Common use of COLLECTIONS ON THE MORTGAGE LOANS Clause in Contracts

COLLECTIONS ON THE MORTGAGE LOANS. Interest Principal Total -------- --------- ----- Scheduled Monthly Payments 3,527,039.18 482,558.49 4,009,597.67 Recovery of Delinquent Scheduled Payments 809,385.41 212,092.16 1,021,477.57 Principal Prepayments 379,451.15 946,657.17 1,326,108.32 Repurchases (0.02) (56,894.61) (56,894.63) FHA Claims 0.00 0.00 0.00 Foreclosure Collections 0.00 0.00 0.00 Prefunding Account Withdrawal 0.00 86.06 86.06 Total 4,715,875.72 1,584,499.27 6,300,374.99 FEES: Servicing Fee 217,874.83 Trustee Fee 1,162.00 Custodian Fee 3,486.00 Certificate Guaranty Insurance 0.00 Owner Trustee Fee 0.00 Total Fees: 222,522.83 OVERCOLLATERALIZATION INFORMATION: Original Overcollateralization Amount 0.00 Current Overcollateralization Amount 6,401,409.07 Interim Required Overcollaterlization Amount 16,000,000.00 Required Overcollaterlization Amount 29,000,000.00 Current Credit Support Multiple 1.00 Is Due Period a Step Down Date? No RESERVE ACCOUNT INFORMATION Original Reserve Account Deposit 13,000,000.00 Current Reserve Fund Balance 13,000,000.00 Reserve Fund Requirement 13,000,000.00 AMOUNT IN PREFUNDING ACCOUNT: 0.00 CAPITAL ACCOUNT INFORMATION: Amount Remaining in Capitalized Interest Account 0.00 Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 153,820.10

COLLECTIONS ON THE MORTGAGE LOANS. Interest Principal Total -------- --------- ----- Scheduled Monthly Payments 3,527,039.18 482,558.49 4,009,597.67 4,750,777.69 713,300.64 5,464,078.33 Recovery of Delinquent Scheduled Payments 809,385.41 212,092.16 1,021,477.57 1,109,763.34 140,144.86 1,249,908.20 Principal Prepayments 379,451.15 946,657.17 1,326,108.32 Repurchases (0.02) (56,894.61) (56,894.63) FHA Claims 0.00 0.00 0.00 661,369.97 3,108,421.66 3,769,791.63 Foreclosure Collections 0.00 0.00 0.00 Funds Received on Charged Off Loans 335.75 0.00 335.75 Total Collections on Mortgage Loans 6,522,246.75 3,961,867.16 10,484,113.91 Prefunding Account Withdrawal Deposit 0.00 86.06 86.06 Total 4,715,875.72 1,584,499.27 6,300,374.99 0.00 0.00 Collection Account Earnings 23,672.45 0.00 23,672.45 Note Distribution Account Earnings 7,963.86 0.00 7,963.86 Capitalized Interest Release 0.00 0.00 0.00 Available Collection Amounts 6,553,883.06 3,961,867.16 10,515,750.22 FEES: Servicing Fee 217,874.83 365,426.72 Trustee Fee 1,162.00 1,948.94 Custodian Fee 3,486.00 Certificate 5,846.83 Guaranty Insurance 0.00 137,341.24 Owner Trustee Fee 0.00 Total Fees: 222,522.83 510,563.73 OVERCOLLATERALIZATION INFORMATION: Original Overcollateralization Amount 0.00 Current Overcollateralization Amount 6,401,409.07 19,136,396.32 Interim Required Overcollaterlization Amount 16,000,000.00 23,999,944.55 Required Overcollaterlization Amount 29,000,000.00 44,999,896.07 Current Credit Support Multiple 1.00 Is Due Period a Step Down Date? No RESERVE ACCOUNT INFORMATION Original Reserve Account Deposit 13,000,000.00 14,019,276.18 Deposits on Subsequent Transfer 6,980,675.34 Current Reserve Fund Balance 13,000,000.00 20,999,951.52 Reserve Fund Requirement 13,000,000.00 20,999,951.52 AMOUNT IN PREFUNDING ACCOUNT: 0.00 CAPITAL ACCOUNT INFORMATION: Amount Remaining in Capitalized Interest Account 0.00 Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 153,820.100.00 COLLATERAL INFORMATION: Beginning Weighted Average Remaining Maturity 229 Ending Weighted Average Remaining Maturity 228 Beginning Weighted Average Coupon 14.100% Ending Weighted Average Coupon 14.100% Beginning Number of Loans 19,263 Ending Number of Loans 19,122 Beginning Unpaid Principle Balance of Home Loans 584,682,758.94 Ending Unpaid Principle Balance of Home Loans 579,820,477.47 Loans Paid in Full 141 DELINQUENCIES: # $ % of $ - - ------ 30-59 Days 230 6,428,123.00 1.0994% 60-89 Days 84 2,591,310.00 0.4432% Over 90 135 3,965,938.00 0.6783% Total 449 12,985,371.00 2.2209% LIQUIDATED LOANS: Principal Interest Liquidation Proceeds 312.97 22.78 Write-Offs 900,414.31 0.00 Net Losses 900,101.34 (22.78) * Assumes entire prefunded account is used to purchase home loans 3 BACKUP CALCULATIONS: DEPOSIT TO NOTE DISTRIBUTION ACCOUNT: Principal and Interest 10,484,113.91 Cap Interest Release 0.00 Guranteed Payment 0.00 Reserve Account Withdrawals 0.00 Prefunding Account Deposit 0.00 Collection Account Withdrawals/Collection Account Earnings 23,672.45 Total Deposits 10,507,786.36 Note Distribution Account earnings 7,963.86 Note Distribution Account balance 10,515,750.22

COLLECTIONS ON THE MORTGAGE LOANS. Interest Principal Total -------- --------- ----- ------------ ------------ ------------ Scheduled Monthly Payments 3,527,039.18 482,558.49 4,009,597.67 4,934,104.88 666,869.92 5,600,974.80 Recovery of Delinquent Scheduled Payments 809,385.41 212,092.16 1,021,477.57 1,012,610.73 140,280.97 1,152,891.70 Principal Prepayments 379,451.15 946,657.17 1,326,108.32 Repurchases (0.02) (56,894.61) (56,894.63) FHA Claims 0.00 0.00 0.00 650,556.92 2,632,852.37 3,283,409.29 Foreclosure Collections 0.00 0.00 0.00 Total Collections on Mortgage Loans 6,597,272.53 3,440,003.26 10,037,275.79 Prefunding Account Withdrawal Deposit 0.00 86.06 86.06 Total 4,715,875.72 1,584,499.27 6,300,374.99 0.00 0.00 Collection Account Earnings 24,403.10 0.00 24,403.10 Note Distribution Account Earnings 2,781.52 0.00 2,781.52 Capitalized Interest Release 3.04 0.00 3.04 Available Collection Amounts 6,624,460.19 3,440,003.26 10,064,463.45 FEES: Servicing Fee 217,874.83 370,449.51 Trustee Fee 1,162.00 1,975.73 Custodian Fee 3,486.00 Certificate 5,927.19 Guaranty Insurance 0.00 140,667.82 Owner Trustee Fee 0.00 Total Fees: 222,522.83 519,020.25 OVERCOLLATERALIZATION INFORMATION: * Original Overcollateralization Amount 0.00 Current Overcollateralization Amount 6,401,409.07 14,319,906.18 Interim Required Overcollaterlization Overcollateralization Amount 16,000,000.00 23,999,944.55 Required Overcollaterlization Overcollateralization Amount 29,000,000.00 44,999,896.07 Current Credit Support Multiple 1.00 Is Due Period a Step Down Date? No RESERVE ACCOUNT INFORMATION Original Reserve Account Deposit 13,000,000.00 14,019,276.18 Current Reserve Fund Balance 13,000,000.00 20,999,951.52 Reserve Fund Requirement 13,000,000.00 20,999,951.52 AMOUNT IN PREFUNDING ACCOUNT: 0.00 CAPITAL ACCOUNT INFORMATION: Amount Remaining in Capitalized Interest Account 0.00 Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 153,820.100.00

COLLECTIONS ON THE MORTGAGE LOANS. Interest Principal Total -------- --------- ----- Scheduled Monthly Mnthly Payments 3,527,039.18 482,558.49 4,009,597.67 2,269,476.18 192,401.23 2,461,877.41 Recovery of Delinquent Scheduled Payments 809,385.41 212,092.16 1,021,477.57 196,765.81 15,537.30 212,303.11 Principal Prepayments 379,451.15 946,657.17 1,326,108.32 229,665.40 291,770.02 521,435.42 Repurchases (0.02) (56,894.61) (56,894.63) 0.00 0.00 0.00 FHA Claims 0.00 0.00 0.00 Foreclosure Collections 0.00 0.00 0.00 Prefunding Account Withdrawal 0.00 86.06 86.06 Total 4,715,875.72 1,584,499.27 6,300,374.99 2,695,907.39 499,708.55 3,195,615.94 FEES: Servicing Fee 217,874.83 159,632.98 Trustee Fee 1,162.00 212.84 Custodian Fee 3,486.00 340.55 Certificate Guaranty Insurance 0.00 Owner Trustee Fee 0.00 Total Fees: 222,522.83 160,186.37 OVERCOLLATERALIZATION INFORMATION: Original Orginal Overcollateralization Amount 0.00 Current Overcollateralization Amount 6,401,409.07 n/a Interim Required Overcollaterlization Amount 16,000,000.00 15,000,000.00 Required Overcollaterlization Amount 29,000,000.00 for Due Period 26,250,000.00 Current Credit Support Multiple 1.00 Is Due Period a Step Down Date? Date No RESERVE ACCOUNT INFORMATION Original Reserve Account Deposit 13,000,000.00 11,250,000.00 Current Reserve Fund Balance 13,000,000.00 11,250,000.00 Reserve Fund Requirement 13,000,000.00 11,250,000.00 AMOUNT IN PREFUNDING ACCOUNT: 0.00 44,587,224.61 CAPITAL ACCOUNT INFORMATION: Amount Remaining in Capitalized Interest Account 0.00 513,494.35 Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 153,820.10269,960.16

COLLECTIONS ON THE MORTGAGE LOANS. Interest Principal Total -------- --------- ----- Scheduled Monthly Payments 3,527,039.18 482,558.49 4,009,597.67 5,037,504.51 738,870.86 5,776,375.37 Recovery of Delinquent Scheduled Payments 809,385.41 212,092.16 1,021,477.57 1,216,860.32 137,034.09 1,353,894.41 Principal Prepayments 379,451.15 946,657.17 1,326,108.32 Repurchases (0.02) (56,894.61) (56,894.63) FHA Claims 0.00 0.00 0.00 670,251.75 3,318,893.31 3,989,145.06 Foreclosure Collections 0.00 0.00 0.00 Total Collections on Mortgage Loans 6,924,616.58 4,194,798.26 11,119,414.84 Prefunding Account Withdrawal Deposit 0.00 86.06 86.06 Total 4,715,875.72 1,584,499.27 6,300,374.99 0.00 0.00 Collection Account Earnings 28,903.97 0.00 28,903.97 Note Distribution Account Earnings 1,446.62 0.00 1,446.62 Capitalized Interest Release 0.00 0.00 0.00 Available Collection Amounts 6,954,967.17 4,194,798.26 11,149,765.43 FEES: Servicing Fee 217,874.83 368,299.51 Trustee Fee 1,162.00 1,964.26 Custodian Fee 3,486.00 Certificate 5,892.79 Guaranty Insurance 0.00 139,140.15 Owner Trustee Fee 0.00 Total Fees: 222,522.83 515,296.71 OVERCOLLATERALIZATION INFORMATION: Original Overcollateralization Amount 0.00 Current Overcollateralization Amount 6,401,409.07 17,156,963.68 Interim Required Overcollaterlization Overcollateralization Amount 16,000,000.00 23,999,944.55 Required Overcollaterlization Overcollateralization Amount 29,000,000.00 44,999,896.07 Current Credit Support Multiple 1.00 Is Due Period a Step Down Date? No RESERVE ACCOUNT INFORMATION Original Reserve Account Deposit 13,000,000.00 14,019,276.18 Deposits on Subsequent Transfer 6,980,675.34 Current Reserve Fund Balance 13,000,000.00 20,999,951.52 Reserve Fund Requirement 13,000,000.00 20,999,951.52 AMOUNT IN PREFUNDING ACCOUNT: 0.00 CAPITAL ACCOUNT INFORMATIONCapital Account Information: Amount Remaining in Capitalized Interest Account 0.00 Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 153,820.100.00 COLLATERAL INFORMATION: Beginning Weighted Average Remaining Maturity 229 Ending Weighted Average Remaining Maturity 229 Beginning Weighted Average Coupon 14.100% Ending Weighted Average Coupon 14.100% Beginning Number of Loans 19,393 Ending Number of Loans 19,263 Beginning Unpaid Principle Balance of Home Loans 589,279,217.41 Ending Unpaid Principle Balance of Home Loans 584,682,758.94 Loans Paid in Full 130 DELINQUENCIES: # $ % of $ - - ------ 30-59 Days 68 4,018,481.00 0.6819% 60-89 Days 50 2,013,511.00 0.3417% Over 90 64 2,499,003.00 0.4241% Total 182 8,530,995.00 1.4477%