-----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, FzPHhhFEOe6ngTPvZvf6/uCe5zA7kUb/FmN3nGjXJIAh3fCnhCtCDZ97bGR6Xkp7 iFMMi/rlmtcLxRRZdTPfAw== 0000905148-97-001192.txt : 19970912 0000905148-97-001192.hdr.sgml : 19970912 ACCESSION NUMBER: 0000905148-97-001192 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970827 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19970829 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLAYTON HOMES INC CENTRAL INDEX KEY: 0000719547 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 620794407 STATE OF INCORPORATION: TN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08824 FILM NUMBER: 97672706 BUSINESS ADDRESS: STREET 1: 623 MARKET ST CITY: KNOXVILLE STATE: TN ZIP: 37902 BUSINESS PHONE: 6159707200 MAIL ADDRESS: STREET 1: PO BOX 15169 CITY: KNOXVILLE STATE: TN ZIP: 37901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANDERBILT MORTGAGE & FINANCE INC CENTRAL INDEX KEY: 0000816512 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 620997810 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-80304 FILM NUMBER: 97672707 BUSINESS ADDRESS: STREET 1: 4726 AIRPORT HIGHWAY CITY: LOUISVILLE STATE: TN ZIP: 37777 BUSINESS PHONE: 4239707200 MAIL ADDRESS: STREET 1: 4726 AIRPORT HIGHWAY CITY: LOUISVILLE STATE: TN ZIP: 37777 8-K 1 ____________________________________________________________________________ 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): August 27, 1997 VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and servicer under the Pooling and Servicing Agreement, dated as of July 26, 1997, providing for the issuance of the Vanderbilt Mortgage and Finance, Inc., Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1997C). CLAYTON HOMES, INC. VANDERBILT MORTGAGE AND FINANCE, INC. -------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Clayton Homes, Inc. - Del. Vanderbilt - Tennessee 333-14033 62-0997810 - ---------------------------- ------------- ---------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 4726 Airport Highway Louisville, Tennessee 37777 - ---------------------- ---------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (423) 970-7200 ----------------- ______________________________________________________________________ (Former Address: __________________________________________________________________________ Item 5. Other Events ------------ Filing of Computational Materials. - --------------------------------- In connection with the offering of the Vanderbilt Mortgage and Finance, Inc. ("Vanderbilt") Manufactured Housing Contract Senior/Subordinate Pass- Through Certificates, Series 1997C, Prudential Securities Incorporated, as the underwriter of the Certificates (the "Underwriter") have provided certain materials (the "Computational Materials") for distribution to its potential investors. Although the Company provided the Underwriter with certain information regarding the characteristics of the Contracts in the related portfolio, it did not participate in the preparation of the Computational Materials. For purposes of this Form 8-K, Computational Materials shall mean computer generated tables and/or charts displaying, with respect to any Class or Classes of Certificates, any of the following: yield; average life; duration; expected maturity; interest rate sensitivity; loss sensitivity; cash flow characteristics; background information regarding the Contracts; the proposed structure; decrement tables; or similar information (tabular or otherwise) of a statistical, mathematical, tabular or computational nature. The Computational Materials provided by Prudential Securities Incorporated are attached hereto as Exhibit 99.1. Item 7. Financial Statements, Pro Forma Financial ----------------------------------------- Information and Exhibits. ------------------------ (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Computational Materials - Prudential Securities Incorporated SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. VANDERBILT MORTGAGE AND FINANCE, INC. By: /s/ David R. Jordan ---------------------- Name: David R. Jordan Title: Vice President CLAYTON HOMES, INC. By: Kevin T. Clayton ------------------------------ Name: Kevin T. Clayton Title: President Dated: August 27, 1997 Exhibit Index ------------- Exhibit Page - ------- ---- 99.1 Computational Materials, Prudential Securities Incorporated ******************** PRELIMINARY INFORMATION ONLY ********************* Marketing Memorandum for Vanderbilt Mortgage and Finance, Inc., Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 1997-C ----------------------------------------------------------------------- GROUP I CERTIFICATES: $ [ 36,600,000.00] Class IA-1 Fixed Rate Certificates - [TBD%] $ [ 28,800,000.00] Class IA-2 Fixed Rate Certificates - [TBD%] $ [ 23,800,000.00] Class IA-3 Fixed Rate Certificates - [TBD%] $ [ 10,100,000.00] Class IA-4 Fixed Rate Certificates - [TBD%] $ [ 19,351,000.00] Class IA-5 Fixed Rate Certificates - [TBD%] $ [ 11,506,000.00] Class IA-6 Fixed Rate Certificates - [TBD%] $ [ 7,911,000.00] Class IB-1 Fixed Rate Certificates - [TBD%] $ [ 5,753,000.00] Class IB-2 Fixed Rate Certificates - [TBD%] GROUP II CERTIFICATES: $[ 63,251,000] Class IIA-1 Adjustable Rate Certificates - [1M LIBOR + __ bps] $ [ 9,780,000] Class IIB-1 Adjustable Rate Certificates - [1M LIBOR + __ bps] $ [ 4,370,000] Class IIB-2 Adjustable Rate Certificates - [1M LIBOR + __ bps] $ [ 5,826,000] Class 11B-3 Adjustable Rate Certificates - [1M LIBOR + __ bps] - ------------------------------------------------------------------------------- The information provided herein is provided solely by Prudential Securities Incorporated ("PSI") as underwriter for the Vanderbilt Mortgage and Finance, Series 1997-C transaction, and not by or as agent for Vanderbilt Mortgage and Finance, Inc. or any of its affiliates (the "Sponsor"). The Sponsor has not prepared, reviewed or participated in the preparation hereof, is not responsible for the accuracy hereof and has not authorized the dissemination hereof. The analysis in this report is accurate to the best of PSI's knowledge and is based on information provided by the Sponsor. PSI makes no representations as to the accuracy of such information provided to it by the Sponsor. 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. The Certificates are being offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). The information contained herein will be superseded by the final Prospectus. ******************** PRELIMINARY INFORMATION ONLY ************************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo Title of Securities: VMF 1997-C, Class IA-1, Class IA-2, Class IA-3, Class IA-4, Class IA-5, Class IA-6, Class IB-1 and Class IB-2 Fixed Rate Group Certificates and Class IIA-1,Class IIB-1, Class IIB-2 and Class IIB-3 Adjustable Rate Group Certificates Seller: Vanderbilt Mortgage and Finance, Inc. Servicer: Vanderbilt Mortgage and Finance, Inc. Trustee: The Chase Manhattan Bank CREDIT ENHANCEMENT ------------------ 1) Excess interest 2) Over-Collateralization 3) Cross-Collateralization 4) Subordination Excess Interest: Excess interest cashflows from each group will be available as credit enhancement for the related group. Overcollateralization: The credit enhancement provisions of the Trust are intended to provide for the limited acceleration of the senior Certificates relative to the amortization of the related collateral, generally in the early months of the transaction. Accelerated amortization is achieved by applying excess servicing and the servicing fee (while VMF is the servicer) collected on the collateral to the payment of principal on the Senior Certificates, resulting in the build up of overcollateralization ("O/C"). By paying down the principal balance of the certificates faster than the principal amortization of the respective collateral pool, an O/C amount equal to the excess of the aggregate principal balance of the collateral pool over the principal balance of the related Certificates is created. Excess cashflow will be directed to build the O/C amount until the pool reaches its required O/C target. Upon this event the acceleration feature will cease, unless it is once again necessary to maintain the required O/C level. FIXED RATE CERTIFICATES NA ADJUSTABLE RATE CERTIFICATES Initial Deposit: [0.00%] Target: [3.75%] These O/C percentages are subject to step-downs beginning in month [61] if the Subordinate Class Principal distribution tests are met. Cross- Collateralization: Excess spread from each of the two collateral groups, if not needed to credit enhance its own group will be available to credit enhance the other group. Subordination: GROUP I GROUP II (Fixed) (Adjustable) ------- ------------ Class IA-1 - IA-5 +IIA-1 (Aaa) [17.50]% [24.00]% Class IA-6 + IIB-1 (Aa3) [ 9.50]% [12.25]% Class IB-1 + IIB-2 (Baa2) [ 4.00]% [ 7.00]% Class IB-2 + IIB-3 (Baa2) Class Sizes: GROUP I GROUP II ------- -------- Class IA-1 - IA-5 + IIA-1 (Aaa) [82.50]% [76.00]% Class IA-6 + IIB-1 (Aa3) [ 8.00]% [11.75] Class IB-1 + IIB-2 (Baa2) [ 5.50]% [ 5.25]% Class 1B-2 + IIB-3 (Baa2) [ 4.00]% [ 7.00]% O/C NA [0 to 3.75]% 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. ************************* PRELIMINARY INFORMATION ONLY ********************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo - ------------------------------------------------------------------------------- Fixed-Rate Group

Through Rate: The Class I A-1 Pass Through Rate will equal the lesser of i) One Month LIBOR plus [TBD%] and ii) the weighted average gross coupon of the contracts less the [1.25%] servicing fee. Corporate Guarantee: The Class I B-2 Certificateholders will have the benefit of a limited guarantee of Clayton Homes, Inc.("CHI") to protect against losses that would otherwise be absorbed by the Class I B-2 Certificateholders. Servicing Fee: For as long as Vanderbilt is the servicer, the servicing fee of [1.25]% per annum is subordinate to the Offered Certificates on a monthly basis. 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. ************************ PRELIMINARY INFORMATION ONLY ********************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo Cashflow Priority: PRICING BASE CASE CLASS I B DISTRIBUTION TEST IS MET: 1) Current interest and any previously unreimbursed interest to Classes I A-1 - I A-5; 2) Senior percentage of principal payments sequentially to Classes I A-1, I A-2, I A-3, I A-4, and I A-5 until such class is reduced to zero; 3) Current interest and any previously unreimbursed interest to Class I A-6 Certificates; 4) Senior percentage of principal payments to Class I A-6 until such class is reduced to zero; 5) Current interest and any previously unreimbursed interest to Class I B-1 Certificates; 6) Class I B percentage of principal payments to Class I B-1 until such class is reduced to zero; 7) Current interest and any previously unreimbursed interest to Class I B-2 Certificates; 8) Class I B percentage of principal payments to Class I B-2 until such class is reduced to zero; 9) Excess cashflow to fund any Available Funds shortfall with respect to the Group II Certificates except the Net Funds Cap Carryover Amount; 10) Excess cashflow to the Class II A-1 to build O/C for the Group II Certificates. 11) As long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product of 1.25% and the pool scheduled principal balance to the Servicer; 12) Any remainder to Clayton Homes for any unreimbursed guaranteed payments with respect to Class I B-2; 13) Any remainder to the Class R Certificates. __________________________________________________ | | | | | | | |I A-1|I A-2| I A-3 | I A-4 | I A-5 | I A-6 | | | | | | | | |_____|_____|__________|________|_______|________| |///////////////////| | | |///////////////////| I B-1 | I B-2 | |///////////////////| | | -------------------------------------------------- 5 yrs CLASS I B DISTRIBUTION TEST IS NOT MET: 1) Current interest and any previously unreimbursed interest to Classes I A-1 - I A-5 Certificates; 2) 100% of principal payments sequentially to Classes I A-1, I A-2, I A-3, I A-4, and I A-5 until such class is reduced to zero; 3) Current interest and any previously unreimbursed interest to Clas I A-6 Certificates; 4) 100% of principal payments to Class I A-6 until such Class is reduced to zero; 5) Current interest and any previously unreimbursed interest to Class I B-1 Certificates; 6) 100% of principal payments to Class I B-1 until such Class is reduced to zero; 7) Current interest and any previously unreimbursed interest to Class I B-2 Certificates; 8) 100% of principal payments to Class I B-2 until such Class is reduced to zero; 9) Excess cashflow to fund any Available Funds shortfall with respect to the Group II Certificates except the Net Funds Cap Carryover Amount; 10) Excess cashflow to the Class II A-1 to build O/C for the Group II Certificates. 11) So long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product of 1.25% and the pool scheduled principal balance to the Servicer; 12) Any remainder to Clayton Homes for any unreimbursed guaranteed payments with respect to Class I B-2; 13) Any remainder to the Class R Certificates. _________________________________________________________________ | | | | | | | | | | | | | | | | | | | I A-1 | I A-2 | I A-3 | I A-4 | I A-5 | I A-6 | I B-1 | I B-2 | | | | | | | | | | |_______|_______|_______|_______|_______|_______|_______|_______| 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. ************************** PRELIMINARY INFORMATION ONLY ********************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo Class I B Distribution Test: The Class I B Distribution Test is met if: 1) Remittance Date is on or after September 2002 2) Class I B Percentage is at least [16.625] % (which is 1.75 times the original Class I B Percentage) 3) Cumulative Realized Losses do not exceed 7% for year 2001, 8% for year 2002, and 9% for year 2003 and beyond of the Original Principal Balance of the Contracts 4) Current Realized Loss Ratio does not exceed 2.75% 5) Average 60 Day Delinquency Ratio does not exceed 5% 6) Average 30 Day Delinquency Ratio does not exceed 7% 7) Class I B-2 Principal Balance must not be less than [$ 2,876,428] (which represents approximately 2% of the Total Original Group I Pool Principal Balance). THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY. ************************** PRELIMINARY INFORMATION ONLY ********************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo - ------------------------------------------------------- Adjustable-Rate Certificates

Group II Pass Through Rate: The Group II Pass Through Rate will equal the lesser of i) One Month LIBOR plus [TBD%] and ii) the Net Funds Cap as described herein. Coupon Step up: If the 10% Clean-Up Call is not exercised, the coupon on the Class Adjustable Rate Certificates: IIA-1 - shall increase by [2x] the respective margins IIB-1 - shall increase by an additional [50 BP] IIB-2 - shall increase by an additional [50 BP] IIB-3 - shall increase by an additional [50 BP] Net Funds Cap: The difference between the a) collateral WAC and b) the the sum of i) if the OC is less than its target, [0.75]% spread cushion, and ii) if the Company is no longer the Servicer, [1.25]%. Net Funds Cap Carryover: If on any Payment Date the Group II Certificate interest distribution amount is less than the Group II Pass-Through Rate (which is subject to a maximum equal to the Weighted Average Life Cap of the collateral), 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 II B-2 Certificate principal balance has been reduced to zero. Corporate Guarantee: The Class II B-3 Certificateholders will have the benefit of a limited guarantee of Clayton Homes, Inc.("CHI") to protect against losses that would otherwise be absorbed by the Class II B-3 Certificateholders. 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. ************************** PRELIMINARY INFORMATION ONLY ********************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo Cashflow Priority: PRICING BASE CASE CLASS II B DISTRIBUTION TEST IS MET: 1) Current interest and any previously unreimbursed interest to Class II A-1 Certificates (subject to the Net Funds Cap); 2) Senior percentage of principal payments to Class II A-1 until such class is reduced to zero; 3) Current interest and any previously unreimbursed interest to Class II B-1 Certificates; 4) Class II B percentage of principal payments to Class II B-1 until such class is reduced to zero; 5) Current interest and any previously unreimbursed interest to Class II B-2 Certificates; 6) Class II B percentage of principal payments to Class II B-2 until such class is reduced to zero; 7) Current interest and any previously unreimbursed interest to Class II B-3 Certificates; 8) Class II B percentage of principal payments to Class II B-3 until such class is reduced to zero; 9) Excess cashflow to fund any Available Funds shortfall with respect to the Group I Certificates except the Net Funds Cap Carryover Amount; 10) Excess cashflow to the Class II A-1 to build O/C. 11) So long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product of 1.25% and the pool scheduled principal balance to the Servicer; 12) Any remainder to Clayton Homes for any unreimbursed guaranteed payments with respect to Class II B-3; 13) Any remainder to the Class R Certificates. ______________________________________________________ | | | II A-1 | | | |_____________________________________________________| |/////////////| | | | |/////////////| | | | |/////////////| II B-1 | II B-2 | II B-3 | |/////////////|________________|____________|_________| 5 yrs 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. ************************** PRELIMINARY INFORMATION ONLY ********************* Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo CLASS II B DISTRIBUTION TEST IS NOT MET: 1) Current interest and any previously unreimbursed interest to Classes II A-1 Certificates; 2) 100% of principal payments sequentially to Class II A-1 until such class is reduced to zero; 3) Current interest and any previously unreimbursed interest to Class II B-1 Certificates; 4) 100% of principal payments to Class II B-1 until such Class is reduced to zero; 5) Current interest and any previously unreimbursed interest to Class II B-2 Certificates; 6) 100% of principal payments to Class II B-2 until such Class is reduced to zero; 7) Excess cashflow to fund any Available Funds shortfall with respect to the Group I Certificates except the Net Funds Cap Carryover Amount; 8) Excess cashflow to the Class II A-1 to build O/C. 9) So long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product of 1.25% and the pool scheduled principal balance to the Servicer; 10) Any remainder to Clayton Homes for any unreimbursed guaranteed payments with respect to Class II B-3; 11) Any remainder to the Class R Certificates. _________________________________________________________________ | | | | | | | | | | | II A-1 | II B-1| II B-2| II B-3| | | | | | |_______________________________________|_______|_______|_______| Class II B Distribution Test: The Class II B Distribution Test is met if 1) Remittance Date is on or after September 2002 2) Class II B Percentage + O/C is at least [55.5%] 3) Cumulative Realized Losses do not exceed 7% for year 2001, 8% for year 2002, and 9% for year 2003 and beyond of the Original Principal Balance of the Contracts 4) Current Realized Loss Ratio does not exceed 2.75% 5) Average 60 Day Delinquency Ratio does not exceed 5% 6) Average 30 Day Delinquency Ratio does not exceed 7% 7) Sum of Class I B-2 Principal Balance + O/C must not be less than [$ 1,664,555] (which represents approximately 2% of the Total Original Group II Pool Principal Balance). THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY. ************************ PRELIMINARY INFORMATION ONLY *********************** Vanderbilt Mortgage and Finance, Inc., Series 1997-C Preliminary Marketing Memo Cleanup Call: The Servicer may call the Certificates at par plus accrued interest after the remaining pool balance of the Certificates is less than 10% of its original balance. Payment Date: The 7th day of each month or, if such day is not a business day, the next succeeding business day, beginning in September, 1997. Interest Accrual: Interest will accrue from the 1st day of the preceding month until the 30th day of the preceding month for the Class I A-2, I A-3, I A-4, I A-5, I A-6, I B-1 and I B-2 certificates. For the Class I A-1 certificates and the Group II Certificates, interest will accrue from the 7th day of the preceeding month until the 6th day of the current month. For the first payment date, interest will accrue from the closing date to the first Payment Date for the class I A-1 certificates and the Group II Certificates.. For the Class I A-1 certificates, and the Group II Certificates, interest is calculated using an actual/360 day count. For the remainder of the certificate classes, interest is calculated using a 30/360 day count. ERISA Considerations: The Class I A-1, I A-2, I A-3, I A-4, and I A-5 Certificates and the Class II A-1 will be ERISA eligible. The Class I A-6 I B-1 and I B-2 Certificates and the Class II B-1, II B-2, and II B-3 are not ERISA eligible. However, investors should consult with their counsel with respect to the consequences under ERISA and the Code of the Plan's acquisition and ownership of such Certificates. SMMEA Considerations: The Class II A-1 and II B-1 Certificates will constitute "mortgage related securities" under the Secondary Mortgage Market Enhancement Act of 1984 "SMMEA". Group I Group II Type of Collateral: FIXED ARM Amount: [ $ 143,821,359 $ 83,227,736 ] Avg Unpaid Balance [ $ 30,484 $ 32,935 ] Max Orig Balance [ $440,000 $ 104,127 ] WAC: [ 11.345% 10.823% ] WAC Range: [ 7.81% - 18.00% 7.990% - 15.50% ] WAM: [ 201 193 ] WA Orig Term: [ 209 193 ] WALTV: [ 89.2% 87.8% ] New: [ 73.2% 80.3% ] Used: [ 26.8% 19.7% ] Park: [ 76.0% 65.9% ] Non-Park: [ 24.0% 34.1% ] Single Wide: [ 50.7% 52.0% ] Double Wide: [ 49.3% 48.0% ] 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. 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. CURRENT BALANCE: $36,600,000.00 DATED DATE: 08/29/97 CURRENT COUPON: 5.725% VMF7C FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 RIGINAL BALANCE: $36,600,000.00 BOND IA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/29/97 ASSUMED CONSTANT LIBOR-1M 5.6250 ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% PRICE 99-24 28.701 30.985 34.208 35.595 40.280 99-24+ 27.530 29.671 32.692 33.993 38.384 99-25 26.359 28.358 31.177 32.391 36.489 99-25+ 25.189 27.045 29.662 30.789 34.594 99-26 24.019 25.732 28.148 29.188 32.700 99-26+ 22.850 24.419 26.634 27.587 30.806 99-27 21.680 23.107 25.120 25.986 28.912 99-27+ 20.511 21.795 23.606 24.386 27.019 99-28 19.342 20.483 22.093 22.786 25.126 99-28+ 18.173 19.172 20.580 21.186 23.234 99-29 17.005 17.861 19.068 19.587 21.342 99-29+ 15.837 16.550 17.556 17.989 19.451 99-30 14.669 15.239 16.044 16.390 17.560 99-30+ 13.501 13.929 14.532 14.792 15.669 99-31 12.334 12.619 13.021 13.194 13.779 99-31+ 11.167 11.309 11.510 11.597 11.889 100-00 10.000 10.000 10.000 10.000 10.000 100-00+ 8.833 8.691 8.490 8.403 8.111 100-01 7.667 7.382 6.980 6.807 6.223 100-01+ 6.501 6.074 5.471 5.211 4.335 100-02 5.335 4.765 3.962 3.616 2.447 100-02+ 4.170 3.457 2.453 2.020 0.560 100-03 3.004 2.150 0.944 0.426 -1.326 First Payment 0.022 0.022 0.022 0.022 0.022 Average Life 1.394 1.235 1.064 1.004 0.843 Last Payment 2.772 2.439 2.106 2.022 1.689 Mod.Dur. @ 100-00 1.288 1.147 0.995 0.941 0.795 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $28,800,000.00 DATED DATE: 08/01/97 COUPON: 6.430% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $28,800,000.00 BOND IA2 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 6.559 6.563 6.570 6.573 6.582 99-24+ 6.554 6.558 6.564 6.566 6.575 99-25 6.550 6.553 6.558 6.560 6.568 99-25+ 6.545 6.548 6.552 6.554 6.560 99-26 6.540 6.543 6.546 6.548 6.553 99-26+ 6.536 6.538 6.541 6.542 6.546 99-27 6.531 6.533 6.535 6.536 6.539 99-27+ 6.527 6.528 6.529 6.530 6.532 99-28 6.522 6.522 6.523 6.524 6.525 99-28+ 6.517 6.517 6.517 6.518 6.518 99-29 6.513 6.512 6.512 6.511 6.510 99-29+ 6.508 6.507 6.506 6.505 6.503 99-30 6.503 6.502 6.500 6.499 6.496 99-30+ 6.499 6.497 6.494 6.493 6.489 99-31 6.494 6.492 6.488 6.487 6.482 99-31+ 6.490 6.487 6.483 6.481 6.475 100-00 6.485 6.482 6.477 6.475 6.468 100-00+ 6.480 6.477 6.471 6.469 6.461 100-01 6.476 6.472 6.465 6.463 6.453 100-01+ 6.471 6.466 6.460 6.456 6.446 100-02 6.467 6.461 6.454 6.450 6.439 100-02+ 6.462 6.456 6.448 6.444 6.432 100-03 6.457 6.451 6.442 6.438 6.425 100-03+ 6.453 6.446 6.436 6.432 6.418 100-04 6.448 6.441 6.431 6.426 6.411 100-04+ 6.444 6.436 6.425 6.420 6.404 100-05 6.439 6.431 6.419 6.414 6.396 100-05+ 6.434 6.426 6.413 6.408 6.389 100-06 6.430 6.421 6.407 6.402 6.382 100-06+ 6.425 6.416 6.402 6.396 6.375 100-07 6.421 6.410 6.396 6.390 6.368 100-07+ 6.416 6.405 6.390 6.383 6.361 First Payment 2.772 2.439 2.106 2.022 1.689 Average Life 3.963 3.537 3.064 2.895 2.441 Last Payment 5.272 4.689 4.106 3.856 3.272 Mod.Dur. @ 100-00 3.374 3.052 2.683 2.549 2.181 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $23,800,000.00 DATED DATE: 08/01/97 COUPON: 6.620% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $23,800,000.00 BOND IA3 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 6.739 6.741 6.745 6.747 6.752 99-24+ 6.736 6.738 6.741 6.743 6.748 99-25 6.733 6.735 6.738 6.739 6.743 99-25+ 6.730 6.731 6.734 6.735 6.739 99-26 6.727 6.728 6.730 6.731 6.734 99-26+ 6.724 6.725 6.727 6.727 6.730 99-27 6.721 6.722 6.723 6.723 6.725 99-27+ 6.718 6.718 6.719 6.719 6.721 99-28 6.715 6.715 6.715 6.716 6.716 99-28+ 6.712 6.712 6.712 6.712 6.712 99-29 6.709 6.708 6.708 6.708 6.707 99-29+ 6.706 6.705 6.704 6.704 6.703 99-30 6.703 6.702 6.701 6.700 6.698 99-30+ 6.700 6.699 6.697 6.696 6.693 99-31 6.697 6.695 6.693 6.692 6.689 99-31+ 6.694 6.692 6.689 6.688 6.684 100-00 6.691 6.689 6.686 6.684 6.680 100-00+ 6.688 6.685 6.682 6.680 6.675 100-01 6.685 6.682 6.678 6.676 6.671 100-01+ 6.682 6.679 6.674 6.673 6.666 100-02 6.679 6.676 6.671 6.669 6.662 100-02+ 6.676 6.672 6.667 6.665 6.657 100-03 6.673 6.669 6.663 6.661 6.653 100-03+ 6.670 6.666 6.660 6.657 6.648 100-04 6.667 6.662 6.656 6.653 6.644 100-04+ 6.664 6.659 6.652 6.649 6.639 100-05 6.661 6.656 6.649 6.645 6.635 100-05+ 6.658 6.653 6.645 6.641 6.630 100-06 6.655 6.649 6.641 6.638 6.626 100-06+ 6.652 6.646 6.637 6.634 6.621 100-07 6.649 6.643 6.634 6.630 6.617 100-07+ 6.646 6.640 6.630 6.626 6.612 First Payment 5.272 4.689 4.106 3.856 3.272 Average Life 6.672 5.938 5.111 4.819 4.053 Last Payment 8.272 7.439 6.356 6.022 4.939 Mod.Dur. @ 100-00 5.201 4.734 4.183 3.981 3.431 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. ************************** PRELIMINARY INFORMATION ONLY ********************* CURRENT BALANCE: $10,100,000.00 DATED DATE: 08/01/97 COUPON: 6.840% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $10,100,000.00 BOND IA4 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 6.959 6.961 6.963 6.964 6.969 99-24+ 6.957 6.958 6.960 6.961 6.965 99-25 6.954 6.955 6.957 6.958 6.962 99-25+ 6.952 6.953 6.954 6.955 6.958 99-26 6.949 6.950 6.952 6.952 6.955 99-26+ 6.947 6.948 6.949 6.949 6.951 99-27 6.945 6.945 6.946 6.946 6.948 99-27+ 6.942 6.943 6.943 6.943 6.944 99-28 6.940 6.940 6.940 6.940 6.941 99-28+ 6.937 6.937 6.937 6.937 6.937 99-29 6.935 6.935 6.934 6.934 6.934 99-29+ 6.933 6.932 6.932 6.931 6.930 99-30 6.930 6.930 6.929 6.928 6.927 99-30+ 6.928 6.927 6.926 6.925 6.923 99-31 6.925 6.925 6.923 6.922 6.920 99-31+ 6.923 6.922 6.920 6.919 6.916 100-00 6.921 6.919 6.917 6.916 6.913 100-00+ 6.918 6.917 6.914 6.913 6.909 100-01 6.916 6.914 6.912 6.910 6.906 100-01+ 6.914 6.912 6.909 6.907 6.902 100-02 6.911 6.909 6.906 6.904 6.899 100-02+ 6.909 6.907 6.903 6.901 6.895 100-03 6.906 6.904 6.900 6.898 6.892 100-03+ 6.904 6.901 6.897 6.895 6.888 100-04 6.902 6.899 6.894 6.892 6.885 100-04+ 6.899 6.896 6.892 6.889 6.881 100-05 6.897 6.894 6.889 6.886 6.878 100-05+ 6.894 6.891 6.886 6.883 6.874 100-06 6.892 6.889 6.883 6.880 6.871 100-06+ 6.890 6.886 6.880 6.877 6.867 100-07 6.887 6.883 6.877 6.874 6.864 100-07+ 6.885 6.881 6.874 6.871 6.860 First Payment 8.272 7.439 6.356 6.022 4.939 Average Life 9.021 8.175 7.111 6.696 5.515 Last Payment 9.856 8.939 7.856 7.439 6.189 Mod.Dur. @ 100-00 6.501 6.047 5.437 5.187 4.435 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $19,351,000.00 DATED DATE: 08/01/97 COUPON: 7.020% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $19,351,000.00 BOND IA5 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 7.141 7.142 7.143 7.144 7.146 99-24+ 7.139 7.139 7.141 7.141 7.144 99-25 7.137 7.137 7.138 7.139 7.141 99-25+ 7.135 7.135 7.136 7.137 7.138 99-26 7.133 7.133 7.134 7.134 7.136 99-26+ 7.131 7.131 7.131 7.132 7.133 99-27 7.128 7.129 7.129 7.129 7.130 99-27+ 7.126 7.127 7.127 7.127 7.127 99-28 7.124 7.125 7.125 7.125 7.125 99-28+ 7.122 7.122 7.122 7.122 7.122 99-29 7.120 7.120 7.120 7.120 7.119 99-29+ 7.118 7.118 7.118 7.118 7.117 99-30 7.116 7.116 7.115 7.115 7.114 99-30+ 7.114 7.114 7.113 7.113 7.111 99-31 7.112 7.112 7.111 7.110 7.109 99-31+ 7.110 7.110 7.109 7.108 7.106 100-00 7.108 7.108 7.106 7.106 7.103 100-00+ 7.106 7.105 7.104 7.103 7.101 100-01 7.104 7.103 7.102 7.101 7.098 100-01+ 7.102 7.101 7.099 7.099 7.095 100-02 7.100 7.099 7.097 7.096 7.093 100-02+ 7.098 7.097 7.095 7.094 7.090 100-03 7.096 7.095 7.093 7.091 7.087 100-03+ 7.094 7.093 7.090 7.089 7.085 100-04 7.092 7.091 7.088 7.087 7.082 100-04+ 7.090 7.088 7.086 7.084 7.079 100-05 7.088 7.086 7.083 7.082 7.077 100-05+ 7.086 7.084 7.081 7.080 7.074 100-06 7.084 7.082 7.079 7.077 7.071 100-06+ 7.082 7.080 7.077 7.075 7.069 100-07 7.080 7.078 7.074 7.073 7.066 100-07+ 7.078 7.076 7.072 7.070 7.063 First Payment 9.856 8.939 7.856 7.439 6.189 Average Life 11.763 10.891 9.750 9.285 7.865 Last Payment 13.606 12.856 12.022 11.522 10.106 Mod.Dur. @ 100-00 7.713 7.329 6.792 6.561 5.810 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $11,506,000.00 DATED DATE: 08/01/97 COUPON: 7.210% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $11,506,000.00 BOND IA6 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 7.335 7.335 7.336 7.336 7.337 99-24+ 7.333 7.333 7.334 7.334 7.335 99-25 7.331 7.331 7.332 7.332 7.333 99-25+ 7.329 7.329 7.330 7.330 7.331 99-26 7.327 7.327 7.328 7.328 7.329 99-26+ 7.325 7.325 7.326 7.326 7.326 99-27 7.323 7.324 7.324 7.324 7.324 99-27+ 7.322 7.322 7.322 7.322 7.322 99-28 7.320 7.320 7.320 7.320 7.320 99-28+ 7.318 7.318 7.318 7.318 7.318 99-29 7.316 7.316 7.316 7.316 7.315 99-29+ 7.314 7.314 7.314 7.314 7.313 99-30 7.312 7.312 7.312 7.312 7.311 99-30+ 7.310 7.310 7.310 7.309 7.309 99-31 7.309 7.308 7.308 7.307 7.307 99-31+ 7.307 7.306 7.306 7.305 7.304 100-00 7.305 7.304 7.304 7.303 7.302 100-00+ 7.303 7.302 7.302 7.301 7.300 100-01 7.301 7.300 7.300 7.299 7.298 100-01+ 7.299 7.299 7.298 7.297 7.296 100-02 7.297 7.297 7.296 7.295 7.293 100-02+ 7.296 7.295 7.294 7.293 7.291 100-03 7.294 7.293 7.292 7.291 7.289 100-03+ 7.292 7.291 7.290 7.289 7.287 100-04 7.290 7.289 7.288 7.287 7.285 100-04+ 7.288 7.287 7.286 7.285 7.282 100-05 7.286 7.285 7.284 7.283 7.280 100-05+ 7.284 7.283 7.282 7.281 7.278 100-06 7.283 7.281 7.280 7.279 7.276 100-06+ 7.281 7.279 7.278 7.277 7.274 100-07 7.279 7.277 7.276 7.275 7.271 100-07+ 7.277 7.276 7.274 7.272 7.269 First Payment 13.606 12.856 12.022 11.522 10.106 Average Life 13.606 12.856 12.022 11.522 10.424 Last Payment 13.606 12.856 12.022 11.522 10.439 Mod.Dur. @ 100-00 8.366 8.086 7.757 7.551 7.069 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $7,911,000.00 DATED DATE: 08/01/97 COUPON: 7.180% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $7,911,000.00 BOND IB1 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 7.312 7.312 7.313 7.313 7.314 99-24+ 7.309 7.309 7.310 7.310 7.311 99-25 7.306 7.307 7.307 7.307 7.308 99-25+ 7.303 7.304 7.304 7.304 7.305 99-26 7.300 7.301 7.301 7.301 7.302 99-26+ 7.298 7.298 7.298 7.298 7.299 99-27 7.295 7.295 7.295 7.295 7.295 99-27+ 7.292 7.292 7.292 7.292 7.292 99-28 7.289 7.289 7.289 7.289 7.289 99-28+ 7.286 7.286 7.286 7.286 7.286 99-29 7.284 7.283 7.283 7.283 7.283 99-29+ 7.281 7.281 7.280 7.280 7.280 99-30 7.278 7.278 7.277 7.277 7.277 99-30+ 7.275 7.275 7.274 7.274 7.274 99-31 7.272 7.272 7.271 7.271 7.271 99-31+ 7.269 7.269 7.268 7.268 7.268 100-00 7.267 7.266 7.265 7.265 7.265 100-00+ 7.264 7.263 7.262 7.262 7.261 100-01 7.261 7.260 7.260 7.259 7.258 100-01+ 7.258 7.257 7.257 7.256 7.255 100-02 7.255 7.254 7.254 7.253 7.252 100-02+ 7.252 7.252 7.251 7.250 7.249 100-03 7.250 7.249 7.248 7.247 7.246 100-03+ 7.247 7.246 7.245 7.244 7.243 100-04 7.244 7.243 7.242 7.241 7.240 100-04+ 7.241 7.240 7.239 7.238 7.237 100-05 7.238 7.237 7.236 7.235 7.234 100-05+ 7.235 7.234 7.233 7.232 7.231 100-06 7.233 7.231 7.230 7.229 7.228 100-06+ 7.230 7.229 7.227 7.226 7.224 100-07 7.227 7.226 7.224 7.223 7.221 100-07+ 7.224 7.223 7.221 7.220 7.218 First Payment 5.022 5.022 5.022 5.022 5.022 Average Life 7.408 7.190 6.936 6.842 6.577 Last Payment 10.356 9.856 9.356 9.189 8.606 Mod.Dur. @ 100-00 5.495 5.377 5.237 5.184 5.033 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $5,753,000.00 DATED DATE: 08/01/97 COUPON: 7.745% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $5,753,000.00 BOND IB2 BE-YIELD TABLE YIELD TABLE DATE: 08/29/97 PREPAYMENT SPEED ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 7.887 7.887 7.888 7.888 7.889 99-24+ 7.885 7.885 7.885 7.886 7.887 99-24+ 7.885 7.885 7.885 7.886 7.887 99-25 7.883 7.883 7.883 7.884 7.884 99-25+ 7.881 7.881 7.881 7.881 7.882 99-26 7.879 7.879 7.879 7.879 7.880 99-26+ 7.876 7.877 7.877 7.877 7.877 99-27 7.874 7.875 7.875 7.875 7.875 99-27+ 7.872 7.873 7.873 7.873 7.873 99-28 7.870 7.870 7.870 7.870 7.870 99-28+ 7.868 7.868 7.868 7.868 7.868 99-29 7.866 7.866 7.866 7.866 7.866 99-29+ 7.864 7.864 7.864 7.864 7.863 99-30 7.862 7.862 7.862 7.862 7.861 99-30+ 7.860 7.860 7.860 7.859 7.859 99-31 7.858 7.858 7.858 7.857 7.857 99-31+ 7.856 7.856 7.855 7.855 7.854 100-00 7.854 7.854 7.853 7.853 7.852 100-00+ 7.852 7.852 7.851 7.851 7.850 100-01 7.850 7.850 7.849 7.849 7.847 100-01+ 7.848 7.848 7.847 7.846 7.845 100-02 7.846 7.846 7.845 7.844 7.843 100-02+ 7.844 7.844 7.843 7.842 7.840 100-03 7.842 7.842 7.840 7.840 7.838 100-03+ 7.840 7.840 7.838 7.838 7.836 100-04 7.838 7.837 7.836 7.835 7.833 100-04+ 7.836 7.835 7.834 7.833 7.831 100-05 7.834 7.833 7.832 7.831 7.829 100-05+ 7.832 7.831 7.830 7.829 7.826 100-06 7.830 7.829 7.828 7.827 7.824 100-06+ 7.828 7.827 7.826 7.825 7.822 100-07 7.826 7.825 7.823 7.822 7.820 100-07+ 7.824 7.823 7.821 7.820 7.817 First Payment 10.356 9.856 9.356 9.189 8.606 Average Life 12.667 12.063 11.353 10.977 10.064 Last Payment 13.606 12.856 12.022 11.522 10.439 Mod.Dur. @ 100-00 7.750 7.530 7.255 7.105 6.719 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $63,251,000.00 DATED DATE: 08/29/97 CURRENT COUPON: 5.855% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $63,251,000.00 BOND IIA1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/29/97 ASSUMED CONSTANT LIBOR-1M 5.6250 ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 29.472 30.084 30.752 31.443 32.231 99-24+ 29.067 29.640 30.266 30.914 31.652 99-25 28.661 29.197 29.781 30.386 31.074 99-25+ 28.256 28.753 29.296 29.857 30.497 99-26 27.851 28.310 28.811 29.329 29.919 99-26+ 27.446 27.867 28.326 28.800 29.341 99-27 27.042 27.424 27.841 28.272 28.764 99-27+ 26.637 26.981 27.356 27.744 28.187 99-28 26.232 26.538 26.871 27.217 27.610 99-28+ 25.828 26.095 26.387 26.689 27.033 99-29 25.424 25.653 25.903 26.162 26.457 99-29+ 25.019 25.210 25.419 25.634 25.880 99-30 24.615 24.768 24.935 25.107 25.304 99-30+ 24.211 24.326 24.451 24.580 24.728 99-31 23.807 23.884 23.967 24.053 24.152 99-31+ 23.404 23.442 23.483 23.527 23.576 100-00 23.000 23.000 23.000 23.000 23.000 100-00+ 22.596 22.558 22.517 22.474 22.424 100-01 22.193 22.117 22.034 21.947 21.849 100-01+ 21.790 21.675 21.551 21.421 21.274 100-02 21.387 21.234 21.068 20.895 20.699 100-02+ 20.984 20.793 20.585 20.369 20.124 100-03 20.581 20.352 20.102 19.844 19.549 100-03+ 20.178 19.911 19.620 19.318 18.975 100-04 19.775 19.470 19.137 18.793 18.400 100-04+ 19.372 19.030 18.655 18.268 17.826 100-05 18.970 18.589 18.173 17.743 17.252 100-05+ 18.568 18.149 17.691 17.218 16.678 100-06 18.165 17.709 17.210 16.693 16.104 100-06+ 17.763 17.268 16.728 16.169 15.531 100-07 17.361 16.828 16.246 15.644 14.958 100-07+ 16.959 16.389 15.765 15.120 14.384 First Payment 0.022 0.022 0.022 0.022 0.022 Average Life 4.780 4.287 3.845 3.473 3.117 Last Payment 13.606 12.856 12.022 11.522 10.439 Mod.Dur. @ 100-00 3.722 3.400 3.107 2.853 2.609 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. ************************** PRELIMINARY INFORMATION ONLY ********************* CURRENT BALANCE: $9,780,000.00 DATED DATE: 08/29/97 CURRENT COUPON: 6.025% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $9,780,000.00 BOND IIB1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/29/97 ASSUMED CONSTANT LIBOR-1M 5.6250 ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 44.449 44.501 44.547 44.604 44.654 99-24+ 44.171 44.220 44.262 44.315 44.362 99-25 43.892 43.938 43.977 44.027 44.071 99-25+ 43.614 43.656 43.693 43.739 43.780 99-26 43.336 43.375 43.409 43.451 43.489 99-26+ 43.057 43.093 43.124 43.164 43.198 99-27 42.779 42.812 42.840 42.876 42.907 99-27+ 42.501 42.530 42.556 42.588 42.616 99-28 42.223 42.249 42.272 42.300 42.325 99-28+ 41.945 41.968 41.987 42.012 42.034 99-29 41.667 41.687 41.703 41.725 41.744 99-29+ 41.389 41.405 41.419 41.437 41.453 99-30 41.111 41.124 41.135 41.150 41.162 99-30+ 40.833 40.843 40.851 40.862 40.872 99-31 40.555 40.562 40.568 40.575 40.581 99-31+ 40.278 40.281 40.284 40.287 40.290 100-00 40.000 40.000 40.000 40.000 40.000 100-00+ 39.722 39.719 39.716 39.713 39.710 100-01 39.445 39.438 39.433 39.425 39.419 100-01+ 39.167 39.157 39.149 39.138 39.129 100-02 38.890 38.877 38.865 38.851 38.839 100-02+ 38.612 38.596 38.582 38.564 38.548 100-03 38.335 38.315 38.298 38.277 38.258 100-03+ 38.058 38.035 38.015 37.990 37.968 100-04 37.780 37.754 37.732 37.703 37.678 100-04+ 37.503 37.474 37.448 37.416 37.388 100-05 37.226 37.193 37.165 37.130 37.098 100-05+ 36.949 36.913 36.882 36.843 36.808 100-06 36.672 36.633 36.599 36.556 36.519 100-06+ 36.395 36.352 36.316 36.269 36.229 100-07 36.118 36.072 36.033 35.983 35.939 100-07+ 35.841 35.792 35.750 35.696 35.649 First Payment 5.022 5.022 5.022 5.106 5.106 Average Life 6.832 6.728 6.641 6.536 6.447 Last Payment 9.022 8.772 8.522 8.272 8.106 Mod.Dur. @ 100-00 5.406 5.343 5.290 5.225 5.169 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $4,370,000.00 DATED DATE: 08/29/97 CURRENT COUPON: 6.575% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $4,370,000.00 BOND IIB2 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/29/97 ASSUMED CONSTANT LIBOR-1M 5.6250 ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 98.340 98.415 98.488 98.565 98.639 99-24+ 98.131 98.201 98.270 98.342 98.411 99-25 97.922 97.987 98.051 98.119 98.184 99-25+ 97.713 97.774 97.833 97.896 97.956 99-26 97.504 97.560 97.615 97.673 97.728 99-26+ 97.295 97.346 97.397 97.450 97.501 99-27 97.086 97.133 97.179 97.227 97.273 99-27+ 96.878 96.919 96.961 97.004 97.046 99-28 96.669 96.706 96.743 96.781 96.818 99-28+ 96.460 96.493 96.525 96.558 96.591 99-29 96.251 96.279 96.307 96.336 96.363 99-29+ 96.043 96.066 96.089 96.113 96.136 99-30 95.834 95.853 95.871 95.890 95.909 99-30+ 95.626 95.639 95.653 95.668 95.681 99-31 95.417 95.426 95.435 95.445 95.454 99-31+ 95.208 95.213 95.218 95.223 95.227 100-00 95.000 95.000 95.000 95.000 95.000 100-00+ 94.792 94.787 94.782 94.778 94.773 100-01 94.583 94.574 94.565 94.555 94.546 100-01+ 94.375 94.361 94.347 94.333 94.319 100-02 94.167 94.148 94.130 94.110 94.092 100-02+ 93.958 93.935 93.912 93.888 93.865 100-03 93.750 93.722 93.695 93.666 93.638 100-03+ 93.542 93.509 93.477 93.444 93.411 100-04 93.334 93.297 93.260 93.221 93.185 100-04+ 93.126 93.084 93.043 92.999 92.958 100-05 92.918 92.871 92.825 92.777 92.731 100-05+ 92.710 92.659 92.608 92.555 92.505 100-06 92.502 92.446 92.391 92.333 92.278 100-06+ 92.294 92.233 92.174 92.111 92.051 100-07 92.086 92.021 91.957 91.889 91.825 100-07+ 91.878 91.808 91.740 91.667 91.598 First Payment 9.022 8.772 8.522 8.272 8.106 Average Life 10.223 9.907 9.615 9.325 9.064 Last Payment 11.522 11.189 10.856 10.522 10.189 Mod.Dur. @ 100-00 7.185 7.029 6.881 6.732 6.595 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. ************************** PRELIMINARY INFORMATION ONLY ********************** CURRENT BALANCE: $5,826,000.00 DATED DATE: 08/29/97 CURRENT COUPON: 6.775% vmf7c FIRST PAYMENT: 09/07/97 FACTOR: 1.0000000000 TOTAL CLASSES: 12 ORIGINAL BALANCE: $5,826,000.00 BOND IIB3 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/29/97 ASSUMED CONSTANT LIBOR-1M 5.6250 ****** RUN TO 10% CLEAN UP CALL ****** MHP MHP MHP MHP MHP GRP I 125% 150% 185% 200% 250% GRP II 150% 175% 200% 225% 250% 99-24 117.872 117.950 118.052 118.132 118.321 99-24+ 117.692 117.766 117.861 117.936 118.113 99-25 117.513 117.581 117.670 117.740 117.905 99-25+ 117.333 117.396 117.479 117.544 117.697 99-26 117.153 117.212 117.288 117.348 117.489 99-26+ 116.974 117.027 117.097 117.152 117.282 99-27 116.794 116.843 116.907 116.956 117.074 99-27+ 116.614 116.658 116.716 116.761 116.867 99-28 116.435 116.474 116.525 116.565 116.659 99-28+ 116.255 116.290 116.334 116.369 116.451 99-29 116.076 116.105 116.143 116.173 116.244 99-29+ 115.897 115.921 115.953 115.978 116.037 99-30 115.717 115.737 115.762 115.782 115.829 99-30+ 115.538 115.552 115.572 115.586 115.622 99-31 115.358 115.368 115.381 115.391 115.414 99-31+ 115.179 115.184 115.190 115.195 115.207 100-00 115.000 115.000 115.000 115.000 115.000 100-00+ 114.821 114.816 114.810 114.805 114.793 100-01 114.642 114.632 114.619 114.609 114.586 100-01+ 114.463 114.448 114.429 114.414 114.379 100-02 114.283 114.264 114.238 114.219 114.171 100-02+ 114.104 114.080 114.048 114.023 113.964 100-03 113.925 113.896 113.858 113.828 113.757 100-03+ 113.746 113.712 113.668 113.633 113.551 100-04 113.567 113.528 113.478 113.438 113.344 100-04+ 113.389 113.345 113.287 113.243 113.137 100-05 113.210 113.161 113.097 113.048 112.930 100-05+ 113.031 112.977 112.907 112.852 112.723 100-06 112.852 112.794 112.717 112.657 112.516 100-06+ 112.673 112.610 112.527 112.463 112.310 100-07 112.495 112.426 112.337 112.268 112.103 100-07+ 112.316 112.243 112.147 112.073 111.896 First Payment 11.522 11.189 10.856 10.522 10.189 Average Life 13.049 12.495 11.841 11.385 10.431 Last Payment 13.606 12.856 12.022 11.522 10.439 Mod.Dur. @ 100-00 8.351 8.129 7.857 7.657 7.221 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. ******************** PRELIMINARY INFORMATION ONLY *********************** ______________________________________________________________________________ - VMF7C - Cut Off Date of Tape is 7/25/97 - Fix - $143,821,359.24 - Mortgage Summary Report ______________________________________________________________________________ Number of Mortgage Loans: 4,718 Aggregate Unpaid Principal Balance: $143,821,359.24 Aggregate Original Principal Balance: $147,017,307.66 Weighted Average Gross Coupon: 11.345% Gross Coupon Range: 7.810% - 18.000% ______________________________________________________________________________ Average Unpaid Principal Balance: $30,483.54 Average Original Principal Balance: $31,160.94 Maximum Unpaid Principal Balance: $440,000.00 Minimum Unpaid Principal Balance: $3,282.26 Maximum Original Principal Balance: $440,000.00 Minimum Original Principal Balance: $3,310.90 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 201.247 Stated Rem Term Range: 48.000 - 360.000 Weighted Average Age : 7.255 Age Range: 0.000 - 95.000 Weighted Average Original Term: 208.502 Original Term Range: 48.000 - 360.000 Weighted Average Original LTV: 89.216 Original LTV Range: 9.830% - 100.000% ______________________________________________________________________________ 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. ************************* PRELIMINARY INFORMATION ONLY *********************** GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal State Loans Balance Balance AL 374 11,222,066.74 7.80 AR 41 1,171,121.73 0.81 AZ 82 3,138,987.66 2.18 CA 3 75,447.30 0.05 CO 58 2,003,860.51 1.39 DC 3 165,796.89 0.12 DE 22 762,700.66 0.53 FL 139 3,970,881.70 2.76 GA 196 5,150,937.75 3.58 IA 17 459,015.86 0.32 ID 12 489,528.11 0.34 IL 8 209,756.89 0.15 IN 17 473,168.86 0.33 KS 7 189,060.04 0.13 KY 162 3,715,278.89 2.58 LA 121 4,753,898.93 3.31 MA 1 13,787.76 0.01 MD 45 1,501,072.59 1.04 ME 5 165,615.14 0.12 MI 29 1,110,820.74 0.77 MO 44 1,288,131.31 0.90 MS 188 5,581,369.04 3.88 MT 16 555,809.06 0.39 NC 577 15,952,852.32 11.09 NH 1 12,000.00 0.01 NJ 2 49,133.76 0.03 NM 45 1,819,120.33 1.26 NV 32 797,285.68 0.55 NY 38 1,085,669.95 0.75 OH 127 3,353,160.81 2.33 OK 30 1,161,181.62 0.81 OR 8 321,387.37 0.22 PA 28 707,435.42 0.49 RI 2 48,700.18 0.03 SC 527 14,900,108.19 10.36 TN 583 15,597,435.63 10.85 TX 760 28,909,978.66 20.10 VA 285 8,775,209.57 6.10 WV 83 2,162,585.59 1.50 __________________________________________________________________________ Total............... 4718 $143,821,359.24 100.00% ========================================================================== YEAR OF ORIGINATION ____________________________________________________ Year of # of % of Current Origination Loans Pool Balance 1986 2 .01 $21,049 1987 2 .02 $25,783 1988 1 .01 $20,739 1989 8 .16 $226,533 1990 19 .45 $652,727 1991 26 .44 $626,076 1992 535 7.10 $10,204,975 1993 3 .07 $100,691 1994 1 .03 $40,920 1995 19 .37 $536,240 1996 486 10.54 $15,155,477 1997 3,616 80.80 $116,210,149 ____________________________________________________ Total... 4,718 100.00% $143,821,359 ==================================================== 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. *********************** PRELIMINARY INFORMATION ONLY ************************* ORIGINAL CONTRACT BALANCES ______________________________________________________________ Total # of Current Original Loan Amount Contracts Balance Balance <= 5,000 1 0.00 3,282 5,000 < Balance <= 10,000 97 0.54 782,435 10,000 < Balance <= 15,000 369 3.21 4,618,517 15,000 < Balance <= 20,000 680 7.81 11,232,460 20,000 < Balance <= 25,000 856 12.87 18,510,563 25,000 < Balance <= 30,000 689 12.79 18,389,095 30,000 < Balance <= 35,000 553 12.22 17,576,561 35,000 < Balance <= 40,000 399 10.21 14,687,786 40,000 < Balance <= 45,000 306 8.91 12,819,640 45,000 < Balance <= 50,000 227 7.42 10,673,791 50,000 < Balance <= 55,000 169 6.07 8,728,578 55,000 < Balance <= 60,000 117 4.66 6,705,914 60,000 < Balance <= 65,000 79 3.41 4,905,982 65,000 < Balance <= 70,000 58 2.71 3,900,857 70,000 < Balance <= 75,000 35 1.76 2,526,426 75,000 < Balance <= 80,000 24 1.29 1,853,890 80,000 < Balance <= 85,000 17 0.97 1,399,162 85,000 < Balance <= 90,000 17 1.03 1,484,729 90,000 < Balance <= 95,000 4 0.26 367,202 95,000 < Balance <= 100,000 6 0.40 580,180 100,000 < Balance <= 105,000 4 0.28 406,464 105,000 < Balance <= 110,000 6 0.44 639,044 125,000 < Balance <= 130,000 1 0.09 125,181 130,000 < Balance <= 135,000 1 0.09 134,121 Balance > 135,000 3 0.54 769,500 ______________________________________________________________ Total... 4,718 100.00% $143,821,359 ============================================================== ORIGINAL LTV RANGE - rounded to 1% Percentage of Aggregate Cut-Off Date Original Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance Less than 61% 147 3,245,812.91 2.26 From 61% to 65.999% 89 2,488,367.40 1.73 From 66% to 70.999% 119 3,568,736.62 2.48 From 71% to 75.999% 177 4,804,832.02 3.34 From 76% to 80.999% 299 8,471,397.33 5.89 From 81% to 85.999% 462 13,866,944.44 9.64 From 86% to 90.999% 1299 38,849,868.33 27.01 From 91% to 100.00% 2126 68,525,400.19 47.65 __________________________________________________________________________ Total.................... 4718 $143,821,359.24 100.00% ========================================================================== GROSS COUPON ________________________________________________________________ Gross Current Coupon # Loans % Pool Balance 7.00% < Gross Coupon <= 8.00% 5 .18 $263,856.53 8.00% < Gross Coupon <= 9.00% 151 5.57 $8,009,571.72 9.00% < Gross Coupon <= 10.00% 493 14.34 $20,616,949.66 10.00% < Gross Coupon <= 11.00% 1,195 27.04 $38,886,861.77 11.00% < Gross Coupon <= 12.00% 1,282 27.86 $40,067,809.82 12.00% < Gross Coupon <= 13.00% 845 14.75 $21,215,625.72 13.00% < Gross Coupon <= 14.00% 489 6.73 $9,684,962.50 14.00% < Gross Coupon <= 15.00% 209 2.96 $4,256,410.42 15.00% < Gross Coupon <= 16.00% 31 .39 $558,561.71 16.00% < Gross Coupon <= 17.00% 5 .06 $85,847.71 17.00% < Gross Coupon <= 18.00% 13 .12 $174,901.68 ________________________________________________________________ Total..... 4,718 100.00% $143,821,359.24 ================================================================ 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. ********************* PRELIMINARY INFORMATION ONLY ************************** REMAINING TERM __________________________________________________________ # of % of Current Remaining Term Loans Pool Balance 20 < Rem Term <= 72 177 1.45 $2,085,855 73 < Rem Term <= 84 307 3.32 $4,781,886 85 < Rem Term <= 120 948 13.10 $18,847,126 121 < Rem Term <= 156 533 9.22 $13,267,378 157 < Rem Term <= 180 758 15.88 $22,841,948 181 < Rem Term <= 240 1,503 38.94 $56,006,459 241 < Rem Term <= 299 297 10.24 $14,728,367 300 < Rem Term <= 360 195 7.83 $11,262,340 __________________________________________________________ Total..... 4,718 100.00% $143,821,359 ========================================================== 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. ************************** PRELIMINARY INFORMATION ONLY ********************** ______________________________________________________________________________ - VMF7C - Cut Off Date of Tape is 7/25/97 - ARM - $83,227,736.09 _______________________________________________________________________________ Number of Mortgage Loans:2,527 Index: 5 Yr. CMT Aggregate Unpaid Principal Balance: $83,227,736.09 Aggregate Original Principal Balance: $83,402,211.92 _________________________________________________________________________ Weighted Average Coupon (Gross): 10.823% Gross Coupon Range: 7.990% - 15.500% Weighted Average Margin (Gross): 4.259% Gross Margin Range: 1.230% - 9.300% Weighted Average Life Cap (Gross): 16.528% Gross Life Cap Range: 13.990% - 21.500% Weighted Average Life Floor (Gross): 4.259% Gross Life Floor Range: 1.230% - 9.300% _________________________________________________________________________ Average Unpaid Principal Balance: $32,935.39 Average Original Principal Balance: $33,004.44 Maximum Unpaid Principal Balance: $103,988.50 Minimum Unpaid Principal Balance: $5,978.54 Maximum Original Principal Balance: $104,126.50 Minimum Original Principal Balance: $5,978.54 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 192.849 Stated Rem Term Range: 48.000 - 360.000 Weighted Average Age (First Pay thru Paid Thru): 0.514 Age Range: 0.000 - 6.000 Weighted Average Original Term: 193.363 Original Term Range: 48.000 - 360.000 Weighted Average Original LTV: 87.831 Original LTV Range: 19.390% - 100.000% Weighted Average Periodic Interest Cap: 1.534% Periodic Interest Cap Range: 1.000% - 2.000% Weighted Average Months to Interest Roll: 10.598 * rolldate computed from 8/97 to next rolldate Months to Interest Roll Range: 5 - 14 Weighted Average Interest Roll Frequency: 12.000 Interest Frequency Range: 12 - 12 _______________________________________________________________________________ GROSS COUPON _________________________________________________________________ Gross Current Coupon # Loans % Pool Balance 7.00% < Gross Coupon <= 8.00% 2 .15 $128,775.28 8.00% < Gross Coupon <= 9.00% 31 1.83 $1,520,640.21 9.00% < Gross Coupon <= 10.00% 659 32.04 $26,666,520.24 10.00% < Gross Coupon <= 11.00% 753 30.87 $25,690,600.41 11.00% < Gross Coupon <= 12.00% 689 23.82 $19,827,832.72 12.00% < Gross Coupon <= 13.00% 279 8.42 $7,006,861.55 13.00% < Gross Coupon <= 14.00% 87 2.16 $1,801,207.54 14.00% < Gross Coupon <= 15.00% 24 .65 $541,870.34 15.00% < Gross Coupon <= 16.00% 3 .05 $43,427.80 _________________________________________________________________ Total..... 2,527 100.00% $83,227,736.09 ================================================================= 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. ************************** PRELIMINARY INFORMATION ONLY *********************** GEOGRAPHIC DISTRIBUTION ______________________________________________________________ Current State # Loans % Pool Balance Alabama 14 .64 $534,130 Arkansas 20 .78 $649,705 Arizona 35 1.29 $1,072,183 California 3 .10 $85,373 Colorado 7 .29 $244,801 Delaware 2 .06 $48,947 Florida 149 5.46 $4,544,127 Georgia 41 1.51 $1,253,406 Illinois 1 .03 $24,431 Indiana 13 .48 $395,647 Kansas 4 .16 $132,353 Kentucky 216 8.20 $6,826,422 Louisiana 52 2.03 $1,686,004 Maryland 1 .07 $54,600 Michigan 2 .05 $38,164 Missouri 32 1.21 $1,007,516 Mississippi 32 1.15 $955,734 North Carolina 382 16.32 $13,584,921 New Jersey 7 .35 $289,981 New Mexico 36 1.48 $1,228,079 Nevada 1 .04 $36,431 New York 5 .21 $176,900 Ohio 59 1.86 $1,550,341 Oklahoma 34 1.18 $985,705 Oregon 5 .25 $204,249 Pennsylvania 2 .06 $53,988 Rhode Island 1 .05 $40,080 South Carolina 311 14.33 $11,922,913 Tennessee 269 10.67 $8,881,324 Texas 651 24.06 $20,020,636 Virginia 121 4.93 $4,101,720 Washington 1 .03 $28,652 West Virginia 18 .68 $568,273 _____________________________________________________________ Total..... 2,527 100.00% $83,227,736 ============================================================= ORIGINAL LTV RANGE - rounded to 1% Percentage of Aggregate Cut-Off Date Original Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance Less than 61% 68 1,808,320.57 2.17 From 61% to 65.999% 55 1,620,193.59 1.95 From 66% to 70.999% 58 1,900,511.85 2.28 From 71% to 75.999% 92 3,237,625.93 3.89 From 76% to 80.999% 178 6,445,088.21 7.74 From 81% to 85.999% 318 11,488,809.73 13.80 From 86% to 90.999% 666 22,510,738.23 27.05 From 91% to 100.00% 1092 34,216,447.98 41.11 __________________________________________________________________________ Total.................... 2527 $ 83,227,736.09 100.00% ========================================================================== 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. ************************** PRELIMINARY INFORMATION ONLY ********************* ORIGINAL CONTRACT BALANCES ________________________________________________________________ Total # of Current Original Loan Amount Contracts Balance 5,000 < Balance <= 10,000 31 0.32 266,427 10,000 < Balance <= 15,000 118 1.85 1,539,442 15,000 < Balance <= 20,000 264 5.63 4,686,730 20,000 < Balance <= 25,000 345 9.38 7,810,530 25,000 < Balance <= 30,000 433 14.28 11,882,948 30,000 < Balance <= 35,000 424 16.49 13,721,650 35,000 < Balance <= 40,000 268 12.04 10,017,151 40,000 < Balance <= 45,000 179 9.11 7,582,269 45,000 < Balance <= 50,000 166 9.48 7,891,643 50,000 < Balance <= 55,000 111 6.95 5,783,328 55,000 < Balance <= 60,000 73 5.02 4,177,632 60,000 < Balance <= 65,000 57 4.26 3,546,110 65,000 < Balance <= 70,000 25 2.01 1,675,998 70,000 < Balance <= 75,000 11 0.96 796,071 75,000 < Balance <= 80,000 8 0.74 616,410 80,000 < Balance <= 85,000 5 0.50 414,662 85,000 < Balance <= 90,000 5 0.52 434,210 90,000 < Balance <= 95,000 2 0.22 182,728 95,000 < Balance <= 100,000 1 0.12 97,806 100,000 < Balance <= 105,000 1 0.12 103,989 ________________________________________________________________ Total... 2,527 100.00% $83,227,736 =============================================================== LOAN TYPE ___________________________________________________________ Loan Current Type # Loans % Pool Balance Conventional Loans 2,376 95.36 $79,364,612 Grad Pay (36-12) 1 .04 $31,038 Land Component Loans 5 .43 $355,458 Repo,Refi Loans 145 4.18 $3,476,629 ________________________________________________________________ Total..... 2,527 100.00% $83,227,736 ================================================================ Origination __________________________________________________________ Current Origination # Loans % Pool Balance Vanderbilt 2,527 100.00 $83,227,736 __________________________________________________________ Total..... 2,527 100.00% $83,227,736 ========================================================== YEAR OF ORIGINATION _____________________________________________________ Year of # of % of Current Origination Loans Pool Balance 1997 2,527 100.00 $83,227,736 _____________________________________________________ Total... 2,527 100.00% $83,227,736 ===================================================== 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. ************************** PRELIMINARY INFORMATION ONLY *********************** DISTRIBUTION OF MAXIMUM MORTGAGE RATES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Cap Loans Balance Balance 13.50 < Life Cap <= 14.00 2 128,775.28 0.15 14.00 < Life Cap <= 14.50 19 928,760.88 1.12 14.50 < Life Cap <= 15.00 84 3,414,158.25 4.10 15.00 < Life Cap <= 15.50 282 10,049,931.86 12.08 15.50 < Life Cap <= 16.00 556 22,255,369.47 26.74 16.00 < Life Cap <= 16.50 439 14,039,128.26 16.87 16.50 < Life Cap <= 17.00 349 11,548,137.52 13.88 17.00 < Life Cap <= 17.50 335 9,681,583.87 11.63 17.50 < Life Cap <= 18.00 215 5,584,176.87 6.71 18.00 < Life Cap <= 18.50 88 2,031,007.13 2.44 18.50 < Life Cap <= 19.00 79 2,035,975.92 2.45 19.00 < Life Cap <= 19.50 45 848,977.10 1.02 19.50 < Life Cap <= 20.00 18 373,526.98 0.45 20.00 < Life Cap <= 20.50 5 125,744.95 0.15 20.50 < Life Cap <= 21.00 8 139,053.95 0.17 21.00 < Life Cap <= 21.50 3 43,427.80 0.05 __________________________________________________________________________ Total................. 2,527 $ 83,227,736.09 100.00% ========================================================================== DISTRIBUTION OF MARGINS Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Margin Loans Balance Balance 1.0 < Margin <= 2.0 9 567,420.66 0.68 2.0 < Margin <= 3.0 197 7,994,807.12 9.61 3.0 < Margin <= 4.0 857 31,848,812.06 38.27 4.0 < Margin <= 5.0 792 25,550,515.34 30.70 5.0 < Margin <= 6.0 423 11,320,215.48 13.60 6.0 < Margin <= 7.0 194 4,697,415.55 5.64 7.0 < Margin <= 8.0 39 974,771.18 1.17 8.0 < Margin <= 9.0 14 236,329.44 0.28 9.0 < Margin <= 10.0 2 37,449.26 0.04 __________________________________________________________________________ Total................. 2,527 $ 83,227,736.09 100.00% ========================================================================== NEXT INTEREST ROLLDATE DATE Percentage of Cut-Off Aggregate Date Next Number of Unpaid Aggregate Roll Mortgage Principal Principal Date Loans Balance Balance 01/01/98 1 $39,976.81 00.05 04/01/98 12 $326,679.68 00.39 05/01/98 383 $11,885,749.77 14.28 06/01/98 784 $25,571,441.29 30.72 07/01/98 939 $31,882,642.21 38.31 08/01/98 300 $10,059,093.54 12.09 09/01/98 104 $3,342,758.41 04.02 10/01/98 4 $119,394.38 00.14 _____________________________________________________ Total........ 2527 $83,227,736.09 100.00% ===================================================== 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. ************************** PRELIMINARY INFORMATION ONLY *********************** LOAN SUMMARY STRATIFIED BY PERIODIC CAP Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Periodic Mortgage Principal Principal Cap Loans Balance Balance 1.000 1201 38,763,515.41 46.58 2.000 1326 44,464,220.68 53.42 __________________________________________________________________________ Total................. 2527 $ 83,227,736.09 100.00% ========================================================================== REMAINING TERM ___________________________________________________________ # of % of Current Remaining Term Loans Pool Balance 20 < Rem Term <= 72 31 .40 $333,618 73 < Rem Term <= 84 90 1.78 $1,479,085 85 < Rem Term <= 120 258 6.73 $5,598,878 121 < Rem Term <= 156 378 11.84 $9,857,613 157 < Rem Term <= 180 560 19.99 $16,641,186 181 < Rem Term <= 240 1,129 54.10 $45,023,053 241 < Rem Term <= 299 42 2.50 $2,083,068 300 < Rem Term <= 360 39 2.66 $2,211,236 ___________________________________________________________ Total..... 2,527 100.00% $83,227,736 =========================================================== 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. -----END PRIVACY-ENHANCED MESSAGE-----