8-K 1 0001.txt T:\EDGAR\TRUE\737736.TXT 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 13, 2000 VANDERBILT MORTGAGE AND FINANCE, INC. (as seller and servicer under the Pooling and Servicing Agreement, dated as of August 1, 2000, providing for the issuance of the Vanderbilt Mortgage and Finance, Inc., Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 2000-C). CLAYTON HOMES, INC. VANDERBILT MORTGAGE AND FINANCE, INC. (Exact name of registrant as specified in its charter) Clayton Homes, Inc. - Del. Vanderbilt - Tennessee 333-75405 62-0997810 -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 500 Alcoa Trail Maryville, Tennessee 37804 --------------------- --------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (423) 380-3000 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 2000-C, Credit Suisse First Boston Corporation and Prudential Securities Incorporated, as the underwriters of the Certificates (the "Underwriters") have provided certain materials (the "Computational Materials") for distribution to its potential investors. Although the Company provided the Underwriters 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 Credit Suisse First Boston Corporation and Prudential Securities Incorporated are attached hereto as Exhibit 99.1. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------ (c) Exhibits: 99.1 Computational Materials - Credit Suisse First Boston Corporation and 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 JORDAN ------------------------ Name: David Jordan Title: Secretary CLAYTON HOMES, INC. By /s/ AMBER KRUPACS ------------------------ Name: Amber Krupacs Title: Vice President Dated: August 13, 2000 Exhibit Index Exhibit 99.1 Computational Materials - Credit Suisse First Boston Corporation and Prudential Securities Incorporated [FN] The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by Credit Suisse First Boston or Prudential Securities. All information described above is preliminary, limited in nature and subject to completion or amendment. Credit Suisse First Boston and Prudential Securities make no representations that the above referenced security will actually perform as described in any scenario presented. SUBJECT TO REVISION SERIES TERM SHEET DATED August 13, 2000 $264,521,059 Vanderbilt Mortgage and Finance, Inc. Seller and Servicer [GRAPHIC OMITTED] Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates, Series 2000-C Attached is a preliminary Series Term Sheet describing the structure, collateral pool and certain aspects of the Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates, Series 2000-C. The Series Term Sheet has been prepared by Vanderbilt Mortgage and Finance, Inc. for informational purposes only and is subject to modification or change. The information and assumptions contained therein are preliminary and will be superseded by a prospectus, prospectus supplement and by any other additional information subsequently filed with the Securities and Exchange Commission or incorporated by reference in the Registration Statement. Neither Credit Suisse First Boston Corporation, Prudential Securities Incorporated nor any of their respective affiliates makes any representation as to the accuracy or completeness of any of the information set forth in the attached Series Term Sheet. This cover sheet is not part of the Series Term Sheet. A Registration Statement (including a base prospectus) relating to the Pass-Through Certificates has been filed with the Securities and Exchange Commission and declared effective. The final Prospectus and Prospectus Supplement relating to the securities will be filed after the securities have been priced and all of the terms and information are finalized. This communication is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Interested persons are referred to the final Prospectus and Prospectus Supplement to which the securities relate. Any investment decision should be based only upon the information in the final Prospectus and Prospectus Supplement as of their publication dates. Credit Suisse First Boston Prudential Securities Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-C $264,521,059 (approximate) ------------------------------------------------------------------------------- PRELIMINARY INFORMATION ONLY Offered Certificates
Class A Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class M1 Class B-1 Class B-2 ARM ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Amount: $30,877,649 $55,000,000 $50,000,000 $34,000,000 $44,398,000 $11,889,000 $10,581,000 $10,581,000 $17,194,410 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Type: Adjustable Adjustable Fixed Fixed Fixed Fixed Fixed Fixed Fixed ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Approx. Price [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Spread (bps): TBD TBD TBD TBD TBD TBD TBD TBD TBD ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Avg Life (To Call): 5.28 1.03 3.03 5.15 9.62 13.11 9.28 6.29 11.12 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Avg Life (To Mat): 5.58 1.03 3.03 5.15 9.66 16.13 9.79 6.29 13.83 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ 1st Prin Pymt (To Call): 9/00 9/00 9/02 10/04 4/07 10/13 9/05 9/05 6/08 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Last Prin Pymt (To Call): 10/13 9/02 10/04 4/07 10/13 10/13 10/13 6/08 10/13 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Last Prin Pymt (To Mat): 8/23 9/02 10/04 4/07 9/14 6/19 6/19 6/08 11/29 Stated Mat: 9/30 7/08 4/13 7/17 2/26 9/30 9/30 10/17 9/30 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Expected Settlement: 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 8/29/00 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Payment Delay: 0 days 0 days 6 days 6 days 6 days 6 days 6 days 6 days 6 days ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Interest Payment Basis: ACT/360 ACT/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Dated Date: 8/29/00 8/29/00 8/1/00 8/1/00 8/1/00 8/1/00 8/1/00 8/1/00 8/1/00 ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Ratings (Moody's/Fitch): Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa3/AA- A2/A Baa2/BBB Baa2/BBB ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Pricing Date: TBD TBD TBD TBD TBD TBD TBD TBD TBD ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------ Prepayment Speed: 250% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP 200% MHP ------------------ ------------ ----------- ----------- ------------ ----------- ------------ ----------- ----------- ------------
Title of Securities: Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000-C Class A ARM and Class A-1 adjustable rate certificates, and Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class B-1, and Class B-2 fixed rate certificates. Seller: Vanderbilt Mortgage and Finance, Inc. Servicer: Vanderbilt Mortgage and Finance, Inc. Underwriters: Credit Suisse First Boston Corporation (lead) Prudential Securities Incorporated (co) Trustee: The Chase Manhattan Bank Credit Enhancement: 1) Excess interest 2) Subordination 3) Limited Guarantee of Clayton Homes, Inc. (Class B-2 only) Excess Interest: Excess interest cashflows will be available as credit enhancement.
Subordination: ------------------------ ---------------------- ---------------------- Rating Class (Moody's/Fitch) Subordination ------------------------ ---------------------- ---------------------- Class A ARM, Class A-1 Aaa/AAA 19.00% - A-4 ------------------------ ---------------------- ---------------------- Class A-5 Aa3/AA- 14.50% ------------------------ ---------------------- ---------------------- Class M-1 A2/A 10.50% ------------------------ ---------------------- ---------------------- Class B-1 Baa2/BBB 6.50% ------------------------ ---------------------- ---------------------- Class B-2 Baa2/BBB N/A ------------------------ ---------------------- ---------------------- Class Sizes: ------------------------ ---------------------- ---------------------- Rating Class (Moody's/Fitch) Class Size ------------------------ ---------------------- ---------------------- Class A ARM, Class A-1 Aaa/AAA 81.00% - A-4 ------------------------ ---------------------- ---------------------- Class A-5 Aa3/AA- 4.50% ------------------------ ---------------------- ---------------------- Class M-1 A2/A 4.00% ------------------------ ---------------------- ---------------------- Class B-1 Baa2/BBB 4.00% ------------------------ ---------------------- ---------------------- Class B-2 Baa2/BBB 6.50% ------------------------ ---------------------- ----------------------
OFFERED CERTIFICATES Total Size: $ 264,521,059 (approximate) Class A ARM Remittance Rate: The Class A ARM Remittance 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 remittance rate on the Class A ARM Certificates shall increase to one month LIBOR plus [2X] the margin. Net Funds Cap: The a) weighted average Contract rate on the adjustable rate assets less b) if the Company is no longer the Servicer, [1.25%]. Net Funds Cap Carryover: If on any Remittance Date the Class A ARM interest distribution amount is less than it would have been if it had been calculated at the Formula Rate (i.e., one-month LIBOR plus [TBD%],which is subject to a maximum equal to the Weighted Average Life Cap of the collateral), because of the application of the Net Funds Cap, the amount of such shortfall and the aggregate of such shortfalls from previous payment dates together with accrued interest at the Formula Rate will be carried forward to the next Remittance Date until paid. Class A-1 Remittance Rate: The Class A-1 Remittance Rate will equal the lesser of: i) One Month LIBOR plus [TBD%] and ii) The weighted average Contract rate of the fixed rate assets less the 1.25% servicing fee (if Vanderbilt is no longer the servicer). Maximum Rate: Remittance rates on the Class A-1, A-2, A-3, A-4, A-5, M-1, B-1 and B-2 Certificates are subject to a maximum rate equal to (a) the weighted average contract rate of the contracts less (b) if Vanderbilt is no longer the servicer, the servicing fee of 1.25%. 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. Cashflow Priority: PRICING BASE CASE CLASS M-1 AND CLASS B DISTRIBUTION TEST IS MET 1) Current interest and any previously unreimbursed interest to Classes A ARM, A-1, A-2, A-3, and A-4; 2) Concurrently, to the Class A ARM Certificates, the Class A ARM Formula Principal Distribution Amount (principal attributed to the adjustable rate assets), and the Class A percentage of the Fixed Formula Principal Distribution Amount (principal attributed to the fixed rate assets) sequentially to Classes A-1, A-2, A-3 and A-4 until such class is reduced to zero; 3) Current interest and any previously unreimbursed interest to Class A-5 Certificates; 4) Remaining Class A percentage of the Fixed Formula Principal Distribution Amount to Class A-5 until such class is reduced to zero; 5) Current interest and any previously unreimbursed interest to Class M-1 Certificates; 6) Mezzanine percentage of remaining formula principal payments attributed to the fixed assets to Class M-1 until such class is reduced to zero; 7) Current interest and any previously unreimbursed interest to Class B-1 Certificates; 8) Class B percentage of remaining formula principal payments attributed to the fixed assets to Class B-1 until such class is reduced to zero; 9) Current interest and any previously unreimbursed interest to Class B-2 Certificates; 10) Remaining formula principal payments attributed to the fixed assets to Class B-2 until such class is reduced to zero; 11) The amount of any principal reimbursement to Clayton Homes for Enhancement Payments with respect to the Class B-2 Certificates which remains unpaid after giving effect to the distribution described above; 12) Excess cashflow up to the Net Funds Cap Carryover Amount to the Class A ARM Certificates until such class is reduced to zero; 13) 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; 14) Any remainder to the Class R Certificates. Class A ARM (AAA/Aaa) --------------------------------------------------------------------------- Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 (AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AA-/Aa3) --------------------------------------------------------------------------- Class M-1 (A/A2) --------------------------------------------- 5-Year Lockout Class B-1 (BBB/Baa2) Class B-2 (BBB/Baa2) Cashflow Priority: CLASS M-1 AND CLASS B DISTRIBUTION TEST IS NOT MET: 1) Current interest and any previously unreimbursed interest to Classes A ARM, A-1, A-2, A-3, and A-4; 2) Concurrently, to the Class A ARM Certificates, the Class A ARM Formula Principal Distribution Amount (principal attributed to the adjustable rate assets) and the Fixed Formula Principal Distribution Amount (principal attributed to the fixed rate assets) sequentially to Classes A-1, A-2, A-3, and A-4 until such class is reduced to zero; 3) Current interest and any previously unreimbursed interest to Class A-5 Certificates; 4) 100% of remaining formula principal payments less the Class A ARM Formula Principal Distribution Amount, if any, to Class A-5 until such Class is reduced to zero; 5) Current interest and any previously unreimbursed interest to Class M-1 Certificates; 6) 100% of remaining formula principal payments less the Class A ARM Formula Principal Distribution Amount, if any, to Class M-1 until such Class is reduced to zero; 7) Current interest and any previously unreimbursed interest to Class B-1 Certificates; 8) 100% of remaining formula principal payments less the Class A ARM Formula Principal Distribution Amount, if any, to Class B-1 until such Class is reduced to zero; 9) Current interest and any previously unreimbursed interest to Class B-2 Certificates; 10) 100% of remaining formula principal payments less the Class A ARM Formula Principal Distribution Amount, if any, to Class B-2 until such Class is reduced to zero; 11) The amount of any principal reimbursement to Clayton Homes for Enhancement Payments with respect to the Class B-2 Certificates which remains unpaid after giving effect to the distribution described above; 12) Excess cashflow up to the Net Funds Cap Carryover Amount to the Class A ARM Certificates until such class is reduced to zero; 13) 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; 14) Any remainder to the Class R Certificates.
Class A ARM (AAA/Aaa) -------------------------------------------------------------------------------------------------------------------- Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class M-1 Class B-1 Class B-2 (AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AAA/Aaa) (AA-/Aa3) (A/A2) (BBB/Baa2) (BBB/Baa2)
THE CLASS M-1 AND CLASS B DISTRIBUTION TEST IS MET IF: 1) Remittance Date is on or after September 2005 2) Class M-1 Percentage plus Class B Percentage is at least 25.375% (which is 1.75 times the sum of the original Class M-1 Percentage and the original Class B Percentage). 3) Cumulative Realized Losses do not exceed [7]% for year 2005, [8]% for year 2006, and [9]% for year 2007 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 B-2 Principal Balance must not be less than [$5,290,421] (which represents approximately 2% of the Total Original Principal Balance). Cleanup Call: The Servicer may call the Certificates at par plus accrued interest after the remaining pool balance is less than 10% of the Cut-off Date pool principal balance. Remittance Date: The 7th day of each month or, if such day is not a business day, the next succeeding business day, beginning in September 2000. Interest Accrual: Interest will accrue from the 1st day of the preceding month until the 30th day of the preceding month for the Class A-2, A-3, A-4, A-5, M-1, B-1 and B-2 certificates. For the Class A ARM and A-1 certificates, interest will accrue from the 7th day of the preceding month until the 6th day of the current month. For the first Remittance Date, interest will accrue from the closing date to the first Remittance Date for the Class A ARM and A-1 certificates. For the Class A ARM and A-1 certificates, interest is calculated using an actual/360 day count. For the remainder of the classes, interest is calculated using a 30/360 day count. ERISA Considerations: The Class A ARM, A-1, A-2, A-3, and A-4 Certificates will be ERISA eligible. The Class A-5, Class M-1, B-1 and B-2 Certificates 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 A ARM Certificates will constitute "mortgage related securities" under the Secondary Mortgage Market Enhancement Act of 1984 "SMMEA". 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)325-2747, John Herbert at (212)325-2412, Susan Menkhaus at (212)325-3475, Jack MacDowell (212)325-1251, or Phil Li at (212)325-5945 with questions. ------------------------------------- -------------------- ------------------- Type of Collateral: FIXED ASSETS ARM ASSETS ------------------------------------- -------------------- ------------------- Amount: $233,643,403.83 $30,877,654.71 ------------------------------------- -------------------- ------------------- Average Unpaid Prin. Balance: $38,973.04 $47,577.28 ------------------------------------- -------------------- ------------------- Maximum Original Balance: $256,500.00 $141,750.00 ------------------------------------- -------------------- ------------------- WAC: 11.223% 9.611% ------------------------------------- -------------------- ------------------- Coupon Range: 7.990% - 18.250% 7.990% - 15.490% ------------------------------------- -------------------- ------------------- WAM: 244 265 ------------------------------------- -------------------- ------------------- Weighted Average Original Term: 248 268 ------------------------------------- -------------------- ------------------- WA LTV: 84.774% 85.300% ------------------------------------- -------------------- ------------------- New: 74.13% 98.52% ------------------------------------- -------------------- ------------------- Used: 25.87% 1.48% ------------------------------------- -------------------- ------------------- Multi: 48.83% 66.93% ------------------------------------- -------------------- ------------------- Site Built: 12.01% 0.00% ------------------------------------- -------------------- ------------------- Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- Projected Net Funds Cap for Class A ARM Certificates: (GROSS COUPON - using 30/360 Day Count) * Assuming VMF is the servicer Bond Bond Period Date Coupon Paid 1 09/07/00 9.611 2 10/07/00 9.611 3 11/07/00 9.611 4 12/07/00 9.611 5 01/07/01 9.611 6 02/07/01 9.611 7 03/07/01 9.611 8 04/07/01 9.612 9 05/07/01 9.612 10 06/07/01 9.803 11 07/07/01 10.281 12 08/07/01 10.746 13 09/07/01 11.097 14 10/07/01 11.097 15 11/07/01 11.097 16 12/07/01 11.097 17 01/07/02 11.097 18 02/07/02 11.097 19 03/07/02 11.097 20 04/07/02 11.097 21 05/07/02 11.097 22 06/07/02 11.177 23 07/07/02 11.608 24 08/07/02 12.024 25 09/07/02 12.319 26 10/07/02 12.319 27 11/07/02 12.319 28 12/07/02 12.319 29 01/07/03 12.319 30 02/07/03 12.319 31 03/07/03 12.319 32 04/07/03 12.319 33 05/07/03 12.319 34 06/07/03 12.319 35 07/07/03 12.319 36 08/07/03 12.319 37 09/07/03 12.319 38 10/07/03 12.319 39 11/07/03 12.319 40 12/07/03 12.319 41 01/07/04 12.319 42 02/07/04 12.319 43 03/07/04 12.319 44 04/07/04 12.319 45 05/07/04 12.319 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/29/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 09/07/00 ORIGINAL BALANCE: $30,877,649.00 BOND A ARM DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200; 5 year CMT 6.0900 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 38.0 38.7 39.1 39.5 39.9 99-24+ 37.7 38.4 38.7 39.1 39.5 99-25 37.4 38.0 38.4 38.7 39.1 99-25+ 37.1 37.7 38.0 38.3 38.6 99-26 36.8 37.3 37.6 37.9 38.2 99-26+ 36.4 36.9 37.2 37.5 37.8 99-27 36.1 36.6 36.8 37.1 37.3 99-27+ 35.8 36.2 36.4 36.7 36.9 99-28 35.5 35.9 36.1 36.3 36.5 99-28+ 35.2 35.5 35.7 35.8 36.0 99-29 34.9 35.1 35.3 35.4 35.6 99-29+ 34.6 34.8 34.9 35.0 35.2 99-30 34.3 34.4 34.5 34.6 34.7 99-30+ 33.9 34.1 34.1 34.2 34.3 99-31 33.6 33.7 33.8 33.8 33.9 99-31+ 33.3 33.4 33.4 33.4 33.4 100-00 33.0 33.0 33.0 33.0 33.0 100-00+ 32.7 32.6 32.6 32.6 32.6 100-01 32.4 32.3 32.2 32.2 32.1 100-01+ 32.1 31.9 31.8 31.8 31.7 100-02 31.8 31.6 31.5 31.4 31.3 100-02+ 31.4 31.2 31.1 31.0 30.8 100-03 31.1 30.8 30.7 30.6 30.4 Avg Life 6.88 5.76 5.28 4.87 4.51 First Pay Sept-00 Sept-00 Sept-00 Sept-00 Sept-00 Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/29/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 09/07/00 ORIGINAL BALANCE: $55,000,000.00 BOND A-1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 33.5 35.8 38.2 40.5 42.9 99-24+ 32.2 34.4 36.6 38.8 41.0 99-25 30.9 33.0 35.0 37.1 39.1 99-25+ 29.6 31.5 33.4 35.3 37.2 99-26 28.4 30.1 31.9 33.6 35.4 99-26+ 27.1 28.7 30.3 31.9 33.5 99-27 25.8 27.3 28.7 30.2 31.6 99-27+ 24.5 25.8 27.1 28.5 29.8 99-28 23.2 24.4 25.6 26.7 27.9 99-28+ 22.0 23.0 24.0 25.0 26.0 99-29 20.7 21.5 22.4 23.3 24.2 99-29+ 19.4 20.1 20.9 21.6 22.3 99-30 18.1 18.7 19.3 19.9 20.5 99-30+ 16.8 17.3 17.7 18.1 18.6 99-31 15.6 15.8 16.1 16.4 16.7 99-31+ 14.3 14.4 14.6 14.7 14.9 100-00 13.0 13.0 13.0 13.0 13.0 100-00+ 11.7 11.6 11.4 11.3 11.1 100-01 10.4 10.2 9.9 9.6 9.3 100-01+ 9.2 8.7 8.3 7.9 7.4 100-02 7.9 7.3 6.7 6.1 5.6 100-02+ 6.6 5.9 5.2 4.4 3.7 100-03 5.3 4.5 3.6 2.7 1.8 Avg Life 1.28 1.14 1.03 0.94 0.86 First Pay Sept-00 Sept-00 Sept-00 Sept-00 Sept-00 Last Pay Mar-03 Dec-02 Sept-02 Jul-02 May-02 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/01/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 09/02/00 ORIGINAL BALANCE: $50,000,000.00 BOND A-2 YIELD TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 7.514 7.518 7.522 7.527 7.531 99-24+ 7.509 7.513 7.516 7.520 7.524 99-25 7.504 7.507 7.510 7.514 7.517 99-25+ 7.499 7.502 7.504 7.507 7.510 99-26 7.494 7.496 7.498 7.501 7.503 99-26+ 7.489 7.491 7.492 7.494 7.496 99-27 7.484 7.485 7.486 7.488 7.489 99-27+ 7.479 7.480 7.481 7.481 7.482 99-28 7.474 7.474 7.475 7.475 7.475 99-28+ 7.469 7.469 7.469 7.468 7.468 99-29 7.465 7.464 7.463 7.462 7.461 99-29+ 7.460 7.458 7.457 7.455 7.454 99-30 7.455 7.453 7.451 7.449 7.447 99-30+ 7.450 7.447 7.445 7.442 7.440 99-31 7.445 7.442 7.439 7.436 7.433 99-31+ 7.440 7.436 7.433 7.429 7.426 100-00 7.435 7.431 7.427 7.423 7.419 100-00+ 7.430 7.425 7.421 7.416 7.412 100-01 7.425 7.420 7.415 7.410 7.405 100-01+ 7.420 7.415 7.409 7.403 7.398 100-02 7.415 7.409 7.403 7.397 7.391 100-02+ 7.410 7.404 7.397 7.390 7.384 100-03 7.405 7.398 7.391 7.384 7.377 Avg Life 3.76 3.36 3.03 2.76 2.53 First Pay Mar-03 Dec-02 Sept-02 Jul-02 May-02 Last Pay Nov-05 Apr-05 Oct-04 Jun-04 Feb-04 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/01/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 10/07/04 ORIGINAL BALANCE: $34,000,000.00 BOND A-3 YIELD TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200% PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 7.674 7.676 7.679 7.682 7.685 99-24+ 7.670 7.673 7.676 7.678 7.680 99-25 7.667 7.669 7.672 7.674 7.676 99-25+ 7.664 7.666 7.668 7.670 7.671 99-26 7.661 7.663 7.664 7.666 7.667 99-26+ 7.658 7.659 7.660 7.661 7.662 99-27 7.655 7.656 7.657 7.657 7.658 99-27+ 7.652 7.652 7.653 7.653 7.653 99-28 7.649 7.649 7.649 7.649 7.649 99-28+ 7.646 7.646 7.645 7.645 7.644 99-29 7.643 7.642 7.641 7.641 7.640 99-29+ 7.640 7.639 7.638 7.636 7.635 99-30 7.637 7.635 7.634 7.632 7.631 99-30+ 7.634 7.632 7.630 7.628 7.626 99-31 7.631 7.628 7.626 7.624 7.622 99-31+ 7.627 7.625 7.622 7.620 7.617 100-00 7.624 7.622 7.619 7.616 7.613 100-00+ 7.621 7.618 7.615 7.611 7.608 100-01 7.618 7.615 7.611 7.607 7.604 100-01+ 7.615 7.611 7.607 7.603 7.599 100-02 7.612 7.608 7.603 7.599 7.595 100-02+ 7.609 7.604 7.600 7.595 7.590 100-03 7.606 7.601 7.596 7.591 7.586 Avg Life 6.74 5.86 5.15 4.60 4.19 First Pay Nov-05 Apr-05 Oct-04 Jun-04 Feb-04 Last Pay Feb-09 Feb-08 Apr-07 Jun-06 Sept-05 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 05/31/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 04/07/07 ORIGINAL BALANCE: $44,398,000.00 BOND A-4 YIELD TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 8.058 8.059 8.060 8.061 8.063 99-24+ 8.055 8.056 8.057 8.059 8.060 99-25 8.053 8.054 8.055 8.056 8.057 99-25+ 8.051 8.052 8.053 8.053 8.054 99-26 8.049 8.050 8.050 8.051 8.051 99-26+ 8.047 8.047 8.048 8.048 8.049 99-27 8.045 8.045 8.045 8.046 8.046 99-27+ 8.043 8.043 8.043 8.043 8.043 99-28 8.041 8.040 8.040 8.040 8.040 99-28+ 8.038 8.038 8.038 8.038 8.037 99-29 8.036 8.036 8.036 8.035 8.035 99-29+ 8.034 8.034 8.033 8.032 8.032 99-30 8.032 8.031 8.031 8.030 8.029 99-30+ 8.030 8.029 8.028 8.027 8.026 99-31 8.028 8.027 8.026 8.025 8.023 99-31+ 8.026 8.025 8.023 8.022 8.020 100-00 8.024 8.022 8.021 8.019 8.018 100-00+ 8.021 8.020 8.019 8.017 8.015 100-01 8.019 8.018 8.016 8.014 8.012 100-01+ 8.017 8.016 8.014 8.012 8.009 100-02 8.015 8.013 8.011 8.009 8.006 100-02+ 8.013 8.011 8.009 8.006 8.003 100-03 8.011 8.009 8.006 8.004 8.001 Avg Life 11.86 10.66 9.62 8.65 7.77 First Pay Feb-09 Feb-08 Apr-07 Jun-06 Sept-05 Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/01/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 09/07/14 ORIGINAL BALANCE: $11,889,000.00 BOND A-5 YIELD TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 8.303 8.304 8.304 8.305 8.306 99-24+ 8.301 8.302 8.302 8.303 8.303 99-25 8.299 8.300 8.300 8.301 8.301 99-25+ 8.298 8.298 8.298 8.299 8.299 99-26 8.296 8.296 8.296 8.297 8.297 99-26+ 8.294 8.294 8.294 8.294 8.295 99-27 8.292 8.292 8.292 8.292 8.292 99-27+ 8.290 8.290 8.290 8.290 8.290 99-28 8.288 8.288 8.288 8.288 8.288 99-28+ 8.286 8.286 8.286 8.286 8.286 99-29 8.285 8.284 8.284 8.284 8.284 99-29+ 8.283 8.282 8.282 8.282 8.282 99-30 8.281 8.280 8.280 8.280 8.279 99-30+ 8.279 8.279 8.278 8.278 8.277 99-31 8.277 8.277 8.276 8.276 8.275 99-31+ 8.275 8.275 8.274 8.273 8.273 100-00 8.274 8.273 8.272 8.271 8.271 100-00+ 8.272 8.271 8.270 8.269 8.268 100-01 8.270 8.269 8.268 8.267 8.266 100-01+ 8.268 8.267 8.266 8.265 8.264 100-02 8.266 8.265 8.264 8.263 8.262 100-02+ 8.264 8.263 8.262 8.261 8.260 100-03 8.263 8.261 8.260 8.259 8.257 Avg Life 15.44 14.02 13.11 12.19 11.36 First Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12 Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/01/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 09/07/05 ORIGINAL BALANCE: $10,581,000.00 BOND M-1 YIELD TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 99-24 8.710 8.711 8.711 8.712 8.712 99-24+ 8.708 8.708 8.709 8.709 8.709 99-25 8.705 8.706 8.706 8.706 8.707 99-25+ 8.703 8.703 8.703 8.704 8.704 99-26 8.700 8.701 8.701 8.701 8.701 99-26+ 8.698 8.698 8.698 8.698 8.698 99-27 8.695 8.696 8.696 8.696 8.696 99-27+ 8.693 8.693 8.693 8.693 8.693 99-28 8.691 8.691 8.690 8.690 8.690 99-28+ 8.688 8.688 8.688 8.688 8.688 99-29 8.686 8.685 8.685 8.685 8.685 99-29+ 8.683 8.683 8.683 8.682 8.682 99-30 8.681 8.680 8.680 8.680 8.679 99-30+ 8.678 8.678 8.677 8.677 8.677 99-31 8.676 8.675 8.675 8.674 8.674 99-31+ 8.673 8.673 8.672 8.672 8.671 100-00 8.671 8.670 8.670 8.669 8.668 100-00+ 8.669 8.668 8.667 8.666 8.666 100-01 8.666 8.665 8.665 8.664 8.663 100-01+ 8.664 8.663 8.662 8.661 8.660 100-02 8.661 8.660 8.659 8.658 8.658 100-02+ 8.659 8.658 8.657 8.656 8.655 100-03 8.656 8.655 8.654 8.653 8.652 Avg Life 10.27 9.71 9.28 8.87 8.50 First Pay Sept-05 Sept-05 Sept-05 Sept-05 Sept-05 Last Pay Feb-16 Sept-14 Oct-13 Nov-12 Jan-12 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/01/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 09/07/05 ORIGINAL BALANCE: $10,581,000.00 BOND B-1 YIELD TABLE YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 96-08 9.946 9.960 9.973 9.983 9.993 96-08+ 9.943 9.957 9.969 9.980 9.989 96-09 9.939 9.953 9.965 9.976 9.986 96-09+ 9.936 9.950 9.962 9.973 9.982 96-10 9.932 9.946 9.958 9.969 9.978 96-10+ 9.929 9.943 9.955 9.965 9.975 96-11 9.926 9.939 9.951 9.962 9.971 96-11+ 9.922 9.936 9.948 9.958 9.967 96-12 9.919 9.932 9.944 9.954 9.964 96-12+ 9.915 9.929 9.940 9.951 9.960 96-13 9.912 9.925 9.937 9.947 9.956 96-13+ 9.908 9.922 9.933 9.944 9.953 96-14 9.905 9.918 9.930 9.940 9.949 96-14+ 9.901 9.915 9.926 9.936 9.946 96-15 9.898 9.911 9.923 9.933 9.942 96-15+ 9.895 9.908 9.919 9.929 9.938 96-16 9.891 9.904 9.916 9.926 9.935 96-16+ 9.888 9.901 9.912 9.922 9.931 96-17 9.884 9.897 9.908 9.918 9.927 96-17+ 9.881 9.894 9.905 9.915 9.924 96-18 9.877 9.890 9.901 9.911 9.920 96-18+ 9.874 9.887 9.898 9.908 9.916 96-19 9.870 9.883 9.894 9.904 9.913 First Payment 6.59 6.42 6.29 6.17 6.07 Average Life Sept-05 Sept-05 Sept-05 Sept-05 Sept-05 Last Payment Jan-09 Sept-08 Jun-08 Mar-08 Dec-07 Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2000C $264,521,059 (approximate) ------------------------------------------------------------------------------- DATED DATE: 08/01/00 CURRENT COUPON: TBD VMF 00-C FIRST PAYMENT: 06/07/08 ORIGINAL BALANCE: $17,194,410.00 BOND B-2 Yield Table YIELD TABLE DATE: 08/11/00 ASSUMED CONSTANT LIBOR-1M 6.6200 PRICING SPEED FIXED 150 175 200 225 250 ARM 175 225 250 275 300 93-24 10.064 10.095 10.123 10.152 10.182 93-24+ 10.062 10.093 10.120 10.149 10.179 93-25 10.060 10.091 10.118 10.147 10.177 93-25+ 10.057 10.088 10.115 10.144 10.174 93-26 10.055 10.086 10.113 10.142 10.171 93-26+ 10.052 10.083 10.110 10.139 10.168 93-27 10.050 10.081 10.108 10.136 10.166 93-27+ 10.048 10.078 10.105 10.134 10.163 93-28 10.045 10.076 10.103 10.131 10.160 93-28+ 10.043 10.073 10.100 10.128 10.158 93-29 10.041 10.071 10.097 10.126 10.155 93-29+ 10.038 10.068 10.095 10.123 10.152 93-30 10.036 10.066 10.092 10.121 10.150 93-30+ 10.033 10.063 10.090 10.118 10.147 93-31 10.031 10.061 10.087 10.115 10.144 93-31+ 10.029 10.058 10.085 10.113 10.141 94-00 10.026 10.056 10.082 10.110 10.139 94-00+ 10.024 10.053 10.080 10.108 10.136 94-01 10.021 10.051 10.077 10.105 10.133 94-01+ 10.019 10.048 10.075 10.102 10.131 94-02 10.017 10.046 10.072 10.100 10.128 94-02+ 10.014 10.044 10.069 10.097 10.125 94-03+ 10.012 10.041 10.067 10.094 10.123 Average Life 12.55 11.73 11.12 10.53 9.99 First Payment Jan-09 Sept-08 Jun-08 Mar-08 Dec-07 Last Payment Feb-16 Sept-14 Oct-13 Nov-12 Jan-12 Fixed Rate Collateral $233,643,403.83 Cut Off Date of Tape: 7/25/00 ----------------------------------------------------------------------------- Number of Mortgage Loans: 5,995 Aggregate Unpaid Principal Balance: $233,643,403.83 Aggregate Original Principal Balance: $235,619,867.95 Weighted Average Gross Coupon: 11.223% Gross Coupon Range: 7.990% - 18.250% ----------------------------------------------------------------------------- Average Unpaid Principal Balance: $38,973.04 Average Original Principal Balance: $39,302.73 Maximum Unpaid Principal Balance: $255,387.32 Minimum Unpaid Principal Balance: $4,624.50 Maximum Original Principal Balance: $256,500.00 Minimum Original Principal Balance: $4,624.50 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 243.746 Stated Rem Term Range: 34.000 - 360.000 Weighted Average Age : 3.848 Age Range: 0.000 - 118.000 Weighted Average Original Term: 247.594 Original Term Range: 36.000 - 360.000 Weighted Average Original LTV: 84.774 Original LTV Range: 14.090% - 100.000% -------------------------------------------------------------------- Greatest Zip Code Concentration ZIP 37876 22 Loans 0.37 $868,760.93 New 74.13 $173,210,548 Used 25.87 $60,432,856 Multi-section 48.83 $114,082,528 Single-section 51.17 $119,560,875 Not Parked 62.32 $145,600,033 Parked 25.67 $59,979,556 Site Built 12.01 $28,063,815 Geographical Distribution of Manufactured Homes as of Origination - Fixed Rate Contracts -------------------------------------------------------------------------------- CONTRACTS AS UNPAID PRINCIPAL % OF CUT-OFF DATE OF CUT-OFF BALANCE AS OF AGGREGATE PRINCIPAL STATE DATE CUT-OFF DATE BALANCE -------------------------------------------------------------------------------- Alabama 163 5,661,666 2.42 Alaska 1 150,230 0.06 Arizona 95 3,884,245 1.66 Arkansas 94 4,303,996 1.84 California 19 1,463,999 0.63 Colorado 77 2,921,420 1.25 Delaware 17 768,265 0.33 Florida 333 15,207,095 6.51 Georgia 131 4,821,588 2.06 Idaho 4 155,700 0.07 Illinois 40 1,268,180 0.54 Indiana 57 1,875,860 0.80 Iowa 27 898,032 0.38 Kansas 17 579,710 0.25 Kentucky 340 12,286,882 5.26 Louisiana 162 6,239,490 2.67 Maine 5 353,485 0.15 Maryland 21 996,414 0.43 Massachusetts 5 292,869 0.13 Michigan 98 2,670,294 1.14 Minnesota 28 821,511 0.35 Mississippi 105 3,781,653 1.62 Missouri 73 2,698,085 1.15 Montana 15 498,021 0.21 Nebraska 8 233,376 0.10 Nevada 4 442,802 0.19 New Hampshire 1 111,723 0.05 New Jersey 10 801,574 0.34 New Mexico 65 2,435,413 1.04 New York 81 5,044,721 2.16 North Carolina 855 36,389,254 15.57 North Dakota 13 323,952 0.14 Ohio 88 3,173,114 1.36 Oklahoma 46 1,616,310 0.69 Oregon 9 327,387 0.14 Pennsylvania 21 1,366,746 0.58 South Carolina 467 17,223,578 7.37 South Dakota 3 83,464 0.04 Tennessee 923 35,104,887 15.02 Texas 1,061 38,058,285 16.29 Utah 3 114,213 0.05 Vermont 1 30,563 0.01 Virginia 325 12,924,336 5.53 Washington 7 343,431 0.15 Washington DC 1 78,724 0.03 West Virginia 30 1,087,621 0.47 Wisconsin 25 835,880 0.36 Wyoming 21 893,361 0.38 ----------------------------------------------------------------------------- TOTAL 5,995 233,643,404 100.00 ------------------------------------------------------------------------------ Years of Origination of Contracts - Fixed Rate Contracts Aggregate Principal Pct. Contract Number of Contracts Balance Outstanding of Date As of Cut-off Date As of Cut-off Date Total -------- ------------------- ---------------------- --------- 1990 3 42,219 .02 1991 88 1,237,166 .53 1992 12 206,407 .09 1993 2 34,204 .01 1995 8 202,478 .09 1996 117 4,134,715 1.77 1997 37 1,438,129 .62 1998 55 2,970,051 1.27 1999 329 23,426,122 10.03 2000 5,344 199,951,912 85.58 ----------------------------------------------------------------- TOTAL 5,995 233,643,404 100.00 ================================================================= Distribution of Original Amounts - Fixed Rate Contracts Aggregate Principal Pct. Range of Number of Contracts Balance Outstanding of Original Principal Balance As of Cut-off Date As of Cut-off Date Total -------------------------- ------------------- ------------------- ----- $ 0.00 - $ 5,000.00 1 4,625 .00 $ 5,000.01 - $ 10,000.00 119 974,703 .42 $ 10,000.01 - $ 15,000.00 307 3,865,058 1.65 $ 15,000.01 - $ 20,000.00 530 9,034,264 3.87 $ 20,000.01 - $ 25,000.00 624 13,703,765 5.87 $ 25,000.01 - $ 30,000.00 806 22,018,505 9.42 $ 30,000.01 - $ 35,000.00 808 26,097,070 11.17 $ 35,000.01 - $ 40,000.00 573 21,207,011 9.08 $ 40,000.01 - $ 45,000.00 385 16,189,559 6.93 $ 45,000.01 - $ 50,000.00 347 16,409,323 7.02 $ 50,000.01 - $ 55,000.00 312 16,335,734 6.99 $ 55,000.01 - $ 60,000.00 313 17,964,396 7.69 $ 60,000.01 - $ 65,000.00 245 15,246,189 6.53 $ 65,000.01 - $ 70,000.00 148 9,936,453 4.25 $ 70,000.01 - $ 75,000.00 122 8,816,882 3.77 $ 75,000.01 - $ 80,000.00 87 6,708,776 2.87 $ 80,000.01 - $ 85,000.00 59 4,877,315 2.09 $ 85,000.01 - $ 90,000.00 38 3,300,842 1.41 $ 90,000.01 - $ 95,000.00 33 3,027,171 1.30 $ 95,000.01 - $ 100,000.00 19 1,844,891 .79 $ 100,000.01 - $ 105,000.00 21 2,146,464 .92 $ 105,000.01 - $ 110,000.00 20 2,144,298 .92 $ 110,000.01 - $ 115,000.00 8 889,955 .38 $ 115,000.01 - $ 120,000.00 10 1,163,457 .50 $ 120,000.01 - $ 125,000.00 6 726,312 .31 $ 125,000.01 - $ 130,000.00 10 1,270,825 .54 $ 130,000.01 - $ 135,000.00 8 1,058,880 .45 $ 135,000.01 - $ 140,000.00 3 396,870 .17 $ 140,000.01 - $ 145,000.00 3 424,584 .18 $ 150,000.01 - $ 155,000.00 4 586,877 .25 $ 155,000.01 - $ 160,000.00 2 261,896 .11 $ 165,000.01 - $ 170,000.00 1 165,080 .07 $ 170,000.01 or greater 23 4,845,373 2.07 ------------------------------------------------------------------------------ TOTAL 5,995 233,643,404 100.00 ============================================================================== Distribution of Original Loan-to-Value Ratios - Fixed Rate Contracts Aggregate Principal Pct. Range of Number of Contracts Balance Outstanding of Loan To Values As of Cut-off Date As of Cut-off Date Total -------------- ------------------- ---------------------- --------- Less than 61.000% 265 6,699,869 2.87 61.000% - 65.999% 186 6,057,562 2.59 66.000% - 70.999% 241 8,594,497 3.68 71.000% - 75.999% 398 15,876,934 6.80 76.000% - 80.999% 646 26,679,438 11.42 81.000% - 85.999% 933 38,528,825 16.49 86.000% - 90.999% 2,112 87,128,373 37.29 91.000% - 100.000% 1,214 44,077,907 18.87 ------------------------------------------------------------------------------ TOTAL 5,995 233,643,404 100.00 ============================================================================== Cut-off Date Contract Rate - Fixed Rate Contracts Aggregate Principal Pct. Range of Contracts by Number of Contracts Balance Outstanding of Contract Rate As of Cut-off Date As of Cut-off Date Total --------------------- ------------------- ---------------------- --------- 0.000% - 8.000% 8 610,453 .26 8.001% - 9.000% 72 5,537,638 2.37 9.001% - 10.000% 1,361 79,828,217 34.17 10.001% - 11.000% 1,579 62,666,938 26.82 11.001% - 12.000% 587 21,331,903 9.13 12.001% - 13.000% 842 25,430,626 10.88 13.001% - 14.000% 912 23,753,392 10.17 14.001% - 15.000% 427 10,252,586 4.39 15.001% - 16.000% 183 3,749,209 1.60 16.001% - 17.000% 22 449,396 .19 17.001% - 18.000% 1 19,887 .01 18.001% - 19.000% 1 13,159 .01 ----------------------------------------------------------------------------- TOTAL 5,995 233,643,404 100.00 ============================================================================= Remaining Months to Maturity - Fixed Rate Contracts Aggregate Principal Pct. Months Remaining Number of Contracts Balance Outstanding of As of Cut-off Date As of Cut-off Date As of Cut-off Date Total ------------------ ------------------- ---------------------- --------- 1 - 72 243 3,068,643 1.31 73 - 84 246 3,891,835 1.67 85 - 120 506 10,374,417 4.44 121 - 156 528 13,632,920 5.83 157 - 180 1,031 31,006,323 13.27 181 - 240 1,887 76,490,791 32.74 241 - 300 731 39,577,082 16.94 301 - 360 823 55,601,392 23.80 ----------------------------------------------------------------------------- TOTAL 5,995 233,643,404 100.00 ============================================================================= Distribution of Model Years - Fixed Rate Contracts Aggregate Principal Pct. Home Number of Contracts Balance Outstanding of Year As of Cut-off Date s of Cut-off Date Total ------ ------------------- ---------------------- --------- N/A 1 47,300 .02 1967 1 9,612 .00 1968 2 33,420 .01 1970 5 56,211 .02 1971 4 41,601 .02 1972 6 133,461 .06 1973 12 243,138 .10 1974 6 73,489 .03 1975 9 116,292 .05 1976 6 65,136 .03 1977 10 132,395 .06 1978 10 160,237 .07 1979 17 341,503 .15 1980 26 630,294 .27 1981 16 254,967 .11 1982 24 343,302 .15 1983 33 540,404 .23 1984 53 807,628 .35 1985 63 1,049,077 .45 1986 51 831,756 .36 1987 56 979,130 .42 1988 68 1,139,863 .49 1989 70 1,270,533 .54 1990 66 1,310,741 .56 1991 134 2,417,720 1.03 1992 128 2,499,735 1.07 1993 126 3,233,342 1.38 1994 155 3,863,175 1.65 1995 259 7,190,400 3.08 1996 389 12,368,448 5.29 1997 402 13,775,777 5.90 1998 315 12,157,613 5.20 1999 776 44,821,895 19.18 2000 2,343 104,196,349 44.60 2001 353 16,507,461 7.07 -------------------------------------------------------------- TOTAL 5,995 233,643,404 100.00 ============================================================== Adjustable Rate Collateral $30,877,654.71 Cut Off Date of Tape: 7/25/00 ------------------------------------------------------------------------------- Number of Mortgage Loans: 649 Index: 5 Yr. T-Bill Aggregate Unpaid Principal Balance: $30,877,654.71 Aggregate Original Principal Balance: $31,175,185.87 ------------------------------------------------------------------------------- Weighted Average Coupon (Gross): 9.611% Gross Coupon Range: 7.990% - 15.490% ------------------------------------------------------------------------------- Weighted Average Margin (Gross): 6.226% Gross Margin Range: 3.020% - 7.730% Weighted Average Life Cap (Gross): 15.323% Gross Life Cap Range: 12.740% - 21.490% Weighted Average Life Floor (Gross): 3.629% Gross Life Floor Range: 0.990% - 9.490% -------------------------------------------------------------------------------- Average Unpaid Principal Balance: $47,577.28 Average Original Principal Balance: $48,035.73 Maximum Unpaid Principal Balance: $139,739.50 Minimum Unpaid Principal Balance: $8,156.70 Maximum Original Principal Balance: $141,750.00 Minimum Original Principal Balance: $10,048.50 Weighted Avg. Stated Rem. Term (PTD to Mat Date): 265.225 Stated Rem Term Range: 58.000 - 360.000 Weighted Average Age (First Pay thru Paid Thru): 2.669 Age Range: 0.000 - 113.000 Weighted Average Original Term: 267.893 Original Term Range: 60.000 - 360.000 Weighted Average Original LTV: 85.300 Original LTV Range: 3.920% - 98.876% Weighted Average Periodic Interest Cap: 1.486% Periodic Interest Cap Range: 1.000% - 2.000% Weighted Average Months to Interest Roll: 10.763 Months to Interest Roll Range: 1 - 14 Weighted Average Interest Roll Frequency: 11.987 Interest Frequency Range: 6 - 12 --------------------------------------------------------------------- Greatest Zip Code Concentration ZIP 27320 8 Loans 1.54 $474,410.58 New 98.52 $30,419,839 Used 1.48 $457,816 Multi-section 66.93 $20,667,901 Single-section 33.07 $10,209,753 Not Parked 74.25 $22,925,236 Parked 25.75 $7,952,419 Geographical Distribution of Manufactured Homes as of Origination - Adjustable Rate Contracts ------------------------------------------------------------------------------- UNPAID PRINCIPAL % OF CUT-OFF DATE CONTRACTS AS OF BALANCE AS OF AGGREGATE PRINCIPAL STATE CUT-OFF DATE CUT-OFF DATE BALANCE ------------------------------------------------------------------------------- Alabama 3 $ 150,379 0.49 Arizona 7 321,207 1.04 Arkansas 5 264,487 0.86 Colorado 5 233,169 0.76 Delaware 3 123,345 0.40 Florida 23 995,183 3.22 Georgia 16 667,181 2.16 Indiana 6 328,399 1.06 Kentucky 26 1,069,256 3.46 Louisiana 13 587,396 1.90 Maryland 2 95,202 0.31 Mississippi 1 56,880 0.18 Missouri 8 319,027 1.03 New Jersey 1 51,414 0.17 New Mexico 5 211,222 0.68 New York 2 130,714 0.42 North Carolina 169 8,959,276 29.02 Ohio 6 234,325 0.76 Oklahoma 12 516,715 1.67 Pennsylvania 2 87,357 0.28 South Carolina 59 3,179,602 10.30 Tennessee 101 4,922,312 15.94 Texas 124 4,928,120 15.96 Virginia 46 2,277,210 7.37 Washington 1 66,570 0.22 West Virginia 3 101,706 0.33 - ------- ---- ------------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ------------------------------------------------------------------------------- Years of Origination of Contracts - Adjustable Rate Contracts Aggregate Principal Pct. Contract Number of Contracts Balance Outstanding of Date As of Cut-off Date As of Cut-off Date Total -------- ------------------- ---------------------- --------- 1991 6 68,727 .22 1997 2 57,158 .19 1998 11 551,636 1.79 1999 28 1,741,882 5.64 2000 602 28,458,251 92.16 ---------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ================================================================ Distribution of Original Amounts - Adjustable Rate Contracts Aggregate Principal Pct. Range of Number of Contracts Balance Outstanding of Original Principal Balance As of Cut-off Date As of Cut-off Date Total -------------------------- ------------------- ------------------- ----- $ 10,000.01 - $ 15,000.00 5 56,442 .18 $ 15,000.01 - $ 20,000.00 7 100,290 .32 $ 20,000.01 - $ 25,000.00 18 403,397 1.31 $ 25,000.01 - $ 30,000.00 56 1,547,054 5.01 $ 30,000.01 - $ 35,000.00 110 3,546,100 11.48 $ 35,000.01 - $ 40,000.00 78 2,883,036 9.34 $ 40,000.01 - $ 45,000.00 42 1,722,362 5.58 $ 45,000.01 - $ 50,000.00 44 2,098,225 6.80 $ 50,000.01 - $ 55,000.00 57 2,965,929 9.61 $ 55,000.01 - $ 60,000.00 71 4,059,347 13.15 $ 60,000.01 - $ 65,000.00 44 2,744,393 8.89 $ 65,000.01 - $ 70,000.00 49 3,227,513 10.45 $ 70,000.01 - $ 75,000.00 22 1,583,959 5.13 $ 75,000.01 - $ 80,000.00 20 1,542,188 4.99 $ 80,000.01 - $ 85,000.00 10 817,306 2.65 $ 85,000.01 - $ 90,000.00 6 524,240 1.70 $ 90,000.01 - $ 95,000.00 1 93,790 .30 $ 95,000.01 - $ 100,000.00 4 388,953 1.26 $ 100,000.01 - $ 105,000.00 2 207,864 .67 $ 105,000.01 - $ 110,000.00 1 107,623 .35 $ 115,000.01 - $ 120,000.00 1 117,904 .38 $ 140,000.01 - $ 145,000.00 1 139,740 .45 ----------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ============================================================================= Distribution of Original Loan-to-Value Ratios - Adjustable Rate Contracts Aggregate Principal Pct. Range of Number of Contracts Balance Outstanding of Loan To Values As of Cut-off Date As of Cut-off Date Total -------------- ------------------- ---------------------- --------- Less than 61.000% 13 435,349 1.41 61.000% - 65.999% 17 727,421 2.36 66.000% - 70.999% 26 1,164,096 3.77 71.000% - 75.999% 27 1,359,654 4.40 76.000% - 80.999% 58 2,973,244 9.63 81.000% - 85.999% 94 4,885,467 15.82 86.000% - 90.999% 330 15,802,303 51.18 91.000% - 100.000% 84 3,530,119 11.43 ------------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 =============================================================================== Cut-off Date Contract Rate - Adjustable Rate Contracts Aggregate Principal Pct. Range of Contracts by Number of Contracts Balance Outstanding of Contract Rate As of Cut-off Date As of Cut-off Date Total --------------------- ------------------- ---------------------- --------- 0.000% - 8.000% 6 556,448 1.80 8.001% - 9.000% 275 16,528,180 53.53 9.001% - 10.000% 268 9,989,517 32.35 10.001% - 11.000% 27 992,352 3.21 11.001% - 12.000% 21 979,430 3.17 12.001% - 13.000% 36 1,306,408 4.23 13.001% - 14.000% 10 366,044 1.19 14.001% - 15.000% 5 111,973 .36 15.001% - 16.000% 1 47,301 .15 ----------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ============================================================================= Remaining Months to Maturity - Adjustable Rate Contracts Aggregate Principal Pct. Months Remaining Number of Contracts Balance Outstanding of As of Cut-off Date As of Cut-off Date As of Cut-off Date Total ------------------ ------------------- ------------------- ----- 1 - 72 7 121,473 .39 73 - 84 4 77,472 .25 85 - 120 8 231,676 .75 121 - 156 14 452,886 1.47 157 - 180 59 1,998,678 6.47 181 - 240 282 11,117,023 36.00 241 - 300 176 10,238,312 33.16 301 - 360 99 6,640,134 21.50 -------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ========================================================================== Distribution of Lifetime Cap - Adjustable Rate Contracts Aggregate Principal Pct. Range of Number of Contracts Balance Outstanding of Lifetime Caps As of Cut-off Date As of Cut-off Date Total ------------- ------------------- ---------------------- --------- 12.501% - 13.000% 6 552,753 1.79 13.001% - 13.500% 17 1,133,618 3.67 13.501% - 14.000% 61 3,296,385 10.68 14.001% - 14.500% 1 44,977 .15 14.501% - 15.000% 279 14,932,275 48.36 15.001% - 15.500% 28 1,650,878 5.35 15.501% - 16.000% 163 5,695,563 18.45 16.001% - 16.500% 18 644,596 2.09 16.501% - 17.000% 6 217,452 .70 17.001% - 17.500% 13 500,816 1.62 17.501% - 18.000% 17 772,283 2.50 18.001% - 18.500% 12 529,783 1.72 18.501% - 19.000% 10 404,250 1.31 19.001% - 19.500% 6 203,268 .66 19.501% - 20.000% 8 182,177 .59 20.001% - 20.500% 2 40,609 .13 20.501% - 21.000% 1 28,667 .09 21.001% - 21.500% 1 47,301 .15 -------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ========================================================================== Distribution of Gross Margin - Adjustable Rate Contracts Aggregate Principal Pct. Range of Number of Contracts Balance Outstanding of Gross Margin As of Cut-off Date As of Cut-off Date Total ------------ ------------------- ---------------------- --------- 3.001% - 3.500% 1 107,623 .35 4.001% - 4.500% 1 75,076 .24 4.501% - 5.000% 11 734,976 2.38 5.001% - 5.500% 22 1,296,600 4.20 5.501% - 6.000% 9 380,923 1.23 6.001% - 6.500% 430 20,217,562 65.48 6.501% - 7.000% 169 7,996,167 25.90 7.001% - 7.500% 1 12,970 .04 7.501% - 8.000% 5 55,757 .18 -------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ========================================================================== Next Interest Roll Date - Adjustable Rate Contracts Month Year of Current Pct. Next Outstanding of Adjustment Count Balance Total ---------- ----- ----------- ----- August 2000 2 28,289 .09 September 2000 4 47,183 .15 October 2000 1 12,970 .04 January 2001 1 19,153 .06 February 2001 2 132,025 .43 March 2001 8 459,469 1.49 April 2001 28 1,471,600 4.77 May 2001 233 10,571,552 34.24 June 2001 223 10,576,557 34.25 July 2001 124 6,319,204 20.47 August 2001 20 1,039,472 3.37 September 2001 3 200,180 .65 ------------------------------------------------------ TOTAL 649 30,877,655 100.00 ====================================================== Distribution of Periodic Cap - Adjustable Rate Contracts Aggregate Principal Pct. Periodic Number of Contracts Balance Outstanding of Cap As of Cut-off Date As of Cut-off Date Total -------- ------------------- ---------------------- --------- 1.00 338 15,881,257 51.43 2.00 311 14,996,398 48.57 ---------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ================================================================ Index Code - Adjustable Rate Contracts Aggregate Principal Pct. Number of Contracts Balance Outstanding of BENCHMARK As of Cut-off Date As of Cut-off Date Total --------- ------------------- ---------------------- --------- 5 YR T BILL 649 30,877,655 100.00 -------------------------------------------------------------------------- TOTAL 649 30,877,655 100.00 ========================================================================== Distribution of Model Years - Adjustable Rate Contracts Aggregate Principal Pct. Model Number of Contracts Balance Outstanding of Year As of Cut-off Date As of Cut-off Date Total ------ ------------------- ---------------------- --------- 1981 1 13,475 .04 1982 1 13,209 .04 1984 1 11,309 .04 1990 1 9,701 .03 1991 6 74,037 .24 1994 1 43,097 .14 1996 1 21,138 .07 1997 7 234,919 .76 1998 14 655,645 2.12 1999 50 2,750,531 8.91 2000 544 25,879,844 83.81 2001 22 1,170,752 3.79 TOTAL 649 30,877,655 100.00 ==============================================================