Term Sheet for $385,000,000 Home Equity Loan Pass-Through Certificates, Series 2002-HS2 (RFMSII Trust)

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Summary

This term sheet outlines the proposed issuance of $385 million in Home Equity Loan Pass-Through Certificates, Series 2002-HS2, by the RFMSII Series 2002-HS2 Trust. Residential Funding Mortgage Securities II, Inc. acts as issuer, with Residential Funding Corporation as depositor and Banc of America Securities LLC as underwriter. The document details the structure, classes, ratings, and payment terms for the certificates, which are backed by home equity loans. The information is preliminary, not an offer to sell, and subject to change before final prospectus issuance.

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EX-10.1 3 hs2cm-boa.txt COMPUTATIONAL MATERIAL GMAC RFC Banc of America Securities [OBJECT OMITTED] - ------------------------------------------------------------------------------- RMBS NEW ISSUE TERM SHEET $385,000,000 CERTIFICATES (APPROXIMATE) HOME EQUITY LOAN PASS-THROUGH CERTIFICATES, SERIES 2002-HS2 RFMSII SERIES 2002-HS2 TRUST Issuer RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. Depositor RESIDENTIAL FUNDING CORPORATION Master Servicer JUNE 12, 2002 Banc of America Securities LLC - ----------------------------------------------------------------------------- This Structural Term Sheet, Collateral Term Sheet, or Computational Materials, as appropriate (the "material"), is for your private information and Banc of America Securities LLC (the "Underwriter") is not soliciting any action based upon it. This preliminary material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriter considers reliable, but the Underwriter does not represent that it is accurate or complete and it should not be relied upon as such. By accepting this material the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriter makes no representation regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied upon for such purposes. The Underwriter and its affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC") and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded by the information contained in any final prospectus for any securities actually sold to you. This material is furnished solely by the Underwriter and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. The Underwriter is acting as underwriter and not acting as agent for the issuer in connection with the proposed transaction. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME EQUITY LOAN PASS-THROUGH CERTIFICATES, SERIES 2002-HS2 $385,000,000 (APPROXIMATE)
RFMSII SERIES 2002-HS2 TRUST - ------------------------------------------------------------------------------------------------------ STRUCTURE OVERVIEW (a) (b) TO CALL: - ------------------------------------------------------------------------------------------------------ EXPECTED EXPECTED EXPECTED EXPECTED SCHEDULED - ---------- EXPECTED PRINCIPAL FINAL INTEREST PRINCIPAL WAL WINDOW DISTRIBUTION RATINGS CLASS SIZE(A) TYPE TYPE (YRS) (MOS) DATE (MOODY / S&P) -------------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-1(e) $150,000,000 1M LIBOR + [ ] SEQ 0.91 1 - 20 2/25/16 Aaa/AAA ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-2(e) 49,000,000 Fixed SEQ 2.01 20 - 28 3/25/17 Aaa/AAA ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-3(e) 59,000,000 Fixed SEQ 3.00 28 - 49 3/25/17 Aaa/AAA ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-4(e) 29,500,000 Fixed SEQ 5.01 49 - 79 3/25/17 Aaa/AAA - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-5(d) 12,800,000 Fixed SEQ 6.74 79 - 81 4/25/22 Aaa/AAA (e) - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-6(e) 38,500,000 Fixed NAS 5.84 40 - 81 3/25/17 Aaa/AAA (g) - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- A-IO(c) Notional Fixed Notional - - 12/25/04 Aaa/AAA - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- M-1(d) 17,325,000 Fixed MEZ 4.68 39 - 81 3/25/17 Aa2/AA (e) (f) - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- M-2(d) 14,437,000 Fixed MEZ 4.64 37 - 81 3/25/17 A2/A (e) (f) - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- - ----------- -------------- ------------- ---------- --------- ---------- ----------- ----------------- M-3(d) 7,700,000 Fixed MEZ 4.62 37 - 81 3/25/17 Baa1/BBB (e) (f) - ------------------------------------------------------------------------------------------------------ PRIVATE CERTIFICATES: - ------------------------------------------------------------------------------------------------------ B(d) (e) 6,738,000 Fixed SUB 4.02 37 - 78 3/25/17 Baa3/BB (f) - ----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
STRUCTURE (a) The Expected Size is subject to a permitted variance in the aggregate of plus or minus 5%. (b) The Certificates will be priced to the Optional Termination Date. (c) Notional Schedule and coupon described on page 3. (d) The pass-through rate on the Class A-5 Certificates, Class M Certificates and Class B Certificates will increase by [0.50%] per annum on the second distribution date after the Optional Termination Date. (e) The Certificates (other than the Class A-IO Certificates) will be subject to the applicable Net WAC Cap as described herein. (f) The Class M Certificates and Class B Certificates are not expected to receive principal payments prior to the Stepdown Date. (g) Lockout bond. PRICING SPEED 100% PPC (assumes that prepayments start at 4% CPR in month one, increase to 28% CPR by month twelve, and remain constant at 28% CPR thereafter). 2 CLASS A-IO NOTIONAL SCHEDULE: Class A-IO Certificates will be a Aaa/AAA rated interest-only class. The notional amount of Class A-IO Certificates is equal to the lesser of (i) the aggregate principal balance of the Mortgage Loans as of the beginning of the Collection Period and (ii) the following schedule. The coupon of Class A-IO Certificates is equal to [7.00]%. MONTH CLASS A-IO NOTIONAL AMOUNT MONTH CLASS A-IO NOTIONAL AMOUNT - ----- --------------------------- ----- -------------------------- 1 118,000,000 16 54,000,000 2 117,000,000 17 50,000,000 3 115,000,000 18 47,000,000 4 111,000,000 19 44,000,000 5 108,000,000 20 41,000,000 6 103,000,000 21 38,000,000 7 99,000,000 22 35,000,000 8 94,000,000 23 33,000,000 9 88,000,000 24 31,000,000 10 83,000,000 25 28,000,000 11 77,000,000 26 26,000,000 12 72,000,000 27 25,000,000 13 67,000,000 28 23,000,000 14 62,000,000 29 21,000,000 15 58,000,000 30 20,000,000 31 - - ------ ---------------------------- --------- ---------------------------- CONTACT: BANC OF AMERICA SECURITIES LLC ABS/MBS Trading/Syndicate ###-###-#### ###-###-#### (Fax) Chris Hentemann ***@***) Rob Karr ***@***) Alex Cha ***@***) David Nagle ***@***) Global Structured Finance ###-###-#### ###-###-#### (Fax) Dan Stercay ###-###-#### ***@***) Vik Garg ###-###-#### ***@***) Ibo Incoglu ###-###-#### ***@***) Rob Baldwin ###-###-#### ***@***) Florin Nedelciuc ###-###-#### ***@***) 3 - -------------------------------------------------------------------------------- SUMMARY OF TERMS TRANSACTION: RFMSII Home Equity Loan Pass-Through Certificates, Series 2002-HS2 LEAD MANAGER: Banc of America Securities LLC CO-MANAGER: Credit Suisse First Boston PUBLIC CERTIFICATES: The Class A-1 through Class A-6 Certificates and the Class A-IO Certificates (together, the "Class A Certificates") and the Class M-1 through M-3 Certificates (the "Class M Certificates"). PRIVATE CERTIFICATES: Class B Certificates CERTIFICATES The Public Certificates and the Private Certificates. SELLER AND MASTER Residential Funding Corporation SERVICER: The primary servicing will be provided by HomeComings Financial Network, SUBSERVICER: Inc., a wholly owned subsidiary of Residential Funding Corporation. TRUSTEE: JPMorgan Chase Bank DEPOSITOR: Residential Funding Mortgage Securities II, Inc., an affiliate of Residential Funding Corporation. CLOSING DATE: On or about June 27, 2002. FORM OF CERTIFICATES: The Public Certificates will be available in book-entry form through DTC, Clearstream and Euroclear. The Class A Certificates (other than the Class A-IO Certificates) and Class M-1 Certificates will be offered in minimum denominations of $25,000 and integral multiples of $1 in excess thereof. The Class A-IO Certificates will be offered with a minimum notional amount of $2,000,000. The Class M-2 Certificates and Class M-3 Certificates will be offered in minimum denominations of $250,000 and integral multiples of $1 in excess thereof. TAX STATUS: The Public Certificates will be designated as regular interests in a REMIC and, as such, will be treated as debt instruments of a REMIC for federal income tax purposes. 4 SUMMARY OF TERMS (CONTINUED) ERISAELIGIBILITY: It is expected that the Public Certificates may be ERISA eligible as of the Closing Date. However, investors should consult with their counsel with respect to the consequences under ERISA and the Internal Revenue Code of an ERISA Plan's acquisition and ownership of such Certificates. SMMEAELIGIBILITY: None of the Certificates will constitute "mortgage-related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984. EXPENSE FEE RATE: The weighted average expense fee rate consists of the servicing fee and the master servicing fee. The weighted average monthly expense fee rate is approximately 58 basis points per annum for the mortgage loans. ADVANCES: There is no required advancing of delinquent principal or interest on the mortgage loans by the Master Servicer, the Subservicer, the Trustee or any other entity. CUT-OFF DATE: June 1, 2002 MORTGAGE LOANS: The mortgage pool will consist primarily of approximately 99.77% of conventional, closed-end, fixed rate, fully amortizing and balloon payment home equity mortgage loans secured by second liens on fee simple or leasehold interests in one-to-four family residential properties with combined LTVs not in excess of 100% and the remainder are secured by first lien (the "Mortgage Loans"). The actual pool balance as of the closing date is expected to be approximately $385,000,000. DISTRIBUTION DATES: Distribution of principal and interest on the certificates will be made on the 25th day of each month, or if such day is not a business day, the first business day thereafter, beginning in July 2002. INTEREST ACCRUAL PERIOD: With respect to the Certificates (other than the Class A-1 Certificates), and any distribution date, the calendar month preceding the month in which the distribution date occurs. The interest accrual period for the Class A-1 Certificates shall be (a) as to the distribution date in July 2002, the period commencing on the closing date and ending on the day preceding the distribution date in July 2002, and (b) as to any distribution date after the distribution date in July 2002, the period beginning on the distribution date in the month immediately preceding the month in which that distribution date occurs and ending on the day prior to that distribution date. DAY COUNT: For the Class A Certificates (other than the Class A-1 Certificates) and the Class M Certificates 30/360. For the Class A-1 Certificates actual/360. PAYMENT DELAY: For the Class A Certificates (other than the Class A-1 Certificates) and the Class M Certificates 24 days. For Class A-1 Certificates 0 days. OPTIONAL TERMINATION DATE: At its option, on any distribution date when the aggregate outstanding principal balance of the mortgage loans, as applicable, is less than 10% of the principal balance of the mortgage loans as of the cut-off date, the Master Servicer will have the option to purchase from the trust all of the remaining mortgage loans, thus, causing an early retirement of the Certificates. 5 - ------------------------------------------------------------------------------ SUMMARY OF TERMS (CONTINUED) COUPON STEP UP: On the second distribution date following the Optional Termination Date, the pass-through rate on the Class A-5 Certificates, Class M Certificates and the Class B Certificates will increase by 0.50% per annum. NET WAC CAP: The pass-through rate of each class of the Certificates (other than the Class A-1 Certificates and the Class A-IO Certificates), will be subject to a cap equal to (x) the weighted average of the mortgage rates (net of the Expense Fee Rate) on the mortgage loans minus (y) the product of (i) the pass-through rate on the Class A-IO Certificates and (ii) a fraction, the numerator of which is the notional amount of the Class A-IO Certificates and the denominator of which is the balance of the mortgage loans. This rate cap is referred to as the Net WAC Cap. Any interest shortfall due to the application of the Net WAC Cap will not be reimbursed. CLASSA-1 NET WAC The pass-through rate of the Class A-1 Certificates will be subject to a cap CAP: equal to the product of (x) the Net WAC Cap and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related class interest accrual period. TRIGGER EVENT: A Trigger Event is in effect with respect to any distribution date on or after the Stepdown Date if any of the following conditions are met: (i) the fraction, expressed as a percentage, equal to the aggregate principal balance of the mortgage loans that are 90 or more days delinquent in payment of principal and interest, including mortgage loans in foreclosure and REO, as determined for the current and the two immediately preceding distribution dates, over the aggregate principal balance of all of the mortgage loans as determined for the current and the two immediately preceding distribution dates, exceeds [2.00]%; (ii)if the aggregate amount of Realized Losses, other than excess losses, exceeds the specified percentage in the related month per the table below: Cumulative Realized Loss Month Percentage ----- ---------- 1 - 36 [1.30%] 37 - 48 [1.80%] 49 - 60 [2.10%] 61 - 72 [2.60%] 72 and [3.00%] thereafter EXCESS INTEREST: For any distribution date, the excess of the available distribution amount over the sum of (x) the interest distribution amount for the classes of Certificates and (y) the principal distribution amount on the classes of Certificates. Excess Interest may be used to protect the Certificates against realized losses by making an additional payment of principal up to the amount of the realized losses. 6 SUMMARY OF TERMS (CONTINUED) AVAILABLE DISTRIBUTION AMOUNT:For any distribution date, an amount equal to the sum of the following amounts, net of amounts reimbursable to the master servicer and any subservicer: (i) the aggregate amount of monthly payments on the mortgage loans received during the related Collection Period, after deduction of the master servicing fees and any subservicing fees in respect of the mortgage loans for that distribution date; and (ii)unscheduled payments, including full and partial mortgagor prepayments on the mortgage loans, Insurance Proceeds and Liquidation Proceeds from the mortgage loans, and proceeds from repurchases of and substitutions for the mortgage loans received or deemed received during the related Collection Period. INTEREST DISTRIBUTION AMOUNT: With respect to any distribution date, the aggregate amount of accrued interest on the Class A Certificates, Class M Certificates and Class B Certificates for that distribution date, including accrued interest remaining unpaid with interest for prior distribution dates, in each case minus interest shortfalls. PRINCIPAL DISTRIBUTION AMOUNT: On any distribution date, the lesser of (a) the excess of (i) the Available Distribution Amount over (ii) the Interest Distribution Amount and (b) the aggregate amount described below: (i) the principal portion of all scheduled monthly payments on the mortgage loans received in the related Collection Period; (ii) the principal portion of all proceeds of the repurchase of mortgage loans, or, in the case of a substitution, amounts representing a principal adjustment, as required by the pooling and servicing agreement during the related Collection Period; (iii)the principal portion of all other collections received on the mortgage loans during the related Collection Period, or deemed to be received during the related Collection Period, including, without limitation, Insurance Proceeds, Liquidation Proceeds and full and partial Principal Prepayments made by the respective mortgagors, to the extent not distributed on the preceding distribution date; (iv) the lesser of (a) the Excess Interest for that distribution date and (b) the principal portion of any Realized Losses, other than excess losses, incurred, or deemed to have been incurred, on any mortgage loans in the related Collection Period to the extent covered by Excess Interest for that distribution date; and (v) the lesser of (a) the Excess Interest for that distribution date, to the extent not used to cover losses pursuant to clause (iv) above, and (b) the amount of any Overcollateralization Increase Amount for that distribution date. 7 CREDIT ENHANCEMENT CREDIT ENHANCEMENT: Credit enhancement for the structure is provided by the following: (i) Excess Interest; (ii) Overcollate ralization; and (iii)Subordination provided by the Class M Certificates and the Class B Certificates to the Class A Certificates; and subordination provided b y the Class B Certificates and each class of Class M Certificates with a lower payment priority to the Class M Certificates STEPDOWN DATE: The earlier to occur of (i) the distribution date on which the Class A Certificates has been reduced to zero and (ii) the later to occur of (x) the distribution date in July 2005 and (y) the first distribution date on which the Senior Enhancement Percentage is greater than or equal to the Specified Enhancement Percentage. OVERCOLLATERALIZATION TARGET AMOUNT: The Overcollateralization Target Amount ("O/C Target") will be equal to zero for the first four distribution dates. On any distribution date thereafter the O/C Target will be equal to the product of (x) 0.50% and (y) the aggregate initial principal balance of the mortgage loans. OVERCOLLATERALIZATION AMOUNT: The overcollateralization ("O/C") provisions are intended to provide for the limited acceleration of principal payments on the Class A Certificates relative to the amortization of the mortgage loans, generally until the required O/C levels are reached. The acceleration of principal payments is achieved by applying certain Excess Interest collected on the mortgage loans to the payment of principal on the Class A Certificates, resulting in the accumulation of O/C. By paying down the principal balance of the Certificates faster than the principal amortization of the mortgage loans, an O/C amount equal to the excess of the aggregate unpaid principal balance of the mortgage loans over the principal balance of the Certificates is created. Excess Interest will be directed to build the O/C amount until it reaches the required O/C target. Upon this event, the acceleration feature will cease unless it is once again necessary to maintain the required O/C level. Excess Interest will begin to be applied on the fifth distribution date (November 2002). SPECIFIED ENHANCEMENT The Specified Enhancement Percentage is [25.00]%. PERCENTAGE: SENIOR ENHANCEMENT PERCENTAGE: For any distribution date, the Senior Enhancement Percentage will be equal to a fraction, the numerator of which is the sum of (x) the aggregate principal balance of the Class M Certificates and Class B Certificates and (y) the overcollateralization amount of the mortgage loans, and the denominator of which is the aggregate principal balance of the mortgage loans. SUBORDINATION PERCENTAGE: Class Percent ----- ------- A [75.00]% M-1 [84.00]% M-2 [91.50]% M-3 [95.50]% B [99.00]% 8 - ------------------------------------------------------------------------------- PRIORITY OF DISTRIBUTIONS - ------------------------------ ------------------------------------------------ PRIORITY OF DISTRIBUTIONS: Distributions to the certificateholders will be made from the available amount as follows: (i) distribution of interest to the Class A, Class M-1, Class M-2, Class M-3 and Class B Certificates, in that order, less interest shortfalls; (ii) distribution of principal to the Class A Certificates, other than the Class A-IO Certificates, as described herein, Class M-1, Class M-2, Class M-3 and Class B Certificates, in that order, including distribution of principal to those Certificates to cover certain realized losses and, except on the first four distribution dates, distribution of additional principal to those certificates from the Excess Interest on the mortgage loans, until the required level of overcollateralization is reached; (iii)payment to the Class A, Class M-1, Class M-2, Class M-3 and Class B Certificates, in that order, in respect of prepayment interest shortfalls; (iv) payment to the Class A, Class M-1, Class M-2 and Class B Certificates, in that order, in respect to prepayment interest shortfalls previously allocated thereto, any prepayment interest shortfalls remaining unpaid from prior distribution dates together with interest thereon; and (v) distribution of any remaining funds to the Class SB Certificates. 9 - ------------------------------------------------------------------------------- INTEREST DISTRIBUTIONS INTEREST DISTRIBUTIONS: For each distribution date, interest will be distributed in the following order of priority: (i) to the Class A Certificates, accrued interest less any interest shortfalls ; (ii) to the Class A Certificates, any unpaid interest with interest from prior distribution dates; (iii) to the Class M-1 Certificates, accrued interest less any interest shortfalls; (iv) to the Class M-1 Certificates, any unpaid interest with interest from prior distribution dates; (v) to the Class M-2 Certificates, accrued interest less any interest shortfalls; (vi) to the Class M-2 Certificates, any unpaid interest with interest from prior distribution dates; (vii) to the Class M-3 Certificates, accrued interest less any interest shortfalls; (viii) to the Class M-3 Certificates, any unpaid interest with interest from prior distribution dates; (ix) to the Class B Certificates, accrued interest less any interest shortfalls; and (x) to the Class B Certificates, any unpaid interest with interest from prior distribution dates. 10 PRINCIPAL DISTRIBUTIONS PRINCIPAL DISTRIBUTIONS: For each distribution date, (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the principal distribution amount will be distributed as follows: (i) to the Class A Certificates, allocated as described below, until the aggregate principal balance of the Class A Certificates is reduced to zero; (ii) to the Class M-1 Certificates, until the principal balance of such certificates is reduced to zero; (iii) to the Class M-2 Certificates, until the principal balance of such certificates is reduced to zero; (iv) to the Class M-3 Certificates, until the principal balance of such certificates is reduced to zero; and (v) to the Class B Certificates, until the principal balance of such certificates is reduced to zero. For each distribution date, (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the principal distribution amount will be distributed as follows: (i) the lesser of (x) the principal distribution amount and (y) the Class A Principal Distribution Amount, to the Class A Certificates, allocated as described below, until the aggregate principal balance of the Class A Certificates is reduced to zero; (ii) the lesser of (x) the excess of (i) the principal distribution amount over (ii) the amount distributed to the holders of the Class A Certificates under the clause first above, and (y) the Class M-1 Principal Distribution Amount, to the Class M-1 Certificates, until the aggregate principal balance of such certificates is reduced to zero; (iii)the lesser of (x) the excess of (i) the principal distribution amount over (ii) the amount distributed to the holders of the Class A Certificates under the clause first above and the holders of the Class M-1 Certificates under the clause second above, and (y) the Class M-2 Principal Distribution Amount, to the Class M-2 Certificates, until the aggregate principal balance of such certificates is reduced to zero; (iv) the lesser of (x) the excess of (i) the principal distribution amount over (ii) the amount distributed to the holders of the Class A Certificates under the clause first above, to the holders of the Class M-1 Certificates under the clause second above and to the holder of the Class M-2 Certificates under the clause third above, and (y) the Class M-3 Principal Distribution Amount, to the Class M-3 Certificates, until the aggregate principal balance of such certificates is reduced to zero; and 11 PRINCIPAL DISTRIBUTIONS (CONTINUED) (v) the lesser of (x) the excess of (i) the principal distribution amount over (ii) the amount distributed to the holders of the Class A Certificates under the clause first above, to the holders of the Class M-1 Certificates under the clause second above, to the holder of the Class M-2 Certificates under the clause third above, and to the holders of the Class M-3 Certificates under the clause fourth above, and (y) the Class B Principal Distribution Amount, to the Class B Certificates, until the aggregate principal balance of such certificates is reduced to zero. CLASSA PRINCIPAL DISTRIBUTIONS: Principal Distributions to the Class A Certificates will be made as follows: (i) to the Class A-6 Certificates, the Class A-6 Lockout Distribution Amount for that distribution date, until the principal balance of the Class A-6 Certificates is reduced to zero; (ii) to the Class A-1 Certificates, until the principal balance of the related certificates is reduced to zero; (iii) to the Class A-2 Certificates, until the principal balance of the related certificates is reduced to zero; (iv) to the Class A-3 Certificates, until the principal balance of the related certificates is reduced to zero; (v) to the Class A-4 Certificates, until the principal balance of the related certificates is reduced to zero; (vi) to the Class A-5 Certificates, until the principal balance of the related certificates is reduced to zero; and (vii)to the Class A-6 Certificates, until the principal balance of the related certificates is reduced to zero. CLASSA-6 LOCKOUT For any distribution date, the product of (a) the Class A-6 Lockout Distribution Percentage for that distribution date, (b) a fraction, the numerator of which is the outstanding principal balance of the Class A-6 Certificates and the denominator of which is the aggregate outstanding principal balance of all Class A Certificates (in each case immediately prior to such distribution date) and (c) the Class A principal distribution amount for such distribution date. CLASSA-6 LOCKOUT DISTRIBUTION PERCENTAGE: The Class A-6 Lockout Distribution Percentage is assigned as follows: Class A-6 Lockout Distribution Dates Percentage ------------------ ---------- 1 - 36 0% 37 - 60 45% 61 - 72 80% 73 - 84 100% 85 and thereafter 300% 12 PRINCIPAL DISTRIBUTIONS (CONTINUED) CLASSA PRINCIPAL DISTRIBUTION AMOUNT: With respect to any distribution date, the excess of (x) the aggregate certificate principal balance of the Class A Certificates immediately prior to that distribution date over (y) the lesser of (i) the applicable subordination percentage of the aggregate principal balance of the mortgage loans and (ii) the aggregate principal balance of the mortgage loans minus the O/C target. CLASSM-1 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any distribution date the excess of (x) the sum of (i) aggregate certificate principal balance of the Class A Certificates, after taking into account the distribution of the Class A Principal Distribution Amount and (ii) the certificate principal balance of the Class M-1 Certificates immediately prior to that distribution date over (y) the lesser of (i) the applicable subordination percentage of the aggregate principal balance of the mortgage loans and (ii) the aggregate principal balance of the mortgage loans minus the O/C target. CLASSM-2 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any distribution date the excess of (x) the sum of (i) aggregate certificate principal balance of the Class A Certificates and Class M-1 Certificates, after taking into account the distribution of the Class A Principal Distribution Amount and Class M-1 Principal Distribution Amount and (ii) the certificate principal balance of the Class M-2 Certificates immediately prior to that distribution date over (y) the lesser of (i) the applicable subordination percentage of the aggregate principal balance of the mortgage loans and (ii) the aggregate principal balance of the mortgage loans minus the O/C target. CLASSM-3 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any distribution date the excess of (x) the sum of (i) aggregate certificate principal balance of the Class A Certificates, Class M-1 Certificates, and Class M-2 Certificates, after taking into account the distribution of the Class A Principal Distribution Amount, Class M-1 Principal Distribution Amount, and Class M-2 Principal Distribution Amount and (ii) the certificate principal balance of the Class M-3 Certificates immediately prior to that distribution date over (y) the lesser of (i) the applicable subordination percentage of the aggregate principal balance of the mortgage loans and (ii) the aggregate principal balance of the mortgage loans minus the O/C target. 13 EXCESS INTEREST DISTRIBUTIONS EXCESS INTEREST DISTRIBUTIONS: On any distribution date (other than the first [four] distribution dates), the Excess Interest will be allocated in the following order of priority: (i) to pay the holders of the Certificates the principal portion of realized losses, other than a portion of excess losses, incurred on the mortgage loans for the preceding calendar month; (ii) to fund the O/C Target Amount to the Certificates (other than the Class A-IO Certificates); (iii)to pay the holders of the (a) Class A Certificates pro rata based on accrued certificate interest, (b) Class M-1 Certificates, (c) Class M-2 Certificates, (d) Class M-3 Certificates and (e) Class B Certificates, in that order, the amount of any prepayment interest shortfalls allocated thereto with respect to the mortgage loans for that distribution date; (iv) to pay to the holders of the (a) Class A Certificates pro rata based on accrued certificate interest, (b) Class M-1 Certificates, (c) Class M-2 Certificates, (d) Class M-3 Certificates and (e) Class B Certificates, in that order, based on unpaid prepayment interest shortfalls previously allocated thereto, any prepayment interest shortfalls remaining unpaid from prior distribution dates together with interest thereon; and (v) to pay the holders of the Class SB Certificates any balance remaining, in accordance to the terms of the pooling and servicing agreement. 14 ALLOCATION OF LOSSES ALLOCATION OF LOSSES: Any realized losses on the mortgage loans, that are not excess losses, as defined in the prospectus, will be allocated in the following order of priority: (i) to Excess Interest for the related distribution date; (ii) to the overcollateralization amount, until reduced to zero; (iii) to the Class B Certificates, until reduced to zero; (iv) to the Class M-3 Certificates, until reduced to zero; (v) to the Class M-2 Certificates, until reduced to zero; (vi) to the Class M-1 Certificates, until reduced to zero; and (vii) among the Class A Certificates on a pro-rata basis. Excess losses will be allocated among all of the Certificates on a pro rata basis. PROSPECTUS: The Public Certificates will be offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). Additional information with respect to the Public Certificates and the mortgage loans 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 Public Certificates may not be consummated unless the purchaser has received the Prospectus. 15
RFMSII SERIES 2002-HS2 MORTGAGE LOAN CHARACTERISTICS SUMMARY REPORT SUMMARY TOTAL MINIMUM MAXIMUM - --------------------------------------------------------------------------------------------------------------- Cut-off Date Aggregate Principal Balance $386,895,161 Number of Loans 10,495 Average Current Loan Balance $36,865 $1,475 $299,596 (1) Weighted Average Combined Original Loan-to-Value Ratio 90.33% 11.00% 100.00% (1) Weighted Average Junior Mortgage Ratio 19.65% 1.52% 100.00% (1) Weighted Average Mortgage Rate 9.2376% 6.0000% 16.8750% (1) Weighted Average Original Term to Maturity (months) 180 60 360 (1) Weighted Average Remaining Term to Maturity (months) 178 41 355 (1) Weighted Average Credit Score 723 620 825 (1) Weighted Average Debt-to-Income Ratio 37.75% 3.00% 55.00% - --------------------------------------------------------------------------------------------------------------- (1) Weighted Average reflected in Total. - --------------------------------------------------------------------------------------------------------------- PERCENT OF CURRENT RANGE PRINCIPAL BALANCE Product Type Fully Amortizing 43.38% Balloon Payment 56.62% Lien First 0.23% Second 99.77% Property Type Single-family Residence 68.72% Planned Unit Developments (detached) 19.42% Condominium 6.69% Planned Unit Developments (attached) 3.04% Multifamily (Two to Four Units) 1.16% Townhouse 0.74% Manufactured Home 0.11% Townhouse/Rowhouse (detached) 0.06% Other 0.05% Occupancy Status Primary Residence 99.62% Second Home 0.37% Non Owner-occupied 0.01% Geographic Distribution California 37.45% Virginia 5.55% Georgia 5.46% Maryland 5.08% Washington 3.78% Largest Zip Code Concentration 0.37% Loans with Prepayment Penalties 13.63%
16 CREDIT SCORE - -------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE CREDIT SCORES LOANS CUT-OFF DATE CUT-OFF DATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 20 to 639 126 $ 3,240,770 0.84% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 40 to 659 633 21,378,215 5.53 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 60 to 679 1,010 37,257,708 9.63 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 80 to 699 1,615 65,067,340 16.82 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 00 to 719 1,449 57,196,888 14.78 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 20 to 739 1,573 59,230,387 15.31 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 40 to 759 1,585 57,124,676 14.76 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 60 to 779 1,487 50,656,275 13.09 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 80 to 799 875 30,905,490 7.99 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- 00 to 825 142 4,837,413 1.25 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% =========================================================================== MORTGAGE RATES - ------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE MORTGAGE RATES LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 5.501% to 6.000% 3 $ 222,001 0.06% - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 6.501% to 7.000% 11 638,851 0.17 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 7.001% to 7.500% 87 3,199,319 0.83 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 7.501% to 8.000% 854 29,256,509 7.56 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 8.001% to 8.500% 2,262 75,676,556 19.56 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 8.501% to 9.000% 2,582 93,650,110 24.21 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 9.001% to 9.500% 1,649 63,813,340 16.49 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 9.501% to 10.000% 1,231 49,457,095 12.78 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 0.001% to 10.500% 602 24,601,237 6.36 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 0.501% to 11.000% 463 17,924,339 4.63 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 1.001% to 11.500% 297 11,567,488 2.99 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 1.501% to 12.000% 208 7,707,046 1.99 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 2.001% to 12.500% 121 4,565,122 1.18 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 2.501% to 13.000% 80 2,884,811 0.75 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 3.001% to 13.500% 25 974,201 0.25 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 3.501% to 14.000% 15 575,081 0.15 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 4.001% to 14.500% 1 42,778 0.01 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 4.501% to 15.000% 2 70,494 0.02 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 5.001% to 15.500% 1 43,300 0.01 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 6.501% to 17.000% 1 25,483 0.01 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ TOTAL 10,495 $ 386,895,161 100.00% ============================================================================== 17 ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES - ------------------------------------------------------------------------------- RANGE OF ORIGINAL NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE MORTGAGE LOAN OF MORTGAGE AS OF THE OUTSTANDING AS OF THE PRINCIPAL BALANCES LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- $0.01 to 3,347 $ 62,085,662 16.05% 25,000.00 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- $25,000.01 to 5,116 183,967,947 47.55 50,000.00 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- $50,000.01 to 1,500 90,667,797 23.43 75,000.00 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- $75,000.01 to $100,000.00 463 40,531,561 10.48 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 100,000.01 to $125,000.00 29 3,294,347 0.85 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 125,000.01 to $150,000.00 26 3,599,821 0.93 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 150,000.01 to $175,000.00 2 306,116 0.08 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 175,000.01 to $200,000.00 10 1,917,464 0.50 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 225,000.01 to $250,000.00 1 224,849 0.06 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 250,000.01 to $300,000.00 1 299,596 0.08 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% ========================================================================== CURRENT MORTGAGE LOAN PRINCIPAL BALANCES - -------------------------------------------------------------------------------- RANGE OF CURRENT NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE MORTGAGE LOAN OF MORTGAGE AS OF THE OUTSTANDING AS OF THE PRINCIPAL BALANCES LOANS CUT-OFF DATE CUT-OFF DATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- $0.01 to 3,405 $ 63,328,607 16.37% 25,000.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- $25,000.01 to 5,090 184,065,364 47.57 50,000.00 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- $50,000.01 to 1,472 89,499,230 23.13 75,000.00 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- $75,000.01 to $100,000.00 460 40,459,688 10.46 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 100,000.01 to $125,000.00 28 3,194,426 0.83 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 125,000.01 to $150,000.00 27 3,749,537 0.97 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 150,000.01 to $175,000.00 1 156,400 0.04 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 175,000.01 to $200,000.00 10 1,917,464 0.50 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 225,000.01 to $250,000.00 1 224,849 0.06 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- 250,000.01 to $300,000.00 1 299,596 0.08 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% =========================================================================== 18 ORIGINAL COMBINED LOAN-TO-VALUE RATIOS - ------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE ORIGINAL COMBINED OF MORTGAGE AS OF THE OUTSTANDING AS OF THE LOAN-TO-VALUE RATIOS (%) LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10.01 to 20.00 4 $ 196,265 0.05% - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 20.01 to 30.00 6 195,233 0.05 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 30.01 to 40.00 21 702,735 0.18 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 40.01 to 50.00 39 1,526,337 0.39 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 50.01 to 60.00 101 4,498,301 1.16 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 60.01 to 70.00 222 10,159,056 2.63 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 70.01 to 75.00 221 9,211,932 2.38 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 75.01 to 80.00 488 22,426,024 5.80 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 80.01 to 85.00 637 19,051,442 4.92 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 85.01 to 90.00 3,627 115,649,820 29.89 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 90.01 to 95.00 3,614 138,968,283 35.92 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 95.01 to 100.00 1,515 64,309,733 16.62 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ TOTAL 10,495 $ 386,895,161 100.00% ============================================================================== JUNIOR MORTGAGE RATIOS(1) - -------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE UNIOR MORTGAGE RATIOS (%) LOANS CUT-OFF DATE CUT-OFF DATE - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------- 0.01 to 5.00 147 $ 1,765,081 0.46% - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 5.01 to 10.00 941 19,457,339 5.04 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 10.01 to 15.00 3,221 96,711,123 25.05 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 15.01 to 20.00 4,038 158,482,056 41.06 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 20.01 to 25.00 761 35,539,388 9.21 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 25.01 to 30.00 439 20,209,871 5.24 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 30.01 to 40.00 539 29,730,997 7.70 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 40.01 to 50.00 232 13,734,801 3.56 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 50.01 to 60.00 94 5,850,822 1.52 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 60.01 to 70.00 37 2,872,004 0.74 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 70.01 to 80.00 15 1,037,754 0.27 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 80.01 to 90.00 7 471,150 0.12 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 90.01 to 100.00 4 135,078 0.03 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- TOTAL 10,475 $ 385,997,465 100.00% ============================================================================ (1) The preceding table excludes mortgage loans secured by first liens on the related mortgaged property. With respect to each mortgage loan secured by a second lien on the related mortgaged property, the junior mortgage ratio is the ratio of the original principal balance of such mortgage loan to the sum of (i) the original principal balance of such mortgage loan, and (ii) the unpaid principal balance of any senior lien at the time of the origination of such mortgage loan. 19 ORIGINAL TERM TO STATED MATURITY - ------------------------------------------------------------------------------- NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE RANGE OF OF MORTGAGE AS OF THE OUTSTANDING AS OF THE ORIGINAL TERM (MONTHS) LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 1 to 96 55 $ 1,401,663 0.36% - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 109 to 120 251 7,852,988 2.03 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 121 to 168 1 24,693 0.01 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 169 to 180 10,019 369,804,094 95.58 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 181 to 288 75 3,371,884 0.87 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 289 to 300 84 4,159,861 1.08 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- 301 to 360 10 279,979 0.07 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% ============================================================================ REMAINING TERM TO STATED MATURITY - ------------------------------------------------------------------------------ NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE RANGE OF OF MORTGAGE AS OF THE OUTSTANDING AS OF THE REMAINING TERM (MONTHS) LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 1 to 96 55 $ 1,401,663 0.36% - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 109 to 120 251 7,852,988 2.03 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 145 to 156 3 129,999 0.03 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 157 to 168 19 686,052 0.18 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 169 to 180 9,998 369,012,736 95.38 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 181 to 288 76 3,420,700 0.88 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 289 to 300 83 4,111,045 1.06 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 301 to 360 10 279,979 0.07 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% =============================================================================== 20 GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES - -------------------------------------------------------------------------------- NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE STATE OR TERRITORY LOANS CUT-OFF DATE CUT-OFF DATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- California 3,498 $ 144,897,324 37.45% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Virginia 549 21,455,351 5.55 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Georgia 669 21,139,315 5.46 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Maryland 540 19,643,993 5.08 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Washington 436 14,613,909 3.78 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Oregon 449 13,033,831 3.37 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Florida 363 12,573,750 3.25 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Colorado 347 12,481,892 3.23 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Arizona 360 12,082,417 3.12 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Massachusetts 283 11,033,720 2.85 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- New Jersey 235 8,423,677 2.18 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Texas 279 8,338,711 2.16 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Other (1) 2,487 87,177,272 22.53 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% =========================================================================== (1) Other includes states and the District of Columbia with under 2% concentrations individually. MORTGAGED PROPERTY TYPES - ------------------------------------------------------------------------------- PROPERTY TYPE NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Single-family Residence 7,140 $ 265,870,036 68.72% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- PUD Detached 1,990 75,145,546 19.42 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Condominium 805 25,879,447 6.69 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- PUD Attached 357 11,779,596 3.04 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Multifamily (Two to Four 100 4,486,346 1.16 Units) - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Townhouse 72 2,861,744 0.74 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Manufactured Home 19 435,463 0.11 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Townhouse/Rowhouse Detached 5 237,278 0.06 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Site Condo 5 163,226 0.04 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Modular 2 36,480 0.01 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% =========================================================================== 21
MORTGAGE LOAN PURPOSE - ---------------------------------------------------------------------------------------------------- LOAN PURPOSE NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE LOANS CUT-OFF DATE CUT-OFF DATE - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Purchase Money 5,092 $ 186,746,599 48.27% - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Debt Consolidation 2,396 98,669,417 25.50 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Cash 1,214 42,556,153 11.00 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Rate/Term Refinance 1,371 43,821,405 11.33 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Home Improvement/Debt Consolidation 210 7,751,774 2.00 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Convenience 52 2,079,846 0.54 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Asset Acquisition 11 425,386 0.11 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Home Improvement 16 404,100 0.10 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Education 2 69,709 0.02 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Other 131 4,370,773 1.13 - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% ==================================================================================================== OCCUPANCY TYPES --------------------------------------------------------------------------------------------- OCCUPANCY NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE LOANS CUT-OFF DATE CUT-OFF DATE --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Primary Residence 10,442 $ 385,417,910 99.62% --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Second Home 52 1,447,193 0.37 --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Non Owner-occupied 1 30,058 0.01 --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% ============================================================================================= LIEN PRIORITY --------------------------------------------------------------------------------------------- LIEN PRIORITY NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE LOANS CUT-OFF DATE CUT-OFF DATE --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- First Lien 20 $ 897,697 0.23% --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- Second Lien 10,475 385,997,465 99.77 --------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% =============================================================================================
22 DEBT-TO-INCOME RATIOS - -------------------------------------------------------------------------------- NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE RANGE OF OF MORTGAGE AS OF THE OUTSTANDING AS OF THE DEBT-TO-INCOME RATIOS (%) LOANS CUT-OFF DATE CUT-OFF DATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 0.01 to 5.00 5 $ 301,322 0.08% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 5.01 to 10.00 13 488,735 0.13 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 10.01 to 15.00 67 2,206,146 0.57 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 15.01 to 20.00 240 7,665,821 1.98 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 20.01 to 25.00 615 19,148,567 4.95 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 25.01 to 30.00 1,261 42,466,622 10.98 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 30.01 to 35.00 1,769 62,107,162 16.05 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 35.01 to 40.00 2,333 85,681,016 22.15 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 40.01 to 45.00 2,993 118,625,176 30.66 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 45.01 to 50.00 1,177 47,407,379 12.25 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 50.01 to 55.00 22 797,215 0.21 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL 10,495 $ 386,895,161 100.00% ================================================================================ RESIDUAL INCOME(1) - -------------------------------------------------------------------------------- RANGE OF NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF MORTGAGE AS OF THE OUTSTANDING AS OF THE RESIDUAL INCOME BALANCES LOANS CUT-OFF DATE CUT-OFF DATE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Less than $1,500 184 $ 4,644,796 1.20% - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ $1,500.01 to $1,999.00 477 13,400,730 3.46 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ $1,999.01 to $2,999.00 1,781 52,221,945 13.50 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ $2,999.01 to $3,999.00 2,138 70,734,019 18.28 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ $3,999.01 to $4,999.00 1,941 70,979,785 18.35 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ $4,999.01 to $5,999.00 1,301 50,221,881 12.98 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ $5,999.01 or Greater 2,673 124,692,006 32.23 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ TOTAL 10,495 $ 386,895,161 100.00% ============================================================================== (1) Residual income is the amount of the mortgagor's gross monthly income remaining after deducting monthly mortgage payments on the mortgage loan and all other mortgage loans secured by a senior or junior lien on the mortgaged property, and monthly debt service on debts listed on a credit report or other documentation obtained in connection with the underwriting of the mortgage loans. 23 ORIGINAL PREPAYMENT PENALTY TERM - ------------------------------------------------------------------------------- ORIGINAL PREPAYMENT NUMBER PRINCIPAL BALANCE PERCENT OF AGGREGATE OUTSTANDING PRINCIPAL BALANCE PENALTY TERM OF MORTGAGE AS OF THE OUTSTANDING AS OF THE (MONTHS) LOANS CUT-OFF DATE CUT-OFF DATE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------ None 9,273 $ 334,156,330 86.37% - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 6 15 673,071 0.17 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 12 89 3,706,430 0.96 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 24 7 363,504 0.09 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 36 1,062 46,370,792 11.99 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 42 2 152,053 0.04 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 48 1 43,142 0.01 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ 60 46 1,429,838 0.37 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ TOTAL 10,495 $ 386,895,161 100.00% ============================================================================== 24
BOND SUMMARY (TO MATURITY) CLASS A-1 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 7.72 1.55 1.13 0.91 0.77 0.67 0.54 Modified Duration 6.95 1.51 1.11 0.89 0.75 0.66 0.54 First Principal Payment Date 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 Last Principal Payment Date 2/25/16 7/25/05 8/25/04 2/25/04 11/25/03 8/25/03 5/25/03 Principal Payment Window 164 37 26 20 17 14 11 (Months) CLASS A-2 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.53 3.80 2.61 2.01 1.64 1.38 1.05 Modified Duration 10.74 3.45 2.43 1.90 1.55 1.32 1.01 First Principal Payment Date 2/25/16 7/25/05 8/25/04 2/25/04 11/25/03 8/25/03 5/25/03 Last Principal Payment Date 3/25/17 2/25/07 7/25/05 10/25/04 5/25/04 1/25/04 8/25/03 Principal Payment Window 14 20 12 9 7 6 4 (Months) CLASS A-3 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.74 6.82 4.26 3.00 2.29 1.90 1.41 Modified Duration 10.45 5.68 3.77 2.74 2.13 1.78 1.34 First Principal Payment Date 3/25/17 2/25/07 7/25/05 10/25/04 5/25/04 1/25/04 8/25/03 Last Principal Payment Date 3/25/17 9/25/12 4/25/08 7/25/06 3/25/05 9/25/04 2/25/04 Principal Payment Window 1 68 34 22 11 9 7 (Months) CLASS A-4 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.74 12.46 8.28 5.01 3.35 2.47 1.79 Modified Duration 9.91 8.82 6.46 4.27 2.98 2.26 1.67 First Principal Payment Date 3/25/17 9/25/12 4/25/08 7/25/06 3/25/05 9/25/04 2/25/04 Last Principal Payment Date 3/25/17 3/25/17 1/25/14 1/25/09 10/25/06 3/25/05 6/25/04 Principal Payment Window 1 55 70 31 20 7 5 (Months) CLASS A-5 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 15.33 14.74 13.55 10.47 5.32 2.83 2.03 Modified Duration 9.73 9.52 8.99 7.48 4.39 2.53 1.86 First Principal Payment Date 3/25/17 3/25/17 1/25/14 1/25/09 10/25/06 3/25/05 6/25/04 Last Principal Payment Date 4/25/22 3/25/17 3/25/17 10/25/16 1/25/14 6/25/05 7/25/04 Principal Payment Window 62 1 39 94 88 4 2 (Months) 25 BOND SUMMARY (TO MATURITY) CLASS A-6 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 10.40 7.23 6.66 6.41 6.38 5.38 2.43 Modified Duration 7.55 5.71 5.35 5.19 5.17 4.48 2.22 First Principal Payment Date 7/25/05 7/25/05 7/25/05 10/25/05 2/25/06 6/25/05 7/25/04 Last Principal Payment Date 3/25/17 3/25/17 3/25/17 7/25/16 11/25/13 12/25/11 4/25/05 Principal Payment Window 141 141 141 130 94 79 10 (Months) CLASS M-1 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.73 8.74 6.45 5.08 4.40 4.18 4.61 Modified Duration 9.58 6.47 5.07 4.19 3.74 3.60 3.90 First Principal Payment Date 9/25/16 9/25/06 7/25/05 9/25/05 10/25/05 1/25/06 4/25/05 Last Principal Payment Date 3/25/17 3/25/17 7/25/16 6/25/13 3/25/11 8/25/09 1/25/09 Principal Payment Window 7 127 133 94 66 44 46 (Months) CLASS M-2 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.73 8.73 6.35 4.96 4.22 3.86 3.65 Modified Duration 9.37 6.36 4.96 4.07 3.57 3.32 3.17 First Principal Payment Date 9/25/16 9/25/06 7/25/05 7/25/05 8/25/05 9/25/05 9/25/05 Last Principal Payment Date 3/25/17 3/25/17 3/25/15 4/25/12 4/25/10 11/25/08 11/25/06 Principal Payment Window 7 127 117 82 57 39 15 (Months) CLASS M-3 (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.73 8.53 6.10 4.74 4.01 3.61 3.20 Modified Duration 9.25 6.22 4.80 3.91 3.41 3.12 2.81 First Principal Payment Date 9/25/16 9/25/06 7/25/05 7/25/05 7/25/05 8/25/05 7/25/05 Last Principal Payment Date 3/25/17 11/25/16 2/25/13 8/25/10 12/25/08 10/25/07 2/25/06 Principal Payment Window 7 123 92 62 42 27 8 (Months) CLASS B (TO MATURITY) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.72 7.26 5.12 4.02 3.47 3.22 2.96 Modified Duration 9.25 5.55 4.19 3.42 3.01 2.82 2.62 First Principal Payment Date 9/25/16 9/25/06 7/25/05 7/25/05 7/25/05 7/25/05 5/25/05 Last Principal Payment Date 3/25/17 4/25/14 12/25/10 12/25/08 8/25/07 8/25/06 7/25/05 Principal Payment Window 7 92 66 42 26 14 3 (Months) 26 BOND SUMMARY (TO CALL) CLASS A-1 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 7.72 1.55 1.13 0.91 0.77 0.67 0.54 Modified Duration 6.95 1.51 1.11 0.89 0.75 0.66 0.54 First Principal Payment Date 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 Last Principal Payment Date 2/25/16 7/25/05 8/25/04 2/25/04 11/25/03 8/25/03 5/25/03 Principal Payment Window 164 37 26 20 17 14 11 (Months) CLASS A-2 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.53 3.80 2.61 2.01 1.64 1.38 1.05 Modified Duration 10.74 3.45 2.43 1.90 1.55 1.32 1.01 First Principal Payment Date 2/25/16 7/25/05 8/25/04 2/25/04 11/25/03 8/25/03 5/25/03 Last Principal Payment Date 3/25/17 2/25/07 7/25/05 10/25/04 5/25/04 1/25/04 8/25/03 Principal Payment Window 14 20 12 9 7 6 4 (Months) CLASS A-3 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.74 6.82 4.26 3.00 2.29 1.90 1.41 Modified Duration 10.45 5.68 3.77 2.74 2.13 1.78 1.34 First Principal Payment Date 3/25/17 2/25/07 7/25/05 10/25/04 5/25/04 1/25/04 8/25/03 Last Principal Payment Date 3/25/17 9/25/12 4/25/08 7/25/06 3/25/05 9/25/04 2/25/04 Principal Payment Window 1 68 34 22 11 9 7 (Months) CLASS A-4 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.74 11.74 7.76 5.01 3.35 2.47 1.79 Modified Duration 9.91 8.47 6.16 4.27 2.98 2.26 1.67 First Principal Payment Date 3/25/17 9/25/12 4/25/08 7/25/06 3/25/05 9/25/04 2/25/04 Last Principal Payment Date 3/25/17 9/25/14 5/25/11 1/25/09 10/25/06 3/25/05 6/25/04 Principal Payment Window 1 25 38 31 20 7 5 (Months) CLASS A-5 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.74 12.24 8.91 6.74 4.90 2.83 2.03 Modified Duration 9.51 8.43 6.71 5.39 4.12 2.53 1.86 First Principal Payment Date 3/25/17 9/25/14 5/25/11 1/25/09 10/25/06 3/25/05 6/25/04 Last Principal Payment Date 3/25/17 9/25/14 5/25/11 3/25/09 10/25/07 6/25/05 7/25/04 Principal Payment Window 1 1 1 3 13 4 2 (Months) 27 BOND SUMMARY (TO CALL) CLASS A-6 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 10.40 7.21 6.55 5.84 5.06 4.24 2.43 Modified Duration 7.55 5.69 5.29 4.83 4.29 3.67 2.22 First Principal Payment Date 7/25/05 7/25/05 7/25/05 10/25/05 2/25/06 6/25/05 7/25/04 Last Principal Payment Date 3/25/17 9/25/14 5/25/11 3/25/09 10/25/07 11/25/06 4/25/05 Principal Payment Window 141 111 71 42 21 18 10 (Months) CLASS M-1 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.73 8.36 5.96 4.68 4.08 3.93 3.04 Modified Duration 9.58 6.30 4.81 3.94 3.52 3.41 2.71 First Principal Payment Date 9/25/16 9/25/06 7/25/05 9/25/05 10/25/05 1/25/06 4/25/05 Last Principal Payment Date 3/25/17 9/25/14 5/25/11 3/25/09 10/25/07 11/25/06 7/25/05 Principal Payment Window 7 97 71 43 25 11 4 (Months) CLASS M-2 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.73 8.36 5.96 4.64 3.97 3.67 3.08 Modified Duration 9.37 6.20 4.75 3.88 3.40 3.18 2.72 First Principal Payment Date 9/25/16 9/25/06 7/25/05 7/25/05 8/25/05 9/25/05 7/25/05 Last Principal Payment Date 3/25/17 9/25/14 5/25/11 3/25/09 10/25/07 11/25/06 7/25/05 Principal Payment Window 7 97 71 45 27 15 1 (Months) CLASS M-3 (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.73 8.36 5.96 4.62 3.91 3.54 3.08 Modified Duration 9.25 6.14 4.72 3.84 3.34 3.07 2.71 First Principal Payment Date 9/25/16 9/25/06 7/25/05 7/25/05 7/25/05 8/25/05 7/25/05 Last Principal Payment Date 3/25/17 9/25/14 5/25/11 3/25/09 10/25/07 11/25/06 7/25/05 Principal Payment Window 7 97 71 45 28 16 1 (Months) CLASS B (TO CALL) - ------------------------------------------------------------------------------------------------------- PPC 0% 50% 75% 100% 125% 150% 200% - ------------------------------------------------------------------------------------------------------- Average Life (Years) 14.72 7.26 5.12 4.02 3.47 3.22 2.96 Modified Duration 9.25 5.55 4.19 3.42 3.01 2.82 2.62 First Principal Payment Date 9/25/16 9/25/06 7/25/05 7/25/05 7/25/05 7/25/05 5/25/05 Last Principal Payment Date 3/25/17 4/25/14 12/25/10 12/25/08 8/25/07 8/25/06 7/25/05 Principal Payment Window 7 92 66 42 26 14 3 (Months)
28