-----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, V7R4xAT+xytos2N21Tgp4YhgLXWPAmaMgEZxft1Aq6jqhofq41cCQmTtZxjdgwV6 vZEzmQsTJVU52B6PnyfdhA== 0000891092-97-000051.txt : 19970307 0000891092-97-000051.hdr.sgml : 19970307 ACCESSION NUMBER: 0000891092-97-000051 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970225 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970306 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: 97551408 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 CURRENT REPORT - -------------------------------------------------------------------------------- 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) February 25, 1997 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 1997-1 Mortgage Loan Pass- Through Certificates, Series 1997-1, 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.I (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 1997-1 By: /s/ Dan J. Cheever ------------------------------------- Name: Dan J. Cheever Title: Chief Financial Officer and Secretary Dated: March 4, 1997 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Related Computational Materials (as defined in Item 5 above). EX-99.1 2 EXHIBIT 99.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1997-1 Mortgage Loan Pass-Through Certificates, Series 1997-1 Class A Certificates ACCESS 1997-1 [$273,599,000] --------------------------------------------- $[ 63,500,000] Class A-1 Variable-Rate Certificates - 1M LIBOR [8.5]bp $[ 30,200,000] Class A-2 Fixed-Rate Certificates - [6.600]% $[ 21,300,000] Class A-3 Fixed-Rate Certificates - [6.925]% $[ 19,733,000] Class A-4 Fixed-Rate Certificates - [7.275]% $[138,866,000] Class A-5 Variable-Rate Certificates - 1M LIBOR + [20]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 PSI 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 1997-1 Mortgage Loan Pass-Through Certificates, Series 1997-1 Class A Certificates - -------------------------------------------------------------------------------- GROUP I CLASS A GROUP I CERTIFICATES

*Pass-Through Rate is the lesser of: 1) One Month LIBOR + []bps 2) The Available Funds Cap Available Funds Cap: A rate equal to the weighted average gross coupon rate less [0.7475%] 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 is not exercised (within 90 days), the coupon on the Class A-4 Fixed-Rate Certificates shall be [.%] + 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 1997-1 Mortgage Loan Pass-Through Certificates, Series 1997-1 Class A Certificates - -------------------------------------------------------------------------------- GROUP II CLASS A GROUP II CERTIFICATES Class A-5 Variable-Rate ------------- Approximate Face Amount: [$138,870,000] Average Life to Mat: [3.40] years Average Life to Call: [3.13] years Pass-Through Rate: The lesser of: 1) One Month LIBOR + [] bps 2) The Available Funds Cap Price: [100-00] Yield: Variable Pricing Speed: [25%] HEP Settlement: [2/28/97] 1st Payment (years): [0.05] Exp Maturity: [01/18/15] Exp Maturity to Call: [04/18/05] Final Maturity: [3/18/27] Day Count: actual/360 Payment Delay: 0 days. Dated Date: [2/28/97] Payment Terms: Monthly. 1st Payment Date: [3/18/97] Available Funds Cap: A rate equal to the weighted average gross coupon rate minus the [0.7475%] for servicing fees, trustee fees and certificate insurer premiums and [0.50]% for insurance cushion beginning in month 13 for the Group II adjustable-rate mortgage loans for such Payment Date. Shortfall Reimbursement: If on any Payment Date the Class A-5 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-5 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 1997-1 Mortgage Loan Pass-Through Certificates, Series 1997-1 Class A Certificates Title of Securities: Access Financial Mortgage Loan Trust 1997-1, Mortgage Loan Pass-Through Certificates, Series 1997-1 Group I: Class A-1, A-2, A-3, and A-4 (the "Group I Certificates"). Group II: Class A-5 (the "Group II Certificates"). Company/ 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 $[134,733,000.00] Group II $[138,870,000.00] Pricing Date: [February [], 1997] Settlement Date: [February [28], 1997] Payment Date: The 18th day of each month (or, if such date is not a business day, the next succeeding business day) commencing March 18, 1997. Record Date: -Class A-2, A-3, and A-4 - The first day of the calendar month of the related Payment Date. -Class A-1 and A-5 - The day preceding the related Payment Date. Interest Accrual: -Class A-2, A-3, and A-4 - 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, based on a 30/360 day count. -Class A-1 and A-5 - The previous month's Payment Date to the day preceding the related Payment Date, based on an actual/360 day count. 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. 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 1997-1 Mortgage Loan Pass-Through Certificates, Series 1997-1 Class A Certificates Credit Enhancement: A combination of: - Excess monthly cash flow - Overcollateralization - Cross-collateralization - 100% wrap from FSA guaranteeing timely interest and ultimate principal. 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 Company 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. Auction Call: If the Company 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 Company does not exercise the 10% Cleanup Call and the Auction Call is not exercised, the coupon rate on the Class A-4 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 PSI's 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. BOND A1 DISCOUNT MARGIN ACT/360 TABLE ASSUMED CONSTANT LIBOR-1M 5.3750 CURRENT BALANCE: $63,500,000.00 DATED DATE: 02/28/97 CURRENT COUPON: TBD FIRST PAYMENT: 03/18/97 FACTOR: 1.0000000000 TOTAL CLASSES: 5 ORIGINAL BALANCE: $63,500,000.00 YIELD TABLE DATE: 02/28/97 PRICING SPEED 24.0% GP I 25.0% GP II 15.00% 18.00% 20.00% 27.00% 30.00% PRICE HEP HEP HEP HEP HEP HEP 99-24 32.422 24.582 27.259 29.006 34.914 37.363 99-24+ 30.893 23.544 26.053 27.691 33.229 35.524 99-25 29.365 22.506 24.848 26.376 31.545 33.687 99-25+ 27.837 21.468 23.643 25.062 29.860 31.849 99-26 26.309 20.431 22.438 23.748 28.177 30.012 99-26+ 24.781 19.394 21.233 22.434 26.493 28.176 99-27 23.254 18.357 20.029 21.120 24.810 26.339 99-27+ 21.727 17.320 18.825 19.807 23.127 24.504 99-28 20.200 16.284 17.621 18.494 21.445 22.668 99-28+ 18.674 15.247 16.417 17.181 19.763 20.833 99-29 17.148 14.211 15.214 15.869 18.082 18.999 99-29+ 15.623 13.175 14.011 14.556 16.400 17.165 99-30 14.097 12.140 12.808 13.245 14.720 15.331 99-30+ 12.573 11.105 11.606 11.933 13.039 13.498 99-31 11.048 10.069 10.404 10.622 11.359 11.665 99-31+ 9.524 9.035 9.202 9.311 9.679 9.832 100-00 8.000 8.000 8.000 8.000 8.000 8.000 100-00+ 6.476 6.966 6.799 6.690 6.321 6.168 100-01 4.953 5.931 5.598 5.380 4.642 4.337 100-01+ 3.430 4.898 4.397 4.070 2.964 2.506 100-02 1.908 3.864 3.196 2.760 1.286 0.675 First Payment 0.050 0.050 0.050 0.050 0.050 0.050 Average Life 1.051 1.582 1.349 1.231 0.950 0.867 Last Payment 2.217 3.467 2.883 2.633 1.967 1.800 Mod.Dur. @ 100-00 0.986 1.454 1.251 1.147 0.895 0.820 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 PRICE-YIELD TABLE PREPAYMENT SPEED CURRENT BALANCE: $30,200,000.00 DATED DATE: 02/02/97 COUPON: TBD FIRST PAYMENT: 03/18/97 FACTOR: 1.0000000000 TOTAL CLASSES: 5 ORIGINAL BALANCE: $30,200,000.00 YIELD TABLE DATE: 02/28/97

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. AVAILABLE FUNDS CAP ON A5 30/360 DAY COUNT BASIS AVAILABLE FUNDS CAP = CURRENT GROSS WAC ON GROUP II COLLATERAL - 48.75BP (SERVICE FEE) - 26BP (SURETY + TRUSTEE)- 50BP (SURETY CUSHION STARTING ON MTH 13) DATE COUPON - ------------- 03/97 9.353 04/97 9.353 05/97 9.424 06/97 9.619 07/97 9.865 08/97 10.076 09/97 10.076 10/97 10.076 11/97 10.130 12/97 10.323 01/98 10.570 02/98 10.784 03/98 10.284 04/98 10.284 05/98 10.284 06/98 10.314 07/98 10.386 08/98 10.437 09/98 10.437 10/98 10.437 11/98 10.437 12/98 10.437 01/99 10.743 02/99 10.743 03/99 10.744 04/99 10.744 05/99 10.744 06/99 10.744 07/99 10.744 08/99 10.744 09/99 10.744 10/99 10.744 11/99 10.744 12/99 10.744 01/00 10.755 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. - -------------------------------------------------------------------------------- - ACCESS 71 - FIX ( GP I) - $134,737,711.47 - Mortgage Summary Report - -------------------------------------------------------------------------------- Number of Mortgage Loans: 2,190 Aggregate Unpaid Principal Balance: $134,737,711.47 Aggregate Original Principal Balance: $135,078,780.22 Weighted Average Gross Coupon: 11.586% Gross Coupon Range: 7.000% - 19.500% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $61,524.07 Average Original Principal Balance: $61,679.81 Maximum Unpaid Principal Balance: $420,000.00 Minimum Unpaid Principal Balance: $9,848.77 Maximum Original Principal Balance: $420,000.00 Minimum Original Principal Balance: $10,000.00 Weighted Avg. Stated Rem. Term (LPD to Mat Date): 242.201 Stated Rem Term Range: 5.000 - 360.000 Weighted Avg. Amortized Rem. Term: 321.857 Amortized Rem Term Range: 60.000 - 360.000 Weighted Average Age (First Pay thru Last Pay): 2.271 Age Range: 0.000 - 102.000 Weighted Average Original Term: 244.472 Original Term Range: 60.000 - 362.000 Weighted Average Original LTV: 74.730 Original LTV Range: 7.000% - 90.000% Weighted Average Combined LTV: 76.406 Combined LTV Range: 10.000% - 90.000% - -------------------------------------------------------------------------------- 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 AL 214 11,179,155.30 8.30 AR 5 695,916.72 0.52 AZ 5 262,447.66 0.19 CA 29 3,123,076.47 2.32 CO 13 804,519.31 0.60 CT 5 236,533.27 0.18 DC 5 634,588.28 0.47 DE 6 432,058.51 0.32 FL 213 13,420,480.85 9.96 GA 169 12,805,126.50 9.50 IA 10 516,663.78 0.38 ID 4 231,450.00 0.17 IL 68 5,352,691.04 3.97 IN 78 3,177,813.80 2.36 KS 6 243,943.47 0.18 KY 17 928,546.69 0.69 LA 64 3,034,614.08 2.25 MA 6 528,371.14 0.39 MD 53 5,325,301.44 3.95 ME 1 72,250.00 0.05 MI 245 13,682,462.82 10.15 MN 103 6,431,089.64 4.77 MO 29 1,803,679.63 1.34 MS 47 1,744,829.81 1.29 MT 1 109,800.00 0.08 NC 132 7,716,982.22 5.73 ND 1 31,500.00 0.02 NE 5 272,943.86 0.20 NJ 43 3,905,387.77 2.90 NM 7 391,005.91 0.29 NV 12 1,591,153.06 1.18 NY 22 2,359,034.76 1.75 OH 130 7,024,237.44 5.21 OK 5 191,563.45 0.14 OR 13 679,378.34 0.50 PA 27 1,781,928.69 1.32 RI 4 150,162.17 0.11 SC 156 7,222,004.71 5.36 TN 42 3,054,692.00 2.27 TX 95 5,839,452.39 4.33 UT 23 1,444,931.62 1.07 VA 15 1,070,248.87 0.79 WA 4 159,100.95 0.12 WI 50 2,768,622.06 2.05 WV 4 207,993.73 0.15 WY 4 97,977.26 0.07 - -------------------------------------------------------------------------- Total............... 2190 $134,737,711.47 100.00% ========================================================================== 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 Percentage of Aggregate Cut-Off Date Combined Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance 5.000 CURRENT MORTGAGE LOAN AMOUNTS Percentage of Aggregate Cut-Off Date Original Number of Unpaid Aggregate Mortgage Loan Mortgage Principal Principal Principal Balance Loans Balance Balance Balance <= 50,000 1120 37,501,196.03 27.83 50,000 < Balance <= 100,000 782 54,276,511.92 40.28 100,000 < Balance <= 150,000 203 24,322,399.27 18.05 150,000 < Balance <= 200,000 49 8,362,668.97 6.21 200,000 < Balance <= 250,000 12 2,698,735.19 2.00 250,000 < Balance <= 300,000 14 3,939,719.93 2.92 300,000 < Balance <= 350,000 5 1,628,298.65 1.21 350,000 < Balance <= 400,000 2 761,044.21 0.56 400,000 < Balance <= 450,000 3 1,247,137.30 0.93 - -------------------------------------------------------------------------- Total.................... 2190 $134,737,711.47 100.00% ========================================================================== LIEN STATUS AND OCCUPANCY STATUS Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance 1st Lien Owner Occ 1872 120,964,768.51 89.78 1st Lien Non Owner Occ 176 8,521,555.63 6.32 1st Lien Second 11 566,099.35 0.42 2nd Lien Owner Occ 128 4,516,489.98 3.35 2nd Lien Non Owner Occ 1 94,898.00 0.07 2nd Lien Second 2 73,900.00 0.05 - -------------------------------------------------------------------------- Total............... 2190 $134,737,711.47 100.00% ========================================================================== AGE OF LOAN PercentAge of Aggregate Cut-Off Date Number of Unpaid Aggregate MortgAge Principal Principal Age Loans Balance Balance Age = 0 611 37,027,992.00 27.48% 0 < Age <= 12 1,532 95,208,567.80 70.66% 12 < Age <= 24 19 980,869.28 0.73% 24 < Age <= 36 7 375,711.47 0.28% 36 < Age <= 48 7 440,244.30 0.33% 48 < Age <= 60 4 202,928.28 0.15% 60 < Age <= 72 4 225,384.10 0.17% 72 < Age <= 84 4 84,095.21 0.06% 84 < Age <= 96 1 79,203.30 0.06% 96 < Age <= 108 1 112,715.73 0.08% - ------------------------------------------------------------------- Total............ 2,190 134,737,711.47 100.00% =================================================================== 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 CLASS Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loan Class Loans Balance Balance 3/4 24 2,273,467.93 1.69 CDO 41 2,375,897.16 1.76 DUP 73 4,427,768.46 3.29 DWH 58 2,304,956.41 1.71 MOD 9 435,334.37 0.32 PUD 2 394,464.19 0.29 ROW 22 1,283,120.97 0.95 SFR 1933 119,527,879.60 88.71 TWN 28 1,714,822.38 1.27 - ----------------------------------------------------------------- Total.......... 2190 $134,737,711.47 100.00% ================================================================= REMAINING MONTHS TO STATED MATURITY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Remaining Term Loans Balance Balance 1 < Rem Term <= 12 1 64,739.27 0.05% 48 < Rem Term <= 60 8 280,658.46 0.21% 60 < Rem Term <= 72 2 165,696.23 0.12% 72 < Rem Term <= 84 5 291,642.29 0.22% 84 < Rem Term <= 96 3 106,434.80 0.08% 96 < Rem Term <= 108 9 217,573.27 0.16% 108 < Rem Term <= 120 57 1,613,049.68 1.20% 120 < Rem Term <= 132 2 70,897.79 0.05% 132 < Rem Term <= 144 3 109,511.93 0.08% 144 < Rem Term <= 156 3 121,104.50 0.09% 156 < Rem Term <= 168 7 287,157.79 0.21% 168 < Rem Term <= 180 1,261 75,508,173.94 56.04% 180 < Rem Term <= 192 1 25,056.87 0.02% 192 < Rem Term <= 204 3 250,164.54 0.19% 204 < Rem Term <= 216 1 26,523.31 0.02% 216 < Rem Term <= 228 4 144,017.88 0.11% 228 < Rem Term <= 240 193 9,341,213.42 6.93% 252 < Rem Term <= 264 1 112,715.73 0.08% 264 < Rem Term <= 276 2 116,966.70 0.09% 276 < Rem Term <= 288 1 14,236.68 0.01% 288 < Rem Term <= 300 4 217,925.13 0.16% 300 < Rem Term <= 312 1 58,320.01 0.04% 312 < Rem Term <= 324 2 102,929.32 0.08% 324 < Rem Term <= 336 2 177,147.63 0.13% 336 < Rem Term <= 348 5 507,943.26 0.38% 348 < Rem Term <= 360 609 44,805,911.04 33.25% - ------------------------------------------------------------------- Total............ 2,190 134,737,711.47 100.00% =================================================================== 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. - -------------------------------------------------------------------------------- - ACCESS 71 - ARM (GP II) - $141,704,325.95 - -------------------------------------------------------------------------------- Number of Mortgage Loans: 1,458 Aggregate Unpaid Principal Balance: $141,704,325.95 Aggregate Original Principal Balance: $141,790,841.71 - -------------------------------------------------------------------------------- Weighted Average Coupon (Gross): 10.100% Gross Coupon Range: 7.350% - 14.990% - -------------------------------------------------------------------------------- Weighted Average Margin (Gross): 6.451% Gross Margin Range: 3.625% - 9.825% Weighted Average Life Cap (Gross): 16.829% Gross Life Cap Range: 13.500% - 21.990% Weighted Average Life Floor (Gross): 9.470% Gross Life Floor Range: 3.250% - 14.990% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $97,190.90 Average Original Principal Balance: $97,250.23 Maximum Unpaid Principal Balance: $405,479.12 Minimum Unpaid Principal Balance: $15,000.00 Maximum Original Principal Balance: $406,250.00 Minimum Original Principal Balance: $15,000.00 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 356.419 Stated Rem Term Range: 172.000 - 360.000 Weighted Avg. Amortized Rem. Term: 357.083 Amortized Rem Term Range: 171.725 - 360.000 Weighted Average Age (First Pay thru Paid Thru): 1.197 Age Range: 0.000 - 20.000 Weighted Average Original Term: 357.616 Original Term Range: 180.000 - 360.000 Weighted Average Original LTV: 78.153 Original LTV Range: 15.000% - 90.000% Weighted Average Periodic Interest Cap: 1.044% Periodic Interest Cap Range: 1.000% - 3.000% Weighted Average Months to Interest Roll: 9.593 Months to Interest Roll Range: 1 - 35 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 2 247,800.00 0.17 AL 21 1,776,236.53 1.25 AR 1 49,453.63 0.03 AZ 18 2,099,284.05 1.48 CA 89 12,466,771.00 8.80 CO 32 3,049,531.65 2.15 CT 13 1,378,466.93 0.97 DC 8 909,380.45 0.64 DE 4 452,950.00 0.32 FL 51 4,822,010.43 3.40 GA 15 1,384,886.70 0.98 HI 1 135,000.00 0.10 IA 17 1,185,379.38 0.84 ID 11 771,625.54 0.54 IL 107 10,436,653.27 7.37 IN 8 430,212.11 0.30 KS 12 1,069,753.49 0.75 KY 2 129,097.81 0.09 LA 1 73,673.93 0.05 MA 24 3,203,852.91 2.26 MD 45 6,204,247.37 4.38 ME 3 314,431.71 0.22 MI 221 17,438,767.38 12.31 MN 171 14,630,278.33 10.32 MO 27 2,062,339.87 1.46 MT 2 144,000.00 0.10 NC 18 1,661,682.03 1.17 NE 6 339,030.65 0.24 NH 7 560,000.38 0.40 NJ 40 4,783,894.77 3.38 NM 11 980,683.54 0.69 NV 6 718,133.77 0.51 NY 12 1,968,099.30 1.39 OH 47 3,307,260.13 2.33 OK 6 556,090.27 0.39 OR 34 3,052,102.25 2.15 PA 44 4,549,972.66 3.21 RI 19 2,204,455.42 1.56 SC 4 401,570.35 0.28 SD 2 133,584.47 0.09 TN 5 567,421.90 0.40 TX 71 8,024,477.05 5.66 UT 37 3,589,668.92 2.53 VA 29 4,303,717.43 3.04 VT 1 74,935.44 0.05 WA 24 3,120,932.73 2.20 WI 120 9,371,435.81 6.61 WV 2 151,874.09 0.11 WY 7 417,218.12 0.29 - -------------------------------------------------------------------------- Total............... 1458 $141,704,325.95 100.00% ========================================================================== 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-TO-VALUE RATIOS Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance 10.000 LIEN STATUS AND OCCUPANCY STATUS Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance 1st Lien Owner Occ 1357 134,539,723.50 94.94 1st Lien Non Owner 96 6,776,746.74 4.78 1st Lien Second 5 387,855.71 0.27 - -------------------------------------------------------------------------- Total............... 1458 $141,704,325.95 100.00% ========================================================================== AGE OF LOAN PercentAge of Aggregate Cut-Off Date Number of Unpaid Aggregate MortgAge Principal Principal Age Loans Balance Balance Age = 0 499 46,925,081.00 33.11% 0 < Age <= 6 952 94,149,105.32 66.44% 6 < Age <= 12 6 539,593.16 0.38% 18 < Age <= 24 1 90,546.47 0.06% - ------------------------------------------------------------------- Total............ 1,458 141,704,325.95 100.00% =================================================================== MORTGAGE PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loan Class Loans Balance Balance 3/4 17 2,251,400.63 1.59 CDO 39 3,288,177.31 2.32 DUP 46 3,373,583.35 2.38 DWH 7 397,206.28 0.28 MOD 9 646,209.74 0.46 ROW 22 1,353,856.11 0.96 SFR 1291 128,168,006.76 90.45 TWN 27 2,225,885.77 1.57 - ----------------------------------------------------------------- Total.......... 1458 $141,704,325.95 100.00% ================================================================= REMAINING MONTHS TO STATED MATURITY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Remaining Term Loans Balance Balance 168 < Rem Term <= 180 23 1,772,642.24 1.25% 228 < Rem Term <= 240 2 155,767.11 0.11% 336 < Rem Term <= 348 1 90,546.47 0.06% 348 < Rem Term <= 360 1,432 139,685,370.13 98.58% - ------------------------------------------------------------------- Total............ 1,458 141,704,325.95 100.00% =================================================================== 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

LOAN SUMMARY STRATIFIED BY LIFE CAP Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Cap Loans Balance Balance 13.000 < LIFE CAP <= 13.50 1 98,000.00 0.07 13.500 < LIFE CAP <= 14.00 4 533,071.92 0.38 14.000 < LIFE CAP <= 14.50 19 1,907,127.38 1.35 14.500 < LIFE CAP <= 15.00 52 5,328,341.66 3.76 15.000 < LIFE CAP <= 15.50 105 10,605,150.22 7.48 15.500 < LIFE CAP <= 16.00 196 20,457,476.37 14.44 16.000 < LIFE CAP <= 16.50 190 20,625,699.11 14.56 16.500 < LIFE CAP <= 17.00 286 28,727,386.05 20.27 17.000 < LIFE CAP <= 17.50 176 16,309,278.82 11.51 17.500 < LIFE CAP <= 18.00 191 17,439,675.16 12.31 18.000 < LIFE CAP <= 18.50 88 8,221,138.29 5.80 18.500 < LIFE CAP <= 19.00 78 6,558,615.75 4.63 19.000 < LIFE CAP <= 19.50 31 2,249,602.44 1.59 19.500 < LIFE CAP <= 20.00 23 1,550,893.81 1.09 20.000 < LIFE CAP <= 20.50 9 499,643.57 0.35 20.500 < LIFE CAP <= 21.00 5 220,720.06 0.16 21.000 < LIFE CAP <= 21.50 2 113,686.51 0.08 21.500 < LIFE CAP <= 22.00 2 258,818.83 0.18 - -------------------------------------------------------------------------- Total................. 1458 $141,704,325.95 100.00% ========================================================================== 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 03/01/97 23 $2,431,167.84 01.72 04/01/97 58 $6,531,812.54 04.61 05/01/97 286 $27,615,834.02 19.49 06/01/97 345 $33,088,499.10 23.35 07/01/97 208 $20,708,905.88 14.61 08/01/97 87 $7,907,617.55 05.58 01/01/98 1 $54,400.00 00.04 02/01/98 1 $124,500.00 00.09 06/01/98 2 $285,996.08 00.20 07/01/98 2 $336,530.45 00.24 08/01/98 2 $307,998.96 00.22 09/01/98 2 $184,448.65 00.13 10/01/98 9 $922,102.66 00.65 11/01/98 64 $6,347,165.86 04.48 12/01/98 144 $14,932,984.44 10.54 01/01/99 146 $13,233,489.64 09.34 02/01/99 64 $5,601,761.00 03.95 11/01/99 4 $244,698.21 00.17 12/01/99 7 $523,500.00 00.37 01/01/00 3 $320,913.07 00.23 - -------------------------------------------------------------------------- Total........ 1458 $141,704,325.95 100.00% ========================================================================== LOAN SUMMARY STRATIFIED BY LIFE FLOOR Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Floor Loans Balance Balance 3.000 < Life Floor <= 3.500 16 1,452,736.31 1.03 3.500 < Life Floor <= 4.000 2 161,600.00 0.11 4.000 < Life Floor <= 4.500 1 108,654.23 0.08 4.500 < Life Floor <= 5.000 5 780,820.86 0.55 5.000 < Life Floor <= 5.500 11 1,200,958.01 0.85 5.500 < Life Floor <= 6.000 30 3,206,912.16 2.26 6.000 < Life Floor <= 6.500 44 5,157,040.95 3.64 6.500 < Life Floor <= 7.000 53 5,036,111.40 3.55 7.000 < Life Floor <= 7.500 42 3,096,140.79 2.18 7.500 < Life Floor <= 8.000 53 5,505,909.29 3.89 8.000 < Life Floor <= 8.500 95 8,883,771.10 6.27 8.500 < Life Floor <= 9.000 129 13,380,814.74 9.44 9.000 < Life Floor <= 9.500 147 15,207,371.40 10.73 9.500 < Life Floor <= 10.000 218 22,923,398.72 16.18 10.000 < Life Floor <= 10.500 152 15,540,452.50 10.97 10.500 < Life Floor <= 11.000 184 17,106,435.24 12.07 11.000 < Life Floor <= 11.500 104 9,549,393.80 6.74 11.500 < Life Floor <= 12.000 86 7,245,763.92 5.11 12.000 < Life Floor <= 12.500 40 3,225,842.00 2.28 12.500 < Life Floor <= 13.000 25 1,697,240.47 1.20 13.000 < Life Floor <= 13.500 8 406,645.10 0.29 13.500 < Life Floor <= 14.000 6 360,286.57 0.25 14.000 < Life Floor <= 14.500 4 196,207.56 0.14 14.500 < Life Floor <= 15.000 3 273,818.83 0.19 - -------------------------------------------------------------------------- Total................. 1458 $141,704,325.95 100.00% ========================================================================== 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-----