Contract

by Residential Funding Mortgage Securities II Inc
June 19th, 2002
BEAR STEARNS                                     BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO                       ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO             383 Madison Avenue
FRANKFORT o GENEVA o HONG KONG                            New York, N.Y. 10179
LONDON o PARIS o TOKYO                     (212) 272-2000;  (212) 272-7294   fax

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                       NEW ISSUE COMPUTATIONAL MATERIALS



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


                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
                                   Depositor

                            HOME LOAN TRUST 2002-HI3
                                     Issuer

                        RESIDENTIAL FUNDING CORPORATION
                           Seller and Master Servicer




                                  JUNE 4, 2002



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                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  which  should  be  attached.  Do not  use or  rely  on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.






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

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

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

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

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

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

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


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                                       BEAR STEARNS

This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities,  Pricing Estimates and Other Information
(the  "Statement"),  which  should  be  attached.  Do not  use or  rely  on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.







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


ISSUER: Home Loan Trust 2002-HI3

DEPOSITOR: Residential Funding Mortgage Securities II, Inc.

SELLER: Residential Funding Corporation

CREDIT ENHANCER: Ambac Assurance Corporation ("Ambac")

UNDERWRITER: Lead Manager: Bear, Stearns & Co. Inc.

     Co-Manager: Residential Funding Securities Corporation

MASTER SERVICER:  Residential  Funding  Corporation  (the  "Master  Servicer" or
     "RFC").

INITIAL SUBSERVICER:  HomeComings  Financial Network, Inc.  ("HomeComings"),  an
     affiliate of the Depositor.

INDENTURE TRUSTEE: JPMorgan Chase Bank

OWNER TRUSTEE: Wilmington Trust Company

THE  NOTES:  Home Loan Trust  2002-HI3 will issue 8 classes of Home  Loan-Backed
     Notes  (namely,  the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
     Class A-6, Class A-7 and Class A-IO Notes (the "Notes")).

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

     ***  RFC  WILL  ALSO  ACCEPT  INDICATIONS  ON  CLASS  A-1  AS A  FIXED-RATE
     CERTIFICATE ***
- ------------ ------------ ----------- -------- -------- --------- ---------- -------------- ORIGINAL AVG PRINCIPALPRINCIPAL FINAL OFFERED PRINCIPAL LIFE LOCKOUT WINDOW SCH. RATINGS NOTES BALANCE COUPON TO CALL (MONTHS) (MONTHS) MATURITY (MOODY'S/S&P) (YEARS) DATE - ------------ ------------ ----------- -------- -------- --------- ---------- -------------- Class A-1 $79,919,000 Floating 0.90 0 19 3/25/09 Aaa / AAA (i) Class A-2 49,800,000 Fixed 2.00 18 11 7/25/11 Aaa / AAA Class A-3 57,551,000 Fixed 3.00 28 15 11/25/13 Aaa / AAA Class A-4 30,982,000 Fixed 4.00 42 11 12/25/14 Aaa / AAA Class A-5 38,721,000 Fixed 5.00 52 16 2/25/16 Aaa / AAA Class A-6 63,225,000 Fixed 7.00 67 37 8/25/19 Aaa / AAA Class A-7 54,802,000 Fixed (e) 9.88 103 19 6/25/32 Aaa / AAA Class A-IO (f) (g) 1.15 29 1 12/25/04 Aaa / AAA (h) - ------------ ------------ ----------- -------- -------- --------- ---------- --------------
NOTES: (A) 100% Prepayment Assumption: 2.0% CPR in month 1 of the Home Loans, and an additional 0.789474% per annum in each month thereafter until month 20. On and after month 20, 17.0% CPR. (B) Transaction priced to a 10% clean-up call. (C) 100% P&I guaranty by Ambac (See section entitled "Credit Enhancement" herein.) (D) The principal balance of each Class of Notes is subject to a 5% variance. (E) If the 10% clean-up call is not exercised, the Note Rate applicable to the Class A-7 Notes will increase by 0.50% on the second payment date after the first possible call date. (F) Class A-IO notional amount: $37,500,000 (G) For payment dates 1 to 12, 11.00% per annum; for payment dates 13 to 24, 10.00% per annum; for payment dates 25 to 30, 7.00% per annum. Thereafter, 0.00%. (H) Duration. (I) The lesser of (a) 1-month LIBOR + 0.__% per annum and (b) 8.00% per annum. - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Preliminary Term Sheet (Page 2 of 5) - -------------------------------------------------------------------------------- THE ASSETS OF THE TRUST: The assets of the Trust will include a pool of conventional, closed-end, second-lien, fixed-rate home loans (the "Home Loans"), the proceeds of which will be used primarily for debt consolidation and/or home improvements. The Home Loans will be secured by mortgages, deeds of trust or other similar security instruments. Most of the Home Loans will have a combined loan-to-value ratio in excess of 100%. STATISTICAL CUT-OFF DATE: As of June 1, 2002. CUT-OFF DATE: As of June 1, 2002. CLOSING DATE: On or about June 26, 2002. PAYMENT DATE: The 25th of each month (or the next business day), commencing on July 25, 2002. DELAYDAYS: The Notes, other than the Class A-1 Notes, will have a payment delay of 24 days. With respect to the Class A-1 Notes, 0 days. NOTE RATE: Interest will accrue on all of the Notes, other than the Class A-1 Notes, at a fixed rate during the month prior to the month of the related Payment Date on a 30/360-day basis. The coupon on the Class A-1 Notes will be equal to the lesser of (a) 1-month LIBOR + 0.__% per annum and (b) 8.00% per annum, payable monthly. With respect to any Payment Date, the Class A-1 Notes will be entitled to interest accrued from and including the preceding Payment Date (or from and including the Closing Date in the case of the first Payment Date) to and including the day prior to the then current Payment Date (the "Class A-1 Accrual Period") at the Class A-1 Note Rate on the aggregate principal balance of the Class A-1 Notes on an actual/360-day basis. The Note Rate applicable to the Class A-7 Notes will increase by 0.50% on the second Payment Date after the first possible Call Date. - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Preliminary Term Sheet (Page 3 of 5) - -------------------------------------------------------------------------------- PRINCIPAL: All payments of principal allocable to the Notes shall be paid to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class A-5 Notes, the Class A-6 Notes and the Class A-7 Notes, in that order, in each case, until the outstanding note balance of each of these notes has been reduced to zero. The Class A-IO Notes are not entitled to payments of principal. PRIORITY OF PAYMENTS: On each Payment Date, principal and interest collections will be allocated from the payment account in the following order of priority: (1) To pay accrued interest due on the Notes; (2) To pay as principal on the Notes (other than the Class A-IO Notes), an amount equal to the principal collection distribution amount for such Payment Date; (3) To pay as principal on the Notes (other than the Class A-IO Notes), an amount equal to the liquidation loss distribution amount for such Payment Date; (4) To pay the Credit Enhancer the premium for the Policy, any previously unpaid premiums for the Policy with interest and any payments in connection with the limited reimbursement agreement; (5) To reimburse the Credit Enhancer for certain prior draws made on the Policy, with interest; (6) To pay as additional principal on the Notes (other than the Class A-IO Notes), an amount (if any) necessary to bring the amount of overcollateralization up to the required overcollateralization amount for such Payment Date; (7) To pay the Credit Enhancer any other amounts owed under the insurance agreement; and (8) To pay any remaining amounts to the holders of the Certificates. - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Preliminary Term Sheet (Page 4 of 5) - -------------------------------------------------------------------------------- CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes will be provided by (1) Excess Spread, (2) Overcollateralization and (3) the Ambac Insurance Policy. Excess Spread: Because the mortgagors are expected to pay more interest on the home loans than is necessary to pay interest on the notes, along with fees and expenses of the trust each month, there may be excess interest. On each payment date, this excess interest may be used to protect the notes against most types of losses by making an additional payment of principal up to the amount of the losses. Overcollateralization: On the Closing Date, the initial overcollateralization amount will be equal to 0.00% of the aggregate cut-off date pool balance. Commencing with the October 2002 Payment Date, excess spread will be applied, to the extent not needed to cover current period losses, to make accelerated payments of principal to the securities then entitled to receive payments of principal, until the aggregate pool balance exceeds the aggregate note balance by a specified amount. This excess represents overcollateralization. Prior to the Stepdown Date, the "Required Overcollateralization Amount" will be equal to 2.00% of the aggregate cut-off date pool balance. On or after the Stepdown Date, the Required Overcollateralization Amount will be permitted, subject to certain performance triggers being satisfied, to decrease to 4.00% of aggregate pool balance of the Home Loans, subject to a floor of 0.50% of the aggregate cut-off date pool balance. Ambac Insurance Policy: Ambac Assurance Corporation (the "Credit Enhancer") will unconditionally and irrevocably guarantee: (a) interest on the notes at the note rate, (b) the amount of any losses not covered by excess spread or overcollateralization, and (c) the payment of principal on the Notes by no later than the June 2032 Payment Date. The Insurance Policy is not revocable for any reason. STEPDOWN DATE: The Stepdown Date is the Payment Date occurring on the later of: (1) the Payment Date in July 2005 (i.e., on the 37th Payment Date); and (2) the first Payment Date on which the aggregate pool balance is less than 50% of the aggregate cut-off date pool balance. - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Preliminary Term Sheet (Page 5 of 5) - -------------------------------------------------------------------------------- MASTER SERVICING FEE: 0.08% per annum, payable monthly. The fees of the Trustees will be paid from the Master Servicing Fee. SUBSERVICING FEE: 0.50% per annum, payable monthly. ADVANCING: There is no required advancing of delinquent scheduled monthly payments of principal or interest on the Home Loans by the Master Servicer, the Subservicer, the Trustees, the Credit Enhancer or any other entity. OPTIONAL REDEMPTION: The Master Servicer may, at its option, effect an early redemption or termination of the Notes on the first Payment Date on which the aggregate pool balance declines to less than 10% of the aggregate cut-off date pool balance (the "Call Date"). FORM OF REGISTRATION: Book-Entry form, same day funds through DTC, Clearstream and Euroclear. TAX STATUS: For federal income tax purposes, the Notes will be characterized as indebtedness of the Issuer. ERISAELIGIBILITY: The Notes may be eligible for purchase by employee benefit plans that are subject to ERISA. SMMEATREATMENT: The Notes will not constitute "mortgage related securities" for purposes of SMMEA. - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Notes (Page 1 of 3) - --------------------------------------------------------------------------------
CLASS A-1 (TO CALL / TO MATURITY) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 3.27 1.27 1.04 0.90 0.80 0.73 MODIFIED DURATION (YEARS) 3.10 1.24 1.02 0.88 0.79 0.71 FIRST PRINCIPAL PAYMENT 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 7/25/02 LAST PRINCIPAL PAYMENT 9/25/08 11/25/04 5/25/04 1/25/04 11/25/03 9/25/03 PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0 PRINCIPAL WINDOW (MONTHS) 75 29 23 19 17 15 ILLUSTRATIVE YIELD @ PAR (30/360) 2.04% 2.04% 2.04% 2.04% 2.04% 2.04% - ------------------------------------------------------------------------------------------------- CLASS A-2 (TO CALL / TO MATURITY) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 7.60 3.11 2.41 2.00 1.74 1.55 MODIFIED DURATION (YEARS) 6.39 2.86 2.25 1.88 1.64 1.48 FIRST PRINCIPAL PAYMENT 9/25/08 11/25/04 5/25/04 1/25/04 11/25/03 9/25/03 LAST PRINCIPAL PAYMENT 4/25/11 4/25/06 6/25/05 11/25/04 7/25/04 4/25/04 PRINCIPAL LOCKOUT (MONTHS) 74 28 22 18 16 14 PRINCIPAL WINDOW (MONTHS) 32 18 14 11 9 8 ILLUSTRATIVE YIELD @ PAR (30/360) 4.14% 4.09% 4.06% 4.04% 4.02% 4.00% - ------------------------------------------------------------------------------------------------- CLASS A-3 (TO CALL / TO MATURITY) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------ AVERAGE LIFE (YEARS) 10.01 4.82 3.69 3.00 2.54 2.22 MODIFIED DURATION (YEARS) 7.81 4.21 3.31 2.74 2.35 2.07 FIRST PRINCIPAL PAYMENT 4/25/11 4/25/06 6/25/05 11/25/04 7/25/04 4/25/04 LAST PRINCIPAL PAYMENT 8/25/13 4/25/08 12/25/06 1/25/06 7/25/05 2/25/05 PRINCIPAL LOCKOUT (MONTHS) 105 45 35 28 24 21 PRINCIPAL WINDOW (MONTHS) 29 25 19 15 13 11 ILLUSTRATIVE YIELD @ PAR (30/360) 4.73% 4.69% 4.67% 4.65% 4.63% 4.61% - ------------------------------------------------------------------------------------------------- CLASS A-4 (TO CALL / TO MATURITY) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 11.74 6.42 4.94 4.00 3.36 2.90 MODIFIED DURATION (YEARS) 8.63 5.34 4.27 3.53 3.02 2.64 FIRST PRINCIPAL PAYMENT 8/25/13 4/25/08 12/25/06 1/25/06 7/25/05 2/25/05 LAST PRINCIPAL PAYMENT 9/25/14 7/25/09 11/25/07 11/25/06 2/25/06 8/25/05 PRINCIPAL LOCKOUT (MONTHS) 133 69 53 42 36 31 PRINCIPAL WINDOW (MONTHS) 14 16 12 11 8 7 ILLUSTRATIVE YIELD @ PAR (30/360) 5.14% 5.11% 5.10% 5.08% 5.06% 5.05% - ------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Notes (Page 2 of 3) - ---------------------------------------------------------------------------------------------- CLASS A-5 (TO CALL / TO MATURITY) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 12.90 7.88 6.17 5.00 4.19 3.60 MODIFIED DURATION (YEARS) 9.08 6.27 5.12 4.28 3.66 3.19 FIRST PRINCIPAL PAYMENT 9/25/14 7/25/09 11/25/07 11/25/06 2/25/06 8/25/05 LAST PRINCIPAL PAYMENT 12/25/15 3/25/11 5/25/09 2/25/08 3/25/07 7/25/06 PRINCIPAL LOCKOUT (MONTHS) 146 84 64 52 43 37 PRINCIPAL WINDOW (MONTHS) 16 21 19 16 14 12 ILLUSTRATIVE YIELD @ PAR (30/360) 5.42% 5.40% 5.39% 5.38% 5.36% 5.35% - ------------------------------------------------------------------------------------------------- CLASS A-6 (TO CALL / TO MATURITY) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 14.47 10.45 8.49 7.00 5.88 5.04 MODIFIED DURATION (YEARS) 9.46 7.57 6.48 5.57 4.83 4.24 FIRST PRINCIPAL PAYMENT 12/25/15 3/25/11 5/25/09 2/25/08 3/25/07 7/25/06 LAST PRINCIPAL PAYMENT 4/25/19 10/25/14 10/25/12 2/25/11 10/25/09 10/25/08 PRINCIPAL LOCKOUT (MONTHS) 161 104 82 67 56 48 PRINCIPAL WINDOW (MONTHS) 41 44 42 37 32 28 ILLUSTRATIVE YIELD @ PAR (30/360) 5.97% 5.96% 5.95% 5.94% 5.93% 5.92% - ------------------------------------------------------------------------------------------------- CLASS A-7 (TO CALL) - ------------------------------------------------------------------------------------------------- % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 19.07 13.36 11.63 9.88 8.42 7.27 MODIFIED DURATION (YEARS) 10.72 8.74 7.98 7.12 6.33 5.65 FIRST PRINCIPAL PAYMENT 4/25/19 10/25/14 10/25/12 2/25/11 10/25/09 10/25/08 LAST PRINCIPAL PAYMENT 12/25/21 1/25/16 5/25/14 8/25/12 2/25/11 12/25/09 PRINCIPAL LOCKOUT (MONTHS) 201 147 123 103 87 75 PRINCIPAL WINDOW (MONTHS) 33 16 20 19 17 15 ILLUSTRATIVE YIELD @ PAR (30/360) 6.45% 6.44% 6.43% 6.43% 6.42% 6.41% - ------------------------------------------------------------------------------------------------- CLASS A-7 (TO MATURITY) - ------------------------------------------------------------------------------------------------- ------------ % OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150% RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50% - ------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 11.37 20.84 15.05 13.09 9.89 8.64 MODIFIED DURATION (YEARS) 11.18 9.34 8.57 7.80 7.07 6.40 FIRST PRINCIPAL PAYMENT 4/25/19 10/25/14 10/25/12 2/25/11 10/25/09 10/25/08 LAST PRINCIPAL PAYMENT 12/25/26 7/25/25 4/25/23 7/25/20 11/25/17 7/25/16 PRINCIPAL LOCKOUT (MONTHS) 201 147 123 103 87 75 PRINCIPAL WINDOW (MONTHS) 93 130 127 114 98 94 ILLUSTRATIVE YIELD @ PAR (30/360) 6.47% 6.47% 6.47% 6.47% 6.48% 6.48% - ------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Notes (Page 3 of 3) - ---------------------------------------------------------------------------------------------- CLASS A-IO (TO CALL) - --------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------- CPR 50% 60% 70% 80% 90% 100% - --------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------- AVERAGE LIFE (YEARS) 2.50 2.50 2.50 2.50 2.50 2.50 MODIFIED DURATION (YEARS) 1.15 1.15 1.15 1.15 1.15 1.15 FIRST PRINCIPAL PAYMENT 12/25/04 12/25/04 12/25/04 12/25/04 12/25/04 12/25/04 LAST PRINCIPAL PAYMENT 12/25/04 12/25/04 12/25/04 12/25/04 12/25/04 12/25/04 PRINCIPAL LOCKOUT (MONTHS) 29 29 29 29 29 29 PRINCIPAL WINDOW (MONTHS) 1 1 1 1 1 1 ILLUSTRATIVE YIELD @ 22.40969% (30/360) 4.75% 4.75% 4.75% 4.75% 4.75% 4.75% - ---------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Collateral (Page 1 of 4) - -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------- Current Principal Balance (as of 6/1/02) $365,563,420 Loan Count 8,943 Average Current Principal Balance $40,877 Average Original Principal Balance $41,122 Range of Original Principal Balance $10,000 to $100,000 Up to $25,000.00 6.26% $25,000.01 to $50,000.00 61.46% $50,000.01 to $75,000.00 31.25% $75,000.01 to $100,000.00 1.03% - -------------------------------------------------------------- LOAN RATE Weighted Average 12.785% Range of Loan Rates 6.000% to 19.080% 6.000% 0.01% 8.001% to 9.000% 0.24% 9.001% to 10.000% 1.78% 10.001% to 11.000% 6.79% 11.001% to 12.000% 23.04% 12.001% to 13.000% 32.17% 13.001% to 14.000% 20.26% 14.001% to 15.000% 9.71% 15.001% to 16.000% 3.81% 16.001% to 17.000% 1.43% 17.001% to 18.000% 0.67% 18.001% to 19.000% 0.09% 19.001% to 20.000% 0.01% - -------------------------------------------------------------- WA Original Term to Stated Maturity 204 (months) WA Remaining Term to Stated Maturity 201 (months) Up to 60 months 0.35% 61 to 120 months 4.79% 121 to 180 months 68.86% 181 to 240 months 7.09% 241 to 300 months 18.87% 301 to 360 months 0.04% - -------------------------------------------------------------- - -------------------------------------------------------------- Balloon / Fully Amortizing 0.38% / 99.62% First Lien / Second Lien 0.06% / 99.94% - -------------------------------------------------------------- - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Collateral (Page 2 of 4) - -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------- CREDIT SCORE Weighted Average 696 Range of Credit Scores 620 to 810 620 to 639 0.22% 640 to 659 7.30% 660 to 679 22.75% 680 to 699 26.18% 700 to 719 23.14% 720 to 739 12.68% 740 to 759 5.22% 760 to 779 2.01% 780 to 799 0.47% Greater than or equal to 800 0.03% - -------------------------------------------------------------- - -------------------------------------------------------------- ORIGINAL CLTV Weighted Average 117.73% Up to 40.00% 0.09% 40.01% to 50.00% 0.06% 50.01% to 60.00% 0.02% 60.01% to 70.00% 0.01% 70.01% to 80.00% 0.24% 80.01% to 90.00% 0.27% 90.01% to 100.00% 2.09% 100.01% to 105.00% 4.51% 105.01% to 110.00% 9.64% 110.01% to 115.00% 15.36% 115.01% to 120.00% 20.90% 120.01% to 125.00% 46.70% 125.01% to 130.00% 0.11% - -------------------------------------------------------------- DEBT-TO-INCOME RATIO Weighted Average 39.97% Up to 5.000% 0.03% 5.001% to 10.000% 0.01% 10.001% to 15.000% 0.06% 15.001% to 20.000% 0.46% 20.001% to 25.000% 2.52% 25.001% to 30.000% 7.33% 30.001% to 35.000% 14.84% 35.001% to 40.000% 22.03% 40.001% to 45.000% 31.17% 45.001% to 50.000% 21.53% 50.001% to 55.000% 0.01% - -------------------------------------------------------------- - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Collateral (Page 3 of 4) - ------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------- JUNIOR RATIO Weighted Average 28.11% Up to 5.000% 0.01% 5.001% to 10.000% 0.24% 10.001% to 15.000% 3.72% 15.001% to 20.000% 15.59% 20.001% to 25.000% 23.55% 25.001% to 30.000% 21.11% 30.001% to 35.000% 14.96% 35.001% to 40.000% 10.46% 40.001% to 45.000% 5.16% 45.001% to 50.000% 2.84% 50.001% to 55.000% 1.29% 55.001% to 60.000% 0.38% 60.001% to 65.000% 0.19% 65.001% to 70.000% 0.26% 70.001% to 75.000% 0.12% Greater than or equal to 75.001% 0.11% - -------------------------------------------------------------- RESIDUAL INCOME Weighted Average $3,744 $1,000.00 to $1,999.99 5.05% $2,000.00 to $2,999.99 26.34% $3,000.00 to $3,999.99 35.18% $4,000.00 to $4,999.99 18.01% $5,000.00 to $5,999.99 8.09% Greater than or equal to $6,000.00 7.32% - -------------------------------------------------------------- PROPERTY TYPE Single Family Residence 88.82% PUD Detached 6.66% Condominium 1.98% PUD Attached 1.13% Townhouse 0.97% Multifamily (2 to 4 units) 0.40% Manufactured Housing 0.03% - -------------------------------------------------------------- - -------------------------------------------------------------- OCCUPANCY STATUS Owner Occupied 100.00% - -------------------------------------------------------------- - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative. RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. HOME LOAN TRUST 2002-HI3 Computational Materials: Information Relating to the Collateral (Page 4 of 4) - -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. - -------------------------------------------------------------- DOCUMENTATION Full Documentation 99.65% Reduced 0.35% - -------------------------------------------------------------- - -------------------------------------------------------------- LOAN PURPOSE Debt Consolidation 84.75% Cash Out 7.70% Rate/Term Refinance 3.80% Convenience 2.20% Home Improvement / Debt Consolidation 1.00% Home Improvement 0.22% Education 0.06% Asset Acquisition 0.11% Other 0.17% - -------------------------------------------------------------- PREPAYMENT PENALTY TERMS None 52.17% 12 months 0.68% 24 months 0.06% 36 months 46.32% 60 months 0.46% Other (not more than 60 months) 0.31% - -------------------------------------------------------------- GEOGRAPHIC CONCENTRATION (> 5%) CA (7.54%) ------------------------------- FL (6.68%) PA (5.92%) OH (5.41%) VA (5.25%) MD (5.17%) - -------------------------------------------------------------- - -------------------------------------------------------------- - -------------------------------------------------------------------------------- BEAR STEARNS This information should be considered only after reading Bear Stearns' Statement Regarding Assumptions as to Securities, Pricing Estimates and Other Information (the "Statement"), which should be attached. Do not use or rely on this information if you have not received and reviewed this Statement. You may obtain a copy of the Statement from your sales representative.