exampleof yield maintenance calculationin connection witha（exampleof收益率维护calculationin连接使用）.doc

EXAMPLE OF YIELD MAINTENANCE CALCULATION IN CONNECTION WITH A FULL PREPAYMENT FOR NOTE VERSIONS PRIOR TO 11/2001 GIVEN: (1) Date of the note (closing date) = 9/30/90 (2) Loan term = 10 years (3) Yield maintenance period = 7 years (ending 9/29/97) (4) Note rate = c = 10.5% (.105) (5) Servicing fee = s = .50% (.005) (6) Expected date of full prepayment = 6/30/94 (7) UPB of loan, as of date of full prepayment = b = $7,340,876 (8) Yield on pre-selected Treasury security * = r = 8.4% (.084) *Yield on security as reported in Wall Street Journal on fifth business day preceding the date borrower gives formal notice of intent to prepay. THEN: (a) Remaining yield maintenance period = n = 6/30/94 to 9/29/97 = 1187 days (actual number of days) = 3.2521 years (365/366-day years) (b) Present value factor = f = 1 - (1 + r )-n r = 1 - (1 + .084)-3.2521 .084 = 2.7467 (c) Yield maintenance premium due from borrower = (c - r) X f X b = (.105 - .084) (2.7467) (7,340,876) = $423,426.87 (d) Lenders share of premium = s X f X b** = .005 (2.7467) (7,340,876) = $100,815.92 **To the extent that such amount does not exceed the difference between (i) the total premium due from the borrower and (ii) 1% of the UPB of the loan. (e) Fannie Maes share of premium = $423,426.87 - $100,815.92 = $322,610.95  EXAMPLE OF YIELD MAINTENANCE CALCULATION IN CONNECTION WITH A FULL PREPAYMENT FOR NOTES VERSIONS BETWEEN 11/2001 and 04/2003 GIVEN: (1) Date of the note (closing date) = 9/30/90 (2) Loan term = 10 years (3) Yield maintenance period = 7 years (ending 9/29/97) (4) Note rate = c = 10.5% (.105) (5) Servicing fee = s = .50% (.005) (6) Expected date of full prepayment = 6/30/94 (7) UPB of loan, as of date of full prepayment = b = $7,340,876 (8) Yield on pre-selected Treasury security * = r = 8.4% (.084) *Yield on security as reported in The Wall Street Journal on