Aurora Loan Services $251.9M Mtge P-T Ctfs Ser 2000-2 Rated.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 28, 2000

Fitch IBCA rates Aurora Loan Services' (Aurora) $234 million pass-through certificates, series 2000-2 class 1-A1, 1-AX, 1-AP, R, 2-A1, 2-AX1, 2-AX2, and 2-AP certificates `AAA'. In addition, the $8.4 million class B1 certificates are rated `AA', the $6.4 million class B2 certificates are rated `A', and the $3.1 million class B3 certificates are rated `BBB'.

[pilcrow (paragraph sign)] Fitch IBCA's `AAA' rating on the senior certificates reflects the 8.75% subordination provided by the offered and unoffered class B certificates. The `AA' rating on class B1 reflects the 5.50% subordination provided by the class B2, B3, and unoffered class B certificates. The `A' rating on class B2 reflects the 3.00% subordination provided by the class B3 and unoffered class B certificates. The `BBB' rating on the class B3 reflects the 1.80% subordination provided by the unoffered class B certificates. The ratings on the certificates reflect the quality of the mortgage loans, the sufficient amounts of credit enhancement, the soundness of the legal and financial structures and the capabilities of Aurora Loan Services Inc. as servicer of the loans.

The loans were originated or acquired by Aurora. All of the mortgage loans are conventional, adjustable rate, fully amortizing residential mortgage loans. The Pool 1 and Pool 2 mortgage loans have interest rates that first adjust after an initial period of three years and five years, respectively, following origination and then annually. The rate adjustments for both pools are based on the One-Year CMT Index. On the closing date the assets of the trust will consist of two pools of mortgage loans with a total aggregate principal balance of approximately $251,897,686.

The certificates 1-A1, 1-AX, 1-AP, and R represent interests in Pool 1. The weighted average original loan-to-value ratio (OLTV) is 70.7 %. The weighted average coupon (WAC) of the loans is 8.11%; the weighted average remaining term (WAM) is 353 months and the average balance is $344,192. Approximately 77.5% of the mortgage loans were originated under a reduced documentation program. Cash out refinance represents 40.4% of the loan purpose. The loans are primarily located in California (70.7%), Colorado (6.6%) and Utah (5.3%).

The certificates 2-A1, 2-AX1, 2-AX2, 2-AP represent interests in Pool 2. The OLTV is 69.3%. The WAC of the loans is 8.46%; the WAM is 354 months and the average balance is $326,594. Approximately 78.6% of the mortgage loans were originated under a reduced documentation program. Cash out refinance represents 45.3% of the loan purpose. The loans are primarily located in California (60.1%), Colorado (13.9 %) and Florida (6.4%).

Interest and principal payments on the certificates will be distributed on the 25th day of each month commencing in May 2000. Interest and then principal will be paid sequentially to the senior certificates before the subordinate certificates.