First Alliance Mortgage Loan Trust 1998-1A
Mortgage Loan Asset Backed Notes, Series 1998-1A
[$54,600,000] Floating Rate Notes - 1M LIBOR + [21] bps.
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust
1998-1A transaction, and not by or as agent for First Alliance Mortgage Company
(the "Seller") or any of its affiliates. The analysis in this report is accurate
to the best of PSI's knowledge and is based on information provided by the
Seller. PSI makes no representations as to the accuracy of such information
provided to it by the Seller. All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
First Alliance Mortgage Loan Trust 1998-1A
Mortgage Loan Asset Backed Notes, Series 1998-1A
- -------------------------------------------------------------------------------
Title of Securities: First Alliance Mortgage Loan Trust 1998-1A,
Floating Rate Notes (the "Notes").
Collateral: Adjustable Rate Home Equity
Mortgage Loans
Prepayment
Assumption: [30% CPR]
Approximate Size: [$54,600,000]
Average Life
to Call (years): [2.545]
Average Life
to maturity (years): [2.761]
Coupon: The lesser of:
1) One Month LIBOR + [21]bps
2) The Available Funds Cap
Coupon Step-up: After the Clean-up Call,
the lesser of:
1) One Month LIBOR + 2x [21] bps
2) The Available Funds Cap
Yield to Call: Variable
Collateral
Adjustment Frequency: Every 6 months (Both Interest
Rate & Payment)
Payment Delay (days): NONE
Interest
Accrual Basis: Actual/360
Dated Date: [3/27/98]
First Payment: [4/20/98]
Expected Maturity
without Call: [09/20/12]
Expected Maturity
with 10% Call: [09/20/04]
Stated Maturity: [04/20/28]
Pricing Date: [03/10/98]
Settlement Date: [3/27/98]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
First Alliance Mortgage Loan Trust 1998-1A
Mortgage Loan Asset Backed Notes, Series 1998-1A
- --------------------------------------------------------------------------------
Seller and
Servicer: First Alliance Mortgage Company, a California
corporation
Servicing Fee: 50 basis points per annum
Trustee: The Chase Manhattan Bank
Aggregate
Collateral Balance: $[54,600,000]
Payment Date: The 20th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on April 20, 1998
Record Date: The last day of the calendar month immediately
preceeding the related Payment Date
Interest
Accrual Period: Interest will accrue on the Notes from Payment Date to
Payment Date. For the first Payment Date, interest will
accrue from the Closing Date to the first Payment Date.
Form of Notes: Book-entry only through the same-day funds facilities of
DTC, Euroclear and CEDEL
Denominations: Minimum denominations of $25,000 and multiples of $1,000
thereof
Prepayment
Assumption: [30]% CPR
10% Clean-up Call: The Servicer has the option to exercise a call and
redeem the notes when the aggregate mortgage loan
balance equals 10% or less of the original aggregate
mortgage loan balance and the original aggregate amount
of the prefunding accounts. The call will be exercised
at par plus accrued interest.
Coupon Step-Up: If the Servicer does not exercise the Cleanup Call,
the coupon on the Notes shall be raised to 1M LIBOR + 2x
[21] bps, subject to the Available Funds Cap.
Available Funds Cap: The Available Funds Cap is the weighted average of the
Mortgage Rates on the Mortgage Loans, less the sum of
(a) the Servicing Fee (50 bps), (b) beginning on the
Second Payment Date from the Closing Date, the premiums
due to the Note Insurer with respect to the Note
Insurance Policy relating to the Notes, (c) the fees due
to the Trustee relating to the Notes, and (d) beginning
on the [seventh] Payment Date from the Closing Date,
[0.50%], expressed as a percentage of the Mortgage
Loans, calculated as of the first day of the related
Remittance Period.
Interest
Carry Forward: The Notes will have an interest carry forward feature.
The excess of the interest accrued on the Notes over the
amount of interest actually distributed will be paid on
future Remittance Dates to the extent of Available Funds
prior to distributing any Excess Spread to the holder of
the Residual Interest. The Interest Carryover Amount
will accrue interest at the Note Rate. No interest
Carryover will be paid once its principal balance has
been reduced to zero. The Interest Carryover Amount is
not guaranteed by MBIA. There will be no make-whole of
the interest carry forward at the call date.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
First Alliance Mortgage Loan Trust 1998-1A
Mortgage Loan Asset Backed Notes, Series 1998-1A
- --------------------------------------------------------------------------------
Pre-Funding Account: On the Closing Date, approximately [$12,400,254.47] will
be deposited in a pre-funding account for the purchase
of additional mortgage loans. From the Closing Date
until March 31,1998 the Trust intends to purchase
mortgage loans up to the entire pre-funding amounts. The
additional mortgage loans, purchased with funds
deposited in the prefunding account, will be subject to
certain individual and aggregate group characteristics
that will be more fully described in the Prospectus
Supplement.
Funds remaining in the pre-funding account will be
distributed to the Noteholders as a prepayment on the
April 1998 Payment Date.
Credit Enhancement: A combination of:
- Overcollateralization
- 100% wrap from MBIA guarantee of timely interest
and ultimate principal
Note Ratings: The Notes will be rated AAA by Standard & Poor's and
Aaa by Moody's Investor Service.
Note Insurer: MBIA Insurance Corporation ("MBIA")
MBIA's claims-paying ability is rated AAA/Aaa by
Standard and Poor's and Moody's.
Note
Insurance: Timely payments of interest and the ultimate payment
of principal on the Notes will be 100% guaranteed by
MBIA.
ERISA
Considerations: The Notes will be ERISA eligible. Investors should
consult with their counsel with respect to the
consequences under ERISA and the Code of the Plan's
acquisition and ownership of such notes.
SMMEA: The Notes will NOT constitute "mortgage related
securities" for purposes of SMMEA.
Taxation: No election will be made to treat the Trust Estate or
any portion thereof as a REMIC for federal income tax
purposes.
Upon issuance of the Notes, special tax counsel will
deliver its opinion that the Notes will be treated as
newly originated debt obligations of the Issuer and
not as representing an ownership interest in the
Trust Estate or an equity interest in the Issuer or
the Seller. In addition, for federal income tax tax
purposes, the Issuer will not be classified (i) as an
association taxable as a corporation, (ii) a taxable
mortgage pool as defined in Section 1.7701(i) of the
Code or (iii) a "publicly traded partnership" as
defined in Treasury Regulations Section 1.7704-1.
Each Owner of a Note, by its acceptance of a Note,
will agree to treat the Note as indebtedness.
Prospectus: The Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to the
Notes and the Collateral is contained in the Prospectus.
The foregoing is qualified in its entirety by the
information appearing in the Prospectus. To the extent
that the foregoing is inconsistent with the Prospectus,
the Prospectus shall govern in all respects. Sales of
the Notes may not be consumated unless the purchaser has
received the Prospectus.
Further Information: For further information, call the ABS desk at
(212) 778-2741, Paul Richardson at (212) 778-1507, Sean
Arnold at (212) 778-4921, Lina Hsu at (212) 778-1451, or
Joe Astorina at (212) 778-2667.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
AVAILABLE FUNDS CAP (30/360 Basis)
Cap: Net WAC - Trustee Fee (2 bps) - Surety Fee (13 bps) - 50 bps cushion
(starting month 7)
DATE Av Funds Cap
- ------------------
05/98 8.201
06/98 8.200
07/98 8.200
08/98 8.200
09/98 8.378
10/98 7.878
11/98 8.063
12/98 8.276
01/99 8.544
02/99 8.544
03/99 8.722
04/99 8.722
05/99 8.907
06/99 9.120
07/99 9.384
08/99 9.384
09/99 9.446
10/99 9.517
11/99 9.526
12/99 9.604
01/00 9.897
02/00 9.897
03/00 9.897
04/00 9.897
05/00 9.897
06/00 9.897
07/00 9.897
08/00 9.897
09/00 9.897
10/00 9.898
11/00 9.898
12/00 9.898
01/01 9.905
02/01 9.905
03/01 9.905
04/01 9.905
05/01 9.905
06/01 9.905
07/01 9.905
08/01 9.905
09/01 9.905
10/01 9.905
11/01 9.905
12/01 9.905 and so on...
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
- FAMT81
- Cut Off Date of Tape is 3/1/98
- ARM
- $42,199,745.53
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 486
Aggregate Unpaid Principal Balance: $42,199,745.53
Aggregate Original Principal Balance: $42,249,795.05
- --------------------------------------------------------------------------------
Weighted Average Coupon (Gross): 8.874%
Gross Coupon Range: 6.990% - 13.750%
Weighted Average Margin (Gross): 5.412%
Gross Margin Range: 3.650% - 8.490%
Weighted Average Life Cap (Gross): 15.683%
Gross Life Cap Range: 13.925% - 20.250%
Weighted Average Life Floor (Gross): 8.872%
Gross Life Floor Range: 6.990% - 13.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $86,830.75
Average Original Principal Balance: $86,933.73
Maximum Unpaid Principal Balance: $324,950.00
Minimum Unpaid Principal Balance: $14,986.64
Maximum Original Principal Balance: $324,950.00
Minimum Original Principal Balance: $15,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat Date): 349.735
Stated Rem Term Range: 120.000 - 360.000
Weighted Average Age (Original-term - rem-term): 1.138
Age Range: 0.000 - 8.000
Weighted Average Original Term: 350.873
Original Term Range: 120.000 - 360.000
Weighted Average Original LTV: 57.292
Original LTV Range: 9.091% - 80.000%
Weighted Average Periodic Interest Cap: 1.019%
Periodic Interest Cap Range: 1.000% - 1.500%
Weighted Average Initial Periodic Cap: 1.474%
Initial Periodic Cap Range: 1.000% - 3.000%
Weighted Average Months to Interest Roll: 9.409 * calculated from 3/98 to next rolldate
Months to Interest Roll Range: 1 - 34
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
- --------------------------------------------------------------------------------
ARM TYPE
- ------------------------------------------------------------------------------------------------------------------------------------
WA WA WA Max. Orig Total
# % Rem WA Life Life WA Loan Current
Loan Feature Loan Pool WAC Term Age Cap floor Margin Amount Balance
- ------------------------------------------------------------------------------------------------------------------------------------
6M Libor 352 77.18 8.631 348.99 .43 15.61 8.63 5.28 $324,950 $32,569,615.95
2/13 3 .53 8.558 177.06 2.94 14.98 8.56 5.81 $94,700 $224,852.02
2/28 126 21.58 9.740 356.44 3.56 15.99 9.74 5.91 $165,000 $9,108,079.54
3/27 5 .70 9.179 356.79 3.21 15.18 9.18 4.90 $85,000 $297,198.02
- ------------------------------------------------------------------------------------------------------------------------------------
Total..... 486 100.00% 8.874 349.74 1.14 15.68 8.87 5.41 $324,950 $42,199,745.53
====================================================================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
ORIGINAL LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
- -------------------------------------------------------------------------------
75.01 to 80.00 8 1,047,334.45 2.48
70.01 to 75.00 42 5,546,797.56 13.14
65.01 to 70.00 49 5,105,714.73 12.10
60.01 to 65.00 79 7,847,132.04 18.60
55.01 to 60.00 75 6,921,814.86 16.40
50.01 to 55.00 54 4,524,075.73 10.72
45.01 to 50.00 39 3,126,045.44 7.41
40.01 to 45.00 37 2,604,505.16 6.17
35.01 to 40.00 38 2,313,650.43 5.48
30.01 to 35.00 22 1,373,449.26 3.25
25.01 to 30.00 17 850,154.89 2.01
20.01 to 25.00 16 632,204.75 1.50
15.01 to 20.00 8 261,019.87 0.62
10.01 to 15.00 1 30,859.72 0.07
5.01 to 10.00 1 14,986.64 0.04
- -------------------------------------------------------------------------------
Total............ 486 $42,199,745.53 100.00%
===============================================================================
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
- -----------------------------------------------------------------------------
6.50% < Gross Coupon <= 7.00% 3 214,655.04 0.51
7.00% < Gross Coupon <= 7.50% 59 5,570,840.34 13.20
7.50% < Gross Coupon <= 8.00% 80 6,986,542.06 16.56
8.00% < Gross Coupon <= 8.50% 63 6,157,526.09 14.59
8.50% < Gross Coupon <= 9.00% 72 6,874,813.38 16.29
9.00% < Gross Coupon <= 9.50% 70 5,479,908.51 12.99
9.50% < Gross Coupon <= 10.00% 61 5,129,073.48 12.15
10.00% < Gross Coupon <= 10.50% 29 2,048,074.51 4.85
10.50% < Gross Coupon <= 11.00% 32 2,523,564.41 5.98
11.00% < Gross Coupon <= 11.50% 4 169,364.93 0.40
11.50% < Gross Coupon <= 12.00% 9 716,628.43 1.70
12.00% < Gross Coupon <= 12.50% 2 154,372.54 0.37
12.50% < Gross Coupon <= 13.00% 1 84,489.00 0.20
13.50% < Gross Coupon <= 14.00% 1 89,892.81 0.21
- ----------------------------------------------------------------------------
Total.......... 486 $ 42,199,745.53 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
Geographical Distribution
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
- --------------------------------------------------------------------------
Arizona 15 1,176,849.78 2.79
California 79 9,481,543.99 22.47
Colorado 20 1,580,102.44 3.74
Connecticut 1 49,902.52 0.12
Dist of Col 7 670,438.31 1.59
Florida 20 1,503,289.70 3.56
Georgia 8 625,215.80 1.48
Illinois 59 4,496,190.94 10.65
Massachusetts 28 2,188,461.56 5.19
Maryland 21 1,686,532.56 4.00
Minnesota 20 1,376,610.76 3.26
New Jersey 63 4,799,578.96 11.37
New York 56 5,130,644.02 12.16
Ohio 10 680,106.59 1.61
Oregon 17 1,374,436.83 3.26
Pennsylvania 7 586,118.37 1.39
Utah 19 1,557,544.82 3.69
Virginia 11 1,146,896.72 2.72
Washington 25 2,089,280.86 4.95
- --------------------------------------------------------------------------
Total............... 486 $42,199,745.53 100.00%
==========================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
- ----------------------------------------------------------------------
108 < Rem Term <= 120 1 48,091.00 0.11%
168 < Rem Term <= 180 29 1,945,908.00 4.61%
228 < Rem Term <= 240 2 194,559.03 0.46%
348 < Rem Term <= 360 454 40,011,187.50 94.81%
- ----------------------------------------------------------------------
Total............ 486 $42,199,745.53 100.00%
======================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
- --------------------------------------------------------------------------
10,000 < Balance <= 15,000 1 14,986.64 0.04
15,000 < Balance <= 20,000 1 19,950.47 0.05
20,000 < Balance <= 25,000 4 96,041.44 0.23
25,000 < Balance <= 30,000 8 228,015.36 0.54
30,000 < Balance <= 35,000 10 321,520.36 0.76
35,000 < Balance <= 40,000 22 854,523.83 2.02
40,000 < Balance <= 45,000 11 462,064.96 1.09
45,000 < Balance <= 50,000 33 1,596,964.74 3.78
50,000 < Balance <= 55,000 20 1,046,538.75 2.48
55,000 < Balance <= 60,000 25 1,449,250.41 3.43
60,000 < Balance <= 65,000 31 1,960,066.20 4.64
65,000 < Balance <= 70,000 31 2,104,508.12 4.99
70,000 < Balance <= 75,000 30 2,180,256.53 5.17
75,000 < Balance <= 80,000 27 2,110,054.24 5.00
80,000 < Balance <= 85,000 15 1,242,675.03 2.94
85,000 < Balance <= 90,000 33 2,896,605.27 6.86
90,000 < Balance <= 95,000 29 2,707,513.73 6.42
95,000 < Balance <= 100,000 16 1,569,939.66 3.72
100,000 < Balance <= 125,000 68 7,519,654.47 17.82
125,000 < Balance <= 150,000 36 4,970,707.32 11.78
150,000 < Balance <= 200,000 24 4,063,552.06 9.63
200,000 < Balance <= 250,000 6 1,379,679.44 3.27
250,000 < Balance <= 300,000 4 1,079,726.50 2.56
300,000 < Balance <= 350,000 1 324,950.00 0.77
- --------------------------------------------------------------------------
Total.................... 486 $ 42,199,745.53 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
- --------------------------------------------------------------------------
Single Fam 427 37,140,655.99 88.01
PUD 5 278,197.52 0.66
Condominium 11 673,154.67 1.60
2-4 Family 43 4,107,737.35 9.73
- --------------------------------------------------------------------------
Total............... 486 $ 42,199,745.53 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Occupancy Status Loans Balance Balance
- --------------------------------------------------------------------------
Owner Occ 456 39,887,591.92 94.52
Investor 25 2,019,165.18 4.78
Second Home 5 292,988.43 0.69
- --------------------------------------------------------------------------
Total.................. 486 $42,199,745.53 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
DISTRIBUTION OF
MAXIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Cap Loans Balance Balance
- --------------------------------------------------------------------------
13.50 < Life Cap <= 14.00 4 294,447.73 0.70
14.00 < Life Cap <= 14.50 65 6,030,164.57 14.29
14.50 < Life Cap <= 15.00 95 8,223,629.77 19.49
15.00 < Life Cap <= 15.50 82 7,540,071.48 17.87
15.50 < Life Cap <= 16.00 92 8,098,833.39 19.19
16.00 < Life Cap <= 16.50 40 3,195,729.27 7.57
16.50 < Life Cap <= 17.00 50 4,398,341.05 10.42
17.00 < Life Cap <= 17.50 31 2,124,505.56 5.03
17.50 < Life Cap <= 18.00 17 1,491,791.30 3.54
18.00 < Life Cap <= 18.50 5 397,714.13 0.94
18.50 < Life Cap <= 19.00 2 188,641.47 0.45
19.00 < Life Cap <= 19.50 1 41,494.00 0.10
19.50 < Life Cap <= 20.00 1 84,489.00 0.20
20.00 < Life Cap <= 20.50 1 89,892.81 0.21
- --------------------------------------------------------------------------
Total................. 486 $42,199,745.53 100.00%
==========================================================================
DISTRIBUTION OF
MINIMUM MORTGAGE RATES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Life Floor Loans Balance Balance
- --------------------------------------------------------------------------
6.50 < Life Floor <= 7.00 3 214,655.04 0.51
7.00 < Life Floor <= 7.50 59 5,570,840.34 13.20
7.50 < Life Floor <= 8.00 80 6,986,542.06 16.56
8.00 < Life Floor <= 8.50 63 6,157,526.09 14.59
8.50 < Life Floor <= 9.00 72 6,874,813.38 16.29
9.00 < Life Floor <= 9.50 70 5,479,908.51 12.99
9.50 < Life Floor <= 10.00 61 5,129,073.48 12.15
10.00 < Life Floor <= 10.50 29 2,048,074.51 4.85
10.50 < Life Floor <= 11.00 33 2,584,027.67 6.12
11.00 < Life Floor <= 11.50 4 169,364.93 0.40
11.50 < Life Floor <= 12.00 8 656,165.17 1.55
12.00 < Life Floor <= 12.50 2 154,372.54 0.37
12.50 < Life Floor <= 13.00 1 84,489.00 0.20
13.50 < Life Floor <= 14.00 1 89,892.81 0.21
- --------------------------------------------------------------------------
Total................. 486 $42,199,745.53 100.00%
==========================================================================
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Gross Mortgage Principal Principal
Margin Loans Balance Balance
- --------------------------------------------------------------------------
3.0 < Margin <= 4.0 66 5,842,105.61 13.84
4.0 < Margin <= 5.0 144 12,709,857.65 30.12
5.0 < Margin <= 6.0 138 12,042,040.97 28.54
6.0 < Margin <= 7.0 103 8,474,998.24 20.08
7.0 < Margin <= 8.0 30 2,742,785.33 6.50
8.0 < Margin <= 9.0 5 387,957.73 0.92
- --------------------------------------------------------------------------
Total................. 486 $ 42,199,745.53 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
LOAN SUMMARY STRATIFIED BY
PERIODIC CAP
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Periodic Mortgage Principal Principal
Cap Loans Balance Balance
- --------------------------------------------------------------------------
1.000 471 40,627,903.90 96.28
1.500 15 1,571,841.63 3.72
- --------------------------------------------------------------------------
Total................. 486 $ 42,199,745.53 100.00%
==========================================================================
Originator type
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
- --------------------------------------------------------------------------
Retail 299 27,413,960.05 64.96
Wholesale 39 4,136,813.31 9.80
Wholesale low ltv 148 10,648,972.17 25.23
- --------------------------------------------------------------------------
Total............... 486 $ 42,199,745.53 100.00%
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