-----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, TCNwXVcwFsVd05Jpi/iiKbwX/qZEfPzA5zUIgtqQ3JiER6jHrmUG9PfquoLwyDf8 CIou3pycz8OhRRTlO1KUmw== 0000891092-97-000412.txt : 19971031 0000891092-97-000412.hdr.sgml : 19971031 ACCESSION NUMBER: 0000891092-97-000412 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971030 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971030 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: SEC FILE NUMBER: 333-07837 FILM NUMBER: 97703694 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) October 30, 1997 Access Financial Lending Corp. (Exact name of registrant as specified in its charter) Delaware 333-07837 41-1768416 (State or Other (Commission (I.R.S. Employer Jurisdiction of File Number) Identification No.) Incorporation) 400 Highway 169 South Suite 400 St. Louis Park, Minnesota 55426 (Address of Principal (Zip Code) 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 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3, described in a Prospectus Supplement dated as of October 23, 1997, 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 1997-3 By: /s/ Leslie Zejelik Foster ----------------------------- Name: Leslie Zejdlik Foster Title: President Dated: October 30, 1997 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Related Computational Materials (as defined in Item 5 above). EX-99.1 2 RELATED COMPUTATIONAL MATERIALS EXHIBIT 99.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3 Class A Certificates ACCESS 1997-3 [$199,881,000] - -------------------------------------------------------------------------------- $[40,100,000] Class A-1 Variable-Rate Certificates - 1M LIBOR + [TBD] bps $[15,400,000] Class A-2 Fixed-Rate Certificates - [TBD]% $[10,601,000] Class A-3 Fixed-Rate Certificates - [TBD]% $[ 8,000,000] Class A-4 Fixed-Rate Certificates - [TBD]% $[ 8,230,000] Class A-5 Fixed-Rate Certificates - [TBD]% $[ 8,230,000]* Class A-IO Interest-Only Certificates - [5.00]% $[50,000,000] Class A-6 Variable-Rate Certificates - 1M LIBOR + [TBD] bps $[67,550,000] Class A-7 Variable-Rate Certificates - 1M LIBOR + [TBD] bps * Notional Balance The information herein has been provided solely by Prudential Securities Incorporated (PSI) based on information with respect to the mortgage loans provided by 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 herein, and may, as principal or agent, buy or sell such securities, commodities or derivative instruments. In addition, PSI may make a market in the securities referred to herein. Neither the information nor the assumptions reflected herein shall be construed to be, or constitute, an offer to sell or buy or a solicitation of an offer to sell or buy any securities, commodities or derivative instruments mentioned herein. No sale of any securities, commodities or derivative instruments should be consummated 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 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3 Class A Certificates - -------------------------------------------------------------------------------- GROUP I CLASS A GROUP I CERTIFICATES

*Pass-Through Rate is the lesser of: 1) One Month LIBOR + [TBD]bps 2) The Available Funds Cap **Note: As described in the Prospectus Supplement and depending on the final pricing levels, one or more of the Class A Group I Certificates may be subject to the Available Funds Cap. Available Funds Cap: A rate equal to the weighted average gross coupon rate less (i) [66.75]bps for servicing fees, trustee fees and certificate insurer premiums for the Group I fixed-rate mortgage loans; and (ii) for the first [36] Payment Dates, the product of (a) [5.00]% and (b) the Class A-IO Notional Amount divided by the Principal Balance of the Group I fixed-rate mortgage loans for such Payment Date. Class A-5 Principal Distribution Amount: Class A-5 is a Non-Accelerated Senior (NAS) class. The Class A-5 Principal Distribution Amount is the applicable Class A-5 Principal Percentage multiplied by the Class A-5 Principal Pro Rata Distribution Amount for such Payment Date. Class A-5 Principal Percentage ------------------------------ Month 0 - 36: 0% Month 37 - 60: 45% Month 61 - 72: 80% Month 73 - 84: 100% Month 85 - end: 300% 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 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3 Class A Certificates - -------------------------------------------------------------------------------- GROUP II CLASS A GROUP II CERTIFICATES Class A-6 Variable-Rate ------------- Approximate Face Amount: $[50,000,000] Average Life to Mat: [3.04] years Average Life to Call: [2.80] years Pass-Through Rate: The lesser of: 1) One Month LIBOR + [TBD] bps 2) The Available Funds Cap Price: [TBD] Yield: Variable Pricing Speed: [26%] CPR Settlement: [10/31/97] Exp Maturity: [09/18/14] Exp Maturity to Call: [06/18/05] Final Maturity: [10/18/27] Day Count: Actual/360 Payment Delay: 0 days Dated Date: [10/31/97] Payment Terms: Monthly 1st Payment Date: 11/18/97 Available Funds Cap: A rate equal to the weighted average gross coupon rate minus [66.75 Bp] for servicing fees, trustee fees and certificate insurer premiums, and, beginning in month 13, the [0.50%] 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 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3 Class A Certificates - -------------------------------------------------------------------------------- GROUP III CLASS A GROUP III CERTIFICATES Class A-7 Variable-Rate ------------- Approximate Face Amount: [$67,550,000] Average Life to Mat: [3.04] years Average Life to Call: [2.80] years Pass-Through Rate: The lesser of: 1) One Month LIBOR + [TBD] bps 2) The Available Funds Cap Price: [TBD] Yield: Variable Pricing Speed: [26%] CPR Settlement: [10/31/97] Exp Maturity: [09/18/14] Exp Maturity to Call: [06/18/05] Final Maturity: [10/18/27] Day Count: Actual/360 Payment Delay: 0 days Dated Date: [10/31/97] Payment Terms: Monthly 1st Payment Date: 11/18/97 Available Funds Cap: A rate equal to the weighted average gross coupon rate minus [66.75 Bp] for servicing fees, trustee fees and certificate insurer premiums, and, beginning in month 13, the [0.50%] 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 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3 Class A Certificates Title of Securities: Access Financial Mortgage Loan Trust 1997-3, Mortgage Loan Pass-Through Certificates, Series 1997-3 Group I: Class A-1, A-2, A-3, A-4, A-5 and Class A-IO (the "Group I Certificates") Group II: Class A-6 (the "Group II Certificates") Group III: Class A-7 (the "Group III 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 $[82,331,000.00] Group II $[50,000,000.00] Group III $[67,550,000.00] Aggregate Collateral Balance: Group I [$82,331,718.36] Group II [$50,001,533.97] Group III [$67,550,309.04] Class A-IO Certificates: The Class A-IO Certificates represent an interest-only strip for the first [36] Payment Dates based on the product of (i) [5.00]% and (ii) the Class A-IO Notional Amount, which is the principal balance of the Class A-5 NAS Lock-Out Certificates. Group II and Group III: Although the Group II and Group III Mortgage Loans both have adjustable-rate Mortgage Loans, the Group II Mortgage Loans are of a higher credit quality than the Group III 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: October [ ], 1997 Settlement Date: October [31], 1997 Payment Date: The 18th day of each month (or, if such date is not a business day, the next succeeding business day) commencing November 18, 1997. Record Date: -Class A-2, A-3, A-4, A-5 and A-IO: 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, A-5 and A-IO: 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, A-6 and A-7: The previous month's Payment Date to the day preceding the related Payment Date, based on a actual/360 day count Form of Certificates: Book-entry only through the same-day funds facilities of DTC, Euroclear and CEDEL 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 1997-3 Mortgage Loan Pass-Through Certificates, Series 1997-3 Class A Certificates Denominations: Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof Prepayment Assumption: For the Group I Certificates, [25]% HEP ([2.5]% CPR in month 1 with monthly incremental increases of [2.5]% CPR until the speed reaches [25]% CPR in month 10 based on loan seasoning) For the Group II Certificates, [26]% CPR For the Group III Certificates, [26]% CPR Credit Enhancement: A combination of: - Excess monthly cash flow - Over-collateralization - 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 exercise 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. 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 consummated 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, Januar Laude (212) 778-7176 or Adam Tepper at (212) 778-4944 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. CURRENT BALANCE: $40,100,000.00 DATED DATE: 10/31/97 CURRENT COUPON: 5.768% FIRST PAYMENT: 11/18/97 FACTOR: 1.0000000000 TOTAL CLASSES: 8 ORIGINAL BALANCE: $40,100,000.00 YIELD TABLE DATE: 10/31/97 AFMLT73 BOND A1 DISCOUNT MARGIN ACT/360 TABLE ASSUMED CONSTANT LIBOR-1M 5.6484 PRICING SPEED

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. GRP II AV FUNDS CAP 30/360 DAY COUNT BASIS AVAILABLE FUNDS CAP = GROUP II COLLATERAL CURRENT GROSS WAC - 45BP (SERVICE FEE) - 21.75BP (SURETY +TRUSTEE) - 50BP (SURETY CUSHION, BEGINNING IN MONTH 13) DATE COUPON - ------------- 11/97 9.717 12/97 9.812 01/98 9.959 02/98 10.072 03/98 10.141 04/98 10.163 05/98 10.180 06/98 10.275 07/98 10.422 08/98 10.535 09/98 10.604 10/98 10.626 11/98 10.141 12/98 10.194 01/99 10.236 02/99 10.279 03/99 10.316 04/99 10.329 05/99 10.354 06/99 10.465 07/99 10.719 08/99 10.881 09/99 11.024 10/99 11.086 11/99 11.086 12/99 11.086 01/00 11.086 02/00 11.086 03/00 11.086 04/00 11.086 05/00 11.086 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. GRP III AV FUNDS CAP 30/360 DAY COUNT BASIS AVAILABLE FUNDS CAP = GROUP III COLLATERAL CURRENT GROSS WAC - 45BP (SERVICE FEE) - 21.75BP (SURETY +TRUSTEE) - 50BP (SURETY CUSHION, BEGINNING IN MONTH 13) DATE COUPON - ------------- 11/97 9.740 12/97 9.836 01/98 9.974 02/98 10.091 03/98 10.168 04/98 10.185 05/98 10.201 06/98 10.297 07/98 10.435 08/98 10.552 09/98 10.629 10/98 10.646 11/98 10.161 12/98 10.198 01/99 10.229 02/99 10.282 03/99 10.339 04/99 10.356 05/99 10.381 06/99 10.478 07/99 10.834 08/99 11.006 09/99 11.138 10/99 11.179 11/99 11.179 12/99 11.179 01/00 11.179 02/00 11.179 03/00 11.179 04/00 11.179 05/00 11.179 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. - -------------------------------------------------------------------------------- - ACCESS73 - Cut Off Date of Tape is 10/1/97 - GROUP I - $82,331,718.36 - Mortgage Summary Report - -------------------------------------------------------------------------------- Number of Mortgage Loans: 1,500 Aggregate Unpaid Principal Balance: $82,331,718.36 Aggregate Original Principal Balance: $82,578,677.59 Weighted Average Gross Coupon: 11.537% Gross Coupon Range: 8.250% - 18.350% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $54,887.81 Average Original Principal Balance: $55,052.45 Maximum Unpaid Principal Balance: $400,000.00 Minimum Unpaid Principal Balance: $9,777.41 Maximum Original Principal Balance: $400,000.00 Minimum Original Principal Balance: $10,000.00 Weighted Avg. Stated Rem. Term (LPD to Mat Date): 236.268 Stated Rem Term Range: 49.000 - 360.000 Weighted Average Age (First Pay thru Last Pay): 3.161 Age Range: 0.000 - 33.000 Weighted Average Original Term: 239.429 Original Term Range: 60.000 - 360.000 Weighted Average Original LTV: 72.384 Original LTV Range: 7.000% - 90.000% Weighted Average Combined LTV: 74.598 Combined LTV Range: 18.000% - 90.000% - -------------------------------------------------------------------------------- Greatest Zip Code Concentration 43607 16 loans 0.74% $607,183.85 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 60,469.43 0.07 AL 119 5,294,824.53 6.43 AZ 6 269,241.57 0.33 CA 6 427,202.65 0.52 CO 11 839,739.25 1.02 CT 3 443,563.52 0.54 DC 3 242,408.92 0.29 DE 1 68,800.00 0.08 FL 163 9,025,460.16 10.96 GA 65 4,263,505.07 5.18 IA 13 593,390.35 0.72 ID 1 24,756.38 0.03 IL 55 3,186,844.29 3.87 IN 51 2,095,607.69 2.55 KS 12 734,364.33 0.89 KY 12 449,688.65 0.55 LA 2 106,540.00 0.13 MA 2 193,250.00 0.23 MD 32 2,625,019.67 3.19 MI 175 9,459,666.03 11.49 MN 119 7,176,145.05 8.72 MO 21 944,593.72 1.15 MS 14 640,256.09 0.78 NC 105 5,491,193.86 6.67 ND 2 111,481.88 0.14 NE 4 133,897.42 0.16 NJ 11 912,099.65 1.11 NM 7 278,709.83 0.34 NV 5 328,331.53 0.40 NY 18 1,935,433.30 2.35 OH 185 9,186,342.14 11.16 OK 5 248,199.12 0.30 OR 3 61,700.61 0.07 PA 19 878,190.19 1.07 RI 1 120,000.00 0.15 SC 55 2,370,218.72 2.88 SD 1 17,500.00 0.02 TN 37 2,082,171.02 2.53 TX 42 2,607,500.28 3.17 UT 23 1,036,543.68 1.26 VA 32 2,351,742.95 2.86 WA 6 508,657.66 0.62 WI 51 2,466,597.84 3.00 WY 1 39,869.33 0.05 - -------------------------------------------------------------------------- Total............... 1500 $ 82,331,718.36 100.00% ========================================================================== 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 ----- ----- ------- ------- 15.000 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 ----- ----- ------- ------- 8.00% < Gross Coupon <= 8.50% 3 272,981.93 0.33 8.50% < Gross Coupon <= 9.00% 9 636,119.17 0.77 9.00% < Gross Coupon <= 9.50% 30 1,890,242.38 2.30 9.50% < Gross Coupon <= 10.00% 99 7,110,767.37 8.64 10.00% < Gross Coupon <= 10.50% 129 8,008,435.38 9.73 10.50% < Gross Coupon <= 11.00% 258 16,244,716.64 19.73 11.00% < Gross Coupon <= 11.50% 177 9,097,232.87 11.05 11.50% < Gross Coupon <= 12.00% 241 12,917,530.15 15.69 12.00% < Gross Coupon <= 12.50% 178 9,104,347.26 11.06 12.50% < Gross Coupon <= 13.00% 174 8,024,212.68 9.75 13.00% < Gross Coupon <= 13.50% 81 3,518,075.01 4.27 13.50% < Gross Coupon <= 14.00% 66 3,020,799.68 3.67 14.00% < Gross Coupon <= 14.50% 27 1,366,472.61 1.66 14.50% < Gross Coupon <= 15.00% 18 719,216.95 0.87 15.00% < Gross Coupon <= 15.50% 3 99,703.38 0.12 15.50% < Gross Coupon <= 16.00% 1 22,566.89 0.03 16.00% < Gross Coupon <= 16.50% 3 137,267.98 0.17 16.50% < Gross Coupon <= 17.00% 2 85,137.37 0.10 18.00% < Gross Coupon <= 18.50% 1 55,892.66 0.07 - ---------------------------------------------------------------------------- Total.......... 1500 $ 82,331,718.36 100.00% ============================================================================ CURRENT MORTGAGE LOAN AMOUNTS Percentage of Aggregate Cut-Off Date Current Number of Unpaid Aggregate Mortgage Loan Mortgage Principal Principal Principal Balance Loans Balance Balance ----------------- ----- ------- ------- Balance <= 25,000 187 3,651,459.46 4.44 25,000 < Balance <= 50,000 649 24,511,233.82 29.77 50,000 < Balance <= 100,000 541 36,755,824.69 44.64 100,000 < Balance <= 150,000 99 12,012,455.13 14.59 150,000 < Balance <= 200,000 11 1,894,296.29 2.30 200,000 < Balance <= 250,000 5 1,107,578.13 1.35 250,000 < Balance <= 300,000 6 1,661,462.18 2.02 300,000 < Balance <= 350,000 1 337,408.66 0.41 350,000 < Balance <= 400,000 1 400,000.00 0.49 - -------------------------------------------------------------------------- Total.................... 1500 $ 82,331,718.36 100.00% ========================================================================== 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. LIEN AND OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- First Lien Owner Occ 1249 72,389,583.28 87.92 First Lien Non Owner Occ 108 5,434,078.27 6.60 First Lien Second Home 8 536,780.23 0.65 Second Lien Owner Occ 123 3,632,115.31 4.41 Second Lien Non Owner Occ 10 270,356.65 0.33 Second Lien Second Home 2 68,804.62 0.08 - ------------------------------------------------------------------------- Total............... 1500 $ 82,331,718.36 100.00% ========================================================================= AGE OF LOAN Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate MortgAge Principal Principal Age Loans Balance Balance --- ----- ------- ------- Age = 0 31 1,827,050.00 2.22% 0 < Age <= 6 1,434 78,041,345.09 94.79% 6 < Age <= 12 31 2,316,944.72 2.81% 12 < Age <= 18 2 77,696.51 0.09% 24 < Age <= 36 2 68,682.04 0.08% - ------------------------------------------------------------------- Total............ 1,500 82,331,718.36 100.00% =================================================================== 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 4 178,348.38 0.22% 72 < Rem Term <= 84 2 69,353.29 0.08% 84 < Rem Term <= 96 1 13,876.15 0.02% 108 < Rem Term <= 120 43 1,299,835.24 1.58% 132 < Rem Term <= 144 2 56,835.97 0.07% 156 < Rem Term <= 168 1 39,299.81 0.05% 168 < Rem Term <= 180 890 47,623,902.43 57.84% 204 < Rem Term <= 216 1 45,300.76 0.06% 216 < Rem Term <= 228 1 38,396.70 0.05% 228 < Rem Term <= 240 169 7,807,505.10 9.48% 324 < Rem Term <= 336 1 23,381.28 0.03% 348 < Rem Term <= 360 385 25,135,683.25 30.53% - ------------------------------------------------------------------- Total............ 1,500 82,331,718.36 100.00% =================================================================== 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 SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- Owner Occ. 1372 76,021,698.59 92.34 Second Home 10 605,584.85 0.74 Non Owner Occ. 118 5,704,434.92 6.93 - ---------------------------------------------------------------------------- Total.................. 1500 $ 82,331,718.36 100.00% ============================================================================ LOAN SUMMARY STRATIFIED BY AMORTIZATION Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal AMORTIZATION Loans Balance Balance ------------ ----- ------- ------- Fully Amortizing 936 47,111,616.28 57.22 Partially Amortizing 564 35,220,102.08 42.78 - -------------------------------------------------------------------------- Total.................. 1500 $ 82,331,718.36 100.00% ========================================================================== LIEN SUMMARY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- 1 .................. 1365 78,360,441.78 95.18 2 .................. 135 3,971,276.58 4.82 - -------------------------------------------------------------------------- Total............... 1500 $ 82,331,718.36 100.00% ========================================================================== MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- Single-family 1318 72,458,940.96 88.01 Duplex 56 3,021,117.35 3.67 Modular Housing 4 209,094.56 0.25 Manufactured Housing 45 1,681,726.71 2.04 SF Row House 15 1,078,494.84 1.31 Townhouses 25 1,517,406.00 1.84 Condominiums 24 1,465,634.39 1.78 2-4 Family 13 899,303.55 1.09 - -------------------------------------------------------------------------- Total............... 1500 $ 82,331,718.36 100.00% ========================================================================== 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 73 - Cut Off Date of Tape is 10/1/97 - GROUP II - $50,001,533.97 - -------------------------------------------------------------------------------- Number of Mortgage Loans: 627 Aggregate Unpaid Principal Balance: $50,001,533.97 Aggregate Original Principal Balance: $50,085,226.84 - -------------------------------------------------------------------------------- Weighted Average Coupon (Gross): 10.384% Gross Coupon Range: 7.600% - 14.900% Weighted Average Margin (Gross): 6.347% Gross Margin Range: 3.000% - 9.980% Weighted Average Life Cap (Gross): 17.102% Gross Life Cap Range: 13.780% - 21.330% Weighted Average Life Floor (Gross): 10.007% Gross Life Floor Range: 3.250% - 14.900% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $79,747.26 Average Original Principal Balance: $79,880.74 Maximum Unpaid Principal Balance: $212,944.60 Minimum Unpaid Principal Balance: $17,265.38 Maximum Original Principal Balance: $213,300.00 Minimum Original Principal Balance: $17,325.00 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 356.205 Stated Rem Term Range: 117.000 - 360.000 Weighted Average Age (First Pay thru Paid Thru): 2.891 Age Range: 0.000 - 10.000 Weighted Average Original Term: 359.096 Original Term Range: 120.000 - 360.000 Weighted Average Combined LTV: 78.447 Combined LTV Range: 19.000% - 90.000% Weighted Average Periodic Interest Cap: 1.013% Periodic Interest Cap Range: 1.000% - 2.000% Weighted Average Months to Interest Roll: 12.340 * calculated from 10///97 to next rolldate Months to Interest Roll Range: 1 - 23 Weighted Average Interest Roll Frequency: 6.000 Interest Frequency Range: 6 - 6 - -------------------------------------------------------------------------------- All First Liens Greatest Zip Code Concentration: 92128 13 loans 2.54% $1,271,928.83 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 3 284,280.01 0.57 AZ 3 315,476.04 0.63 CA 15 1,526,233.56 3.05 CO 11 1,194,361.02 2.39 CT 3 294,971.73 0.59 FL 18 1,188,263.78 2.38 GA 3 329,546.44 0.66 IA 10 616,867.58 1.23 ID 1 67,935.76 0.14 IL 56 4,970,442.14 9.94 IN 1 94,500.00 0.19 KS 5 367,266.92 0.73 MA 10 937,269.37 1.87 MD 10 946,764.14 1.89 ME 1 83,310.49 0.17 MI 170 11,979,065.90 23.96 MN 75 6,023,352.65 12.05 MO 1 19,977.78 0.04 NC 8 555,206.29 1.11 NJ 9 1,122,382.21 2.24 NM 5 435,036.55 0.87 NV 5 527,359.36 1.05 OH 52 3,479,799.74 6.96 OK 3 157,222.93 0.31 OR 3 301,574.69 0.60 PA 25 1,675,201.11 3.35 RI 2 192,500.00 0.38 TX 37 3,241,095.00 6.48 UT 13 1,474,409.80 2.95 VA 5 453,562.87 0.91 WA 10 1,115,692.87 2.23 WI 53 3,983,141.85 7.97 WY 1 47,463.39 0.09 - -------------------------------------------------------------------------- Total............... 627 $ 50,001,533.97 100.00% ========================================================================== 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 ----- ----- ------- ------- 15.000 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% 5 306,624.31 0.61 8.00% < Gross Coupon <= 8.50% 10 783,181.81 1.57 8.50% < Gross Coupon <= 9.00% 48 4,650,685.08 9.30 9.00% < Gross Coupon <= 9.50% 79 6,420,422.88 12.84 9.50% < Gross Coupon <= 10.00% 108 8,791,589.16 17.58 10.00% < Gross Coupon <= 10.50% 98 8,319,886.93 16.64 10.50% < Gross Coupon <= 11.00% 96 7,466,361.80 14.93 11.00% < Gross Coupon <= 11.50% 67 5,375,207.94 10.75 11.50% < Gross Coupon <= 12.00% 64 4,737,613.17 9.47 12.00% < Gross Coupon <= 12.50% 28 1,611,457.53 3.22 12.50% < Gross Coupon <= 13.00% 17 1,143,836.74 2.29 13.00% < Gross Coupon <= 13.50% 3 129,220.70 0.26 13.50% < Gross Coupon <= 14.00% 1 108,425.19 0.22 14.00% < Gross Coupon <= 14.50% 2 94,620.73 0.19 14.50% < Gross Coupon <= 15.00% 1 62,400.00 0.12 - ---------------------------------------------------------------------------- Total.......... 627 $ 50,001,533.97 100.00% ============================================================================ CURRENT MORTGAGE LOAN AMOUNTS Percentage of Aggregate Cut-Off Date Current Number of Unpaid Aggregate Mortgage Loan Mortgage Principal Principal Principal Balance Loans Balance Balance ----------------- ----- ------- ------- Balance <= 25,000 18 383,879.86 0.77 25,000 < Balance <= 50,000 136 5,407,381.87 10.81 50,000 < Balance <= 100,000 300 21,833,722.86 43.67 100,000 < Balance <= 150,000 141 16,788,702.44 33.58 150,000 < Balance <= 200,000 29 4,954,612.21 9.91 200,000 < Balance <= 250,000 3 633,234.73 1.27 - -------------------------------------------------------------------------- Total.................... 627 $ 50,001,533.97 100.00% ========================================================================== AGE OF LOAN PercentAge of Aggregate Cut-Off Date Number of Unpaid Aggregate MortgAge Principal Principal Age Loans Balance Balance --- ----- ------- ------- Age = 0 28 2,393,523.00 4.79% 0 < Age <= 6 578 45,594,968.47 91.19% 6 < Age <= 12 21 2,013,042.50 4.03% - ------------------------------------------------------------------- Total............ 627 50,001,533.97 100.00% =================================================================== 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 TYPE WA Total # % Rem WA WA WA Current Loan Feature Loan Pool WAC Term MARGIN LIFECAP FLOOR Balance - ------------ ---- ---- --- ---- ------ ------- ----- ------- 2/28 341 54.03 10.743 356.59 6.258 17.535 10.446 $27,015,076.93 ARM 286 45.97 9.963 355.75 6.452 16.594 9.491 $22,986,457.04 - -------------------------------------------------------------------------------- Total..... 627 100.00% 10.384 356.20 6.347 17.102 10.007 $50,001,533.97 ================================================================================ REMAINING MONTHS TO STATED MATURITY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Remaining Term Loans Balance Balance -------------- ----- ------- ------- 108 < Rem Term <= 120 1 53,822.39 0.11% 168 < Rem Term <= 180 4 179,409.68 0.36% 348 < Rem Term <= 360 622 49,768,301.90 99.53% - ------------------------------------------------------------------- Total............ 627 50,001,533.97 100.00% =================================================================== LOAN SUMMARY STRATIFIED BY GROSS MARGIN Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Margin Loans Balance Balance ------ ----- ------- ------- 2.500 Gross Margin <= 3.000 1 83,310.49 0.17 3.500 Gross Margin <= 4.000 16 1,537,621.63 3.08 4.000 Gross Margin <= 4.500 10 771,442.72 1.54 4.500 Gross Margin <= 5.000 14 1,245,361.79 2.49 5.000 Gross Margin <= 5.500 71 6,162,542.62 12.32 5.500 Gross Margin <= 6.000 118 10,250,020.54 20.50 6.000 Gross Margin <= 6.500 117 8,764,576.61 17.53 6.500 Gross Margin <= 7.000 113 9,109,857.01 18.22 7.000 Gross Margin <= 7.500 83 6,357,225.98 12.71 7.500 Gross Margin <= 8.000 43 2,864,431.01 5.73 8.000 Gross Margin <= 8.500 26 1,797,074.20 3.59 8.500 Gross Margin <= 9.000 7 562,852.54 1.13 9.000 Gross Margin <= 9.500 5 362,401.78 0.72 9.500 Gross Margin <= 10.000 3 132,815.05 0.27 - ----------------------------------------------------------------------------- Total................. 627 $ 50,001,533.97 100.00% ============================================================================= 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 SUMMARY STRATIFIED BY LIFE CAP Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Cap Loans Balance Balance -------- ----- ------- ------- 13.500 < LIFE CAP <= 14.000 2 82,400.92 0.16 14.000 < LIFE CAP <= 14.500 3 170,824.96 0.34 14.500 < LIFE CAP <= 15.000 16 1,568,996.19 3.14 15.000 < LIFE CAP <= 15.500 27 2,255,143.81 4.51 15.500 < LIFE CAP <= 16.000 75 6,920,269.56 13.84 16.000 < LIFE CAP <= 16.500 74 6,110,461.99 12.22 16.500 < LIFE CAP <= 17.000 98 7,881,087.57 15.76 17.000 < LIFE CAP <= 17.500 90 7,369,664.79 14.74 17.500 < LIFE CAP <= 18.000 94 7,020,817.57 14.04 18.000 < LIFE CAP <= 18.500 60 4,672,711.79 9.35 18.500 < LIFE CAP <= 19.000 53 3,865,086.00 7.73 19.000 < LIFE CAP <= 19.500 16 874,084.92 1.75 19.500 < LIFE CAP <= 20.000 11 766,704.32 1.53 20.000 < LIFE CAP <= 20.500 4 193,720.70 0.39 20.500 < LIFE CAP <= 21.000 3 219,438.15 0.44 21.000 < LIFE CAP <= 21.500 1 30,120.73 0.06 - -------------------------------------------------------------------------- Total................. 627 $50,001,533.97 100.00% ========================================================================== NEXT INTEREST ROLLDATE DATE Percentage of Cut-Off Aggregate Date Next Number of Unpaid Aggregate Roll Mortgage Principal Principal Date Loans Balance Balance ---- ----- ------- ------- 11/01/97 60 $4,748,017.26 09.50 12/01/97 87 $7,183,102.85 14.37 01/01/98 70 $5,653,665.67 11.31 02/01/98 44 $3,442,856.82 06.89 03/01/98 13 $1,101,149.75 02.20 04/01/98 12 $857,664.69 01.72 02/01/99 3 $323,843.78 00.65 03/01/99 1 $101,751.33 00.20 04/01/99 8 $648,193.02 01.30 05/01/99 47 $3,940,470.29 07.88 06/01/99 102 $8,326,914.43 16.65 07/01/99 88 $6,378,233.00 12.76 08/01/99 67 $5,212,139.17 10.42 09/01/99 25 $2,083,531.91 04.17 - -------------------------------------------------------------------------- Total........ 627 $50,001,533.97 100.00% ========================================================================== 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 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 13 1,271,928.83 2.54 3.500 < Life Floor <= 4.000 1 109,122.62 0.22 5.000 < Life Floor <= 5.500 4 286,080.42 0.57 5.500 < Life Floor <= 6.000 9 922,401.74 1.84 6.000 < Life Floor <= 6.500 4 409,257.17 0.82 6.500 < Life Floor <= 7.000 9 918,827.64 1.84 7.000 < Life Floor <= 7.500 3 193,902.50 0.39 7.500 < Life Floor <= 8.000 5 306,624.31 0.61 8.000 < Life Floor <= 8.500 9 674,059.19 1.35 8.500 < Life Floor <= 9.000 46 4,359,269.40 8.72 9.000 < Life Floor <= 9.500 63 4,850,045.17 9.70 9.500 < Life Floor <= 10.000 100 8,001,258.50 16.00 10.000 < Life Floor <= 10.500 94 7,940,839.50 15.88 10.500 < Life Floor <= 11.000 89 6,868,689.32 13.74 11.000 < Life Floor <= 11.500 65 5,175,996.21 10.35 11.500 < Life Floor <= 12.000 62 4,656,813.17 9.31 12.000 < Life Floor <= 12.500 27 1,517,914.92 3.04 12.500 < Life Floor <= 13.000 17 1,143,836.74 2.29 13.000 < Life Floor <= 13.500 3 129,220.70 0.26 13.500 < Life Floor <= 14.000 1 108,425.19 0.22 14.000 < Life Floor <= 14.500 2 94,620.73 0.19 14.500 < Life Floor <= 15.000 1 62,400.00 0.12 - -------------------------------------------------------------------------- Total................. 627 $ 50,001,533.97 100.00% ========================================================================== LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- Owner Occ. 583 46,998,626.03 93.99 Second Home 4 222,047.40 0.44 Non Owner Occ. 40 2,780,860.54 5.56 - -------------------------------------------------------------------------- Total.................. 627 $ 50,001,533.97 100.00% ========================================================================== MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- Single-family 570 45,641,282.04 91.28 Duplex 17 1,079,075.98 2.16 Modular Housing 2 131,702.70 0.26 Manufactured Housing 1 115,810.81 0.23 SF Row House 2 82,404.64 0.16 Townhouses 7 556,790.68 1.11 Condominiums 26 2,225,967.12 4.45 2-4 Family 2 168,500.00 0.34 - -------------------------------------------------------------------------- Total............... 627 $ 50,001,533.97 100.00% ========================================================================== 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 - Cut Off Date of Tape is 10/1/97 - GROUP III - $67,550,309.04 - -------------------------------------------------------------------------------- Number of Mortgage Loans: 800 Aggregate Unpaid Principal Balance: $67,550,309.04 Aggregate Original Principal Balance: $67,630,637.00 - -------------------------------------------------------------------------------- Weighted Average Coupon (Gross): 10.408% Gross Coupon Range: 7.680% - 14.850% Weighted Average Margin (Gross): 6.450% Gross Margin Range: 3.750% - 10.350% Weighted Average Life Cap (Gross): 17.082% Gross Life Cap Range: 13.850% - 20.870% Weighted Average Life Floor (Gross): 10.050% Gross Life Floor Range: 3.250% - 14.850% - -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $84,437.89 Average Original Principal Balance: $84,538.30 Maximum Unpaid Principal Balance: $400,000.00 Minimum Unpaid Principal Balance: $15,000.00 Maximum Original Principal Balance: $400,000.00 Minimum Original Principal Balance: $15,000.00 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 356.466 Stated Rem Term Range: 175.000 - 360.000 Weighted Average Age (First Pay thru Paid Thru): 2.666 Age Range: 0.000 - 11.000 Weighted Average Original Term: 359.132 Original Term Range: 180.000 - 360.000 Weighted Average Combined LTV: 77.489 Combined LTV Range: 19.000% - 90.000% Weighted Average Periodic Interest Cap: 1.022% Periodic Interest Cap Range: 1.000% - 2.000% Weighted Average Months to Interest Roll: 12.445 * calculated from 10/97 to next rolldate Months to Interest Roll Range: 1 - 32 Weighted Average Interest Roll Frequency: 6.000 Interest Frequency Range: 6 - 6 - -------------------------------------------------------------------------------- All First Liens Greatest Zip Code Concentration: 92128 ll loans 1.61% $1,087,517.78 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 2 208,848.74 0.31 AL 3 205,004.27 0.30 AZ 3 270,728.71 0.40 CA 19 2,696,817.13 3.99 CO 25 3,413,364.50 5.05 CT 3 542,336.65 0.80 DC 1 128,000.00 0.19 DE 1 69,594.72 0.10 FL 22 1,963,940.87 2.91 GA 3 206,866.15 0.31 IA 14 781,132.82 1.16 ID 4 330,960.38 0.49 IL 70 6,255,526.29 9.26 IN 6 426,132.21 0.63 KS 8 673,757.38 1.00 LA 1 92,773.17 0.14 MA 7 931,512.05 1.38 MD 16 1,923,453.82 2.85 MI 200 15,248,102.10 22.57 MN 85 6,966,568.79 10.31 MO 9 621,901.22 0.92 MT 3 213,308.63 0.32 NC 20 1,345,686.93 1.99 ND 1 36,610.74 0.05 NE 1 70,400.00 0.10 NH 1 90,000.00 0.13 NJ 12 1,175,088.24 1.74 NM 1 54,982.99 0.08 NV 2 244,719.19 0.36 NY 2 242,000.00 0.36 OH 47 2,999,530.24 4.44 OK 5 417,009.52 0.62 OR 11 1,167,396.19 1.73 PA 23 1,500,465.32 2.22 RI 8 908,582.25 1.35 SC 3 170,189.84 0.25 TN 8 487,616.42 0.72 TX 24 2,408,075.74 3.56 UT 21 2,018,232.00 2.99 VA 5 533,131.54 0.79 WA 16 1,728,339.49 2.56 WI 83 5,712,591.80 8.46 WY 1 69,030.00 0.10 - -------------------------------------------------------------------------- Total............... 800 $ 67,550,309.04 100.00% ========================================================================== 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 ----- ----- ------- ------- 15.000 < LTV<= 20.000 1 49,271.41 0.07 20.000 < LTV<= 25.000 2 37,487.83 0.06 25.000 < LTV<= 30.000 1 26,905.57 0.04 30.000 < LTV<= 35.000 2 160,000.00 0.24 35.000 < LTV<= 40.000 2 38,389.35 0.06 40.000 < LTV<= 45.000 11 577,851.94 0.86 45.000 < LTV<= 50.000 12 1,022,610.53 1.51 50.000 < LTV<= 55.000 18 928,895.08 1.38 55.000 < LTV<= 60.000 27 1,495,887.23 2.21 60.000 < LTV<= 65.000 44 2,871,354.68 4.25 65.000 < LTV<= 70.000 83 6,784,731.79 10.04 70.000 < LTV<= 75.000 119 10,187,424.78 15.08 75.000 < LTV<= 80.000 275 23,356,800.58 34.58 80.000 < LTV<= 85.000 112 10,854,287.68 16.07 85.000 < LTV<= 90.000 91 9,158,410.59 13.56 - -------------------------------------------------------------------------- Total.................... 800 $ 67,550,309.04 100.00% ========================================================================== 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% 6 897,442.36 1.33 8.00% < Gross Coupon <= 8.50% 15 1,557,585.08 2.31 8.50% < Gross Coupon <= 9.00% 44 5,027,109.29 7.44 9.00% < Gross Coupon <= 9.50% 87 8,642,712.19 12.79 9.50% < Gross Coupon <= 10.00% 128 11,395,399.35 16.87 10.00% < Gross Coupon <= 10.50% 117 10,009,566.00 14.82 10.50% < Gross Coupon <= 11.00% 151 12,407,940.98 18.37 11.00% < Gross Coupon <= 11.50% 81 6,567,795.01 9.72 11.50% < Gross Coupon <= 12.00% 75 4,992,082.11 7.39 12.00% < Gross Coupon <= 12.50% 58 3,885,481.76 5.75 12.50% < Gross Coupon <= 13.00% 29 1,636,017.01 2.42 13.00% < Gross Coupon <= 13.50% 4 230,460.42 0.34 13.50% < Gross Coupon <= 14.00% 3 235,717.48 0.35 14.00% < Gross Coupon <= 14.50% 1 42,250.00 0.06 14.50% < Gross Coupon <= 15.00% 1 22,750.00 0.03 - ---------------------------------------------------------------------------- Total.......... 800 $ 67,550,309.04 100.00% ============================================================================ 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. CURRENT MORTGAGE LOAN AMOUNTS Percentage of Aggregate Cut-Off Date Current Number of Unpaid Aggregate Mortgage Loan Mortgage Principal Principal Principal Balance Loans Balance Balance ----------------- ----- ------- ------- Balance <= 25,000 22 479,941.82 0.71 25,000 < Balance <= 50,000 169 6,737,595.23 9.97 50,000 < Balance <= 100,000 402 29,242,767.69 43.29 100,000 < Balance <= 150,000 135 16,195,745.51 23.98 150,000 < Balance <= 200,000 41 6,913,187.73 10.23 200,000 < Balance <= 250,000 18 4,033,501.62 5.97 250,000 < Balance <= 300,000 8 2,216,808.85 3.28 300,000 < Balance <= 350,000 3 970,831.39 1.44 350,000 < Balance <= 400,000 2 759,929.20 1.12 - -------------------------------------------------------------------------- Total.................... 800 $ 67,550,309.04 100.00% ========================================================================== AGE OF LOAN PercentAge of Aggregate Cut-Off Date Number of Unpaid Aggregate MortgAge Principal Principal Age Loans Balance Balance --- ----- ------- ------- Age = 0 32 2,721,525.00 4.03% 0 < Age <= 6 749 63,140,323.09 93.47% 6 < Age <= 12 19 1,688,460.95 2.50% - ------------------------------------------------------------------- Total............ 800 67,550,309.04 100.00% =================================================================== ARM TYPE WA Total # % Rem WA WA WA Current Loan Feature Loan Pool WAC Term MARGIN LIFECAP FLOOR Balance - ------------ ---- ---- --- ---- ------ ------- ----- ------- 2/28 442 53.84 10.814 357.56 6.447 17.600 10.489 $36,369,371.58 3/27 4 .54 9.996 357.10 5.959 16.375 8.525 $366,392.16 ARM 354 45.62 9.934 355.17 6.460 16.480 9.550 $30,814,545.30 - -------------------------------------------------------------------------------- Total..... 800 100.00% 10.408 356.47 6.450 17.082 10.050 $67,550,309.04 ================================================================================ 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 4 307,208.81 0.45% 228 < Rem Term <= 240 1 27,855.53 0.04% 348 < Rem Term <= 360 795 67,215,244.70 99.50% - ------------------------------------------------------------------- Total............ 800 67,550,309.04 100.00% =================================================================== 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 SUMMARY STRATIFIED BY GROSS MARGIN Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Margin Loans Balance Balance ------ ----- ------- ------- 3.500 Gross Margin <= 4.000 11 1,087,517.78 1.61 4.000 Gross Margin <= 4.500 10 1,196,780.44 1.77 4.500 Gross Margin <= 5.000 27 2,763,596.85 4.09 5.000 Gross Margin <= 5.500 58 5,732,765.89 8.49 5.500 Gross Margin <= 6.000 148 13,851,996.19 20.51 6.000 Gross Margin <= 6.500 133 11,892,563.31 17.61 6.500 Gross Margin <= 7.000 141 11,416,800.92 16.90 7.000 Gross Margin <= 7.500 122 9,584,373.28 14.19 7.500 Gross Margin <= 8.000 89 6,711,637.39 9.94 8.000 Gross Margin <= 8.500 35 1,998,116.27 2.96 8.500 Gross Margin <= 9.000 19 960,472.05 1.42 9.000 Gross Margin <= 9.500 2 83,221.19 0.12 9.500 Gross Margin <= 10.000 3 193,717.48 0.29 10.000 Gross Margin <= 10.500 2 76,750.00 0.11 - ----------------------------------------------------------------------------- Total................. 800 $ 67,550,309.04 100.00% ============================================================================= 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 -------- ----- ------- ------- 13.500 < LIFE CAP <= 14.000 1 175,571.81 0.26 14.000 < LIFE CAP <= 14.500 3 308,769.68 0.46 14.500 < LIFE CAP <= 15.000 20 2,255,444.16 3.34 15.000 < LIFE CAP <= 15.500 44 4,914,786.69 7.28 15.500 < LIFE CAP <= 16.000 70 7,135,691.47 10.56 16.000 < LIFE CAP <= 16.500 82 7,468,810.03 11.06 16.500 < LIFE CAP <= 17.000 139 11,692,551.90 17.31 17.000 < LIFE CAP <= 17.500 112 9,778,092.25 14.48 17.500 < LIFE CAP <= 18.000 139 11,287,826.95 16.71 18.000 < LIFE CAP <= 18.500 65 4,501,159.46 6.66 18.500 < LIFE CAP <= 19.000 53 3,367,019.18 4.98 19.000 < LIFE CAP <= 19.500 40 2,747,159.95 4.07 19.500 < LIFE CAP <= 20.000 25 1,562,115.09 2.31 20.000 < LIFE CAP <= 20.500 5 272,710.42 0.40 20.500 < LIFE CAP <= 21.000 2 82,600.00 0.12 - -------------------------------------------------------------------------- Total................. 800 $67,550,309.04 100.00% ========================================================================== 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 ---- ----- ------- ------- 06/01/00 4 $366,392.16 00.54 11/01/97 69 $6,459,805.66 09.56 12/01/97 107 $9,033,298.83 13.37 01/01/98 97 $7,878,910.90 11.66 02/01/98 57 $5,202,204.38 07.70 03/01/98 12 $1,116,252.02 01.65 04/01/98 12 $1,124,073.51 01.66 03/01/99 1 $162,969.71 00.24 04/01/99 9 $985,909.58 01.46 05/01/99 48 $4,269,541.23 06.32 06/01/99 158 $13,867,514.55 20.53 07/01/99 117 $9,050,261.08 13.40 08/01/99 86 $6,164,201.49 09.13 09/01/99 23 $1,868,973.94 02.77 - -------------------------------------------------------------------------- Total........ 800 $67,550,309.04 100.00% ========================================================================== 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 11 1,087,517.78 1.61 4.500 < Life Floor <= 5.000 1 359,929.20 0.53 5.000 < Life Floor <= 5.500 8 666,546.45 0.99 5.500 < Life Floor <= 6.000 9 1,057,510.62 1.57 6.000 < Life Floor <= 6.500 6 601,433.55 0.89 6.500 < Life Floor <= 7.000 9 768,980.09 1.14 7.000 < Life Floor <= 7.500 9 796,888.87 1.18 7.500 < Life Floor <= 8.000 14 1,257,219.62 1.86 8.000 < Life Floor <= 8.500 16 1,600,069.03 2.37 8.500 < Life Floor <= 9.000 42 4,735,689.23 7.01 9.000 < Life Floor <= 9.500 67 6,296,769.12 9.32 9.500 < Life Floor <= 10.000 116 10,260,318.70 15.19 10.000 < Life Floor <= 10.500 108 9,351,564.34 13.84 10.500 < Life Floor <= 11.000 143 11,733,319.67 17.37 11.000 < Life Floor <= 11.500 79 6,414,495.01 9.50 11.500 < Life Floor <= 12.000 71 4,753,815.03 7.04 12.000 < Life Floor <= 12.500 56 3,771,981.76 5.58 12.500 < Life Floor <= 13.000 26 1,505,083.07 2.23 13.000 < Life Floor <= 13.500 4 230,460.42 0.34 13.500 < Life Floor <= 14.000 3 235,717.48 0.35 14.000 < Life Floor <= 14.500 1 42,250.00 0.06 14.500 < Life Floor <= 15.000 1 22,750.00 0.03 - -------------------------------------------------------------------------- Total................. 800 $ 67,550,309.04 100.00% ========================================================================== 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 SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- Owner Occ. 757 64,881,930.14 96.05 Second Home 4 298,449.13 0.44 Non Owner Occ. 39 2,369,929.77 3.51 - -------------------------------------------------------------------------- Total.................. 800 $ 67,550,309.04 100.00% ========================================================================== MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance ----- ------- ------- Single-family 700 60,533,584.41 89.61 Duplex 36 2,351,686.73 3.48 Modular Housing 6 417,379.34 0.62 Manufactured Housing 7 402,594.57 0.60 PUD 1 64,876.00 0.10 SF Row House 8 451,403.98 0.67 Townhouses 11 741,148.97 1.10 Condominiums 24 2,183,826.23 3.23 2-4 Family 7 403,808.81 0.60 - -------------------------------------------------------------------------- Total............... 800 $ 67,550,309.04 100.00% ========================================================================== 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-----