20 39.004%
67 2,114,284.60 37,447.45 39.615%
68 2,077,468.26 36,816.34 40.230%
69 2,041,272.54 36,195.72 40.847%
70 2,005,687.11 35,585.43 41.467%
71 1,970,701.86 34,985.25 42.090%
72 1,936,306.79 34,395.07 42.716%
73 1,902,492.12 33,814.67 43.343%
74 1,869,248.17 33,243.95 43.973%
75 1,836,565.48 32,682.69 44.604%
76 1,804,434.70 32,130.78 45.238%
77 1,772,846.66 31,588.04 45.872%
78 1,741,792.34 31,054.32 46.508%
79 1,711,262.85 30,529.49 47.145%
80 1,681,249.47 30,013.38 47.782%
81 1,651,743.61 29,505.86 48.421%
82 1,622,736.83 29,006.78 49.059%
83 1,594,220.83 28,516.00 49.698%
84 1,566,187.42 28,033.41 50.337%
85 1,538,628.60 27,558.82 50.976%
86 1,511,536.45 27,092.15 51.614%
87 1,484,903.20 26,633.25 52.252%
88 1,458,721.22 26,181.98 52.889%
89 1,432,982.98 25,738.24 53.524%
90 1,407,681.10 25,301.88 54.159%
91 1,382,808.31 24,872.79 54.792%
92 1,358,357.45 24,450.86 55.423%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
93 2,380,476.29 70,404.80 100.000% 3.809% 1,046,154.77 46,368.86 43.947% 93
94 2,312,439.08 68,037.21 100.000% 3.700% 1,001,745.51 44,409.27 43.320% 94
95 2,246,680.10 65,758.97 100.000% 3.595% 959,213.28 42,532.22 42.695% 95
96 2,183,113.60 63,566.50 100.000% 3.493% 918,479.02 40,734.26 42.072% 96
97 2,121,657.24 61,456.36 100.000% 3.395% 879,466.97 39,012.05 41.452% 97
98 2,062,231.98 59,425.26 100.000% 3.300% 842,104.56 37,362.41 40.835% 98
99 2,004,761.95 57,470.04 100.000% 3.208% 806,322.27 35,782.29 40.220% 99
100 1,949,174.27 55,587.67 100.000% 3.119% 772,053.50 34,268.77 39.609% 100
101 1,895,399.01 53,775.26 100.000% 3.033% 739,234.44 32,819.05 39.002% 101
102 1,843,369.00 52,030.01 100.000% 2.949% 707,804.00 31,430.45 38.397% 102
103 1,793,019.73 50,349.27 100.000% 2.869% 677,703.61 30,100.39 37.797% 103
104 1,744,289.27 48,730.46 100.000% 2.791% 648,877.19 28,826.42 37.200% 104
105 1,697,118.14 47,171.13 100.000% 2.715% 621,271.02 27,606.17 36.607% 105
106 1,651,449.22 45,668.93 100.000% 2.642% 594,833.63 26,437.39 36.019% 106
107 1,607,227.62 44,221.60 100.000% 2.572% 569,515.71 25,317.91 35.435% 107
108 1,564,400.65 42,826.97 100.000% 2.503% 545,270.05 24,245.66 34.855% 108
109 1,522,917.69 41,482.96 100.000% 2.437% 522,051.39 23,218.66 34.280% 109
110 1,482,730.09 40,187.59 100.000% 2.372% 499,816.41 22,234.99 33.709% 110
111 1,443,791.15 38,938.95 100.000% 2.310% 478,523.58 21,292.83 33.144% 111
112 1,406,055.96 37,735.19 100.000% 2.250% 458,133.14 20,390.44 32.583% 112
113 1,369,481.40 36,574.56 100.000% 2.191% 438,606.99 19,526.15 32.027% 113
114 1,334,026.03 35,455.37 100.000% 2.134% 419,908.65 18,698.34 31.477% 114
115 1,299,650.01 34,376.02 100.000% 2.079% 402,003.16 17,905.49 30.932% 115
116 1,266,315.08 33,334.93 100.000% 2.026% 384,857.04 17,146.12 30.392% 116
117 1,233,984.45 32,330.63 100.000% 1.974% 368,438.21 16,418.83 29.858% 117
118 1,202,622.77 31,361.69 100.000% 1.924% 352,715.95 15,722.26 29.329% 118
119 1,172,196.04 30,426.73 100.000% 1.876% 337,660.84 15,055.11 28.806% 119
120 1,142,671.60 29,524.44 100.000% 1.828% 323,244.68 14,416.16 28.289% 120
121 1,114,018.04 28,653.56 100.000% 1.782% 309,440.47 13,804.21 27.777% 121
122 1,086,205.16 27,812.88 100.000% 1.738% 296,222.34 13,218.12 27.271% 122
123 1,059,203.92 27,001.24 100.000% 1.695% 283,565.53 12,656.81 26.772% 123
124 1,032,986.40 26,217.52 100.000% 1.653% 271,446.29 12,119.23 26.278% 124
125 1,007,525.74 25,460.66 100.000% 1.612% 259,841.91 11,604.39 25.790% 125
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
93 1,334,321.52 24,035.93 56.053%
94 1,310,693.57 23,627.95 56.680%
95 1,287,466.82 23,226.75 57.305%
96 1,264,634.58 22,832.24 57.928%
97 1,242,190.27 22,444.31 58.548%
98 1,220,127.42 22,062.85 59.165%
99 1,198,439.68 21,687.74 59.780%
100 1,177,120.77 21,318.91 60.391%
101 1,156,164.57 20,956.20 60.998%
102 1,135,565.00 20,599.57 61.603%
103 1,115,316.12 20,248.88 62.203%
104 1,095,412.08 19,904.04 62.800%
105 1,075,847.12 19,564.96 63.393%
106 1,056,615.59 19,231.53 63.981%
107 1,037,711.91 18,903.68 64.565%
108 1,019,130.60 18,581.31 65.145%
109 1,000,866.30 18,264.30 65.720%
110 982,913.68 17,952.62 66.291%
111 965,267.57 17,646.11 66.856%
112 947,922.82 17,344.75 67.417%
113 930,874.41 17,048.41 67.973%
114 914,117.38 16,757.03 68.523%
115 897,646.85 16,470.53 69.068%
116 881,458.04 16,188.81 69.608%
117 865,546.24 15,911.80 70.142%
118 849,906.82 15,639.42 70.671%
119 834,535.20 15,371.62 71.194%
120 819,426.92 15,108.28 71.711%
121 804,577.57 14,849.35 72.223%
122 789,982.82 14,594.75 72.729%
123 775,638.39 14,344.43 73.228%
124 761,540.11 14,098.28 73.722%
125 747,683.83 13,856.28 74.210%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
126 982,796.12 24,729.62 100.000% 1.572% 248,730.59 11,111.31 25.308% 126
127 958,772.70 24,023.43 100.000% 1.534% 238,091.50 10,639.09 24.833% 127
128 935,431.57 23,341.13 100.000% 1.497% 227,904.65 10,186.85 24.364% 128
129 912,749.75 22,681.82 100.000% 1.460% 218,150.91 9,753.74 23.900% 129
130 890,705.11 22,044.63 100.000% 1.425% 208,811.95 9,338.96 23.443% 130
131 869,276.38 21,428.73 100.000% 1.391% 199,870.22 8,941.74 22.993% 131
132 848,443.07 20,833.31 100.000% 1.358% 191,308.89 8,561.32 22.548% 132
133 828,185.47 20,257.60 100.000% 1.325% 183,111.87 8,197.02 22.110% 133
134 808,484.60 19,700.86 100.000% 1.294% 175,263.73 7,848.14 21.678% 134
135 789,322.21 19,162.39 100.000% 1.263% 167,749.70 7,514.03 21.252% 135
136 770,680.71 18,641.50 100.000% 1.233% 160,555.62 7,194.08 20.833% 136
137 752,543.17 18,137.54 100.000% 1.204% 153,667.94 6,887.68 20.420% 137
138 734,893.30 17,649.88 100.000% 1.176% 147,073.67 6,594.27 20.013% 138
139 717,715.39 17,177.91 100.000% 1.148% 140,760.38 6,313.29 19.612% 139
140 700,994.33 16,721.06 100.000% 1.122% 134,716.17 6,044.22 19.218% 140
141 684,715.55 16,278.78 100.000% 1.096% 128,929.61 5,786.55 18.830% 141
142 668,865.03 15,850.52 100.000% 1.070% 123,389.80 5,539.81 18.448% 142
143 653,429.26 15,435.77 100.000% 1.045% 118,086.26 5,303.54 18.072% 143
144 638,395.21 15,034.05 100.000% 1.021% 113,008.98 5,077.29 17.702% 144
145 623,750.32 14,644.88 100.000% 0.998% 108,148.35 4,860.63 17.338% 145
146 609,482.52 14,267.81 100.000% 0.975% 103,495.18 4,653.17 16.981% 146
147 595,580.13 13,902.39 100.000% 0.953% 99,040.66 4,454.51 16.629% 147
148 582,031.92 13,548.21 100.000% 0.931% 94,776.38 4,264.29 16.284% 148
149 568,827.05 13,204.87 100.000% 0.910% 90,694.24 4,082.14 15.944% 149
150 555,955.08 12,871.97 100.000% 0.890% 86,786.51 3,907.73 15.610% 150
151 543,405.92 12,549.16 100.000% 0.869% 83,045.79 3,740.72 15.282% 151
152 531,169.87 12,236.06 100.000% 0.850% 79,464.98 3,580.81 14.960% 152
153 519,237.53 11,932.33 100.000% 0.831% 76,037.28 3,427.69 14.644% 153
154 507,599.88 11,637.65 100.000% 0.812% 72,756.20 3,281.08 14.333% 154
155 496,248.17 11,351.70 100.000% 0.794% 69,615.49 3,140.71 14.028% 155
156 485,174.00 11,074.18 100.000% 0.776% 66,609.19 3,006.30 13.729% 156
157 474,369.22 10,804.78 100.000% 0.759% 63,731.59 2,877.60 13.435% 157
158 463,825.99 10,543.23 100.000% 0.742% 60,977.20 2,754.38 13.147% 158
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
126 734,065.53 13,618.30 74.692%
127 720,681.20 13,384.33 75.167%
128 707,526.92 13,154.28 75.636%
129 694,598.84 12,928.08 76.100%
130 681,893.16 12,705.68 76.557%
131 669,406.16 12,487.00 77.007%
132 657,134.18 12,271.98 77.452%
133 645,073.60 12,060.58 77.890%
134 633,220.87 11,852.73 78.322%
135 621,572.51 11,648.36 78.748%
136 610,125.09 11,447.42 79.167%
137 598,875.23 11,249.86 79.580%
138 587,819.63 11,055.60 79.987%
139 576,955.01 10,864.62 80.388%
140 566,278.16 10,676.85 80.782%
141 555,785.94 10,492.22 81.170%
142 545,475.23 10,310.71 81.552%
143 535,343.00 10,132.23 81.928%
144 525,386.23 9,956.77 82.298%
145 515,601.97 9,784.26 82.662%
146 505,987.34 9,614.63 83.019%
147 496,539.47 9,447.87 83.371%
148 487,255.54 9,283.93 83.716%
149 478,132.81 9,122.73 84.056%
150 469,168.57 8,964.24 84.390%
151 460,360.13 8,808.44 84.718%
152 451,704.89 8,655.24 85.040%
153 443,200.25 8,504.64 85.356%
154 434,843.68 8,356.57 85.667%
155 426,632.68 8,211.00 85.972%
156 418,564.81 8,067.87 86.271%
157 410,637.63 7,927.18 86.565%
158 402,848.79 7,788.84 86.853%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
159 453,536.74 10,289.25 100.000% 0.726% 58,340.80 2,636.41 12.864% 159
160 443,494.15 10,042.59 100.000% 0.710% 55,817.35 2,523.45 12.586% 160
161 433,691.15 9,803.00 100.000% 0.694% 53,402.05 2,415.30 12.313% 161
162 424,120.93 9,570.23 100.000% 0.679% 51,090.30 2,311.75 12.046% 162
163 414,776.88 9,344.05 100.000% 0.664% 48,877.68 2,212.61 11.784% 163
164 405,652.65 9,124.23 100.000% 0.649% 46,759.98 2,117.70 11.527% 164
165 396,742.07 8,910.58 100.000% 0.635% 44,733.16 2,026.83 11.275% 165
166 388,039.20 8,702.87 100.000% 0.621% 42,793.33 1,939.83 11.028% 166
167 379,538.30 8,500.91 100.000% 0.607% 40,936.79 1,856.54 10.786% 167
168 371,233.79 8,304.50 100.000% 0.594% 39,160.00 1,776.79 10.549% 168
169 363,120.32 8,113.47 100.000% 0.581% 37,459.55 1,700.45 10.316% 169
170 355,192.68 7,927.64 100.000% 0.568% 35,832.18 1,627.37 10.088% 170
171 347,445.84 7,746.83 100.000% 0.556% 34,274.78 1,557.40 9.865% 171
172 339,874.95 7,570.89 100.000% 0.544% 32,784.36 1,490.42 9.646% 172
173 332,475.30 7,399.65 100.000% 0.532% 31,358.07 1,426.29 9.432% 173
174 325,242.34 7,232.96 100.000% 0.520% 29,993.16 1,364.91 9.222% 174
175 318,171.65 7,070.68 100.000% 0.509% 28,687.02 1,306.14 9.016% 175
176 311,258.99 6,912.67 100.000% 0.498% 27,437.13 1,249.89 8.815% 176
177 304,500.21 6,758.78 100.000% 0.487% 26,241.10 1,196.04 8.618% 177
178 235,113.25 69,386.96 100.000% 0.376% 25,096.61 1,144.49 10.674% 178
179 230,018.20 5,095.05 100.000% 0.368% 24,001.47 1,095.14 10.435% 179
180 225,040.47 4,977.73 100.000% 0.360% 22,953.56 1,047.90 10.200% 180
181 220,176.86 4,863.62 100.000% 0.352% 21,950.87 1,002.69 9.970% 181
182 215,424.25 4,752.61 100.000% 0.345% 20,991.47 959.41 9.744% 182
183 190,783.72 24,640.53 100.000% 0.305% 20,073.49 917.98 10.522% 183
184 186,679.68 4,104.04 100.000% 0.299% 19,195.17 878.32 10.282% 184
185 182,670.01 4,009.68 100.000% 0.292% 18,354.80 840.36 10.048% 185
186 178,752.12 3,917.89 100.000% 0.286% 17,550.77 804.03 9.818% 186
187 174,923.51 3,828.60 100.000% 0.280% 16,781.51 769.26 9.594% 187
188 171,181.79 3,741.72 100.000% 0.274% 16,045.54 735.97 9.373% 188
189 167,524.61 3,657.18 100.000% 0.268% 15,341.43 704.11 9.158% 189
190 163,949.71 3,574.90 100.000% 0.262% 14,667.80 673.62 8.947% 190
191 160,454.92 3,494.80 100.000% 0.257% 14,023.37 644.44 8.740% 191
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
159 395,195.94 7,652.85 87.136%
160 387,676.80 7,519.14 87.414%
161 380,289.10 7,387.70 87.687%
162 373,030.63 7,258.47 87.954%
163 365,899.20 7,131.43 88.216%
164 358,892.67 7,006.53 88.473%
165 352,008.91 6,883.76 88.725%
166 345,245.87 6,763.04 88.972%
167 338,601.51 6,644.36 89.214%
168 332,073.79 6,527.72 89.451%
169 325,660.77 6,413.02 89.684%
170 319,360.50 6,300.27 89.912%
171 313,171.06 6,189.44 90.135%
172 307,090.59 6,080.47 90.354%
173 301,117.23 5,973.36 90.568%
174 295,249.18 5,868.05 90.778%
175 289,484.63 5,764.55 90.984%
176 283,821.86 5,662.77 91.185%
177 278,259.11 5,562.75 91.382%
178 210,016.64 68,242.47 89.326%
179 206,016.73 3,999.91 89.565%
180 202,086.91 3,929.82 89.800%
181 198,225.99 3,860.92 90.030%
182 194,432.78 3,793.21 90.256%
183 170,710.23 23,722.55 89.478%
184 167,484.51 3,225.72 89.718%
185 164,315.21 3,169.30 89.952%
186 161,201.35 3,113.86 90.182%
187 158,142.00 3,059.35 90.406%
188 155,136.25 3,005.75 90.627%
189 152,183.18 2,953.07 90.842%
190 149,281.91 2,901.27 91.053%
191 146,431.55 2,850.36 91.260%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
192 157,038.11 3,416.81 100.000% 0.251% 13,406.86 616.51 8.537% 192
193 153,697.23 3,340.87 100.000% 0.246% 12,817.09 589.77 8.339% 193
194 150,430.32 3,266.92 100.000% 0.241% 12,252.90 564.19 8.145% 194
195 147,235.44 3,194.88 100.000% 0.236% 11,713.20 539.7 7.955% 195
196 144,110.74 3,124.70 100.000% 0.231% 11,196.93 516.27 7.770% 196
197 141,054.42 3,056.32 100.000% 0.226% 10,703.09 493.84 7.588% 197
198 138,064.74 2,989.69 100.000% 0.221% 10,230.71 472.38 7.410% 198
199 135,140.00 2,924.74 100.000% 0.216% 9,778.87 451.84 7.236% 199
200 132,278.56 2,861.43 100.000% 0.212% 9,346.69 432.18 7.066% 200
201 129,478.85 2,799.71 100.000% 0.207% 8,933.32 413.37 6.899% 201
202 126,739.32 2,739.53 100.000% 0.203% 8,537.95 395.37 6.737% 202
203 124,058.48 2,680.84 100.000% 0.198% 8,159.80 378.15 6.577% 203
204 121,434.88 2,623.60 100.000% 0.194% 7,798.14 361.66 6.422% 204
205 118,867.12 2,567.76 100.000% 0.190% 7,452.24 345.89 6.269% 205
206 116,353.84 2,513.28 100.000% 0.186% 7,121.45 330.8 6.121% 206
207 113,893.72 2,460.13 100.000% 0.182% 6,805.09 316.36 5.975% 207
208 111,485.47 2,408.25 100.000% 0.178% 6,502.55 302.54 5.833% 208
209 109,127.85 2,357.62 100.000% 0.175% 6,213.24 289.32 5.694% 209
210 106,819.65 2,308.20 100.000% 0.171% 5,936.57 276.66 5.558% 210
211 104,559.70 2,259.95 100.000% 0.167% 5,672.01 264.56 5.425% 211
212 102,346.85 2,212.84 100.000% 0.164% 5,419.03 252.98 5.295% 212
213 100,180.02 2,166.84 100.000% 0.160% 5,177.13 241.9 5.168% 213
214 98,058.11 2,121.91 100.000% 0.157% 4,945.84 231.3 5.044% 214
215 95,980.08 2,078.03 100.000% 0.154% 4,724.68 221.15 4.923% 215
216 93,944.93 2,035.16 100.000% 0.150% 4,513.24 211.45 4.804% 216
217 91,951.65 1,993.27 100.000% 0.147% 4,311.07 202.17 4.688% 217
218 89,999.30 1,952.35 100.000% 0.144% 4,117.79 193.28 4.575% 218
219 88,086.94 1,912.36 100.000% 0.141% 3,933.00 184.79 4.465% 219
220 86,213.67 1,873.27 100.000% 0.138% 3,756.34 176.66 4.357% 220
221 84,378.60 1,835.07 100.000% 0.135% 3,587.46 168.88 4.252% 221
222 82,580.88 1,797.73 100.000% 0.132% 3,426.01 161.45 4.149% 222
223 80,819.66 1,761.22 100.000% 0.129% 3,271.68 154.33 4.048% 223
224 79,094.14 1,725.52 100.000% 0.127% 3,124.16 147.52 3.950% 224
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
192 143,631.25 2,800.30 91.463%
193 140,880.14 2,751.11 91.661%
194 138,177.42 2,702.72 91.855%
195 135,522.24 2,655.18 92.045%
196 132,913.81 2,608.43 92.230%
197 130,351.33 2,562.48 92.412%
198 127,834.03 2,517.30 92.590%
199 125,361.13 2,472.90 92.764%
200 122,931.87 2,429.26 92.934%
201 120,545.53 2,386.34 93.101%
202 118,201.37 2,344.16 93.263%
203 115,898.68 2,302.69 93.423%
204 113,636.74 2,261.94 93.578%
205 111,414.88 2,221.86 93.731%
206 109,232.39 2,182.49 93.879%
207 107,088.63 2,143.76 94.025%
208 104,982.92 2,105.71 94.167%
209 102,914.61 2,068.31 94.306%
210 100,883.08 2,031.53 94.442%
211 98,887.69 1,995.39 94.575%
212 96,927.82 1,959.87 94.705%
213 95,002.89 1,924.93 94.832%
214 93,112.27 1,890.62 94.956%
215 91,255.40 1,856.87 95.077%
216 89,431.69 1,823.71 95.196%
217 87,640.58 1,791.11 95.312%
218 85,881.51 1,759.07 95.425%
219 84,153.94 1,727.57 95.535%
220 82,457.33 1,696.61 95.643%
221 80,791.14 1,666.19 95.748%
222 79,154.87 1,636.27 95.851%
223 77,547.98 1,606.89 95.952%
224 75,969.98 1,578.00 96.050%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
225 77,403.53 1,690.61 100.000% 0.124% 2,983.14 141.01 3.854% 225
226 75,747.06 1,656.47 100.000% 0.121% 2,848.36 134.79 3.760% 226
227 74,123.98 1,623.08 100.000% 0.119% 2,719.53 128.83 3.669% 227
228 72,533.56 1,590.42 100.000% 0.116% 2,596.39 123.13 3.580% 228
229 70,975.08 1,558.47 100.000% 0.114% 2,478.71 117.68 3.492% 229
230 69,447.86 1,527.22 100.000% 0.111% 2,366.24 112.47 3.407% 230
231 67,951.23 1,496.63 100.000% 0.109% 2,258.75 107.49 3.324% 231
232 66,484.52 1,466.71 100.000% 0.106% 2,156.03 102.72 3.243% 232
233 65,047.10 1,437.42 100.000% 0.104% 2,057.87 98.16 3.164% 233
234 63,638.34 1,408.76 100.000% 0.102% 1,964.07 93.8 3.086% 234
235 62,257.63 1,380.71 100.000% 0.100% 1,874.44 89.63 3.011% 235
236 60,904.38 1,353.25 100.000% 0.097% 1,788.79 85.64 2.937% 236
237 59,578.01 1,326.37 100.000% 0.095% 1,706.96 81.83 2.865% 237
238 58,277.97 1,300.05 100.000% 0.093% 1,628.78 78.18 2.795% 238
239 57,003.69 1,274.28 100.000% 0.091% 1,554.08 74.7 2.726% 239
240 55,754.64 1,249.05 100.000% 0.089% 1,482.72 71.36 2.659% 240
241 54,530.30 1,224.34 100.000% 0.087% 1,414.54 68.18 2.594% 241
242 53,330.16 1,200.14 100.000% 0.085% 1,349.42 65.13 2.530% 242
243 52,153.72 1,176.44 100.000% 0.083% 1,287.20 62.21 2.468% 243
244 51,000.49 1,153.23 100.000% 0.082% 1,227.78 59.43 2.407% 244
245 49,870.00 1,130.49 100.000% 0.080% 1,171.01 56.76 2.348% 245
246 48,761.78 1,108.22 100.000% 0.078% 1,116.80 54.22 2.290% 246
247 47,675.38 1,086.40 100.000% 0.076% 1,065.02 51.78 2.234% 247
248 46,610.36 1,065.02 100.000% 0.075% 1,015.56 49.45 2.179% 248
249 45,566.28 1,044.08 100.000% 0.073% 968.34 47.23 2.125% 249
250 44,542.73 1,023.55 100.000% 0.071% 923.24 45.1 2.073% 250
251 43,539.29 1,003.44 100.000% 0.070% 880.17 43.07 2.022% 251
252 42,555.55 983.73 100.000% 0.068% 839.05 41.12 1.972% 252
253 41,591.14 964.42 100.000% 0.067% 799.78 39.27 1.923% 253
254 40,645.65 945.49 100.000% 0.065% 762.29 37.49 1.875% 254
255 39,718.71 926.93 100.000% 0.064% 726.5 35.79 1.829% 255
256 38,809.97 908.75 100.000% 0.062% 692.33 34.17 1.784% 256
257 37,919.04 890.92 100.000% 0.061% 659.71 32.62 1.740% 257
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
225 74,420.39 1,549.59 96.146%
226 72,898.70 1,521.69 96.240%
227 71,404.45 1,494.25 96.331%
228 69,937.17 1,467.28 96.420%
229 68,496.37 1,440.80 96.508%
230 67,081.62 1,414.75 96.593%
231 65,692.48 1,389.14 96.676%
232 64,328.49 1,363.99 96.757%
233 62,989.23 1,339.26 96.836%
234 61,674.27 1,314.96 96.914%
235 60,383.19 1,291.08 96.989%
236 59,115.59 1,267.60 97.063%
237 57,871.05 1,244.54 97.135%
238 56,649.19 1,221.86 97.205%
239 55,449.61 1,199.58 97.274%
240 54,271.92 1,177.69 97.341%
241 53,115.76 1,156.16 97.406%
242 51,980.74 1,135.02 97.470%
243 50,866.52 1,114.22 97.532%
244 49,772.71 1,093.81 97.593%
245 48,698.99 1,073.72 97.652%
246 47,644.98 1,054.01 97.710%
247 46,610.36 1,034.62 97.766%
248 45,594.80 1,015.56 97.821%
249 44,597.94 996.86 97.875%
250 43,619.49 978.45 97.927%
251 42,659.12 960.37 97.978%
252 41,716.50 942.62 98.028%
253 40,791.36 925.14 98.077%
254 39,883.36 908.00 98.125%
255 38,992.21 891.15 98.171%
256 38,117.64 874.57 98.216%
257 37,259.33 858.31 98.260%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
258 37,045.60 873.45 100.000% 0.059% 628.57 31.14 1.697% 258
259 36,189.28 856.32 100.000% 0.058% 598.84 29.72 1.655% 259
260 35,349.76 839.52 100.000% 0.057% 570.47 28.37 1.614% 260
261 34,526.71 823.05 100.000% 0.055% 543.4 27.08 1.574% 261
262 33,719.80 806.91 100.000% 0.054% 517.56 25.84 1.535% 262
263 32,928.72 791.08 100.000% 0.053% 492.9 24.66 1.497% 263
264 32,153.16 775.56 100.000% 0.051% 469.36 23.53 1.460% 264
265 31,392.82 760.34 100.000% 0.050% 446.91 22.46 1.424% 265
266 30,647.41 745.41 100.000% 0.049% 425.48 21.43 1.388% 266
267 29,916.63 730.78 100.000% 0.048% 405.04 20.44 1.354% 267
268 29,200.21 716.42 100.000% 0.047% 385.54 19.5 1.320% 268
269 28,497.87 702.34 100.000% 0.046% 366.93 18.6 1.288% 269
270 27,809.33 688.54 100.000% 0.044% 349.19 17.75 1.256% 270
271 27,134.34 674.99 100.000% 0.043% 332.26 16.93 1.225% 271
272 26,472.63 661.71 100.000% 0.042% 316.11 16.15 1.194% 272
273 25,823.95 648.68 100.000% 0.041% 300.72 15.4 1.165% 273
274 25,188.04 635.9 100.000% 0.040% 286.03 14.68 1.136% 274
275 24,564.68 623.37 100.000% 0.039% 272.03 14 1.107% 275
276 23,953.61 611.07 100.000% 0.038% 258.68 13.35 1.080% 276
277 23,354.60 599.01 100.000% 0.037% 245.95 12.73 1.053% 277
278 22,767.43 587.17 100.000% 0.036% 233.81 12.14 1.027% 278
279 22,191.86 575.56 100.000% 0.036% 222.24 11.57 1.001% 279
280 21,627.69 564.17 100.000% 0.035% 211.22 11.03 0.977% 280
281 21,074.69 553 100.000% 0.034% 200.7 10.51 0.952% 281
282 20,532.65 542.04 100.000% 0.033% 190.69 10.02 0.929% 282
283 20,001.37 531.28 100.000% 0.032% 181.14 9.55 0.906% 283
284 19,480.64 520.73 100.000% 0.031% 172.04 9.1 0.883% 284
285 18,970.26 510.37 100.000% 0.030% 163.38 8.67 0.861% 285
286 18,470.05 500.22 100.000% 0.030% 155.12 8.26 0.840% 286
287 17,979.80 490.25 100.000% 0.029% 147.25 7.87 0.819% 287
288 17,499.33 480.47 100.000% 0.028% 139.76 7.49 0.799% 288
289 17,028.46 470.87 100.000% 0.027% 132.62 7.14 0.779% 289
290 16,567.01 461.45 100.000% 0.027% 125.82 6.8 0.759% 290
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
258 36,417.03 842.30 98.303%
259 35,590.44 826.59 98.345%
260 34,779.29 811.15 98.386%
261 33,983.31 795.98 98.426%
262 33,202.24 781.07 98.465%
263 32,435.82 766.42 98.503%
264 31,683.80 752.02 98.540%
265 30,945.91 737.89 98.576%
266 30,221.93 723.98 98.612%
267 29,511.59 710.34 98.646%
268 28,814.67 696.92 98.680%
269 28,130.94 683.73 98.712%
270 27,460.14 670.80 98.744%
271 26,802.08 658.06 98.775%
272 26,156.52 645.56 98.806%
273 25,523.23 633.29 98.835%
274 24,902.01 621.22 98.864%
275 24,292.65 609.36 98.893%
276 23,694.93 597.72 98.920%
277 23,108.65 586.28 98.947%
278 22,533.62 575.03 98.973%
279 21,969.62 564.00 98.999%
280 21,416.47 553.15 99.023%
281 20,873.99 542.48 99.048%
282 20,341.96 532.03 99.071%
283 19,820.23 521.73 99.094%
284 19,308.60 511.63 99.117%
285 18,806.88 501.72 99.139%
286 18,314.93 491.95 99.160%
287 17,832.55 482.38 99.181%
288 17,359.57 472.98 99.201%
289 16,895.84 463.73 99.221%
290 16,441.19 454.65 99.241%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
291 16,114.80 452.21 100.000% 0.026% 119.35 6.47 0.741% 291
292 15,671.66 443.14 100.000% 0.025% 113.19 6.16 0.722% 292
293 15,237.41 434.25 100.000% 0.024% 107.32 5.87 0.704% 293
294 14,811.89 425.52 100.000% 0.024% 101.73 5.59 0.687% 294
295 14,394.95 416.95 100.000% 0.023% 96.42 5.32 0.670% 295
296 13,986.41 408.54 100.000% 0.022% 91.36 5.06 0.653% 296
297 13,586.12 400.29 100.000% 0.022% 86.54 4.82 0.637% 297
298 13,193.93 392.19 100.000% 0.021% 81.96 4.58 0.621% 298
299 12,809.69 384.24 100.000% 0.020% 77.6 4.36 0.606% 299
300 12,433.24 376.45 100.000% 0.020% 73.45 4.15 0.591% 300
301 12,064.44 368.79 100.000% 0.019% 69.51 3.95 0.576% 301
302 11,703.16 361.29 100.000% 0.019% 65.75 3.75 0.562% 302
303 11,349.24 353.92 100.000% 0.018% 62.19 3.57 0.548% 303
304 11,002.56 346.68 100.000% 0.018% 58.79 3.39 0.534% 304
305 10,662.97 339.59 100.000% 0.017% 55.57 3.23 0.521% 305
306 10,330.35 332.62 100.000% 0.017% 52.5 3.07 0.508% 306
307 10,004.57 325.78 100.000% 0.016% 49.59 2.91 0.496% 307
308 9,685.50 319.08 100.000% 0.015% 46.82 2.77 0.483% 308
309 9,373.00 312.49 100.000% 0.015% 44.19 2.63 0.471% 309
310 9,066.97 306.03 100.000% 0.015% 41.69 2.5 0.460% 310
311 8,767.29 299.69 100.000% 0.014% 39.32 2.37 0.448% 311
312 8,473.82 293.47 100.000% 0.014% 37.07 2.25 0.437% 312
313 8,186.46 287.36 100.000% 0.013% 34.93 2.14 0.427% 313
314 7,905.09 281.37 100.000% 0.013% 32.89 2.03 0.416% 314
315 7,629.61 275.48 100.000% 0.012% 30.97 1.93 0.406% 315
316 7,359.90 269.71 100.000% 0.012% 29.14 1.83 0.396% 316
317 7,095.85 264.05 100.000% 0.011% 27.4 1.74 0.386% 317
318 6,837.36 258.49 100.000% 0.011% 25.75 1.65 0.377% 318
319 6,584.33 253.03 100.000% 0.011% 24.19 1.56 0.367% 319
320 6,336.65 247.68 100.000% 0.010% 22.71 1.48 0.358% 320
321 6,094.23 242.42 100.000% 0.010% 21.31 1.4 0.350% 321
322 5,856.96 237.27 100.000% 0.009% 19.98 1.33 0.341% 322
323 5,624.76 232.21 100.000% 0.009% 18.72 1.26 0.333% 323
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
291 15,995.45 445.74 99.259%
292 15,558.47 436.98 99.278%
293 15,130.09 428.38 99.296%
294 14,710.16 419.93 99.313%
295 14,298.53 411.63 99.330%
296 13,895.05 403.48 99.347%
297 13,499.58 395.47 99.363%
298 13,111.97 387.61 99.379%
299 12,732.09 379.88 99.394%
300 12,359.79 372.30 99.409%
301 11,994.93 364.86 99.424%
302 11,637.41 357.52 99.438%
303 11,287.05 350.36 99.452%
304 10,943.77 343.28 99.466%
305 10,607.40 336.37 99.479%
306 10,277.85 329.55 99.492%
307 9,954.98 322.87 99.504%
308 9,638.68 316.30 99.517%
309 9,328.81 309.87 99.529%
310 9,025.28 303.53 99.540%
311 8,727.97 297.31 99.552%
312 8,436.75 291.22 99.563%
313 8,151.53 285.22 99.573%
314 7,872.20 279.33 99.584%
315 7,598.64 273.56 99.594%
316 7,330.76 267.88 99.604%
317 7,068.45 262.31 99.614%
318 6,811.61 256.84 99.623%
319 6,560.14 251.47 99.633%
320 6,313.94 246.20 99.642%
321 6,072.92 241.02 99.650%
322 5,836.98 235.94 99.659%
323 5,606.04 230.94 99.667%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
324 5,397.51 227.24 100.000% 0.009% 17.52 1.19 0.325% 324
325 5,175.14 222.37 100.000% 0.008% 16.39 1.13 0.317% 325
326 4,957.56 217.59 100.000% 0.008% 15.32 1.07 0.309% 326
327 4,744.66 212.89 100.000% 0.008% 14.31 1.01 0.302% 327
328 4,536.37 208.29 100.000% 0.007% 13.35 0.96 0.294% 328
329 4,332.60 203.77 100.000% 0.007% 12.44 0.91 0.287% 329
330 4,133.26 199.34 100.000% 0.007% 11.58 0.86 0.280% 330
331 3,938.28 194.99 100.000% 0.006% 10.77 0.81 0.273% 331
332 3,747.56 190.72 100.000% 0.006% 10 0.77 0.267% 332
333 3,561.03 186.53 100.000% 0.006% 9.28 0.72 0.261% 333
334 3,378.62 182.42 100.000% 0.005% 8.59 0.68 0.254% 334
335 3,200.24 178.38 100.000% 0.005% 7.95 0.65 0.248% 335
336 3,025.81 174.42 100.000% 0.005% 7.34 0.61 0.243% 336
337 2,855.27 170.54 100.000% 0.005% 6.76 0.58 0.237% 337
338 2,688.54 166.73 100.000% 0.004% 6.22 0.54 0.231% 338
339 2,525.55 162.99 100.000% 0.004% 5.71 0.51 0.226% 339
340 2,366.22 159.32 100.000% 0.004% 5.22 0.48 0.221% 340
341 2,210.50 155.72 100.000% 0.004% 4.77 0.45 0.216% 341
342 2,058.31 152.19 100.000% 0.003% 4.34 0.43 0.211% 342
343 1,909.58 148.73 100.000% 0.003% 3.94 0.4 0.206% 343
344 1,764.25 145.33 100.000% 0.003% 3.56 0.38 0.202% 344
345 1,622.25 142 100.000% 0.003% 3.2 0.36 0.197% 345
346 1,483.53 138.72 100.000% 0.002% 2.87 0.33 0.193% 346
347 1,348.01 135.51 100.000% 0.002% 2.56 0.31 0.190% 347
348 1,215.65 132.37 100.000% 0.002% 2.26 0.29 0.186% 348
349 1,086.37 129.28 100.000% 0.002% 1.99 0.28 0.183% 349
350 960.12 126.25 100.000% 0.002% 1.73 0.26 0.180% 350
351 836.84 123.28 100.000% 0.001% 1.48 0.24 0.177% 351
352 716.48 120.36 100.000% 0.001% 1.26 0.23 0.176% 352
353 598.98 117.5 100.000% 0.001% 1.05 0.21 0.175% 353
354 484.29 114.69 100.000% 0.001% 0.85 0.2 0.176% 354
355 372.35 111.94 100.000% 0.001% 0.66 0.18 0.177% 355
356 263.1 109.24 100.000% 0.000% 0.49 0.17 0.186% 356
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
324 5,379.99 226.05 99.675%
325 5,158.75 221.24 99.683%
326 4,942.24 216.51 99.691%
327 4,730.35 211.89 99.698%
328 4,523.02 207.33 99.706%
329 4,320.16 202.86 99.713%
330 4,121.68 198.48 99.720%
331 3,927.51 194.17 99.727%
332 3,737.56 189.95 99.733%
333 3,551.75 185.81 99.739%
334 3,370.03 181.72 99.746%
335 3,192.29 177.74 99.752%
336 3,018.47 173.82 99.757%
337 2,848.51 169.96 99.763%
338 2,682.32 166.19 99.769%
339 2,519.84 162.48 99.774%
340 2,361.00 158.84 99.779%
341 2,205.73 155.27 99.784%
342 2,053.97 151.76 99.789%
343 1,905.64 148.33 99.794%
344 1,760.69 144.95 99.798%
345 1,619.05 141.64 99.803%
346 1,480.66 138.39 99.807%
347 1,345.45 135.21 99.810%
348 1,213.39 132.06 99.814%
349 1,084.38 129.01 99.817%
350 958.39 125.99 99.820%
351 835.36 123.03 99.823%
352 715.22 120.14 99.824%
353 597.93 117.29 99.825%
354 483.44 114.49 99.824%
355 371.69 111.75 99.823%
356 262.61 109.08 99.814%
FIRST UNION CAPITAL MARKETS CONFIDENTIAL 12/9/98
RBMG 1998-2 Pool 2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run ar 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
Total Pool 2 Factor of ARM's *
Collateral
Period DATE BALANCE PRINCIPAL % of Total BALANCE PRINCIPAL % of Total Period DATE
357 156.51 106.6 100.000% 0.000% 0.33 0.16 0.211% 357
358 128.72 27.79 100.000% 0.000% 0.18 0.15 0.140% 358
359 101.7 27.02 100.000% 0.000% 0.14 0.04 0.138% 359
360 75.33 26.37 100.000% 0.000% 0.1 0.04 0.133% 360
361 49.6 25.73 100.000% 0.000% 0.07 0.04 0.141% 361
362 24.49 25.11 100.000% 0.000% 0.03 0.03 0.122% 362
FIXED**
Period DATE BALANCE PRINCIPAL % of Total
357 156.18 106.43 99.789%
358 128.54 27.64 99.860%
359 101.56 26.98 99.862%
360 75.23 26.33 99.867%
361 49.53 25.70 99.859%
362 24.46 25.07 99.878%
This is for your information only and is not an offer to sell or a solicitation
of an offer to buy the securities mentioned. The information has been obtained
or derived from sources believed by us to be reliable, but we do not represent
that it is accurate nor complete. Any opinions or estimates contained in this
information constitute our judgement as of this date and are subject to change
without notice. First Union Capital Markets Corp. (FUCMC) or its affiliates may
provide advice or may from time to time acquire, hold or sell a position in the
securities mentioned herein. FUCMC is a subsidiary of First Union Corporation
and is a member of the NASD and SIPC.
RBMG 1998-2
Fixed % of Pool Internal Use Only
Period 12 13.737%
Period 24 17.855% * ARMs are Run at 40 CPR
Period 36 22.840% ** Fixed are Run at 18 CPR
Period 48 28.721%
Period 60 35.412%
* ARMs were run at a 40 CPR
** Fixed were run at a 18 CPR
FIRST UNION CAPITAL MARKETS
- --------------------------------------------------------------------------------
This document does nor constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications assumptions and should be considered by investors only in light
of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the offering circular supplement.