EX-99.1 3 hi4cm-rfc.txt COMPUTATIONAL MATERIALS -------------------------------------------------------------------------------- NEW ISSUE COMPUTATIONAL MATERIALS $300,000,000 HOME LOAN-BACKED NOTES, SERIES 2002-HI4 RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. Depositor HOME LOAN TRUST 2002-HI4 Issuer RESIDENTIAL FUNDING CORPORATION Seller and Master Servicer GMAC RFC SECURITIES (GRAPHIC OMITTED) AS UNDERWRITER Any transactions in the certificates will be effected through Residential Funding Securities Corporation. SEPTEMBER 12, 2002 ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. Worldwide Capital Partner STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION -------------------------------------------------------------------------------- The information herein has been provided solely by Residential Funding Securities Corporation ("RFSC") based on information with respect to the mortgage loans provided by Residential Funding Corporation ("RFC") and its affiliates. RFSC is a wholly owned subsidiary of RFC. Neither RFC nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary and supersedes any prior information and will be superseded by the prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commissions (SEC). All assumptions and information in this report reflect RFSC's judgment as of this date and are subject to change. All analyses are based on certain assumptions noted herein and different assumptions could yield substantially different results. You are cautioned that there is no universally accepted method for analyzing financial instruments. You should review the assumptions; there may be differences between these assumptions and your actual business practices. Further, RFSC does not guarantee any results and there is no guarantee as to the liquidity of the instruments involved in this analysis. The decision to adopt any strategy remains your responsibility. RFSC (or any of its affiliates) or their officers, directors, analysts or employees may have positions in securities, commodities or derivative instruments thereon referred to here, and may, as principal or agent, buy or sell such securities, commodities or derivative instruments. In addition, RFSC may make a market in the securities referred to herein. Neither the information nor the assumptions reflected herein shall be construed to be, or constitute, an offer to sell or buy or a solicitation of an offer to sell or buy any securities, commodities or derivative instruments mentioned herein. No sale of any securities, commodities or derivative instruments should be consummated without the purchaser first having received a prospectus and, if required prospectus supplement. Finally, RFSC has not addressed the legal, accounting and tax implications of the analysis with respect to you, and RFSC strongly urges you to seek advice from your counsel, accountant and tax advisor ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. Worldwide Capital Partner RESIDENTIAL FUNDING CORPORATION RFMS II 2002-HI4 Computational Materials: Preliminary Term Sheet -------------------------------------------------------------------------------- ISSUER: Home Loan Trust 2002-HI4 DEPOSITOR: Residential Funding Mortgage Securities II, Inc. SELLER: Residential Funding Corporation UNDERWRITER: Lead Manager: Bear, Stearns & Co. Inc. Co-Manager: Residential Funding Securities Corporation MASTER SERVICER: Residential Funding Corporation (the "Master Servicer" or "RFC"). INITIAL SUBSERVICER: HomeComings Financial Network, Inc. ("HomeComings"), an affiliate of the Depositor. INDENTURE TRUSTEE: JPMorgan Chase Bank OWNER TRUSTEE: Wilmington Trust Company THE NOTES: Home Loan Trust 2002-HI4 will issue 10 classes of Home Loan-Backed Notes, namely: the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Notes (the "Class A Notes"); the Class M-1, Class M-2 and Class M-3 Notes (the "Class M Notes" and together with Class A Notes, the "Offered Notes") and the Class B Notes. THE CLASS A NOTES AND THE CLASS M NOTES WILL BE OFFERED BY PROSPECTUS, THE CLASS B NOTES WILL NOT BE PUBLICLY OFFERED.
CHARACTERISTICS OF THE NOTES (A), (B), (C) *** RFC WILL ALSO ACCEPT INDICATIONS ON CLASS A-1 AS A FIXED-RATE CERTIFICATE *** ------------ ------------ ----------- ---------- -------- --------- --------- ---------- ------------- ORIGINAL PERCENT AVG PRINCIPAL PRINCIPAL FINAL OFFERED PRINCIPAL OF POOL LIFE LOCKOUT WINDOW SCH. RATINGS NOTES BALANCE BALANCE COUPON TO CALL (MONTHS) (MONTHS) MATURITY (MOODY'S/S&P) (YEARS) DATE ------------ ------------ ----------- ---------- -------- --------- --------- ---------- ------------- Class A-1 $81,016,000 27.01% Floating 1.00 0 21 7/25/10 Aaa / AAA (d) Class A-2 19,627,000 6.54% Fixed 2.00 20 7 8/25/11 Aaa / AAA Class A-3 61,696,000 20.57% Fixed 3.00 26 23 2/25/15 Aaa / AAA Class A-4 24,296,000 8.10% Fixed 5.00 48 25 10/25/16 Aaa / AAA Class A-5 16,369,000 5.46% Fixed 7.00 72 25 7/25/18 Aaa / AAA Class A-6 24,996,000 8.33% Fixed (e) 9.62 96 25 9/25/32 Aaa / AAA Class M-1 24,750,000 8.25% Fixed (e) 6.96 43 78 9/25/32 Aa2 / AA Class M-2 21,750,000 7.25% Fixed (e) 6.96 43 78 9/25/32 A2 / A Class M-3 18,750,000 6.25% Fixed (e) 6.96 43 78 9/25/32 Baa2 / BBB Class B (f) 6,750,000 2.25% Fixed 6.94 43 78 9/25/32 Ba2 / BB ------------ ------------ ----------- ---------- -------- --------- --------- ---------- -------------
NOTES: (A) 100% Prepayment Assumption: 2.0% CPR in month 1 of the Home Loans, and an additional 1.071% per annum in each month thereafter until month 15. On and after month 15, 17.0% CPR. (B) Transaction priced to a 10% clean-up call. (C) The principal balance of each Class of Notes is subject to a 5% variance. (D) The lesser of (a) 1-month LIBOR + 0.__% per annum and (b) 8.00% per annum. (E) If the 10% clean-up call is not exercised, the Note Rate applicable to the Class A-6 Notes, Class M-1 Notes, Class M-2 Notes and Class M-3 Notes will increase by 0.50% on the second payment date after the first possible call date. (F) The Class B Notes will not be publicly offered. THE ASSETS OF THE TRUST: The assets of the Trust will include a pool of conventional, closed-end, second-lien, fixed-rate home loans (the "Home Loans"), the proceeds of which will be used primarily for debt consolidation and/or home improvements. The Home Loans will be secured by mortgages, deeds of trust or other similar security instruments. Most of the Home Loans will have a combined loan-to-value ratio in excess of 100%. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. Worldwide Capital Partner STATISTICAL CUT-OFF DATE: As of September 1, 2002. CUT-OFF DATE: As of September 1, 2002. CLOSING DATE: On or about September 26, 2002. PAYMENT DATE: The 25th of each month (or the next business day), commencing on October 25, 2002. DELAYDAYS: The Notes, other than the Class A-1 Notes, will have a payment delay of 24 days. With respect to the Class A-1 Notes, 0 days. FORM OF REGISTRATION: Book-Entry form, same day funds through DTC, Clearstream and Euroclear. NOTE RATE: Interest will accrue on all of the Notes, other than the Class A-1 Notes, at a fixed rate during the month prior to the month of the related Payment Date on a 30/360-day basis. The coupon on the Class A-1 Notes will be equal to the lesser of (a) 1-month LIBOR + 0.__% per annum and (b) 8.00% per annum, payable monthly. With respect to any Payment Date, the Class A-1 Notes will be entitled to interest accrued from and including the preceding Payment Date (or from and including the Closing Date in the case of the first Payment Date) to and including the day prior to the then current Payment Date (the "Class A-1 Accrual Period") at the Class A-1 Note Rate on the aggregate principal balance of the Class A-1 Notes on an actual/360-day basis. The Note Rate applicable to the Class A-6 Notes, Class M-1 Notes, Class M-2 Notes and Class M-3 Notes will increase by 0.50% on the second Payment Date after the first possible Call Date. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. Worldwide Capital Partner CREDIT ENHANCEMENT: Credit enhancement for the benefit of the Notes will be as follows: INITIAL SUBORDINATION (% ORIG.): [24.00]% for the Class A Notes; [15.75]% for the Class M-1 Notes; [8.50]% for the Class M-2 Notes; [2.25]% for the Class M-3 Notes; and [0.00]% for the Class B Notes. OVERCOLLATERALIZATION ("OC"): Initial (% Orig.) 0.00% OC Target (% Orig.) 2.00% OC After Step-Down (% Curr.) 4.00% OC Floor (% Orig.) [0.50]% EXCESS SPREAD: Excess spread will be available to build OC starting on the April 2005 payment date (ie, 6-month spread holiday). Excess spread (before losses) is initially expected to equal approximately [7.9]% per annum. PRIORITY OF DISTRIBUTIONS: On each Payment Date, amounts available for distribution will be allocated in the following order of priority: INTEREST 1. To pay accrued and unpaid interest on the Class A Notes; 2. To pay accrued and unpaid interest, sequentially, on the Class M-1 Notes, the Class M-2 Notes, the M-3 Notes and the Class B Notes, in that order. PRINCIPAL 1. To pay as principal on the Class A Notes an amount equal to the Class A Principal Distribution Amount; 2. To pay as principal on the Class M-1 Notes, an amount equal to the Class M-1 Principal Distribution Amount; 3. To pay as principal on the Class M-2 Notes, an amount equal to the Class M-2 Principal Distribution Amount; and 4. To pay as principal on the Class M-3 Notes, an amount equal to the Class M-3 Principal Distribution Amount. 5. To pay as principal on the Class B Notes, an amount equal to the Class B Principal Distribution Amount. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. Worldwide Capital Partner NET MONTHLY EXCESS CASH FLOW 1. To pay as principal to the Notes then entitled to receive principal, an amount necessary to cover realized losses on the related Home Loans; 2. To pay as principal on the Notes then entitled to receive principal, the amount necessary to cause the overcollateralization amount to equal the Overcollateralization Target starting on and after the April 2003 payment date; 3. To the holders of the Certificates, any remaining Excess Cash Flow. LIQUIDATED HOME LOAN: As to any payment date, any home loan which the master servicer has determined, based on the servicing procedures specified in the servicing agreement, as of the end of the preceding Collection Period, that all liquidation proceeds which it expects to recover in connection with the disposition of the related mortgaged property have been recovered. In addition, the master servicer will treat any home loan that is 180 days or more delinquent as having been fully liquidated. PRINCIPAL DISTRIBUTIONS FOR THE NOTES: The Class M and Class B Notes will not receive any principal payments on or after the Stepdown Date (so long as a Trigger Event is not in effect), unless the principal balance of the Class A Notes is equal to zero. On or after the Stepdown Date, so long as a Trigger Event is not in effect, principal will be paid to the Class A, Class M and Class B Notes as described under the "Priority of Distributions." Principal distributions with respect to the Class A Notes will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Notes, in that order, until paid in full. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER CLASS A PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Payment Date, (1) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect, the Principal Distribution Amount for that Payment Date, or (2) on or after the Stepdown Date if a Trigger Event is not in effect for that Payment Date, the lesser of: (I) the Principal Distribution Amount for that Payment Date; and (II) the excess of (A) the aggregate Class A Certificate Balance immediately prior to that Payment Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date and (y) the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date, less the Overcollateralization Floor. CLASS M-1 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Payment Date: (1) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect, the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A Principal Distribution Amount, or (2) on or after the Stepdown Date if a Trigger Event is not in effect for that Payment Date, the lesser of: (I) the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A Principal Distribution Amount; and (II) the excess of (A) the sum of (1) the aggregate Class A Certificate Balance (after taking into account the payment of the sum of the Class A Principal Distribution Amount for that Payment Date) and (2) the Certificate Principal Balance of the Class M-1 Notes immediately prior to that Payment Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Home Loans after giving affect to distributions to be made on that Payment Date and (y) the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date, less the Overcollateralization Floor. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER CLASS M-2 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Payment Date: (1) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect, the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A and Class M-1 Principal Distribution Amount, or (2) on or after the Stepdown Date if a Trigger Event is not in effect for that Payment Date, the lesser of: (I) the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A and Class M-1 Principal Distribution Amount; and (II) the excess of (A) the sum of (1) the aggregate Class A and Class M-1 Certificate Balance (after taking into account the payment of the sum of the Class A and Class M-1 Principal Distribution Amount for that Payment Date) and (2) the Certificate Principal Balance of the Class M-2 Notes immediately prior to that Payment Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Home Loans after giving affect to distributions to be made on that Payment Date and (y) the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date, less the Overcollateralization Floor. CLASS M-3 PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Payment Date: (1) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect, the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A, M-1 and M-2 Principal Distribution Amount, or (2) on or after the Stepdown Date if a Trigger Event is not in effect for that Payment Date, the lesser of: (I) the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A, M-1 and M-2 Principal Distribution Amount; and (II) the excess of (A) the sum of (1) the aggregate Class A, M-1 and M-2 Certificate Balance (after taking into account the payment of the sum of the Class A, M-1 and M-2 Principal Distribution Amount for that Payment Date) and (2) the Certificate Principal Balance of the Class M-3 Notes immediately prior to that Payment Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Home Loans after giving affect to distributions to be made on that Payment Date and (y) the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date, less the Overcollateralization Floor. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER CLASS B PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Payment Date: (1) prior to the Stepdown Date or on or after the Stepdown Date if a Trigger Event is in effect, the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A, M-1, M-2 and M-3 Principal Distribution Amount, or (2) on or after the Stepdown Date if a Trigger Event is not in effect for that Payment Date, the lesser of: (I) the remaining Principal Distribution Amount for that Payment Date after distribution of the Class A, M-1, M-2 and M-3 Principal Distribution Amount; and (II) the excess of (A) the sum of (1) the aggregate Class A, M-1, M-2 and M-3 Certificate Balance (after taking into account the payment of the sum of the Class A, M-1, M-2 and M-3 Principal Distribution Amount for that Payment Date) and (2) the Certificate Principal Balance of the Class B Notes immediately prior to that Payment Date over (B) the lesser of (x) the product of (1) the applicable Subordination Percentage and (2) the aggregate Stated Principal Balance of the Home Loans after giving affect to distributions to be made on that Payment Date and (y) the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date, less the Overcollateralization Floor. STEPDOWN DATE: The later to occur of (x) the Payment Date in October 2005 (i.e., the 37th Payment Date) and (y) the first Payment Date on which the aggregate certificate principal balance of the Class M Notes, Class B Notes and the Overcollateralization Amount immediately prior to that Payment Date is equal to or greater than [52.00]% of the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date. SUBORDINATION PERCENTAGE: As to any class of offered Notes, the respective percentages set forth below: Class A 48.00% Class M-1 64.50% Class M-2 79.00% Class M-3 91.50% Class B 96.00% ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER REQUIRED OVERCOLLATERALIZATION AMOUNT; TRIGGER EVENT On any Payment Date prior to the Stepdown Date, the Required Overcollateralization Amount will be 2.00% of the Cut-off Date Balance. On of after the Stepdown Date, the Required Overcollateralization Amount will be equal to the lesser of : (a) the Required Overcollateralization Amount as of the Cut-off Date and (b) 4.00% of the current aggregate Stated Principal Balance of the Home Loans after giving effect to distributions to be made on that Payment Date, but not less than [0.50]% of the Cut-off Date Balance; provided, however, that any scheduled reduction to the Required Overcollateralization Amount on or after the Stepdown Date as described above shall not be made on any Payment Date unless the following trigger event is satisfied (the "TRIGGER EVENT"): If both (a) and (b) below are satisfied, then no Trigger Event will have occurred; and if either (a) or (b) are not satisfied and (c) is satisfied, then no Trigger Event will have occurred. (a) the aggregate cumulative liquidation loss amount on the Home Loans from the Cut-off Date through the end of the Collection Period immediately prior to such Payment Date is less than: (1) 10.00% of the Cut-off Date Balance, if such Payment Date is the 37th through 48th Payment Dates, (2) 12.00% of the Cut-off Date Balance, if such Payment Date is the 49th through 60th Payment Dates, or (3) 14.00% of the Cut-off Date Balance, if such Payment Date is the 61st Payment Date (or any Payment Date thereafter); (b) the three-month average of the sixty-plus delinquency percentage, as determined as of that Payment Date and the immediately preceding two Distribution Dates, for any Payment Date on or after the Payment Date in October 2005 is less than 5.00%; (c) the average of the aggregate liquidation loss amount on the Home Loans that became Liquidated Home Loans during the related Collection Period, as determined for the current and five previous Payment Dates, is less than 50% of the average Net Monthly Excess Cashflow for the current and five previous Payment Dates. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER OVERCOLLATERALIZATION FLOOR: With respect to the home loans, an amount equal to [0.50]% of the aggregate Stated Principal Balance of the Home Loans as of the cut-off date. OVERCOLLATERALIZATION AMOUNT: With respect to any Payment Date, the excess, if any, of the aggregate Stated Principal Balance of the Home Loans after giving effect to distributions of principal to be made on that Payment Date, over the aggregate Certificate Principal Balance of the Class A Notes, Class M Notes and Class B Notes as of such date, after taking into account distribution of principal to be made on that Payment Date. MASTER SERVICING FEE: 0.08% per annum, payable monthly. The fees of the Trustees will be paid from the Master Servicing Fee. SUBSERVICING FEE: 0.50% per annum, payable monthly. ADVANCING: There is no required advancing of delinquent scheduled monthly payments of principal or interest on the Home Loans by the Master Servicer, the Subservicer, the Trustees or any other entity. OPTIONAL REDEMPTION: The Master Servicer may, at its option, effect an early redemption or termination of the Notes on the first Payment Date on which the aggregate pool balance declines to less than 10% of the aggregate cut-off date pool balance (the "Call Date"). MINIMUM DENOMINATIONS: For Class A and Class M-1: $25,000 and integral multiples of $1 in excess thereof; For Class M-2 and Class M-3: $250,000 and integral multiples of $1 in excess thereof. TAX STATUS: For federal income tax purposes, the Offered Notes will be characterized as indebtedness of the Issuer. ERISAELIGIBILITY: The Offered Notes may be eligible for purchase by employee benefit plans that are subject to ERISA. SMMEATREATMENT: The Notes will not constitute "mortgage related securities" for purposes of SMMEA. ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER
CLASS A-1 (TO CALL / TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 4.03 1.49 1.18 1.00 0.88 0.80 MODIFIED DURATION (YEARS) 3.79 1.45 1.15 0.98 0.86 0.78 FIRST PRINCIPAL PAYMENT 10/25/02 10/25/02 10/25/02 10/25/02 10/25/02 10/25/02 LAST PRINCIPAL PAYMENT 2/25/10 8/25/05 11/25/04 6/25/04 3/25/04 1/25/04 PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0 PRINCIPAL WINDOW (MONTHS) 89 35 26 21 18 16 ILLUSTRATIVE YIELD @ PAR (30/360) 2.03% 2.03% 2.03% 2.02% 2.02% 2.02% ------------------------------------------------------------------------------------------------- CLASS A-2 (TO CALL / TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 8.05 3.25 2.46 2.00 1.70 1.49 MODIFIED DURATION (YEARS) 7.02 3.04 2.34 1.91 1.63 1.44 FIRST PRINCIPAL PAYMENT 2/25/10 8/25/05 11/25/04 6/25/04 3/25/04 1/25/04 LAST PRINCIPAL PAYMENT 5/25/11 5/25/06 6/25/05 12/25/04 8/25/04 5/25/04 PRINCIPAL LOCKOUT (MONTHS) 88 34 25 20 17 15 PRINCIPAL WINDOW (MONTHS) 16 10 8 7 6 5 ILLUSTRATIVE YIELD @ PAR (30/360) 3.10% 3.06% 3.04% 3.02% 3.00% 2.99% ------------------------------------------------------------------------------------------------- CLASS A-3 (TO CALL / TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 10.24 4.93 3.74 3.00 2.51 2.16 MODIFIED DURATION (YEARS) 8.39 4.43 3.43 2.79 2.36 2.04 FIRST PRINCIPAL PAYMENT 5/25/11 5/25/06 6/25/05 12/25/04 8/25/04 5/25/04 LAST PRINCIPAL PAYMENT 9/25/14 5/25/09 10/25/07 10/25/06 2/25/06 6/25/05 PRINCIPAL LOCKOUT (MONTHS) 103 43 32 26 22 19 PRINCIPAL WINDOW (MONTHS) 41 37 29 23 19 14 ILLUSTRATIVE YIELD @ PAR (30/360) 3.67% 3.64% 3.63% 3.61% 3.59% 3.58% ------------------------------------------------------------------------------------------------- CLASS A-4 (TO CALL / TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 12.96 7.97 6.21 5.00 4.16 3.36 MODIFIED DURATION (YEARS) 9.66 6.57 5.31 4.39 3.72 3.06 FIRST PRINCIPAL PAYMENT 9/25/14 5/25/09 10/25/07 10/25/06 2/25/06 6/25/05 LAST PRINCIPAL PAYMENT 7/25/16 2/25/12 3/25/10 10/25/08 10/25/07 1/25/07 PRINCIPAL LOCKOUT (MONTHS) 143 79 60 48 40 32 PRINCIPAL WINDOW (MONTHS) 23 34 30 25 21 20 ILLUSTRATIVE YIELD @ PAR (30/360) 4.45% 4.44% 4.43% 4.41% 4.40% 4.38% -------------------------------------------------------------------------------------------------
________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER
CLASS A-5 (TO CALL / TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 14.37 10.55 8.54 7.00 5.85 4.98 MODIFIED DURATION (YEARS) 9.95 7.96 6.76 5.75 4.94 4.29 FIRST PRINCIPAL PAYMENT 7/25/16 2/25/12 3/25/10 10/25/08 10/25/07 1/25/07 LAST PRINCIPAL PAYMENT 7/25/17 6/25/14 6/25/12 10/25/10 6/25/09 6/25/08 PRINCIPAL LOCKOUT (MONTHS) 165 112 89 72 60 51 PRINCIPAL WINDOW (MONTHS) 13 29 28 25 21 18 ILLUSTRATIVE YIELD @ PAR (30/360) 5.14% 5.13% 5.12% 5.12% 5.11% 5.10% ------------------------------------------------------------------------------------------------- CLASS A-6 (TO CALL) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 18.46 13.13 11.36 9.62 8.16 6.98 MODIFIED DURATION (YEARS) 11.19 9.05 8.18 7.24 6.38 5.62 FIRST PRINCIPAL PAYMENT 7/25/17 6/25/14 6/25/12 10/25/10 6/25/09 6/25/08 LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10 PRINCIPAL LOCKOUT (MONTHS) 177 140 116 96 80 68 PRINCIPAL WINDOW (MONTHS) 55 22 26 25 23 20 ILLUSTRATIVE YIELD @ PAR (30/360) 5.67% 5.67% 5.66% 5.65% 5.65% 5.64% ------------------------------------------------------------------------------------------------- CLASS A-6 (TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 20.15 14.78 12.80 11.04 9.56 8.33 MODIFIED DURATION (YEARS) 11.70 9.71 8.83 7.95 7.14 6.42 FIRST PRINCIPAL PAYMENT 7/25/17 6/25/14 6/25/12 10/25/10 6/25/09 6/25/08 LAST PRINCIPAL PAYMENT 5/25/27 10/25/25 4/25/23 8/25/20 11/25/17 9/25/16 PRINCIPAL LOCKOUT (MONTHS) 177 140 116 96 80 68 PRINCIPAL WINDOW (MONTHS) 119 137 131 119 102 100 ILLUSTRATIVE YIELD @ PAR (30/360) 5.70% 5.70% 5.70% 5.70% 5.71% 5.71% -------------------------------------------------------------------------------------------------
________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER
CLASS M-1 (TO CALL) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 15.08 10.20 8.41 6.96 5.85 5.09 MODIFIED DURATION (YEARS) 9.96 7.54 6.48 5.56 4.82 4.29 FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 1/25/06 LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10 PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 39 PRINCIPAL WINDOW (MONTHS) 96 91 88 78 67 49 ILLUSTRATIVE YIELD @ PAR (30/360) 5.49% 5.47% 5.47% 5.46% 5.45% 5.44% ------------------------------------------------------------------------------------------------- CLASS M-1 (TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 15.66 10.75 8.87 7.42 6.32 5.55 MODIFIED DURATION (YEARS) 10.14 7.77 6.70 5.81 5.09 4.57 FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 1/25/06 LAST PRINCIPAL PAYMENT 3/25/27 5/25/24 5/25/21 5/25/18 11/25/16 8/25/15 PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 39 PRINCIPAL WINDOW (MONTHS) 158 189 170 145 134 116 ILLUSTRATIVE YIELD @ PAR (30/360) 5.50% 5.49% 5.48% 5.48% 5.48% 5.47% ------------------------------------------------------------------------------------------------- CLASS M-2 (TO CALL) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 15.08 10.20 8.41 6.96 5.85 5.05 MODIFIED DURATION (YEARS) 9.76 7.43 6.40 5.50 4.77 4.22 FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 11/25/05 LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10 PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 37 PRINCIPAL WINDOW (MONTHS) 96 91 88 78 67 51 ILLUSTRATIVE YIELD @ PAR (30/360) 5.78% 5.77% 5.76% 5.75% 5.74% 5.73% ------------------------------------------------------------------------------------------------- CLASS M-2 (TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 15.65 10.70 8.82 7.40 6.29 5.48 MODIFIED DURATION (YEARS) 9.93 7.63 6.59 5.73 5.02 4.48 FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 11/25/05 LAST PRINCIPAL PAYMENT 12/25/26 1/25/23 12/25/19 5/25/17 3/25/16 11/25/14 PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 37 PRINCIPAL WINDOW (MONTHS) 155 173 153 133 126 109 ILLUSTRATIVE YIELD @ PAR (30/360) 5.79% 5.78% 5.78% 5.77% 5.77% 5.76% -------------------------------------------------------------------------------------------------
________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER
CLASS M-3 (TO CALL) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 15.08 10.20 8.41 6.96 5.85 5.03 MODIFIED DURATION (YEARS) 9.33 7.19 6.21 5.36 4.67 4.13 FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 10/25/05 LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10 PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 36 PRINCIPAL WINDOW (MONTHS) 96 91 88 78 67 52 ILLUSTRATIVE YIELD @ PAR (30/360) 6.44% 6.43% 6.42% 6.41% 6.39% 6.38% ------------------------------------------------------------------------------------------------- CLASS M-3 (TO MATURITY) ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 15.60 10.54 8.73 7.33 6.21 5.37 MODIFIED DURATION (YEARS) 9.47 7.32 6.35 5.54 4.86 4.32 FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 10/25/05 LAST PRINCIPAL PAYMENT 7/25/26 2/25/21 8/25/17 7/25/16 3/25/15 9/25/13 PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 36 PRINCIPAL WINDOW (MONTHS) 150 150 125 123 114 96 ILLUSTRATIVE YIELD @ PAR (30/360) 6.45% 6.44% 6.43% 6.42% 6.42% 6.41% -------------------------------------------------------------------------------------------------
________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. -------------------------------------------------------------- Current Principal Balance (as of 9/1/02) $298,103,123 Loan Count 7,332 Average Current Principal Balance $40,658 Average Original Principal Balance $40,863 Range of Original Principal Balance $10,000 to $100,000 Up to $25,000.00 6.58% $25,000.01 to $50,000.00 63.15% $50,000.01 to $75,000.00 29.40% $75,000.01 to $100,000.00 0.87% -------------------------------------------------------------- LOAN RATE Weighted Average 12.520% Range of Loan Rates 8.050% to 19.260% 8.001% to 9.000% 0.23% 9.001% to 10.000% 2.71% 10.001% to 11.000% 8.87% 11.001% to 12.000% 25.71% 12.001% to 13.000% 31.19% 13.001% to 14.000% 21.54% 14.001% to 15.000% 7.60% 15.001% to 16.000% 1.19% 16.001% to 17.000% 0.61% 17.001% to 18.000% 0.21% 18.001% to 19.000% 0.09% 19.001% to 20.000% 0.04% -------------------------------------------------------------- WA Original Term to Stated Maturity 203 (months) WA Remaining Term to Stated Maturity 201 (months) Up to 60 months 0.18% 61 to 120 months 3.91% 121 to 180 months 70.77% 181 to 240 months 7.37% 241 to 300 months 17.77% -------------------------------------------------------------- Balloon / Fully Amortizing 0.56% / 99.44% First Lien / Second Lien 0.04% / 99.96% -------------------------------------------------------------- ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. -------------------------------------------------------------- CREDIT SCORE Weighted Average 697 Range of Credit Scores 630 to 802 620 to 639 0.02% 640 to 659 5.71% 660 to 679 23.49% 680 to 699 25.94% 700 to 719 23.40% 720 to 739 13.00% 740 to 759 5.81% 760 to 779 2.04% 780 to 799 0.57% 800 to 819 0.02% -------------------------------------------------------------- ORIGINAL CLTV Weighted Average 117.26% Up to 40.00% 0.02% 40.01% to 50.00% 0.03% 50.01% to 60.00% 0.03% 60.01% to 70.00% 0.08% 70.01% to 80.00% 1.32% 80.01% to 90.00% 1.02% 90.01% to 100.00% 2.47% 100.01% to 105.00% 3.60% 105.01% to 110.00% 9.97% 110.01% to 115.00% 14.22% 115.01% to 120.00% 19.69% 120.01% to 125.00% 47.51% 125.01% to 130.00% 0.04% -------------------------------------------------------------- DEBT-TO-INCOME RATIO Weighted Average 39.81% 5.01% to 10.00% 0.01% 10.01% to 15.00% 0.13% 15.01% to 20.00% 0.67% 20.01% to 25.00% 2.44% 25.01% to 30.00% 8.07% 30.01% to 35.00% 15.68% 35.01% to 40.00% 21.03% 40.01% to 45.00% 30.39% 45.01% to 50.00% 21.58% -------------------------------------------------------------- ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. -------------------------------------------------------------- JUNIOR RATIO Weighted Average 27.60% 5.01% to 10.00% 0.30% 10.01% to 15.00% 4.31% 15.01% to 20.00% 17.33% 20.01% to 25.00% 24.38% 25.01% to 30.00% 19.97% 30.01% to 35.00% 13.91% 35.01% to 40.00% 9.98% 40.01% to 45.00% 4.88% 45.01% to 50.00% 2.49% 50.01% to 55.00% 1.23% 55.01% to 60.00% 0.54% 60.01% to 65.00% 0.33% 65.01% to 70.00% 0.26% 70.01% to 75.00% 0.07% 75.01% to 80.00% 0.02% 95.01% to 100.00% 0.01% -------------------------------------------------------------- RESIDUAL INCOME Weighted Average $3,752 Up to $999.99 0.02% $1,000.00 to $1,999.99 4.31% $2,000.00 to $2,999.99 26.15% $3,000.00 to $3,999.99 35.50% $4,000.00 to $4,999.99 18.10% $5,000.00 to $5,999.99 8.65% Greater than or equal to $6,000.00 7.27% -------------------------------------------------------------- PROPERTY TYPE Single Family Residence 90.31% PUD Detached 5.35% Condominium 1.82% PUD Attached 1.09% Townhouse 1.05% Multifamily (2 to 4 units) 0.32% Modular 0.07% -------------------------------------------------------------- -------------------------------------------------------------- OCCUPANCY STATUS Owner Occupied 100.00% -------------------------------------------------------------- ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. -------------------------------------------------------------- DOCUMENTATION Full Documentation 99.42% Reduced 0.58% -------------------------------------------------------------- -------------------------------------------------------------- LOAN PURPOSE Debt Consolidation 80.33% Cash Out 9.07% Rate/Term Refinance 5.00% Convenience 3.79% Home Improvement / Debt Consolidation 0.85% Home Improvement 0.26% Asset Acquisition 0.25% Education 0.02% Purchase 0.01% Other 0.43% -------------------------------------------------------------- PREPAYMENT PENALTY TERMS None 54.77% 12 months 0.81% 24 months 0.25% 36 months 42.52% 60 months 1.29% Other (not more than 60 months) 0.36% -------------------------------------------------------------- GEOGRAPHIC CONCENTRATION (> 5%) CA: 7.62% FL: 6.49% PA: 5.68% OH: 5.50% -------------------------------------------------------------- ________________________________________________________________________________ This Information was prepared by Bear Stearns & Co. Inc. in its capacity as lead underwriter. This information should be considered only after reading the Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information, which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. WORLDWIDE CAPITAL PARTNER