Document:

<PAGE>

                                                                     EXHIBIT 4.7

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                            _________________________

                                    FORM T-1

                            STATEMENT OF ELIGIBILITY
                    UNDER THE TRUST INDENTURE ACT OF 1939 OF
                   A CORPORATION DESIGNATED TO ACT AS TRUSTEE

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

               CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
                A TRUSTEE PURSUANT TO SECTION 305(b)(2) ________

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

                J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
               (Exact name of trustee as specified in its charter)

                                                                      95-4655078
(State of incorporation                                         (I.R.S. employer
if not a national bank)                                      identification No.)

101 California Street, Floor 38
San Francisco, California                                                  94111
(Address of principal executive offices)                              (Zip Code)

                               William H. McDavid
                                 General Counsel
                                 270 Park Avenue
                            New York, New York 10017
                               Tel: (212) 270-2611
            (Name, address and telephone number of agent for service)

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

                               ALLTEL CORPORATION
               (Exact name of obligor as specified in its charter)

   DELAWARE                                                           34-0868285
(State or other jurisdiction of                                 (I.R.S. employer
incorporation or organization)                               identification No.)

One Allied Drive
Little Rock, Arkansas                                                      72202
(Address of principal executive offices)                              (Zip Code)

                                 DEBT SECURITIES
                $700,000,000 7.875% Senior Notes due July 1, 2032

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

<PAGE>
Item 1.                                                     General Information.

          Furnish the following information as to the trustee:

     (a)  Name and address of each examining or supervising authority to which
          it is subject.

          Comptroller of the Currency, Washington, D.C. Board of Governors of
          the Federal Reserve System, Washington, D.C.

     (b)  Whether it is authorized to exercise corporate trust powers.

          Yes.

Item 2. Affiliations with Obligor.

     If the Obligor is an affiliate of the trustee, describe each such
affiliation.

        None.

Item 16. List of Exhibits.

       List below all exhibits filed as part of this statement of eligibility.

       Exhibit 1. Articles of Association of the Trustee as Now in Effect (see
                  Exhibit 1 to Form T-1 filed in connection with Form 8K of the
                  Southern California Water Company filing, dated December 7,
                  2001, which is incorporated by reference).

       Exhibit 2. Certificate of Authority of the Trustee to Commence Business
                  (see Exhibit 2 to Form T-1 filed in connection with
                  Registration Statement No. 333-41329, which is incorporated
                  by reference).

       Exhibit 3. Authorization of the Trustee to Exercise Corporate Trust
                  Powers (contained in Exhibit 2).

       Exhibit 4. Existing By-Laws of the Trustee (see Exhibit 4 to Form T-1
                  filed in connection with Form 8K of the Southern California
                  Water Company filing, dated December 7, 2001, which is
                  incorporated by reference).

       Exhibit 5. Not Applicable

       Exhibit 6. The consent of the Trustee required by Section 321 (b) of the
                  Act (see Exhibit 6 to Form T-1 filed in connection with
                  Registration Statement No. 333-41329, which is incorporated
                  by reference).

       Exhibit 7. A copy of the latest report of condition of the Trustee,
                  published pursuant to law or the requirements of its
                  supervising or examining authority.

       Exhibit 8. Not Applicable

       Exhibit 9. Not Applicable

                                        2

<PAGE>

                                    SIGNATURE

     Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, J. P. Morgan Trust Company, National Association, has duly caused this
statement of eligibility and qualification to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of San Francisco, and
State of California, on the 19th day of June, 2002.

                                J. P. Morgan Trust Company, National Association

                                    By:  /s/ Elaine D. Renn
                                       ----------------------------------
                                         Elaine D. Renn
                                         Vice President

                                       3

<PAGE>

Exhibit 7. Report of Condition of the Trustee.
--------------------------------------------------------------------------------

                              Exhibit 7 to Form T-1

                                Bank Call Notice

                             RESERVE DISTRICT NO. 2

                       CONSOLIDATED REPORT OF CONDITION OF

                               JPMorgan Chase Bank

                  of 270 Park Avenue, New York, New York 10017

                     and Foreign and Domestic Subsidiaries,

                     a member of the Federal Reserve System,

                   at the close of business March 31, 2002, in

         accordance with a call made by the Federal Reserve Bank of this

         District pursuant to the provisions of the Federal Reserve Act.

<TABLE>
<CAPTION>

                                                                       Dollar Amounts
                     ASSETS                                              in Millions
<S>                                                                        <C>
Cash and balances due from depository institutions:
     Noninterest-bearing balances and
     currency and coin ................................................... $  22,028
     Interest-bearing balances ...........................................     9,189
Securities:
Held to maturity securities ..............................................       428
Available for sale securities ............................................    56,159
Federal funds sold and securities purchased under
</TABLE>

                                       4

<PAGE>
<TABLE>
<S>                                                                        <C>
     agreements to resell .................................................
     Federal funds sold in domestic offices ...............................    1,901
     Securities purchased under agreements to resell ......................   69,260
Loans and lease financing receivables:
     Loans and leases held for sale .......................................   13,042
     Loans and leases, net of unearned income ............................. $165,950
     Less: Allowance for loan and lease losses ............................    3,284
     Loans and leases, net of unearned income and
     allowance ............................................................  162,666
Trading Assets ............................................................  152,633
Premises and fixed assets (including capitalized leases) ..................    5,737
Other real estate owned ...................................................       43
Investments in unconsolidated subsidiaries and
     associated companies .................................................      366
Customers' liability to this bank on acceptances
     outstanding ..........................................................      306
Intangible assets
     Goodwill .............................................................    1,908
     Other Intangible assets ..............................................    7,218
Other assets ..............................................................   38,458
TOTAL ASSETS .............................................................. $541,342
                                                                            ========
                                   LIABILITIES
Deposits
     In domestic offices .................................................. $151,985
     Noninterest-bearing .................................................. $ 66,567
     Interest-bearing .....................................................   85,418
     In foreign offices, Edge and Agreement
</TABLE>

                                       5

<PAGE>

<TABLE>
<S>                                                                         <C>
     subsidiaries and IBF's ...............................................  119,955
     Noninterest-bearing .................................................. $  6,741
     Interest-bearing .....................................................  113,214
     Federal funds purchased and securities sold under agree-
ments to repurchase:
     Federal funds purchased in domestic offices ..........................   12,983
     Securities sold under agreements to repurchase .......................   82,618
Trading liabilities .......................................................   94,099
Other borrowed money (includes mortgage indebtedness
     and obligations under capitalized leases) ............................   10,234
Bank's liability on acceptances executed and outstanding ..................      311
Subordinated notes and debentures .........................................    9,679
Other liabilities .........................................................   25,609
TOTAL LIABILITIES .........................................................  507,473
Minority Interest in consolidated subsidiaries ............................      109

                                 EQUITY CAPITAL

Perpetual preferred stock and related surplus .............................        0
Common stock ..............................................................    1,785
Surplus  (exclude all surplus related to preferred stock) .................   16,304
Retained earnings .........................................................   16,548
Accumulated other comprehensive income ....................................     (877)
Other equity capital components ...........................................        0
TOTAL EQUITY CAPITAL ......................................................   33,760
                                                                            --------
TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL .................. $541,342
                                                                            ========
</TABLE>

                                       6

<PAGE>

I, Joseph L. Sclafani, E.V.P. & Controller of the above-named
bank, do hereby declare that this Report of Condition has
been prepared in conformance with the instructions issued
by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.

                                    JOSEPH L. SCLAFANI

We, the undersigned directors, attest to the correctness
of this Report of Condition and declare that it has been
examined by us, and to the best of our knowledge and
belief has been prepared in conformance with the in-
structions issued by the appropriate Federal regulatory
authority and is true and correct.

                                                   WILLIAM B. HARRISON, JR. )
                                                   ELLEN V. FUTTER          )
                                                   LAWRENCE A. BOSSIDY      )

                                       7GMAC RFC

                   Banc of America Securities [OBJECT OMITTED]

-------------------------------------------------------------------------------
                           RMBS NEW ISSUE TERM SHEET

                    $385,000,000 CERTIFICATES (APPROXIMATE)

                  HOME EQUITY LOAN PASS-THROUGH CERTIFICATES,
                                SERIES 2002-HS2

                          RFMSII SERIES 2002-HS2 TRUST
                                     Issuer

                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
                                   Depositor

                        RESIDENTIAL FUNDING CORPORATION
                                Master Servicer

                                 JUNE 12, 2002

Banc of America Securities
LLC
-----------------------------------------------------------------------------
This Structural Term Sheet,  Collateral Term Sheet, or Computational  Materials,
as appropriate  (the  "material"),  is for your private  information and Banc of
America  Securities LLC (the  "Underwriter")  is not soliciting any action based
upon it. This preliminary material is not to be construed as an offer to sell or
the solicitation of any offer to buy any security in any jurisdiction where such
an offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable,  but the Underwriter does not represent
that it is  accurate or  complete  and it should not be relied upon as such.  By
accepting  this  material the  recipient  agrees that it will not  distribute or
provide the  material to any other  person.  The  information  contained in this
material may pertain to securities that ultimately are not sold. The information
contained  in  this  material  may be  based  on  assumptions  regarding  market
conditions  and other  matters as reflected  herein.  The  Underwriter  makes no
representation   regarding  the   reasonableness  of  such  assumptions  or  the
likelihood  that  any of such  assumptions  will  coincide  with  actual  market
conditions  or events,  and this  material  should  not be relied  upon for such
purposes. The Underwriter and its affiliates,  officers, directors, partners and
employees,  including  persons  involved in the  preparation or issuance of this
material  may, from time to time,  have long or short  positions in, and buy and
sell,  the  securities  mentioned  therein  or  derivatives  thereof  (including
options). This material may be filed with the Securities and Exchange Commission
(the  "SEC")  and  incorporated  by  reference  into an  effective  registration
statement  previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are  ultimately  offered  for  sale  pursuant  to such  registration  statement.
Information  contained in this  material is current as of the date  appearing on
this material only.  Information  in this material  regarding any assets backing
any securities discussed herein supersedes all prior information  regarding such
assets.  Any information in the material,  whether  regarding the assets backing
any  securities  discussed  herein  or  otherwise,  will  be  superseded  by the
information  contained in any final prospectus for any securities  actually sold
to you.  This  material is furnished  solely by the  Underwriter  and not by the
issuer  of the  securities.  The  issuer  of the  securities  has not  prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not  authorized the  dissemination  of
this material.  The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.

<PAGE>

        RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
        HOME EQUITY LOAN PASS-THROUGH CERTIFICATES, SERIES 2002-HS2
        $385,000,000 (APPROXIMATE)

<TABLE>
<CAPTION>

                                         RFMSII SERIES 2002-HS2 TRUST

------------------------------------------------------------------------------------------------------
                           STRUCTURE OVERVIEW (a) (b)
                                    TO CALL:
------------------------------------------------------------------------------------------------------

              EXPECTED                                        EXPECTED   EXPECTED        EXPECTED
                                                                         SCHEDULED
----------                                          EXPECTED  PRINCIPAL    FINAL
                              INTEREST   PRINCIPAL  WAL        WINDOW    DISTRIBUTION     RATINGS
  CLASS        SIZE(A)          TYPE       TYPE      (YRS)      (MOS)       DATE      (MOODY / S&P)
            --------------                                               ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
<S>         <C>            <C>                        <C>      <C> <C>    <C>  <C>
 A-1(e)     $150,000,000   1M LIBOR + [ ]   SEQ       0.91     1 - 20     2/25/16        Aaa/AAA
                           ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
 A-2(e)      49,000,000        Fixed        SEQ       2.01     20 - 28    3/25/17        Aaa/AAA
                           ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
 A-3(e)      59,000,000        Fixed        SEQ       3.00     28 - 49    3/25/17        Aaa/AAA
                           ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
 A-4(e)      29,500,000        Fixed        SEQ       5.01     49 - 79    3/25/17        Aaa/AAA
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
A-5(d)       12,800,000        Fixed        SEQ       6.74     79 - 81    4/25/22        Aaa/AAA
   (e)
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
A-6(e)       38,500,000        Fixed        NAS       5.84     40 - 81    3/25/17        Aaa/AAA
   (g)
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
 A-IO(c)      Notional         Fixed     Notional      -          -       12/25/04       Aaa/AAA
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
M-1(d)       17,325,000        Fixed        MEZ       4.68     39 - 81    3/25/17         Aa2/AA
 (e) (f)
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
M-2(d)       14,437,000        Fixed        MEZ       4.64     37 - 81    3/25/17          A2/A
 (e) (f)
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
M-3(d)        7,700,000        Fixed        MEZ       4.62     37 - 81    3/25/17        Baa1/BBB
 (e) (f)
------------------------------------------------------------------------------------------------------
                              PRIVATE CERTIFICATES:
------------------------------------------------------------------------------------------------------
B(d) (e)      6,738,000        Fixed        SUB       4.02     37 - 78    3/25/17        Baa3/BB
   (f)
----------- -------------- ------------- ---------- --------- ---------- ----------- -----------------
</TABLE>

STRUCTURE

(a)  The Expected  Size is subject to a permitted  variance in the  aggregate of
     plus or minus 5%.

(b)     The Certificates will be priced to the Optional Termination Date.
(c)     Notional Schedule and coupon described on page 3.
(d)    The pass-through rate on the Class A-5 Certificates, Class M Certificates
       and Class B Certificates will increase by [0.50%] per annum on the second
       distribution date after the Optional Termination Date.
(e)    The Certificates (other than the Class A-IO Certificates) will be subject
       to the applicable Net WAC Cap as described herein.
(f)    The Class M  Certificates  and Class B  Certificates  are not expected to
       receive principal payments prior to the Stepdown Date.
(g)     Lockout bond.

PRICING               SPEED 100% PPC (assumes that  prepayments  start at 4% CPR
                      in month one,  increase  to 28% CPR by month  twelve,  and
                      remain constant at 28% CPR thereafter).

                                        2
<PAGE>

                          CLASS A-IO NOTIONAL SCHEDULE:

Class  A-IO  Certificates  will be a  Aaa/AAA  rated  interest-only  class.  The
notional  amount of Class  A-IO  Certificates  is equal to the lesser of (i) the
aggregate  principal  balance of the Mortgage  Loans as of the  beginning of the
Collection  Period  and (ii) the  following  schedule.  The coupon of Class A-IO
Certificates is equal to [7.00]%.

MONTH   CLASS A-IO NOTIONAL AMOUNT    MONTH    CLASS A-IO NOTIONAL AMOUNT
-----   ---------------------------   -----    --------------------------
  1            118,000,000              16            54,000,000
  2            117,000,000              17            50,000,000
  3            115,000,000              18            47,000,000
  4            111,000,000              19            44,000,000
  5            108,000,000              20            41,000,000
  6            103,000,000              21            38,000,000
  7            99,000,000               22            35,000,000
  8            94,000,000               23            33,000,000
  9            88,000,000               24            31,000,000
  10           83,000,000               25            28,000,000
  11           77,000,000               26            26,000,000
  12           72,000,000               27            25,000,000
  13           67,000,000               28            23,000,000
  14           62,000,000               29            21,000,000
  15           58,000,000               30            20,000,000
                                        31                 -
------ ---------------------------- --------- ----------------------------

CONTACT:       BANC OF AMERICA SECURITIES LLC

ABS/MBS Trading/Syndicate   (704) 388-1597        (704) 335-5904 (Fax)

Chris Hentemann             (chris.c.hentemann@bankofamerica.com)
Rob Karr                    (robert.h.karr@bankofamerica.com)
Alex Cha                    (alex.i.cha@bankofamerica.com)
David Nagle                 (david.w.nagle@bankofamerica.com)

Global Structured Finance   (704) 387-0503        (704) 388-9668 (Fax)

Dan Stercay                 (704) 388-8686 (daniel.j.stercay@bankofamerica.com)
Vik Garg                    (704) 388-3681 (vikas.garg@bankofamerica.com)
Ibo Incoglu                 (704) 387-4076 (ibrahim.incoglu@bankofamerica.com)
Rob Baldwin                 (704) 388-7508 (robert.baldwin@bankofamerica.com)
Florin Nedelciuc            (704) 388-4931 (florin.nedelciuc@bankofamerica.com)

                                        3
<PAGE>

--------------------------------------------------------------------------------
                                SUMMARY OF TERMS

TRANSACTION: RFMSII Home Equity Loan Pass-Through Certificates, Series 2002-HS2

LEAD MANAGER: Banc of America Securities LLC

CO-MANAGER: Credit Suisse First Boston

PUBLIC CERTIFICATES:  The Class A-1 through Class A-6 Certificates and the Class
     A-IO Certificates (together,  the "Class A Certificates") and the Class M-1
     through M-3 Certificates (the "Class M Certificates").

PRIVATE CERTIFICATES: Class B Certificates

CERTIFICATES The Public Certificates and the Private Certificates.

SELLER  AND  MASTER  Residential  Funding  Corporation  SERVICER:   The  primary
     servicing will be provided by HomeComings  Financial Network,  SUBSERVICER:
     Inc., a wholly owned subsidiary of Residential Funding Corporation.

TRUSTEE: JPMorgan Chase Bank

DEPOSITOR:  Residential  Funding  Mortgage  Securities II, Inc., an affiliate of
     Residential Funding Corporation.

CLOSING DATE: On or about June 27, 2002.

FORM OF CERTIFICATES:  The Public  Certificates  will be available in book-entry
     form through  DTC,  Clearstream  and  Euroclear.  The Class A  Certificates
     (other than the Class A-IO Certificates) and Class M-1 Certificates will be
     offered in minimum denominations of $25,000 and integral multiples of $1 in
     excess thereof.  The Class A-IO Certificates will be offered with a minimum
     notional  amount of $2,000,000.  The Class M-2  Certificates  and Class M-3
     Certificates  will be offered  in minimum  denominations  of  $250,000  and
     integral multiples of $1 in excess thereof.

TAX  STATUS: The Public  Certificates will be designated as regular interests in
     a REMIC and, as such,  will be treated as debt  instruments  of a REMIC for
     federal income tax purposes.

                                        4

<PAGE>

                          SUMMARY OF TERMS (CONTINUED)

ERISAELIGIBILITY:  It is  expected  that the  Public  Certificates  may be ERISA
     eligible as of the Closing Date.  However,  investors  should  consult with
     their counsel with respect to the consequences under ERISA and the Internal
     Revenue  Code  of  an  ERISA  Plan's  acquisition  and  ownership  of  such
     Certificates.

SMMEAELIGIBILITY:  None of the  Certificates  will constitute  "mortgage-related
     securities" for purposes of the Secondary  Mortgage Market  Enhancement Act
     of 1984.

EXPENSE FEE  RATE:  The  weighted  average  expense  fee  rate  consists  of the
     servicing fee and the master  servicing fee. The weighted  average  monthly
     expense  fee  rate is  approximately  58 basis  points  per  annum  for the
     mortgage loans.

ADVANCES: There is no required advancing of delinquent  principal or interest on
     the mortgage loans by the Master Servicer, the Subservicer,  the Trustee or
     any other entity.

CUT-OFF DATE:               June 1, 2002

MORTGAGE LOANS: The mortgage pool will consist primarily of approximately 99.77%
     of  conventional,  closed-end,  fixed rate,  fully  amortizing  and balloon
     payment home equity mortgage loans secured by second liens on fee simple or
     leasehold  interests in  one-to-four  family  residential  properties  with
     combined  LTVs not in excess of 100% and the remainder are secured by first
     lien (the "Mortgage Loans"). The actual pool balance as of the closing date
     is expected to be approximately $385,000,000.

DISTRIBUTION DATES:  Distribution of principal and interest on the  certificates
     will  be made  on the  25th  day of  each  month,  or if such  day is not a
     business day, the first business day thereafter, beginning in July 2002.

INTEREST ACCRUAL PERIOD:  With respect to the Certificates (other than the Class
     A-1 Certificates),  and any distribution date, the calendar month preceding
     the month in which the  distribution  date  occurs.  The  interest  accrual
     period for the Class A-1  Certificates  shall be (a) as to the distribution
     date in July 2002, the period  commencing on the closing date and ending on
     the day preceding  the  distribution  date in July 2002,  and (b) as to any
     distribution  date after the  distribution  date in July  2002,  the period
     beginning on the distribution date in the month  immediately  preceding the
     month in which that distribution date occurs and ending on the day prior to
     that distribution date.

DAY  COUNT: For the Class A Certificates (other than the Class A-1 Certificates)
     and the  Class  M  Certificates  30/360.  For the  Class  A-1  Certificates
     actual/360.

PAYMENT  DELAY:  For  the  Class  A  Certificates  (other  than  the  Class  A-1
     Certificates)  and  the  Class  M  Certificates  24  days.  For  Class  A-1
     Certificates 0 days.

OPTIONAL  TERMINATION  DATE: At its option,  on any  distribution  date when the
     aggregate   outstanding   principal  balance  of  the  mortgage  loans,  as
     applicable, is less than 10% of the principal balance of the mortgage loans
     as of the  cut-off  date,  the  Master  Servicer  will  have the  option to
     purchase from the trust all of the remaining  mortgage loans, thus, causing
     an early retirement of the Certificates.

                                       5
<PAGE>

------------------------------------------------------------------------------
                          SUMMARY OF TERMS (CONTINUED)

COUPON  STEP  UP:  On  the  second  distribution  date  following  the  Optional
     Termination  Date,  the  pass-through  rate on the Class A-5  Certificates,
     Class M Certificates  and the Class B  Certificates  will increase by 0.50%
     per annum.

NET  WAC CAP: The  pass-through  rate of each class of the  Certificates  (other
     than the Class A-1 Certificates and the Class A-IO  Certificates),  will be
     subject to a cap equal to (x) the weighted  average of the  mortgage  rates
     (net of the Expense Fee Rate) on the  mortgage  loans minus (y) the product
     of (i) the  pass-through  rate on the Class  A-IO  Certificates  and (ii) a
     fraction,  the numerator of which is the notional  amount of the Class A-IO
     Certificates  and the  denominator  of which is the balance of the mortgage
     loans.  This  rate  cap is  referred  to as the Net WAC Cap.  Any  interest
     shortfall due to the application of the Net WAC Cap will not be reimbursed.

CLASSA-1 NET WAC The  pass-through  rate of the Class A-1  Certificates  will be
     subject to a cap CAP: equal to the product of (x) the Net WAC Cap and (y) a
     fraction,  the numerator of which is 30 and the denominator of which is the
     actual number of days in the related class interest accrual period.

TRIGGER EVENT:  A Trigger  Event is in effect with  respect to any  distribution
     date on or after the Stepdown Date if any of the following  conditions  are
     met:

                      (i) the fraction,  expressed as a percentage, equal to the
                          aggregate principal balance of the mortgage loans that
                          are 90 or more days delinquent in payment of principal
                          and interest,  including mortgage loans in foreclosure
                          and REO,  as  determined  for the  current and the two
                          immediately  preceding  distribution  dates,  over the
                          aggregate  principal  balance  of all of the  mortgage
                          loans  as  determined  for  the  current  and  the two
                          immediately  preceding   distribution  dates,  exceeds
                          [2.00]%;

                      (ii)if the  aggregate  amount of  Realized  Losses,  other
                          than excess losses,  exceeds the specified  percentage
                          in the related month per the table below:

                                                           Cumulative
                                                         Realized Loss
                                           Month           Percentage
                                           -----           ----------
                                          1 - 36             [1.30%]
                                          37 - 48            [1.80%]
                                          49 - 60            [2.10%]
                                          61 - 72            [2.60%]
                                          72 and             [3.00%]
                                        thereafter

EXCESS  INTEREST:  For  any  distribution  date,  the  excess  of the  available
     distribution  amount over the sum of (x) the interest  distribution  amount
     for the classes of Certificates and (y) the principal  distribution  amount
     on the classes of Certificates.  Excess Interest may be used to protect the
     Certificates  against  realized  losses by making an additional  payment of
     principal up to the amount of the realized losses.

                                       6
<PAGE>

                          SUMMARY OF TERMS (CONTINUED)

AVAILABLE DISTRIBUTION  AMOUNT:For any distribution date, an amount equal to the
     sum of the following  amounts,  net of amounts  reimbursable  to the master
     servicer and any subservicer:

                               (i) the aggregate  amount of monthly  payments on
                                   the  mortgage  loans   received   during  the
                                   related Collection Period, after deduction of
                                   the   master    servicing    fees   and   any
                                   subservicing  fees in respect of the mortgage
                                   loans for that distribution date; and

                               (ii)unscheduled  payments,   including  full  and
                                   partial mortgagor prepayments on the mortgage
                                   loans,  Insurance  Proceeds  and  Liquidation
                                   Proceeds   from  the  mortgage   loans,   and
                                   proceeds    from     repurchases    of    and
                                   substitutions for the mortgage loans received
                                   or  deemed   received   during  the   related
                                   Collection Period.

INTEREST  DISTRIBUTION  AMOUNT:  With  respect  to any  distribution  date,  the
     aggregate amount of accrued  interest on the Class A Certificates,  Class M
     Certificates and Class B Certificates for that distribution date, including
     accrued  interest  remaining  unpaid with  interest for prior  distribution
     dates, in each case minus interest shortfalls.

PRINCIPAL DISTRIBUTION  AMOUNT: On any distribution  date, the lesser of (a) the
     excess of (i) the  Available  Distribution  Amount  over (ii) the  Interest
     Distribution Amount and (b) the aggregate amount described below:

     (i)  the  principal  portion  of  all  scheduled  monthly  payments  on the
          mortgage loans received in the related Collection Period;

     (ii) the  principal  portion of all proceeds of the  repurchase of mortgage
          loans,  or,  in the case of a  substitution,  amounts  representing  a
          principal  adjustment,  as  required  by  the  pooling  and  servicing
          agreement during the related Collection Period;

     (iii)the  principal  portion  of  all  other  collections  received  on the
          mortgage loans during the related  Collection  Period, or deemed to be
          received  during the related  Collection  Period,  including,  without
          limitation,  Insurance  Proceeds,  Liquidation  Proceeds  and full and
          partial Principal  Prepayments made by the respective  mortgagors,  to
          the extent not distributed on the preceding distribution date;

     (iv) the lesser of (a) the Excess Interest for that  distribution  date and
          (b) the principal  portion of any Realized  Losses,  other than excess
          losses,  incurred,  or deemed to have been  incurred,  on any mortgage
          loans in the related Collection Period to the extent covered by Excess
          Interest for that distribution date; and

     (v)  the lesser of (a) the Excess Interest for that  distribution  date, to
          the extent not used to cover losses pursuant to clause (iv) above, and
          (b) the amount of any  Overcollateralization  Increase Amount for that
          distribution date.

                                       7
<PAGE>

                               CREDIT ENHANCEMENT

CREDIT  ENHANCEMENT:  Credit  enhancement  for the  structure is provided by the
     following:

     (i)  Excess Interest;

     (ii) Overcollate ralization; and

     (iii)Subordination  provided  by the Class M  Certificates  and the Class B
          Certificates to the Class A Certificates; and subordination provided b
          y the Class B Certificates and each class of Class M Certificates with
          a lower payment priority to the Class M Certificates

STEPDOWN DATE:  The earlier to occur of (i) the  distribution  date on which the
     Class A  Certificates  has been reduced to zero and (ii) the later to occur
     of (x) the  distribution  date in July 2005 and (y) the first  distribution
     date on which the Senior Enhancement Percentage is greater than or equal to
     the Specified Enhancement Percentage.

OVERCOLLATERALIZATION  TARGET AMOUNT:  The  Overcollateralization  Target Amount
     ("O/C Target") will be equal to zero for the first four distribution dates.
     On any  distribution  date  thereafter  the O/C Target will be equal to the
     product of (x) 0.50% and (y) the aggregate initial principal balance of the
     mortgage loans.

OVERCOLLATERALIZATION AMOUNT: The  overcollateralization  ("O/C") provisions are
     intended to provide for the limited  acceleration of principal  payments on
     the Class A  Certificates  relative  to the  amortization  of the  mortgage
     loans,   generally   until  the  required  O/C  levels  are  reached.   The
     acceleration of principal  payments is achieved by applying  certain Excess
     Interest collected on the mortgage loans to the payment of principal on the
     Class A Certificates,  resulting in the accumulation of O/C. By paying down
     the  principal  balance  of the  Certificates  faster  than  the  principal
     amortization  of the mortgage  loans,  an O/C amount equal to the excess of
     the  aggregate  unpaid  principal  balance of the  mortgage  loans over the
     principal  balance of the Certificates is created.  Excess Interest will be
     directed to build the O/C amount  until it reaches the required O/C target.
     Upon this event,  the  acceleration  feature  will cease  unless it is once
     again  necessary to maintain the required O/C level.  Excess  Interest will
     begin to be applied on the fifth distribution date (November 2002).

SPECIFIED ENHANCEMENT          The Specified Enhancement Percentage is [25.00]%.
PERCENTAGE:

SENIOR ENHANCEMENT PERCENTAGE: For any distribution date, the Senior Enhancement
     Percentage  will be equal to a fraction,  the numerator of which is the sum
     of (x) the  aggregate  principal  balance of the Class M  Certificates  and
     Class  B  Certificates  and  (y) the  overcollateralization  amount  of the
     mortgage  loans,  and the  denominator of which is the aggregate  principal
     balance of the mortgage loans.

SUBORDINATION PERCENTAGE:                     Class      Percent
                                              -----      -------
                                               A         [75.00]%
                                              M-1        [84.00]%
                                              M-2        [91.50]%
                                              M-3        [95.50]%
                                               B         [99.00]%

                                       8
<PAGE>

-------------------------------------------------------------------------------
                            PRIORITY OF DISTRIBUTIONS
------------------------------ ------------------------------------------------

PRIORITY OF DISTRIBUTIONS:  Distributions to the certificateholders will be made
     from the available amount as follows:

     (i)  distribution  of interest to the Class A, Class M-1,  Class M-2, Class
          M-3 and Class B Certificates, in that order, less interest shortfalls;

     (ii) distribution of principal to the Class A Certificates,  other than the
          Class A-IO  Certificates,  as described herein,  Class M-1, Class M-2,
          Class  M-3  and  Class  B  Certificates,   in  that  order,  including
          distribution  of  principal  to those  Certificates  to cover  certain
          realized  losses  and,  except on the first four  distribution  dates,
          distribution of additional  principal to those  certificates  from the
          Excess  Interest on the mortgage  loans,  until the required  level of
          overcollateralization is reached;

     (iii)payment to the Class A, Class  M-1,  Class M-2,  Class M-3 and Class B
          Certificates,  in  that  order,  in  respect  of  prepayment  interest
          shortfalls;

     (iv) payment to the Class A, Class M-1, Class M-2 and Class B Certificates,
          in that order, in respect to prepayment interest shortfalls previously
          allocated thereto, any prepayment interest shortfalls remaining unpaid
          from prior distribution dates together with interest thereon; and

     (v)  distribution of any remaining funds to the Class SB Certificates.

                                       9
<PAGE>

-------------------------------------------------------------------------------
                             INTEREST DISTRIBUTIONS

INTEREST DISTRIBUTIONS: For each distribution date, interest will be distributed
     in the following order of priority:

(i)     to  the  Class  A  Certificates,  accrued  interest  less  any
     interest shortfalls ;

(ii)    to  the  Class  A  Certificates,   any  unpaid  interest  with
     interest from prior distribution dates;

(iii)   to the  Class  M-1  Certificates,  accrued  interest  less any
     interest shortfalls;

(iv)    to the  Class  M-1  Certificates,  any  unpaid  interest  with
     interest from prior distribution dates;

(v)     to the  Class  M-2  Certificates,  accrued  interest  less any
     interest shortfalls;

(vi)    to the  Class  M-2  Certificates,  any  unpaid  interest  with
     interest from prior distribution dates;

(vii)   to the  Class  M-3  Certificates,  accrued  interest  less any
     interest shortfalls;

(viii)  to the  Class  M-3  Certificates,  any  unpaid  interest  with
     interest from prior distribution dates;

(ix)    to  the  Class  B  Certificates,  accrued  interest  less  any
     interest shortfalls; and

(x)     to  the  Class  B  Certificates,   any  unpaid  interest  with
     interest from prior distribution dates.

                                       10
<PAGE>

                             PRINCIPAL DISTRIBUTIONS

PRINCIPAL  DISTRIBUTIONS:  For each distribution date, (a) prior to the Stepdown
     Date  or  (b)  on  which  a  Trigger  Event  is in  effect,  the  principal
     distribution amount will be distributed as follows:

(i)     to the Class A  Certificates,  allocated as  described  below,
     until   the   aggregate   principal   balance   of  the  Class  A
     Certificates is reduced to zero;

(ii)    to the Class M-1 Certificates,  until the principal balance of
     such certificates is reduced to zero;

(iii)   to the Class M-2 Certificates,  until the principal balance of
     such certificates is reduced to zero;

(iv)    to the Class M-3 Certificates,  until the principal balance of
     such certificates is reduced to zero; and

(v)     to the Class B  Certificates,  until the principal  balance of
     such certificates is reduced to zero.

For each  distribution  date, (a) on or after the
Stepdown Date and (b) on which a Trigger Event is
not in effect, the principal  distribution amount
will be distributed as follows:

(i)  the lesser of (x) the principal distribution
     amount   and  (y)  the  Class  A   Principal
     Distribution   Amount,   to  the   Class   A
     Certificates,  allocated as described below,
     until the aggregate principal balance of the
     Class A Certificates is reduced to zero;

(ii) the  lesser  of (x)  the  excess  of (i) the
     principal  distribution amount over (ii) the
     amount  distributed  to the  holders  of the
     Class A Certificates  under the clause first
     above,  and  (y)  the  Class  M-1  Principal
     Distribution   Amount,   to  the  Class  M-1
     Certificates,  until the aggregate principal
     balance of such  certificates  is reduced to
     zero;

(iii)the  lesser  of (x)  the  excess  of (i) the
     principal  distribution amount over (ii) the
     amount  distributed  to the  holders  of the
     Class A Certificates  under the clause first
     above  and  the  holders  of the  Class  M-1
     Certificates  under the clause second above,
     and (y) the Class M-2 Principal Distribution
     Amount, to the Class M-2 Certificates, until
     the  aggregate  principal  balance  of  such
     certificates is reduced to zero;

(iv) the  lesser  of (x)  the  excess  of (i) the
     principal  distribution amount over (ii) the
     amount  distributed  to the  holders  of the
     Class A Certificates  under the clause first
     above,  to  the  holders  of the  Class  M-1
     Certificates  under the clause  second above
     and  to  the   holder   of  the   Class  M-2
     Certificates  under the clause  third above,
     and (y) the Class M-3 Principal Distribution
     Amount, to the Class M-3 Certificates, until
     the  aggregate  principal  balance  of  such
     certificates is reduced to zero; and

                                       11
<PAGE>

                       PRINCIPAL DISTRIBUTIONS (CONTINUED)

                               (v) the  lesser  of (x)  the  excess  of (i)  the
                                   principal  distribution  amount over (ii) the
                                   amount  distributed  to  the  holders  of the
                                   Class A  Certificates  under the clause first
                                   above,  to  the  holders  of  the  Class  M-1
                                   Certificates  under the clause  second above,
                                   to the  holder of the Class M-2  Certificates
                                   under  the  clause  third  above,  and to the
                                   holders of the Class M-3  Certificates  under
                                   the clause fourth above,  and (y) the Class B
                                   Principal Distribution Amount, to the Class B
                                   Certificates,  until the aggregate  principal
                                   balance  of such  certificates  is reduced to
                                   zero.

CLASSA  PRINCIPAL   DISTRIBUTIONS:   Principal  Distributions  to  the  Class  A
     Certificates will be made as follows:

(i)  to the Class A-6 Certificates, the Class A-6
     Lockout   Distribution   Amount   for   that
     distribution   date,   until  the  principal
     balance  of the  Class A-6  Certificates  is
     reduced to zero;

(ii)    to the Class A-1 Certificates,  until the principal balance of
     the related certificates is reduced to zero;

(iii)   to the Class A-2 Certificates,  until the principal balance of
     the related certificates is reduced to zero;

(iv)    to the Class A-3 Certificates,  until the principal balance of
     the related certificates is reduced to zero;

(v)     to the Class A-4 Certificates,  until the principal balance of
     the related certificates is reduced to zero;

(vi)    to the Class A-5 Certificates,  until the principal balance of
     the related certificates is reduced to zero; and

(vii)to the  Class  A-6  Certificates,  until the
     principal    balance    of    the    related
     certificates is reduced to zero.

CLASSA-6 LOCKOUT  For any  distribution  date,  the product of (a) the Class A-6
     Lockout Distribution Percentage for that distribution date, (b) a fraction,
     the numerator of which is the  outstanding  principal  balance of the Class
     A-6 Certificates and the denominator of which is the aggregate  outstanding
     principal  balance of all Class A  Certificates  (in each case  immediately
     prior to such distribution date) and (c) the Class A principal distribution
     amount for such distribution date.

CLASSA-6 LOCKOUT  DISTRIBUTION  PERCENTAGE:  The Class A-6 Lockout  Distribution
     Percentage is assigned as follows:

                                        Class A-6 Lockout
                 Distribution Dates        Percentage
                 ------------------        ----------
                       1 - 36                   0%
                      37 - 60                  45%
                      61 - 72                  80%
                      73 - 84                  100%
                 85 and thereafter             300%

                                       12
<PAGE>

                       PRINCIPAL DISTRIBUTIONS (CONTINUED)

CLASSA PRINCIPAL  DISTRIBUTION  AMOUNT:  With respect to any distribution  date,
     the excess of (x) the aggregate  certificate principal balance of the Class
     A Certificates  immediately  prior to that  distribution  date over (y) the
     lesser of (i) the  applicable  subordination  percentage  of the  aggregate
     principal  balance of the mortgage  loans and (ii) the aggregate  principal
     balance of the mortgage loans minus the O/C target.

CLASSM-1 PRINCIPAL  DISTRIBUTION  AMOUNT:  With respect to any distribution date
     the excess of (x) the sum of (i) aggregate certificate principal balance of
     the Class A Certificates, after taking into account the distribution of the
     Class A Principal  Distribution  Amount and (ii) the certificate  principal
     balance  of  the  Class  M-1   Certificates   immediately   prior  to  that
     distribution  date over (y) the lesser of (i) the applicable  subordination
     percentage of the  aggregate  principal  balance of the mortgage  loans and
     (ii) the aggregate  principal  balance of the mortgage  loans minus the O/C
     target.

CLASSM-2 PRINCIPAL  DISTRIBUTION  AMOUNT:  With respect to any distribution date
     the excess of (x) the sum of (i) aggregate certificate principal balance of
     the Class A  Certificates  and Class M-1  Certificates,  after  taking into
     account the distribution of the Class A Principal  Distribution  Amount and
     Class M-1 Principal  Distribution Amount and (ii) the certificate principal
     balance  of  the  Class  M-2   Certificates   immediately   prior  to  that
     distribution  date over (y) the lesser of (i) the applicable  subordination
     percentage of the  aggregate  principal  balance of the mortgage  loans and
     (ii) the aggregate  principal  balance of the mortgage  loans minus the O/C
     target.

CLASSM-3 PRINCIPAL  DISTRIBUTION  AMOUNT:  With respect to any distribution date
     the excess of (x) the sum of (i) aggregate certificate principal balance of
     the  Class  A  Certificates,   Class  M-1   Certificates,   and  Class  M-2
     Certificates,  after  taking into account the  distribution  of the Class A
     Principal Distribution Amount, Class M-1 Principal Distribution Amount, and
     Class M-2 Principal  Distribution Amount and (ii) the certificate principal
     balance  of  the  Class  M-3   Certificates   immediately   prior  to  that
     distribution  date over (y) the lesser of (i) the applicable  subordination
     percentage of the  aggregate  principal  balance of the mortgage  loans and
     (ii) the aggregate  principal  balance of the mortgage  loans minus the O/C
     target.

                                       13
<PAGE>

                          EXCESS INTEREST DISTRIBUTIONS

EXCESS INTEREST  DISTRIBUTIONS:  On any distribution  date (other than the first
     [four]  distribution  dates),  the Excess Interest will be allocated in the
     following order of priority:

     (i)  to pay the  holders  of the  Certificates  the  principal  portion  of
          realized  losses,  other than a portion of excess losses,  incurred on
          the mortgage loans for the preceding calendar month;

     (ii) to fund the O/C  Target  Amount to the  Certificates  (other  than the
          Class A-IO Certificates);

     (iii)to pay the holders of the (a) Class A  Certificates  pro rata based on
          accrued certificate  interest,  (b) Class M-1 Certificates,  (c) Class
          M-2  Certificates,   (d)  Class  M-3  Certificates  and  (e)  Class  B
          Certificates,  in that order,  the amount of any  prepayment  interest
          shortfalls  allocated  thereto with respect to the mortgage  loans for
          that distribution date;

     (iv) to pay to the holders of the (a) Class A  Certificates  pro rata based
          on accrued certificate interest, (b) Class M-1 Certificates, (c) Class
          M-2  Certificates,   (d)  Class  M-3  Certificates  and  (e)  Class  B
          Certificates,  in that  order,  based on  unpaid  prepayment  interest
          shortfalls  previously  allocated  thereto,  any  prepayment  interest
          shortfalls  remaining  unpaid from prior  distribution  dates together
          with interest thereon; and

     (v)  to pay the holders of the Class SB Certificates any balance remaining,
          in accordance to the terms of the pooling and servicing agreement.

                                       14
<PAGE>

                              ALLOCATION OF LOSSES

ALLOCATION OF LOSSES:  Any realized losses on the mortgage  loans,  that are not
     excess  losses,  as defined in the  prospectus,  will be  allocated  in the
     following order of priority:

          (i)     to Excess Interest for the related distribution date;

          (ii)    to the overcollateralization amount, until reduced to zero;

          (iii)   to the Class B Certificates, until reduced to zero;

          (iv)    to the Class M-3 Certificates, until reduced to zero;

          (v)     to the Class M-2 Certificates, until reduced to zero;

          (vi)    to the Class M-1 Certificates, until reduced to zero; and

          (vii)   among the Class A Certificates  on a pro-rata basis.

                               Excess losses will be allocated  among all of the
                               Certificates on a pro rata basis.

PROSPECTUS:  The Public  Certificates  will be offered  pursuant to a Prospectus
     which  includes  a  Prospectus  Supplement  (together,  the  "Prospectus").
     Additional  information  with  respect to the Public  Certificates  and the
     mortgage loans is contained in the  Prospectus.  The foregoing is qualified
     in its  entirety by the  information  appearing in the  Prospectus.  To the
     extent  that  the  foregoing  is  inconsistent  with  the  Prospectus,  the
     Prospectus shall govern in all respects.  Sales of the Public  Certificates
     may not be consummated unless the purchaser has received the Prospectus.

                                       15
<PAGE>
<TABLE>
<CAPTION>

                             RFMSII SERIES 2002-HS2
                  MORTGAGE LOAN CHARACTERISTICS SUMMARY REPORT

SUMMARY                                                             TOTAL           MINIMUM           MAXIMUM
---------------------------------------------------------------------------------------------------------------
Cut-off Date Aggregate Principal Balance                      $386,895,161
Number of Loans                                                     10,495
<S>                                                                <C>                <C>             <C>
Average Current Loan Balance                                       $36,865            $1,475          $299,596
(1) Weighted Average Combined Original Loan-to-Value Ratio          90.33%            11.00%           100.00%
(1) Weighted Average Junior Mortgage Ratio                          19.65%             1.52%           100.00%
(1) Weighted Average Mortgage Rate                                 9.2376%           6.0000%          16.8750%
(1) Weighted Average Original Term to Maturity (months)                180                60               360
(1) Weighted Average Remaining Term to Maturity (months)               178                41               355
(1) Weighted Average Credit Score                                      723               620               825
(1) Weighted Average Debt-to-Income Ratio                           37.75%             3.00%            55.00%
---------------------------------------------------------------------------------------------------------------
(1) Weighted Average reflected in Total.

---------------------------------------------------------------------------------------------------------------
                                                                                         PERCENT OF CURRENT
                                                RANGE                                     PRINCIPAL BALANCE

         Product Type                           Fully Amortizing                                43.38%
                                                Balloon Payment                                 56.62%

         Lien                                   First                                            0.23%
                                                Second                                          99.77%

         Property Type                          Single-family Residence                         68.72%
                                                Planned Unit Developments (detached)            19.42%
                                                Condominium                                      6.69%
                                                Planned Unit Developments (attached)             3.04%
                                                Multifamily (Two to Four Units)                  1.16%
                                                Townhouse                                        0.74%
                                                Manufactured Home                                0.11%
                                                Townhouse/Rowhouse (detached)                    0.06%
                                                Other                                            0.05%

         Occupancy Status                       Primary Residence                               99.62%
                                                Second Home                                      0.37%
                                                Non Owner-occupied                               0.01%

         Geographic Distribution                California                                      37.45%
                                    Virginia
                                                                                                 5.55%
                                     Georgia
                                                                                                 5.46%
                                    Maryland
                                                                                                 5.08%
                                   Washington
                                                                                                 3.78%

         Largest Zip Code Concentration                                                          0.37%

         Loans with Prepayment Penalties                                                        13.63%
</TABLE>

                                       16
<PAGE>

                                        CREDIT SCORE

--------------------------------------------------------------------------------
        RANGE OF      NUMBER      PRINCIPAL BALANCE       PERCENT OF AGGREGATE
                                     OUTSTANDING           PRINCIPAL BALANCE
                    OF MORTGAGE       AS OF THE          OUTSTANDING AS OF THE
      CREDIT SCORES    LOANS         CUT-OFF DATE            CUT-OFF DATE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
20 to 639               126            $    3,240,770                0.84%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
40 to 659               633                21,378,215               5.53
---------------------------------------------------------------------------
---------------------------------------------------------------------------
60 to 679             1,010                37,257,708               9.63
---------------------------------------------------------------------------
---------------------------------------------------------------------------
80 to 699             1,615                65,067,340              16.82
---------------------------------------------------------------------------
---------------------------------------------------------------------------
00 to 719             1,449                57,196,888              14.78
---------------------------------------------------------------------------
---------------------------------------------------------------------------
20 to 739             1,573                59,230,387              15.31
---------------------------------------------------------------------------
---------------------------------------------------------------------------
40 to 759             1,585                57,124,676              14.76
---------------------------------------------------------------------------
---------------------------------------------------------------------------
60 to 779             1,487                50,656,275              13.09
---------------------------------------------------------------------------
---------------------------------------------------------------------------
80 to 799               875                30,905,490               7.99
---------------------------------------------------------------------------
---------------------------------------------------------------------------
00 to 825               142                 4,837,413               1.25
---------------------------------------------------------------------------
---------------------------------------------------------------------------
          TOTAL      10,495           $   386,895,161              100.00%
===========================================================================

                                      MORTGAGE RATES

-------------------------------------------------------------------------------
        RANGE OF         NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                        OUTSTANDING       PRINCIPAL BALANCE
                       OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
     MORTGAGE RATES       LOANS         CUT-OFF DATE        CUT-OFF DATE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
 5.501%  to    6.000%        3             $     222,001                0.06%
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 6.501%  to    7.000%       11                   638,851               0.17
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 7.001%  to    7.500%       87                 3,199,319               0.83
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 7.501%  to    8.000%      854                29,256,509               7.56
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 8.001%  to    8.500%    2,262                75,676,556              19.56
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 8.501%  to    9.000%    2,582                93,650,110              24.21
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 9.001%  to    9.500%    1,649                63,813,340              16.49
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 9.501%  to  10.000%     1,231                49,457,095              12.78
------------------------------------------------------------------------------
------------------------------------------------------------------------------
0.001%  to  10.500%        602                24,601,237               6.36
------------------------------------------------------------------------------
------------------------------------------------------------------------------
0.501%  to  11.000%        463                17,924,339               4.63
------------------------------------------------------------------------------
------------------------------------------------------------------------------
1.001%  to  11.500%        297                11,567,488               2.99
------------------------------------------------------------------------------
------------------------------------------------------------------------------
1.501%  to  12.000%        208                 7,707,046               1.99
------------------------------------------------------------------------------
------------------------------------------------------------------------------
2.001%  to  12.500%        121                 4,565,122               1.18
------------------------------------------------------------------------------
------------------------------------------------------------------------------
2.501%  to  13.000%         80                 2,884,811               0.75
------------------------------------------------------------------------------
------------------------------------------------------------------------------
3.001%  to  13.500%         25                   974,201               0.25
------------------------------------------------------------------------------
------------------------------------------------------------------------------
3.501%  to  14.000%         15                   575,081               0.15
------------------------------------------------------------------------------
------------------------------------------------------------------------------
4.001%  to  14.500%          1                    42,778               0.01
------------------------------------------------------------------------------
------------------------------------------------------------------------------
4.501%  to  15.000%          2                    70,494               0.02
------------------------------------------------------------------------------
------------------------------------------------------------------------------
5.001%  to  15.500%          1                    43,300               0.01
------------------------------------------------------------------------------
------------------------------------------------------------------------------
6.501%  to  17.000%          1                    25,483               0.01
------------------------------------------------------------------------------
------------------------------------------------------------------------------
          TOTAL         10,495           $   386,895,161              100.00%
==============================================================================

                                       17
<PAGE>

                        ORIGINAL MORTGAGE LOAN PRINCIPAL BALANCES

-------------------------------------------------------------------------------
    RANGE OF ORIGINAL     NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                         OUTSTANDING       PRINCIPAL BALANCE
      MORTGAGE LOAN     OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
   PRINCIPAL BALANCES      LOANS         CUT-OFF DATE        CUT-OFF DATE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
          $0.01 to             3,347    $    62,085,662            16.05%
25,000.00
--------------------------------------------------------------------------
--------------------------------------------------------------------------
 $25,000.01 to                 5,116        183,967,947           47.55
50,000.00
--------------------------------------------------------------------------
--------------------------------------------------------------------------
 $50,000.01 to                 1,500         90,667,797           23.43
75,000.00
--------------------------------------------------------------------------
--------------------------------------------------------------------------
 $75,000.01 to  $100,000.00      463         40,531,561           10.48
--------------------------------------------------------------------------
--------------------------------------------------------------------------
100,000.01 to  $125,000.00        29          3,294,347            0.85
--------------------------------------------------------------------------
--------------------------------------------------------------------------
125,000.01 to  $150,000.00        26          3,599,821            0.93
--------------------------------------------------------------------------
--------------------------------------------------------------------------
150,000.01 to  $175,000.00         2            306,116            0.08
--------------------------------------------------------------------------
--------------------------------------------------------------------------
175,000.01 to  $200,000.00        10          1,917,464            0.50
--------------------------------------------------------------------------
--------------------------------------------------------------------------
225,000.01 to  $250,000.00         1            224,849            0.06
--------------------------------------------------------------------------
--------------------------------------------------------------------------
250,000.01 to  $300,000.00         1            299,596            0.08
--------------------------------------------------------------------------
--------------------------------------------------------------------------
          TOTAL               10,495    $   386,895,161           100.00%
==========================================================================

                         CURRENT MORTGAGE LOAN PRINCIPAL BALANCES

--------------------------------------------------------------------------------
    RANGE OF CURRENT     NUMBER      PRINCIPAL BALANCE  PERCENT OF AGGREGATE
                                        OUTSTANDING      PRINCIPAL BALANCE
      MORTGAGE LOAN    OF MORTGAGE       AS OF THE     OUTSTANDING AS OF THE
   PRINCIPAL BALANCES     LOANS         CUT-OFF DATE       CUT-OFF DATE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
          $0.01 to       3,405           $    63,328,607           16.37%
25,000.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 $25,000.01 to                 5,090         184,065,364          47.57
50,000.00
--------------------------------------------------------------------------
--------------------------------------------------------------------------
 $50,000.01 to                 1,472          89,499,230          23.13
75,000.00
--------------------------------------------------------------------------
--------------------------------------------------------------------------
 $75,000.01 to  $100,000.00      460          40,459,688          10.46
--------------------------------------------------------------------------
--------------------------------------------------------------------------
100,000.01 to  $125,000.00        28           3,194,426           0.83
--------------------------------------------------------------------------
--------------------------------------------------------------------------
125,000.01 to  $150,000.00        27           3,749,537           0.97
--------------------------------------------------------------------------
--------------------------------------------------------------------------
150,000.01 to  $175,000.00         1             156,400           0.04
--------------------------------------------------------------------------
--------------------------------------------------------------------------
175,000.01 to  $200,000.00        10           1,917,464           0.50
--------------------------------------------------------------------------
--------------------------------------------------------------------------
225,000.01 to  $250,000.00         1             224,849           0.06
--------------------------------------------------------------------------
--------------------------------------------------------------------------
250,000.01 to  $300,000.00         1             299,596           0.08
--------------------------------------------------------------------------
--------------------------------------------------------------------------
          TOTAL               10,495     $   386,895,161          100.00%
===========================================================================

                                       18
<PAGE>

                          ORIGINAL COMBINED LOAN-TO-VALUE RATIOS

-------------------------------------------------------------------------------
        RANGE OF            NUMBER      PRINCIPAL BALANCE  PERCENT OF AGGREGATE
                                           OUTSTANDING      PRINCIPAL BALANCE
    ORIGINAL COMBINED     OF MORTGAGE       AS OF THE     OUTSTANDING AS OF THE
LOAN-TO-VALUE RATIOS (%)     LOANS         CUT-OFF DATE       CUT-OFF DATE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
10.01 to   20.00                   4             $     196,265          0.05%
------------------------------------------------------------------------------
------------------------------------------------------------------------------
20.01 to   30.00                   6                   195,233         0.05
------------------------------------------------------------------------------
------------------------------------------------------------------------------
30.01 to   40.00                  21                   702,735         0.18
------------------------------------------------------------------------------
------------------------------------------------------------------------------
40.01 to   50.00                  39                 1,526,337         0.39
------------------------------------------------------------------------------
------------------------------------------------------------------------------
50.01 to   60.00                 101                 4,498,301         1.16
------------------------------------------------------------------------------
------------------------------------------------------------------------------
60.01 to   70.00                 222                10,159,056         2.63
------------------------------------------------------------------------------
------------------------------------------------------------------------------
70.01 to   75.00                 221                 9,211,932         2.38
------------------------------------------------------------------------------
------------------------------------------------------------------------------
75.01 to   80.00                 488                22,426,024         5.80
------------------------------------------------------------------------------
------------------------------------------------------------------------------
80.01 to   85.00                 637                19,051,442         4.92
------------------------------------------------------------------------------
------------------------------------------------------------------------------
85.01 to   90.00               3,627               115,649,820        29.89
------------------------------------------------------------------------------
------------------------------------------------------------------------------
90.01 to   95.00               3,614               138,968,283        35.92
------------------------------------------------------------------------------
------------------------------------------------------------------------------
95.01 to 100.00                1,515                64,309,733        16.62
------------------------------------------------------------------------------
------------------------------------------------------------------------------
          TOTAL               10,495           $   386,895,161        100.00%
==============================================================================

                                JUNIOR MORTGAGE RATIOS(1)

--------------------------------------------------------------------------------
        RANGE OF            NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                           OUTSTANDING       PRINCIPAL BALANCE
                          OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
UNIOR MORTGAGE RATIOS (%)    LOANS         CUT-OFF DATE        CUT-OFF DATE
--------------------------------------------------------------------------------
-------------------------------------------------------------------------
  0.01 to     5.00               147            $    1,765,081        0.46%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  5.01 to   10.00                941                19,457,339       5.04
----------------------------------------------------------------------------
----------------------------------------------------------------------------
10.01 to   15.00               3,221                96,711,123      25.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------
15.01 to   20.00               4,038               158,482,056      41.06
----------------------------------------------------------------------------
----------------------------------------------------------------------------
20.01 to   25.00                 761                35,539,388       9.21
----------------------------------------------------------------------------
----------------------------------------------------------------------------
25.01 to   30.00                 439                20,209,871       5.24
----------------------------------------------------------------------------
----------------------------------------------------------------------------
30.01 to   40.00                 539                29,730,997       7.70
----------------------------------------------------------------------------
----------------------------------------------------------------------------
40.01 to   50.00                 232                13,734,801       3.56
----------------------------------------------------------------------------
----------------------------------------------------------------------------
50.01 to   60.00                  94                 5,850,822       1.52
----------------------------------------------------------------------------
----------------------------------------------------------------------------
60.01 to   70.00                  37                 2,872,004       0.74
----------------------------------------------------------------------------
----------------------------------------------------------------------------
70.01 to   80.00                  15                 1,037,754       0.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
80.01 to   90.00                   7                   471,150       0.12
----------------------------------------------------------------------------
----------------------------------------------------------------------------
90.01 to 100.00                    4                   135,078       0.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
          TOTAL                10,475          $   385,997,465      100.00%
============================================================================

       (1) The preceding table excludes mortgage loans secured by first liens on
       the  related  mortgaged  property.  With  respect to each  mortgage  loan
       secured by a second lien on the related  mortgaged  property,  the junior
       mortgage  ratio is the ratio of the  original  principal  balance of such
       mortgage  loan to the sum of (i) the original  principal  balance of such
       mortgage loan, and (ii) the unpaid  principal  balance of any senior lien
       at the time of the origination of such mortgage loan.

                                       19
<PAGE>

                             ORIGINAL TERM TO STATED MATURITY

-------------------------------------------------------------------------------
                          NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                         OUTSTANDING       PRINCIPAL BALANCE
        RANGE OF        OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
 ORIGINAL TERM (MONTHS)    LOANS         CUT-OFF DATE        CUT-OFF DATE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
    1 to     96                   55            $    1,401,663        0.36%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
109 to   120                     251                 7,852,988       2.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
121 to   168                       1                    24,693       0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
169 to   180                  10,019               369,804,094      95.58
----------------------------------------------------------------------------
----------------------------------------------------------------------------
181 to   288                      75                 3,371,884       0.87
----------------------------------------------------------------------------
----------------------------------------------------------------------------
289 to   300                      84                 4,159,861       1.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
301 to   360                      10                   279,979       0.07
----------------------------------------------------------------------------
----------------------------------------------------------------------------
          TOTAL               10,495           $   386,895,161      100.00%
============================================================================

                            REMAINING TERM TO STATED MATURITY

------------------------------------------------------------------------------
                          NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                         OUTSTANDING       PRINCIPAL BALANCE
        RANGE OF        OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
 REMAINING TERM (MONTHS)   LOANS         CUT-OFF DATE        CUT-OFF DATE
------------------------------------------------------------------------------
------------------------------------------------------------------------------
    1 to     96                   55            $    1,401,663           0.36%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
109 to   120                     251                 7,852,988          2.03
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
145 to   156                       3                   129,999          0.03
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
157 to   168                      19                   686,052          0.18
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
169 to   180                   9,998               369,012,736         95.38
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
181 to   288                      76                 3,420,700          0.88
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
289 to   300                      83                 4,111,045          1.06
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
301 to   360                      10                   279,979          0.07
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
          TOTAL               10,495           $   386,895,161         100.00%
===============================================================================

                                       20
<PAGE>

                      GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES

--------------------------------------------------------------------------------
                           NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                          OUTSTANDING       PRINCIPAL BALANCE
                         OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
    STATE OR TERRITORY      LOANS         CUT-OFF DATE        CUT-OFF DATE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
California             3,498           $   144,897,324              37.45%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Virginia                 549                21,455,351              5.55
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Georgia                  669                21,139,315              5.46
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Maryland                 540                19,643,993              5.08
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Washington               436                14,613,909              3.78
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Oregon                   449                13,033,831              3.37
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Florida                  363                12,573,750              3.25
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Colorado                 347                12,481,892              3.23
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Arizona                  360                12,082,417              3.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Massachusetts            283                11,033,720              2.85
---------------------------------------------------------------------------
---------------------------------------------------------------------------
New Jersey               235                 8,423,677              2.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Texas                    279                 8,338,711              2.16
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Other (1)              2,487                87,177,272             22.53
---------------------------------------------------------------------------
---------------------------------------------------------------------------
           TOTAL      10,495           $   386,895,161             100.00%
===========================================================================

          (1) Other  includes  states and the District of Columbia with under 2%
concentrations individually.

                                  MORTGAGED PROPERTY TYPES

-------------------------------------------------------------------------------
       PROPERTY TYPE      NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                         OUTSTANDING       PRINCIPAL BALANCE
                        OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
                           LOANS         CUT-OFF DATE        CUT-OFF DATE
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Single-family Residence         7,140    $   265,870,036            68.72%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
PUD Detached                    1,990         75,145,546           19.42
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Condominium                       805         25,879,447            6.69
---------------------------------------------------------------------------
---------------------------------------------------------------------------
PUD Attached                      357         11,779,596            3.04
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Multifamily (Two to Four          100          4,486,346            1.16
Units)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Townhouse                          72          2,861,744            0.74
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Manufactured Home                  19            435,463            0.11
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Townhouse/Rowhouse Detached         5            237,278            0.06
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Site Condo                          5            163,226            0.04
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Modular                             2             36,480            0.01
---------------------------------------------------------------------------
---------------------------------------------------------------------------
           TOTAL               10,495    $   386,895,161           100.00%
===========================================================================

                                       21
<PAGE>
<TABLE>
<CAPTION>

                                           MORTGAGE LOAN PURPOSE

----------------------------------------------------------------------------------------------------
            LOAN PURPOSE                NUMBER      PRINCIPAL BALANCE       PERCENT OF AGGREGATE
                                                       OUTSTANDING           PRINCIPAL BALANCE
                                      OF MORTGAGE       AS OF THE          OUTSTANDING AS OF THE
                                         LOANS         CUT-OFF DATE            CUT-OFF DATE
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
<S>                                     <C>             <C>                                  <C>
 Purchase Money                         5,092           $   186,746,599                      48.27%
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Debt Consolidation                     2,396                98,669,417                     25.50
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Cash                                   1,214                42,556,153                     11.00
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Rate/Term Refinance                    1,371                43,821,405                     11.33
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Home Improvement/Debt Consolidation      210                 7,751,774                      2.00
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Convenience                               52                 2,079,846                      0.54
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Asset Acquisition                         11                   425,386                      0.11
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Home Improvement                          16                   404,100                      0.10
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Education                                  2                    69,709                      0.02
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
 Other                                    131                 4,370,773                      1.13
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
               TOTAL                   10,495           $   386,895,161                     100.00%
====================================================================================================

                                              OCCUPANCY TYPES

       ---------------------------------------------------------------------------------------------
                 OCCUPANCY              NUMBER      PRINCIPAL BALANCE       PERCENT OF AGGREGATE
                                                       OUTSTANDING           PRINCIPAL BALANCE
                                      OF MORTGAGE       AS OF THE          OUTSTANDING AS OF THE
                                         LOANS         CUT-OFF DATE            CUT-OFF DATE
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
        Primary Residence              10,442           $   385,417,910                      99.62%
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
        Second Home                        52                 1,447,193                      0.37
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
        Non Owner-occupied                  1                    30,058                      0.01
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
                   TOTAL               10,495           $   386,895,161                     100.00%
       =============================================================================================

                                               LIEN PRIORITY

       ---------------------------------------------------------------------------------------------
               LIEN PRIORITY            NUMBER      PRINCIPAL BALANCE       PERCENT OF AGGREGATE
                                                       OUTSTANDING           PRINCIPAL BALANCE
                                      OF MORTGAGE       AS OF THE          OUTSTANDING AS OF THE
                                         LOANS         CUT-OFF DATE            CUT-OFF DATE
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
        First Lien                         20             $     897,697                       0.23%
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
        Second Lien                    10,475               385,997,465                     99.77
       ---------------------------------------------------------------------------------------------
       ---------------------------------------------------------------------------------------------
                   TOTAL               10,495           $   386,895,161                     100.00%
       =============================================================================================

</TABLE>

                                       22
<PAGE>

                                   DEBT-TO-INCOME RATIOS

--------------------------------------------------------------------------------
                            NUMBER      PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                           OUTSTANDING       PRINCIPAL BALANCE
         RANGE OF         OF MORTGAGE       AS OF THE      OUTSTANDING AS OF THE
 DEBT-TO-INCOME RATIOS (%)   LOANS         CUT-OFF DATE        CUT-OFF DATE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
   0.01 to     5.00                 5             $     301,322           0.08%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
   5.01 to   10.00                 13                   488,735          0.13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 10.01 to   15.00                  67                 2,206,146          0.57
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 15.01 to   20.00                 240                 7,665,821          1.98
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 20.01 to   25.00                 615                19,148,567          4.95
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 25.01 to   30.00               1,261                42,466,622         10.98
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 30.01 to   35.00               1,769                62,107,162         16.05
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 35.01 to   40.00               2,333                85,681,016         22.15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 40.01 to   45.00               2,993               118,625,176         30.66
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 45.01 to   50.00               1,177                47,407,379         12.25
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 50.01 to   55.00                  22                   797,215          0.21
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
           TOTAL               10,495           $   386,895,161         100.00%
================================================================================

                                    RESIDUAL INCOME(1)

--------------------------------------------------------------------------------
        RANGE OF           NUMBER      PRINCIPAL BALANCE    PERCENT OF AGGREGATE
                                          OUTSTANDING        PRINCIPAL BALANCE
                         OF MORTGAGE       AS OF THE       OUTSTANDING AS OF THE
RESIDUAL INCOME BALANCES    LOANS         CUT-OFF DATE         CUT-OFF DATE
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
    Less than    $1,500          184            $    4,644,796          1.20%
------------------------------------------------------------------------------
------------------------------------------------------------------------------
$1,500.01 to    $1,999.00        477                13,400,730         3.46
------------------------------------------------------------------------------
------------------------------------------------------------------------------
$1,999.01 to    $2,999.00      1,781                52,221,945        13.50
------------------------------------------------------------------------------
------------------------------------------------------------------------------
$2,999.01 to    $3,999.00      2,138                70,734,019        18.28
------------------------------------------------------------------------------
------------------------------------------------------------------------------
$3,999.01 to    $4,999.00      1,941                70,979,785        18.35
------------------------------------------------------------------------------
------------------------------------------------------------------------------
$4,999.01 to    $5,999.00      1,301                50,221,881        12.98
------------------------------------------------------------------------------
------------------------------------------------------------------------------
$5,999.01 or Greater           2,673               124,692,006        32.23
------------------------------------------------------------------------------
------------------------------------------------------------------------------
          TOTAL               10,495           $   386,895,161        100.00%
==============================================================================

       (1) Residual income is the amount of the mortgagor's gross monthly income
       remaining after deducting  monthly mortgage payments on the mortgage loan
       and all other  mortgage  loans  secured by a senior or junior lien on the
       mortgaged property,  and monthly debt service on debts listed on a credit
       report  or  other   documentation   obtained  in   connection   with  the
       underwriting of the mortgage loans.

                                       23
<PAGE>

                              ORIGINAL PREPAYMENT PENALTY TERM

-------------------------------------------------------------------------------
 ORIGINAL PREPAYMENT   NUMBER         PRINCIPAL BALANCE   PERCENT OF AGGREGATE
                                         OUTSTANDING       PRINCIPAL BALANCE
    PENALTY TERM     OF MORTGAGE          AS OF THE      OUTSTANDING AS OF THE
      (MONTHS)          LOANS            CUT-OFF DATE        CUT-OFF DATE
-------------------------------------------------------------------------------
------------------------------------------------------------------------
 None                           9,273           $   334,156,330        86.37%
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 6                                 15                   673,071        0.17
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 12                                89                 3,706,430        0.96
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 24                                 7                   363,504        0.09
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 36                             1,062                46,370,792       11.99
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 42                                 2                   152,053        0.04
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 48                                 1                    43,142        0.01
------------------------------------------------------------------------------
------------------------------------------------------------------------------
 60                                46                 1,429,838        0.37
------------------------------------------------------------------------------
------------------------------------------------------------------------------
        TOTAL                  10,495           $   386,895,161       100.00%
==============================================================================

                                       24
<PAGE>
<TABLE>
<CAPTION>

                                            BOND SUMMARY (TO MATURITY)

CLASS A-1 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
<S>                                  <C>       <C>      <C>       <C>       <C>      <C>       <C>
  Average Life (Years)               7.72      1.55     1.13      0.91      0.77     0.67      0.54
  Modified Duration                  6.95      1.51     1.11      0.89      0.75     0.66      0.54
  First Principal Payment Date      7/25/02  7/25/02   7/25/02   7/25/02  7/25/02   7/25/02   7/25/02
  Last Principal Payment Date       2/25/16  7/25/05   8/25/04   2/25/04  11/25/03  8/25/03   5/25/03
  Principal Payment Window            164       37       26        20        17       14        11
(Months)

CLASS A-2 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.53     3.80     2.61      2.01      1.64     1.38      1.05
  Modified Duration                  10.74     3.45     2.43      1.90      1.55     1.32      1.01
  First Principal Payment Date      2/25/16  7/25/05   8/25/04   2/25/04  11/25/03  8/25/03   5/25/03
  Last Principal Payment Date       3/25/17  2/25/07   7/25/05  10/25/04  5/25/04   1/25/04   8/25/03
  Principal Payment Window            14        20       12         9        7         6         4
(Months)

CLASS A-3 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.74     6.82     4.26      3.00      2.29     1.90      1.41
  Modified Duration                  10.45     5.68     3.77      2.74      2.13     1.78      1.34
  First Principal Payment Date      3/25/17  2/25/07   7/25/05  10/25/04  5/25/04   1/25/04   8/25/03
  Last Principal Payment Date       3/25/17  9/25/12   4/25/08   7/25/06  3/25/05   9/25/04   2/25/04
  Principal Payment Window             1        68       34        22        11        9         7
(Months)

CLASS A-4 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.74    12.46     8.28      5.01      3.35     2.47      1.79
  Modified Duration                  9.91      8.82     6.46      4.27      2.98     2.26      1.67
  First Principal Payment Date      3/25/17  9/25/12   4/25/08   7/25/06  3/25/05   9/25/04   2/25/04
  Last Principal Payment Date       3/25/17  3/25/17   1/25/14   1/25/09  10/25/06  3/25/05   6/25/04
  Principal Payment Window             1        55       70        31        20        7         5
(Months)

CLASS A-5 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               15.33    14.74     13.55     10.47     5.32     2.83      2.03
  Modified Duration                  9.73      9.52     8.99      7.48      4.39     2.53      1.86
  First Principal Payment Date      3/25/17  3/25/17   1/25/14   1/25/09  10/25/06  3/25/05   6/25/04
  Last Principal Payment Date       4/25/22  3/25/17   3/25/17  10/25/16  1/25/14   6/25/05   7/25/04
  Principal Payment Window            62        1        39        94        88        4         2
(Months)

                                       25
<PAGE>

                                          BOND SUMMARY (TO MATURITY)

CLASS A-6 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               10.40     7.23     6.66      6.41      6.38     5.38      2.43
  Modified Duration                  7.55      5.71     5.35      5.19      5.17     4.48      2.22
  First Principal Payment Date      7/25/05  7/25/05   7/25/05  10/25/05  2/25/06   6/25/05   7/25/04
  Last Principal Payment Date       3/25/17  3/25/17   3/25/17   7/25/16  11/25/13 12/25/11   4/25/05
  Principal Payment Window            141      141       141       130       94       79        10
(Months)

CLASS M-1 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.73     8.74     6.45      5.08      4.40     4.18      4.61
  Modified Duration                  9.58      6.47     5.07      4.19      3.74     3.60      3.90
  First Principal Payment Date      9/25/16  9/25/06   7/25/05   9/25/05  10/25/05  1/25/06   4/25/05
  Last Principal Payment Date       3/25/17  3/25/17   7/25/16   6/25/13  3/25/11   8/25/09   1/25/09
  Principal Payment Window             7       127       133       94        66       44        46
(Months)

CLASS M-2 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.73     8.73     6.35      4.96      4.22     3.86      3.65
  Modified Duration                  9.37      6.36     4.96      4.07      3.57     3.32      3.17
  First Principal Payment Date      9/25/16  9/25/06   7/25/05   7/25/05  8/25/05   9/25/05   9/25/05
  Last Principal Payment Date       3/25/17  3/25/17   3/25/15   4/25/12  4/25/10  11/25/08  11/25/06
  Principal Payment Window             7       127       117       82        57       39        15
(Months)

CLASS M-3 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.73     8.53     6.10      4.74      4.01     3.61      3.20
  Modified Duration                  9.25      6.22     4.80      3.91      3.41     3.12      2.81
  First Principal Payment Date      9/25/16  9/25/06   7/25/05   7/25/05  7/25/05   8/25/05   7/25/05
  Last Principal Payment Date       3/25/17  11/25/16  2/25/13   8/25/10  12/25/08 10/25/07   2/25/06
  Principal Payment Window             7       123       92        62        42       27         8
(Months)

CLASS B (TO MATURITY)
-------------------------------------------------------------------------------------------------------
PPC                                   0%       50%       75%      100%      125%     150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)               14.72     7.26     5.12      4.02      3.47     3.22      2.96
  Modified Duration                  9.25      5.55     4.19      3.42      3.01     2.82      2.62
  First Principal Payment Date      9/25/16  9/25/06   7/25/05   7/25/05  7/25/05   7/25/05   5/25/05
  Last Principal Payment Date       3/25/17  4/25/14  12/25/10  12/25/08  8/25/07   8/25/06   7/25/05
  Principal Payment Window             7        92       66        42        26       14         3
(Months)

                                       26
<PAGE>

                                             BOND SUMMARY (TO CALL)

CLASS A-1 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              7.72      1.55      1.13     0.91      0.77      0.67      0.54
  Modified Duration                 6.95      1.51      1.11     0.89      0.75      0.66      0.54
  First Principal Payment Date     7/25/02   7/25/02  7/25/02   7/25/02   7/25/02   7/25/02   7/25/02
  Last Principal Payment Date      2/25/16   7/25/05  8/25/04   2/25/04  11/25/03   8/25/03   5/25/03
  Principal Payment Window           164       37        26       20        17        14        11
(Months)

CLASS A-2 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.53     3.80      2.61     2.01      1.64      1.38      1.05
  Modified Duration                 10.74     3.45      2.43     1.90      1.55      1.32      1.01
  First Principal Payment Date     2/25/16   7/25/05  8/25/04   2/25/04  11/25/03   8/25/03   5/25/03
  Last Principal Payment Date      3/25/17   2/25/07  7/25/05  10/25/04   5/25/04   1/25/04   8/25/03
  Principal Payment Window           14        20        12        9         7         6         4
(Months)

CLASS A-3 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.74     6.82      4.26     3.00      2.29      1.90      1.41
  Modified Duration                 10.45     5.68      3.77     2.74      2.13      1.78      1.34
  First Principal Payment Date     3/25/17   2/25/07  7/25/05  10/25/04   5/25/04   1/25/04   8/25/03
  Last Principal Payment Date      3/25/17   9/25/12  4/25/08   7/25/06   3/25/05   9/25/04   2/25/04
  Principal Payment Window            1        68        34       22        11         9         7
(Months)

CLASS A-4 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.74     11.74     7.76     5.01      3.35      2.47      1.79
  Modified Duration                 9.91      8.47      6.16     4.27      2.98      2.26      1.67
  First Principal Payment Date     3/25/17   9/25/12  4/25/08   7/25/06   3/25/05   9/25/04   2/25/04
  Last Principal Payment Date      3/25/17   9/25/14  5/25/11   1/25/09  10/25/06   3/25/05   6/25/04
  Principal Payment Window            1        25        38       31        20         7         5
(Months)

CLASS A-5 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.74     12.24     8.91     6.74      4.90      2.83      2.03
  Modified Duration                 9.51      8.43      6.71     5.39      4.12      2.53      1.86
  First Principal Payment Date     3/25/17   9/25/14  5/25/11   1/25/09  10/25/06   3/25/05   6/25/04
  Last Principal Payment Date      3/25/17   9/25/14  5/25/11   3/25/09  10/25/07   6/25/05   7/25/04
  Principal Payment Window            1         1        1         3        13         4         2
(Months)

                                       27
<PAGE>

                                            BOND SUMMARY (TO CALL)

CLASS A-6 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              10.40     7.21      6.55     5.84      5.06      4.24      2.43
  Modified Duration                 7.55      5.69      5.29     4.83      4.29      3.67      2.22
  First Principal Payment Date     7/25/05   7/25/05  7/25/05  10/25/05   2/25/06   6/25/05   7/25/04
  Last Principal Payment Date      3/25/17   9/25/14  5/25/11   3/25/09  10/25/07  11/25/06   4/25/05
  Principal Payment Window           141       111       71       42        21        18        10
(Months)

CLASS M-1 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.73     8.36      5.96     4.68      4.08      3.93      3.04
  Modified Duration                 9.58      6.30      4.81     3.94      3.52      3.41      2.71
  First Principal Payment Date     9/25/16   9/25/06  7/25/05   9/25/05  10/25/05   1/25/06   4/25/05
  Last Principal Payment Date      3/25/17   9/25/14  5/25/11   3/25/09  10/25/07  11/25/06   7/25/05
  Principal Payment Window            7        97        71       43        25        11         4
(Months)

CLASS M-2 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.73     8.36      5.96     4.64      3.97      3.67      3.08
  Modified Duration                 9.37      6.20      4.75     3.88      3.40      3.18      2.72
  First Principal Payment Date     9/25/16   9/25/06  7/25/05   7/25/05   8/25/05   9/25/05   7/25/05
  Last Principal Payment Date      3/25/17   9/25/14  5/25/11   3/25/09  10/25/07  11/25/06   7/25/05
  Principal Payment Window            7        97        71       45        27        15         1
(Months)

CLASS M-3 (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.73     8.36      5.96     4.62      3.91      3.54      3.08
  Modified Duration                 9.25      6.14      4.72     3.84      3.34      3.07      2.71
  First Principal Payment Date     9/25/16   9/25/06  7/25/05   7/25/05   7/25/05   8/25/05   7/25/05
  Last Principal Payment Date      3/25/17   9/25/14  5/25/11   3/25/09  10/25/07  11/25/06   7/25/05
  Principal Payment Window            7        97        71       45        28        16         1
(Months)

CLASS B (TO CALL)
-------------------------------------------------------------------------------------------------------
PPC                                  0%        50%      75%      100%      125%      150%      200%
-------------------------------------------------------------------------------------------------------
  Average Life (Years)              14.72     7.26      5.12     4.02      3.47      3.22      2.96
  Modified Duration                 9.25      5.55      4.19     3.42      3.01      2.82      2.62
  First Principal Payment Date     9/25/16   9/25/06  7/25/05   7/25/05   7/25/05   7/25/05   5/25/05
  Last Principal Payment Date      3/25/17   4/25/14  12/25/10 12/25/08   8/25/07   8/25/06   7/25/05
  Principal Payment Window            7        92        66       42        26        14         3
(Months)

</TABLE>

                                       28
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}]]