BEAR STEARNS                                     BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO                       ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO             383 Madison Avenue
FRANKFORT o GENEVA o HONG KONG                            New York, N.Y. 10179
LONDON o PARIS o TOKYO                     (212) 272-2000;  (212) 272-7294   fax

--------------------------------------------------------------------------------
                       NEW ISSUE COMPUTATIONAL MATERIALS



                                  $375,000,000
                            HOME LOAN-BACKED NOTES,
                                SERIES 2002-HI3


                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
                                   Depositor

                            HOME LOAN TRUST 2002-HI3
                                     Issuer

                        RESIDENTIAL FUNDING CORPORATION
                           Seller and Master Servicer




                                  JUNE 4, 2002



--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>


BEAR STEARNS                                        BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO                        ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO              383 Madison Avenue
FRANKFORT o GENEVA o HONG KONG                             New York, N.Y. 10179
LONDON o PARIS o TOKYO                     (212) 272-2000;  (212) 272-7294   fax

-------------------------------------------------------------------------------



     STATEMENT REGARDING  ASSUMPTIONS AS TO SECURITIES,  PRICING ESTIMATES,  AND
     OTHER INFORMATION

The  information  contained in the attached  materials (the  "Information")  may
include  various forms of performance  analysis,  security  characteristics  and
securities  pricing  estimates  for the  securities  addressed.  Please read and
understand this entire statement  before  utilizing the Information.  Should you
receive  Information  that refers to the "Statement  Regarding  Assumptions  and
Other Information," please refer to this statement instead.

The  Information is  illustrative  and is not intended to predict actual results
which  may  differ  substantially  from  those  reflected  in  the  Information.
Performance analysis is based on certain assumptions with respect to significant
factors  that  may  prove  not  to be as  assumed.  You  should  understand  the
assumptions  and  evaluate  whether  they are  appropriate  for  your  purposes.
Performance  results  are  based  on  mathematical  models  that use  inputs  to
calculate results. As with all models, results may vary significantly  depending
upon the value of the inputs given.  Inputs to these models  include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime  prepayments  or a  vector  of  periodic  prepayments),  interest  rate
assumptions   (parallel  and   nonparallel   changes  for   different   maturity
instruments),  collateral  assumptions (actual pool level data,  aggregated pool
level  data,  reported  factors  or  imputed  factors),  volatility  assumptions
(historically  observed or implied  current) and reported  information  (paydown
factors,  rate resets, and trustee statements).  Models used in any analysis may
be  proprietary  making the results  difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.

The  Information  addresses only certain  aspects of the  applicable  security's
characteristics  and thus does not provide a complete  assessment.  As such, the
Information may not reflect the impact of all structural  characteristics of the
security,  including  call  events and cash flow  priorities  at all  prepayment
speeds and/or interest rates.  You should consider whether the behavior of these
securities should be tested as assumptions  different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral,  may be modified from time to time to reflect changed circumstances.
Any investment  decision  should be based only on the data in the prospectus and
the prospectus  supplement or private placement  memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is  current  as of their  publication  dates and after  publication  may no
longer be  complete or  current.  Contact  your  registered  representative  for
Offering Documents, current Information or additional materials, including other
models for performance analysis,  which are likely to produce different results,
and any further explanation regarding the Information.

Any pricing  estimates  Bear Stearns has supplied at your request (a)  represent
our view, at the time  determined,  of the  investment  value of the  securities
between the  estimated  bid and offer  levels,  the spread  between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any  person  for any  security,  (c) may not  constitute  prices at which the
securities  could have been  purchased or sold in any market,  (d) have not been
confirmed by actual  trades,  may vary from the value Bear  Stearns  assigns any
such security while in its inventory,  and may not take into account the size of
a position you have in the  security,  and (e) may have been derived from matrix
pricing  that uses data  relating  to other  securities  whose  prices  are more
readily  ascertainable  to produce a  hypothetical  price based on the estimated
yield spread relationship between the securities.

General Information:  The data underlying the Information has been obtained from
sources that we believe are  reliable,  but we do not  guarantee the accuracy of
the  underlying  data  or  computations  based  thereon.  Bear  Stearns.  and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions  with the issuer
or  its  affiliates.   We  act  as  principal  in  transactions  with  you,  and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor  unless we have agreed in writing to
receive compensation  specifically to act in such capacities. If you are subject
to ERISA,  the  Information is being furnished on the condition that it will not
form a primary  basis for any  investment  decision.  The  Information  is not a
solicitation  of any  transaction  in  securities  which  may be  made  only  by
prospectus  when required by law, in which event you may obtain such  prospectus
from Bear Stearns.


--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.

<PAGE>





RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Preliminary Term Sheet (Page 1 of 5)
--------------------------------------------------------------------------------
                                  $375,000,000


ISSUER: Home Loan Trust 2002-HI3

DEPOSITOR: Residential Funding Mortgage Securities II, Inc.

SELLER: Residential Funding Corporation

CREDIT ENHANCER: Ambac Assurance Corporation ("Ambac")

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-HI3 will issue 8 classes of Home  Loan-Backed
     Notes  (namely,  the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
     Class A-6, Class A-7 and Class A-IO Notes (the "Notes")).

CHARACTERISTICS OF THE NOTES (A), (B), (C), (D)

     ***  RFC  WILL  ALSO  ACCEPT  INDICATIONS  ON  CLASS  A-1  AS A  FIXED-RATE
     CERTIFICATE ***
<TABLE>
<CAPTION>

------------ ------------ ----------- -------- -------- --------- ---------- --------------
                ORIGINAL              AVG      PRINCIPALPRINCIPAL FINAL
OFFERED        PRINCIPAL               LIFE    LOCKOUT   WINDOW     SCH.        RATINGS
NOTES            BALANCE    COUPON    TO CALL  (MONTHS) (MONTHS)  MATURITY   (MOODY'S/S&P)
                                      (YEARS)                       DATE
------------ ------------ ----------- -------- -------- --------- ---------- --------------

<S>     <C>  <C>                       <C>       <C>      <C>     <C>  <C>
Class A-1    $79,919,000  Floating     0.90      0        19      3/25/09      Aaa / AAA
                             (i)
Class A-2     49,800,000    Fixed      2.00     18        11      7/25/11      Aaa / AAA
Class A-3     57,551,000    Fixed      3.00     28        15      11/25/13     Aaa / AAA
Class A-4     30,982,000    Fixed      4.00     42        11      12/25/14     Aaa / AAA
Class A-5     38,721,000    Fixed      5.00     52        16      2/25/16      Aaa / AAA
Class A-6     63,225,000    Fixed      7.00     67        37      8/25/19      Aaa / AAA
Class A-7     54,802,000  Fixed (e)    9.88     103       19      6/25/32      Aaa / AAA
Class A-IO           (f)     (g)      1.15      29        1       12/25/04     Aaa / AAA
                                        (h)
------------ ------------ ----------- -------- -------- --------- ---------- --------------
</TABLE>

NOTES:

(A)  100% Prepayment  Assumption:  2.0% CPR in month 1 of the Home Loans, and an
     additional  0.789474% per annum in each month thereafter until month 20. On
     and after month 20, 17.0% CPR.

(B)  Transaction priced to a 10% clean-up call.

(C)  100% P&I  guaranty  by Ambac (See  section  entitled  "Credit  Enhancement"
     herein.)

(D)  The principal balance of each Class of Notes is subject to a 5% variance.

(E)  If the 10% clean-up call is not exercised,  the Note Rate applicable to the
     Class A-7 Notes will increase by 0.50% on the second payment date after the
     first possible call date.

(F)  Class A-IO notional amount: $37,500,000

(G)  For payment  dates 1 to 12,  11.00% per annum;  for payment dates 13 to 24,
     10.00% per annum; for payment dates 25 to 30, 7.00% per annum.  Thereafter,
     0.00%.

(H)  Duration.

(I)  The lesser of (a) 1-month LIBOR + 0.__% per annum and (b) 8.00% per annum.

--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.


<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Preliminary Term Sheet (Page 2 of 5)
--------------------------------------------------------------------------------

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%.

STATISTICAL CUT-OFF DATE: As of June 1, 2002.

CUT-OFF DATE: As of June 1, 2002.

CLOSING DATE: On or about June 26, 2002.

PAYMENT DATE: The 25th of each month (or the next business  day),  commencing on
     July 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.

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-7 Notes will increase by 0.50% on
     the second Payment Date after the first possible Call Date.

--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.


<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Preliminary Term Sheet (Page 3 of 5)
--------------------------------------------------------------------------------

PRINCIPAL: All payments of principal allocable to the Notes shall be paid to the
     Class A-1 Notes,  the Class A-2 Notes,  the Class A-3 Notes,  the Class A-4
     Notes, the Class A-5 Notes, the Class A-6 Notes and the Class A-7 Notes, in
     that order,  in each case,  until the  outstanding  note balance of each of
     these notes has been reduced to zero. The Class A-IO Notes are not entitled
     to payments of principal.

PRIORITY OF PAYMENTS:  On each Payment Date,  principal and interest collections
     will be  allocated  from the  payment  account  in the  following  order of
     priority:

(1)     To pay accrued interest due on the Notes;

(2)  To pay as  principal  on the Notes  (other than the Class A-IO  Notes),  an
     amount  equal to the  principal  collection  distribution  amount  for such
     Payment Date;

(3)  To pay as  principal  on the Notes  (other than the Class A-IO  Notes),  an
     amount equal to the liquidation loss  distribution  amount for such Payment
     Date;

(4)  To pay the Credit  Enhancer  the  premium for the  Policy,  any  previously
     unpaid premiums for the Policy with interest and any payments in connection
     with the limited reimbursement agreement;

(5)  To  reimburse  the Credit  Enhancer  for  certain  prior  draws made on the
     Policy, with interest;

(6)  To pay as  additional  principal  on the Notes  (other  than the Class A-IO
     Notes),   an  amount   (if  any)   necessary   to  bring   the   amount  of
     overcollateralization up to the required  overcollateralization  amount for
     such Payment Date;

(7)  To pay the Credit  Enhancer  any other  amounts  owed  under the  insurance
     agreement;  and (8) To pay any  remaining  amounts  to the  holders  of the
     Certificates.


--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.


<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Preliminary Term Sheet (Page 4 of 5)
--------------------------------------------------------------------------------

CREDIT  ENHANCEMENT:  Credit  enhancement  with  respect  to the  Notes  will be
     provided by (1) Excess Spread, (2)  Overcollateralization and (3) the Ambac
     Insurance Policy.

     Excess Spread:  Because the mortgagors are expected to pay more interest on
     the home loans than is necessary  to pay interest on the notes,  along with
     fees and expenses of the trust each month, there may be excess interest. On
     each payment  date,  this excess  interest may be used to protect the notes
     against most types of losses by making an  additional  payment of principal
     up to the amount of the losses.

     Overcollateralization:     On    the    Closing    Date,     the    initial
     overcollateralization  amount  will be  equal  to  0.00%  of the  aggregate
     cut-off date pool balance.  Commencing  with the October 2002 Payment Date,
     excess  spread will be applied,  to the extent not needed to cover  current
     period losses, to make accelerated  payments of principal to the securities
     then entitled to receive  payments of principal,  until the aggregate  pool
     balance  exceeds the  aggregate  note balance by a specified  amount.  This
     excess  represents  overcollateralization.  Prior to the Stepdown Date, the
     "Required  Overcollateralization  Amount"  will be  equal  to  2.00% of the
     aggregate  cut-off date pool balance.  On or after the Stepdown  Date,  the
     Required Overcollateralization Amount will be permitted, subject to certain
     performance  triggers  being  satisfied,  to decrease to 4.00% of aggregate
     pool  balance  of the  Home  Loans,  subject  to a floor  of  0.50%  of the
     aggregate cut-off date pool balance.

     Ambac Insurance Policy: Ambac Assurance Corporation (the "Credit Enhancer")
     will unconditionally and irrevocably  guarantee:  (a) interest on the notes
     at the note rate, (b) the amount of any losses not covered by excess spread
     or overcollateralization,  and (c) the payment of principal on the Notes by
     no later  than the June 2032  Payment  Date.  The  Insurance  Policy is not
     revocable for any reason.

STEPDOWN DATE: The Stepdown Date is the Payment Date occurring on the later of:

(1)  the Payment Date in July 2005 (i.e., on the 37th Payment Date); and

(2)  the first Payment Date on which the aggregate pool balance is less than 50%
     of the aggregate cut-off date pool balance.

--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.


<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Preliminary Term Sheet (Page 5 of 5)
--------------------------------------------------------------------------------

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, the Credit Enhancer 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").

FORM OF REGISTRATION:  Book-Entry form, same day funds through DTC,  Clearstream
     and Euroclear.

TAX  STATUS: For federal income tax purposes, the Notes will be characterized as
     indebtedness of the Issuer.

ERISAELIGIBILITY:  The 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.

--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.


<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Notes   (Page 1 of 3)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

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)
                                        3.27      1.27      1.04       0.90      0.80       0.73

<S>                                     <C>       <C>       <C>        <C>       <C>        <C>
MODIFIED DURATION (YEARS)               3.10      1.24      1.02       0.88      0.79       0.71
FIRST PRINCIPAL PAYMENT              7/25/02   7/25/02   7/25/02    7/25/02   7/25/02    7/25/02
LAST PRINCIPAL PAYMENT               9/25/08  11/25/04   5/25/04    1/25/04  11/25/03    9/25/03
PRINCIPAL LOCKOUT (MONTHS)                 0         0         0          0         0          0
PRINCIPAL WINDOW (MONTHS)                 75        29        23         19        17         15
ILLUSTRATIVE YIELD @ PAR (30/360)      2.04%     2.04%     2.04%      2.04%     2.04%      2.04%
-------------------------------------------------------------------------------------------------

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)
                                        7.60      3.11      2.41       2.00      1.74       1.55

MODIFIED DURATION (YEARS)               6.39      2.86      2.25       1.88      1.64       1.48
FIRST PRINCIPAL PAYMENT              9/25/08  11/25/04   5/25/04    1/25/04  11/25/03    9/25/03
LAST PRINCIPAL PAYMENT               4/25/11   4/25/06   6/25/05   11/25/04   7/25/04    4/25/04
PRINCIPAL LOCKOUT (MONTHS)                74        28        22         18        16         14
PRINCIPAL WINDOW (MONTHS)                 32        18        14         11         9          8
ILLUSTRATIVE YIELD @ PAR (30/360)      4.14%     4.09%     4.06%      4.04%     4.02%      4.00%
-------------------------------------------------------------------------------------------------

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)
                                       10.01      4.82      3.69       3.00      2.54       2.22

MODIFIED DURATION (YEARS)               7.81      4.21      3.31       2.74      2.35       2.07
FIRST PRINCIPAL PAYMENT              4/25/11   4/25/06   6/25/05   11/25/04   7/25/04    4/25/04
LAST PRINCIPAL PAYMENT               8/25/13   4/25/08  12/25/06    1/25/06   7/25/05    2/25/05
PRINCIPAL LOCKOUT (MONTHS)               105        45        35         28        24         21
PRINCIPAL WINDOW (MONTHS)                 29        25        19         15        13         11
ILLUSTRATIVE YIELD @ PAR (30/360)      4.73%     4.69%     4.67%      4.65%     4.63%      4.61%
-------------------------------------------------------------------------------------------------

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)
                                       11.74      6.42      4.94       4.00      3.36       2.90

MODIFIED DURATION (YEARS)               8.63      5.34      4.27       3.53      3.02       2.64
FIRST PRINCIPAL PAYMENT              8/25/13   4/25/08  12/25/06    1/25/06   7/25/05    2/25/05
LAST PRINCIPAL PAYMENT               9/25/14   7/25/09  11/25/07   11/25/06   2/25/06    8/25/05
PRINCIPAL LOCKOUT (MONTHS)               133        69        53         42        36         31
PRINCIPAL WINDOW (MONTHS)                 14        16        12         11         8          7
ILLUSTRATIVE YIELD @ PAR (30/360)      5.14%     5.11%     5.10%      5.08%     5.06%      5.05%
-------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Notes   (Page 2 of 3)
----------------------------------------------------------------------------------------------


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)
                                       12.90      7.88      6.17       5.00      4.19       3.60

MODIFIED DURATION (YEARS)               9.08      6.27      5.12       4.28      3.66       3.19
FIRST PRINCIPAL PAYMENT              9/25/14   7/25/09  11/25/07   11/25/06   2/25/06    8/25/05
LAST PRINCIPAL PAYMENT              12/25/15   3/25/11   5/25/09    2/25/08   3/25/07    7/25/06
PRINCIPAL LOCKOUT (MONTHS)               146        84        64         52        43         37
PRINCIPAL WINDOW (MONTHS)                 16        21        19         16        14         12
ILLUSTRATIVE YIELD @ PAR (30/360)      5.42%     5.40%     5.39%      5.38%     5.36%      5.35%
-------------------------------------------------------------------------------------------------

CLASS A-6 (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)
                                       14.47     10.45      8.49       7.00      5.88       5.04

MODIFIED DURATION (YEARS)               9.46      7.57      6.48       5.57      4.83       4.24
FIRST PRINCIPAL PAYMENT             12/25/15   3/25/11   5/25/09    2/25/08   3/25/07    7/25/06
LAST PRINCIPAL PAYMENT               4/25/19  10/25/14  10/25/12    2/25/11  10/25/09   10/25/08
PRINCIPAL LOCKOUT (MONTHS)               161       104        82         67        56         48
PRINCIPAL WINDOW (MONTHS)                 41        44        42         37        32         28
ILLUSTRATIVE YIELD @ PAR (30/360)      5.97%     5.96%     5.95%      5.94%     5.93%      5.92%
-------------------------------------------------------------------------------------------------

CLASS A-7 (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)
                                       19.07     13.36     11.63       9.88      8.42       7.27

MODIFIED DURATION (YEARS)              10.72      8.74      7.98       7.12      6.33       5.65
FIRST PRINCIPAL PAYMENT              4/25/19  10/25/14  10/25/12    2/25/11  10/25/09   10/25/08
LAST PRINCIPAL PAYMENT              12/25/21   1/25/16   5/25/14    8/25/12   2/25/11   12/25/09
PRINCIPAL LOCKOUT (MONTHS)               201       147       123        103        87         75
PRINCIPAL WINDOW (MONTHS)                 33        16        20         19        17         15
ILLUSTRATIVE YIELD @ PAR (30/360)      6.45%     6.44%     6.43%      6.43%     6.42%      6.41%
-------------------------------------------------------------------------------------------------

CLASS A-7 (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)                                                  11.37
                                       20.84     15.05     13.09                 9.89       8.64

MODIFIED DURATION (YEARS)              11.18      9.34      8.57       7.80      7.07       6.40
FIRST PRINCIPAL PAYMENT              4/25/19  10/25/14  10/25/12    2/25/11  10/25/09   10/25/08
LAST PRINCIPAL PAYMENT              12/25/26   7/25/25   4/25/23    7/25/20  11/25/17    7/25/16
PRINCIPAL LOCKOUT (MONTHS)               201       147       123        103        87         75
PRINCIPAL WINDOW (MONTHS)                 93       130       127        114        98         94
ILLUSTRATIVE YIELD @ PAR (30/360)      6.47%     6.47%     6.47%      6.47%     6.48%      6.48%
-------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>



RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Notes   (Page 3 of 3)
----------------------------------------------------------------------------------------------



CLASS A-IO (TO CALL)
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
CPR                                        50%       60%        70%       80%        90%      100%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)                      2.50      2.50       2.50      2.50       2.50      2.50
MODIFIED DURATION (YEARS)                 1.15      1.15       1.15      1.15       1.15      1.15
FIRST PRINCIPAL PAYMENT               12/25/04  12/25/04   12/25/04  12/25/04   12/25/04  12/25/04
LAST PRINCIPAL PAYMENT                12/25/04  12/25/04   12/25/04  12/25/04   12/25/04  12/25/04
PRINCIPAL LOCKOUT (MONTHS)                  29        29         29        29         29        29
PRINCIPAL WINDOW (MONTHS)                    1         1          1         1          1         1
ILLUSTRATIVE YIELD @ 22.40969%
(30/360)                                 4.75%     4.75%      4.75%     4.75%      4.75%     4.75%
---------------------------------------------------------------------------------------------------
</TABLE>


--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Collateral (Page 1 of 4)
--------------------------------------------------------------------------------

     THE INFORMATION  CONTAINED  HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
     THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.


--------------------------------------------------------------
  Current Principal Balance (as of 6/1/02)     $365,563,420
  Loan Count                                          8,943
  Average Current Principal Balance                 $40,877
  Average Original Principal Balance                $41,122
  Range of Original Principal Balance            $10,000 to
                                                   $100,000
   Up to $25,000.00                                   6.26%
   $25,000.01 to $50,000.00                          61.46%
   $50,000.01 to $75,000.00                          31.25%
   $75,000.01 to $100,000.00                          1.03%
--------------------------------------------------------------
  LOAN RATE
  Weighted Average                                  12.785%
  Range of Loan Rates                             6.000% to
                                                    19.080%
 6.000%                                               0.01%
 8.001% to 9.000%                                     0.24%
 9.001% to 10.000%                                    1.78%
 10.001% to 11.000%                                   6.79%
 11.001% to 12.000%                                  23.04%
 12.001% to 13.000%                                  32.17%
13.001% to 14.000%                                   20.26%
14.001% to 15.000%                                    9.71%
15.001% to 16.000%                                    3.81%
16.001% to 17.000%                                    1.43%
17.001% to 18.000%                                    0.67%
18.001% to 19.000%                                    0.09%
   19.001% to 20.000%                                 0.01%
--------------------------------------------------------------
  WA Original Term to Stated Maturity                   204
  (months)
 WA Remaining Term to Stated Maturity                   201
(months)
Up to 60 months                                       0.35%
61 to 120 months                                      4.79%
121 to 180 months                                    68.86%
181 to 240 months                                     7.09%
241 to 300 months                                    18.87%
   301 to 360 months                                  0.04%
--------------------------------------------------------------
--------------------------------------------------------------
  Balloon / Fully Amortizing                 0.38% / 99.62%
  First Lien / Second Lien                   0.06% / 99.94%
--------------------------------------------------------------
--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Collateral (Page 2 of 4)
--------------------------------------------------------------------------------

     THE INFORMATION  CONTAINED  HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
     THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.

--------------------------------------------------------------
  CREDIT SCORE
  Weighted Average                                      696
  Range of Credit Scores                         620 to 810
620 to 639                                            0.22%
640 to 659                                            7.30%
660 to 679                                           22.75%
680 to 699                                           26.18%
700 to 719                                           23.14%
720 to 739                                           12.68%
740 to 759                                            5.22%
760 to 779                                            2.01%
780 to 799                                            0.47%
Greater than or equal to 800                          0.03%
--------------------------------------------------------------
--------------------------------------------------------------
  ORIGINAL CLTV
  Weighted Average                                  117.73%
Up to 40.00%                                          0.09%
40.01% to 50.00%                                      0.06%
50.01% to 60.00%                                      0.02%
60.01% to 70.00%                                      0.01%
70.01% to 80.00%                                      0.24%
80.01% to 90.00%                                      0.27%
90.01% to 100.00%                                     2.09%
100.01% to 105.00%                                    4.51%
105.01% to 110.00%                                    9.64%
110.01% to 115.00%                                   15.36%
115.01% to 120.00%                                   20.90%
   120.01% to 125.00%                                46.70%
   125.01% to 130.00%                                 0.11%
--------------------------------------------------------------
DEBT-TO-INCOME RATIO
Weighted Average                                     39.97%
Up to 5.000%                                          0.03%
5.001% to 10.000%                                     0.01%
10.001% to 15.000%                                    0.06%
15.001% to 20.000%                                    0.46%
20.001% to 25.000%                                    2.52%
25.001% to 30.000%                                    7.33%
30.001% to 35.000%                                   14.84%
35.001% to 40.000%                                   22.03%
40.001% to 45.000%                                   31.17%
45.001% to 50.000%                                   21.53%
50.001% to 55.000%                                    0.01%
--------------------------------------------------------------


--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Collateral (Page 3 of 4)
-------------------------------------------------------------------------------

     THE INFORMATION  CONTAINED  HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
     THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.

--------------------------------------------------------------
JUNIOR RATIO
 Weighted Average                                    28.11%
     Up to 5.000%                                     0.01%
     5.001% to 10.000%                                0.24%
  10.001% to 15.000%                                  3.72%
  15.001% to 20.000%                                 15.59%
  20.001% to 25.000%                                 23.55%
  25.001% to 30.000%                                 21.11%
  30.001% to 35.000%                                 14.96%
  35.001% to 40.000%                                 10.46%
  40.001% to 45.000%                                  5.16%
  45.001% to 50.000%                                  2.84%
  50.001% to 55.000%                                  1.29%
  55.001% to 60.000%                                  0.38%
  60.001% to 65.000%                                  0.19%
  65.001% to 70.000%                                  0.26%
  70.001% to 75.000%                                  0.12%
  Greater than or equal to 75.001%                    0.11%
--------------------------------------------------------------
RESIDUAL INCOME
 Weighted Average                                    $3,744
    $1,000.00 to $1,999.99                            5.05%
    $2,000.00 to $2,999.99                           26.34%
    $3,000.00 to $3,999.99                           35.18%
    $4,000.00 to $4,999.99                           18.01%
    $5,000.00 to $5,999.99                            8.09%
    Greater than or equal to $6,000.00                7.32%
--------------------------------------------------------------
PROPERTY TYPE
  Single Family Residence                            88.82%
  PUD Detached                                        6.66%
  Condominium                                         1.98%
  PUD Attached                                        1.13%
  Townhouse                                           0.97%
  Multifamily (2 to 4 units)                          0.40%
  Manufactured Housing                                0.03%
--------------------------------------------------------------
--------------------------------------------------------------
  OCCUPANCY STATUS
  Owner Occupied                                    100.00%
--------------------------------------------------------------
--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.



<PAGE>


RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME LOAN TRUST 2002-HI3
Computational Materials: Information Relating to the Collateral (Page 4 of 4)
--------------------------------------------------------------------------------

     THE INFORMATION  CONTAINED  HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
     THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.

--------------------------------------------------------------
  DOCUMENTATION
  Full Documentation                                 99.65%
  Reduced                                             0.35%
--------------------------------------------------------------
--------------------------------------------------------------
  LOAN PURPOSE
  Debt Consolidation                                 84.75%
  Cash Out                                            7.70%
  Rate/Term Refinance                                 3.80%
  Convenience                                         2.20%
  Home Improvement / Debt Consolidation               1.00%
             Home Improvement                         0.22%
Education                                             0.06%
Asset Acquisition                                     0.11%
Other                                                 0.17%
--------------------------------------------------------------
PREPAYMENT PENALTY TERMS
 None                                                52.17%
   12 months                                          0.68%
  24 months                                           0.06%
  36 months                                          46.32%
  60 months                                           0.46%
  Other (not more than 60 months)                     0.31%
--------------------------------------------------------------
  GEOGRAPHIC CONCENTRATION (> 5%)                CA (7.54%)
  -------------------------------
                                                 FL (6.68%)
                                                 PA (5.92%)
                                                 OH (5.41%)
                                                 VA (5.25%)
                                                 MD (5.17%)
--------------------------------------------------------------
--------------------------------------------------------------




--------------------------------------------------------------------------------
                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  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.

<PAGE>