Exhibit 99.2 Deloitte & Touche LLP Suite 1200 Telephone: (714) 436-7100 695 Town Center Drive Facsimile: (714) 436-7200 Costa Mesa, California 92626-1924 INDEPENDENT AUDITORS' REPORT We have examined management's assertion about First Alliance Mortgage Company's compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1999, included in the accompanying management assertion. Management is responsible for First Alliance Mortgage Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about First Alliance Mortgage Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on First Alliance Mortgage Company's compliance with the minimum servicing standards. In our opinion, management's assertion that First Alliance Mortgage Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1999 is fairly stated, in all respects. /S/ Deloitte & Touche LLP Costa Mesa, CA March 30, 2000