BEAR XXXXXXX BEAR, XXXXXXX & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 000 Xxxxxxx Xxxxxx
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10179
LONDON o PARIS o TOKYO (000) 000-0000;
(000) 000-0000 fax
--------------------------------------------------------------------------------
NEW ISSUE COMPUTATIONAL MATERIALS
$580,000,000
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES,
SERIES 2002-RZ3
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
Depositor
RAMP SERIES 2002-RZ3 TRUST
Issuer
RESIDENTIAL FUNDING CORPORATION
Master Servicer
AUGUST 5, 2002
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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.
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER
INFORMATION
--------------------------------------------------------------------------------
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 Xxxxxxx 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 Xxxxxxx 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 Xxxxxxx 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
Xxxxxxx 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 Xxxxxxx.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
TRANSACTION SUMMARY (a), (b), (c)
------------- ----------- ---------- ----------- ------- --------- ------------ ------------ -------------
PRINCIPAL EXPECTED FINAL EXPECTED
PERCENT WAL LOCKOUT/ FINAL SCHEDULED RATINGS
OF POOL COUPON TO WINDOW DISTRIBUTION DISTRIBUTION (XXXXX'X/
CLASS SIZE BALANCE TYPE CALL (MOS.) DATE DATE S&P)
(J) (YRS.)
------------- ----------- ---------- ----------- ------- --------- ------------ ------------ -------------
A-1 $154,945,000 26.71% Floating 0.90 0 / 18 2/25/04 12/25/20 Aaa/AAA
(d)
A-2 115,670,000 19.94% Fixed (e) 2.00 17 / 14 3/25/05 7/25/26 Aaa/AAA
A-3 65,423,000 11.28% Fixed (e) 3.00 30 / 13 3/25/06 2/25/29 Aaa/AAA
A-4 93,046,000 16.04% Fixed (e) 5.25 42 / 56 10/25/10 12/25/31 Aaa/AAA
A-5 26,216,000 4.52% Fixed 8.16 97 10/25/10 8/25/32 Aaa/AAA
(e), (f) / 1
A-6 (NAS) 58,000,000 10.00% Fixed 6.35 36 / 62 10/25/10 7/25/32 Aaa/AAA
(e), (f)
A-IO 189,000,000 32.59% (g) 1.01 0 / 30 2/25/05 2/25/05 Aaa/AAA
(h) (I)
M-1 26,100,000 4.50% Fixed 5.49 36 / 62 10/25/10 8/25/32 Aa2/AA
(e), (f)
M-2 23,200,000 4.00% Fixed 5.49 36 / 62 10/25/10 8/25/32 A2/A
(e), (f)
M-3 17,400,000 3.00% Fixed 5.05 36 / 62 10/25/10 8/25/32 Baa2/BBB
(e), (f)
------------- ----------- ---------- ----------- ------- --------- ------------ ------------ -------------
TOTAL $580,000,000 100.00%
------------- ----------- ---------- ----------- ------- --------- ------------ ------------ -------------
NOTES:
(a) The principal balance of each class of Certificates is subject to a 5%
variance.
(b) Prepayment Speed Assumption: 4% building to 25% in 12 months, and remaining
constant at 25% thereafter.
(c) The Certificates will be priced to a 10% cleanup call.
(d) The lesser of (a) one-Month LIBOR plus the related margin per annum; and
(b) the weighted average of the net mortgage rates on the mortgage loans,
adjusted for the interest payable to the Class A-IO Certificates.
(e) For the September 2002 through February 2005 Distribution Dates, the
pass-through rate on the Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class M-1, Class M-2 and Class M-3 Certificates will be the lesser of
the fixed rate per annum indicated in the prospectus supplement and the
weighted average of the net mortgage rates of the mortgage loans, adjusted
for the interest payable on the Class A-IO Certificates (Net WAC Cap Rate).
(f) The related pass-through rate will increase by 0.50% if the 10% cleanup
call is not exercised.
(g) Notional Balance: The lesser of (a) from and including the 1st through the
3rd Distribution Date ($189,000,000); from and including the 4th through
the 6th Distribution Date ($180,000,000); from and including the 7th
through the 9th Distribution Date ($168,000,000); from and including the
10th through the 12th Distribution Date ($156,000,000); from and including
the 13th through the 15th Distribution Date ($143,000,000); from and
including the 16th through the 18th Distribution Date ($130,000,000); from
and including the 19th through the 21st Distribution Date ($119,000,000);
from and including the 22nd through the 24th Distribution Date
($94,000,000); from and including the 25th through the 27th Distribution
Date ($73,000,000); from and including the 28th through the 30th
Distribution Date ($57,000,000); thereafter ($0) and (b) the pool balance.
(h) 5.75% per annum, payable monthly, until the 30th Distribution Date;
thereafter, 0.00% per annum.
(i) Duration.
(j) Approximate.
THE COLLATERAL
- Conventional, one- to four-family, fixed-rate mortgage loans secured by
first liens on residential mortgage properties.
- The collateral information presented herein is based on the "Statistical
Calculation Date" of July 1, 2002. The actual pool balance as of the
Closing Date is expected to be approximately $580,000,000.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
THE STRUCTURE
CLASS A-1, A-2, A-3, A-4 AND A-5 CERTIFICATES (THE "CLASS A
CERTIFICATES") The Class A-1 Certificates will be issued as floating rate
senior securities. The Class A-2, Class A-3, Class A-4, and Class A-5
Certificates will be issued as fixed rate senior securities. Principal
will be paid to Class A-1, Class A-2, Class A-3, Class A-4, and Class A-5
Certificates sequentially, in that order.
CLASS A-6 CERTIFICATES (ALSO PART OF THE "CLASS A CERTIFICATES")
The Class A-6 Certificates will be issued as fixed-rate senior
securities, and will be allocated principal based on the following
calculation: the product of (a) the pro rata portion of the Class A-6
Certificates, based on its principal balance relative to the aggregate
principal balance of all of the Class A Certificates (other than the
Class A-IO Certificates), and (b) the following percentage as applicable:
Months 1-36 (0%), Months 37-60 (45%), Months 61-72 (80%), Months 73-84
(100%), Months 85+ (300%)
CLASS A-IO CERTIFICATES (ALSO PART OF THE "CLASS A CERTIFICATES")
The Class A-IO Certificates will have a 5.75% per annum coupon, payable
monthly, and a 30-month payment window, commencing on the first
Distribution Date, based on the notional balance as set forth in footnote
(g) on page 1 hereof.
CLASS M-1, M-2 AND M-3 CERTIFICATES (THE "CLASS M CERTIFICATES)
The Class M Certificates will be issued as fixed rate mezzanine
securities. The Class M Certificates will be subordinate to the Class A
Certificates.
HIGHLIGHTS OF THE PROGRAM
o The Home Solution Program is primarily used by borrowers who wish to
finance the full value of the home plus closing costs. A typical
borrower is one who has limited liquidity or one who prefers not to
take cash out of investments.
o Requires residual income of at least $1,500.
o Maximum LTV may be as high as 107%.
o Maximum LTV of 103% for credit scores below 680.
o Two full appraisals required for credit scores below 620 (or one full
appraisal and a field review). o No (a) manufactured homes or unique properties
or (b) Section 32 loans allowed.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
SUMMARY OF TERMS
DEPOSITOR: Residential Asset Mortgage Products, Inc.
MASTER SERVICER: Residential Funding Corporation
UNDERWRITERS: Bear, Xxxxxxx & Co. Inc. / Residential Funding Securities
Corporation / Xxxxxxx Xxxxx Xxxxxx
TRUSTEE: JPMorgan Chase Bank
STATISTICAL CALCULATION DATE:July 1, 2002
CUT-OFF DATE: August 1, 2002
CLOSING DATE: On or about August 28, 2002
DISTRIBUTION DATE: 25th day of each month (or the next business day), commencing
September 2002
FORM OF OFFERED CERTIFICATES:
MINIMUM DENOMINATIONS:
The Certificates will be available in book-entry form through DTC. Class A
(other than the Class A-IO Certificates) and Class M-1 Certificates,
$25,000. Class M-2 and Class M-3, $250,000. Class A-IO Certificates
$2,000,000 notional amount.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
INTEREST PAYMENTS: On each Distribution Date holders of the Certificates will be
entitled to receive the interest that has accrued on the Certificates at
the related pass-through rate during the related accrual period, and any
interest due on a prior Distribution Date that was not paid.
The "accrual period" for the Class A Certificates (other than the Class A-1
Certificates) and the Class M Certificates will be the calendar month
immediately preceding the calendar month in which a Distribution Date
occurs.
The trustee will calculate interest on the Class A Certificates (other than
the Class A-1 Certificates) and the Class M Certificates based on a 360-day
year that consists of twelve 30-day months.
The Class A-1 Certificates will be entitled to interest accrual, with
respect to any Distribution Date, from and including the preceding
Distribution Date (or from and including the closing date in the case of
the first Distribution Date) to and including the day prior to the then
current Distribution Date (the "Class A-1 Accrual Period") at the Class A-1
pass-through rate on the aggregate principal balance of the Class A-1
Certificates, calculated on an actual/360-day basis.
The "Net Mortgage Rate" will be, with respect to any Mortgage Loan, the per
annum mortgage rate thereon minus the per annum rates at which the master
servicing and subservicing fees are paid.
The "Net WAC Cap Rate" will be equal to, with respect to any Distribution
Date, the weighted average Net Mortgage Rate in effect for such
Distribution Date, adjusted for the interest payable on the Class A-IO
Certificates. The Net WAC Cap Rate for the Class A-1 Certificates will be
further adjusted to reflect an actual/360-day basis interest accrual.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PRINCIPAL PAYMENTS: Principal distributions with respect to the Class A
Certificates (other than the Class A-IO Certificates) will first be
allocated to the Class A-6 Certificates in an amount equal to the Class A-6
Lockout Distribution Amount. The remaining principal distribution amount
will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, and Class A-6 Certificates, in that order, until paid in full.
The Class M Certificates will be subordinate to the Class A Certificates,
and will not receive any principal payments until after the Stepdown Date
or if a Trigger Event is in effect, unless the principal balance of the
Class A Certificates is equal to zero.
After the Stepdown Date, so long as a Trigger Event is not in effect,
principal will be paid to the Class A and Class M Certificates as described
under the "Priority of Distributions" below.
PRINCIPAL DISTRIBUTION On any Distribution Date, the lesser of (a) the excess of
(1) the AMOUNT: Available Distribution Amount over (2) the Interest
Distribution Amount and (b) the aggregate amount described below:
The sum of (i) the principal portion of all scheduled monthly payments on
the mortgage loans received or advanced with respect to the related due
period; (ii) the principal portion of all proceeds of the repurchase of the
mortgage loans, or, in the case of a substitution, amounts representing a
principal adjustment, as required by the pooling and servicing agreement
during the preceding calendar month; (iii) the principal portion of all
other unscheduled collections received on the mortgage loans during the
preceding calendar month, or deemed to be received during the preceding
calendar month, including, without limitation, full and partial principal
payments made by the respective mortgagors, to the extent not distributed
in the preceding month; (iv) the lesser of (a) the Excess Cashflow for that
Distribution Date and (b) the principal portion of any Realized Losses,
other than Excess Losses (as defined in the pooling and servicing
agreement), incurred, or deemed to have been incurred, on any mortgage
loans in the calendar month preceding that Distribution Date; and (v) the
lesser of (a) the Excess Cashflow 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;
minus (vi) the amount of any Overcollateralization Reduction Amount for
that Distribution Date.
In no event will the Principal Distribution Amount on any Distribution Date
be less than zero or greater than the outstanding aggregate Certificate
Principal Balance of the Class A and Class M Certificates.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
NOTIONAL AMOUNT: With respect to the Class A-IO Certificates immediately prior
to any distribution date, the lesser of: (a) the then outstanding pool
balance and (b) from and including the 1st through the 3rd Distribution
Date ($189,000,000); from and including the 4th through the 6th
Distribution Date ($180,000,000); from and including the 7th through the
9th Distribution Date ($168,000,000); from and including the 10th through
the 12th Distribution Date ($156,000,000); from and including the 13th
through the 15th Distribution Date ($143,000,000); from and including the
16th through the 18th Distribution Date ($130,000,000); from and including
the 19th through the 21st Distribution Date ($119,000,000); from and
including the 22nd through the 24th Distribution Date ($94,000,000); from
and including the 25th through the 27th Distribution Date ($73,000,000);
from and including the 28th through the 30th Distribution Date
($57,000,000); thereafter ($0).
CLASS A-6 LOCKOUT
DISTRIBUTION AMOUNT:
For any Distribution Date, the product of (x) the Class A-6 Lockout
Percentage for that Distribution Date and (y) the Class A-6 Pro Rata
Distribution Amount for that Distribution Date. In no event will the Class
A-6 Lockout Distribution Amount for a Distribution Date exceed the Class A
Principal Distribution Amount for that Distribution Date.
CLASS A-6 LOCKOUT
PERCENTAGE:
For each Distribution Date, the applicable percentage set forth below:
DISTRIBUTION DATES LOCKOUT
PERCENTAGE
September 2002 through August 2005 0%
September 2005 through August 2007 45%
September 2007 through August 2008 80%
September 2008 through August 2009 100%
September 2009 and thereafter 300%
CLASS A-6 PRO RATA
DISTRIBUTION AMOUNT:
For any Distribution Date, an amount equal to the product of (x) a
fraction, the numerator of which is the Certificate Principal Balance of
the Class A-6 Certificates immediately prior to that Distribution Date and
the denominator of which is the aggregate Certificate Principal Balance of
the Class A Certificates immediately prior to that Distribution Date and
(y) the Class A Principal Distribution Amount for that Distribution Date.
PRINCIPAL REMITTANCE AMOUNT: With respect to any Distribution Date, the sum of
the amounts described in clauses (i), (ii) and (iii) of the definition of
Principal Distribution Amount for that Distribution Date.
INTEREST DISTRIBUTION AMOUNT:With respect to any Distribution Date, the
aggregate amount of accrued certificate interest on the Class A and Class M
Certificates for that Distribution Date, less any Prepayment Interest
Shortfalls for that Distribution Date not covered by Eligible Master
Servicing Compensation as described herein.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
AVAILABLE DISTRIBUTION
AMOUNT:
For any Distribution Date, an amount equal to the sum of the following
amounts, net of amounts reimbursable therefrom to the Master Servicer and
any subservicer: (a) the aggregate amount of scheduled payments on the
mortgage loans due during the related due period and received on or prior
to the related determination date, after deduction of the master servicing
fees and any subservicing fees in respect of the mortgage loans for that
Distribution Date; (b) unscheduled payments, including 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 occurring during the preceding
calendar month; and (c) all advances made for that Distribution Date in
respect of the mortgage loans.
With respect to any Distribution Date, the due period is the calendar month
in which the Distribution Date occurs and the determination date is the
20th day of the month on which the Distribution Date occurs or, if the 20th
day is not a business day, the immediately succeeding business day. The due
date with respect to each mortgage loan is the date on which the scheduled
monthly payment is due.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
REQUIRED $2,900,000
OVERCOLLATERALIZATION AMOUNT:
EXCESS OVERCOLLATERALIZATION
AMOUNT:
With respect to any Distribution Date, the excess, if any, of the
Overcollateralization Amount on that Distribution Date over the Required
Overcollateralization Amount on that Distribution Date.
OVERCOLLATERALIZATION AMOUNT:With respect to any Distribution Date, the excess,
if any, of (a) the aggregate Stated Principal Balances of the mortgage
loans as of the end of the preceding due period, over (b) the aggregate
Certificate Principal Balance of the Class A and Class M Certificates
immediately prior to that Distribution Date.
OVERCOLLATERALIZATION
INCREASE AMOUNT:
With respect to (a) the Distribution Dates in September 2002 through
February 2003, $0, and (b) any Distribution Date after February 2003, an
amount equal to the lesser of (i) the Excess Cashflow for that Distribution
Date and (ii) the excess, if any, of (x) the Required Overcollateralization
Amount for that Distribution Date over (y) the Overcollateralization Amount
for that Distribution Date.
OVERCOLLATERALIZATION
REDUCTION AMOUNT:
With respect to any Distribution Date, after taking into account all other
distributions on that Distribution Date, the lesser of (a) the Excess
Overcollateralization Amount immediately prior to that Distribution Date,
and (b) the Principal Remittance Amount for that Distribution Date.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PREPAYMENT INTEREST
SHORTFALL:
With respect to any Distribution Date, the aggregate shortfall, if any, in
collections of interest resulting from mortgagor prepayments on the
mortgage loans during the preceding calendar month. These shortfalls will
result because interest on prepayments in full is distributed only to the
date of prepayment, and because no interest is distributed on prepayments
in part, as these prepayments in part are applied to reduce the outstanding
principal balance of the mortgage loans as of the due date immediately
preceding the date of prepayment. No assurance can be given that the
amounts available to cover Prepayment Interest Shortfalls will be
sufficient therefor.
ALLOCATION OF SHORTFALL: Any Prepayment Interest Shortfalls which are not
covered by Eligible Master Servicing Compensation will be allocated among
the offered certificates, in each case in accordance with the amount of
Accrued Certificate Interest that would have accrued on that certificate
absent these shortfalls. Any Prepayment Interest Shortfalls not covered by
Eligible Master Servicing Compensation or Excess Cash Flow and allocated to
a class of offered certificates will accrue interest at the then applicable
pass-through rate on that class of offered certificates.
BASISRISK SHORTFALL: With respect to the Class A-5, Class M-2 and Class M-3
Certificates, and any Distribution Date, the amount of interest that would
have been payable to such Class of Certificates on such Distribution Date
if the pass-through rate for such Class of Certificates on such
Distribution Date were calculated at the lesser of the related coupon or
the weighted average Net Mortgage Rate minus the amount of interest payable
on such Class of Certificates at the Net WAC Cap Rate for such Distribution
Date plus the related Basis Risk Shortfall from prior Distribution Dates
not previously paid, together with interest at a rate equal to the related
pass-through rate for such Distribution Date.
CURRENT INTEREST: Interest at the related pass-through rate for the current
accrual period.
UNPAID INTEREST SHORTFALL
AMOUNT:
Interest remaining unpaid from prior Distribution Dates.
SIXTY-PLUS DELINQUENCY
PERCENTAGE:
With respect to any Distribution Date, the fraction, expressed as a
percentage, equal to (x) the aggregate Stated Principal Balance of the
mortgage loans that are 60 or more days delinquent in payment of principal
and interest including mortgage loans in foreclosure and REO, over (y) the
aggregate Stated Principal Balance of all the mortgage loans immediately
preceding that Distribution Date.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PRIORITY OF DISTRIBUTIONS: INTEREST DISTRIBUTIONS
1) To the holders of the Class A Certificates
(including the Class A-IO Certificates),
Current Interest plus any Unpaid Interest
Shortfall Amount less any Prepayment
Interest Shortfalls for that Distribution
Date (not covered by Eligible Master
Servicing Compensation or Excess
Cashflow), on a pro rata basis; provided,
however, that Prepayment Interest
Shortfalls will not be allocated to the
Class A-IO Certificates, and instead will
be allocated to the Class A and Class M
Certificates on a pro rata basis;
2) To the holders of the Class M-1
Certificates, Current Interest plus any
Unpaid Interest Shortfall Amount less any
Prepayment Interest Shortfalls for that
Distribution Date (not covered by Eligible
Master Servicing Compensation or Excess
Cashflow), for such Distribution Date;
3) To the holders of the Class M-2
Certificates, Current Interest plus any
Unpaid Interest Shortfall Amount less any
Prepayment Interest Shortfalls for that
Distribution Date (not covered by Eligible
Master Servicing Compensation or Excess
Cashflow), for such Distribution Date; and
4) To the holders of the Class M-3
Certificates, Current Interest plus any
Unpaid Interest Shortfall Amount less any
Prepayment Interest Shortfalls for that
Distribution Date (not covered by Eligible
Master Servicing Compensation or Excess
Cashflow), for such Distribution Date.
PRINCIPAL DISTRIBUTIONS
1) To the holders of the Class A Certificates
(other than the Class A-IO Certificates),
the Class A Principal Distribution Amount,
to be distributed, first to the holders of
the Class A-6 Certificates, in an amount
equal to the Class A-6 Lockout
Distribution Amount for that distribution
date, and then, to the A-1, Class A-2,
Class A-3, Class A-4, Class A-5, and Class
A-6 Certificates, in that order, the Class
A Principal Distribution Amount, in each
case in reduction of the Certificate
Principal Balance thereof until the
Certificate Principal Balance thereof has
been reduced to zero;
2) To the holders of the Class M-1
Certificates the Class M-1 Principal
Distribution Amount, until the Certificate
Principal Balance thereof is reduced to
zero;
3) To the holders of the Class M-2
Certificates the Class M-2 Principal
Distribution Amount, until the Certificate
Principal Balance thereof is reduced to
zero; and
4) To the holders of the Class M-3
Certificates the Class M-3 Principal
Distribution Amount, until the Certificate
Principal Balance thereof is reduced to
zero.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
NET MONTHLY EXCESS CASHFLOW
1) To pay the holders of the class or classes
of Certificates then entitled to receive
distributions in respect of principal, the
principal portion of Realized Losses,
other than Excess Losses, incurred on the
mortgage loans for the preceding calendar
month;
2) Except on the first six Distribution
Dates, to pay any Overcollateralization
Increase Amount to the class or classes of
Certificates then entitled to receive
distributions in respect of principal;
3) To pay the holders of the Class A and
Class M Certificates, based on Accrued
Certificate Interest otherwise due
thereon, the amount of any Prepayment
Interest Shortfalls allocated thereto with
respect to the mortgage loans for that
Distribution Date, to the extent not
covered by Eligible Master Servicing
Compensation on that Distribution Date;
4) To pay the holders of the Class A and
Class M Certificates, based on unpaid
Prepayment Interest Shortfalls previously
allocated thereto, any Prepayment Interest
Shortfalls remaining unpaid from prior
Distribution Dates together with interest
thereon;
5) To the holders of the Class A-5, Class M-2
and Class M-3 Certificates, in that order,
any Basis Risk Shortfall allocated thereto
with respect to that Distribution Date;
and
6) To the holders of the Class A-5, Class M-2
and Class M-3 Certificates, in that order,
based on unpaid Basis Risk Shortfall
allocated thereto, any Basis Risk
Shortfall remaining unpaid from prior
Distribution Dates together
with interest thereon;
7) To pay the holders of the Class SB
Certificates any balance remaining, in
accordance with the terms of the pooling
and servicing agreement.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
CLASS A PRINCIPAL With respect to any Distribution Date:
DISTRIBUTION AMOUNT:
(1) prior to the Stepdown Date or on or after the Stepdown Date
if a Trigger Event is in effect, the Principal
Distribution Amount for that Distribution Date, or
(2) on or after the Stepdown Date if a Trigger Event is not in
effect for that Distribution Date, the lesser of:
(I) the Principal Distribution Amount for that
Distribution Date; and (II) the excess of (A) the
aggregate Certificate Principal Balance of the Class
A Certificates immediately prior to that Distribution
Date over (B) the lesser of (x) the product of (1)
76.00% and (2) the aggregate Stated Principal Balance
of the mortgage loans after giving effect to
distributions to be made on that Distribution Date
and (y) the aggregate Stated Principal Balance of the
mortgage loans after giving effect to distributions
to be made on that Distribution Date, less
$2,900,000.
CLASS M-1 PRINCIPAL With respect to any Distribution Date:
DISTRIBUTION AMOUNT:
(1) prior to the Stepdown Date or on or
after the Stepdown Date if a
Trigger Event is in effect, the
Principal Distribution Amount for
that Distribution Date after
distribution of the Class A
Principal Distribution Amount, or
(2) on or after the Stepdown Date if a Trigger Event is not in
effect for that Distribution Date, the lesser of:
(I) the remaining Principal Distribution Amount for
that Distribution Date after distribution of the
Class A Principal Distribution Amount; and (II) the
excess of (A) the sum of (1) the aggregate
Certificate Principal Balance of the Class A
Certificates (after taking into account the payment
of the Class A Principal Distribution Amount for that
Distribution Date) and (2) the Certificate Principal
Balance of the Class M-1 Certificates immediately
prior to that Distribution Date over (B) the lesser
of (x) the product of (1) 85.00% and (2) the
aggregate Stated Principal Balance of the mortgage
loans after giving effect to distributions to be made
on that Distribution Date and (y) the aggregate
Stated Principal Balance of the mortgage loans after
giving effect to distributions to be made on that
Distribution Date, less $2,900,000.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
CLASS M-2 PRINCIPAL With respect to any Distribution Date:
DISTRIBUTION AMOUNT:
(1) prior to the Stepdown Date or on or
after the Stepdown Date if a
Trigger Event is in effect, the
Principal Distribution Amount for
that Distribution Date after
distribution of the Class A
Principal Distribution Amount and
Class M-1 Principal Distribution
Amount, or
(2) on or after the Stepdown Date if a Trigger Event is not in
effect for that Distribution Date, the lesser of:
(I) the remaining Principal Distribution Amount for
that Distribution Date after distribution of the
Class A Principal Distribution Amount and Class M-1
Principal Distribution Amount; and (II) the excess of
(A) the sum of (1) the aggregate Certificate
Principal Balance of the Class A and Class M-1
Certificates (after taking into account the payment
of the Class A Principal Distribution Amount and
Class M-1 Principal Distribution Amount for that
Distribution Date) and (2) the Certificate Principal
Balance of the Class M-2 Certificates immediately
prior to that Distribution Date over (B) the lesser
of (x) the product of (1) 93.00% and (2) the
aggregate Stated Principal Balance of the mortgage
loans after giving effect to distributions to be made
on that Distribution Date and (y) the aggregate
Stated Principal Balance of the mortgage loans after
giving effect to distributions to be made on that
Distribution Date, less $2,900,000.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
CLASS M-3 PRINCIPAL With respect to any Distribution Date:
DISTRIBUTION AMOUNT:
(1) prior to the Stepdown Date or on or
after the Stepdown Date if a
Trigger Event is in effect, the
Principal Distribution Amount for
that Distribution Date after
distribution of the Class A
Principal Distribution Amount,
Class M-1 Principal Distribution
Amount, and Class M-2 Principal
Distribution Amount or
(2) on or after the Stepdown Date if a Trigger Event is not in
effect for that Distribution Date, the lesser of:
(I) the remaining Principal Distribution Amount for
that Distribution Date after distribution of the
Class A Principal Distribution Amount, the Class M-1
Principal Distribution Amount and the Class M-2
Principal Distribution Amount; and (II) the excess of
(A) the sum of (1) the aggregate Certificate
Principal Balance of the Class A, Class M-1 and Class
M-2 Certificates (after taking into account the
payment of the Class A Principal Distribution Amount,
the Class M-1 Principal Distribution Amount and the
Class M-2 Principal Distribution Amount for that
Distribution Date) and (2) the Certificate Principal
Balance of the Class M-3 Certificates immediately
prior to that Distribution Date over (B) the lesser
of (x) the product of (1) 99.00% and (2) the
aggregate Stated Principal Balance of the mortgage
loans after giving effect to distributions to be made
on that Distribution Date and (y) the aggregate
Stated Principal Balance of the mortgage loans after
giving effect to distributions to be made on that
Distribution Date, less $2,900,000.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
EXCESS CASHFLOW: With respect to any Distribution Date, an amount equal to the
sum of (A) the excess of (i) the Available Distribution Amount for that
Distribution Date over (ii) the sum of (a) the Interest Distribution Amount
for that Distribution Date and (b) the Principal Remittance Amount for that
Distribution Date and (B) the Overcollateralization Reduction Amount, if
any, for that distribution date.
STEPDOWN DATE: The earlier to occur of (1) the Distribution Date on which the
aggregate Certificate Principal Balance of the Class A Certificates has
been reduced to zero and (2) the later to occur of (x) the Distribution
Date occurring in September 2005 and (y) the first Distribution Date for
which the aggregate Certificate Principal Balance of the Class M
Certificates and Overcollateralization Amount divided by the Stated
Principal Balance of the mortgage loans as of the last day of the related
due period is greater than or equal to 24.00%.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
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:
1) the three-month average of the Sixty-Plus Delinquency
Percentage, as determined as of that Distribution Date and
the immediately preceding two Distribution Dates, exceeds
[8.00]%;
2) if the Distribution Date is occurring
before the Distribution Date in September
2006, the aggregate amount of Realized
Losses, other than Excess Losses, on the
mortgage loans since the Cut-off Date
exceeds [2.80]% of the aggregate Stated
Principal Balance of the mortgage loans
as of the Cut-off Date;
3) if the Distribution Date is occurring on
or after September 2006 and before the
Distribution Date in September 2007, the
aggregate amount of Realized Losses,
other than Excess Losses, on the mortgage
loans since the Cut-off Date exceeds
[3.00]% of the aggregate Stated Principal
Balance of the mortgage loans as of the
Cut-off Date; and
4) if the Distribution Date is occurring on
or after the Distribution Date in
September 2007, the aggregate amount of
Realized Losses, other than Excess
Losses, on the mortgage loans since the
Cut-off Date exceeds [3.25]% of the
aggregate Stated Principal Balance of the
mortgage loans as of the Cut-off Date.
CREDIT ENHANCEMENT: o Subordination: Initially, 11.50% for the Class A
Certificates; 7.00% for the Class M-1 Certificates and 3.00% for the Class
M-2 Certificates.
o Overcollateralization ("OC") INITIAL (% Orig.) 0.00% OC TARGET (% Orig.)
0.50% OC FLOOR (% Orig.) 0.50%
o Excess spread will be available to build overcollateralization commencing
on the March 2003 Distribution Date.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
The Master Servicer will be obligated to advance, or cause to be P&I ADVANCES:
advanced, cash with respect to delinquent payments of principal and
interest on the mortgage loans to the extent that the Master Servicer
reasonably believes that such cash advances can be repaid from future
payments on the related mortgage loans. These cash advances are only
intended to maintain a regular flow of scheduled interest and principal
payments on the Certificates and are not intended to guarantee or insure
against losses.
MONTHLY FEES: Servicing Fee Minimum of [0.30]% per annum, payable monthly;
Master Servicing Fee of [0.05]% per annum, payable monthly.
ELIGIBLE MASTER SERVICING
COMPENSATION:
For any Distribution Date, an amount equal to the lesser of (a) one-twelfth
of 0.125% of the Stated Principal Balance of the mortgage loans immediately
preceding that Distribution Date and (b) the sum of the master servicing
fee payable to the Master Servicer in respect of its master servicing
activities and reinvestment income received by the Master Servicer on
amounts payable with respect to that Distribution Date.
OPTIONAL CALL: The Master Servicer may, at its option, effect an early
redemption or termination of the Certificates on any Distribution Date on
which the current pool principal balance declines to 10% or less of the
aggregate Stated Principal Balance of the mortgage loans as of the Cut-off
Date (the "Clean-up Call Date").
STEP-UP COUPON: The Class A-5, Class A-6, Class M-1, Class M-2 and Class M-3
pass-through rates will each increase by 0.50% on the first Distribution
Date after the Clean-up Call Date.
FEDERAL TAX ASPECTS: The Trust will be established as one or more REMICs for
federal income tax purposes.
ERISACONSIDERATIONS: The Class A Certificates and the Class A-IO Certificates
may be purchased by a pension or other employee benefit plan subject to the
Employee Retirement Income Security Act of 1974 or Section 4975 of the
Internal Revenue Code of 1986, or by an entity investing the assets of an
employee benefit plan so long as certain conditions are met.
SMMEAELIGIBILITY: The Class A Certificates, the Class A-IO Certificates and the
Class M Certificates will NOT be 'mortgage related securities' for purposes
of the Secondary Mortgage Market Enhancement Act of 1984.
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PREPAYMENT SENSITIVITY TABLES
CLASS A-1 (TO CALL/MTY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 11.09 1.42 1.08 0.90 0.79 0.71
MODIFIED DURATION (YEARS) 9.65 1.39 1.06 0.88 0.77 0.69
FIRST PRINCIPAL PAYMENT 9/25/2002 9/25/2002 9/25/2002 9/25/2002 9/25/2002 9/25/2002
LAST PRINCIPAL PAYMENT 10/25/2020 3/25/2005 6/25/2004 2/25/2004 11/25/2003 10/25/2003
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 218 31 22 18 15 14
ILLUSTRATIVE YIELD @ PAR (30/360) 1.99% 1.99% 1.99% 1.99% 1.99% 1.99%
-------------------------------------------------------------------------------------------------------
CLASS A-2 (TO CALL/MTY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 21.15 3.69 2.56 2.00 1.66 1.44
MODIFIED DURATION (YEARS) 15.50 3.45 2.43 1.92 1.60 1.39
FIRST PRINCIPAL PAYMENT 10/25/2020 3/25/2005 6/25/2004 2/25/2004 11/25/2003 10/25/2003
LAST PRINCIPAL PAYMENT 7/25/2026 8/25/2007 12/25/2005 3/25/2005 9/25/2004 5/25/2004
PRINCIPAL LOCKOUT (MONTHS) 217 30 21 17 14 13
PRINCIPAL WINDOW (MONTHS) 70 30 19 14 11 8
ILLUSTRATIVE YIELD @ PAR (30/360) 2.97% 2.92% 2.90% 2.88% 2.86% 2.84%
-------------------------------------------------------------------------------------------------------
CLASS A-3 (TO CALL/MTY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 25.25 6.28 4.06 3.00 2.39 2.02
MODIFIED DURATION (YEARS) 16.31 5.52 3.71 2.80 2.25 1.92
FIRST PRINCIPAL PAYMENT 7/25/2026 8/25/2007 12/25/2005 3/25/2005 9/25/2004 5/25/2004
LAST PRINCIPAL PAYMENT 2/25/2029 1/25/2011 7/25/2007 3/25/2006 5/25/2005 11/25/2004
PRINCIPAL LOCKOUT (MONTHS) 286 59 39 30 24 20
PRINCIPAL WINDOW (MONTHS) 32 42 20 13 9 7
ILLUSTRATIVE YIELD @ PAR (30/360) 3.62% 3.59% 3.57% 3.55% 3.53% 3.51%
-------------------------------------------------------------------------------------------------------
CLASS A-4 (TO CALL)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 27.93 12.41 7.84 5.25 3.79 2.86
MODIFIED DURATION (YEARS) 15.35 9.17 6.37 4.53 3.39 2.61
FIRST PRINCIPAL PAYMENT 2/25/2029 1/25/2011 7/25/2007 3/25/2006 5/25/2005 11/25/2004
LAST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2008 9/25/2006
PRINCIPAL LOCKOUT (MONTHS) 317 100 58 42 32 26
PRINCIPAL WINDOW (MONTHS) 29 86 73 56 34 23
ILLUSTRATIVE YIELD @ PAR (30/360) 4.66% 4.65% 4.64% 4.62% 4.59% 4.57%
-------------------------------------------------------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PREPAYMENT SENSITIVITY TABLES
CLASS A-4 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 27.99 12.66 8.01 5.32 3.79 2.86
MODIFIED DURATION (YEARS) 15.37 9.29 6.47 4.58 3.39 2.61
FIRST PRINCIPAL PAYMENT 2/25/2029 1/25/2011 7/25/2007 3/25/2006 5/25/2005 11/25/2004
LAST PRINCIPAL PAYMENT 12/25/2031 1/25/2021 9/25/2015 3/25/2012 2/25/2008 9/25/2006
PRINCIPAL LOCKOUT (MONTHS) 317 100 58 42 32 26
PRINCIPAL WINDOW (MONTHS) 35 121 99 73 34 23
ILLUSTRATIVE YIELD @ PAR (30/360) 4.66% 4.65% 4.64% 4.62% 4.59% 4.57%
-------------------------------------------------------------------------------------------------------
CLASS A-5 (TO CALL)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 28.82 15.49 10.91 8.16 6.30 4.75
MODIFIED DURATION (YEARS) 14.07 10.15 7.99 6.40 5.19 4.07
FIRST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2008 9/25/2006
LAST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2009 12/25/2007
PRINCIPAL LOCKOUT (MONTHS) 345 185 130 97 65 48
PRINCIPAL WINDOW (MONTHS) 1 1 1 1 13 16
ILLUSTRATIVE YIELD @ PAR (30/360) 5.58% 5.57% 5.56% 5.55% 5.53% 5.51%
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
CLASS A-5 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 29.68 22.28 16.47 12.48 8.73 5.11
MODIFIED DURATION (YEARS) 14.25 12.46 10.47 8.72 6.64 4.30
FIRST PRINCIPAL PAYMENT 12/25/2031 1/25/2021 9/25/2015 3/25/2012 2/25/2008 9/25/2006
LAST PRINCIPAL PAYMENT 8/25/2032 4/25/2030 3/25/2025 3/25/2020 9/25/2016 1/25/2014
PRINCIPAL LOCKOUT (MONTHS) 351 220 156 114 65 48
PRINCIPAL WINDOW (MONTHS) 9 112 115 97 104 89
ILLUSTRATIVE YIELD @ PAR (30/360) 5.58% 5.67% 5.69% 5.70% 5.66% 5.55%
-------------------------------------------------------------------------------------------------------
CLASS A-6 (TO CALL)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 15.19 7.76 6.91 6.35 5.68 5.02
MODIFIED DURATION (YEARS) 10.18 6.21 5.67 5.30 4.83 4.35
FIRST PRINCIPAL PAYMENT 9/25/2005 9/25/2005 9/25/2005 9/25/2005 12/25/2005 3/25/2006
LAST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2009 12/25/2007
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 36 39 42
PRINCIPAL WINDOW (MONTHS) 310 150 95 62 39 22
ILLUSTRATIVE YIELD @ PAR (30/360) 4.92% 4.90% 4.89% 4.89% 4.88% 4.88%
-------------------------------------------------------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PREPAYMENT SENSITIVITY TABLES
CLASS A-6 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 15.19 7.78 6.97 6.53 6.32 6.26
MODIFIED DURATION (YEARS) 10.18 6.22 5.70 5.41 5.27 5.22
FIRST PRINCIPAL PAYMENT 9/25/2005 9/25/2005 9/25/2005 9/25/2005 12/25/2005 3/25/2006
LAST PRINCIPAL PAYMENT 6/25/2032 2/25/2030 1/25/2025 1/25/2020 7/25/2016 11/25/2013
PRINCIPAL LOCKOUT (MONTHS) 36 36 36 36 39 42
PRINCIPAL WINDOW (MONTHS) 322 294 233 173 128 93
ILLUSTRATIVE YIELD @ PAR (30/360) 4.92% 4.90% 4.90% 4.90% 4.93% 4.97%
-------------------------------------------------------------------------------------------------------
CLASS A-IO (TO CALL)
-------------------------------------------------------------------------------------------------------
CPR: 58% 59% 60% 61% 62% 63% 64%
-------------------------------------------------------------------------------------------------------
MODIFIED DURATION (YEARS) 1.01 1.01 1.01 1.01 1.00 0.99 0.99
ILLUSTRATIVE YIELD @
7.890400% (30/360) 4.50% 4.50% 4.50% 4.50% 2.81% 0.93% -1.33%
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
CLASS M-1 (TO CALL)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.51 10.51 7.28 5.49 4.53 4.03
MODIFIED DURATION (YEARS) 14.01 7.72 5.81 4.60 3.91 3.54
FIRST PRINCIPAL PAYMENT 1/25/2025 12/25/2007 4/25/2006 9/25/2005 10/25/2005 12/25/2005
LAST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2009 12/25/2007
PRINCIPAL LOCKOUT (MONTHS) 268 63 43 36 37 39
PRINCIPAL WINDOW (MONTHS) 78 123 88 62 41 25
ILLUSTRATIVE YIELD @ PAR (30/360) 5.26% 5.24% 5.23% 5.21% 5.20% 5.19%
-------------------------------------------------------------------------------------------------------
CLASS M-1 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.63 11.31 7.90 5.98 4.90 4.33
MODIFIED DURATION (YEARS) 14.04 8.03 6.12 4.89 4.16 3.75
FIRST PRINCIPAL PAYMENT 1/25/2025 12/25/2007 4/25/2006 9/25/2005 10/25/2005 12/25/2005
LAST PRINCIPAL PAYMENT 6/25/2032 2/25/2026 12/25/2019 11/25/2015 2/25/2013 2/25/2011
PRINCIPAL LOCKOUT (MONTHS) 268 63 43 36 37 39
PRINCIPAL WINDOW (MONTHS) 90 219 165 123 89 63
ILLUSTRATIVE YIELD @ PAR (30/360) 5.26% 5.26% 5.26% 5.25% 5.23% 5.22%
-------------------------------------------------------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
PREPAYMENT SENSITIVITY TABLES
CLASS M-2 (TO CALL)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.51 10.51 7.28 5.49 4.50 3.94
MODIFIED DURATION (YEARS) 13.50 7.57 5.73 4.55 3.84 3.43
FIRST PRINCIPAL PAYMENT 1/25/2025 12/25/2007 4/25/2006 9/25/2005 9/25/2005 10/25/2005
LAST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2009 12/25/2007
PRINCIPAL LOCKOUT (MONTHS) 268 63 43 36 36 37
PRINCIPAL WINDOW (MONTHS) 78 123 88 62 42 27
ILLUSTRATIVE YIELD @ PAR (30/360) 5.62% 5.60% 5.58% 5.56% 5.55% 5.54%
-------------------------------------------------------------------------------------------------------
CLASS M-2 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.61 11.10 7.73 5.84 4.76 4.15
MODIFIED DURATION (YEARS) 13.52 7.80 5.95 4.75 4.02 3.58
FIRST PRINCIPAL PAYMENT 1/25/2025 12/25/2007 4/25/2006 9/25/2005 9/25/2005 10/25/2005
LAST PRINCIPAL PAYMENT 4/25/2032 1/25/2024 1/25/2018 5/25/2014 11/25/2011 3/25/2010
PRINCIPAL LOCKOUT (MONTHS) 268 63 43 36 36 37
PRINCIPAL WINDOW (MONTHS) 88 194 142 105 75 54
ILLUSTRATIVE YIELD @ PAR (30/360) 5.62% 5.61% 5.60% 5.59% 5.57% 5.56%
-------------------------------------------------------------------------------------------------------
CLASS M-3 (TO CALL)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.12 9.68 6.68 5.05 4.14 3.64
MODIFIED DURATION (YEARS) 13.25 7.11 5.33 4.22 3.57 3.19
FIRST PRINCIPAL PAYMENT 1/25/2025 12/25/2007 4/25/2006 9/25/2005 9/25/2005 9/25/2005
LAST PRINCIPAL PAYMENT 6/25/2031 2/25/2018 7/25/2013 10/25/2010 2/25/2009 12/25/2007
PRINCIPAL LOCKOUT (MONTHS) 268 63 43 36 36 36
PRINCIPAL WINDOW (MONTHS) 78 123 88 62 42 28
ILLUSTRATIVE YIELD @ PAR (30/360) 5.74% 5.71% 5.70% 5.68% 5.66% 5.65%
-------------------------------------------------------------------------------------------------------
CLASS M-3 (TO MATURITY)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% OF PREPAYMENT SPEED RAMP: 0% 50% 75% 100% 125% 150%
-------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 26.14 9.74 6.72 5.08 4.17 3.66
MODIFIED DURATION (YEARS) 13.25 7.13 5.35 4.24 3.59 3.21
FIRST PRINCIPAL PAYMENT 1/25/2025 12/25/2007 4/25/2006 9/25/2005 9/25/2005 9/25/2005
LAST PRINCIPAL PAYMENT 11/25/2031 1/25/2020 12/25/2014 11/25/2011 12/25/2009 8/25/2008
PRINCIPAL LOCKOUT (MONTHS) 268 63 43 36 36 36
PRINCIPAL WINDOW (MONTHS) 83 146 105 75 52 36
ILLUSTRATIVE YIELD @ PAR (30/360) 5.74% 5.72% 5.70% 5.68% 5.66% 5.65%
-------------------------------------------------------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------
Current Principal Balance (as of $473,037,460.76
7/1/02)
------------------------------------
Loan Count
3,146
Average Original Balance $150,434
Range of Original Balance $17,510 -
$596,400
$0.01 to $100,000.00 13.92%
$100,000.01 to $200,000.00 50.64%
$200,000.01 to $300,000.00 25.79%
$300,000.01 to $400,000.00 7.10%
$400,000.01 to $500,000.00 1.86%
$500,000.01 to $600,000.00 0.70%
--------------------------------------------------------
WA Gross Coupon 8.713%
Range of Gross Coupons 6.000% - 11.625%
6.000% to 6.499% 0.05%
7.000% to 7.499% 1.27%
7.500% to 7.999% 15.54%
8.000% to 8.499% 24.96%
8.500% to 8.999% 28.98%
9.000% to 9.499% 10.24%
9.500% to 9.999% 10.40%
10.000% to 10.499% 4.59%
10.500% to 10.999% 3.08%
11.000% to 11.499% 0.68%
11.500% to 11.999% 0.20%
--------------------------------------------------------
WA Age (months) 0
WA Original Term to Maturity
(months) 354
--------------------------------------------------------
--------------------------------------------------------
Balloon / Fully Amortizing 3.22% / 96.78%
First Lien / Second Lien 100.00% / 0.00%
WA Debt-to-Income Ratio
39.54%
--------------------------------------------------------
--------------------------------------------------------
WA Credit Score
701
Range of Credit Scores 580 - 819
599 or Less 2.72%
600 to 619 7.15%
620 to 639 9.33%
640 to 659 7.36%
660 to 679 6.50%
680 to 699 11.51%
700 to 719 9.94%
720 to 739 16.84%
740 to 759 14.06%
760 to 779 9.24%
780 to 799 4.19%
800 or Greater 1.16%
--------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------
WA Original LTV
102.11%
Range of Original LTV 51.00% - 107.00%
85.00% or Less 0.14%
85.01% to 90.00% 0.15%
90.01% to 95.00% 6.22%
95.01% to 100.00% 33.30%
100.01% to 101.00% 1.45%
101.01% to 102.00% 2.91%
102.01% to 103.00% 29.03%
103.01% to 104.00% 4.00%
104.01% to 105.00% 3.68%
105.01% to 106.00% 3.10%
106.01% to 107.00% 16.03%
--------------------------------------------------------
CREDIT GRADE
A1 44.73%
A2 20.34%
A3 13.43%
A4 15.42%
AX 2.83%
AM 3.24%
--------------------------------------------------------
--------------------------------------------------------
PROPERTY TYPE
SF Detached 72.39%
PUD Detached 11.71%
Low-Rise Condo 7.84%
2-4 Family 3.92%
PUD Attached 3.22%
Townhouse 0.93%
--------------------------------------------------------
OCCUPANCY STATUS
Primary Residence 94.85%
Non-Owner Occupied 4.20%
Second Home 0.95%
--------------------------------------------------------
DOCUMENTATION
Full Documentation 85.35%
Limited Documentation 14.65%
--------------------------------------------------------
LOAN PURPOSE
Purchase 79.31%
Equity Refinance 15.88%
Rate/Term Refinance 4.81%
--------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------
PREPAYMENT PENALTY TERM
None 43.64%
12 months 5.20%
24 months 1.39%
36 months 45.86%
42 months 0.11%
60 months 2.72%
Other (not more than 60 months) 1.07%
--------------------------------------------------------
--------------------------------------------------------
GEOGRAPHIC CONCENTRATION (> 3%)
26.43% CA
6.45% FL
5.48% TX
4.39% MI
4.17% WA
3.86% GA
3.47% AZ
3.07% CO
3.06% OR
39.61% Other
--------------------------------------------------------
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
CLASS A-1 NET WAC CAP*
-----------------------
1 6.38
-----------------------
2 6.37
-----------------------
3 6.36
-----------------------
4 6.43
-----------------------
5 6.42
-----------------------
6 6.40
-----------------------
7 6.50
-----------------------
8 6.47
-----------------------
9 6.44
-----------------------
10 6.54
-----------------------
11 6.51
-----------------------
12 6.47
-----------------------
13 6.57
-----------------------
14 6.53
-----------------------
15 6.49
-----------------------
16 6.61
-----------------------
17 6.57
-----------------------
-----------------------
18 6.53
-----------------------
* at 100% of Prepayment Speed Assumption
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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 ASSET MORTGAGE PRODUCTS, INC.
RAMP SERIES 2002- RZ3 TRUST
Computational Materials: Term Sheet
EXCESS SPREAD (BEFORE LOSSES)
FOR THE FIRST 36 DISTRIBUTION DATES *
1-MONTH 1-MONTH
LIBOR = LIBOR =
1.80% FORWARD
-------------------------------------
1 2.78 2.78
-------------------------------------
2 2.73 2.73
-------------------------------------
3 2.69 2.69
-------------------------------------
4 2.77 2.79
-------------------------------------
5 2.72 2.75
-------------------------------------
6 2.69 2.72
-------------------------------------
7 2.81 2.84
-------------------------------------
8 2.72 2.74
-------------------------------------
9 2.68 2.69
-------------------------------------
10 2.73 2.73
-------------------------------------
11 2.67 2.66
-------------------------------------
12 2.58 2.55
-------------------------------------
13 2.64 2.60
-------------------------------------
14 2.56 2.51
-------------------------------------
15 2.46 2.41
-------------------------------------
16 2.53 2.49
-------------------------------------
17 2.43 2.40
-------------------------------------
18 2.34 2.32
-------------------------------------
19 2.40 2.40
-------------------------------------
20 2.33 2.33
-------------------------------------
21 2.26 2.26
-------------------------------------
22 2.55 2.55
-------------------------------------
23 2.48 2.48
-------------------------------------
24 2.41 2.41
-------------------------------------
25 2.67 2.67
-------------------------------------
26 2.60 2.60
-------------------------------------
27 2.53 2.53
-------------------------------------
28 2.73 2.73
-------------------------------------
29 2.67 2.67
-------------------------------------
30 2.61 2.61
-------------------------------------
31 3.58 3.58
-------------------------------------
32 3.55 3.55
-------------------------------------
33 3.52 3.52
-------------------------------------
34 3.49 3.49
-------------------------------------
35 3.46 3.46
-------------------------------------
36 3.43 3.43
-------------------------------------
* at 100% of Prepayment Speed Assumption
________________________________________________________________________________
This information should be considered only after reading Bear Xxxxxxx' 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.
