-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JhCG3I5wSqnYNbx3p9EqKUMIPnafTzum3e9PIymO0sQcNv2RBP/PklQm3JeZaeWs ZDdWpuNdgOrhfuxoTAkQ9w== 0000891092-96-000229.txt : 19961202 0000891092-96-000229.hdr.sgml : 19961202 ACCESSION NUMBER: 0000891092-96-000229 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961118 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961126 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCESS FINANCIAL LENDING CORP CENTRAL INDEX KEY: 0001018147 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 411768416 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07837 FILM NUMBER: 96672716 BUSINESS ADDRESS: STREET 1: 400 SOUTH HIGHWAY 169 SOUTH SUITE 400 STREET 2: PO BOX 26365 CITY: ST LOUIS PARK STATE: MN ZIP: 55426-0365 BUSINESS PHONE: 6125426632 MAIL ADDRESS: STREET 1: 400 SOUTH HIGHWAY 169 STREET 2: SUITE 400 CITY: ST LOUIS PARK STATE: MN ZIP: 55426-0365 8-K 1 FORM 8-K - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 18, 1996 Access Financial Lending Corp. (Exact name of registrant as specified in its charter) Delaware 333-07837 41-1768416 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 400 Highway 169 South Suite 400 55426 St. Louis Park, Minnesota (Zip Code) (Address of Principal Executive Offices) Registrant's telephone number, including area code (612) 542-6500 No Change (Former name or former address, if changed since last report) - -------------------------------------------------------------------------------- Item 5. Other Events In connection with the offering of Access Financial Mortgage Loan Trust 1996-4 Mortgage Loan PassThrough Certificates, Series 1996-4, described in a Prospectus Supplement dated as of November 18, 1996, certain "Computational Materials" within the meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public Securities Association No-Action Letter were furnished to certain prospective investors (the "Related Computational Materials"). Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibit 99.1. Related Computational Materials (as defined in Item 5 above). SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. ACCESS FINANCIAL LENDING CORP. ------------------------------------ Registrant and on behalf of Access Financial Mortgage Loan Trust 1996-4 By: Name: Leslie Zejdlik Foster Title: President Dated: November , 1996 EXHIBIT INDEX Exhibit No. Description Page No. - ----------- ----------- -------- 99.1 Related Computational Materials (as defined in Item 5 above). EX-99.1 2 EXHIBIT 99.1 Exhibit 99.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates ACCESS 1996-4 --------------------------------------------- $[32,500,000] Class A-1 Variable-Rate Certificates - 1M LIBOR + 11bp $[10,700,000] Class A-2 Fixed-Rate Certificates - 6.250% $[17,700,000] Class A-3 Fixed-Rate Certificates - 6.450% $[18,500,000] Class A-4 Fixed-Rate Certificates - 6.775% $[15,017,000] Class A-5 Fixed-Rate Certificates - 7.150% $[96,308,000] Class A-6 Variable-Rate Certificates - 1M LIBOR + 28.5 bp $[49,052,000] Class A-7 Variable-Rate Certificates - 1M LIBOR + 27.5 bp The information herein has been provided solely by PSI based on information with respect to the mortgage loans provided by the Access Financial Lending Corp. and its affiliates ("ACCESS"). Neither ACCESS nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary and will be superseded by the prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission ("SEC"). 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 here, 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. ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates - -------------------------------------------------------------------------------- GROUP I CLASS A GROUP I CERTIFICATES

*Pass-Through Rate is the lesser of: 1) One Month LIBOR + [11]bps 2) The Available Funds Cap Available Funds Cap: A rate equal to the weighted average gross coupon rate less [62.75bp] for servicing fees, trustee fees and certificate insurer premiums for the Group I fixed-rate mortgage loans for such Payment Date. Coupon Step-Up: If the 10% Clean-Up Call or the Auction Call (within 90 days) is not exercised, the coupon on the Class A-5 Fixed-Rate Certificates shall be [7.15%] + 0.50% per annum. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates - -------------------------------------------------------------------------------- GROUP II CLASS A GROUP II CERTIFICATES Class A-6 Variable-Rate ------------- Approximate Face Amount: [$96,308,000] Average Life to Mat: [3.5] years Average Life to Call: [3.25] years Pass-Through Rate: The lesser of: 1) One Month LIBOR + [28.5] bps 2) The Available Funds Cap Price: [100-00] Yield: Variable Pricing Speed: [25%] HEP Settlement: [11/21/96] Exp Maturity: [10/18/14] Exp Maturity to Call: [02/18/05] Final Maturity: [11/18/26] Day Count: actual/360 Payment Delay: 0 days. Dated Date: [11/21/96] Payment Terms: Monthly. 1st Payment Date: 12/18/96 Available Funds Cap: A rate equal to the weighted average gross coupon rate minus the [1.1275%] for servicing fees, trustee fees and certificate insurer premiums and insurance cushion for the Group II variable-rate mortgage loans for such Payment Date. Shortfall Reimbursement: If on any Payment Date the Class A-6 Certificate interest distribution amount is less than the Pass-Through Rate, the amount of such shortfall and the aggregate of such shortfalls from previous payment dates together with accrued interest at the Pass-Through Rate will be carried forward to the next Payment Date until paid. No interest carryforward will be paid once the Class A-6 Certificate principal balance has been reduced to zero. The shortfall reimbursement feature will NOT be insured by the FSA guarantee. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates - -------------------------------------------------------------------------------- GROUP III CLASS A GROUP III CERTIFICATES Class A-7 Variable-Rate ------------- Approximate Face Amount: [$49,052,000] Average Life to Mat: [3.5] years Average Life to Call: [3.24] years Pass-Through Rate: The lesser of: 1) One Month LIBOR + [27.5] bps 2) The Available Funds Cap Price: [100-00] Yield: Variable Pricing Speed: [25%] HEP Settlement: [11/21/96] Exp Maturity: [10/18/14] Exp Maturity to Call: [02/18/05] Final Maturity: [11/18/26] Day Count: actual/360 Payment Delay: 0 days. Dated Date: [11/21/96] Payment Terms: Monthly. 1st Payment Date: 12/18/96 Available Funds Cap: A rate equal to the weighted average gross coupon rate minus the [1.1275%] for servicing fees, trustee fees and certificate insurer premiums and insurance cushion for the Group III variable-rate mortgage loans for such Payment Date. Shortfall Reimbursement: If on any Payment Date the Class A-7 Certificate interest distribution amount is less than the Pass-Through Rate, the amount of such shortfall and the aggregate of such shortfalls from previous payment dates together with accrued interest at the Pass-Through Rate will be carried forward to the next Payment Date until paid. No interest carryforward will be paid once the Class A-7 Certificate principal balance has been reduced to zero. The shortfall reimbursement feature will NOT be insured by the FSA guarantee. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates Title of Securities: Access Financial Mortgage Loan Trust 1996-4, Mortgage Loan Pass-Through Certificates, Series 1996-4 Group I: Class A-1, A-2, A-3, A-4 and A-5 (the "Group I Certificates"). Group II: Class A-6 (the "Group II Certificates"). Group III: Class A-7 (the "Group III Certificates"). Seller/ Master Servicer: Access Financial Lending Corp. ("Access"). Transferor: Access Financial Receivables Corp. Sub-Servicer: LSI Financial Group. Master Servicer Fee: 45 bps per annum (if Access is not the Master Servicer, then 50 bps per annum).**** Trustee: The Chase Manhattan Bank, N.A. Aggregate Certificate Balance: Group I $[94,417,000.00] Group II $[96,308,000.00] Group III $[49,052,000.00] Group II and Group III: Although the Group II and Group III Mortgage Loans both have adjustable-rate Mortgage Loans, the Group III Mortgage Loans are of a higher credit quality than the Group II Mortgage Loans. The credit quality of a Mortgage Loan is determined by Access by analyzing certain factors. Please refer to the Prospectus Supplement, "Mortgage Loan Pool - The Mortgage Loan Program -- Underwriting Standards." Pricing Date: [November 14, 1996] Settlement Date: [November 21, 1996] Payment Date: The 18th day of each month (or, if such date is not a business day, the next succeeding business day) commencing December 18, 1996. Record Date: -Class A-2, A-3, A-4 and A-5 - The first day of the calendar month of the related Payment Date. -Class A-1, A-6 and A-7 - The day preceding the related Payment Date. Interest Accrual: -Class A-2, A-3, A-4 and A-5 - The second day of the calendar month preceding the related Payment Date to the first day of the calendar month of the related Payment Date. -Class A-1, A-6 and A-7 - The previous month's Payment Date to the day preceding the related Payment Date. Form of Certificates: Book-entry only through the same-day funds facilities of DTC, Euroclear and CEDEL. Denominations: Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. Prepayment Assumption: For the Group I Certificates, [24]% HEP ([2.4]% CPR in month 1 with monthly incremental increases of [2.4]% CPR until the speed reaches [24]% CPR in month 10 based on loan seasoning.) For the Group II Certificates, [25]% HEP. For the Group III Certificates, [25]% HEP. Flow of Funds: GROUP I, GROUP II and Group III MONTHLY CASH FLOWS 1) to the Master Servicer, the Master Servicer Fee; 2) to the Master Servicer, any unreimbursed advanced on a mortgage loan; 3) to the Trustee, the Trustee Fee; 4) to the Certificate Insurer, the Premium; 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates Flow of Funds (cont'd): GROUP I MONTHLY CASH FLOWS 5) accrued monthly interest to the Class A Group I Certificates, including any interest carryforward; 6) monthly principal to the Class A Group I Certificates sequentially, including any principal carryforward; 7) to Class A-6 and A-7 interest, if needed; 8) to the Surety Provider, any unreimbursed draws; 9) to Group I O/C up to its target amount as described below; 10) to Group II and Group III O/C, if needed; 11) to the Class B Certificateholders; 12) to the Residual Certificateholder. GROUP II MONTHLY CASH FLOWS 5) accrued monthly interest to the Class A Group II Certificates, including any interest carryforward; 6) monthly principal to the Class A Group II Certificates, including any principal carryforward; 7) to Class A Group III Certificate interest, if needed; 8) to Class A Group I Certificates interest, if needed; 9) to the Surety Provider, any unreimbursed draws; 10) to Group II O/C up to its target amount as described below; 11) to Group I O/C and to Group III O/C, if needed; 12) to the Class B Certificateholders; 13) to the Residual Certificateholder. GROUP III MONTHLY CASH FLOWS 5) accrued monthly interest to the Class A Group III Certificates, including any interest carryforward; 6) monthly principal to the Class A Group III Certificates, including any principal carryforward; 7) to Class A Group II Certificate interest, if needed; 8) to Class A Group I Certificates interest, if needed; 9) to the Surety Provider, any unreimbursed draws; 10) to Group III O/C up to its target amount as described below; 11) to Group I O/C and to Group II O/C, if needed; 12) to the Class B Certificateholders; 13) to the Residual Certificateholder. FOR A COMPLETE DESCRIPTION OF THE FLOW OF FUNDS, PLEASE REFER TO THE PROSPECTUS SUPPLEMENT SECTION TITLED "DESCRIPTION OF THE CERTIFICATES - FLOW OF FUNDS AND DISTRIBUTIONS ON THE CLASS A CERTIFICATES" Credit Enhancement: A combination of: - Excess monthly cash flow - Over-collateralization - Cross-collateralization - 100% wrap from FSA guaranteeing timely interest and ultimate principal. Overcollateralization Levels (Approx.): Initial Deposit: Group I Certificates -- [0.0%] I.B. Group II Certificates -- [0.0%] I.B. Group III Certificates - [0.0%] I.B. 30 month O/C Target:Group I Certificates -- [.%] I.B. Group II Certificates -- [.%] I.B. Group III Certificates - [.%] I.B. O/C Floor: [0.50%] I.B. These O/C percentages are subject to step downs beginning in month 30 if certain tests are met. Certificate Insurer: Financial Security Assurance Inc. ("FSA"). FSA's claims-paying ability is rated AAA/Aaa by Standard & Poor's ("S&P") and Moody's Investors Service ("Moody's"), respectively. Certificate Ratings: The Class A Certificates will be rated AAA by S&P and Aaa by Moody's. 10% Clean-up Call: The Seller has the option to excercise a call at par plus accrued interest when the outstanding Pool Balance equals 10% or less of the original Pool Balance. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-4 Mortgage Loan Pass-Through Certificates, Series 1996-4 Class A Certificates Auction Call: If the Seller does not exercise the 10% Clean-up Call, the Trustee will hold an Auction Call and solicit bids to purchase the mortgage loans when the outstanding Pool Balance has declined to 10% of the original Pool Balance. This call will be exercised at no less than par plus accrued interest. Coupon Step-up: If the Seller does not exercise the 10% Cleanup Call and the Auction Call is not exercised within 90 days of the 10% Cleanup Call Date, the coupon rate on the Class A-5 Fixed Rate Certificates shall be [.%] + [0.50]% per annum. ERISA Consideration: The Class A Certificates will be ERISA eligible. However, investors should consult with their counsel with respect to the consequences under ERISA and the Internal Revenue Code of the Plan's acquisition and ownership of such Certificates. SMMEA Considerations: The Class A Certificates will not be SMMEA eligible. Taxation: REMIC. Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Certificates 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 Certificates may not be consumated unless the purchaser has received the Prospectus. Further Information: Call the ABS trading desk at (212) 778-2741, Sean Arnold (212) 778-4921, Sean Low (212) 778-2581, Lina Hsu (212) 778-1451 or Januar Laude at (212) 778-7176 with any questions. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $32,500,000.00 DATED DATE: 11/21/96 CURRENT COUPON: 5.485% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $32,500,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/21/96 ASSUMED CONSTANT LIBOR-1M 5.3750

PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-24 39.401 31.307 34.171 35.983 41.787 44.025 99-24+ 37.623 30.035 32.721 34.419 39.860 41.958 99-25 35.845 28.764 31.270 32.856 37.933 39.891 99-25+ 34.068 27.494 29.820 31.292 36.007 37.825 99-26 32.292 26.223 28.371 29.729 34.081 35.758 99-26+ 30.515 24.953 26.922 28.167 32.155 33.693 99-27 28.739 23.683 25.473 26.605 30.230 31.628 99-27+ 26.964 22.414 24.024 25.043 28.305 29.563 99-28 25.188 21.144 22.576 23.481 26.381 27.499 99-28+ 23.413 19.875 21.128 21.920 24.457 25.435 99-29 21.639 18.607 19.680 20.359 22.533 23.371 99-29+ 19.865 17.338 18.232 18.798 20.610 21.308 99-30 18.091 16.070 16.785 17.238 18.687 19.246 99-30+ 16.318 14.802 15.338 15.678 16.765 17.184 99-31 14.545 13.534 13.892 14.118 14.843 15.122 99-31+ 12.772 12.267 12.446 12.559 12.921 13.061 100-00 11.000 11.000 11.000 11.000 11.000 11.000 100-00+ 9.228 9.733 9.554 9.441 9.079 8.940 100-01 7.457 8.467 8.109 7.883 7.159 6.880 100-01+ 5.686 7.200 6.664 6.325 5.239 4.820 100-02 3.915 5.934 5.220 4.768 3.319 2.761 100-02+ 2.144 4.669 3.775 3.210 1.400 0.702 100-03 0.375 3.403 2.331 1.653 -0.518 -1.356 100-03+ -1.395 2.138 0.888 0.097 -2.437 -3.414 100-04 -3.164 0.873 -0.556 -1.460 -4.355 -5.471 100-04+ -4.933 -0.391 -1.999 -3.016 -6.272 -7.528 100-05 -6.702 -1.656 -3.441 -4.571 -8.189 -9.585 100-05+ -8.470 -2.920 -4.884 -6.127 -10.106 -11.641 100-06 -10.238 -4.184 -6.326 -7.682 -12.022 -13.696 100-06+ -12.005 -5.447 -7.768 -9.236 -13.938 -15.751 100-07 -13.772 -6.710 -9.209 -10.790 -15.854 -17.806 100-07+ -15.538 -7.973 -10.651 -12.344 -17.769 -19.861 First Payment 0.075 0.075 0.075 0.075 0.075 0.075 Average Life 0.901 1.278 1.113 1.029 0.829 0.771 Last Payment 1.658 2.575 2.158 1.992 1.492 1.408 Mod.Dur. @ 100-00 0.852 1.190 1.043 0.968 0.786 0.732 Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A1 AV FUND FLT CLASS FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $10,700,000.00 DATED DATE: 11/02/96 COUPON: 6.250% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $10,700,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96 PREPAYMENT SPEED

PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-23 6.334 6.333 6.333 6.334 6.334 6.334 99-23+ 6.325 6.327 6.327 6.326 6.325 6.324 99-24 6.317 6.322 6.320 6.319 6.315 6.313 99-24+ 6.308 6.316 6.313 6.312 6.306 6.303 99-25 6.300 6.310 6.307 6.304 6.296 6.293 99-25+ 6.291 6.304 6.300 6.297 6.287 6.282 99-26 6.283 6.299 6.293 6.290 6.277 6.272 99-26+ 6.274 6.293 6.286 6.282 6.268 6.262 99-27 6.265 6.287 6.280 6.275 6.258 6.251 99-27+ 6.257 6.281 6.273 6.268 6.249 6.241 99-28 6.248 6.276 6.266 6.260 6.240 6.231 99-28+ 6.240 6.270 6.260 6.253 6.230 6.220 99-29 6.231 6.264 6.253 6.246 6.221 6.210 99-29+ 6.223 6.258 6.246 6.238 6.211 6.200 99-30 6.214 6.253 6.240 6.231 6.202 6.190 99-30+ 6.206 6.247 6.233 6.224 6.192 6.179 99-31 6.197 6.241 6.226 6.216 6.183 6.169 99-31+ 6.189 6.235 6.220 6.209 6.174 6.159 100-00 6.180 6.230 6.213 6.202 6.164 6.148 100-00+ 6.172 6.224 6.206 6.195 6.155 6.138 100-01 6.163 6.218 6.200 6.187 6.145 6.128 100-01+ 6.155 6.212 6.193 6.180 6.136 6.117 100-02 6.146 6.207 6.186 6.173 6.127 6.107 100-02+ 6.138 6.201 6.179 6.165 6.117 6.097 100-03 6.129 6.195 6.173 6.158 6.108 6.086 100-03+ 6.121 6.189 6.166 6.151 6.098 6.076 100-04 6.112 6.184 6.159 6.143 6.089 6.066 100-04+ 6.104 6.178 6.153 6.136 6.080 6.056 100-05 6.095 6.172 6.146 6.129 6.070 6.045 100-05+ 6.087 6.166 6.139 6.122 6.061 6.035 100-06 6.078 6.161 6.133 6.114 6.051 6.025 100-06+ 6.070 6.155 6.126 6.107 6.042 6.014 First Payment 1.658 2.575 2.158 1.992 1.492 1.408 Average Life 2.002 3.065 2.598 2.361 1.799 1.635 Last Payment 2.325 3.575 3.075 2.742 2.075 1.908 Mod.Dur. @ 99-31 1.828 2.709 2.330 2.133 1.654 1.511 Accrued Interest 0.330 0.330 0.330 0.330 0.330 0.330
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A2 SEQ CLASS FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $17,700,000.00 DATED DATE: 11/02/96 COUPON: 6.450% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $17,700,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96 PREPAYMENT SPEED

PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-23 6.535 6.536 6.536 6.536 6.535 6.535 99-23+ 6.529 6.532 6.531 6.530 6.528 6.528 99-24 6.523 6.528 6.526 6.525 6.522 6.520 99-24+ 6.517 6.524 6.522 6.520 6.515 6.513 99-25 6.512 6.520 6.517 6.515 6.509 6.506 99-25+ 6.506 6.516 6.513 6.510 6.502 6.499 99-26 6.500 6.512 6.508 6.505 6.496 6.491 99-26+ 6.494 6.508 6.503 6.500 6.489 6.484 99-27 6.488 6.504 6.499 6.495 6.483 6.477 99-27+ 6.482 6.500 6.494 6.490 6.476 6.470 99-28 6.476 6.496 6.490 6.485 6.469 6.463 99-28+ 6.470 6.492 6.485 6.480 6.463 6.455 99-29 6.464 6.488 6.480 6.475 6.456 6.448 99-29+ 6.459 6.484 6.476 6.470 6.450 6.441 99-30 6.453 6.480 6.471 6.465 6.443 6.434 99-30+ 6.447 6.476 6.467 6.460 6.437 6.426 99-31 6.441 6.472 6.462 6.455 6.430 6.419 99-31+ 6.435 6.468 6.457 6.450 6.424 6.412 100-00 6.429 6.464 6.453 6.445 6.417 6.405 100-00+ 6.423 6.460 6.448 6.440 6.411 6.398 100-01 6.417 6.456 6.444 6.435 6.404 6.390 100-01+ 6.411 6.452 6.439 6.430 6.398 6.383 100-02 6.406 6.449 6.434 6.425 6.391 6.376 100-02+ 6.400 6.445 6.430 6.420 6.384 6.369 100-03 6.394 6.441 6.425 6.415 6.378 6.362 100-03+ 6.388 6.437 6.421 6.410 6.371 6.355 100-04 6.382 6.433 6.416 6.405 6.365 6.347 100-04+ 6.376 6.429 6.411 6.400 6.358 6.340 100-05 6.370 6.425 6.407 6.395 6.352 6.333 100-05+ 6.364 6.421 6.402 6.390 6.345 6.326 100-06 6.359 6.417 6.398 6.385 6.339 6.319 100-06+ 6.353 6.413 6.393 6.380 6.332 6.311 First Payment 2.325 3.575 3.075 2.742 2.075 1.908 Average Life 3.002 4.698 3.958 3.580 2.674 2.407 Last Payment 3.825 5.992 4.992 4.575 3.408 2.992 Mod.Dur. @ 99-31 2.646 3.926 3.385 3.098 2.382 2.162 Accrued Interest 0.340 0.340 0.340 0.340 0.340 0.340
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A3 SEQ CLASS FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $18,500,000.00 DATED DATE: 11/02/96 COUPON: 6.775% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $18,500,000.00 BOND A4 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96 PREPAYMENT SPEED

PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-24 6.859 6.863 6.861 6.861 6.858 6.856 99-24+ 6.855 6.860 6.858 6.857 6.853 6.852 99-25 6.851 6.857 6.855 6.854 6.849 6.847 99-25+ 6.847 6.855 6.852 6.851 6.845 6.842 99-26 6.844 6.852 6.849 6.847 6.841 6.838 99-26+ 6.840 6.849 6.846 6.844 6.836 6.833 99-27 6.836 6.847 6.843 6.841 6.832 6.828 99-27+ 6.832 6.844 6.840 6.838 6.828 6.824 99-28 6.828 6.842 6.837 6.834 6.824 6.819 99-28+ 6.825 6.839 6.834 6.831 6.820 6.814 99-29 6.821 6.836 6.831 6.828 6.815 6.810 99-29+ 6.817 6.834 6.828 6.825 6.811 6.805 99-30 6.813 6.831 6.825 6.821 6.807 6.801 99-30+ 6.809 6.828 6.822 6.818 6.803 6.796 99-31 6.806 6.826 6.819 6.815 6.799 6.791 99-31+ 6.802 6.823 6.816 6.812 6.794 6.787 100-00 6.798 6.820 6.813 6.808 6.790 6.782 100-00+ 6.794 6.818 6.810 6.805 6.786 6.778 100-01 6.790 6.815 6.807 6.802 6.782 6.773 100-01+ 6.787 6.813 6.804 6.798 6.778 6.768 100-02 6.783 6.810 6.801 6.795 6.773 6.764 100-02+ 6.779 6.807 6.798 6.792 6.769 6.759 100-03 6.775 6.805 6.795 6.789 6.765 6.754 100-03+ 6.772 6.802 6.792 6.785 6.761 6.750 100-04 6.768 6.799 6.789 6.782 6.757 6.745 100-04+ 6.764 6.797 6.786 6.779 6.752 6.741 100-05 6.760 6.794 6.783 6.776 6.748 6.736 100-05+ 6.756 6.791 6.780 6.772 6.744 6.731 100-06 6.753 6.789 6.777 6.769 6.740 6.727 100-06+ 6.749 6.786 6.774 6.766 6.736 6.722 100-07 6.745 6.784 6.771 6.763 6.731 6.718 100-07+ 6.741 6.781 6.768 6.759 6.727 6.713 First Payment 3.825 5.992 4.992 4.575 3.408 2.992 Average Life 5.005 7.900 6.653 6.005 4.436 3.975 Last Payment 6.575 10.325 8.742 7.908 5.825 5.242 Mod.Dur. @ 100-00 4.103 5.907 5.173 4.767 3.705 3.371 Accrued Interest 0.358 0.358 0.358 0.358 0.358 0.358
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A4 SEQ CLASS FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $15,017,000.00 DATED DATE: 11/02/96 COUPON: 7.150% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $15,017,000.00 BOND A5 PRICE-YIELD TABLE YIELD TABLE DATE: 11/21/96 PREPAYMENT SPEED

************* TO CALL ***************** PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-24 7.246 7.249 7.248 7.247 7.245 7.244 99-24+ 7.243 7.247 7.246 7.245 7.242 7.240 99-25 7.240 7.245 7.244 7.243 7.239 7.237 99-25+ 7.238 7.243 7.242 7.240 7.236 7.234 99-26 7.235 7.241 7.239 7.238 7.233 7.231 99-26+ 7.232 7.239 7.237 7.236 7.230 7.228 99-27 7.230 7.237 7.235 7.233 7.227 7.225 99-27+ 7.227 7.235 7.233 7.231 7.224 7.221 99-28 7.224 7.233 7.231 7.229 7.222 7.218 99-28+ 7.222 7.232 7.229 7.227 7.219 7.215 99-29 7.219 7.230 7.226 7.224 7.216 7.212 99-29+ 7.216 7.228 7.224 7.222 7.213 7.209 99-30 7.214 7.226 7.222 7.220 7.210 7.206 99-30+ 7.211 7.224 7.220 7.217 7.207 7.202 99-31 7.208 7.222 7.218 7.215 7.204 7.199 99-31+ 7.206 7.220 7.216 7.213 7.201 7.196 100-00 7.203 7.218 7.214 7.210 7.198 7.193 100-00+ 7.200 7.216 7.211 7.208 7.196 7.190 100-01 7.198 7.214 7.209 7.206 7.193 7.187 100-01+ 7.195 7.212 7.207 7.203 7.190 7.183 100-02 7.192 7.210 7.205 7.201 7.187 7.180 100-02+ 7.190 7.208 7.203 7.199 7.184 7.177 100-03 7.187 7.206 7.201 7.197 7.181 7.174 100-03+ 7.184 7.204 7.198 7.194 7.178 7.171 100-04 7.182 7.203 7.196 7.192 7.175 7.168 100-04+ 7.179 7.201 7.194 7.190 7.173 7.165 100-05 7.176 7.199 7.192 7.187 7.170 7.161 100-05+ 7.174 7.197 7.190 7.185 7.167 7.158 100-06 7.171 7.195 7.188 7.183 7.164 7.155 100-06+ 7.168 7.193 7.186 7.181 7.161 7.152 100-07 7.166 7.191 7.183 7.178 7.158 7.149 100-07+ 7.163 7.189 7.181 7.176 7.155 7.146 First Payment 6.575 10.325 8.742 7.908 5.825 5.242 Average Life 7.895 12.663 10.707 9.681 7.105 6.329 Last Payment 8.242 13.408 11.325 10.242 7.492 6.658 Mod.Dur. @ 100-00 5.839 8.061 7.239 6.760 5.390 4.926 Accrued Interest 0.377 0.377 0.377 0.377 0.377 0.377
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A5 SEQ CLASS FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $96,308,000.00 DATED DATE: 11/21/96 CURRENT COUPON: 5.660% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $96,308,000.00 BOND A6 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/21/96 ASSUMED CONSTANT LIBOR-1M 5.3750 ************* TO CALL *****************

PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-24 37.273 34.355 35.221 35.803 37.899 38.823 99-24+ 36.723 33.988 34.800 35.345 37.310 38.177 99-25 36.174 33.622 34.379 34.888 36.722 37.531 99-25+ 35.625 33.255 33.958 34.431 36.133 36.885 99-26 35.076 32.889 33.538 33.974 35.545 36.239 99-26+ 34.527 32.523 33.117 33.517 34.957 35.593 99-27 33.979 32.156 32.697 33.061 34.370 34.947 99-27+ 33.430 31.790 32.277 32.604 33.782 34.302 99-28 32.882 31.424 31.857 32.147 33.194 33.656 99-28+ 32.334 31.058 31.437 31.691 32.607 33.011 99-29 31.785 30.693 31.017 31.235 32.020 32.366 99-29+ 31.238 30.327 30.597 30.779 31.433 31.722 99-30 30.690 29.961 30.177 30.323 30.846 31.077 99-30+ 30.142 29.596 29.758 29.867 30.259 30.432 99-31 29.595 29.230 29.338 29.411 29.673 29.788 99-31+ 29.047 28.865 28.919 28.955 29.086 29.144 100-00 28.500 28.500 28.500 28.500 28.500 28.500 100-00+ 27.953 28.135 28.081 28.045 27.914 27.856 100-01 27.406 27.770 27.662 27.589 27.328 27.213 100-01+ 26.859 27.405 27.243 27.134 26.742 26.569 100-02 26.313 27.040 26.824 26.679 26.156 25.926 100-02+ 25.766 26.676 26.406 26.224 25.571 25.283 100-03 25.220 26.311 25.987 25.770 24.986 24.640 100-03+ 24.674 25.946 25.569 25.315 24.400 23.997 100-04 24.127 25.582 25.151 24.860 23.815 23.354 100-04+ 23.582 25.218 24.733 24.406 23.231 22.712 100-05 23.036 24.854 24.314 23.952 22.646 22.069 100-05+ 22.490 24.490 23.897 23.498 22.061 21.427 100-06 21.945 24.126 23.479 23.044 21.477 20.785 100-06+ 21.399 23.762 23.061 22.590 20.893 20.143 100-07 20.854 23.398 22.643 22.136 20.308 19.502 100-07+ 20.309 23.034 22.226 21.682 19.724 18.860 First Payment 0.075 0.075 0.075 0.075 0.075 0.075 Average Life 3.252 5.317 4.474 4.043 3.000 2.694 Last Payment 8.242 13.408 11.325 10.242 7.492 6.658 Mod.Dur. @ 100-00 2.751 4.121 3.591 3.304 2.568 2.338 Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A6 AV FUNDS FLT CLASS AVAILABLE FUNDS CAP ON A6 30/360 DAY COUNT BASIS AVAILABLE FUNDS CAP = CURRENT GROSS WAC ON GROUP II COLLATERAL - 48.75BP (SERVICE FEE + TRUSTEE) - 14BP (SURETY) - 50BP (SURETY CUSHION) 12/96 9.01 01/97 9.02 02/97 9.06 03/97 9.26 04/97 9.54 05/97 9.80 06/97 9.91 07/97 9.92 08/97 9.95 09/97 10.15 10/97 10.43 11/97 10.67 12/97 10.80 01/98 10.80 02/98 10.80 03/98 10.83 04/98 10.88 05/98 10.91 06/98 10.94 07/98 10.94 08/98 10.94 09/98 10.96 10/98 10.97 11/98 11.02 12/98 11.02 01/99 11.02 02/99 11.02 03/99 11.05 04/99 11.05 05/99 11.05 06/99 11.05 07/99 11.05 08/99 11.05 09/99 11.05 10/99 11.05 11/99 11.05 AND THEREAFTER 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. FINANCIAL STATEGIES GROUP PRUDENTIAL SECURITIES INCORPORTED - ------------------------- --------------------------------- CURRENT BALANCE: $49,052,000.00 DATED DATE: 11/21/96 CURRENT COUPON: 5.650% afmlt64 FIRST PAYMENT: 12/18/96 FACTOR: 1.0000000000 TOTAL CLASSES: 7 ORIGINAL BALANCE: $49,052,000.00 BOND A7 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 11/21/96 ASSUMED CONSTANT LIBOR-1M 5.3750 ************* TO CALL *****************

PRICING SPEED 24% GP I 25% GP II 25% GP III 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-24 36.305 33.375 34.243 34.828 36.935 37.865 99-24+ 35.754 33.007 33.821 34.369 36.344 37.216 99-25 35.203 32.639 33.399 33.910 35.753 36.567 99-25+ 34.652 32.271 32.977 33.452 35.163 35.919 99-26 34.101 31.904 32.555 32.993 34.572 35.270 99-26+ 33.550 31.536 32.133 32.535 33.982 34.622 99-27 32.999 31.169 31.711 32.076 33.392 33.973 99-27+ 32.448 30.801 31.289 31.618 32.802 33.325 99-28 31.898 30.434 30.868 31.160 32.212 32.677 99-28+ 31.348 30.067 30.447 30.702 31.623 32.030 99-29 30.798 29.700 30.025 30.244 31.033 31.382 99-29+ 30.248 29.333 29.604 29.787 30.444 30.735 99-30 29.698 28.966 29.183 29.329 29.855 30.087 99-30+ 29.148 28.600 28.762 28.872 29.266 29.440 99-31 28.599 28.233 28.341 28.414 28.677 28.793 99-31+ 28.049 27.866 27.921 27.957 28.089 28.147 100-00 27.500 27.500 27.500 27.500 27.500 27.500 100-00+ 26.951 27.134 27.080 27.043 26.912 26.854 100-01 26.402 26.767 26.659 26.586 26.323 26.207 100-01+ 25.853 26.401 26.239 26.130 25.735 25.561 100-02 25.304 26.035 25.819 25.673 25.148 24.915 100-02+ 24.756 25.669 25.399 25.217 24.560 24.270 100-03 24.208 25.304 24.979 24.760 23.972 23.624 100-03+ 23.659 24.938 24.559 24.304 23.385 22.979 100-04 23.111 24.572 24.139 23.848 22.798 22.333 100-04+ 22.563 24.207 23.720 23.392 22.210 21.688 100-05 22.016 23.841 23.300 22.936 21.623 21.043 100-05+ 21.468 23.476 22.881 22.480 21.037 20.399 100-06 20.920 23.111 22.462 22.025 20.450 19.754 100-06+ 20.373 22.746 22.043 21.569 19.863 19.110 100-07 19.826 22.381 21.624 21.114 19.277 18.465 100-07+ 19.279 22.016 21.205 20.659 18.691 17.821 First Payment 0.075 0.075 0.075 0.075 0.075 0.075 Average Life 3.238 5.295 4.456 4.026 2.988 2.682 Last Payment 8.242 13.408 11.325 10.242 7.492 6.658 Mod.Dur. @ 100-00 2.741 4.107 3.579 3.293 2.558 2.329 Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
The preliminary pricing information contained herein is neither an offer to sell nor a solicitation to buy any securities. Moreover, there is no assurance that such information will not change prior to final pricing. Any formal offer or solicitation will be made by a prospectus (or offering memorandum) to be accompanied or followed by a written confirmation. 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. BOND A7 AV FUNDS FLT CLASS AVAILABLE FUNDS CAP ON A7 30/360 DAY COUNT BASIS AVAILABLE FUNDS CAP = GROUP III COLLATERAL CURRENT GROSS WAC - 48.75BP (SERVICE FEE + TRUSTEE) - 14BP (SURETY) - 50BP (FSA CUSHION) 12/96 8.54 01/97 8.54 02/97 8.54 03/97 8.54 04/97 8.83 05/97 9.25 06/97 9.25 07/97 9.25 08/97 9.25 09/97 9.25 10/97 9.53 11/97 9.92 12/97 10.34 01/98 10.34 02/98 10.34 03/98 10.34 04/98 10.59 05/98 10.67 06/98 10.67 07/98 10.67 08/98 10.67 09/98 10.67 10/98 10.67 11/98 10.67 12/98 10.67 01/99 10.67 02/99 10.67 03/99 10.67 04/99 10.67 05/99 10.67 06/99 10.67 07/99 10.67 08/99 10.67 09/99 10.67 10/99 10.67 11/99 10.67 AND THEREAFTER 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------------------------- - FIX ( GROUP I) - Cut Off Date of Tape is 11/02 - HELs - $94,417,203.99 - Mortgage Summary Report - -------------------------------------------------------------------------------- Number of Mortgage Loans: 1,531 Aggregate Unpaid Principal Balance: $94,417,203.99 Aggregate Original Principal Balance: $94,560,777.65 Weighted Average Net Coupon: 11.384% Net Coupon Range: 7.512% - 16.012% Weighted Average Gross Coupon: 11.872% Gross Coupon Range: 8.000% - 16.500% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $61,670.28 Average Original Principal Balance: $61,764.06 Maximum Unpaid Principal Balance: $307,500.00 Minimum Unpaid Principal Balance: $9,778.50 Maximum Original Principal Balance: $307,500.00 Minimum Original Principal Balance: $10,000.00 Weighted Avg. Stated Rem. Term (LPD to Mat Date): 232.945 Stated Rem Term Range: 58.000 - 360.000 Weighted Average Age (First Pay thru Last Pay): 1.310 Age Range: 0.000 - 13.000 Weighted Average Original Term: 234.255 Original Term Range: 60.000 - 360.000 Weighted Average Original LTV: 72.802 Original LTV Range: 7.000% - 90.000% Weighted Average Current LTV: 72.730 Current LTV Range: 7.000% - 90.000% Weighted Average Combined LTV: 75.277 Combined LTV Range: 18.000% - 91.000% - -------------------------------------------------------------------------------- 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal State Loans Balance Balance AK 1 40,298.76 0.04 AL 57 2,968,055.73 3.14 AR 1 105,400.00 0.11 AZ 6 442,020.10 0.47 CA 45 3,700,861.15 3.92 CO 12 695,591.98 0.74 CT 12 1,254,202.93 1.33 DC 7 521,870.75 0.55 DE 3 258,675.82 0.27 FL 166 9,471,193.74 10.03 GA 63 3,844,530.91 4.07 IA 14 718,438.68 0.76 ID 6 264,857.25 0.28 IL 76 4,975,733.21 5.27 IN 50 2,466,867.66 2.61 KS 4 148,790.47 0.16 KY 14 910,080.84 0.96 LA 1 47,565.21 0.05 MA 15 1,224,241.15 1.30 MD 30 3,123,521.59 3.31 MI 178 9,433,556.19 9.99 MN 99 6,060,429.81 6.42 MO 18 828,577.72 0.88 MS 6 285,515.00 0.30 MT 1 38,993.91 0.04 NC 98 5,406,915.27 5.73 NE 2 178,777.70 0.19 NH 3 125,234.20 0.13 NJ 30 2,627,002.36 2.78 NM 4 170,313.00 0.18 NV 3 154,993.25 0.16 NY 17 1,395,294.78 1.48 OH 104 6,010,010.96 6.37 OK 2 80,175.00 0.08 OR 14 988,176.52 1.05 PA 19 1,079,538.25 1.14 RI 10 418,553.79 0.44 SC 75 3,781,714.55 4.01 SD 2 32,285.19 0.03 TN 39 2,934,987.44 3.11 TX 107 8,260,122.46 8.75 UT 57 2,687,917.02 2.85 VA 18 1,567,490.37 1.66 WA 13 927,720.23 0.98 WI 25 1,499,033.09 1.59 WV 2 127,728.00 0.14 WY 2 133,350.00 0.14 - -------------------------------------------------------------------------------- Total............... 1531 $ 94,417,203.99 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. COMBINED LOAN-TO-VALUE RATIOS - -------------------------------------------------------------------------------- Aggregate Percent of Combined Unpaid Aggregate Loan-To-Value Number of Principal Principal Ratio Loans Balance Balance 15.000 < CLTV <= 20.000 2 30,275.86 0.03 20.000 < CLTV <= 25.000 10 380,273.23 0.40 25.000 < CLTV <= 30.000 5 139,396.78 0.15 30.000 < CLTV <= 35.000 20 970,251.03 1.03 35.000 < CLTV <= 40.000 19 570,476.42 0.60 40.000 < CLTV <= 45.000 32 1,365,714.14 1.45 45.000 < CLTV <= 50.000 34 1,152,081.57 1.22 50.000 < CLTV <= 55.000 39 2,245,993.06 2.38 55.000 < CLTV <= 60.000 69 3,261,167.83 3.45 60.000 < CLTV <= 65.000 121 5,839,348.34 6.18 65.000 < CLTV <= 70.000 177 8,968,281.54 9.50 70.000 < CLTV <= 75.000 274 16,254,920.86 17.22 75.000 < CLTV <= 80.000 438 28,223,971.17 29.89 80.000 < CLTV <= 85.000 189 15,448,401.85 16.36 85.000 < CLTV <= 90.000 101 9,514,150.31 10.08 90.000 < CLTV <= 95.000 1 52,500.00 0.06 - -------------------------------------------------------------------------------- Total.................... 1,531 94,417,203.99 100.00% ================================================================================ 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 7.50% < Gross Coupon <= 8.00% 1 73,819.30 0.08 8.50% < Gross Coupon <= 9.00% 6 394,019.10 0.42 9.00% < Gross Coupon <= 9.50% 15 1,139,116.76 1.21 9.50% < Gross Coupon <= 10.00% 75 5,074,806.44 5.37 10.00% < Gross Coupon <= 10.50% 120 7,947,397.70 8.42 10.50% < Gross Coupon <= 11.00% 189 12,423,627.43 13.16 11.00% < Gross Coupon <= 11.50% 171 11,012,945.33 11.66 11.50% < Gross Coupon <= 12.00% 266 17,194,510.69 18.21 12.00% < Gross Coupon <= 12.50% 193 11,433,903.09 12.11 12.50% < Gross Coupon <= 13.00% 230 13,343,521.28 14.13 13.00% < Gross Coupon <= 13.50% 106 6,545,850.66 6.93 13.50% < Gross Coupon <= 14.00% 81 4,415,056.91 4.68 14.00% < Gross Coupon <= 14.50% 32 1,419,544.00 1.50 14.50% < Gross Coupon <= 15.00% 32 1,283,495.38 1.36 15.00% < Gross Coupon <= 15.50% 9 324,614.10 0.34 15.50% < Gross Coupon <= 16.00% 1 40,838.92 0.04 16.00% < Gross Coupon <= 16.50% 4 350,136.90 0.37 - ---------------------------------------------------------------------------- Total.......... 1531 $ 94,417,203.99 100.00% ============================================================================ Distribution of Outstanding Loan Balances as of the Cut-Off Date - -------------------------------------------------------------------------------- Aggregate Unpaid % of Aggr Loan Balance Unpaid Loan Range of Number of As of the Balance as of Loan Balances Loans Cut-Off Date the Cut-Off Date 0 < Balance <= 50,000 769 26,560,948.65 28.13 50,000 < Balance <= 100,000 554 38,455,660.05 40.73 100,000 < Balance <= 150,000 151 18,070,434.91 19.14 150,000 < Balance <= 200,000 35 5,888,227.20 6.24 200,000 < Balance <= 250,000 14 3,260,595.02 3.45 250,000 < Balance <= 300,000 7 1,873,838.16 1.98 300,000 < Balance <= 350,000 1 307,500.00 0.33 - -------------------------------------------------------------------------------- Total.................... 1531 94,417,203.99 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. AGE IN MONTHS - -------------------------------------------------------------------------------- Aggregate Percent of Unpaid Aggregate Number of Percent of Principal Principal Age Loans Loan Count Balance Balance 0 < Age <= 6 1,519 99.22 93,752,307.02 99.30 6 < Age <= 12 11 .72 621,003.49 .66 12 < Age <= 18 1 .07 43,893.48 .05 - -------------------------------------------------------------------------------- Total.................... 1,531 100.00% 94,417,203.99 100.00% ================================================================================ REMAINING MONTHS TO STATED MATURITY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Remaining Term Loans Balance Balance 48 < Rem Term <= 60 2 20,054.36 0.02% 72 < Rem Term <= 84 3 145,196.92 0.15% 108 < Rem Term <= 120 18 525,975.15 0.56% 144 < Rem Term <= 156 1 47,565.21 0.05% 156 < Rem Term <= 168 1 43,893.48 0.05% 168 < Rem Term <= 180 1,037 61,750,814.71 65.40% 228 < Rem Term <= 240 96 4,728,270.81 5.01% 348 < Rem Term <= 360 373 27,155,433.35 28.76% - -------------------------------------------------------------------------------- Total............ 1,531 94,417,203.99 100.00% ================================================================================ LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date No. of Unpaid Aggregate LIENS Mort. Principal Principal STAT Loans Balance Balance 1 Owner Occ. 1255 82,656,212.91 87.54 1 Second Home 5 224,086.75 0.24 1 Non Owner Occ. 128 6,388,304.39 6.77 2 Owner Occ. 136 4,904,804.64 5.19 2 Non Owner Occ. 7 243,795.30 0.26 - -------------------------------------------------------------------------------- Total.................. 1531 $ 94,417,203.99 100.00% ================================================================================ LOAN PROPERTY - -------------------------------------------------------------------------------- Total # Current % Loan Feature Loan Balance Pool 3/4 Units 16 $1,216,213.73 1.29 CDO 29 $1,393,199.08 1.48 DUP 53 $3,695,167.20 3.91 DWH 30 $1,315,152.16 1.39 MOD 13 $701,514.66 .74 ROW 22 $1,231,823.00 1.30 SFR 1,346 $83,689,199.77 88.64 TWN 22 $1,174,934.39 1.24 - -------------------------------------------------------------------------------- Total..... 1,531 $94,417,203.99 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------------------------- - ARMs (GROUP II) - Cut Off Date of Tape is 11/2/96 - LIBOR - $96,308,229.50 - -------------------------------------------------------------------------------- Number of Mortgage Loans: 949 Aggregate Unpaid Principal Balance: $96,308,229.50 Aggregate Original Principal Balance: $96,399,587.69 - -------------------------------------------------------------------------------- Weighted Average Coupon (Net): 9.646% Net Coupon Range: 7.138% - 14.163% Weighted Average Coupon (Gross): 10.133% Gross Coupon Range: 7.625% - 14.650% - -------------------------------------------------------------------------------- Weighted Average Margin (Net): 6.144% Net Margin Range: 2.888% - 9.638% Weighted Average Life Cap (Net): 16.364% Net Life Cap Range: 13.138% - 21.163% Weighted Average Life Floor (Net): 9.265% Net Life Floor Range: 4.738% - 14.163% Weighted Average Margin (Gross): 6.632% Gross Margin Range: 3.375% - 10.125% Weighted Average Life Cap (Gross): 16.851% Gross Life Cap Range: 13.625% - 21.650% Weighted Average Life Floor (Gross): 9.752% Gross Life Floor Range: 5.225% - 14.650% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $101,483.91 Average Original Principal Balance: $101,580.18 Maximum Unpaid Principal Balance: $427,000.00 Minimum Unpaid Principal Balance: $9,997.95 Maximum Original Principal Balance: $427,000.00 Minimum Original Principal Balance: $10,000.00 Weighted Avg. Stated Rem. Term (LPD to Mat Date): 357.729 Stated Rem Term Range: 119.000 - 360.000 Weighted Average Age (First Pay thru Last Pay): 1.005 Age Range: 0.000 - 11.000 Weighted Average Original Term: 358.734 Original Term Range: 120.000 - 360.000 Weighted Average Original LTV: 78.407 Original LTV Range: 15.000% - 90.000% Weighted Average Current LTV: 78.342 Current LTV Range: 15.000% - 90.000% Weighted Average Periodic Interest Cap: 1.054% Periodic Interest Cap Range: 1.000% - 1.500% Weighted Average Months to Interest Roll: 7.83 Months to Interest Roll Range: 1 - 59 Weighted Average Interest Roll Frequency: 6.000 Interest Frequency Range: 6 - 6 - -------------------------------------------------------------------------------- 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal State Loans Balance Balance AL 12 1,158,595.60 1.20 AR 1 55,746.60 0.06 AZ 15 1,506,610.07 1.56 CA 50 8,514,689.02 8.84 CO 28 2,736,226.80 2.84 CT 19 2,662,816.04 2.76 DC 7 756,700.00 0.79 FL 27 2,831,673.65 2.94 GA 6 699,617.97 0.73 IA 12 945,079.90 0.98 ID 10 852,657.63 0.89 IL 43 4,596,640.64 4.77 IN 7 578,818.63 0.60 KS 8 576,763.05 0.60 KY 1 80,000.00 0.08 MA 27 3,903,145.25 4.05 MD 35 5,515,516.48 5.73 ME 1 81,500.00 0.08 MI 166 12,668,830.36 13.15 MN 73 5,727,927.62 5.95 MO 13 1,076,209.75 1.12 MS 1 76,766.03 0.08 MT 6 370,865.00 0.39 NC 5 435,100.00 0.45 NE 5 270,858.00 0.28 NH 7 671,748.42 0.70 NJ 29 3,601,456.45 3.74 NM 9 979,633.79 1.02 NV 9 1,459,424.11 1.52 NY 6 714,227.06 0.74 OH 27 2,352,629.87 2.44 OK 1 211,399.21 0.22 OR 17 1,833,937.31 1.90 PA 21 1,886,290.80 1.96 RI 15 1,669,238.01 1.73 SC 6 564,256.99 0.59 SD 5 266,920.00 0.28 TX 62 6,955,519.82 7.22 UT 25 2,650,148.62 2.75 VA 14 2,636,742.77 2.74 WA 38 4,137,881.05 4.30 WI 65 4,224,631.45 4.39 WV 10 477,973.70 0.50 WY 5 334,815.98 0.35 - -------------------------------------------------------------------------------- Total............... 949 $ 96,308,229.50 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. COMBINED LOAN-TO-VALUE RATIOS - -------------------------------------------------------------------------------- Aggregate Percent of Combined Unpaid Aggregate Loan-To-Value Number of Principal Principal Ratio Loans Balance Balance 10.000 < CLTV <= 15.000 1 15,000.00 0.02 20.000 < CLTV <= 25.000 1 9,997.95 0.01 25.000 < CLTV <= 30.000 3 222,000.00 0.23 30.000 < CLTV <= 35.000 6 441,273.64 0.46 35.000 < CLTV <= 40.000 7 678,231.95 0.70 40.000 < CLTV <= 45.000 11 504,436.83 0.52 45.000 < CLTV <= 50.000 16 874,257.53 0.91 50.000 < CLTV <= 55.000 21 1,062,224.47 1.10 55.000 < CLTV <= 60.000 35 2,831,309.05 2.94 60.000 < CLTV <= 65.000 61 4,879,902.67 5.07 65.000 < CLTV <= 70.000 80 7,478,654.48 7.77 70.000 < CLTV <= 75.000 91 9,753,665.60 10.13 75.000 < CLTV <= 80.000 255 26,890,958.37 27.92 80.000 < CLTV <= 85.000 233 25,455,159.91 26.43 85.000 < CLTV <= 90.000 128 15,211,157.05 15.79 - -------------------------------------------------------------------------------- Total.................... 949 96,308,229.50 100.00% ================================================================================ Distribution of Outstanding Loan Balances as of the Cut-Off Date - -------------------------------------------------------------------------------- Aggregate Unpaid % of Aggr Loan Balance Unpaid Loan Range of Number of As of the Balance as of Loan Balances Loans Cut-Off Date the Cut-Off Date 0 < Balance <= 50,000 164 6,007,680.18 6.24 50,000 < Balance <= 100,000 432 32,374,406.73 33.62 100,000 < Balance <= 150,000 196 23,785,878.25 24.70 150,000 < Balance <= 200,000 73 12,541,923.50 13.02 200,000 < Balance <= 250,000 48 10,619,490.62 11.03 250,000 < Balance <= 300,000 20 5,547,782.05 5.76 300,000 < Balance <= 350,000 11 3,506,271.73 3.64 350,000 < Balance <= 400,000 4 1,497,796.44 1.56 400,000 < Balance <= 450,000 1 427,000.00 0.44 - -------------------------------------------------------------------------------- Total.................... 949 96,308,229.50 100.00% ================================================================================ LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date No. of Unpaid Aggregate LIENS Mort. Principal Principal STAT Loans Balance Balance 1 Owner Occ. 931 94,793,665.60 98.43 1 Second Home 1 213,449.89 0.22 1 Non Owner Occ. 17 1,301,114.01 1.35 - -------------------------------------------------------------------------------- Total.................. 949 $ 96,308,229.50 100.00% ================================================================================ AGE IN MONTHS - -------------------------------------------------------------------------------- Aggregate Percent of Unpaid Aggregate Number of Principal Principal Age Loans Balance Balance 0 < Age <= 6 947 95,935,019.65 99.61 6 < Age <= 12 2 373,209.85 .39 - -------------------------------------------------------------------------------- Total.................... 949 96,308,229.50 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. LOAN Property - -------------------------------------------------------------------------------- Total # Current % Loan Feature Loan Balance Pool 3-4 Units 5 $480,616.69 .50 CDO 17 $1,352,690.51 1.40 DUP 17 $1,487,396.29 1.54 DWH 5 $289,509.05 .30 MOD 4 $306,912.85 .32 PUD 5 $1,075,865.83 1.12 ROW 16 $1,219,037.39 1.27 SFR 865 $88,785,766.30 92.19 TWN 15 $1,310,434.59 1.36 - -------------------------------------------------------------------------------- Total..... 949 $96,308,229.50 100.00% ================================================================================ 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 2 48,332.76 0.05% 168 < Rem Term <= 180 12 529,188.06 0.55% 228 < Rem Term <= 240 1 123,500.58 0.13% 348 < Rem Term <= 360 934 95,607,208.10 99.27% - -------------------------------------------------------------------------------- Total............ 949 96,308,229.50 100.00% ================================================================================ 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 7.50% < Gross Coupon <= 8.00% 14 2,092,903.34 2.17 8.00% < Gross Coupon <= 8.50% 29 4,334,770.01 4.50 8.50% < Gross Coupon <= 9.00% 107 13,264,788.69 13.77 9.00% < Gross Coupon <= 9.50% 108 13,068,354.72 13.57 9.50% < Gross Coupon <= 10.00% 161 17,314,499.47 17.98 10.00% < Gross Coupon <= 10.50% 149 14,071,617.75 14.61 10.50% < Gross Coupon <= 11.00% 134 12,460,137.58 12.94 11.00% < Gross Coupon <= 11.50% 95 7,227,586.59 7.50 11.50% < Gross Coupon <= 12.00% 80 7,207,346.58 7.48 12.00% < Gross Coupon <= 12.50% 34 2,684,469.69 2.79 12.50% < Gross Coupon <= 13.00% 27 1,425,129.41 1.48 13.00% < Gross Coupon <= 13.50% 7 803,825.67 0.83 13.50% < Gross Coupon <= 14.00% 1 30,550.00 0.03 14.00% < Gross Coupon <= 14.50% 2 150,000.00 0.16 14.50% < Gross Coupon <= 15.00% 1 172,250.00 0.18 - -------------------------------------------------------------------------------- Total.......... 949 $ 96,308,229.50 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL 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 4 942,915.83 0.98 14.00 < Life Cap <= 14.50 4 628,865.22 0.65 14.50 < Life Cap <= 15.00 27 3,510,599.01 3.65 15.00 < Life Cap <= 15.50 43 6,049,153.00 6.28 15.50 < Life Cap <= 16.00 131 14,916,456.42 15.49 16.00 < Life Cap <= 16.50 130 14,178,558.45 14.72 16.50 < Life Cap <= 17.00 173 18,126,401.44 18.82 17.00 < Life Cap <= 17.50 150 13,238,311.97 13.75 17.50 < Life Cap <= 18.00 124 11,028,021.92 11.45 18.00 < Life Cap <= 18.50 68 5,369,369.20 5.58 18.50 < Life Cap <= 19.00 58 4,809,203.36 4.99 19.00 < Life Cap <= 19.50 25 2,620,616.59 2.72 19.50 < Life Cap <= 20.00 7 461,757.09 0.48 20.00 < Life Cap <= 20.50 3 195,750.00 0.20 21.00 < Life Cap <= 21.50 1 60,000.00 0.06 21.50 < Life Cap <= 22.00 1 172,250.00 0.18 - -------------------------------------------------------------------------------- Total................. 949 $ 96,308,229.50 100.00% ================================================================================ GROSS MARGIN Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Gross Margin Loans Balance Balance 10.00% < Margin <= 10.25% 1 53,300.00 .06 3.25% < Margin <= 3.50% 1 68,348.33 .07 3.50% < Margin <= 3.75% 1 79,050.00 .08 4.00% < Margin <= 4.25% 1 77,350.00 .08 4.25% < Margin <= 4.50% 2 321,300.00 .33 4.50% < Margin <= 4.75% 4 914,806.57 .95 4.75% < Margin <= 5.00% 11 1,632,215.78 1.69 5.00% < Margin <= 5.25% 27 3,677,424.58 3.82 5.25% < Margin <= 5.50% 46 5,527,923.57 5.74 5.50% < Margin <= 5.75% 46 6,291,544.04 6.53 5.75% < Margin <= 6.00% 82 9,426,870.26 9.79 6.00% < Margin <= 6.25% 73 8,042,843.64 8.35 6.25% < Margin <= 6.50% 103 11,696,528.99 12.14 6.50% < Margin <= 6.75% 87 9,414,597.94 9.78 6.75% < Margin <= 7.00% 91 9,321,979.75 9.68 7.00% < Margin <= 7.25% 94 8,488,205.72 8.81 7.25% < Margin <= 7.50% 56 5,215,818.33 5.42 7.50% < Margin <= 7.75% 60 4,852,270.49 5.04 7.75% < Margin <= 8.00% 37 3,292,416.47 3.42 8.00% < Margin <= 8.25% 31 2,515,054.28 2.61 8.25% < Margin <= 8.50% 27 1,878,581.17 1.95 8.50% < Margin <= 8.75% 13 691,455.01 .72 8.75% < Margin <= 9.00% 20 991,921.80 1.03 9.00% < Margin <= 9.25% 14 958,260.73 .99 9.25% < Margin <= 9.50% 8 321,390.00 .33 9.50% < Margin <= 9.75% 5 316,396.14 .33 9.75% < Margin <= 10.00% 8 240,375.91 .25 - -------------------------------------------------------------------------------- Total.................... 949 96,308,229.50 100.00 ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. NEXT INTEREST ROLLDATE DATE Percentage of Cut-Off Aggregate Date Next Number of Unpaid Aggregate Roll Mortgage Principal Principal Date Loans Balance Balance 09/01/01 2 $289,609.78 00.30 11/01/96 1 $46,667.74 00.05 12/01/96 10 $1,115,551.64 01.16 01/01/97 36 $3,722,708.78 03.87 02/01/97 165 $18,156,893.62 18.85 03/01/97 279 $25,032,999.55 25.99 04/01/97 240 $24,503,449.37 25.44 05/01/97 85 $9,427,285.40 09.79 07/01/98 2 $108,634.81 00.11 08/01/98 20 $2,233,188.24 02.32 09/01/98 22 $2,502,872.25 02.60 10/01/98 58 $6,182,061.20 06.42 11/01/98 28 $2,870,307.12 02.98 10/01/99 1 $116,000.00 00.12 - -------------------------------------------------------------------------------- Total....... . 949 $96,308,229.50 100.00% ================================================================================ DISTRIBUTION OF MINIMUM MORTGAGE RATES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Floor Loans Balance Balance 5.00 < Life Floor <= 5.50 3 266,350.00 0.28 5.50 < Life Floor <= 6.00 5 753,841.56 0.78 6.00 < Life Floor <= 6.50 15 1,646,470.45 1.71 6.50 < Life Floor <= 7.00 36 4,355,654.05 4.52 7.00 < Life Floor <= 7.50 19 1,406,145.29 1.46 7.50 < Life Floor <= 8.00 29 3,453,482.59 3.59 8.00 < Life Floor <= 8.50 36 4,741,791.62 4.92 8.50 < Life Floor <= 9.00 102 11,893,848.77 12.35 9.00 < Life Floor <= 9.50 104 12,258,913.51 12.73 9.50 < Life Floor <= 10.00 138 15,241,009.77 15.83 10.00 < Life Floor <= 10.50 134 12,596,836.01 13.08 10.50 < Life Floor <= 11.00 112 10,453,794.08 10.85 11.00 < Life Floor <= 11.50 81 6,145,560.70 6.38 11.50 < Life Floor <= 12.00 68 6,397,825.63 6.64 12.00 < Life Floor <= 12.50 31 2,474,545.37 2.57 12.50 < Life Floor <= 13.00 26 1,332,733.27 1.38 13.00 < Life Floor <= 13.50 6 536,626.83 0.56 13.50 < Life Floor <= 14.00 1 30,550.00 0.03 14.00 < Life Floor <= 14.50 2 150,000.00 0.16 14.50 < Life Floor <= 15.00 1 172,250.00 0.18 - -------------------------------------------------------------------------------- Total................. 949 $ 96,308,229.50 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------------------------- - ARMs (GROUP III) - Cut Off Date of Tape is 11/2/96 - 6mo LIBORs - $49,052,176.60 - -------------------------------------------------------------------------------- Number of Mortgage Loans: 573 Aggregate Unpaid Principal Balance: $49,052,176.60 Aggregate Original Principal Balance: $49,088,938.00 - -------------------------------------------------------------------------------- Weighted Average Coupon (Net): 9.183% Net Coupon Range: 6.503% - 13.063% Weighted Average Coupon (Gross): 9.670% Gross Coupon Range: 6.990% - 13.550% - -------------------------------------------------------------------------------- Weighted Average Margin (Net): 5.764% Net Margin Range: 3.338% - 9.513% Weighted Average Life Cap (Net): 15.924% Net Life Cap Range: 12.888% - 20.063% Weighted Average Life Floor (Net): 8.652% Net Life Floor Range: 4.743% - 13.063% Weighted Average Margin (Gross): 6.251% Gross Margin Range: 3.825% - 10.000% Weighted Average Life Cap (Gross): 16.411% Gross Life Cap Range: 13.375% - 20.550% Weighted Average Life Floor (Gross): 9.140% Gross Life Floor Range: 5.230% - 13.550% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $85,605.89 Average Original Principal Balance: $85,670.05 Maximum Unpaid Principal Balance: $205,000.00 Minimum Unpaid Principal Balance: $11,991.15 Maximum Original Principal Balance: $205,000.00 Minimum Original Principal Balance: $12,000.00 Weighted Avg. Stated Rem. Term (LPD to Mat Date): 355.970 Stated Rem Term Range: 119.000 - 360.000 Weighted Average Age (First Pay thru Last Pay): 1.021 Age Range: 0.000 - 4.000 Weighted Average Original Term: 356.991 Original Term Range: 120.000 - 360.000 Weighted Average Original LTV: 72.608 Original LTV Range: 22.000% - 80.000% Weighted Average Current LTV: 72.555 Current LTV Range: 22.000% - 80.000% Weighted Average Periodic Interest Cap: 1.045% Periodic Interest Cap Range: 1.000% - 1.500% Weighted Average Months to Interest Roll: 8.47 Months to Interest Roll Range: 2 - 36 Weighted Average Interest Roll Frequency: 6.000 Interest Frequency Range: 6 - 6 - -------------------------------------------------------------------------------- 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal State Loans Balance Balance AK 1 90,713.64 0.18 AL 4 140,341.10 0.29 AZ 15 1,262,912.90 2.57 CA 24 3,032,016.40 6.18 CO 14 1,237,258.23 2.52 CT 19 2,018,506.88 4.12 DC 5 492,560.00 1.00 DE 2 130,513.23 0.27 FL 9 776,836.99 1.58 GA 8 773,802.62 1.58 IA 3 106,587.93 0.22 ID 5 391,754.79 0.80 IL 31 2,928,293.95 5.97 IN 2 48,377.38 0.10 KS 3 180,403.79 0.37 MA 31 3,777,779.32 7.70 MD 16 1,400,211.98 2.85 MI 87 5,844,673.62 11.92 MN 53 4,592,087.03 9.36 MO 3 347,718.58 0.71 MT 5 413,670.26 0.84 NC 1 198,000.00 0.40 ND 1 62,400.00 0.13 NE 1 25,537.47 0.05 NH 4 308,568.33 0.63 NJ 13 1,380,347.90 2.81 NM 3 392,311.57 0.80 NV 10 586,059.05 1.19 NY 3 546,750.00 1.11 OH 18 1,201,665.31 2.45 OR 22 2,091,213.40 4.26 PA 19 1,328,167.19 2.71 RI 11 878,799.92 1.79 SC 1 139,200.00 0.28 SD 5 172,821.60 0.35 TN 3 302,697.18 0.62 TX 31 2,751,597.27 5.61 UT 10 827,517.58 1.69 VA 7 622,054.71 1.27 WA 29 2,807,988.79 5.72 WI 35 2,128,584.84 4.34 WV 1 66,344.47 0.14 WY 5 246,529.40 0.50 - -------------------------------------------------------------------------------- Total............... 573 $ 49,052,176.60 100.00% ================================================================================ COMBINED LOAN-TO-VALUE RATIOS - -------------------------------------------------------------------------------- Aggregate Percent of Combined Unpaid Aggregate Loan-To-Value Number of Principal Principal Ratio Loans Balance Balance 20.000 < CLTV <= 25.000 3 106,428.63 0.22 25.000 < CLTV <= 30.000 4 274,991.15 0.56 35.000 < CLTV <= 40.000 5 299,579.92 0.61 40.000 < CLTV <= 45.000 14 880,079.38 1.79 45.000 < CLTV <= 50.000 16 955,852.99 1.95 50.000 < CLTV <= 55.000 15 879,161.30 1.79 55.000 < CLTV <= 60.000 25 2,210,879.12 4.51 60.000 < CLTV <= 65.000 53 4,209,623.19 8.58 65.000 < CLTV <= 70.000 75 6,608,271.31 13.47 70.000 < CLTV <= 75.000 108 9,223,430.82 18.80 75.000 < CLTV <= 80.000 255 23,403,878.79 47.71 - -------------------------------------------------------------------------------- Total.................... 573 49,052,176.60 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. Distribution of Outstanding Loan Balances as of the Cut-Off Date - -------------------------------------------------------------------------------- Aggregate Unpaid % of Aggr Loan Balance Unpaid Loan Range of Number of As of the Balance as of Loan Balances Loans Cut-Off Date the Cut-Off Date 0 < Balance <= 50,000 142 5,276,332.31 10.76 50,000 < Balance <= 100,000 247 18,246,111.03 37.20 100,000 < Balance <= 150,000 124 15,026,244.92 30.63 150,000 < Balance <= 200,000 56 9,691,399.97 19.76 200,000 < Balance <= 250,000 4 812,088.37 1.66 - -------------------------------------------------------------------------------- Total.................... 573 49,052,176.60 100.00% ================================================================================ LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date No. of Unpaid Aggregate LIENS Mort. Principal Principal STAT Loans Balance Balance 1 Owner Occ. 512 44,326,581.29 90.37 1 Second Home 4 479,423.69 0.98 1 Non Owner Occ. 57 4,246,171.62 8.66 - -------------------------------------------------------------------------------- Total.................. 573 $ 49,052,176.60 100.00% ================================================================================ AGE IN MONTHS - -------------------------------------------------------------------------------- Aggregate Percent of Unpaid Aggregate Number of Principal Principal Age Loans Balance Balance 0 < Age <= 6 573 49,052,176.60 100.00 - -------------------------------------------------------------------------------- Total.................... 573 49,052,176.60 100.00% ================================================================================ LOAN PROPERTIES - -------------------------------------------------------------------------------- Total # Current % Loan Feature Loan Balance Pool 3-4 Units 7 $819,853.88 1.67 CDO 24 $1,808,109.95 3.69 DUP 33 $2,532,269.03 5.16 DWH 9 $571,288.87 1.16 MOD 3 $143,532.51 .29 PUD 1 $119,747.94 .24 ROW 11 $753,549.81 1.54 SFR 465 $40,948,200.09 83.48 TWN 20 $1,355,624.52 2.76 - -------------------------------------------------------------------------------- Total..... 573 $49,052,176.60 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. 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 2 55,537.47 0.11% 168 < Rem Term <= 180 10 492,510.94 1.00% 228 < Rem Term <= 240 4 380,293.36 0.78% 348 < Rem Term <= 360 557 48,123,834.83 98.11% - -------------------------------------------------------------------------------- Total............ 573 49,052,176.60 100.00% ================================================================================ 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% 1 73,600.00 0.15 7.00% < Gross Coupon <= 7.50% 13 1,357,042.45 2.77 7.50% < Gross Coupon <= 8.00% 17 1,495,573.45 3.05 8.00% < Gross Coupon <= 8.50% 51 4,583,091.63 9.34 8.50% < Gross Coupon <= 9.00% 80 8,158,207.39 16.63 9.00% < Gross Coupon <= 9.50% 94 8,089,841.84 16.49 9.50% < Gross Coupon <= 10.00% 116 9,880,643.21 20.14 10.00% < Gross Coupon <= 10.50% 55 4,447,335.39 9.07 10.50% < Gross Coupon <= 11.00% 67 5,217,642.92 10.64 11.00% < Gross Coupon <= 11.50% 28 2,172,951.74 4.43 11.50% < Gross Coupon <= 12.00% 26 1,933,840.31 3.94 12.00% < Gross Coupon <= 12.50% 12 733,422.90 1.50 12.50% < Gross Coupon <= 13.00% 11 800,483.37 1.63 13.00% < Gross Coupon <= 13.50% 1 13,500.00 0.03 13.50% < Gross Coupon <= 14.00% 1 95,000.00 0.19 - -------------------------------------------------------------------------------- Total.......... 573 $ 49,052,176.60 100.00% ================================================================================ DISTRIBUTION OF MAXIMUM MORTGAGE RATES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Cap Loans Balance Balance 13.00 < Life Cap <= 13.50 3 317,821.00 0.65 13.50 < Life Cap <= 14.00 4 324,060.00 0.66 14.00 < Life Cap <= 14.50 20 2,147,166.75 4.38 14.50 < Life Cap <= 15.00 34 3,181,090.65 6.49 15.00 < Life Cap <= 15.50 65 5,409,543.00 11.03 15.50 < Life Cap <= 16.00 95 9,174,252.03 18.70 16.00 < Life Cap <= 16.50 81 6,851,496.53 13.97 16.50 < Life Cap <= 17.00 106 8,469,122.38 17.27 17.00 < Life Cap <= 17.50 54 4,247,393.49 8.66 17.50 < Life Cap <= 18.00 53 4,376,701.75 8.92 18.00 < Life Cap <= 18.50 26 2,065,490.18 4.21 18.50 < Life Cap <= 19.00 21 1,608,680.23 3.28 19.00 < Life Cap <= 19.50 5 358,275.00 0.73 19.50 < Life Cap <= 20.00 5 426,083.61 0.87 20.50 < Life Cap <= 21.00 1 95,000.00 0.19 - -------------------------------------------------------------------------------- Total................. 573 $ 49,052,176.60 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GROSS MARGIN Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Gross Margin Loans Balance Balance 3.75% < Margin <= 4.00% 2 261,500.00 .53 4.00% < Margin <= 4.25% 2 134,000.00 .27 4.25% < Margin <= 4.50% 5 456,473.00 .93 4.50% < Margin <= 4.75% 8 804,422.65 1.64 4.75% < Margin <= 5.00% 18 1,703,557.06 3.47 5.00% < Margin <= 5.25% 35 3,037,404.72 6.19 5.25% < Margin <= 5.50% 45 4,398,553.20 8.97 5.50% < Margin <= 5.75% 39 3,733,806.29 7.61 5.75% < Margin <= 6.00% 61 5,547,671.55 11.31 6.00% < Margin <= 6.25% 83 7,291,193.04 14.86 6.25% < Margin <= 6.50% 60 5,371,094.90 10.95 6.50% < Margin <= 6.75% 56 4,970,228.96 10.13 6.75% < Margin <= 7.00% 51 3,991,819.20 8.14 7.00% < Margin <= 7.25% 28 2,115,232.82 4.31 7.25% < Margin <= 7.50% 20 1,790,887.65 3.65 7.50% < Margin <= 7.75% 17 831,577.92 1.70 7.75% < Margin <= 8.00% 11 832,882.12 1.70 8.00% < Margin <= 8.25% 8 364,360.77 .74 8.25% < Margin <= 8.50% 7 495,786.56 1.01 8.50% < Margin <= 8.75% 5 321,155.68 .65 8.75% < Margin <= 9.00% 3 286,921.96 .58 9.00% < Margin <= 9.25% 3 114,456.17 .23 9.25% < Margin <= 9.50% 1 45,000.00 .09 9.50% < Margin <= 9.75% 1 58,790.62 .12 9.75% < Margin <= 10.00% 4 93,399.76 .19 - -------------------------------------------------------------- ---------------- Total.................... 573 49,052,176.60 100.00 ============================================================== ================ NEXT INTEREST ROLLDATE DATE Percentage of Cut-Of Aggregate Date Next Number of Unpaid Aggregate Roll Mortgage Principal Principal Date Loans Balance Balance 12/01/96 5 $562,939.19 01.15 01/01/97 29 $2,178,063.77 04.44 02/01/97 92 $8,943,905.38 18.23 03/01/97 146 $11,343,772.93 23.13 04/01/97 141 $11,147,948.09 22.73 05/01/97 63 $5,667,346.00 11.55 08/01/98 11 $1,025,360.88 02.09 09/01/98 20 $1,921,568.57 03.92 10/01/98 35 $3,132,070.75 06.39 11/01/98 27 $2,679,125.00 05.46 08/01/99 2 $180,576.04 00.37 09/01/99 1 $85,500.00 00.17 10/01/99 1 $184,000.00 00.38 - -------------------------------------------------------------------------------- Total....... . 573 $49,052,176.60 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. DISTRIBUTION OF MINIMUM MORTGAGE RATES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Floor Loans Balance Balance 5.00 < Life Floor <= 5.50 5 348,911.05 0.71 5.50 < Life Floor <= 6.00 10 856,692.98 1.75 6.00 < Life Floor <= 6.50 28 3,097,674.56 6.32 6.50 < Life Floor <= 7.00 23 2,603,142.20 5.31 7.00 < Life Floor <= 7.50 24 2,277,517.71 4.64 7.50 < Life Floor <= 8.00 22 1,778,307.12 3.63 8.00 < Life Floor <= 8.50 48 4,366,845.24 8.90 8.50 < Life Floor <= 9.00 62 6,024,562.08 12.28 9.00 < Life Floor <= 9.50 77 6,350,660.83 12.95 9.50 < Life Floor <= 10.00 103 8,369,326.21 17.06 10.00 < Life Floor <= 10.50 47 3,890,908.63 7.93 10.50 < Life Floor <= 11.00 53 3,938,345.89 8.03 11.00 < Life Floor <= 11.50 27 2,075,697.86 4.23 11.50 < Life Floor <= 12.00 21 1,549,975.42 3.16 12.00 < Life Floor <= 12.50 12 733,422.90 1.50 12.50 < Life Floor <= 13.00 10 695,185.92 1.42 13.50 < Life Floor <= 14.00 1 95,000.00 0.19 - -------------------------------------------------------------------------------- Total................. 573 $ 49,052,176.60 100.00% ================================================================================ 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 STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ~~-----END PRIVACY-ENHANCED MESSAGE-----~~