EXHIBIT 99.1
SERIES TERM SHEET DATED DECEMBER 11, 2001
$153,295,000
(APPROXIMATE)
FIRST UNION NATIONAL BANK OF DELAWARE, BART, INC., FIRST
UNION NATIONAL BANK AND FIRST UNION COMMERCIAL CORPORATION
Sellers
HOMEQ SERVICING CORPORATION
Servicer
RESIDENTIAL ASSET FUNDING CORPORATION
Depositor
RESIDENTIAL ASSET FUNDING CORPORATION
ASSET-BACKED SECURITIES, SERIES 2001-1
DISCLAIMER
----------
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of Residential Asset Funding Corporation Asset-Backed
Securities, Series 2001-1. The Series Term Sheet has been prepared by the
Underwriter for informational purposes only and is subject to modification or
change. The information and assumptions contained therein are preliminary and
will be superseded by a prospectus supplement and by any other additional
information subsequently filed with the Securities and Exchange Commission or
incorporated by reference in the Registration Statement.
Neither Wachovia Securities, the Sellers nor any of their respective affiliates
make any representation as to the accuracy or completeness of any of the
information set forth in the attached Series Term Sheet. This cover is not part
of the Series Term Sheet.
A Registration Statement (including a base prospectus) relating to the
Certificates has been filed with the Securities and Exchange Commission. The
final Prospectus Supplement relating to the securities will be filed after the
securities have been priced and all of the terms and information are finalized.
This communication is not an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities 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. Interested persons
are referred to the Final Prospectus and Prospectus Supplement to which the
securities relate. Any investment decision should be based only upon the
information in the Final Prospectus and Prospectus Supplement as of their
publication dates.
WACHOVIA
SECURITIES
WACHOVIA SECURITIES IS THE TRADE NAME UNDER WHICH WACHOVIA CORPORATION CONDUCTS
ITS INVESTMENT BANKING, CAPITAL MARKETS AND INSTITUTIONAL SECURITIES BUSINESS
THROUGH FIRST UNION SECURITIES, INC. ("FUSI"), MEMBER NYSE, NASD, SIPC, AND
THROUGH OTHER BANK AND NON-BANK AND BROKER-DEALER SUBSIDIARIES OF WACHOVIA
CORPORATION.
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
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OFFERED CERTIFICATES
TO CALL
- ------------------------------------------------------------------------------------------------------------------------
Expected Ratings
---------------------------
Expected Expected Expected
Approximate Interest Principal WAL Principal
Class Size(1) Type Type (yrs) Window Moody's S&P
- ------------------------------------------------------------------------------------------------------------------------
Class A-1 $53,351,000 Fixed Senior 0.145 01/02-03/02 P-1 A-1+
- ------------------------------------------------------------------------------------------------------------------------
Class A-2 64,377,000 Fixed Senior 2.278 03/02-07/08 Aaa AAA
- ------------------------------------------------------------------------------------------------------------------------
Class A-3(2) 584,729,000 Fixed Senior 2.278 03/02-07/08 Aaa AAA
- ------------------------------------------------------------------------------------------------------------------------
Class M-1(2) 55,574,000 Fixed Mezzanine 4.773 07/05-07/08 Aa2 AA
- ------------------------------------------------------------------------------------------------------------------------
Class M-2(2) 44,459,000 Fixed Mezzanine 4.631 04/05-07/08 A2 A
- ------------------------------------------------------------------------------------------------------------------------
Class B-1 35,567,000 Fixed Subordinate 4.564 02/05-07/08 Baa2 BBB
- ------------------------------------------------------------------------------------------------------------------------
Class B-2(2) 42,236,000 Fixed Subordinate 4.426 01/05-07/08 Ba2 BB
- ------------------------------------------------------------------------------------------------------------------------
TO MATURITY
- ------------------------------------------------------------------------------------------------------------------------
Expected Ratings
---------------------------
Expected Expected Expected
Approximate Interest Principal WAL Principal
Class Size(1) Type Type (yrs) Window Moody's S&P
- ------------------------------------------------------------------------------------------------------------------------
Class A-1 $53,351,000 Fixed Senior 0.145 01/02-03/02 P-1 A-1+
- ------------------------------------------------------------------------------------------------------------------------
Class A-2 64,377,000 Fixed Senior 2.477 03/02-01/15 Aaa AAA
- ------------------------------------------------------------------------------------------------------------------------
Class A-3(2) 584,729,000 Fixed Senior 2.477 03/02-01/15 Aaa AAA
- ------------------------------------------------------------------------------------------------------------------------
Class M-1(2) 55,574,000 Fixed Mezzanine 5.248 07/05-04/14 Aa2 AA
- ------------------------------------------------------------------------------------------------------------------------
Class M-2(2) 44,459,000 Fixed Mezzanine 5.072 04/05-05/13 A2 A
- ------------------------------------------------------------------------------------------------------------------------
Class B-1 35,567,000 Fixed Subordinate 4.939 02/05-04/12 Baa2 BBB
- ------------------------------------------------------------------------------------------------------------------------
Class B-2(2) 42,236,000 Fixed Subordinate 4.567 01/05-11/10 Ba2 BB
- ------------------------------------------------------------------------------------------------------------------------
(1) Approximate size is subject to a permitted variance in the aggregate of
plus or minus 5%.
(2) The Class A-3, Class M-1, Class M-2 and Class B-2 Certificates will not be
offered to the public.
NOTES
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o The interest rate for the Class A-1 Certificates will be priced at 3-Month
LIBOR plus a margin and will be fixed at that interest rate thereafter.
o The stated final maturity for the Class A-1 Certificates is the Distribution
Date occurring in December 2002.
o After the Optional Termination Date, the coupon on the Class A-2, Class
A-3, Class M-1, Class M-2, Class B-1 and Class B-2 Certificates will
increase by 50 basis points.
o The Class A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class B-1 and
Class B-2 Certificates are subject to a Pool Cap.
o The Class M-1, Class M-2, Class B-1 and Class B-2 Certificates are not
expected to receive principal payments until the Distribution Date in
January 2005.
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PRICING SPEED
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All Mortgage Loans 28% CPR.
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This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
2
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
CONTACTS: WACHOVIA SECURITIES
TRADING / SYNDICATE PHONE E-MAIL ADDRESS
- ------------------- ----- --------------
Chris Choka (704) 383-8267 chris.choka@wachovia.com
Mark Adamson (704) 383-7727 mark.adamson@wachovia.com
MORTGAGE FINANCE PHONE E-MAIL ADDRESS
- ---------------- ----- --------------
Robert Perret (704) 374-4868 robert.perret@wahovia.com
Mark Mendenhall (704) 383-9518 mark.mendenhall@wachovia.com
David Lyle (704) 715-8131 david.lyle@wachovia.com
STRUCTURING PHONE E-MAIL ADDRESS
- ----------- ----- --------------
Pearl Wilson Bassard (704) 383-7591 pearl.bassard@wachovia.com
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
3
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
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SUMMARY OF TERMS
----------------
TITLE OF SECURITIES: Residential Asset Funding Corporation Asset-Backed Securities, Series 2001-1
OFFERED CERTIFICATES: Class A-1, Class A-2 and Class B-1 Certificates
NON-OFFERED CERTIFICATES: Class A-3, Class M-1, Class M-2, Class B-2, Class X and Class R Certificates
CLASS A CERTIFICATES: Class A-1, Class A-2 and Class A-3 Certificates
SUBORDINATED CERTIFICATES: Class M-1, Class M-2, Class B-1 and Class B-2 Certificates
CLASS M CERTIFICATES: Class M-1 and Class M-2 Certificates
CLASS B CERTIFICATES: Class B-1 and Class B-2 Certificates
SELLERS: First Union National Bank of Delaware, First Union National Bank, Bart, Inc. and
First Union Commercial Corporation
TRANSFEROR: [RAFC Transferor Trust]
SERVICER: HomEq Servicing Corporation
DEPOSITOR: Residential Asset Funding Corporation
TRUSTEE: Citibank, N.A.
CERTIFICATE ADMINISTRATOR: First Union National Bank
CUSTODIAN: First Union National Bank
RATING AGENCIES: Moody's Investors Services, Inc. ("Moody's") and Standard and Poor's Ratings Services
("S&P").
UNDERWRITER: Wachovia Securities
CLOSING DATE: On or about December 21, 2001
DISTRIBUTION DATES: 25th of each month, or if such day is not a business day, the next succeeding
business day, commencing January 25, 2002.
RECORD DATE: For the Offered Certificates (other than the Class A-1 Certificates) and the
Non-Offered Certificates, the last business day in the month preceding the
applicable Distribution Date. For the Class A-1 Certificates, the Record Date
is the business day preceding the applicable Distribution Date.
CUT-OFF DATE: November 30, 2001
PAYMENT DELAY: With respect to the Offered Certificates (other than the Class A-1
Certificates) and the Non-Offered Certificates, 24 days and with respect to
the A-1 Certificates, 0 days.
DAY COUNT: With respect to the Offered Certificates (other than the Class A-1 Certificates) and
the Non-Offered Certificates, 30/360, and with respect to the Class A-1 Certificates,
Actual/360.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
4
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
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SERVICING FEE: 0.50% per annum for all first lien mortgage loans and 0.75% per annum for all second
lien mortgage loans. The weighted average servicing fee as of the Cut-off Date is
approximately 0.548% per annum.
ADMINISTRATIVE FEES: Servicing Fee, Certificate Administrator Fee and Document Custodian Fee
OPTIONAL TERMINATION DATE: Any Distribution Date on or after which the aggregate principal balance of the mortgage
loans declines to 10% or less of the aggregate principal balance as of the Cut-off Date
("Cut-off Balance").
DENOMINATION: $25,000 and multiples of $1,000 in excess thereof.
SMMEA ELIGIBILITY: The Offered Certificates will NOT be SMMEA eligible.
ERISA ELIGIBILITY: The Offered Certificates may be ERISA eligible.
TAX STATUS: The Class A, Class M, Class B, and Class X Certificates will be treated as REMIC regular
interests for Federal Income Tax purposes. The Class R Certificates will be the sole REMIC
residual interest for Federal Income Tax purposes.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
5
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
THE MORTGAGE POOL
-----------------
MORTGAGE POOL: o The collateral information presented in
this Series Term Sheet regarding the
Mortgage Pool is as of the Cut-off Date.
o The Mortgage Pool consists of approximately
17,080 mortgage loans with an unpaid
principal balance as of the Cut-off Date of
approximately $889,185,900.
o The mortgage loans are fixed rate, secured
by first and junior liens, level pay and
balloon mortgages on primarily 1-4 family
properties.
For collateral statistics, please see
"Description of the Collateral."
MONTHLY SERVICER ADVANCES: ACTUARIAL LOANS
---------------
The Servicer is required to advance scheduled
principal and interest (net of the Servicing
Fee) for any delinquent mortgage loan until
such loan becomes an REO, but is not required
to make any advance which the Servicer deems
to be non-recoverable or with respect to
reduction in the monthly payment due to
bankruptcy proceedings or the application of
the Soldiers' and Sailors' Civil Relief Act of
1940, as amended (the "Relief Act").
Approximately 86.51% of the mortgage loans are
Actuarial Loans.
SIMPLE INTEREST LOANS
---------------------
The Servicer is NOT required to advance
scheduled principal and interest for any
Simple Interest Loans. Approximately 13.49% of
the mortgage loans are Simple Interest Loans.
COMPENSATING INTEREST: The servicer is required to remit payment of
Compensating Interest to the Trust in respect
of prepaid mortgage loans. For any
Distribution Date, Compensating Interest is an
amount equal to the interest at the mortgage
interest rate for such mortgage loan (the
mortgage interest rate) (net of the related
Servicing Fee) on the amount of such principal
prepayment for the number of days commencing
on the date on which the principal prepayment
is applied and ending on the last day of the
prior calendar month, subject to a cap of the
Servicing Fee earned in such month.
SERVICER OBLIGATIONS FOR The Servicer will not cover a Prepayment
PREPAYMENT INTEREST SHORTFALLS: Interest Shortfall on any mortgage loan that
is subject to the Soldiers' and Sailors' Civil
Relief Act of 1940, as amended.
COLLECTION PERIOD: With respect to any Distribution Date means
the period from the second day of the calendar
month preceding the month in which such
Distribution Date occurs through the first day
of the month in which such Distribution Date
occurs.
PREPAYMENT PERIOD: With respect to any Distribution Date means
the calendar month preceding the month in
which such Distribution Date occurs.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
6
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
FLOW OF FUNDS
-------------
On each Distribution Date, the Certificate Administrator will apply the
available remittance amount less the Servicing Fee and certain amounts used to
reimburse the Servicer, to make the following payments in the following order of
priority:
1. to pay the fees and expenses owing to the Servicer, the
Document Custodian and the Certificate Administrator;
2. to the Class A-1 Certificates, current interest and any
interest shortfall carryforward;
3. to the Class A-2 Certificates, current interest and any
interest shortfall carryforward;
4. to the Class A-3 Certificates, current interest and any
interest shortfall carryforward;
5. to the Class M-1 Certificates, current interest and any
interest shortfall carryforward;
6. to the Class M-2 Certificates, current interest and any
interest shortfall carryforward ;
7. to the Class B-1 Certificates, current interest and any
interest shortfall carryforward;
8. to the Class B-2 Certificates, current interest and any
interest shortfall carryforward;
9. to the Certificates, payments of principal as described under
"Principal Distributions";
10. to the Class M-1 Certificates, the unpaid portion of any
applied realized loss amounts allocated previously to such
Certificates;
11. to the Class M-2 Certificates, the unpaid portion of any
applied realized loss amounts allocated previously to such
Certificates;
12. to the Class B-1 Certificates, the unpaid portion of any
applied realized loss amounts allocated previously to such
Certificates;
13. to the Class B-2 Certificates, the unpaid portion of any
applied realized loss amounts allocated previously to such
Certificiates;
14. to the Servicer, amounts reimburseable pursuant to the Pooling
and Servicing Agreement;
15. to the Class A-1 Certificates, the Supplemental Interest
payment; and
16. any remainder to the Class X and Class R Certificates.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
7
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
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INTEREST DISTRIBUTIONS
----------------------
INTEREST ACCRUAL PERIOD: For the Class A-1 Certificates with respect
to any Distribution Date will be the period
beginning with the previous Distribution Date
(or, in the case of the first Distribution
Date, the Closing Date) and ending on the day
prior to such Distribution Date (on an
actual/360 basis). The Interest Accrual
Period for Class A-2, Class A-3, Class M-1,
Class M-2, Class B-1 and Class B-2
Certificates with respect to any Distribution
Date will be the calendar month immediately
preceding such Distribution Date (based on a
360-day year consisting of twelve 30-day
months).
CURRENT INTEREST: For each Class of Offered Certificates and
the Non-Offered Certificates and each
Distribution Date means an amount equal to
the interest accrued during the related
Interest Accrual Period on the Certificate
Principal Balance of such Class of
Certificates, minus each Class' Interest
Percentage of shortfalls caused by the Relief
Act Shortfalls for such Distribution Date.
PASS-THROUGH RATE: For the Class A-2, Class A-3, Class M-1,
Class M-2, Class B-1 and Class B-2
Certificates and each Distribution Date is
the lesser of (1) the fixed rate coupon of
such Class (plus 50 basis points for each
Distribution Date after the Optional
Termination Date) and (2) the Pool Cap for
that Distribution Date.
For the Class A-1 Certificates and each
Distribution Date is the lesser of (1) the
formula rate and (2) the Pool Cap for that
Distribution Date. The formula rate for the
Class A-1 Certificates is as follows:
Prior to and including the Optional
Termination Date: 3-Month LIBOR plus a
margin, which will be set at pricing.
After the Optional Termination Date: 3-Month
LIBOR plus 2x a margin, which will be set at
pricing.
INTEREST CARRY FORWARD For any Class of Certificates and any
AMOUNT: Distribution Date the sum of (a) the excess,
if any, of the Current Interest and any
Interest Carry Forward Amount for the prior
Distribution Date, over the amount in respect
of interest actually distributed on each
Class on such prior Distribution Date and (b)
interest on such excess at the applicable
Pass-Through Rate (x) with respect to the
Offered Certificates (other than the Class
A-1 Certificates) and the Non-Offered
Certificates on the basis of a 360-day year
consisting of twelve 30-day months and (y)
with respect to the Class A-1 Certificates,
on the basis of the actual number of days
elapsed since the prior Distribution Date.
SUPPLEMENTAL INTEREST: Excess interest is generally payable to the
holders of the Class X Certificates. This
excess interest will only be available to the
extent it is not used for other required
purposes, including to cover interest
shortfalls on the Offered Certificates and
the Non-Offered Certificates, to pay
principal, or to fund any
overcollateralization deficit. These amounts
will be available to make payments of
"supplemental interest" to the Class A-1
Certificates in an amount equal to any
reductions in the amount of interest payable
to such holders caused by application of the
Pool Cap.
INTEREST REMITTANCE AMOUNT: As of any Determination Date, the sum,
without duplication, of (i) all interest
collected or advanced with respect to the
related Collection Period on the Mortgage
Loans (less Administrative Fees, certain
amounts available for reimbursement of
Advances and Servicing Advances and certain
other reimbursable expenses), (ii) all
Compensating Interest paid by the Servicer on
such Determination Date with respect to the
Mortgage Loans and (iii) the portion of any
payment in connection with any substitution,
Purchase Price, Termination Price,
liquidation proceeds (net of certain
expenses) or insurance proceeds relating to
interest with respect to the Mortgage Loans
received during the related Collection
Period.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
8
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
POOL CAP: For any Distribution Date will equal the
weighted average of the Net Mortgage Interest
Rates, weighted on the basis of the Mortgage
Loan balances as of the first day of the
related Collection Period.
NET MORTGAGE INTEREST RATE: For each Mortgage Loan is the applicable
Mortgage Interest Rate less the sum of (i)
the Servicing Fee Rate, (ii) the rate at
which the Certificate Administrator Fee
accrues and (iii) the rate at which the
Document Custodian Fee accrues.
STEP-UP COUPON: After the Optional Termination Date, the
fixed-rate coupon on the Class A-2, Class
A-3, Class M-1, Class M-2, Class B-1 and
Class B-2 Certificates will increase by 50
basis points. After the Optional Termination
Date, the margin for the Class A-1
Certificates will double.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
9
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
PRINCIPAL DISTRIBUTIONS
-----------------------
PRINCIPAL DISTRIBUTIONS: Distributions of principal will be made in
the following manner and order of priority:
100% of the Class A Principal Distribution
Amount will be paid to the Class A-1
Certificates until the principal balance of
the Class A-1 Certificates has been reduced
to zero and, thereafter, 100% of the Class A
Principal Distribution Amount will be paid to
the Class A-2 and Class A-3 Certificates pro
rata until the principal balance of each of
the Class A-2 and Class A-3 Certificates has
been reduced to zero; 100% of the Class M-1
Principal Distribution Amount will be paid to
the Class M-1 Certificates until the
principal balance of the Class M-1
Certificates has been reduced to zero; 100%
of the Class M-2 Principal Distribution
Amount will be paid to the Class M-2
Certificates until the principal balance of
the Class M-2 Certificates has been reduced
to zero; 100% of the Class B-1 Principal
Distribution Amount will be paid to the Class
B-1 Certificates until the principal balance
of the Class B-1 Certificates has been
reduced to zero; and 100% of the Class B-2
Principal Distribution Amount will be paid to
the Class B-2 Certificates until the
principal balance of the Class B-2
Certificates has been reduced to zero.
CLASS A PRINCIPAL DISTRIBUTION For any Distribution Date prior to the
AMOUNT: Stepdown Date and for any Distribution Date
on or after the Stepdown Date on which a
Trigger Event is in effect, the lesser of (i)
100% of the Principal Distribution Amount,
and (ii) the aggregate Class principal
balance of the Class A Certificates, and on
or after the Stepdown Date on which a Trigger
Event is not in effect, the appropriate
percentage of the Principal Distribution
Amount so as to maintain the appropriate
Credit Enhancement levels.
CLASS M-1 PRINCIPAL For any Distribution Date prior to the
DISTRIBUTION AMOUNT: Stepdown Date and for any Distribution Date
on or after the Stepdown Date on which a
Trigger Event is in effect and any Class A
Certificates are still outstanding, zero, and
on any other Distibution Date, the
appropriate percentage of the Principal
Distribution Amount so as to maintain the
appropriate Credit Enhancement levels.
CLASS M-2 PRINCIPAL For any Distribution Date prior to the
DISTRIBUTION AMOUNT: Stepdown Date and for any Distribution Date
on or after the Stepdown Date on which a
Trigger Event is in effect and any Class A or
Class M-1 Certificates are still outstanding,
zero, and on any other Distibution Date, the
appropriate percentage of the Principal
Distribution Amount so as to maintain the
appropriate Credit Enhancement levels.
CLASS B-1 PRINCIPAL For any Distribution Date prior to the
DISTRIBUTION AMOUNT: Stepdown Date and for any Distribution Date
on or after the Stepdown Date on which a
Trigger Event is in effect and any Class A or
Class M Certificates are still outstanding,
zero, and on any other Distribution Date, the
appropriate percentage of the Principal
Distribution Amount so as to maintain the
appropriate Credit Enhancement levels.
CLASS B-2 PRINCIPAL DISTRIBUTION For any Distribution Date prior to the
AMOUNT: Stepdown Date and for any Distribution Date
on or after the Stepdown Date on which a
Trigger Event is in effect and any Class A,
Class M or Class B-1 Certificates are still
outstanding, zero, and on any other
Distribution Date, the appropriate percentage
of the Principal Distribution Amount so as to
maintain the appropriate Credit Enhancement
levels.
EXTRA PRINCIPAL DISTRIBUTION As of any Distribution Date, the lesser of
AMOUNT: (x) interest collections net of
Administrative Fees and Current Interest and
any Interest Carry Forward Amount on the
Senior and Subordinated Certificates for such
Distribution Date and (y) the
Overcollateralization Deficiency for such
Distribution Date.
PRINCIPAL DISTRIBUTION AMOUNT: As of any Distribution Date, the sum of (i)
the Principal Remittance Amount (minus the
Overcollateralization Release Amount, if any)
and (ii) the Extra Principal Distribution
Amount, if any.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
10
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
PRINCIPAL REMITTANCE AMOUNT: With respect to any Distribution Date, to the
extent of funds available therefore as
described herein, the amount equal to the sum
(less certain amounts available for
reimbursement of Advances and Servicing
Advances and certain other reimbursable
expenses), without duplication, with respect
to the Mortgage Loans and the immediately
preceding Collection Period: (i) each payment
of principal on a Mortgage Loan due during
such Collection Period and received by the
Servicer on or prior to the related
Determination Date, including any Advances
with respect thereto, (ii) all full and
partial principal prepayments received by the
Servicer during the related Prepayment
Period, (iii) the liquidation proceeds (net
of certain expenses) allocable to principal
actually collected by the Servicer during the
related Prepayment Period, (iv) the portion
of the purchase price allocable to principal
of all repurchased defective mortgage loans
with respect to such Prepayment Period, (v)
any substitution adjustments received on or
prior to the previous Determination Date and
not yet distributed, and (vi) on the
Distribution Date on which the Trust is to be
terminated, that portion of the termination
price in respect of principal.
STEPDOWN DATE: The later to occur of (x) the earlier to
occur of (A) the Distribution Date in January
2005, (B) the Distribution Date on which the
aggregate Certificate Principal Balance of
the Class A-1, Class A-2 and Class A-3
Certificates is reduced to zero and (C) the
date at which the collateral balance is equal
to or less than 50% of the original
collateral balance and (y) the first
Distribution Date on which the Senior
Enhancement Percentage is greater than or
equal to the Senior Specified Enhancement
Percentage.
SENIOR ENHANCEMENT For any Distribution Date is the percentage
PERCENTAGE: obtained by dividing (x) the sum of (i) the
aggregate Certificate Principal Balance of
the Subordinated Certificates and (ii) the
Overcollateralization Amount, in each case
before taking into account the distribution
of the Principal Distribution Amount on such
Distribution Date by (y) the Pool Balance as
of the last day of the related Collection
Period.
SENIOR SPECIFIED ENHANCEMENT On any date of determination thereof means
PERCENTAGE: approximately [42%].
TRIGGER EVENT: On a Distribution Date if (i) the 60+ Day
Delinquent Loans equals or exceeds [35%] of
the Senior Enhancement Percentage; provided,
that if the Certificate Principal Balance of
the Senior Certificates has been reduced to
zero, a Trigger Event will have occurred if
the aggregate amount of Realized Losses
incurred since the Cut-off Date through the
last day of the related Collection Period
divided by the initial Pool Balance exceeds
the applicable percentages set forth below
with respect to such Distribution Date.
DISTRIBUTION DATE PERCENTAGE PERCENTAGE
---------------------------- ----------
January 25, 2005 to December 26, 2005 [3.25%]
January 25, 2006 to December 26, 2006 [4.25%]
January 25, 2007 to December 26, 2007 [5.00%]
January 25, 2008 and thereafter [5.25%]
60+ DAY DELINQUENT LOAN: Each Mortgage Loan with respect to which any
portion of a Monthly Payment is, as of the
last day of the prior Collection Period, two
months or more past due, each Mortgage Loan
in foreclosure, all REO Property and each
Mortgage Loan for which the mortgagor has
filed for bankruptcy after the Closing Date.
Any Mortgage Loan which, on a 3-month rolling
average basis, has made its scheduled
principal and interest payments will not be
considered to be a 60+ Day Delinquent Loan.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
11
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
CREDIT ENHANCEMENT - SENIOR/SUBORDINATE STRUCTURE
-------------------------------------------------
CREDIT ENHANCEMENT: Credit Enhancement will be provided by
subordination, monthly excess cashflow and
overcollateralization.
INITIAL CREDIT SUPPORT* AFTER STEPDOWN DATE*
CLASS PERCENTAGE CLASS PERCENTAGE
----- ---------- ----- ----------
A-1, A-2, A-3 21.00% A-1, A-2, A-3 42.00%
M-1 14.75% M-1 29.50%
M-2 9.75% M-2 19.50%
B-1 5.75% B-1 11.50%
B-2 1.00% B-2 2.00%
*Approximate.
OVERCOLLATERALIZATION AMOUNT: As of any Distribution Date the excess, if
any, of (x) the balance of the Mortgage Pool
as of the last day of the immediately
preceding Collection Period over (y) the
aggregate principal balance of the Class A,
Class M and Class B Certificates (after
taking into account all distributions of
principal on such Distribution Date).
OVERCOLLATERALIZATION As of any Distribution Date, the excess, if
DEFICIENCY: any, of (x) the Targeted
Overcollateralization Amount for such
Distribution Date over (y) the
Overcollateralization Amount for such
Distribution Date, calculated for this
purpose after taking into account the
reduction on such Distribution Date of the
Certificate Principal Balances of the Class
A, Class M and Class B Certificates,
resulting from the distribution of the
Principal Distribution Amount (but not the
Extra Principal Distribution Amount) on such
Distribution Date, but prior to taking into
account any Applied Realized Loss Amounts on
such Distribution Date.
OVERCOLLATERALIZATION RELEASE With respect to any Distribution Date on or
AMOUNT: after the Stepdown Date on which a Trigger
Event is not in effect, the lesser of (x) the
Principal Remittance Amount for such
Distribution Date and (y) the excess, if any,
of (i) the Overcollateralization Amount for
such Distribution Date, assuming that 100% of
the Principal Remittance Amount is applied as
a principal payment on the Certificates on
such Distribution Date, over (ii) the
Targeted Overcollateralization Amount for
such Distribution Date. With respect to any
Distribution Date before the Stepdown Date on
which a Trigger Event is in effect, the
Overcollateralization Release Amount will be
zero.
TARGETED OVERCOLLATERALIZATION As of any Distribution Date, (x) prior to the
AMOUNT: Stepdown Date, approximately 1.00% of the
initial balance of the Mortgage Loans and (y)
on and after the Stepdown Date, the greater
of (A) approximately 2.00% of the balance of
the Mortgage Loans as of the last day of the
related Collection Period and (B)
approximately 0.50% of the initial balance of
the Mortgage Loans.
SUBORDINATION: If the Overcollateralization Amount is
insufficient to cover losses on any Mortgage
Loans, those losses will be applied in
reduction of the principal balances of the
Subordinate Certificates, in reverse order of
seniority.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
12
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
ALLOCATION OF LOSSES: The Trust may realize losses on the mortgage
loans if the proceeds from the liquidation of
a mortgage loan are less than the principal
balance and accrued interest on such mortgage
loan, if a bankruptcy court were to reduce
the loan balance or if the servicer were to
reduce the loan balance in connection with a
modification thereof. Realized losses will be
applied first to reduce the excess interest
and overcollateralization amount (which is
represented by a certain Class of Non-Offered
Certificates), then to the Certificates in
reverse order of seniority: Class B-2, Class
B-1, Class M-2 and Class M-1. The Class A
Certificates may not be written down in this
manner. Realized losses which are special
hazard losses (generally losses that result
from natural disasters and other hazards that
are not covered by insurance) will be
allocated as described above, except that if
such loss exceeds a level to be specified in
the prospectus supplement, they will be
allocated among all the outstanding Classes
of Certificates on a pro-rata basis.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
13
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF COLLATERAL
-------------------------
The Mortgage Pool will consist of one loan group. The mortgage loans are fixed
rate, first and junior lien mortgage loans. Approximately 86.51% of the mortgage
loans are actuarial and approximately 13.49% of the mortgage loans are simple
interest.
SUMMARY STATISTICS
Aggregate Cut-Off Date Principal Balance: $889,185,900.18 % Simple Interest Mortgage Loans: 13.49%
Range of Cut-Off Date Principal Balances: $5,002.16 - $491,441.98 % Single Family Property Mortgage Loans: 94.32%
Average Cut-Off Date Principal Balance: $52,060.06 % Owner Occupied Property Mortgage Loans: 96.39%
Range of Original Principal Balances: $5,500.00 - $500,000.00 Geographic Concentration (In Excess of 5.00%)
Average Original Principal Balance: $53,642.94 Ohio 7.22%
Range of Gross Mortgage Rates: 6.650% - 16.080% Florida 6.62%
WA Gross Mortgage Rate: 11.281% North Carolina 6.62%
WA CLTV Ratio: 80.37% Alabama 6.61%
WA Remaining Term to Stated Maturity: 212 Months New York 5.51%
WA Original Term to Stated Maturity: 235 Months Georgia 5.33%
% Junior Lien Mortgage Loans: 19.19% Maximum Zip Code Concentration (63136): 0.17%
% Balloon Mortgage Loans: 38.90%
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
14
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
GEOGRAPHIC LOCATION OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------------------------------ ------------ --------------------- ---------------------
Alabama 1,316 $58,774,291.88 6.61%
Alaska 2 103,581.12 0.01
Arizona 148 6,403,907.21 0.72
Arkansas 362 13,355,417.97 1.50
California 190 11,974,827.59 1.35
Colorado 81 4,845,625.04 0.54
Connecticut 132 8,123,312.42 0.91
Delaware 38 2,162,682.09 0.24
District of Columbia 37 2,453,847.48 0.28
Florida 1,204 58,908,006.71 6.62
Georgia 832 47,353,845.53 5.33
Idaho 41 1,526,209.53 0.17
Illinois 688 42,099,099.25 4.73
Indiana 724 36,567,421.94 4.11
Iowa 180 9,256,971.20 1.04
Kansas 234 9,992,587.45 1.12
Kentucky 280 15,021,311.50 1.69
Louisiana 252 11,429,212.61 1.29
Maine 42 2,065,877.50 0.23
Maryland 311 20,033,002.74 2.25
Massachusetts 263 14,508,505.04 1.63
Michigan 567 31,057,731.01 3.49
Minnesota 306 16,547,891.45 1.86
Mississippi 132 5,725,094.41 0.64
Missouri 700 34,300,177.14 3.86
Montana 1 20,341.93 0.00
Nebraska 141 6,893,570.45 0.78
Nevada 38 2,036,310.95 0.23
New Hampshire 50 2,362,250.86 0.27
New Jersey 651 42,139,133.79 4.74
New Mexico 39 1,758,381.27 0.20
New York 768 49,029,868.04 5.51
North Carolina 1,114 58,902,411.64 6.62
North Dakota 3 215,965.96 0.02
Ohio 1,280 64,200,333.11 7.22
Oklahoma 204 8,238,594.67 0.93
Oregon 63 3,056,489.34 0.34
Pennsylvania 971 43,484,405.14 4.89
Rhode Island 65 3,068,648.11 0.35
South Carolina 522 25,732,732.04 2.89
South Dakota 4 178,555.46 0.02
Tennessee 356 19,790,896.79 2.23
Texas 489 30,278,957.35 3.41
Utah 78 3,796,223.60 0.43
Vermont 11 1,274,477.36 0.14
Virginia 566 27,034,999.86 3.04
Washington 172 8,980,228.81 1.01
West Virginia 61 2,813,338.68 0.32
Wisconsin 361 18,917,727.43 2.13
Wyoming 10 390,619.73 0.04
- ------------------------------------ ------------ --------------------- ---------------------
TOTAL 17,080 $889,185,900.18 100.00%
============ ===================== =====================
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
15
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
CUT-OFF DATE PRINCIPAL BALANCES OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
CUT-OFF DATE PRINCIPAL BALANCES ($) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------------
0.01 - 25,000.00 4,133 $ 72,768,943.81 8.18%
25,000.01 - 50,000.00 6,027 222,882,416.59 25.07
50,000.01 - 75,000.00 3,723 227,947,629.48 25.64
75,000.01 - 100,000.00 1,582 135,462,293.73 15.23
100,000.01 - 125,000.00 809 90,262,770.75 10.15
125,000.01 - 150,000.00 346 47,003,132.85 5.29
150,000.01 - 175,000.00 191 30,659,424.71 3.45
175,000.01 - 200,000.00 110 20,530,181.05 2.31
200,000.01 - 225,000.00 50 10,553,489.72 1.19
225,000.01 - 250,000.00 49 11,566,846.34 1.30
250,000.01 - 275,000.00 15 3,974,442.09 0.45
275,000.01 - 300,000.00 14 3,999,889.44 0.45
300,000.01 - 325,000.00 4 1,259,893.81 0.14
325,000.01 - 350,000.00 9 3,047,977.68 0.34
350,000.01 - 375,000.00 4 1,428,061.99 0.16
375,000.01 - 400,000.00 4 1,541,929.25 0.17
400,000.01 - 425,000.00 6 2,452,145.13 0.28
425,000.01 - 450,000.00 2 878,326.00 0.10
450,000.01 - 475,000.00 1 474,663.78 0.05
475,000.01 - 500,000.00 1 491,441.98 0.06
- -------------------------------------------- ----------------- -------------------------- -------------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== =========================
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
16
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
ORIGINAL PRINCIPAL BALANCES OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
ORIGINAL PRINCIPAL BALANCES ($) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ---------- --------------------- ----------------------
0.01 - 25,000.00 3,819 $ 65,521,521.40 7.37%
25,000.01 - 50,000.00 6,074 217,377,946.79 24.45
50,000.01 - 75,000.00 3,856 230,992,763.38 25.98
75,000.01 - 100,000.00 1,661 139,902,864.22 15.73
100,000.01 - 125,000.00 806 88,513,207.67 9.95
125,000.01 - 150,000.00 383 50,961,878.88 5.73
150,000.01 - 175,000.00 201 31,870,599.14 3.58
175,000.01 - 200,000.00 114 20,995,043.13 2.36
200,000.01 - 225,000.00 54 11,281,614.22 1.27
225,000.01 - 250,000.00 50 11,721,280.51 1.32
250,000.01 - 275,000.00 12 3,107,714.88 0.35
275,000.01 - 300,000.00 18 5,067,033.18 0.57
300,000.01 - 325,000.00 4 1,236,414.27 0.14
325,000.01 - 350,000.00 9 3,036,999.80 0.34
350,000.01 - 375,000.00 5 1,760,512.57 0.20
375,000.01 - 400,000.00 3 1,147,873.20 0.13
400,000.01 - 425,000.00 6 2,426,432.86 0.27
425,000.01 - 450,000.00 3 1,298,094.32 0.15
475,000.01 - 500,000.00 2 966,105.76 0.11
- -------------------------------------------- ---------- -------------------- ----------------------
TOTAL 17,080 $889,185,900.18 100.00%
========== ==================== ======================
GROSS MORTGAGE RATES OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
GROSS MORTGAGE RATES (%) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ---------- --------------------- ----------------------
6.001 - 7.000 1 $39,346.62 0.00%
7.001 - 8.000 99 8,183,848.58 0.92
8.001 - 9.000 669 49,093,753.69 5.52
9.001 - 10.000 2,055 136,655,269.51 15.37
10.001 - 11.000 3,208 197,377,954.27 22.20
11.001 - 12.000 4,851 251,053,196.29 28.23
12.001 - 13.000 3,301 147,314,791.17 16.57
13.001 - 14.000 1,940 70,675,336.66 7.95
14.001 - 15.000 824 25,523,114.19 2.87
15.001 - 16.000 131 3,232,523.45 0.36
16.001 - 17.000 1 36,765.75 0.00
- -------------------------------------------- ---------- --------------------- ----------------------
TOTAL 17,080 $889,185,900.18 100.00%
========== ===================== ======================
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
17
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
STATED PURPOSE OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
STATED PURPOSE OF LOAN OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------------
Cash-Out Refinance 15,999 $808,688,418.74 90.95%
Purchase 958 73,665,092.55 8.28
Rate/Term Refinance 123 6,832,388.89 0.77
- -------------------------------------------- ----------------- -------------------------- -------------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== =========================
COMBINED LOAN-TO-VALUE RATIO OF THE MORTGAGE LOANS(1)
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
COMBINED LOAN-TO-VALUE RATIO (%) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------------
0.01 - 10.00 7 $ 209,082.99 0.02%
10.01 - 20.00 74 1,479,105.75 0.17
20.01 - 30.00 180 4,621,890.48 0.52
30.01 - 40.00 297 8,976,073.54 1.01
40.01 - 50.00 445 16,404,242.84 1.84
50.01 - 60.00 777 30,160,232.19 3.39
60.01 - 70.00 1,794 83,547,052.97 9.40
70.01 - 80.00 4,561 255,767,117.17 28.76
80.01 - 90.00 7,909 452,161,856.33 50.85
90.01 - 100.00 1,036 35,859,245.92 4.03
- -------------------------------------------- ----------------- -------------------------- -------------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== =========================
(1) The combined loan-to-value ratios shown above are equal, with respect to
each loan, to (i) the sum of (a) the original principal balance of such
loan at the date of origination plus (b) the remaining balance of the
senior lien(s), if any, at the date of origination of such loan, minus (ii)
premiums for credit life insurance, if any, divided by (iii) the lesser of
(a) the value of the related mortgaged property, based upon the appraisal
made at the time of origination of such loan or (b) the purchase price of
such mortgaged property if the loan proceeds from such loan are used to
purchase such mortgaged property, plus in the case of the home improvement
loans, the cost of the home improvement up to 100% of such cost.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
18
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
OCCUPANCY STATUS OF THE MORTGAGED PROPERTY OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
OCCUPANCY STATUS OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------
Owner Occupied 16,372 $857,111,006.78 96.39%
Second Home 626 28,291,350.55 3.18
Investor Owned 82 3,783,542.85 0.43
- -------------------------------------------- ----------------- -------------------------- -------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== ===================
FICO SCORE OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
FICO SCORE OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------
451 - 475 12 $817,390.99 0.09%
476 - 500 619 35,248,462.60 3.96
501 - 525 1,512 85,547,518.97 9.62
526 - 550 2,358 130,254,803.97 14.65
551 - 575 2,207 119,283,575.93 13.41
576 - 600 2,207 114,810,855.60 12.91
601 - 625 2,210 107,625,506.05 12.10
626 - 650 1,813 84,678,496.10 9.52
651 - 675 1,982 102,878,691.81 11.57
676 - 700 1,104 56,596,102.38 6.36
701 - 725 541 26,225,863.53 2.95
726 - 750 266 13,282,119.13 1.49
751 - 775 165 8,279,351.70 0.93
776 - 800 70 3,137,353.81 0.35
801 - 825 14 519,807.61 0.06
- -------------------------------------------- ----------------- -------------------------- -------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== ===================
The weighted average FICO Score as of the Cut-Off Date is 597.
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
19
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
REMAINING TERM TO STATED MATURITY OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
REMAINING TERM TO NUMBER AGGREGATE BY AGGREGATE
STATED MATURITY (MONTHS) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------------
13 - 24 17 $ 143,159.01 0.02%
25 - 36 26 328,251.41 0.04
37 - 48 58 1,133,294.55 0.13
49 - 60 28 453,776.15 0.05
61 - 72 32 821,777.92 0.09
73 - 84 174 4,038,527.22 0.45
85 - 96 302 6,910,363.24 0.78
97 - 108 457 11,054,126.69 1.24
109 - 120 69 1,923,149.74 0.22
121 - 132 20 1,092,284.80 0.12
133 - 144 1,110 54,363,538.15 6.11
145 - 156 3,014 158,437,733.20 17.82
157 - 168 4,521 234,259,027.98 26.35
169 - 180 404 22,168,030.96 2.49
181 - 192 4 275,951.87 0.03
193 - 204 490 21,618,313.25 2.43
205 - 216 1,106 49,319,856.72 5.55
217 - 228 1,912 78,389,720.37 8.82
229 - 240 242 9,760,893.60 1.10
253 - 264 14 855,243.81 0.10
265 - 276 140 7,640,453.22 0.86
277 - 288 105 4,226,555.61 0.48
289 - 300 2 127,201.64 0.01
301 - 312 4 247,165.67 0.03
313 - 324 281 20,877,631.12 2.35
325 - 336 1,012 77,640,319.31 8.73
337 - 348 1,360 107,484,123.88 12.09
349 - 360 176 13,595,429.09 1.53
- -------------------------------------------- ----------------- -------------------------- -------------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== =========================
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
20
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
DESCRIPTION OF THE MORTGAGE POOL AS OF THE CUT-OFF DATE
ORIGINAL TERM TO STATED MATURITY OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
ORIGINAL TERM TO NUMBER AGGREGATE BY AGGREGATE
STATED MATURITY (MONTHS) OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------------
49 - 60 88 $ 1,337,561.70 0.15%
61 - 72 10 143,140.10 0.02
73 - 84 58 1,287,779.43 0.14
85 - 96 15 411,330.71 0.05
97 - 108 4 117,495.07 0.01
109 - 120 966 22,855,818.60 2.57
121 - 132 3 153,132.70 0.02
133 - 144 24 681,062.38 0.08
145 - 156 2 56,435.03 0.01
157 - 168 2 164,887.99 0.02
169 - 180 9,058 469,825,805.14 52.84
181 - 192 1 41,521.15 0.00
193 - 204 2 122,830.40 0.01
229 - 240 3,753 159,292,976.43 17.91
289 - 300 261 12,849,454.28 1.45
337 - 348 1 29,351.74 0.00
349 - 360 2,832 219,815,317.33 24.72
- -------------------------------------------- ----------------- -------------------------- -------------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== =========================
TYPES OF MORTGAGED PROPERTIES OF THE MORTGAGE LOANS
PERCENTAGE OF
MORTGAGE LOANS
NUMBER AGGREGATE BY AGGREGATE
PROPERTY TYPE OF LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------------------- ----------------- -------------------------- -------------------------
Single Family - Detached 15,909 $838,680,941.38 94.32%
Mobile Home 750 30,611,300.97 3.44
Townhouse 193 8,959,873.70 1.01
Condo 122 5,891,530.73 0.66
Other 106 5,042,253.40 0.57
- -------------------------------------------- ----------------- -------------------------- -------------------------
TOTAL 17,080 $889,185,900.18 100.00%
================= ========================== =========================
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
21
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
BOND SUMMARY (TO CALL)
CLASS A-1
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 1.954 0.176 0.145 0.127 0.118
Modified Duration (yrs.) 1.884 0.174 0.143 0.126 0.117
First Principal Payment Date 1/25/2002 1/25/2002 1/25/2002 1/25/2002 1/25/2002
Last Principal Payment Date 7/25/2005 3/25/2002 3/25/2002 2/25/2002 2/25/2002
Principal Window (mths.) 43 3 3 2 2
CLASS A-2
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 13.033 3.178 2.278 1.598 1.251
Modified Duration (yrs.) 8.932 2.727 2.025 1.467 1.172
First Principal Payment Date 7/25/2005 3/25/2002 3/25/2002 2/25/2002 2/25/2002
Last Principal Payment Date 8/25/2025 10/25/2010 7/25/2008 2/25/2007 12/25/2004
Principal Window (mths.) 242 104 77 61 35
CLASS A-3
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 13.033 3.178 2.278 1.598 1.251
Modified Duration (yrs.) 8.932 2.727 2.025 1.467 1.172
First Principal Payment Date 7/25/2005 3/25/2002 3/25/2002 2/25/2002 2/25/2002
Last Principal Payment Date 8/25/2025 10/25/2010 7/25/2008 2/25/2007 12/25/2004
Principal Window (mths.) 242 104 77 61 35
CLASS M-1
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.204 5.867 4.773 4.781 4.325
Modified Duration (yrs.) 9.680 4.607 3.929 3.961 3.636
First Principal Payment Date 1/25/2015 2/25/2005 7/25/2005 1/25/2006 12/25/2004
Last Principal Payment Date 8/25/2025 10/25/2010 7/25/2008 2/25/2007 5/25/2006
Principal Window (mths.) 128 69 37 14 18
CLASS M-2
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.204 5.861 4.631 4.210 4.257
Modified Duration (yrs.) 9.332 4.526 3.770 3.505 3.546
First Principal Payment Date 1/25/2015 1/25/2005 4/25/2005 7/25/2005 10/25/2005
Last Principal Payment Date 8/25/2025 10/25/2010 7/25/2008 2/25/2007 5/25/2006
Principal Window (mths.) 128 70 40 20 8
CLASS B-1
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.204 5.858 4.564 3.981 3.830
Modified Duration (yrs.) 9.018 4.452 3.672 3.299 3.201
First Principal Payment Date 1/25/2015 1/25/2005 2/25/2005 4/25/2005 5/25/2005
Last Principal Payment Date 8/25/2025 10/25/2010 7/25/2008 2/25/2007 5/25/2006
Principal Window (mths.) 128 70 42 23 13
CLASS B-2
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 16.920 5.737 4.426 3.769 3.524
Modified Duration (yrs.) 6.948 3.719 3.102 2.777 2.651
First Principal Payment Date 1/25/2015 1/25/2005 1/25/2005 1/25/2005 1/25/2005
Last Principal Payment Date 8/25/2025 10/25/2010 7/25/2008 2/25/2007 5/25/2006
Principal Window (mths.) 128 70 43 26 17
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
22
SERIES TERM SHEET DATED DECEMBER 11, 2001
RAFC ASSET-BACKED SECURITIES, SERIES 2001-1
- --------------------------------------------------------------------------------
BOND SUMMARY (TO MATURITY)
CLASS A-1
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 1.954 0.176 0.145 0.127 0.118
Modified Duration (yrs.) 1.884 0.174 0.143 0.126 0.117
First Principal Payment Date 1/25/2002 1/25/2002 1/25/2002 1/25/2002 1/25/2002
Last Principal Payment Date 7/25/2005 3/25/2002 3/25/2002 2/25/2002 2/25/2002
Principal Window (mths.) 43 3 3 2 2
CLASS A-2
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 13.223 3.394 2.477 1.755 1.251
Modified Duration (yrs.) 8.985 2.852 2.153 1.578 1.172
First Principal Payment Date 7/25/2005 3/25/2002 3/25/2002 2/25/2002 2/25/2002
Last Principal Payment Date 11/25/2029 4/25/2018 1/25/2015 6/25/2013 12/25/2004
Principal Window (mths.) 293 194 155 137 35
CLASS A-3
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 13.223 3.394 2.477 1.755 1.251
Modified Duration (yrs.) 8.985 2.852 2.153 1.578 1.172
First Principal Payment Date 7/25/2005 3/25/2002 3/25/2002 2/25/2002 2/25/2002
Last Principal Payment Date 11/25/2029 4/25/2018 1/25/2015 6/25/2013 12/25/2004
Principal Window (mths.) 293 194 155 137 35
CLASS M-1
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.679 6.372 5.248 5.164 6.177
Modified Duration (yrs.) 9.769 4.853 4.195 4.202 4.844
First Principal Payment Date 1/25/2015 2/25/2005 7/25/2005 1/25/2006 12/25/2004
Last Principal Payment Date 8/25/2029 8/25/2015 4/25/2014 9/25/2011 11/25/2011
Principal Window (mths.) 176 127 106 69 84
CLASS M-2
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.670 6.362 5.072 4.552 4.586
Modified Duration (yrs.) 9.409 4.757 4.010 3.715 3.762
First Principal Payment Date 1/25/2015 1/25/2005 4/25/2005 7/25/2005 10/25/2005
Last Principal Payment Date 6/25/2029 1/25/2015 5/25/2013 12/25/2010 8/25/2009
Principal Window (mths.) 174 121 98 66 47
CLASS B-1
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.643 6.331 4.939 4.270 4.075
Modified Duration (yrs.) 9.083 4.662 3.873 3.474 3.360
First Principal Payment Date 1/25/2015 1/25/2005 2/25/2005 4/25/2005 5/25/2005
Last Principal Payment Date 2/25/2029 1/25/2015 4/25/2012 1/25/2010 11/25/2008
Principal Window (mths.) 170 121 87 58 43
CLASS B-2
---------------------------------------------------------------------------------------------------
PREPAYMENT (CPR) 0% 21% 28% 35% 40%
---------------------------------------------------------------------------------------------------
WAL (yrs.) 17.121 5.918 4.567 3.875 3.613
Modified Duration (yrs.) 6.955 3.753 3.139 2.815 2.689
First Principal Payment Date 1/25/2015 1/25/2005 1/25/2005 1/25/2005 1/25/2005
Last Principal Payment Date 5/25/2028 10/25/2013 11/25/2010 12/25/2008 11/25/2007
Principal Window (mths.) 161 106 71 48 35
This page must be accompanied by a disclaimer. If you did not receive such a
disclaimer, please contact your Wachovia Securities Financial Advisor
immediately. This Series Term Sheet supersedes any previous Series Term Sheet
and will be superseded by the information in the Prospectus Supplement.
23