<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 19, 1996
(Date of earliest event reported)
FIRSTPLUS INVESTMENT CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada 333-11855 75-2596063
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
3773 Howard Hughes Parkway
Suite 300N
Las Vegas, Nevada 89109
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (702) 866-2202
<PAGE> 2
Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-11855) filed with the Securities and Exchange Commission
(the "Commission") on September 12, 1996 (the "Registration Statement"),
pursuant to which the Registrant registered $1,240,625,000 aggregate principal
amount of its asset backed notes and asset backed certificates, issuable in
various series, for sale in accordance with the provisions of the Securities
Act of 1933, as amended (the "Act"). Reference is also hereby made to the
Prospectus dated September 16, 1996 and the related preliminary Prospectus
Supplement, dated September 16, 1996 (collectively, the "Prospectus"), which
are being filed with the Commission concurrently herewith pursuant to Rule
424(b)(2), with respect to the Registrant's Asset Backed Notes and Asset Backed
Certificates, Series 1996-3 (the "Offered Securities").
The Registrant is filing this Current Report on Form 8-K to (i) file
the Consent of Independent Accountants to the inclusion in the Prospectus of
the accountant's report dated January 22, 1996 in the audit of the consolidated
financial statements of MBIA Insurance Corporation and Subsidiaries and (ii)
provide prospective investors with certain materials which constitute
"Computational Materials" within the meaning of that certain no-action letter
dated May 20, 1994 issued by the Division of Corporate Finance of the
Commission to Kidder Peabody Acceptance Corporation I, Kidder, Peabody & Co.
Incorporated, and Kidder Structured Asset Corporation. The Computational
Materials were prepared solely by Banc One Capital Corporation in connection
with the offering of the Offered Securities, and the Registrant did not prepare
or participate in the preparation of the Computational Materials. The Consent
of Independent Accountants is set forth in Exhibit 23.2 hereto and the
Computational Materials are set forth in Exhibit 28.1 hereto.
The assumptions used in preparing the Computational Materials were
based upon a preliminary compilation of the underlying collateral and the
estimated principal amount and other features of the Offered Securities. The
actual features of the Offered Securities and a detailed description of the
final constituency of the underlying collateral are set forth in the
Prospectus.
Due to the preliminary nature of the collateral and information used
in preparing the Computational Materials, no assurance can be given as to the
accuracy of either the Computational Materials or the underlying assumptions,
or the appropriateness or completeness in any particular context; nor can
assurance be given as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be
construed as either projections or predictions or as legal, tax, financial or
accounting advice.
Any yields or weighted average lives shown in the Computational
Materials are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such yields or weighted average lives. In
addition, it is possible that prepayments on the collateral will occur at rates
slower or faster than the rates shown in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the collateral and no interest shortfall. The specific
characteristics of the Offered Securities may differ
-2-
<PAGE> 3
from those shown in the Computational Materials due to differences between the
actual collateral and the hypothetical collateral used in preparing the
Computational Materials. As noted above, the principal amount and designation
of any security described in the Computational Materials are subject to change
prior to issuance.
Please be advised that asset backed securities may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, mortgage prepayments, yield curve and interest
rate risks. Investors should make every effort to consider the risks of these
securities.
Any statement or information contained in the Computational Materials
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
23.2 Consent of Coopers & Lybrand L.L.P.
28.1 Computational Materials provided by Banc One Capital Corporation
</TABLE>
- ------------------------------
*The Registrant is filing Exhibit 28.1 to this Current Report on Form 8-K
separately on paper with the Commission under cover of Form SE pursuant to a
continuing hardship exemption concurrently with this EDGAR filing.
-3-
<PAGE> 4
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRSTPLUS INVESTMENT CORPORATION
September 19, 1996 By: /s/ Christopher J. Gramlich
----------------------------------------------
Christopher J. Gramlich, Senior Vice President
-4-
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
23.2 Consent of Coopers & Lybrand L.L.P.
28.1 Computational Materials provided by Banc One Capital Corporation
</TABLE>
<PAGE> 1
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement dated
September 16, 1996 of our report dated January 22, 1996, on our audits of the
consolidated financial statements of MBIA Insurance Corporation and
Subsidiaries as of December 31, 1995 and 1994 and for the three years ended
December 31, 1995. We also consent to the reference to our firm under the
caption "Experts".
/s/ COOPERS & LYBRAND L.L.P.
------------------------------
Coopers & Lybrand L.L.P.
September 16, 1996
New York, New York
<PAGE> 1
EXHIBIT 28.1
Computational Materials provided by Banc One Capital Corporation
FIRSTPLUS HOME LOAN OWNER TRUST, SERIES 1996-3
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES
AND OTHER INFORMATION
The information contained in the attached or enclosed materials (the
"Information") is illustrative only and is not intended to predict actual
results. The Information is based on certain assumptions with respect to
significant factors that may prove to be incorrect. For example, the
performance of the collateral may assume constant prepayment rates for the life
of the securities, which are unlikely to occur. Returns based on actual
prepayments are likely to be different and could be substantially different.
The Information is based on aggregate collateral data not actual collateral.
Where actual collateral instead of aggregate collateral is used, different cash
flows, average lives, and yields may result. When collateral paydown numbers
are known only on a gross or aggregate basis, such as with aggregate
collateral, their allocation among the collateral components is assumed for
projection purposes. Accordingly, the resulting paydown speed may be over or
understated for a component included in such collateral.
The Information includes data on the possible future performance of certain
operating entities and the collateral owned or originated by those companies.
Other methods of projecting the performance of both may be used and are likely
to produce different evaluations of performance. You should consider whether
to employ such models to analyze and project the performance of the collateral
and the operating entities. Moreover, the Information may not reflect the
impact of all structural characteristics of the transactions being discussed.
You should consider whether the data should be tested with assumptions
different from those included in the attached or enclosed materials, which may
not be appropriate for you. The assumptions underlying the Information,
including structure and collateral, are preliminary and may be modified from
time to time to reflect changed circumstances or new information. You should
not consider the data in any but the most current Information in evaluating the
collateral and the operating entities.
Although the data underlying the Information has been obtained from sources
that we have no reason to believe are not reliable, Banc One Capital
Corporation does not make any representation, warranty, or guarantee as to the
accuracy or completeness of the underlying data or computations based thereon.
Information contained in the following computational materials supersedes any
prior computational materials for the referenced series of securities, but such
information will be superseded by a prospectus supplement for such series.
These computational materials shall not constitute an offer to sell or the
solicitation of an offer to buy any securities. Securities may not be sold or
may offers to buy be accepted before a Prospectus and Prospectus Supplement is
delivered in final form.
<PAGE> 2
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
Collateral Assumptions
FIXED RATE HOME LOANS
Preliminary characteristics of the Initial Mortgage Loans as of 8/31/96
<TABLE>
<S> <C> <C>
TOTAL NUMBER OF LOANS: 7,337
TOTAL OUTSTANDING LOAN BALANCE: $215,006,133
BALLOON (% OF TOTAL): none
LEVEL PAY (% OF TOTAL): 100.00%
AVERAGE LOAN PRINCIPAL BALANCE: $29,304 ($1,221 to $75,000)
WEIGHTED AVERAGE COUPON: 14.622% (8.99% to 20.49%)
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 230 (25 to 300)
WEIGHTED AVERAGE SEASONING (MONTHS): 1 (0 to 11)
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 231 (36 to 300)
RANGE OF ORIGINAL TERMS: LEVEL PAY
----------------------------------------
1 - 120: 3.24%
121 - 180: 25.77%
181 - 240: 52.37%
241 - 300 18.62%
LOAN TYPE: "Buster" Plus (40% HI and up to 60% Debt Consolidation) 40.60%
"Debt Buster" (Up to 100% Debt Consolidation) 59.24%
Unsecured 0.07%
Unknown 0.09%
CREDIT QUALITY: A: 35.10%
(per guidelines of FIRSTPLUS) B: 42.46%
C or below: 22.44%
FICO SCORES
PERCENT OF HOME LOAN POOL WITH FICO SCORES: 98.99%
WA FICO SCORE (BASED ON HOME LOANS WITH FICO SCORES): 662.59
PERCENT OF HOME LOAN POOL WITH FICO SCORE OF 640 OR MORE: 78.33%
LIEN POSITION: 1st Lien: 2.33%
Junior Lien: 97.60%
Unsecured: 0.07%
GEOGRAPHIC DISTRIBUTION: 36 states
CA: 57.86%
AZ: 8.24%
NV: 6.03%
WA 5.22%
CO: 4.94%
Other: 17.71%
</TABLE>
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED
BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
[BANCONE LOGO]
<PAGE> 3
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
Information Relating to the Notes and Certificates (Page 1 of 4)
<TABLE>
Transaction Summary (a), (b)
====================================================================================================================================
<CAPTION>
Estimated Estimated Estimated Estimated
WAL Modified Principal Principal Expected
Note or Approximate to Maturity Duration Lockout Window Ratings
Certificate Size Coupon (years) (a) (years) (a) (months) (a) (months) (a) (Moody's/S&P)
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 65,000,000 Fixed 0.79 0.74 0 17 Aaa/AAA (b)
CLASS A-2 49,000,000 Fixed 2.02 1.82 16 17 Aaa/AAA (b)
CLASS A-3 22,000,000 Fixed 3.07 2.68 32 9 Aaa/AAA (b)
CLASS A-4 32,000,000 Fixed 4.01 3.37 40 16 Aaa/AAA (b)
CLASS A-5 20,000,000 Fixed 5.06 4.10 55 12 Aaa/AAA (b)
CLASS A-6 47,000,000 Fixed 7.03 5.24 66 39 Aaa/AAA (b)
CLASS A-7 29,000,000 Fixed 10.08 6.74 104 36 Aaa/AAA (b)
CLASS A-8 24,750,000 Fixed 13.58 7.98 139 55 Aaa/AAA (b)
CERTIFICATES 11,250,000 Fixed 18.14 9.07 193 61 Aaa/AAA (b)
====================================================================================================================================
</TABLE>
Notes: a: 100% Portfolio Prepayment Assumption (PPA) for the Loans of the
Trust: 2% CPR in month 1; 0.9636% per annum greater in each month
thereafter until month 12. On and after month 12, 12.6% per
annum.
b: MBIA guaranty insurance policy.
<TABLE>
<CAPTION>
Class A-1 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 2.62 1.02 0.87 0.79 0.68 0.60
Modified Duration (years) 2.22 0.95 0.82 0.74 0.64 0.57
First Principal Payment 10/20/96 10/20/96 10/20/96 10/20/96 10/20/96 10/20/96
Last Principal Payment 06/20/03 11/20/98 05/20/98 02/20/98 11/20/97 09/20/97
Principal Lockout (months) none none none none none none
Principal Window (months) 81 26 20 17 14 12
Illustrative Yield @ Par (30/360) 6.625% 6.413% 6.354% 6.309% 6.233% 6.164%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 8.88 3.33 2.49 2.02 1.52 1.29
Modified Duration (years) 6.45 2.87 2.21 1.82 1.40 1.19
First Principal Payment 06/20/03 11/20/98 05/20/98 02/20/98 11/20/97 09/20/97
Last Principal Payment 06/20/07 04/20/01 02/20/00 06/20/99 09/20/98 04/20/98
Principal Lockout (months) 80 25 19 16 13 11
Principal Window (months) 49 30 22 17 11 8
Illustrative Yield @ Par (30/360) 6.821% 6.752% 6.715% 6.680% 6.622% 6.577%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 11.49 5.16 3.85 3.07 2.21 1.75
Modified Duration (years) 7.67 4.20 3.27 2.68 1.99 1.60
First Principal Payment 06/20/07 04/20/01 02/20/00 06/20/99 09/20/98 04/20/98
Last Principal Payment 11/20/08 06/20/02 01/20/01 02/20/00 03/20/99 08/20/98
Principal Lockout (months) 128 54 40 32 23 18
Principal Window (months) 18 15 12 9 7 5
Illustrative Yield @ Par (30/360) 7.004% 6.964% 6.940% 6.915% 6.867% 6.822%
====================================================================================================================================
</TABLE>
[BANCONE LOGO]
This information should be considered only after reading the 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.
<PAGE> 4
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
Information Relating to the Notes and Certificates (Page 2 of 4)
<TABLE>
<CAPTION>
Class A-4 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 13.02 6.67 5.03 4.01 2.85 2.23
Modified Duration (years) 8.23 5.14 4.09 3.37 2.50 1.99
First Principal Payment 11/20/08 06/20/02 01/20/01 02/20/00 03/20/99 08/20/98
Last Principal Payment 07/20/10 04/20/04 07/20/02 05/20/01 12/20/99 04/20/99
Principal Lockout (months) 145 68 51 40 29 22
Principal Window (months) 21 23 19 16 10 9
Illustrative Yield @ Par (30/360) 7.171% 7.143% 7.125% 7.105% 7.066% 7.028%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 14.27 8.25 6.33 5.06 3.58 2.77
Modified Duration (years) 8.62 6.01 4.91 4.10 3.05 2.42
First Principal Payment 07/20/10 04/20/04 07/20/02 05/20/01 12/20/99 04/20/99
Last Principal Payment 06/20/11 09/20/05 09/20/03 04/20/02 08/20/00 10/20/99
Principal Lockout (months) 165 90 69 55 38 30
Principal Window (months) 12 18 15 12 9 7
Illustrative Yield @ Par (30/360) 7.306% 7.287% 7.272% 7.257% 7.225% 7.193%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-6 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 16.41 10.87 8.65 7.03 4.99 3.83
Modified Duration (years) 9.06 7.13 6.11 5.24 4.00 3.20
First Principal Payment 06/20/11 09/20/05 09/20/03 04/20/02 08/20/00 10/20/99
Last Principal Payment 09/20/14 08/20/09 04/20/07 06/20/05 12/20/02 07/20/01
Principal Lockout (months) 176 107 83 66 46 36
Principal Window (months) 40 48 44 39 29 22
Illustrative Yield @ Par (30/360) 7.677% 7.665% 7.656% 7.645% 7.621% 7.596%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-7 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 18.76 14.21 12.04 10.08 7.32 5.62
Modified Duration (years) 9.55 8.31 7.54 6.74 5.38 4.39
First Principal Payment 09/20/14 08/20/09 04/20/07 06/20/05 12/20/02 07/20/01
Last Principal Payment 03/20/16 06/20/12 05/20/10 05/20/08 05/20/05 05/20/03
Principal Lockout (months) 215 154 126 104 74 57
Principal Window (months) 19 35 38 36 30 23
Illustrative Yield @ Par (30/360) 7.854% 7.848% 7.843% 7.836% 7.821% 7.804%
====================================================================================================================================
</TABLE>
[BANCONE LOGO]
This information should be considered only after reading the 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.
<PAGE> 5
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
Information Relating to the Notes and Certificates (Page 3 of 4)
<TABLE>
<CAPTION>
Class A-8 (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 20.78 17.56 15.51 13.58 10.35 8.04
Modified Duration (years) 9.78 9.11 8.57 7.98 6.77 5.70
First Principal Payment 03/20/16 06/20/12 05/20/10 05/20/08 05/20/05 05/20/03
Last Principal Payment 11/20/19 02/20/16 09/20/14 11/20/12 06/20/09 10/20/06
Principal Lockout (months) 233 188 163 139 103 79
Principal Window (months) 45 45 53 55 50 42
Illustrative Yield @ Par (30/360) 8.091% 8.088% 8.085% 8.082% 8.072% 8.061%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificates (to maturity)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 24.05 21.12 19.63 18.14 14.94 12.11
Modified Duration (years) 10.10 9.64 9.38 9.07 8.26 7.36
First Principal Payment 11/20/19 02/20/16 09/20/14 11/20/12 06/20/09 10/20/06
Last Principal Payment 07/20/21 10/20/20 10/20/19 11/20/17 04/20/15 04/20/12
Principal Lockout (months) 277 232 215 193 152 120
Principal Window (months) 21 57 62 61 71 67
Illustrative Yield @ Par (30/360) 8.350% 8.348% 8.347% 8.345% 8.341% 8.334%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-7 (to 10% clean-up call)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 18.76 14.21 12.04 10.08 7.32 5.62
Modified Duration (years) 9.55 8.31 7.54 6.74 5.38 4.39
First Principal Payment 09/20/14 08/20/09 04/20/07 06/20/05 12/20/02 07/20/01
Last Principal Payment 03/20/16 06/20/12 05/20/10 05/20/08 05/20/05 05/20/03
Principal Lockout (months) 215 154 126 104 74 57
Principal Window (months) 19 35 38 36 30 23
Illustrative Yield @ Par (30/360) 7.854% 7.848% 7.843% 7.836% 7.821% 7.804%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-8 (to 10% clean-up call)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 19.92 17.03 14.73 12.92 9.66 7.47
Modified Duration (years) 9.63 8.98 8.36 7.77 6.49 5.42
First Principal Payment 03/20/16 06/20/12 05/20/10 05/20/08 05/20/05 05/20/03
Last Principal Payment 10/20/16 02/20/14 10/20/11 01/20/10 09/20/06 06/20/04
Principal Lockout (months) 233 188 163 139 103 79
Principal Window (months) 8 21 18 21 17 14
Illustrative Yield @ Par (30/360) 8.091% 8.088% 8.084% 8.080% 8.070% 8.057%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificates (to 10% clean-up call)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 20.06 17.40 15.06 13.31 9.98 7.73
Modified Duration (years) 9.47 8.92 8.32 7.95 6.56 5.51
First Principal Payment 10/20/16 02/20/14 10/20/11 01/20/10 09/20/06 06/20/04
Last Principal Payment 10/20/16 02/20/14 10/20/11 01/20/10 09/20/06 06/20/04
Principal Lockout (months) 240 208 180 159 119 92
Principal Window (months) 1 1 1 1 1 1
Illustrative Yield @ Par (30/360) 8.347% 8.344% 8.341% 8.337% 8.327% 8.314%
====================================================================================================================================
</TABLE>
[BANCONE LOGO]
This information should be considered only after reading the 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.
<PAGE> 6
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
Information Relating to the Notes and Certificates (Page 4 of 4)
<TABLE>
<CAPTION>
Class A-7 (to 15% clean-up call)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 18.75 14.21 12.03 10.08 7.32 5.61
Modified Duration (years) 9.55 8.31 7.54 6.74 5.38 4.39
First Principal Payment 09/20/14 08/20/09 04/20/07 06/20/05 12/20/02 07/20/01
Last Principal Payment 02/20/16 05/20/12 03/20/10 04/20/08 03/20/05 04/20/03
Principal Lockout (months) 215 154 126 104 74 57
Principal Window (months) 18 34 36 35 28 22
Illustrative Yield @ Par (30/360) 7.854% 7.848% 7.843% 7.836% 7.821% 7.804%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-8 (to 15% clean-up call)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 19.40 15.65 13.48 11.56 8.48 6.56
Modified Duration (years) 9.52 8.62 7.97 7.28 5.94 4.93
First Principal Payment 02/20/16 05/20/12 03/20/10 04/20/08 03/20/05 04/20/03
Last Principal Payment 02/20/16 05/20/12 03/20/10 04/20/08 03/20/05 04/20/03
Principal Lockout (months) 232 187 161 138 101 78
Principal Window (months) 1 1 1 1 1 1
Illustrative Yield @ Par (30/360) 8.090% 8.086% 8.082% 8.077% 8.064% 8.049%
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificates (to 15% clean-up call)
====================================================================================================================================
% of PPA 0% 50% 75% 100% 150% 200%
Ramp to 0% 6.3% 9.5% 12.6% 18.9% 25.2%
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Average Life 19.40 15.65 13.48 11.56 8.48 6.56
Modified Duration (years) 9.34 8.48 7.85 7.19 5.88 4.88
First Principal Payment 02/20/16 05/20/12 03/20/10 04/20/08 3/20/05 04/20/03
Last Principal Payment 02/20/16 05/20/12 03/20/10 04/20/08 3/20/05 04/20/03
Principal Lockout (months) 232 187 161 138 101 78
Principal Window (months) 1 1 1 1 1 1
Illustrative Yield @ Par (30/360) 8.347% 8.342% 8.338% 8.333% 8.319% 8.304%
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</TABLE>
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This information should be considered only after reading the 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.
