-----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, K13rIHWHVHHC0yQXGJRLOEJhtUmka3KHnn3TvrM4k3CXsFN38+N6pGUsVhUB7czO hGVKyBIpE3hP/xwV6uoIng== 0000914121-05-001357.txt : 20050718 0000914121-05-001357.hdr.sgml : 20050718 20050718112428 ACCESSION NUMBER: 0000914121-05-001357 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050715 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050718 DATE AS OF CHANGE: 20050718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO ASSET SECURITIES CORP CENTRAL INDEX KEY: 0001011663 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 521972128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-02209 FILM NUMBER: 05958692 BUSINESS ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERICK STATE: MD ZIP: 21703 BUSINESS PHONE: 3018468881 MAIL ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERIDK STATE: MD ZIP: 21703 FORMER COMPANY: FORMER CONFORMED NAME: NORWEST ASSET SECURITIES CORP DATE OF NAME CHANGE: 19960717 8-K 1 we845267-8k.txt CURRENT REPORT UNITED STATES 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: July 15, 2005 (Date of earliest event reported) Wells Fargo Asset Securities Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-122307 52-1972128 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 7430 New Technology Way, Frederick, Maryland 21703 - -------------------------------------------------------------------------------- Address of principal executive offices (Zip Code) Registrant's Telephone Number, including area code (301) 846-8881 ----------------------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 8.01. Other Events ------------ Attached as an exhibit are the Collateral Term Sheets (as defined in the no action letter dated February 17, 1995 issued by the Securities and Exchange Commission to the Public Securities Association), Structural Term Sheets and Computational Materials (each as defined in the no-action letter dated May 21, 1994 issued by the Securities and Exchange Commission to Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset Corporation (the "Kidder Letter")) prepared by Merrill Lynch, Pierce, Fenner & Smith Incorporated which are hereby filed pursuant to such letters. ITEM 9.01 Financial Statements and Exhibits --------------------------------- (c) Exhibits Item 601(a) of Regulation S-K Exhibit No. Description - ----------- ----------- (99) Collateral Term Sheets, Structural Term Sheets and Computational Materials prepared by Merrill Lynch, Pierce, Fenner & Smith Incorporated in connection with Wells Fargo Asset Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-AR14 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. WELLS FARGO ASSET SECURITIES CORPORATION July 15, 2005 By: /s/ Bradley A. Davis ------------------------------------- Bradley A. Davis Vice President INDEX TO EXHIBITS ----------------- Paper (P) or Exhibit No. Description Electronic (E) - ----------- ----------- -------------- (99) Collateral Term Sheets, E Structural Term Sheets and Computational Materials prepared by Merrill Lynch, Pierce, Fenner & Smith Incorporated in connection with Wells Fargo Asset Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-AR14 EX-99 2 we845267-ex99.txt COMPUTATIONAL MATERIALS EXHIBIT 99 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- RMBS New Transaction Computational Materials $[1,000,007,822] (approximate) WFMBS 2005-AR14 Mortgage Pass-Through Certificates Adjustable Rate Residential Mortgage Loans Wells Fargo Asset Securities Corporation. Seller Wells Fargo Bank, N.A. Servicer July [15], 2005 Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 1 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- IMPORTANT NOTICES This document and the information contained herein (the "Computational Materials") are confidential and may not be used by or disclosed to any person other than the person to whom they were originally delivered and such person's legal, tax, financial and/or accounting advisors. If you have received these Computational Materials in error, please notify the sending party immediately by telephone and return the original to such party by mail. Notwithstanding the foregoing, except to the extent necessary to comply with applicable securities laws, any recipient of these Computational Materials may disclose to any and all persons, without limitation of any kind, the federal income tax treatment and tax structure of the securities described herein, any fact relevant to understanding the federal tax treatment or tax structure of the issuer or the securities, and all materials of any kind relating to such federal tax treatment and structure, other than the identity of the issuer and information that would permit the identification of the issuer. These Computational Materials are furnished to you solely by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and not by the issuer of the securities. The issuer of these securities has not prepared or taken part in the preparation of these materials. None of Merrill Lynch, the issuer of the securities nor any of their affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. Numerous assumptions were used in preparing the Computational Materials which may or may not be stated therein. As such, no assurance can be given as to the accuracy, appropriateness or completeness of the Computational Materials in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any yields or weighted average lives shown in the Computational Materials are based on prepayment assumptions and actual prepayment experience may dramatically affect such yields or weighted average lives. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates assumed in the Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Although a registration statement (including the prospectus) relating to the securities discussed in these Computational Materials has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities has not been filed with the Securities and Exchange Commission. These Computational Materials shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the securities discussed in these Computational Materials in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Prospective purchasers are referred to the final prospectus and prospectus supplement relating to the securities discussed in these Computational Materials for definitive information on any matter discussed herein. A final prospectus and prospectus supplement may be obtained by contacting the Merrill Lynch Trading Desk at (212) 449-3659. Please be advised that asset-backed securities may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayments, yield curve and interest rate risk. Investors should fully consider the risk of an investment in these securities. Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 2 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- FOR ADDITIONAL INFORMATION PLEASE CALL: Banking / Deal Management - ------------------------- Matt Whalen (212) 449-0752 Paul Park (212) 449-6380 Tom Saywell (212) 449-2122 Alan Chan (212) 449-8140 Fred Hubert (212) 449-5071 Alice Chu (212) 449-1701 Sonia Lee (212) 449-5067 Oleg Saitskiy (212) 449-1901 Keith Singletary (212) 449-9431 Calvin Look (212) 449-5029 Trading - ------- Scott Soltas (212) 449-3659 Charles Sorrentino (212) 449-3659 Colin Sheen Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 3 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- DEAL STRUCTURE SUMMARY: WFMBS 2005-AR14 $1,000,007,822 (Approximate, Subject to Final Collateral) Adjustable Rate Residential Mortgage Loans
- ------------------------------------------------------------------------------------------------------------------------------------ Pymt Window Certificate Principal or Notional WAL (Yrs) (Months) Interest Expected Rtgs Class Balance (Roll/Mat)(1) (Roll/Mat)(1) Rates Tranche Type [Moody's/S&P] - ------------------------------------------------------------------------------------------------------------------------------------ A-R $ 100 0.07/0.07 1 - 1/1 - 1 WAC Super/PT NR/AAA A-1 $ 465,616,000 3.18/3.35 1 - 119/1 - 359 WAC Super Senior/PT Aaa/AAA A-2 $ 293,863,000 1.40/1.40 1 - 40/1 - 40 WAC Super Senior/Sequential Aaa/AAA A-3 $ 60,639,000 4.00/4.00 40 - 58/40 - 58 WAC Super Senior/Sequential Aaa/AAA A-4 $ 85,830,000 6.73/6.73 58 - 119/58 - 118 WAC Super Senior/Sequential Aaa/AAA A-5 $ 25,283,000 9.91/12.96 119 - 119/118 - 359 WAC Super Senior/Sequential Aaa/AAA A-6 $ 33,716,000 3.18/3.35 1 - 119/1 - 359 WAC Super Senior Support Aaa/AAA B-1 $ 13,000,000 5.69/6.07 1 - 119/1 - 359 WAC Subordinated Aa2/AA B-2 $ 8,500,000 5.69/6.07 1 - 119/1 - 359 WAC Subordinated A2/A B-3 $ 5,000,000 5.69/6.07 1 - 119/1 - 359 WAC Subordinated Baa2/BBB B-4 $ 3,500,000 Subordinated NR/BB B-5 $ 3,000,000 Information Not Provided Hereby Subordinated NR/B B-6 $ 2,000,722 Subordinated NR/NR Total $ 1,000,007,822 - ------------------------------------------------------------------------------------------------------------------------------------
(1) The WAL and Payment Windows to Roll for the Class A-R, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class B-1, Class B-2 and Class B-3 Certificates are shown assuming all loans are paid on their first reset date ("CPB") at pricing speed of 25% CPR. The WAL and Payment Windows to Maturity for the Class A-R, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class B-1, Class B-2 and Class B-3 Certificates are shown at pricing speed of 25% CPR (as described herein). (2) The Class A-R, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class B-1, Class B-2 and Class B-3 Certificates will bear interest at a variable rate (the "Pass-Through Rate") equal to the weighted average of the Net Rates on the Mortgage Loans. The Pass-Through Rate for each class with respect to the first Interest Accrual Period is expected to be approximately [ ]%. Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 4 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- Depositor: Wells Fargo Asset Securities Corporation. Lead Manager: Merrill Lynch, Pierce, Fenner & Smith Incorporated Trustee: Wachovia Bank, National Association. Rating Agencies: S&P and Moody's will rate the Offered Certificates. It is expected that the Certificates will be assigned the credit ratings on page 4 of this preliminary Term Sheet. Cut-off Date: July 1, 2005. Pricing Date: On or about July [ ], 2005. Settlement Date: On or about July 29, 2005. Distribution Dates: The 25th day of each month (or if not a business day, the next succeeding business day), commencing in August 2005. Certificates: The "Senior Certificates" will consist of the Class A-R, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 (the "Class A Certificates"). The "Subordinate Certificates" will consist of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates. The Senior Certificates and the Subordinate Certificates are collectively referred to herein as the "Certificates". Only the Class A, Class B-1, Class B-2 and Class B-3 Certificates (collectively, the "Offered Certificates") are being offered. Registration: The Offered Certificates will be made available in book-entry form through DTC, and upon request only, through Clearstream, Luxembourg and the Euroclear system. Federal Tax Treatment: It is anticipated that, for federal income tax purposes, the Offered Certificates will represent ownership of REMIC regular interests. ERISA Eligibility: The Offered Certificates are expected to be ERISA eligible. Prospective investors should review with their legal advisors whether the purchase and holding of any of the Offered Certificates could give rise to a transaction prohibited or not otherwise permissible under ERISA or other similar laws. SMMEA Treatment: The Senior Certificates and the Class B-1 Certificates will be "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984. Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 5 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- Clean-Up Call: The terms of the transaction allow for an optional termination of the trust and retirement of the Certificates on the date (the "Clean-Up Call Date") on which the aggregate principal balance of the Mortgage Loans is equal to 10% or less of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date. Pricing Prepayment Speed: The Offered Certificates will be priced to a prepayment speed of 25% CPB. Mortgage Loans: The trust will consist of a pool of adjustable rate mortgage loans secured by first liens on one- to four-family residential properties. The information on the Mortgage Loans described herein is based on the pool of approximately $1,000,007,822 aggregate statistical principal balance of Mortgage Loans, as of the July 1, 2005 ("Statistical Calculation Date"). The Mortgage Loans pay a fixed rate of interest for the first five years and adjust annually thereafter. The Mortgage Loans are subject to a 5.000% interest rate cap on the first adjustment date and a periodic rate cap of 2.000% on each adjustment date thereafter. All of the Mortgage Loans are subject to a maximum mortgage rate equal to the initial mortgage rate plus 5.000%. All of the Mortgage Loans are one-year Treasury indexed Mortgage Loans and substantially have original terms to maturity of 30 years. Approximately 76.51% of the Mortgage Loans are scheduled to pay interest only for the first 10 years, after which interest-only term the Mortgage Loans are scheduled to amortize on a 20-year fully amortizing basis. All Mortgage Loans were generally originated in accordance with the related underwriting guidelines specified in the prospectus supplement. Accrual Period: The interest accrual period for the Senior and Subordinate Certificates for each Distribution Date will be the calendar month immediately preceding the month in which the Distribution Date occurs on a 30/360 basis. Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 6 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- Credit Enhancement: Senior/subordinate, shifting interest structure.
----------------------------------------------------------------------------- Bond Initial Certificates [Moody's/S&P] Sizes* Subordination* ----------------------------------------------------------------------------- Senior Certificates Aaa/AAA 96.50% 3.50% Class B-1 Aa2/AA 1.30% 2.20% Class B-2 A2/A 0.85% 1.35% Class B-3 Baa2/BBB 0.50% 0.85% ----------------------------------------------------------------------------- *Preliminary and subject to revision.
Shifting Interest: Until the Distribution Date occurring before August 2012, the Subordinate Certificates will be locked out from receipt of all unscheduled principal (unless the Senior Certificates are paid down to zero or the credit enhancement provided by the Subordinate Certificates has doubled prior to such date as described below). After such time and subject to standard collateral performance triggers (as described in the prospectus supplement), the Subordinate Certificates will receive an increasing portions of unscheduled principal prepayments. The prepayment percentages on the Subordinate Certificates are as follows: August 2005 - July 2012 0% Pro Rata Share August 2012 - July 2013 30% Pro Rata Share August 2013 - July 2014 40% Pro Rata Share August 2014 - July 2015 60% Pro Rata Share August 2015 - July 2016 80% Pro Rata Share August 2016 and after 100% Pro Rata Share Notwithstanding the foregoing, if the credit enhancement provided by the Subordinate Certificates reaches twice the initial subordination, all principal (scheduled principal and prepayments) will be paid pro-rata between the Senior and the Subordinate Certificates (subject to performance triggers). However, if the credit enhancement provided by the Subordinate Certificates has reached twice the initial subordination prior to the Distribution Date in August 2010 (subject to performance triggers), then the Subordinate Certificates will be entitled to only 50% of their pro-rata share of principal (scheduled principal and prepayments). Any principal not allocated to the Subordinate Certificates will be allocated to the Senior Certificates. Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 7 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- Allocation of Realized Losses: Any realized losses from the Mortgage Loans, other than excess losses, will be allocated as follows: first, to the Subordinate Certificates in reverse order of their numerical Class designations, in each case, until the respective class principal balance has been reduced to zero; and second, to the Senior Certificates, pro-rata, until their class principal balances have been reduced to zero; provided however that any realized losses otherwise allocated to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates will be allocated to the Class A-6 Certificates. Excess losses from the Mortgage Loans (bankruptcy, special hazard and fraud losses in excess of the amounts established by the rating agencies) will be allocated, pro rata, to the Certificates. Certificates' Priority of Distributions: Distributions on the Certificates will be made on each Distribution Date from available interest and principal collections received during the related due period on the Mortgage Loans, in the following order of priority: 1) To the Class A Certificates, accrued and unpaid interest at the respective certificate interest rate; 2) To the Class A-R, until the certificate principal balance thereof is reduced to zero, all principal received with respect to the Mortgage Loans (other than any portion of such principal distributable to the Subordinate Certificates pursuant to (5) below). 3) Concurrently as follows: a. Approximately 51.7500909319829%, concurrently, to the Class A-1 and Class A-6 Certificates, pro-rata, until the certificate principal balance thereof is reduced to zero, all principal received with respect to the Mortgage Loans (other than any portion of such principal distributable to the Subordinate Certificates pursuant to (5) below). b. Approximately 48.2499090680171%, sequentially, to the Class A-2, Class A-3, Class A-4 and Class A-5 Certificates, until the certificate principal balance thereof is reduced to zero, all principal received with respect to the Mortgage Loans (other than any portion of such principal distributable to the Subordinate Certificates pursuant to (5) below) 4) Sequentially to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in that order, accrued and unpaid interest at the respective Certificate Interest Rate 5) Sequentially to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, such Class' pro-rata share of principal, until their respective certificate principal balances are reduced to zero as described under "Shifting Interest" above. Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 8 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- -------------------------------------------------------- Assumptions: -------------------------------------------------------- -------------------------------------------------------- 25% CPB Initial 1 Year Treasury: 3.51% --------------------------------------------------------
Assumed Mortgage Loan Characteristics - ------------------------------------------------------------------------------------------------------------------------- Original Remaining Remaining Current Net Term to Term to Interest- Maximum Principal Mortgage Mortgage Maturity Maturity Only Term Gross Mortgage Loan Type Balance($) Rate(%) Rate(%) (Months) (Months) (Months) Margin(%) Rate(%) - ------------------------------------------------------------------------------------------------------------------------- 1-Year Treasury 148,315,066.90 5.5809521018 5.3209521018 359 358 0 2.750 10.58095 1-Year Treasury 85,268,664.72 5.5800930405 5.3200930405 360 359 0 2.750 10.58009 1-Year Treasury 460,000.00 5.5000000000 5.2400000000 360 359 59 2.750 10.50000 1-Year Treasury 304,000.00 5.3750000000 5.1150000000 360 359 59 2.750 10.37500 1-Year Treasury 466,080,278.80 5.6608851910 5.4008851910 360 359 119 2.750 10.66089 1-Year Treasury 299,045,812.00 5.7041825402 5.4441825402 360 359 119 2.750 10.70418 1-Year Treasury 534,000.00 5.5000000000 5.2400000000 360 359 179 2.750 10.50000 - ------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------- Rate Minimum Initial Periodic Next Rate Adjustment Mortgage Rate Rate Adjustment Frequency Loan Type Rate(%) Cap(%) Cap(%) (Months) (Months) - -------------------------------------------------------------------------- 1-Year Treasury 2.750 5.000 2.000 119 12 1-Year Treasury 2.750 5.000 2.000 119 12 1-Year Treasury 2.750 5.000 2.000 119 12 1-Year Treasury 2.750 5.000 2.000 119 12 1-Year Treasury 2.750 5.000 2.000 119 12 1-Year Treasury 2.750 5.000 2.000 119 12 1-Year Treasury 2.750 5.000 2.000 119 12 - --------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 9 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- SELECTED MORTGAGE LOAN DATA (as of the Cut-Off Date)
All Mortgage Loans ---------------------- Number of Mortgage Loans 1,936 Aggregate Unpaid Principal Balance $1,000,007,822 Range of Unpaid Principal Balances $19,267 to $3,000,000 Average Unpaid Principal Balance $516,533 Range of Current Mortgage Interest Rates 4.625% to 6.375% Weighted Average Current Mortgage Interest Rate 5.655% Weighted Average Current Net Mortgage Interest Rate 5.395% Range of Remaining Terms to Stated Maturity 239 to 360 Months Weighted Average Remaining Term to Stated Maturity 359 Months Range of Original Loan-to-Value Ratios 11.11% to 95.00% Weighted Average Original Loan-to-Value Ratio 68.82% Range of Original Combined Loan-to-Value Ratios 11.11% to 100.00% Weighted Average Original Combined Loan-to-Value Ratio 74.86% Number of Mortgage Loans with Original Loan-to-Value Ratios greater than 80% not covered by Primary Mortgage Insurance 0 Mortgage Loans with Original Loan-to-Value Ratios greater than 80% not covered by Primary Mortgage Insurance as a Percentage of Aggregate Unpaid Principal Balance 0.00% Number of Mortgage Loans covered by an LPMI Policy 2 Mortgage Loans covered by an LPMI Policy as a Percentage of Aggregate Unpaid Principal Balance 0.07% Number of Interest Only Loans 1,499 Interest Only Loans as a Percentage of Aggregate Unpaid Principal Balance 76.64% Weighted Average Remaining Interest Only Term 119 Months Weighted Average Original Loan-to-Value Ratio of Mortgage Loans with Original Principal Balances greater than $600,000 66.64% Maximum Original Loan-to-Value Ratio of Mortgage Loans with Original Principal Balances greater than $600,000 80.00% Geographic Concentration of Mortgaged Properties Securing Mortgage Loans in Excess of 5% of the Aggregate Unpaid Principal Balance California 43.38% New York 7.70% Virginia 5.73% Florida 5.56% Maximum Five-Digit Zip Code Concentration 0.79% Earliest Origination Month July 2004 Latest Origination Month June 2005 Latest Stated Maturity Date July 1, 2035 Number of Buy-Down Loans 4 Buy-Down Loans as a Percentage of Aggregate Unpaid Principal Balance 0.20% Range of Gross Margins 2.750% to 2.750% Weighted Average Gross Margin 2.750% Range of Rate Ceilings 9.625% to 11.375% Weighted Average Rate Ceiling 10.655% Range of Months to First Adjustment Date 109 to 120 Months Weighted Average Months to First Adjustment Date 119 Months Number of Relocation Mortgage Loans 66 Relocation Mortgage Loans as a Percentage of Aggregate Unpaid Principal Balance 3.57% Number of Subsidy Loans 7 Subsidy Loans as a Percentage of Aggregate Unpaid Principal Balance 0.44% Number of Home Asset ManagementSM Account Loans 102 Home Asset ManagementSM Account Loans as a Percentage of Aggregate Unpaid Principal Balance 3.34% Number of LOC Pledged Asset Mortgage Loans 0 LOC Pledged Asset Mortgage Loans as a Percentage of Aggregate Unpaid Principal Balance 0.00% Weighted Average FICO Score(1) 747
- -------------------------------------------------------------------------------- (1) Does not include the Mortgage Loans for which FICO Scores are not available. - -------------------------------------------------------------------------------- Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 10 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- MORTGAGE LOAN DATA CURRENT MORTGAGE INTEREST RATES Percentage of Total Aggregate Aggregate Range of Unpaid Unpaid Current Mortgage Principal Principal Interest Rates Number Balance Balance - -------------------------------- --------- --------------------- ------------- 4.500% to 4.749% ............... 3 $ 1,086,768.64 0.11% 4.750% to 4.999% ............... 15 6,755,133.10 0.68 5.000% to 5.249% ............... 50 29,231,571.93 2.92 5.250% to 5.499% ............... 236 134,925,261.08 13.49 5.500% to 5.749% ............... 615 347,485,688.53 34.75 5.750% to 5.999% ............... 784 385,162,222.66 38.52 6.000% to 6.249% ............... 214 88,241,565.16 8.82 6.250% to 6.375% ............... 19 7,119,611.32 0.71 --------- --------------------- ------------- Total ................... 1,936 $ 1,000,007,822.42 100.00% ========= ===================== ============= DOCUMENTATION LEVELS Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Documentation Level Number Balance Balance - -------------------------------- --------- --------------------- ------------- Full Documentation ............. 832 $ 478,816,838.21 47.88% Income Verification ............ 27 13,250,796.00 1.33 Asset Verification ............. 939 451,733,758.01 45.17 No Documentation ............... 138 56,206,430.20 5.62 --------- --------------------- ------------- Total ................... 1,936 $ 1,000,007,822.42 100.00% ========= ===================== ============= REMAINING TERMS TO STATED MATURITY Percentage of Total Aggregate Aggregate Unpaid Unpaid Remaining Stated Principal Principal Term (Months) Number Balance Balance - -------------------------------- --------- --------------------- ------------- 239 ............................ 2 $ 1,169,636.56 0.12% 349 ............................ 1 784,440.89 0.08 353 ............................ 1 55,574.97 0.01 354 ............................ 4 1,626,780.16 0.16 355 ............................ 3 2,373,882.33 0.24 356 ............................ 22 11,918,468.85 1.19 357 ............................ 43 28,060,131.04 2.81 358 ............................ 297 162,377,762.78 16.24 359 ............................ 1,544 776,560,767.84 77.66 360 ............................ 19 15,080,377.00 1.51 --------- --------------------- ------------- Total ................... 1,936 $ 1,000,007,822.42 100.00% ========= ===================== ============= YEARS OF ORIGINATION Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Year of Origination Number Balance Balance - -------------------------------- --------- --------------------- ------------- 2004 ........................... 6 $ 2,466,796.02 0.25% 2005 ........................... 1,930 997,541,026.40 99.75 --------- --------------------- ------------- Total ................... 1,936 $ 1,000,007,822.42 100.00% ========= ===================== ============= Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 11 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- MORTGAGE LOAN DATA PROPERTY TYPES Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Property Type Number Balance Balance - --------------------------------------- --------- ------------------- ---------- Single-family dwellings ............... 1,627 $ 842,665,310.99 84.27% Two-to four-family units .............. 21 10,860,742.21 1.09 Condominiums High-rise (greater than four stories) 77 47,921,496.70 4.79 Low-rise (four stories or less) ..... 189 83,628,216.97 8.36 Cooperative Units ..................... 22 14,932,055.55 1.49 Manufactured Homes .................... 0 0.00 0.00 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= GEOGRAPHIC AREAS Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Geographic Area Number Balance Balance - --------------------------------------- --------- ------------------- ---------- Alabama ............................... 5 $ 1,278,790.04 0.13% Alaska ................................ 2 570,000.00 0.06 Arizona ............................... 38 13,484,212.96 1.35 Arkansas .............................. 3 609,985.00 0.06 California ............................ 729 433,845,637.77 43.38 Colorado .............................. 62 29,908,874.80 2.99 Connecticut ........................... 25 16,884,798.24 1.69 Delaware .............................. 12 5,107,657.88 0.51 District of Columbia .................. 24 12,666,951.80 1.27 Florida ............................... 108 55,594,166.93 5.56 Georgia ............................... 45 14,392,454.86 1.44 Hawaii ................................ 12 4,943,585.28 0.49 Idaho ................................. 7 4,251,502.01 0.43 Illinois .............................. 60 29,182,143.91 2.92 Indiana ............................... 6 2,628,032.37 0.26 Iowa .................................. 4 1,260,924.03 0.13 Kansas ................................ 5 2,338,156.27 0.23 Louisiana ............................. 2 837,032.26 0.08 Maine ................................. 5 2,554,084.48 0.26 Maryland .............................. 79 34,937,827.26 3.49 Massachusetts ......................... 38 19,719,398.22 1.97 Michigan .............................. 17 6,346,254.54 0.63 Minnesota ............................. 38 16,365,188.74 1.64 Missouri .............................. 18 7,554,387.21 0.76 Montana ............................... 1 405,150.19 0.04 Nebraska .............................. 7 3,044,959.69 0.30 Nevada ................................ 26 11,772,618.44 1.18 New Hampshire ......................... 5 2,040,071.98 0.20 New Jersey ............................ 84 43,589,310.97 4.36 New Mexico ............................ 3 926,200.00 0.09 New York .............................. 125 76,992,992.12 7.70 North Carolina ........................ 36 13,178,979.32 1.32 Ohio .................................. 20 5,922,207.76 0.59 Oklahoma .............................. 1 352,000.00 0.04 Oregon ................................ 17 4,549,432.26 0.45 Pennsylvania .......................... 34 14,802,159.62 1.48 Rhode Island .......................... 2 1,104,000.00 0.11 South Carolina ........................ 11 5,927,067.09 0.59 South Dakota .......................... 2 835,600.00 0.08 Tennessee ............................. 2 1,014,475.00 0.10 Texas ................................. 19 10,056,816.29 1.01 Utah .................................. 6 4,068,558.28 0.41 Vermont ............................... 1 422,000.00 0.04 Virginia .............................. 126 57,344,350.78 5.73 Washington ............................ 53 19,960,500.81 2.00 West Virginia ......................... 1 124,960.16 0.01 Wisconsin ............................. 10 4,311,364.80 0.43 --------- ------------------- --------- Total ................................. 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= ORIGINAL LOAN-TO-VALUE RATIOS Percentage of Total Range of Aggregate Aggregate Original Unpaid Unpaid Loan-to-Value Principal Principal Ratios Number Balance Balance - --------------------------------------- --------- ------------------- ---------- 50% or less ........................... 202 $ 100,383,053.01 10.04% 50.01% to 55.00% ...................... 77 49,672,538.55 4.97 55.01% to 60.00% ...................... 125 77,753,807.78 7.78 60.01% to 65.00% ...................... 151 94,772,568.48 9.48 65.01% to 70.00% ...................... 208 133,130,435.20 13.31 70.01% to 75.00% ...................... 230 135,293,515.72 13.53 75.01% to 80.00% ...................... 917 401,775,211.12 40.18 80.01% to 85.00% ...................... 2 445,000.00 0.04 85.01% to 90.00% ...................... 10 2,771,865.91 0.28 90.01% to 95.00% ...................... 14 4,009,826.65 0.40 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= FICO SCORES Percentage Weighted of Total Average Aggregate Aggregate Original Unpaid Unpaid Loan-to- Range of Principal Principal Value FICO Scores Number Balance Balance Ratio - ----------------------- --------- ------------------- -------------- ----------- 300 to 350............. 0 $ 0.00 0.00% 0.00% 351 to 400............. 0 0.00 0.00 0.00 401 to 450............. 0 0.00 0.00 0.00 451 to 500............. 0 0.00 0.00 0.00 501 to 550............. 0 0.00 0.00 0.00 551 to 600............. 0 0.00 0.00 0.00 601 to 650............. 20 9,705,295.67 0.97 75.38 651 to 700............. 309 148,854,027.48 14.89 70.43 701 to 750............. 584 310,321,989.86 31.03 69.01 751 to 800............. 885 473,126,194.63 47.31 68.48 801 to 850............. 138 58,000,314.78 5.80 65.41 Not Available ......... 0 0.00 0.00 0.00 --------- ------------------- -------------- ----------- Total/Weighted Average......... 1,936 $ 1,000,007,822.42 100.00% 68.82% ========= =================== ============== =========== ORIGINAL PRINCIPAL BALANCES Percentage of Total Aggregate Aggregate Unpaid Unpaid Range of Original Principal Principal Principal Balances Number Balance Balance - --------------------------------------- --------- ------------------- ---------- Less than or equal to $50,000 ......... 1 40,000.00 0.00% $50,001 to $100,000 ................... 17 1,470,122.75 0.15 $100,001 to $150,000 .................. 53 6,893,187.18 0.69 $150,001 to $200,000 .................. 94 16,518,840.80 1.65 $200,001 to $250,000 .................. 102 23,030,193.77 2.30 $250,001 to $300,000 .................. 105 29,094,829.50 2.91 $300,001 to $350,000 .................. 96 31,435,781.13 3.14 $350,001 to $400,000 .................. 236 89,081,175.56 8.91 $400,001 to $450,000 .................. 240 102,141,943.82 10.21 $450,001 to $500,000 .................. 192 92,097,191.24 9.21 $500,001 to $550,000 .................. 171 89,957,264.16 9.00 $550,001 to $600,000 .................. 114 66,043,015.21 6.60 $600,001 to $650,000 .................. 108 67,075,449.45 6.71 $650,001 to $700,000 .................. 61 40,911,144.56 4.09 $700,001 to $750,000 .................. 51 36,815,140.33 3.68 $750,001 to $800,000 .................. 54 42,057,301.82 4.21 $800,001 to $850,000 .................. 36 29,936,327.01 2.99 $850,001 to $900,000 .................. 29 25,553,326.36 2.56 $900,001 to $950,000 .................. 24 22,328,980.55 2.23 $950,001 to $1,000,000 ................ 85 84,634,002.96 8.46 Over $1,000,000 ....................... 67 102,892,604.26 10.29 --------- ------------------- --------- Total .......................... 1,936 1,000,007,822.42 100.00% ========= =================== ========= Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 12 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- MORTGAGE LOAN DATA ORIGINATORS Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Originator Number Balance Balance - --------------------------------------- --------- ------------------- ---------- Wells Fargo Bank or Affiliate ......... 1,855 $ 959,503,704.06 95.95% Other Originators ..................... 81 40,504,118.36 4.05 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= PURPOSES Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Purpose Number Balance Balance - --------------------------------------- --------- ------------------- ---------- Purchase .............................. 1,162 $ 601,383,570.12 60.14% Equity Take Out Refinance ............. 467 230,540,845.91 23.05 Rate/Term Refinance ................... 307 168,083,406.39 16.81 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= OCCUPANCY TYPES Percentage of Total Aggregate Aggregate Unpaid Unpaid Principal Principal Occupancy Type Number Balance Balance - --------------------------------------- --------- ------------------- ---------- Investment Property ................... 0 $ 0.00 0.00% Primary Residence ..................... 1,741 895,997,586.49 89.60 Second Home ........................... 195 104,010,235.93 10.40 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= MONTHS TO FIRST ADJUSTMENT DATE Percentage of Total Aggregate Aggregate Unpaid Unpaid Months to First Principal Principal Adjustment Date Number Balance Balance - --------------------------------------- --------- ------------------- ---------- 109 ................................... 1 $ 784,440.89 0.08% 113 ................................... 1 55,574.97 0.01 114 ................................... 4 1,626,780.16 0.16 115 ................................... 3 2,373,882.33 0.24 116 ................................... 22 11,918,468.85 1.19 117 ................................... 43 28,060,131.04 2.81 118 ................................... 297 162,377,762.78 16.24 119 ................................... 1,546 777,730,404.40 77.77 120 ................................... 19 15,080,377.00 1.51 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= RATE CEILINGS Percentage of Total Aggregate Aggregate Unpaid Unpaid Range of Principal Principal Rate Ceilings Number Balance Balance - --------------------------------------- --------- ------------------- ---------- 9.500% to 9.749% ...................... 3 $ 1,086,768.64 0.11% 9.750% to 9.999% ...................... 15 6,755,133.10 0.68 10.000% to 10.249% .................... 50 29,231,571.93 2.92 10.250% to 10.499% .................... 236 134,925,261.08 13.49 10.500% to 10.749% .................... 615 347,485,688.53 34.75 10.750% to 10.999% .................... 784 385,162,222.66 38.52 11.000% to 11.249% .................... 214 88,241,565.16 8.82 11.250% to 11.375% .................... 19 7,119,611.32 0.71 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= GROSS MARGINS Percentage of Total Aggregate Aggregate Unpaid Unpaid Range of Principal Principal Gross Margins Number Balance Balance - --------------------------------------- --------- ------------------- ---------- 2.750% to 2.750% ...................... 1,936 $ 1,000,007,822.42 100.00% --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 13 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - -------------------------------------------------------------------------------- ORIGINAL COMBINED LOAN-TO-VALUE RATIOS Percentage of Total Range of Aggregate Aggregate Original Combined Unpaid Unpaid Loan-to-Value Principal Principal Ratios Number Balance Balance - --------------------------------------- --------- ------------------- ---------- 50% or less ........................... 153 $ 72,834,229.61 7.28% 50.01% to 55.00% ...................... 65 38,496,775.06 3.85 55.01% to 60.00% ...................... 91 49,461,762.33 4.95 60.01% to 65.00% ...................... 125 74,215,603.09 7.42 65.01% to 70.00% ...................... 172 105,670,804.66 10.57 70.01% to 75.00% ...................... 221 134,031,311.84 13.40 75.01% to 80.00% ...................... 444 217,303,070.51 21.73 80.01% to 85.00% ...................... 60 43,353,591.90 4.34 85.01% to 90.00% ...................... 278 141,302,367.11 14.13 90.01% to 95.00% ...................... 230 93,722,524.75 9.37 95.01% to 100.00% ..................... 97 29,615,781.56 2.96 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= REMAINING INTEREST ONLY TERMS Percentage of Total Aggregate Aggregate Unpaid Unpaid Months to Fully Amortizing Principal Principal Adjustment Date Number Balance Balance - --------------------------------------- --------- ------------------- ---------- 0 ..................................... 437 $ 233,583,731.62 23.36% 59 .................................... 2 764,000.00 0.08 116 ................................... 13 7,394,263.78 0.74 117 ................................... 30 20,488,230.62 2.05 118 ................................... 229 129,124,503.36 12.91 119 ................................... 1,217 599,236,831.04 59.92 120 ................................... 7 8,882,262.00 0.89 179 ................................... 1 534,000.00 0.05 --------- ------------------- --------- Total .......................... 1,936 $ 1,000,007,822.42 100.00% ========= =================== ========= Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 14 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - --------------------------------------------------------------------------------
Class A-1 Yield Table (To CPB) - -------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ================================================================================================== 100.76 5.170 5.112 5.045 4.970 4.888 100.78 5.165 5.105 5.038 4.962 4.878 100.80 5.160 5.099 5.030 4.953 4.868 100.82 5.155 5.093 5.023 4.944 4.858 100.84 5.150 5.087 5.016 4.936 4.848 100.86 5.145 5.081 5.009 4.927 4.838 100.88 5.140 5.075 5.001 4.919 4.828 100.90 5.135 5.069 4.994 4.910 4.817 100.92 5.130 5.063 4.987 4.902 4.807 100.94 5.125 5.057 4.980 4.893 4.797 100.96 5.120 5.051 4.972 4.884 4.787 WAL(yrs) 4.77 3.88 3.18 2.64 2.22 Payment Window Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 - --------------------------------------------------------------------------------------------------
Class A-2 Yield Table (To CPB) - --------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) =================================================================================================== 100.65 4.994 4.844 4.684 4.515 4.336 100.67 4.985 4.832 4.668 4.496 4.314 100.69 4.976 4.820 4.653 4.478 4.292 100.71 4.967 4.808 4.638 4.459 4.270 100.73 4.958 4.796 4.623 4.441 4.248 100.75 4.949 4.784 4.608 4.423 4.226 100.77 4.940 4.772 4.593 4.404 4.204 100.79 4.931 4.760 4.578 4.386 4.182 100.81 4.922 4.748 4.563 4.367 4.160 100.83 4.913 4.736 4.547 4.349 4.138 100.85 4.904 4.724 4.532 4.330 4.116 WAL(yrs) 2.44 1.79 1.40 1.14 0.95 Payment Window Aug05 - May11 Aug05 - Oct09 Aug05 - Nov08 Aug05 - Mar08 Aug05 - Oct07 - ---------------------------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 15 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - --------------------------------------------------------------------------------
Class A-3 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 100.81 5.253 5.192 5.125 5.053 4.976 100.83 5.249 5.187 5.119 5.046 4.968 100.85 5.246 5.183 5.114 5.039 4.960 100.87 5.242 5.178 5.108 5.032 4.951 100.89 5.239 5.174 5.103 5.025 4.943 100.91 5.235 5.169 5.097 5.018 4.935 100.93 5.232 5.165 5.091 5.012 4.927 100.95 5.228 5.160 5.086 5.005 4.919 100.97 5.225 5.156 5.080 4.998 4.911 100.99 5.221 5.151 5.075 4.991 4.903 101.01 5.218 5.147 5.069 4.984 4.894 WAL(yrs) 7.01 5.15 4.00 3.21 2.66 Payment Window May11 - Dec13 Oct09 - Sep11 Nov08 - May10 Mar08 - May09 Oct07 - Sep08 - -----------------------------------------------------------------------------------------------------
Class A-4 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 100.57 5.331 5.315 5.288 5.254 5.217 100.59 5.329 5.312 5.284 5.250 5.212 100.61 5.326 5.309 5.281 5.245 5.207 100.63 5.323 5.306 5.277 5.241 5.202 100.65 5.321 5.303 5.273 5.237 5.197 100.67 5.318 5.300 5.270 5.232 5.192 100.69 5.315 5.297 5.266 5.228 5.187 100.71 5.313 5.294 5.263 5.224 5.181 100.73 5.310 5.291 5.259 5.219 5.176 100.75 5.307 5.288 5.255 5.215 5.171 100.77 5.305 5.285 5.252 5.211 5.166 WAL(yrs) 9.68 8.33 6.73 5.42 4.48 Payment Window Dec13 - Jun15 Sep11 - Jun15 May10 - May15 May09 - Jul13 Sep08 - Feb12 - -----------------------------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 16 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - --------------------------------------------------------------------------------
Class A-5 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 100.03 5.405 5.405 5.405 5.403 5.397 100.05 5.403 5.403 5.403 5.400 5.394 100.07 5.400 5.400 5.400 5.397 5.391 100.08 5.397 5.397 5.397 5.394 5.388 100.11 5.395 5.395 5.395 5.392 5.385 100.13 5.392 5.392 5.392 5.389 5.382 100.15 5.389 5.389 5.389 5.386 5.379 100.17 5.387 5.387 5.387 5.383 5.376 100.19 5.384 5.384 5.384 5.381 5.373 100.21 5.381 5.381 5.381 5.378 5.370 100.22 5.379 5.379 5.379 5.375 5.367 WAL(yrs) 9.91 9.91 9.91 9.36 8.34 Payment Window Jun15 - Jun15 Jun15 - Jun15 May15 - Jun15 Jul13 - Jun15 Feb12 - Jun15 - -----------------------------------------------------------------------------------------------------
Class A-6 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 100.12 5.333 5.308 5.279 5.247 5.211 100.14 5.328 5.302 5.272 5.238 5.201 100.16 5.323 5.296 5.264 5.229 5.191 100.18 5.318 5.289 5.257 5.221 5.180 100.20 5.313 5.283 5.250 5.212 5.170 100.22 5.308 5.277 5.242 5.203 5.160 100.24 5.303 5.271 5.235 5.195 5.150 100.26 5.298 5.265 5.228 5.186 5.140 100.28 5.292 5.259 5.220 5.177 5.130 100.30 5.287 5.252 5.213 5.169 5.120 100.32 5.282 5.246 5.206 5.160 5.109 WAL(yrs) 4.77 3.88 3.18 2.64 2.22 Payment Window Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 - -----------------------------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 17 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - --------------------------------------------------------------------------------
Class B-1 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 100.50 5.319 5.296 5.274 5.253 5.231 100.52 5.316 5.292 5.270 5.249 5.226 100.54 5.313 5.288 5.265 5.244 5.221 100.56 5.309 5.284 5.261 5.239 5.215 100.58 5.306 5.281 5.257 5.235 5.210 100.60 5.303 5.277 5.253 5.230 5.205 100.62 5.300 5.273 5.249 5.225 5.200 100.64 5.297 5.270 5.244 5.221 5.195 100.66 5.293 5.266 5.240 5.216 5.189 100.68 5.290 5.262 5.236 5.211 5.184 100.70 5.287 5.258 5.232 5.207 5.179 WAL(yrs) 7.89 6.59 5.69 5.04 4.47 Payment Window Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 - -----------------------------------------------------------------------------------------------------
Class B-2 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 99.55 5.471 5.474 5.476 5.478 5.480 99.57 5.468 5.470 5.472 5.473 5.475 99.59 5.465 5.466 5.467 5.469 5.470 99.61 5.462 5.462 5.463 5.464 5.464 99.63 5.459 5.459 5.459 5.459 5.459 99.65 5.455 5.455 5.455 5.454 5.454 99.67 5.452 5.451 5.450 5.449 5.449 99.69 5.449 5.447 5.446 5.445 5.443 99.71 5.446 5.444 5.442 5.440 5.438 99.73 5.442 5.440 5.437 5.435 5.433 99.75 5.439 5.436 5.433 5.431 5.428 WAL(yrs) 7.89 6.59 5.69 5.04 4.47 Payment Window Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 - -----------------------------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 18 COMPUTATIONAL MATERIALS FOR [LOGO] Merrill Lynch WFMBS 2005-AR14 - --------------------------------------------------------------------------------
Class B-3 Yield Table (To CPB) - ----------------------------------------------------------------------------------------------------- 15% 20% 25% 30% 35% CPB CPB CPB CPB CPB Price (%) Yield (%) Yield (%) Yield (%) Yield (%) Yield (%) ===================================================================================================== 96.90 5.907 5.983 6.054 6.120 6.194 96.92 5.904 5.979 6.049 6.116 6.189 96.94 5.900 5.975 6.045 6.111 6.183 96.96 5.897 5.971 6.040 6.106 6.178 96.98 5.894 5.967 6.036 6.101 6.172 97.00 5.890 5.964 6.032 6.096 6.167 97.02 5.887 5.960 6.027 6.091 6.161 97.04 5.884 5.956 6.023 6.086 6.156 97.06 5.880 5.952 6.018 6.081 6.150 97.08 5.877 5.948 6.014 6.076 6.145 97.10 5.874 5.944 6.009 6.071 6.139 WAL(yrs) 7.89 6.59 5.69 5.04 4.47 Payment Window Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 Aug05 - Jun15 - -----------------------------------------------------------------------------------------------------
Recipients must read the information contained in the attached statement. Do not use or rely on this information if you have not received or reviewed the statement. If you have not received the statement, call your Merrill Lynch account executive for another copy. The collateral information set forth in the Computational Materials supersedes any previously distributed collateral information relating to the securities discussed in this communication and will be superseded by the information set forth in the Prospectus and Prospectus Supplement. 19 -----END PRIVACY-ENHANCED MESSAGE-----