-----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, VOVlzUO9OM6HM6XwAbNFanSj0igwwFXN4b+dpdrxTtJzyYclRFrK2RbkrTv+Kpz1 xbONgzbqTc936qbGqjmqcA== 0001024739-98-001105.txt : 19981209 0001024739-98-001105.hdr.sgml : 19981209 ACCESSION NUMBER: 0001024739-98-001105 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981204 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST ALLIANCE MORTGAGE CO /DE/ CENTRAL INDEX KEY: 0000906938 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 952944875 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11947 FILM NUMBER: 98765352 BUSINESS ADDRESS: STREET 1: 17305 VON KARMAN AVE STREET 2: SUITE 5000 CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 9492248500 MAIL ADDRESS: STREET 1: 17305 VON KARMAN AVE CITY: IRVINE STATE: CA ZIP: 92714 FORMER COMPANY: FORMER CONFORMED NAME: FIRST ALLIANCE CORP /DE/ DATE OF NAME CHANGE: 19961104 FORMER COMPANY: FORMER CONFORMED NAME: FIRST ALLIANCE MORTGAGE CO /CA/ DATE OF NAME CHANGE: 19940908 8-K 1 FORM 8-K =============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 4, 1998 First Alliance Mortgage Company ----------------------------------------------------- (Exact name of registrant as specified in its charter) California 333-44585-04 95-2944875 - ---------------------------- ---------------- ------------------ (State or Other Jurisdiction (Commission File (I.R.S. Employer of Incorporation) Number) Identification No.) 17305 Von Karman Avenue Irvine, California 92614-6203 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (949) 224-8500 No Change ------------------------------------------------------------ (Former name or former address, if changed since last report) =============================================================================== Item 5. Other Events. In connection with the offering of First Alliance Mortgage Company Mortgage Loan Asset Backed Certificates, Series 1998-4, described in a Prospectus Supplement to be dated as of December 7, 1998, certain "Computational Materials" within the meaning of the May 20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public Securities Association No-Action Letter were furnished to certain prospective investors (the "Related Computational Materials"). The Related Computational Materials furnished to certain prospective investors by the Underwriter, Prudential Securities Incorporated, are filed herewith 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 provided by Prudential Securities Incorporated in connection with sales efforts related to the Registrant's securities. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: FIRST ALLIANCE MORTGAGE COMPANY, as Company By: /s/ Francisco Nebot ------------------------------- Name: Francisco Nebot Title: Executive Vice President and Chief Financial Officer Dated: December 7, 1998 EX-99.1 2 COMPUTATIONAL MATERIALS Exhibit 99.1 First Alliance Mortgage Loan Trust 1998-4 Mortgage Loan Asset Backed Certificates, Series 1998-4 [$120,000,000] Class A Certificates ----------------------------------------------------------- [$96,000,000] Class A-1 Certificates - [6.225]% (non-SMMEA-eligible) [$24,000,000] Class A-2 Certificates - 1M LIBOR + [TBD] bps (non-SMMEA-eligible) The information provided herein is provided solely by Prudential Securities Incorporated ("PSI") as underwriter for the First Alliance Mortgage Loan Trust 1998-4 transaction, and not by or as agent for First Alliance Mortgage Company (the "Sponsor") or any of its affiliates. 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 herein, and may, as principal or agent, buy or sell such securities, commodities or derivative instruments. In addition, PSI may make a market in the securities referred to herein. Neither the information nor the assumptions reflected herein shall be construed to be, or constitute, an offer to sell or buy or a solicitation of an offer to sell or buy any securities, commodities or derivative instruments mentioned herein. No sale of any securities, commodities or derivative instruments should be 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. First Alliance Mortgage Loan Trust 1998-4 Mortgage Loan Asset Backed Certificates, Series 1998-4 - ------------------------------------------------------------------------------- Title of Securities: First Alliance Mortgage Loan Trust 1998-4, Class A-1 and Class A-2 Certificates. Certificate Description: Class A-1 Class A-2 --------- --------- Collateral: Fixed-Rate Adjustable-Rate Mortgage Loans Mortgage Loans Prepayment Assumption: [27% HEP] [30% CPR] Approximate Size: [$96,000,000] [$24,000,000] Average Life to Call (years): [2.982] [2.462] Average Life to maturity (years): [3.232] [2.694] Coupon: [6.225] The lesser of: 1) One Month LIBOR +[TBD] bps 2) The Available Funds Cap Coupon Step-up: After the Clean-up After the Clean-up Call, Call, [0.50%] the lesser of: 1) One Month LIBOR + 2x [TBD] bps 2) The Available Funds Cap Yield to Call: [6.177] Variable Collateral Adjustment Frequency: N/A Every 6 months (Both Interest Rate & Payment) Payment Delay (days): [19] NONE Interest Accrual Basis: 30/360 Actual/360 Rating (Moody's/S&P): Aaa/AAA Aaa/AAA Dated Date: [12/01/1998] [12/15/1998] First Payment: [01/20/1999] [01/20/1999] Expected Maturity without Call: [11/20/2014] [05/20/2013] Expected Maturity with 10% Call: [02/20/2006] [03/20/2005] Stated Maturity: [03/01/2030] [01/01/2029] Pricing Date: [12/03/1998] [---TBD----] Settlement Date: [12/15/1998] [12/15/1998] Taxation: REMIC REMIC SMMEA Eligibility: non-SMMEA non-SMMEA THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY. THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. First Alliance Mortgage Loan Trust 1998-4 Mortgage Loan Asset Backed Certificates, Series 1998-4 - ------------------------------------------------------------------------------- Title of Securities: First Alliance Mortgage Loan Trust 1998-4, Class A-1 and Class A-2 Certificates. Fixed-Rate Loans: Fixed-Rate conventional home equity mortgage loans secured by first and second lien mortgage Floating-Rate Loans: Adjustable-Rate conventional home equity mortgage loans secured by first lien mortgages and Company and Servicer: First Alliance Mortgage Company, a California corporation Servicing Fee: 50 basis points per annum Master Servicer: Norwest Bank, Minnesota, National Association Trustee: Norwest Bank, Minnesota, National Association Aggregate Collateral Balance: Fixed-Rate $[96,000,000.00] Floating-Rate $[24,000,000.00] Payment Date: The 20th day of each month or, if such day is not a business day, the next succeeding business day, beginning on [January 20], 1999 Record Date: Class A-1 and Class A-2 - The last day of the calendar month immediately preceeding the related Payment Date Interest Accrual Period: The interest accrual period for the Class A-1 Certificates is the calendar month prior to the month in which a distribution occurs. Interest will accrue on the Class A-2 Certificates from Payment Date to Payment Date. For the first Payment Date, interest will accrue from the Closing Date to the first Payment Date. Form of Certificates: Book-entry only through the same-day funds facilities of DTC, Euroclear and CEDEL Denominations: Minimum denominations of $1,000 and integral multiples thereof Prepayment Assumption: For the Class A-1 Certificates, [27]% HEP ([2.7]% CPR in month 1 with monthly incremental increases of [2.7]% CPR until the speed reaches [27]% CPR in month 10 based on loan seasoning.) For the Class A-2 Certificates, [30]% CPR 10% Clean-up Call: The Servicer has the option to exercise call when the A-1 Certificate balance equals 10% of the original A-1 Certificate balance. The call will be exercised at par plus accrued interest. The Servicer has the option to exercise a call when the A-2 Certificate balance equals 10% of the A-2 Certificate balance. The call will be exercised at par plus accrued interest. Coupon Step-Up: If the Servicer does not exercise the Clean-up Call, the coupon on the Class A-1 Certificates shall be raised to [6.225]% + 50 bps. If the Servicer does not exercise the Cleanup Call, the coupon on the Class A-2 Certificates shall be raised to 1M LIBOR + 2x [TBD]bps, subject to the Monthly Available Funds Cap. Available Funds Cap: The Available Funds Cap is the weighted average of the Mortgage Rates on the Mortgage Loans in the Adjustable-Rate Loans, less the sum of (a) the Adjustable-Rate Loan Servicing Fee (50 bps), (b) the premiums due to the Certificate Insurer with respect to the Certificate Insurance Policy relating to the Class A-2 Certificates, (c) the fees due to the Master Servicer and the Trustee relating to the Class A-2 Certificates, and (d) beginning on the [seventh] Payment Date from the Closing Date, [0.50%], expressed as a percentage of the Mortgage loans in the Adjustable-Rate Loans, calculated as of the first day of the related Remittance Period. Interest Carry Forward: The Class A-2 Certificates will have an interest carry forward feature. The excess of the interest accrued on the Class A-2 Certificates based on LIBOR plus the margin over the amount of interest accrued at the Available Funds Cap will be paid on future Remittance Dates to the extent of funds from the Adjustable-Rate Loans prior to distributing any Excess Spread to the holder of the Class R Certificate. The Interest Carryover Amount will accrue interest at the Class A-2 Certificate Rate. No interest Carryover will be paid once its principal balance has been reduced to zero. The Interest Carryover Amount is not guaranteed by MBIA. There will be no make-whole of the interest carry forward at the call date. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY. THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. First Alliance Mortgage Loan Trust 1998-4 Mortgage Loan Asset Backed Certificates, Series 1998-4 - ------------------------------------------------------------------------------- Pre-Funding Account: On the Closing Date, approximately [$18,000,000] will be deposited in a pre-funding account for the purchase of additional Fixed-Rate Mortgage Loans and [$6,000,000.00] will be deposited in a pre-funding account for the purchase of additional Adjustable-Rate Mortgage Loans. From the Closing Date until [January 31,1999] the Trust intends to purchase mortgage loans up to the entire pre-funding amounts. The additional mortgage loans, purchased with funds deposited in the prefunding account, will be subject to certain individual and aggregate group characteristics that will be more fully described in the Prospectus Supplement. Funds remaining in the Fixed-Rate pre-funding account will be distributed to the Class A-1 Certificateholders as a prepayment on the [February] 1999 Payment Date. Funds remaining in the Adjustable-Rate pre-funding account will be distributed to the Class A-2 Certificateholders as a prepayment on the [February] 1999 Payment Date. Credit Enhancement: A combination of: - Excess Spread - Overcollateralization - Cross-collateralization - 100% wrap from MBIA guarantee of timely interest and ultimate principal Certificate Ratings: The Certificates will be rated AAA by Standard & Poor's and Aaa by Moody's Investor Service. Certificate Insurer: MBIA Insurance Corporation ("MBIA") MBIA's claims-paying ability is rated AAA/Aaa by Standard and Poor's and Moody's. Certificate Insurance: Timely payments of interest and the ultimate payment of principal on the Certificates will be 100% guaranteed by MBIA. ERISA Considerations: The Certificates will be ERISA eligible. 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: The Certificates will NOT constitute "mortgage related securities" for purposes of SMMEA. Taxation: REMIC Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Certificates and the Collateral is contained in the Prospectus. The foregoing is qualified in its entirety by the information appearing in the Prospectus. To the extent that the foregoing is inconsistent with the Prospectus, the Prospectus shall govern in all respects. Sales of the Certificates may not be consumated unless the purchaser has received the Prospectus. Further Information: For further information, call the ABS desk at (212) 778-2741, Len Blum at (212) 778-1397 John Kim at (212) 778-1833, Naveen Bhalla at (212) 778-7448, Howard Blecher at (212) 778-4429, or James Chuchman at (212) 778-4540. THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.

THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. - ------------------------------------------------------------------------------- - FAMT84 - Cut Off Date of Tape is 11/30/98 - Fixed Rate Collateral - $74,677,660.67 - Mortgage Summary Report - ------------------------------------------------------------------------------- Number of Mortgage Loans: 854 Lien Status: 1st and 2nd Lien Loans Aggregate Unpaid Principal Balance: $74,677,660.67 Aggregate Original Principal Balance: $75,677,335.00 Weighted Average Gross Coupon: 9.164% Gross Coupon Range: 6.490% - 14.500% - ------------------------------------------------------------------------------- Average Unpaid Principal Balance: $87,444.57 Average Original Principal Balance: $88,615.15 Maximum Unpaid Principal Balance: $359,073.11 Minimum Unpaid Principal Balance: $12,973.91 Maximum Original Principal Balance: $362,317.00 Minimum Original Principal Balance: $16,100.00 Weighted Avg. Stated Rem. Term (LPD to Mat Date): 329.432 * excludes I/O Periods Stated Rem Term Range: 69.000 - 360.000 Weighted Average Age (First Pay thru Last Pay): 10.924 * excludes I/O Periods Age Range: 0.000 - 111.000 Weighted Average Original Term(to amortization): 340.824 * excludes I/O Periods Original Term Range (to amortization): 120.000 - 411.000

Weighted Average Original LTV: 60.580 Original LTV Range: 6.809% - 84.992% Weighted Average Combined LTV: 61.003 Combined LTV Range: 9.771% - 84.992% - -------------------------------------------------------------------------------- THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GROSS MORTGAGE INTEREST RATE RANGE Percentage of Aggregate Cut-Off Date Gross Mortgage Number of Unpaid Aggregate Interest Rate Mortgage Principal Principal Range Loans Balance Balance 6.00% < Gross Coupon <= 6.50% 1 82,692.34 0.11 6.50% < Gross Coupon <= 7.00% 1 107,990.00 0.14 7.00% < Gross Coupon <= 7.50% 23 2,288,550.78 3.06 7.50% < Gross Coupon <= 8.00% 65 5,831,008.87 7.81 8.00% < Gross Coupon <= 8.50% 129 11,865,450.14 15.89 8.50% < Gross Coupon <= 9.00% 220 18,779,201.76 25.15 9.00% < Gross Coupon <= 9.50% 153 14,822,541.75 19.85 9.50% < Gross Coupon <= 10.00% 157 13,449,624.92 18.01 10.00% < Gross Coupon <= 10.50% 47 3,459,061.70 4.63 10.50% < Gross Coupon <= 11.00% 33 2,531,661.54 3.39 11.00% < Gross Coupon <= 11.50% 8 385,358.41 0.52 11.50% < Gross Coupon <= 12.00% 7 455,279.25 0.61 12.00% < Gross Coupon <= 12.50% 3 158,089.00 0.21 12.50% < Gross Coupon <= 13.00% 4 278,824.50 0.37 13.50% < Gross Coupon <= 14.00% 2 80,194.62 0.11 14.00% < Gross Coupon <= 14.50% 1 102,131.09 0.14 - ------------------------------------------------------------------------------- Total.......... 854 $74,677,660.67 100.00% =============================================================================== REMAINING MONTHS TO STATED MATURITY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Remaining Term Loans Balance Balance 60 < Rem Term <= 72 1 22,998.53 0.03% 96 < Rem Term <= 108 6 161,198.01 0.22% 108 < Rem Term <= 120 10 521,814.30 0.70% 120 < Rem Term <= 132 11 512,228.91 0.69% 132 < Rem Term <= 144 3 118,695.39 0.16% 144 < Rem Term <= 156 7 434,122.06 0.58% 156 < Rem Term <= 168 22 1,470,379.37 1.97% 168 < Rem Term <= 180 63 4,253,467.54 5.70% 204 < Rem Term <= 216 2 128,300.64 0.17% 216 < Rem Term <= 228 3 216,308.93 0.29% 228 < Rem Term <= 240 7 459,163.15 0.61% 276 < Rem Term <= 288 1 102,131.09 0.14% 288 < Rem Term <= 300 9 954,792.75 1.28% 300 < Rem Term <= 312 40 3,835,429.84 5.14% 312 < Rem Term <= 324 14 782,230.21 1.05% 324 < Rem Term <= 336 49 4,427,593.22 5.93% 336 < Rem Term <= 348 128 11,460,463.56 15.35% 348 < Rem Term <= 360 478 44,816,343.17 60.01% - ------------------------------------------------------------------- Total............ 854 $74,677,660.67 100.00% =================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ORIGINAL LOAN-TO-VALUE RATIOS Percentage of Aggregate Cut-Off Date Original Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance 5.00 < LTV <= 10.00 3 64,987.38 0.09 10.00 < LTV <= 15.00 13 392,762.89 0.53 15.00 < LTV <= 20.00 17 523,996.85 0.70 20.00 < LTV <= 25.00 19 894,967.10 1.20 25.00 < LTV <= 30.00 31 1,387,362.91 1.86 30.00 < LTV <= 35.00 37 2,331,696.93 3.12 35.00 < LTV <= 40.00 40 2,528,590.89 3.39 40.00 < LTV <= 45.00 44 3,517,889.60 4.71 45.00 < LTV <= 50.00 67 4,795,066.96 6.42 50.00 < LTV <= 55.00 62 5,133,092.96 6.87 55.00 < LTV <= 60.00 91 8,196,706.92 10.98 60.00 < LTV <= 65.00 131 12,963,265.79 17.36 65.00 < LTV <= 70.00 126 12,115,305.84 16.22 70.00 < LTV <= 75.00 106 12,370,073.51 16.56 75.00 < LTV <= 80.00 59 6,750,773.28 9.04 80.00 < LTV <= 85.00 8 711,120.86 0.95 - -------------------------------------------------------------------------- Total.................... 854 $74,677,660.67 100.00% ========================================================================== ORIGINAL COMBINED LOAN-TO-VALUE RATIOS Percentage of Aggregate Cut-Off Date Combined Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance 5.000 JUNIOR LIEN RATIOS Percentage of Aggregate Cut-Off Date JUNIOR Number of Unpaid Aggregate LIEN Mortgage Principal Principal Ratio Loans Balance Balance 10.000 < LIEN <= 20.000 4 104,667.40 0.14 20.000 < LIEN <= 30.000 5 198,322.28 0.27 30.000 < LIEN <= 40.000 3 100,658.62 0.13 40.000 < LIEN <= 50.000 3 138,885.22 0.19 50.000 < LIEN <= 60.000 1 112,646.28 0.15 60.000 < LIEN <= 70.000 2 79,337.23 0.11 70.000 < LIEN <= 80.000 2 113,046.85 0.15 80.000 < LIEN <= 90.000 3 158,344.44 0.21 90.000 < LIEN <= 100.000 831 73,671,752.35 98.65 - -------------------------------------------------------------------------- Total.................... 854 $74,677,660.67 100.00% ========================================================================== CURRENT MORTGAGE LOAN AMOUNTS Percentage of Aggregate Cut-Off Date Current Number of Unpaid Aggregate Mortgage Loan Mortgage Principal Principal Principal Balance Loans Balance Balance Balance <= 25,000 21 426,639.55 0.57 25,000 < Balance <= 50,000 126 4,952,105.34 6.63 50,000 < Balance <= 75,000 227 14,251,309.64 19.08 75,000 < Balance <= 100,000 229 19,857,093.29 26.59 100,000 < Balance <= 150,000 184 21,947,014.43 29.39 150,000 < Balance <= 175,000 25 4,000,888.36 5.36 175,000 < Balance <= 200,000 18 3,364,854.93 4.51 200,000 < Balance <= 250,000 15 3,307,000.91 4.43 250,000 < Balance <= 300,000 7 1,872,800.08 2.51 300,000 < Balance <= 350,000 1 338,881.03 0.45 350,000 < Balance <= 400,000 1 359,073.11 0.48 - -------------------------------------------------------------------------- Total.................... 854 $74,677,660.67 100.00% ========================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal State Loans Balance Balance Arizona 16 1,168,345.75 1.56 California 274 27,538,834.66 36.88 Colorado 23 1,820,920.82 2.44 Dist of Col 5 419,509.03 0.56 Florida 28 2,102,189.85 2.82 Georgia 12 758,234.60 1.02 Idaho 1 165,932.74 0.22 Illinois 67 4,905,257.30 6.57 Maryland 26 2,188,330.60 2.93 Massachusetts 16 1,421,547.88 1.90 Minnesota 14 1,102,666.41 1.48 New Jersey 74 6,032,207.35 8.08 New York 98 9,100,203.66 12.19 Ohio 27 1,743,790.79 2.34 Oregon 49 4,077,166.16 5.46 Pennsylvania 32 2,441,292.26 3.27 Utah 39 2,744,519.66 3.68 Virginia 10 1,050,018.42 1.41 Washington 43 3,896,692.73 5.22 - -------------------------------------------------------------------------- Total............... 854 $74,677,660.67 100.00% ========================================================================== MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance Single-family 765 67,279,997.82 90.09 PUD 4 212,980.26 0.29 Condominiums 14 1,022,714.36 1.37 2-4 Family 71 6,161,968.23 8.25 - -------------------------------------------------------------------------- Total............... 854 $74,677,660.67 100.00% ========================================================================== LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance Owner Occ. 812 71,327,516.34 95.51 Investor 40 2,987,211.12 4.00 Second Home 2 362,933.21 0.49 - -------------------------------------------------------------------------- Total.................. 854 $74,677,660.67 100.00% ========================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. - ------------------------------------------------------------------------------- - FAMT984 - Cut Off Date of Tape is 11/30/98 - Adjustable Rate Collateral - $20,466,013.71 - ------------------------------------------------------------------------------- Number of Mortgage Loans: 175 Lien Status: 1st Lien Loans Aggregate Unpaid Principal Balance: $20,466,013.71 Aggregate Original Principal Balance: $20,488,989.00 - -------------------------------------------------------------------------------- Weighted Average Coupon (Gross): 8.202% Gross Coupon Range: 5.890% - 11.990% Weighted Average Margin (Gross): 5.684% Gross Margin Range: 3.990% - 9.012% Weighted Average Life Cap (Gross): 15.202% Gross Life Cap Range: 12.890% - 18.990% Weighted Average Life Floor (Gross): 8.202% Gross Life Floor Range: 5.890% - 11.990% - ------------------------------------------------------------------------------- Average Unpaid Principal Balance: $116,948.65 Average Original Principal Balance: $117,079.94 Maximum Unpaid Principal Balance: $367,470.00 Minimum Unpaid Principal Balance: $21,531.00 Maximum Original Principal Balance: $367,470.00 Minimum Original Principal Balance: $21,531.00 Weighted Avg. Stated Rem.Term (PTD to Mat Date): 347.004 * excludes I/O Periods Stated Rem Term Range: 176.000 - 360.000 Weighted Average Age (First Pay thru Paid Thru): 0.691 * excludes I/O Periods Age Range: 0.000 - 4.000 Weighted Average Original Term (To Amortization): 347.695 * excludes I/O Periods Original Term Range (To Amortization): 180.000 - 360.000

Weighted Average Original LTV: 63.754 Original LTV Range: 22.664% - 80.000% Weighted Average Periodic Interest Cap: 1.088% Periodic Interest Cap Range: 1.000% - 1.500% Weighted Average Months to Interest Roll: 6.544 Months to Interest Roll Range: 3 - 24 Weighted Average Interest Roll Frequency: 6.000 Interest Frequency Range: 6 - 6 - ------------------------------------------------------------------------------- THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
LOAN TYPE - ---------------------------------------------------------------------------------------------------------------------------------- WA WA WA WA PER MONTH WA Total Total # % Rem WA Orig LIFE GROSS INT TO INT LIFE Original Current Loan Type Loan Pool WAC Term Age LTV CAP MARGIN CAP ROLL FLOOR Balance Balance 2/28 LIBOR ARMs 4 2.31 7.797 359.20 .80 59.68 14.80 5.513 1.500 23.33 7.80 $473,750.00 $474,179.77 Six Month LIBOR 171 97.69 8.212 346.71 .69 63.85 15.21 5.689 1.079 6.15 8.21 $20,015,239.00 $19,992633.94 - ---------------------------------------------------------------------------------------------------------------------------------- Total..... 175 100.00% 8.202 347.00 .69 63.75 15.20 5.684 1.088 6.54 8.20 $20,488,989.00 $20,466,013.71 ===================================================================================================================================
GROSS MORTGAGE INTEREST RATE RANGE Percentage of Aggregate Cut-Off Date Gross Mortgage Number of Unpaid Aggregate Interest Rate Mortgage Principal Principal Range Loans Balance Balance 5.50% < Gross Coupon <= 6.00% 1 362,630.97 1.77 6.50% < Gross Coupon <= 7.00% 10 919,338.00 4.49 7.00% < Gross Coupon <= 7.50% 29 3,824,982.33 18.69 7.50% < Gross Coupon <= 8.00% 60 7,026,345.23 34.33 8.00% < Gross Coupon <= 8.50% 21 2,308,967.09 11.28 8.50% < Gross Coupon <= 9.00% 25 2,853,190.08 13.94 9.00% < Gross Coupon <= 9.50% 7 783,607.17 3.83 9.50% < Gross Coupon <= 10.00% 12 1,316,337.00 6.43 10.50% < Gross Coupon <= 11.00% 8 909,273.84 4.44 11.50% < Gross Coupon <= 12.00% 2 161,342.00 0.79 - ------------------------------------------------------------------------------- Total.......... 175 $20,466,013.71 100.00% =============================================================================== REMAINING MONTHS TO STATED MATURITY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Remaining Term Loans Balance Balance 168 < Rem Term <= 180 17 1,259,015.26 6.15% 228 < Rem Term <= 240 2 210,103.00 1.03% 348 < Rem Term <= 360 156 18,996,895.45 92.82% - ------------------------------------------------------------------- Total............ 175 $20,466,013.71 100.00% =================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ORIGINAL LOAN-TO-VALUE RATIOS Percentage of Aggregate Cut-Off Date Original Number of Unpaid Aggregate Loan-To-Value Mortgage Principal Principal Ratio Loans Balance Balance 20.00 < LTV <= 25.00 3 161,476.15 0.79 25.00 < LTV <= 30.00 1 39,910.37 0.20 30.00 < LTV <= 35.00 2 112,794.54 0.55 35.00 < LTV <= 40.00 6 419,126.28 2.05 40.00 < LTV <= 45.00 12 785,562.01 3.84 45.00 < LTV <= 50.00 13 1,282,062.46 6.26 50.00 < LTV <= 55.00 19 1,938,138.09 9.47 55.00 < LTV <= 60.00 12 1,026,036.69 5.01 60.00 < LTV <= 65.00 37 4,868,711.67 23.79 65.00 < LTV <= 70.00 30 3,938,052.40 19.24 70.00 < LTV <= 75.00 26 3,888,753.89 19.00 75.00 < LTV <= 80.00 14 2,005,389.16 9.80 - -------------------------------------------------------------------------- Total.................... 175 $20,466,013.71 100.00% ========================================================================== CURRENT MORTGAGE LOAN AMOUNTS Percentage of Aggregate Cut-Off Date Current Number of Unpaid Aggregate Mortgage Loan Mortgage Principal Principal Principal Balance Loans Balance Balance Balance <= 25,000 1 21,531.00 0.11 25,000 < Balance <= 50,000 16 692,851.40 3.39 50,000 < Balance <= 75,000 36 2,315,981.82 11.32 75,000 < Balance <= 100,000 39 3,525,081.55 17.22 100,000 < Balance <= 150,000 36 4,379,207.14 21.40 150,000 < Balance <= 175,000 15 2,401,167.24 11.73 175,000 < Balance <= 200,000 14 2,616,522.88 12.78 200,000 < Balance <= 250,000 11 2,453,214.36 11.99 250,000 < Balance <= 300,000 5 1,330,355.35 6.50 350,000 < Balance <= 400,000 2 730,100.97 3.57 - -------------------------------------------------------------------------- Total.................... 175 $20,466,013.71 100.00% ========================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal State Loans Balance Balance Arizona 5 424,431.59 2.07 California 46 7,591,647.60 37.09 Colorado 8 702,014.40 3.43 Florida 4 465,813.52 2.28 Georgia 3 502,365.20 2.45 Illinois 15 1,566,108.75 7.65 Minnesota 4 254,448.38 1.24 New Jersey 26 2,932,970.16 14.33 New York 7 652,818.33 3.19 Ohio 14 1,072,860.80 5.24 Oregon 11 1,043,280.60 5.10 Pennsylvania 10 736,350.39 3.60 Utah 12 1,226,820.64 5.99 Virginia 1 75,665.99 0.37 Washington 9 1,218,417.36 5.95 - -------------------------------------------------------------------------- Total............... 175 $20,466,013.71 100.00% ========================================================================== LOAN SUMMARY STRATIFIED BY LIFE CAP Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Cap Loans Balance Balance 12.500 < LIFE CAP <= 13.000 1 362,630.97 1.77 13.500 < LIFE CAP <= 14.000 10 919,338.00 4.49 14.000 < LIFE CAP <= 14.500 29 3,824,982.33 18.69 14.500 < LIFE CAP <= 15.000 60 7,026,345.23 34.33 15.000 < LIFE CAP <= 15.500 21 2,308,967.09 11.28 15.500 < LIFE CAP <= 16.000 25 2,853,190.08 13.94 16.000 < LIFE CAP <= 16.500 7 783,607.17 3.83 16.500 < LIFE CAP <= 17.000 12 1,316,337.00 6.43 17.500 < LIFE CAP <= 18.000 8 909,273.84 4.44 18.500 < LIFE CAP <= 19.000 2 161,342.00 0.79 - -------------------------------------------------------------------------- Total................. 175 $20,466,013.71 100.00% ========================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. LOAN SUMMARY STRATIFIED BY LIFE FLOOR Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Life Floor Loans Balance Balance 5.500 < Life Floor <= 6.000 1 362,630.97 1.77 6.500 < Life Floor <= 7.000 10 919,338.00 4.49 7.000 < Life Floor <= 7.500 29 3,824,982.33 18.69 7.500 < Life Floor <= 8.000 60 7,026,345.23 34.33 8.000 < Life Floor <= 8.500 21 2,308,967.09 11.28 8.500 < Life Floor <= 9.000 25 2,853,190.08 13.94 9.000 < Life Floor <= 9.500 7 783,607.17 3.83 9.500 < Life Floor <= 10.000 12 1,316,337.00 6.43 10.500 < Life Floor <= 11.000 8 909,273.84 4.44 11.500 < Life Floor <= 12.000 2 161,342.00 0.79 - -------------------------------------------------------------------------- Total................. 175 $20,466,013.71 100.00% ========================================================================== LOAN SUMMARY STRATIFIED BY PERIODIC CAP Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Periodic Mortgage Principal Principal Cap Loans Balance Balance 1.000 145 16,846,101.33 82.31 1.500 30 3,619,912.38 17.69 - -------------------------------------------------------------------------- Total................. 175 $20,466,013.71 100.00% ========================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. LOAN SUMMARY STRATIFIED BY Gross Margin Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Gross Mortgage Principal Principal Margin Loans Balance Balance 3.000 < Gross Margin <= 4.00 2 186,154.99 0.91 4.000 < Gross Margin <= 5.00 35 4,150,207.40 20.28 5.000 < Gross Margin <= 6.00 99 11,802,725.73 57.67 6.000 < Gross Margin <= 7.00 27 3,049,600.29 14.90 7.000 < Gross Margin <= 8.00 9 1,002,853.30 4.90 8.000 < Gross Margin <= 9.00 2 155,540.00 0.76 9.000 < Gross Margin <= 10.00 1 118,932.00 0.58 - -------------------------------------------------------------------------- Total................. 175 $20,466,013.71 100.00% ========================================================================== MORTGAGED PROPERTIES Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance Single-family 168 19,379,542.21 94.69 PUD 1 362,630.97 1.77 Condominiums 2 399,722.15 1.95 2-4 Family 4 324,118.38 1.58 - -------------------------------------------------------------------------- Total............... 175 $20,466,013.71 100.00% ========================================================================== LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY Percentage of Aggregate Cut-Off Date Number of Unpaid Aggregate Mortgage Principal Principal Loans Balance Balance Owner Occ. 172 20,086,266.39 98.14 Investor 3 379,747.32 1.86 - -------------------------------------------------------------------------- Total.................. 175 $20,466,013.71 100.00% ========================================================================== THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT. ~~-----END PRIVACY-ENHANCED MESSAGE-----~~