<PAGE>
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 (Date of earliest Event
Reported) December 17, 1998
HEADLANDS MORTGAGE SECURITIES INC., (as sponsor under the Sale and
Servicing Agreement, dated as of December 1, 1998, providing for the
issuance of Headlands Home Equity Loan Trust 1998-2, Home Equity Loan
Asset-Backed Notes).
Headlands Mortgage Securities Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-28031 68-0397342
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
900 Larkspur Landing Circle 94939
Suite 240 ---------
Larkspur, California (Zip Code)
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(Address of Principal Executive
Offices)
Registrant's telephone number, including area code (415) 925-5442
--------------
<PAGE>
Item 5. Other Events
In connection with the offering of the Home Equity Loan Asset-Backed
Notes, Series 1998-2, Class A-1, Class A-2 and Class A-3 Notes, of which
Headlands Home Equity Loan Trust 1998-2 is the issuer as described in a
Prospectus Supplement dated as of December 17, 1998 to the Prospectus dated as
of July 17, 1997, certain "Collateral Term Sheets" within the meanings of the
May 20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995 Public
Securities Association No-Action Letter were furnished to certain prospective
investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibit 99.1. Related Computational Materials (as defined
in Item 5 above).
2
<PAGE>
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.
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Kristen Decker
------------------
Name: Kristen Decker
Title: Senior Vice President
Dated: December 17, 1998
3
<PAGE>
Exhibit Index
Exhibit Page
99.1. Related Computational Materials (as defined in Item 5 above).
4
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Final Term Sheet Prepared: December 18, 1998
[$256,663,376] (Approximate)
HEADLANDS HOME EQUITY LOAN TRUST 1998-2
Home Equity Loan Asset-Backed Notes, Series 1998-2
Ambac
(Note Insurer)
<TABLE>
<CAPTION>
=========================================================================================================================
WAL Payment Expected
(Yrs.) Window Spread/ Rating Legal Final
Class Amount Call Call(mos) Benchmark Coupon (S&P/Moody's) Maturity
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 [$134,060,560] 2.40 1 - 74 1 M LIBOR 65 bps AAA/Aaa 12/15/2024
A-2 [$78,595,153] 2.10 1 - 69 Fixed Rate 6.51% AAA/Aaa 01/15/2015
A-3 [$44,007,663] 3.38 1 - 107 Fixed Rate 6.67% AAA/Aaa 12/15/2024
=========================================================================================================================
Total $256,663,376
</TABLE>
Underwriter: Greenwich Capital Markets, Inc.
Seller & Servicer: Headlands Mortgage Company ("Headlands" or the
"Company").
Sponsor: Headlands Mortgage Securities, Inc.
Note Insurer: Ambac Assurance Corporation.
Indenture Trustee: First National Bank of Chicago.
Owner Trustee: Wilmington Trust Company.
Federal Tax Status: It is anticipated that the Class A-1, Class A-2
and Class A-3 Notes (the "Notes") will be treated
as debt instruments for federal income tax
purposes.
Registration: The Notes will be available in book-entry form
through DTC.
Pricing Date: On or about December 17, 1998.
Closing Date: On or about December 29, 1998.
Settlement Date: On or about December 29, 1998.
Cut-off Date: The close of business on November 30, 1998.
GREENWICH CAPITAL
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1
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Interest Accrual Period: The interest accrual period with respect to the
Class A-l Notes for a given Distribution Date will
be the period beginning with the previous
Distribution Date (or, in the case of the first
Distribution Date, the Closing Date) and ending on
the day prior to such Distribution Date (on an
Actual/360 basis). The interest accrual period for
the Class A-2 and Class A-3 Notes for a given
Distribution Date will be the calendar month
preceding the month in which such Distribution
Date occurs (on a 30/360 basis).
Distribution Dates: The 15th day of each month (or the next succeeding
business day), beginning January 15, 1999.
Credit Enhancement: Excess Interest, Overcollateralization, Cross
Collateralization, the Reserve Fund and a surety
wrap to be provided by Ambac Assurance Corporation
("Ambac").
ERISA Eligibility: The Notes are expected to be ERISA eligible.
Prospective investors must review the Prospectus
and Prospectus Supplement and consult with their
professional advisors for a more detailed
description of these matters prior to investing in
the Notes.
SMMEA Treatment: The Notes will not constitute "mortgage related
securities" for purposes of SMMEA.
Optional Termination: 10% optional termination provision. If the
optional termination is not exercised, the Class
A-l margin will double and the Class A-2 and Class
A-3 coupon will each increase by [0.50%].
Prepayment Assumption: [40%] CPR,[15%]Draw Rate for the Class A-l Notes.
[30%] CPR for the Class A-2 Notes.
[2%-20%] CPR over [18] months for the
Class A-3 Notes.
Mortgage Loans: As of the Cut-off Date, the aggregate principal
balance of the Mortgage Loans will be
approximately [$199,425,112.83], of which: (i)
approximately [$103,852,168.50] will be in Group I
(the "Group I Mortgage Loans"), (ii) approximately
[$59,808,237.87] will be in Group II (the "Group
II Mortgage Loans") and (iii) approximately
[$35,764,706.46] will be in Group III (the "Group
III Mortgage Loans" and together with the Group I
and Group II Mortgage Loans, the "Mortgage
Loans").
Group I Mortgage Loans: The Group I Mortgage Loans will consist of
adjustable-rate home equity revolving credit line
loans made (the "HELOCs") under certain home
equity revolving credit line loan agreements. An
initial deposit of approximately [$32,249,922.84]
(the "Group I Prefunding Amount") will be made to
the Funding Account on the Closing Date. The Group
I Prefunding Amount on deposit in the Funding
Account will be used to purchase additional Group
I Mortgage Loans (to the extent available) having
similar characteristics as the initial Group I
Mortgage Loans (with any unused portion of such
deposit amount to be distributed as principal on
the Class A-l Notes.
Group II Mortgage Loans: The Group II Mortgage Loans will consist of
fixed-rate closed-end second lien home equity
loans with loan to value ratios less than or equal
to 100% (the "Closed-End Loans"). An initial
deposit of approximately [$21,217,693.00] (the
"Group II Prefunding Amount") will be made to the
Funding Account on the Closing Date. The Group II
Prefunding Amount on deposit in the Funding
Account will be used to purchase additional Group
II Mortgage Loans (to the extent available) having
similar characteristics as the initial Group II
Mortgage Loans (with any unused portion of such
deposit amount to be distributed as principal on
the Class A-2 Notes.
GREENWICH CAPITAL
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2
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Group III Mortgage Loans: The Group III Mortgage Loans will consist of fixed
rate closed-end second lien home equity loans with
loan to value ratios generally greater than 100%
(the "High LTV Loans"). An initial deposit of
approximately [$ 11,555,360.85] (the "Group III
Prefunding Amount") will be made to the Funding
Account on the Closing Date. The Group III
Prefunding Amount on deposit in the Funding
Account will be used to purchase additional Group
III Mortgage Loans (to the extent available)
having similar characteristics as the initial
Group III Mortgage Loans (with any unused portion
of such deposit amount to be distributed as
principal on the Class A-3 Notes.
The Trust
Headlands Home Equity
Loan Trust 1998-2: The Headlands Home Equity Loan Trust 1998-2 (the
"Trust") will issue the Class A-1 Notes, Class A-2
Notes and the Class A-3 Notes. The Class A-l Notes
are supported by the Group I Mortgage Loans. As of
the Closing Date, the Class A-1 Notes will
represent [98.50%] of the sum of (i) the
mortgage loan balance of the Group I Mortgage
Loans and (ii) the Group I Prefunding Amount
(together, the "Group I Mortgage Loan Balance") as
of the Cut-off Date. The Class A-2 Notes are
supported by the Group II Mortgage Loans. As of
the Closing Date, the Class A-2 Notes will
represent [97.00%] of the sum of (i) the
mortgage loan balance of the Group II Mortgage
Loans and (ii) the Group II Prefunding Amount
(together, the "Group II Mortgage Loan Balance")
as of the Cut-off Date. As of the Closing Date,
the Class A-3 Notes will represent [93.00%] of the
sum of (i) the mortgage loan balance of the Group
III Mortgage Loans and (ii) the Group III
Prefunding Amount (together, the "Group III
Mortgage Loan Balance") as of the Cut-off Date.
The property of the Trust, as of the Closing Date,
will consist primarily of the Group I Mortgage
Loans, the Group II Mortgage Loans, the Group III
Mortgage Loans, the Policy and the Reserve Fund.
HELOC Amortization: Approximately [64%] of the HELOCs have 5 year
Draw Periods followed by a 10 year; amortization
period, while the remaining [36%] have a 15 year
Draw Period followed by a 10 year amortization
period. Each outstanding HELOC principal balance
is fixed at the end of the Draw Period, and then
amortized over the subsequent 10 year period. Each
HELOC interest rate continues to adjust (on the
first of each month) over the life of the loan.
Closed-end and High LTV
Amortization: Fully amortizing.
HELOC Interest Rates: l00% Prime-based, monthly re-setting HELOCs.
Substantially all of the HELOCs are teased for 3
months from origination and adjust thereafter. The
weighted average margin on the HELOCs as of the
Cut-off Date is [3.353%], with the margins
ranging from 0.000% to 6.950%. Substantially all
of the HELOCs have an 18% Maximum Interest Rate,
and no Periodic Caps.
Closed-end and High LTV
Interest Rates: 100% Fixed Rate.
GREENWICH CAPITAL
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3
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
The Notes
Class A-1 Notes: The Class A-1 Notes will initially evidence
approximately [98.50%] of the Group I Mortgage
Loan Balance as of the Cut-off Date. The Class A-l
Notes receive distributions of principal in the
manner described below. The Class A-1 Notes will
receive interest on each Distribution Date based
on a variable rate described more fully below.
Class A-2 Notes: The Class A-2 Notes will initially evidence
[97.00%] of the Group II Mortgage Loan Balance as
of the Cut-off Date. The Class A-2 Notes receive
distributions of principal in the manner described
below. The Class A-2 Notes will receive interest
on each Distribution Date based on a fixed rate
described more fully below.
Class A-3 Notes: The Class A-3 Notes will initially evidence
[93.00%] of the Group III Mortgage Loan Balance as
of the Cut-off Date. The Class A-3 Notes receive
distributions of principal in the manner described
below. The Class A-3 Notes will receive interest
on each Distribution Date based on a fixed rate
described more fully below.
Credit Enhancement
Credit Enhancement: The Noteholders will have the benefit of the
following credit enhancement;
(a) Excess Interest Collections (described
below);
(b) the Overcollateralization Amount (described
below);
(c) Cross Collateralization (described below);
(d) the Policy (described below);
(e) the Reserve Fund (described below).
Excess
Interest Collections: For each class of Notes, the related interest
collections minus the sum of (i) the related Class
A Note Interest Paid; (ii) the related Servicing
Fee Paid; (iii) the related Premium Paid to Ambac
and any unreimbursed draws on the Policy; and (iv)
the related Trustee Fees Paid.
Class A-l
Overcollateralization
Amount: The Class A-1 Noteholders will be entitled to
receive distributions of Excess Interest
Collections as principal ("Class A-1 Accelerated
Principal Distribution Amounts") up to [3.50%] of
the Group I Mortgage Loan Balance as of the
Cut-off Date (the "Class A-1 Required
Overcollateralization Amount"). This distribution
of interest as principal will have the effect of
accelerating the Class A-l Notes relative to the
underlying Group I Mortgage Loans. On any
Distribution Date, the Class A-l
Overcollateralization Amount will be the amount by
which the Group I Mortgage Loan Balance exceeds
the Class A-l Note Principal Balance. On any
Distribution Date in which the Group I Mortgage
Loan Balance does not exceed the Class A-l Note
Principal Balance by the Class A-l Required
Overcollateralization Amount, Excess Interest
Collections will be distributed as principal to
the Class A-l Noteholders to increase the Class
A-l Overcollateralization Amount to the Class A-l
Required Overcollateralization Amount.
GREENWICH CAPITAL
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4
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Class A-2
Overcollateralization
Amount: The Class A-2 Noteholders will be entitled to
receive distributions of Excess Interest
Collections as principal ("Class A-2 Accelerated
Principal Distribution Amounts") up to [8.00%] of
the Group II Mortgage Loan Balance as of the
Cut-off Date (the "Class A-2 Required
Overcollateralization Amount"). This distribution
of interest as principal will have the effect of
accelerating the Class A-2 Notes relative to the
underlying Group II Mortgage Loans. On any
Distribution Date, the Class A-2
Overcollateralization Amount will be the amount by
which the Group II Mortgage Loan Balance exceeds
the Class A-2 Note Principal Balance. On any
Distribution Date in which the Group II Mortgage
Loan Balance does not exceed the Class A-2 Note
Principal Balance by the Class A-2 Required
Overcollateralization Amount, Excess Interest
Collections will be distributed as principal to
the Class A-2 Noteholders to increase the Class
A-2 Overcollateralization Amount to the Class A-2
Required Overcollateralization Amount.
Class A-3
Overcollateralization
Amount: The Class A-3 Noteholders will be entitled to
receive distributions of Excess Interest
Collections as principal ("Class A-3 Accelerated
Principal Distribution Amounts") up to [16.00%] of
the Group III Mortgage Loan Balance as of the
Cut-off Date (the "Class A-3 Required
Overcollateralization Amount"). This distribution
of interest as principal will have the effect of
accelerating the Class A-3 Notes relative to the
underlying Group III Mortgage Loans. On any
Distribution Date, the Class A-3
Overcollateralization Amount will be the amount by
which the Group III Mortgage Loan Balance exceeds
the Class A-3 Note Principal Balance. On any
Distribution Date in which the Group III Mortgage
Loan Balance does not exceed the Class A-3 Note
Principal Balance by the Class A-3 Required
Overcollateralization Amount, Excess Interest
Collections will be distributed as principal to
the Class A-3 Noteholders to increase the Class
A-3 Overcollateralization Amount to the Class A-3
Required Overcollateralization Amount.
Cross Collateralization: After making distributions of principal on a class
of Notes from the related Excess Interest
Collections, any remaining excess will be used (i)
to pay accrued and unpaid interest to the other
unrelated class or classes of Notes; (ii) to pay
the "OC Deficit" (the amount by which the Note
Principal Balance exceeds the related Group
Mortgage Loan Balance) on the unrelated class or
classes of Notes (iii) to pay unreimbursed draws
on the Policy with respect to the unrelated class
or classes of Notes; and (iv) to fund the Reserve
Fund up to the Reserve Fund Target Amount.
The Policy: Ambac Assurance Corporation will issue a note
insurance policy which will guarantee timely
interest and ultimate repayment of principal to
the Noteholders.
Reserve Fund: The Reserve Fund will initially be [$0] on the
Closing Date and then will be funded on each
Distribution Date up to the Reserve Fund Target
Amount. The "Reserve Fund Target Amount" will be
equal to the sum of (i) the amount by which the
Class A-1 Overcollateralization Amount is less
than the Class A-l Required Overcollateralization
Amount; (ii) the amount by which the Class A-2
Overcollateralization Amount is less than the
Class A-2 Required Overcollateralization Amount;
and (iii) the amount by which the Class A-3
Overcollateralization Amount is less than the
Class A-3 Required Overcollateralization Amount.
The Reserve Fund may be used to fund interest
shortfalls and OC Deficits on all classes of
Notes.
GREENWICH CAPITAL
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5
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Stepdown Date: On or after the Distribution Date occurring in
January 2002, the required targets for the Class
A-1 Overcollateralization, the Class A-2
Overcollateralization and the Class A-3
Overcollateralization will be allowed to stepdown
to [7.00%], [16.00%] and [32.00%] respectively
of the mortgage loan balance of the related
mortgage loan group as of the end of the related
Collection Period.
Distributions on the Class A-1 Notes
Principal Distributions
Managed Am. Period: The Managed Amortization Period will begin on the
Closing Date and end on the Distribution Date
occurring in December 2003. During the Managed
Amortization Period, the Class A-l Noteholders
will receive the lesser of (a) the Maximum
Principal Payment (as defined herein) and (b) the
Alternative Principal Payment (as defined herein).
The "Maximum Principal Payment" is equal to l00%
of the principal collections for such Distribution
Date. The "Alternative Principal Payment" is equal
to the amount (not less than zero) of principal
collections for such Distribution Date less the
aggregate of additional draws on existing Trust
HELOCs created during such Distribution Date.
Rapid Am. Period: Commencing no later than the Distribution Date
occurring in January 2004 (or earlier, upon the
occurrence of a Class A-1 Rapid Amortization Event
(as described below)), the Class A-l Noteholders
will receive the lesser of (a) the Maximum
Principal Payment and (b) the then outstanding
Class A-l Note Principal Balance.
Class A-l Rapid Am. Events: Any of the following events described below:
a) failure on the part of the Company, the
Servicer or the Sponsor (i) to make a payment
or deposit required under the Sale and
Servicing Agreement or the Insurance
Agreement within two Business Days after
notification that such payment or deposit is
required to be made or (ii) to observe or
perform in any material respect any other
covenants or agreements of the Company, the
Servicer or of the Sponsor set forth in the
Sale and Servicing Agreement or the Insurance
Agreement, which failure continues unremedied
for a period of 60 days after written notice;
b) any representation or warranty made by the
Company, the Servicer or the Sponsor in the
Sale and Servicing Agreement or the Insurance
Agreement proves to have been incorrect in
any material respect when made and continues
to be incorrect in any material respect for a
period of 60 days after written notice and as
a result of which the interests of the
Securityholders or the Insurer are materially
and adversely affected; provided, however,
that a Rapid Amortization Event shall not be
deemed to occur if the Company, the Servicer
or the Sponsor has purchased the related
Mortgage Loan or Mortgage Loans if applicable
during such period (or within an additional
60 days with the consent of the Indenture
GREENWICH CAPITAL
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6
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Trustee and the Insurer) in accordance with
the provisions of the Sale and Servicing
Agreement;
c) the occurrence of certain events of
bankruptcy, insolvency or receivership
relating to the Company, the Sponsor or
relating to the Trust;
d) the Trust becomes subject to regulation by
the Securities and Exchange Commission as an
investment company within the meaning of the
Investment Company Act of 1940, as amended;
e) the aggregate of all draws related to the
Class A-1 Notes under the Policy exceeds 1%
of the Group I Mortgage Loan Balance as of
the Cut-off Date;
f) the default in payment of any interest,
principal, or any installment of principal on
a Class A-1 Note when the same becomes due
and payable, if such default shall continue
for a period of five days;
g) the Company fails to maintain a minimum net
worth of [$32 million]; and
h) a Servicer Termination Delinquency Rate
Trigger or Servicer Termination Loss Trigger,
as those terms are defined in the Insurance
Agreement, has occurred and is continuing.
Interest Distributions
Interest Distributions: Interest will be allocated to the Class A-l
Noteholders based on the Class A-1 Note Principal
Balance prior to the allocation of principal on
such Distribution Date.
Interest will be distributed to the Class A-l
Noteholders at a rate equal to the lesser of (a)
One Month LIBOR plus [65] basis points based on
the actual number of days elapsed since the prior
Distribution Date (or in the case of the first
Distribution Date, from the Closing Date) and (b)
16.50%.
Distributions on the Class A-2 Notes
Principal Distributions: The Class A-2 Notes will receive all principal
collected on the underlying Group II Mortgage
Loans.
Interest Distributions: For a given Distribution Date, the Class A-2
Noteholders will be entitled to interest at a
fixed rate on the Class A-2 Note Principal Balance
prior to the allocation of principal on such
Distribution Date.
GREENWICH CAPITAL
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7
<PAGE>
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Distributions on the Class A-3 Notes
Principal Distributions: The Class A-3 Notes will receive all principal
collected on the underlying Group III Mortgage
Loans.
Interest Distributions: For a given Distribution Date, the Class A-3
Noteholders will be entitled to interest at a
fixed rate on the Class A-3 Note Principal Balance
prior to the allocation of principal on such
Distribution Date.
The Seller and Servicer
The Company was incorporated in California and commenced its mortgage banking
business in 1986. On February 10, 1998 the Company sold 8 million shares offered
at $12 per share through an initial public offering (Symbol "HDLD" listed on the
Nasdaq).
Prior to July 1, 1993, the Company's originated mortgage loans were funded by,
and in the name of, First California Mortgage Company ("FCMC"). On July 1, 1993,
the Company began originating mortgage loans in its own name as an authorized
seller/servicer with FCMC acting as subservicer for the Company with respect to
newly originated mortgage loans. By February 1994, the Company's Servicing
Center became operational, and all of the servicing functions were transferred
from FCMC to the Servicing Center by June, 1994.
As of February 4, 1998, the Company had 11 wholesale branches and a network of
approximately 5,060 mortgage brokers. In addition, the Company initiated its
correspondent and retail lending divisions in 1994 to access new mortgage loan
origination markets.
On December 8, 1998, GreenPoint Financial Corp. said it reached a definitive
agreement to acquire the Company in a stock transaction worth about $473
million.
The merger has been approved by the Board of Directors of both companies and is
subject to regulatory approval and approval by Headlands' shareholders. The
acquisition is expected to be completed by the end of the first quarter of 1999.
GreenPoint Financial Corp. (NYSE: GPT) is a leading national specialty home
finance company with three principal subsidiaries. GreenPoint Mortgage, a
national mortgage banking company headquartered in Charlotte, is a leading
national lender in no-documentation residential mortgages. GreenPoint Credit,
headquartered in San Diego, is the second largest lender nationally in the
manufactured housing finance industry. GreenPoint Bank, a New York State
chartered savings bank, has $10.9 billion in deposits in 73 branches serving
more than 400,000 households in the Greater New York City area.
GREENWICH CAPITAL
- --------------------------------------------------------------------------------
8
<PAGE>
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by Headlands Mortgage Company and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by Headlands Mortgage Company Inc. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Materials' accuracy, appropriateness or completeness in any
particular context; nor 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 weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions. Changes in such
prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates significantly slower or
faster than the rates shown in the attached Computational Materials.
Furthermore, unless other wise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical underlying assets used in preparing the Computational
Materials. The principal amount and designation of any security described in the
Computational Materials are subject to change prior to issuance. Neither
Greenwich Capital Markets, Inc. nor any of its affiliates makes any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with Securities and Exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities discussed in this communication in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets Trading Desk at (203) 625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
Headlands Home Equity Loan Trust 1998=2 CLASS A=1
Price=DM Sensitivity Report
Settlement 12/29/98
Class Balance $134,060,560
Accrued Date 12/29/98
Next Payment Date 01/15/99
Accrued Interest Days 0
Cleanup Call Yes
Draw Rate 15(cent)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Flat
Price 20% CPR HELOCS 25% CPR HELOCS 30% CPR HELOCS 35% CPR HELOCS 40% CPR HELOCS 45% CPR HELOCS 50% CPR HELOCS
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 0.697 0.711 0.727 0.745 0.766 0.793 0.821
99-24+ 0.694 0.707 0.722 0.739 0.759 0.784 0.810
99-25 0.691 0.703 0.717 0.733 0.752 0.775 0.800
99-25+ 0.688 0.699 0.712 0.727 0.745 0.766 0.789
99-26 0.685 0.696 0.708 0.721 0.737 0.757 0.778
99-26+ 0.682 0.692 0.703 0.715 0.730 0.748 0.768
- ------------------------------------------------------------------------------------------------------------------------------------
99-27 0.679 0.688 0.698 0.709 0.723 0.739 0.757
99-27+ 0.676 0.684 0.693 0.704 0.715 0.730 0.746
99-28 0.673 0.680 0.688 0.698 0.708 0.721 0.735
99-28+ 0.670 0.677 0.684 0.692 0.701 0.713 0.725
99-29 0.667 0.673 0.679 0.686 0.694 0.704 0.714
99-29+ 0.665 0.669 0.674 0.680 0.686 0.695 0.703
99-30 0.662 0.665 0.669 0.674 0.679 0.686 0.693
99-30+ 0.659 0.661 0.664 0.668 0.672 0.577 0.682
99-31 0.656 0.658 0.660 0.662 0.665 0.668 0.671
99-31+ 0.653 0.654 0.655 0.656 0.657 0.659 0.661
- ------------------------------------------------------------------------------------------------------------------------------------
100-00 0.650 0.650 0.650 0.650 0.650 0.650 0.650
- ------------------------------------------------------------------------------------------------------------------------------------
100-00+ 0.647 0.646 0.645 0.644 0.643 0.641 0.679
100-01 0.644 0.642 0.640 0.638 0.635 0.632 0.629
100-01+ 0.641 0.639 0.636 0.632 0.628 0.623 0.618
100-02 0.638 0.635 0.631 0.626 0.621 0.614 0.607
100-02+ 0.635 0.631 0.626 0.620 0.614 0.605 0.597
100-03 0.633 0.627 0.621 0.614 0.606 0.596 0.586
100-03+ 0.630 0.624 0.617 0.608 0.599 0.588 0.575
100-04 0.627 0.620 0.612 0.603 0.592 0 579 0.565
100-04+ 0.624 0.616 0.607 0.597 0.585 0.570 0.554
100-05 0.621 0.612 0.602 0.591 0.578 0.561 0.543
- ------------------------------------------------------------------------------------------------------------------------------------
100-05+ 0.618 0.608 0.597 0.585 0.570 0.552 0.533
100-06 0.615 0.605 0.593 0.579 0.563 0.543 0.522
100-06+ 0.612 0.601 0.588 0.573 0.556 0.534 0.511
100-07 0.609 0.597 0.583 0.567 0.549 0.525 0.501
100-07+ 0.606 0.593 0.578 0.561 0.541 0.516 0.490
100-08 0.604 0.590 0.574 0.555 0.534 0.507 0.480
====================================================================================================================================
WAL (yr) 6.93 5.05 3.84 3.00 2.40 1.90 1.56
MDUR(yr) 5.15 3.96 3.13 2.531 2.07 1.68 1.41
First Prin Pay 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99
Last Prin Pay 10/15/2012 09/15/2009 09/15/2007 03/15/2006 02/15/2005 10/15/2003 12/15/2002
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by
the use of collateral pool WAMs.
GREENWICH CAPITAL 17-Dec-98 12:55:43 [wto]
This information is furnished to you solely by Greenwich Capital by Inc. ("GCM")
and not by the Issuer of the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its affiliates in connection
with the proposed transaction.
<PAGE>
Headlands Home Equity Loan Trust 1998=2 CLASS A=1
Price=DM Sensitivity Report
Settlement 12/29/98
Class Balance $134,060,560
Accrued Date 12/29/98
Next Payment Date 01/15/99
Accrued Interest Days 0
Cleanup Call No
Draw Rate 15%
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Flat
Price 20% CPR HELOCS 25% CPR HELOCS 30% CPR HELOCS 35% CPR HELOCS 40% CPR HELOCS 45% CPR HELOCS 50% CPR HELOCS
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 0.708 0.728 0.747 0.768 0.790 0.826 0.851
99-24+ 0.705 0.725 0.742 0.762 0.783 0.817 0.841
99-25 0.702 0.721 0.738 0.757 0.776 0.809 0.831
99-25+ 0.699 0.717 0.733 0.751 0.769 0.800 0.821
99-26 0.696 0.714 0.729 0,745 0.762 0.792 0.811
99-26+ 0.694 0.710 0.724 0.739 0.755 0.784 0.801
- ------------------------------------------------------------------------------------------------------------------------------------
99-27 0.691 0.706 0.719 0.734 0.748 0.775 0.791
99-27+ 0.688 0.703 0.715 0.728 0.741 0.767 0.781
99-28 0.685 0.699 0.710 0.722 0.735 0.759 0.771
99-28+ 0.682 0.695 0.705 0.717 0.728 0.750 0.761
99-29 0.679 0.692 0.701 0.711 0.721 0.742 0.751
99-29+ 0.676 0.688 0.696 0.705 0.714 0.733 0.741
99-30 0.674 0.684 0.692 0.699 0.707 0.725 0.731
99-30+ 0.671 0.681 0 687 0.694 0.700 0.717 0.721
99-31 0.668 0.677 0.682 0.688 0.693 0.708 0.711
99-31+ 0.665 0.673 0.678 0.682 0.686 0.700 0.701
- ------------------------------------------------------------------------------------------------------------------------------------
100-00 0.662 0.670 0.673 0.677 0.679 0.692 0.691
- ------------------------------------------------------------------------------------------------------------------------------------
100-00+ 0.659 0.666 0.669 0.671 0.672 0.683 0.681
100-01 0.656 0.662 0.664 0.665 0.665 0.675 0.671
100-01+ 0.654 0.659 0.659 0.660 0.658 0.667 0.661
100-02 0.651 0.655 0.655 0.654 0.651 0.658 0.651
100-02+ 0.648 0.651 0.650 0.648 0.644 0.650 0.641
100-03 0.645 0.648 0.645 0.643 0.638 0.642 0.631
100-03+ 0.642 0.644 0.641 0.637 0.631 0.633 0.621
100-04 0.639 0.640 0.636 0.631 0.624 0.625 0.611
100-04+ 0.636 0.637 0.632 0.626 0.617 0.617 0.601
100-05 0.634 0.633 0.627 0.620 0.610 0.608 0.591
- ------------------------------------------------------------------------------------------------------------------------------------
100-05+ 0.631 0.629 0.622 0.614 0.603 0.600 0.581
100-06 0.628 0.626 0.618 0.609 0.596 0.592 0.571
100-06+ 0.625 0.622 0.613 0.603 0.589 0.583 0.561
100-07 0.622 0.618 0.609 0.597 0.582 0.575 0.551
100-07+ 0.619 0.615 0.604 0.592 0.575 0.567 0.541
100-08 0.617 0.611 0.599 0.586 0.569 0.558 0.531
====================================================================================================================================
WAL (yr) 7.20 5.33 4.08 3.20 2.56 2.08 1.70
MDUR(YR) 5.25 4.09 3.25 2.64 2.17 1.80 1.50
First Prin Pay 01/15/91 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99
Last Prin Pay 01/15/2017 01/15/2017 03/15/2016 03/15/2013 01/15/2011 04/15/2009 11/15/2007
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by
the use of collateral pool WAMs.
GREENWICH CAPITAL 17-Dec-98 12:58:49 [wto]
This information is furnished to you solely by Greenwich Capital by Inc. ("GCM")
and not by the Issuer of the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its affiliates in connection
with the proposed transaction.
<PAGE>
Headlands Home Equity Loan Trust 1998-2 CLASS A-2
Price-Yield Sensitivity Report
Settlement 12/29/98
Class Balance $78,595,153
Bond Coupon 6.510%
Cut-off Date 12/01/98
Next Payment Date 01/15/99
Accrued Interest Days 28
Cleanup Call Yes
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Flat Closed-End 2nds Closed-End 2nds Closed-End 2nds Closed-End 2nds Closed-End 2nds Closed-End 2nds Closed-End 2nds
Price 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR 45% CPR
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.598 6.598 6.597 6.597 6.597 6.596 6.596
99-24+ 6.593 6.592 6.590 6.588 6.587 6.584 6.581
99-25 6.588 6.586 6.583 6.580 6.576 6.573 6.567
99-25+ 6.583 6.580 6.576 6.571 6.566 6.561 6.553
99-26 6.578 6.574 6.569 6.563 6.556 6.549 6.538
99-26+ 6.574 6.568 6.561 6.554 6.546 6.537 6.524
- ------------------------------------------------------------------------------------------------------------------------------------
99-27 6.569 6.562 6.554 6.546 6.536 6.525 6.510
99-27+ 6.564 6.556 6.547 6.537 6.526 6.514 6.495
99-28 6.559 6.550 6.540 6.529 6.516 6.502 6.481
99-28+ 6.554 6.544 6.533 6.520 6.506 6.490 6.467
99-29 6.550 6.538 6.525 6.511 6.496 6.478 6.453
99-29+ 6.545 6.532 6.518 6.503 6.486 6.466 6.438
99-30 6.540 6.526 6.511 6.494 6.476 6.455 6.424
99-30+ 6.535 6.520 6.504 6.486 6 465 6.443 6.410
99-31 6.530 6.514 6.497 6.477 6.455 6.431 6.395
99-31+ 6.525 6.508 6.490 6.469 6.445 6.419 6.381
- ------------------------------------------------------------------------------------------------------------------------------------
100-00 6.521 6.503 6.482 6.460 6.135 6.407 6.367
- ------------------------------------------------------------------------------------------------------------------------------------
100-00+ 6.516 6.497 6.475 6.452 6.425 6 396 6.353
100-01 6.511 6.491 6.468 6.443 6.415 6.384 6.338
100-01+ 6.506 6.485 6.461 6.435 6.405 6.372 6.324
100-02 6.501 6.479 6.454 6.426 6.395 6.360 6.31O
100-02+ 6.497 6.473 6.447 6.418 6.385 6.349 6.296
100-03 6.492 6.467 6.439 6.409 6.375 6.337 6.181
100-03+ 6.487 6.461 6.432 6.401 6.365 6.325 6.267
100-04 6.482 6.455 6.425 6.392 6.355 6.313 6.253
100-04+ 6.477 6.449 6.418 6.384 6.345 6.302 6.239
100-05 6.473 6.443 6.411 6.375 6.335 6.290 6.224
- ------------------------------------------------------------------------------------------------------------------------------------
100-05+ 6.468 6.437 6.404 6.367 6.325 6.278 6.710
100-06 6.463 6.431 6.397 6.358 6.315 6.267 6.196
100-06+ 6.458 6.426 6.390 6.350 6.305 6.255 6.182
100-07 6.453 6.420 6.382 6.341 6.295 6.243 6.168
100-07+ 6.449 6.414 6.375 6.333 6.285 6.231 6.153
100-08 6.444 6.408 6.368 6.324 6.275 6.220 6.139
====================================================================================================================================
WAL(yr) 4.10 3.19 2.56 2.10 1.75 1.47 1.19
MDUR(yr)(yr) 3.23 2.62 2.17 1.82 1.55 1.32 1.09
First Prin Pay 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99
Last Prin Pay 07/15/2009 06/15/2007 11/15/2005 09/15/2004 10/15/2003 02/15/2003 11/15/2001
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by
the use of collateral pool WAMs.
GREENWICH CAPITAL 17-Dec-98 13:26:26 [wto]
This information is furnished to you solely by Greenwich Capital by Inc. ("GCM")
and not by the Issuer of the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its affiliates in connection
with the proposed transaction.
<PAGE>
Headlands Home Equity Loan Trust 1998-2 CLASS A-2
Price-Yield Sensitivity Report
Settlement 12/29/98
Class Balance $78,595,153
Bond Coupon 6.510%
Cut-off Date 12/01/98
Next Payment Date 01/15/99
Accrued Interest Days 28
Cleanup Call No
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Flat Closes-End 2nds Closes-End 2nds Closes-End 2nds Closes-End 2nds Closes-End 2nds Closes-End 2nds Closes-End 2nds
Price 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR 45% CPR
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 6.614 6.622 6.627 6.630 6.633 6.635 6.653
99-24+ 6.610 6.616 6.620 6.622 6.624 6.624 6.641
99-25 6.605 6.611 6.613 6.614 6.615 6 613 6.628
99-25+ 6.600 6.605 6.607 6.606 6.605 6.602 6.615
99-26 6.596 6.599 6.600 6.598 6.596 6.591 6.602
99-26+ 6.591 6.594 6.593 6.590 6.586 6.580 6.590
- ------------------------------------------------------------------------------------------------------------------------------------
99-27 6.586 6.588 6.586 6.582 6.577 6.569 6.577
99-27+ 6.582 6.582 6.580 6.574 6.568 6.558 6.564
99-28 6.577 6.577 6.573 6.566 6.558 6.547 6.552
99-28+ 6.572 6.571 6.566 6.558 6.549 6.536 6.539
99-29 6.568 6.565 6.559 6.550 6.540 6.525 6.526
99-29+ 6 563 6.560 6.553 6.542 6.530 6.514 6.514
99-30 6.558 6.554 6.546 6.534 6.521 6.504 6.501
99-30+ 6.554 6.548 6.539 6.526 6.512 6.493 6.488
99-31 6.549 6.543 6.532 6.518 6.502 6.482 6.476
99-31+ 6.544 6.537 6.526 6.511 6.493 6.471 6.463
- ------------------------------------------------------------------------------------------------------------------------------------
100-00 6.540 6.531 6.519 6.503 6.484 6.460 6.450
- ------------------------------------------------------------------------------------------------------------------------------------
100-00+ 6.535 6.526 6.512 6.495 6.474 6.449 6.438
100-01 6.530 6.520 6.505 6.487 6.465 6.438 6.425
100-01+ 6.526 6.514 6.499 6.479 6.456 6.427 6.412
100-02 6.521 6.509 6.492 6.471 6.446 6.417 6.400
100-02+ 6.516 6.503 6.485 6.463 6.437 6.406 6.387
100-03 6.512 6.498 6.479 6.455 6.428 6.395 6.374
100-03+ 6.507 6.492 6.472 6.447 6.418 6.384 6.362
100-04 6.502 6.486 6.465 6.439 6.409 6.373 6.349
100-04+ 6.498 6.481 6.458 6.431 6.400 6.362 6.337
100-05 6.493 6.475 6.452 6.423 6.390 6.351 6.324
- ------------------------------------------------------------------------------------------------------------------------------------
100-05+ 6.489 6.469 6.445 6.415 6.381 6.341 6.311
100-06 6.484 6.464 6.438 6.407 6.372 6.330 6.299
100-06+ 6.479 6.458 6.432 6.399 6.363 6.319 6.286
100-07 6.475 6.453 6.425 6.391 6.353 6.308 6.274
100-07+ 6.470 6.447 6.418 6.383 6 344 6.297 6.261
100-08 6.465 6.441 6.411 6.376 6.335 6.286 6.248
====================================================================================================================================
WAL(yr) 4.34 3.46 2.81 2.31 1.93 1.63 1.38
MDUR(yr) 3.34 2.76 2.31 1.95 1.67 1.43 1.23
First Prin Pay 01/15/991 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99
Last Prin Pay 11/15/20131 11/15/20131 08/15/2013 10/15/2011 02/15/2010 08/15/2008 05/15/2007
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by
the use of collateral pool WAMs.
GREENWICH CAPITAL 17-Dec-98 13:28:59 [wto]
This information is furnished to you solely by Greenwich Capital by Inc. ("GCM")
and not by the Issuer of the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its affiliates in connection
with the proposed transaction.
<PAGE>
Headlands Home Equity Loan Trust 1998-2 CLASS A-3
Price-Yield Sensitivity Report
Settlement 12/29/98
Class Balance $44,007,663
Bond Coupon 6.670%
Cut-off Date 12/01/98
Next Payment Date 01/15/99
Accrued Interest Days 28
Prepayment Ramp 100% PPC: 2%-20% CPR over months 1-18, 20% CPR ongoing
Cleanup Call Yes
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Flat 125's 125's 125's 125's 125's
Price 50% PPC 75% PPC 100% PPC 125% PPC 125% PPC
======================================================================================================
<S> <C> <C> <C> <C> <C>
99-24 6.761 6.761 6.761 6.76O 6.760
99-24+ 6.758 6.756 6.755 6.754 6.752
99-25 6.754 6.752 6 749 6.747 6.744
99-25+ 6.750 6.747 6.744 6.740 6.737
99-26 6.747 6.742 6.738 6.734 6.729
99-26+ 6.743 6.738 6.732 6.727 6.721
- ------------------------------------------------------------------------------------------------------
99-27 6.739 6.733 6.727 6.720 6.713
99-27+ 6.736 6.728 6.721 6.713 6.706
99-28 6.732 6.724 6.715 6.707 6.698
99-28+ 6.728 6.719 6.710 6.700 6.690
99-29 6.725 6.714 6.704 6.693 6.683
99-29+ 6.721 6.710 6.698 6.687 6.675
99-30 6.717 6.705 6.693 6.680 6.667
99-30+ 6.714 6.701 6.687 6.673 6.659
99-31 6.710 6.696 6.681 6.667 6.652
99-31+ 6.706 6.691 6.676 6.660 6.644
- ------------------------------------------------------------------------------------------------------
100-00 6.703 6.687 6.670 6.653 6.636
- ------------------------------------------------------------------------------------------------------
100-00+ 6.699 6.682 6.664 6.647 6.629
100-01 6.695 6.677 6.659 6.640 6.621
100-01+ 6.692 6.673 6.653 6.633 6.613
100-02 6.688 6.668 6.648 6.627 6.605
100-02+ 6.684 6.663 6.642 6.62O 6.598
100-03 6.681 6.659 6.636 6.613 6.590
100-03+ 6.677 6.654 6.631 6 607 6.582
100-04 6.673 6.650 6.625 6.600 6.575
100-04+ 6.670 6.645 6.619 6.594 6.567
100-05 6.666 6.64O 6.614 6.587 6.559
- ------------------------------------------------------------------------------------------------------
100-05+ 6.662 6.636 6.608 6.580 6.553
100-06 6.659 6.631 6.603 6.574 6.544
100-06+ 6.655 6.626 6.597 6.567 6.536
100-07 6.651 6.622 6.591 6.560 6.528
100-07+ 6.648 6.617 6.586 6.554 6.521
100-08 6.644 6.613 6.580 6.547 6.513
======================================================================================================
WAL(yr) 5.86 4.32 3.38 2.77 2.34
MDUR(yr) 4.24 3.35 2.75 2.33 2.02
First Prin Pay 01/15/991 01/15/99 01/15/99 01/15/99 01/15/99
Last Prin Pay 12/15/2013 05/15/2010 11/15/2007 02/15/2006 12/15/2004
- ------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by
the use of collateral pool WAMs.
GREENWICH CAPITAL 17-Dec-98 13:38:03 [wto]
This information is furnished to you solely by Greenwich Capital by Inc. ("GCM")
and not by the Issuer of the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its affiliates in connection
with the proposed transaction.
<PAGE>
Headlands Home Equity Loan Trust 1998-2 CLASS A-3
Price-Yield Sensitivity Report
Settlement 12/29/98
Class Balance $44,007,663
Bond Coupon 6.670%
Cut-off Date 12/01/98
Next Payment Date 01/15/99
Accrued Interest Days 28
Prepayment Ramp 100% PPC: 2%-20% CPR over months 1-18, 20% CPR ongoing
Cleanup Call No
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Flat 125's 125's 125's 125's 125's
Price 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC
======================================================================================================
<S> <C> <C> <C> <C> <C>
99-24 6.772 6.781 6.787 6.791 6.792
99-24+ 6.769 6.777 6.782 6.785 6.785
99-25 6.765 6.772 6.776 6.778 6.778
99-25+ 6.762 6.768 6.771 6.772 6.771
99-26 6.758 6.763 6.765 6.766 6.763
99-26+ 6.754 6.759 6.760 6.759 6.756
- ------------------------------------------------------------------------------------------------------
99-27 6.751 6.754 6.755 6.753 6.749
99-27+ 6.747 6.750 6.749 6.747 6.742
99-28 6.744 6.745 6.744 6.741 6.734
99-28+ 6.740 6.741 6.739 6.734 6.727
99-29 6.736 6.736 6.733 6.728 6.720
99-29+ 6.733 6.732 6.728 6.722 6.713
99-30 6.729 6.727 6.723 6.716 6.705
99-30+ 6.726 6.723 6.717 6.709 6.698
99-31 6.722 6.719 6.712 6.703 6.691
99-31+ 6.719 6.714 6.707 6.697 6.684
- ------------------------------------------------------------------------------------------------------
100-00 6.715 6.710 6.701 6.690 6.677
- ------------------------------------------------------------------------------------------------------
100-00+ 6.711 6.705 6.696 6.684 6.669
100-01 6.708 6.701 6.69O 6.678 6.662
lO0-01+ 6.704 6.696 6.685 6.672 6.655
100-02 6.701 6.692 6.680 6.665 6.648
100-02+ 6.697 6.687 6.674 6.659 6.641
100-03 6.693 6.683 6.669 6.653 6.633
100-03+ 6.690 6.678 6.664 6.647 6.626
100-04 6.686 6.674 6.658 6.640 6.619
100-04+ 6.683 6.670 6.653 6.634 6.612
100-05 6.679 6.665 6.648 6.628 6.605
- ------------------------------------------------------------------------------------------------------
100-05+ 6.676 6.661 6.642 6.622 6.597
100-06 6.672 6.656 6.637 6.616 6.590
100-06+ 6.668 6.652 6.632 6.609 6.583
100-07 6.665 6.647 6.626 6.603 6.576
100-07+ 6.661 6.643 6.621 6.597 6.569
100-08 6.658 6.639 6.616 6.591 6.561
======================================================================================================
WAL (yr) 6.16 4.67 3.71 3.05 2.58
MDUR(yr) 4.34 3.49 2.91 2.48 2.15
First Prin Pay 01/15/99 01/15/99 01/15/99 01/15/99 01/15/99
Last Prin Pay 04/15/20201 08/15/2019 12/15/2017 08/15/2015 03/15/2013
- ------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by
the use of collateral pool WAMs.
GREENWICH CAPITAL 17-Dec-98 13:40:08 [wto]
This information is furnished to you solely by Greenwich Capital by Inc. ("GCM")
and not by the Issuer of the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its affiliates in connection
with the proposed transaction.
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
LOAN TYPE: HELOCS
<S> <C> <C> <C>
TOTAL CURRENT BALANCE: $ 103,852,168.50
TOTAL FIRST MORT BALANCE: $ 673,263,879.83
NUMBER OF LOANS: 2,684
AVERAGE CURRENT BALANCE: $ 38,693.06 RANGE: $ 100.00 - $ 417,000.00
AVERAGE FIRST MORT BALANCE: $ 252,064.35 RANGE: $ 0.00 - $ 2,190,000.00
AVERAGE APPRAISAL VALUE: $ 359,393.00 RANGE: $ 0.00 - $ 3,000,000.00
AVERAGE PURCHASE PRICE: $ 311,826.03 RANGE: $ 0.00 - $ 2,850,000.00
AVERAGE COLLATERAL VALUE: $ 357,149.40 RANGE: $ 27,000.00 - $ 3,000,000.00
AVERAGE PI PAYMENT: $ 399.66 RANGE: $ 0.00 - $ 4,175.37
WEIGHTED AVERAGE GROSS COUPON: 8.1559% RANGE: 5.8750 - 15.7500%
WEIGHTED AVERAGE MARGIN: 3.3532% RANGE: 0.0000 - 6.9500%
WEIGHTED AVERAGE MAX INT RATE: 18.1781% RANGE: 18.0000 - 25.0000%
WEIGHTED AVERAGE NEXT RESET: 2 months RANGE: 1 - 6 months
WEIGHTED AVERAGE COMBINED LTV: 85.68% RANGE: 5.13 - 100.00%
WEIGHTED AVERAGE FICO SCORE: 698.39% RANGE: 0.00 - 818.00%
WEIGHTED AVERAGE DEBT RATIO: 36.13% RANGE: 0.00 - 73.29%
WEIGHTED AVERAGE ORIGINAL TERM: 219.43 months RANGE: 179.00 - 300.00 months
WEIGHTED AVERAGE DRAW TERM: 103.63 months RANGE: 60.00 - 180.00 months
WEIGHTED AVERAGE REMAINING TERM: 216.63 months RANGE: 171.00 - 300.00 months
WEIGHTED AVERAGE SEASONING: 2.05 months RANGE: 0.00 - 22.00 months
TOP CITY CONCENTRATIONS ($): 8.71% LOS ANGELES, 4.25 % SAN FRANCISCO, 3.72% SAN DIEGO
TOP STATE CONCENTRATIONS ($): 84.62% California, 2.53% Washington, 2.26% Arizona
MAXIMUM ZIP CODE CONCENTRATION ($): 1.25% 92067 (PANCHO SANTA FE, CA)
ORIGINATION DATE: Dec 17, 1996 - Nov 20, 1998
FIRST PAY DATE: Feb 25, 1997 - Jan 25, 1999
MATURE DATE: Feb 25, 2013 - Nov 25, 2023
INITIAL ADJ. DATE: Mar 17, 1997 - May 01, 1999
PYMT ADJ. DATE: Dec 25, 1998 - Jun 25, 1999
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
CURRENT BALANCE: 100.00 - 10,000.00 1,197,236.25 1.15 260 9.69
10,000.01 - 20,000.00 7,344,108.05 7.07 473 17.62
20,000.01 - 30,000.00 14,046,802.93 13.53 561 20.90
30,000.01 - 40,000.00 15,605,177.08 15.03 445 16.58
40,000.01 - 50,000.00 18,805,751.49 18.11 408 15.20
50,000.01 - 60,000.00 7,965,423.43 7.67 143 5.33
60,000.01 - 70,000.00 5,758,132.70 5.54 88 3.28
70,000.01 - 80,000.00 5,611,052.09 5.40 75 2.79
80,000.01 - 90,000.00 4,593,968.26 4.42 54 2.01
90,000.01 - 100,000.00 8,399,752.07 8.09 86 3.20
> 100,000.00 14,524,764.15 13.99 91 3.39
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 1/5
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
COLLATERAL VALUE: 27,000 - 50,000 50,644.28 0.05 4 0.15
50,001 - 100,000 1,041,303.23 1.00 73 2.72
100,001 - 150,000 4,959,800.04 4.78 230 8.57
150,001 - 200,000 8,793,953.05 8.47 353 13.15
200,001 - 250,000 10,584,693.58 10.19 359 13.38
250,001 - 300,000 11,564,585.87 11.14 354 13.19
300,001 - 350,000 11,510,261.46 11.08 314 11.70
350,001 - 400,000 9,976,104.34 9.61 235 8.76
400,001 - 450,000 7,557,251.82 7.28 171 6.37
450,001 - 500,000 5,076,827.19 4.89 106 3.95
500,001 - 550,000 4,678,739.45 4.51 89 3.32
550,001 - 600,000 4,137,295.82 3.98 80 2.98
600,001 - 650,000 3,411,591.67 3.29 69 2.57
650,001 - 700,000 2,701,182.19 2.60 43 1.60
700,001 - 750,000 2,591,290.06 2.50 41 1.53
750,001 - 800,000 2,442,241.95 2.35 32 1.19
800,001 - 850,000 1,630,846.82 1.57 26 0.97
850,001 - 900,000 3,032,768.81 2.92 34 1.27
900,001 - 950,000 907,098.30 0.87 11 0.41
950,001 - 1,000,000 983,467.80 0.95 10 0.37
1,000,001 - 1,050,000 98,975.88 0.10 1 0.04
1,050,001 - 1,100,000 249,426.26 0.24 2 0.07
1,100,001 - 1,150,000 525,892.16 0.51 4 0.15
1,150,001 - 1,200,000 861,348.17 0.83 11 0.41
1,200,001 - 1,250,000 498,468.43 0.48 5 0.19
1,250,001 - 1,300,000 722,013.40 0.70 6 0.22
1,350,001 - 1,400,000 261,663.54 0.25 3 0.11
1,400,001 - 1,450,000 206,106.41 0.20 1 0.04
1,450,001 - 1,500,000 690,345.37 0.66 4 0.15
1,550,001 - 1,600,000 241,223.26 0.23 3 0.11
1,600,001 - 1,650,000 200,000.00 0.19 1 0.04
1,650,001 - 1,700,000 273,053.27 0.26 1 0.04
1,750,001 - 1,800,000 230,130.46 0.22 2 0.07
1,800,001 - 1,850,000 141,698.99 0.14 1 0.04
1,950,001 - 2,000,000 109,809.85 0.11 1 0.04
2,200,001 - 2,250,000 417,000.00 0.40 1 0.04
2,250,001 - 2,300,000 200,000.00 0.19 1 0.04
2,800,001 - 2,850,000 99,711.99 0.10 1 0.04
2,950,001 - 3,000,000 193,353.33 0.19 1 0.04
LOAN RATE: 5.88 - 6.00 57,197,584.43 55.08 1,508 56.18
6.01 - 6.50 52,293.89 0.05 1 0.04
6.51 - 7.00 4,769,072.36 4.59 126 4.69
7.01 - 7.50 427,736.91 0.41 9 0.34
7.51 - 8.00 34,823.76 0.03 2 0.07
8.01 - 8.50 1,283,713.19 1.24 42 1.56
8.51 - 9.00 1,662,221.74 1.60 42 1.56
9.01 - 9.50 1,385,125.73 1.33 35 1.30
9.51 - 10.00 1,261,105.42 1.21 36 1.34
10.01 - 10.50 3,929,522.86 3.78 131 4.88
10.51 - 11.00 4,860,438.37 4.68 112 4.17
11.01 - 11.50 5,725,864.45 5.51 138 5.14
11.51 - 12.00 5,722,577.13 5.51 120 4.47
12.01 - 12.50 6,433,841.53 6.20 172 6.41
12.51 - 13.00 6,631,332.57 6.39 161 6.00
13.01 - 13.50 2,249,962.98 2.17 39 1.45
13.51 - 14.00 150,774.04 0.15 5 0.19
14.01 - 14.50 27,019.64 0.03 2 0.07
14.51 - 15.00 25,000.00 0.02 1 0.04
> 15.01 22,157.50 0.02 2 0.07
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 2/5
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
MARGIN: <= 0.50 3,947,191.36 3.80 141 5.25
0.51 - 1.00 6,206,766.02 5.98 176 6.56
1.01 - 1.50 3,088,590.23 2.97 77 2.87
1.51 - 2.00 3,414,519.60 3.29 97 3.61
2.01 - 2.50 11,991,993.14 11.55 368 13.71
2.51 - 3.00 12,217,061.73 11.76 288 10.73
3.01 - 3.50 13,573,295.04 13.07 320 11.92
3.51 - 4.00 9,865,590.73 9.50 208 7.75
4.01 - 4.50 15,100,946.51 14.54 447 16.65
4.51 - 5.00 18,399,802.43 17.72 447 16.65
5.01 - 5.50 5,368,750.36 5.17 98 3.65
5.51 - 6.00 566,556.12 0.55 13 0.48
6.01 - 6.50 86,105.23 0.08 3 0.11
6.51 - 6.95 25,000.00 0.02 1 0.04
MAX INT RATE: 18.00 100,793,025.10 97.05 2,591 96.54
24.00 2,917,000.88 2.81 87 3.24
25.00 142,142.52 0.14 6 0.22
NEXT RESET: 1 13,069,995.98 12.59 333 12.41
2 78,988,021.73 76.06 2,063 76.86
3 10,649,373.26 10.25 258 9.61
5 785,577.53 0.76 20 0.75
6 359,200.00 0.35 10 0.37
COMBINED LTV: <= 10.00 89,178.62 0.09 3 0.11
10.01 - 20.00 555,216.62 0.53 11 0.41
20.01 - 30.00 238,370.35 0.23 8 0.30
30.01 - 40.00 1,087,193.13 1.05 19 0.71
40.01 - 50.00 947,439.13 0.91 23 0.86
50.01 - 60.00 2,354,655.96 2.27 47 1.75
60.01 - 70.00 3,968,949.87 3.82 91 3.39
70.01 - 80.00 17,505,586.11 16.86 370 13.79
80.01 - 90.00 47,412,916.09 45.65 1,404 52.31
90.01 - 100.00 29,692,662.62 28.59 708 26.38
FICO SCORE: <= 0.00 210,238.23 0.20 9 0.34
500.01 - 550.00 118,500.00 0.11 1 0.04
550.01 - 600.00 247,172.14 0.24 6 0.22
600.01 - 650.00 10,905,619.47 10.50 244 9.09
650.01 - 700.00 46,519,917.83 44.79 1,166 43.44
700.01 - 750.00 33,184,703.39 31.95 902 33.61
750.01 - 800.00 12,513,936.29 12.05 350 13.04
800.01 - 818.00 152,081.15 0.15 6 0.22
ORIGINAL TERM: 179 31,375.00 0.03 1 0.04
180 69,698,290.48 67.11 1,730 64.46
300 34,122,503.02 32.86 953 35.51
DRAW TERM: 60 66,089,592.21 63.64 1,621 60.39
180 37,762,576.29 36.36 1,063 39.61
REMAINING TERM: 171 - 176 23,247,719.42 22.39 572 21.31
177 - 182 46,481,946.06 44.76 1,159 43.18
273 - 278 74,995.90 0.07 1 0.04
291 - 296 12,371,155.96 11.91 332 12.37
297 - 300 21,676,351.16 20.87 620 23.10
SEASONING: <= 0 25,228,589.26 24.29 623 23.21
1 - 3 57,242,384.21 55.12 1,491 55.55
4 - 6 21,228,003.36 20.44 566 21.09
7 - 9 78,195.77 0.08 3 0.11
22 - 22 74,995.90 0.07 1 0.04
DELINQUENT: Delinquent:0-29 Days 103,174,994.39 99.35 2,665 99.29
Delinquent:30-59 Days 677,174.11 0.65 19 0.71
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 3/5
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
INDEX: Prime Rate 103,852,168.50 100.00 2,684 100.00
AMORTIZATION: Fully Amortizing 103,852,168.50 100.00 2,684 100.00
PROPERTY TYPE: Single Family 76,134,140.28 73.31 1,960 73.03
PUD 18,481,825.94 17.80 441 16.43
Condominium 5,750,350.60 5.54 191 7.12
2 Units 2,213,852.77 2.13 57 2.12
3 Units 704,697.55 0.68 16 0.60
4 Units 567,301.36 0.55 19 0.71
PURPOSE: Cash Out Refinance 67,171,733.55 64.68 1,690 62.97
Purchase 28,552,252.30 27.49 751 27.98
Rate/Term Refinance 8,128,182.65 7.83 243 9.05
OCCUPANCY: Primary 101,815,208.61 98.04 2,621 97.65
Non-owner 1,814,657.98 1.75 56 2.09
Second Home 222,301.91 0.21 7 0.26
DOCUMENTATION: Full Documentation 57,629,994.85 55.49 1,540 57.38
No Employment/Income 40,601,303.02 39.10 1,000 37.26
No Ratio 5,620,870.63 5.41 144 5.37
STATE: Alabama 14,900.00 0.01 1 0.04
Arizona 2,345,684.70 2.26 85 3.17
CaLifornia 87,880,818.62 84.62 2,162 80.55
Colorado 1,982,978.94 1.91 61 2.27
Connecticut 37,500.00 0.04 1 0.04
Florida 1,319,656.48 1.27 40 1.49
Georgia 555,378.20 0.53 14 0.52
Idaho 331,590.25 0.32 18 0.67
Illinois 434,732.39 0.42 12 0.45
Indiana 12,800.00 0.01 1 0.04
Maryland 703,558.18 0.68 16 0.60
Massachusetts 679,823.94 0.65 23 0.86
Michigan 87,500.00 0.08 1 0.04
Montana 170,876.49 0.16 7 0.26
Nevada 1,102,909.27 1.06 38 1.42
New Hampshire 39,253.51 0.04 2 0.07
New Jersey 157,813.79 0.15 5 0.19
New Mexico 118,145.83 0.11 6 0.22
New York 67,997.13 0.07 1 0.04
Oregon 1,511,170.35 1.46 47 1.75
Pennsylvania 40,000.00 0.04 1 0.04
Utah 1,000,830.51 0.96 40 1.49
Virginia 611,517.65 0.59 17 0.63
Washington 2,632,045.63 2.53 84 3.13
Wyoming 12,686.64 0.01 1 0.04
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 4/5
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
TOP 50 PROPERTY ZIP PROPERTY CITY PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
------------------- ------------- ----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C>
92067 RANCHO SANTA FE, CA 1,300,260.36 1.25 9 0.34
94901 SAN RAFAEL, CA 1,141,888.30 1.10 22 0.82
94941 MILL VALLEY, CA 945,873.32 0.91 19 0.71
95070 SARATOGA, CA 934,241.45 0.90 8 0.30
90272 PACIFIC PALISADES,CA 903,173.60 0.87 9 0.34
94960 SAN ANSELMO, CA 833,732.06 0.80 11 0.41
92024 ENCINITAS, CA 775,939.20 0.75 14 0.52
92009 CARLSBAD, CA 748,546.26 0.72 23 0.86
90049 LOS ANGELES, CA 736,124.57 0.71 8 0.30
94062 REDWOOD CITY, CA 698,110.11 0.67 11 0.41
94306 PALO ALTO, CA 658,932.55 0.63 9 0.34
92131 SAN DIEGO, CA 620,626.17 0.60 12 0.45
94549 LAFAYETTE, CA 606,401.10 0.58 10 0.37
90274 PALOS VERDES PENINSULA, CA 593,907.24 0.57 7 0.26
94550 LIVERMORE, CA 564,183.02 0.54 16 0.60
91302 WOODLAND HILLS, CA 552,588.33 0.53 13 0.48
91436 VAN NUYS, CA 550,128.11 0.53 9 0.34
95123 SAN JOSE, CA 541,019.33 0.52 12 0.45
94114 SAN FRANCISCO, CA 535,630.15 0.52 8 0.30
94539 FREMONT, CA 530,872.47 0.51 13 0.48
94010 BURLINGAME, CA 530,400.33 0.51 8 0.30
92677 LAGUNA BEACH, CA 521,249.55 0.50 15 0.56
91604 NORTH HOLLYWOOD, CA 513,684.00 0.49 11 0.41
90069 LOS ANGELES, CA 509,408.87 0.49 15 0.56
95120 SAN JOSE, CA 507,353.88 0.49 8 0.30
94903 SAN RAFAEL, CA 487,459.52 0.47 16 0.60
91301 AGOURA HILLS, CA 485,960.21 0.47 14 0.52
94070 SAN CARLOS, CA 483,743.11 0.47 12 0.45
94904 SAN RAFAEL, CA 480,050.71 0.46 7 0.26
94954 PETALUMA, CA 479,286.05 0.46 18 0.67
94526 DANVILLE, CA 476,417.59 0.46 7 0.26
90402 SANTA MONICA, CA 465,718.62 0.45 4 0.15
94947 NOVATO, CA 461,561.93 0.44 15 0.56
94506 DANV1LLE, CA 456,600.87 0.44 8 0.30
94925 CORTE MADERA, CA 444,972.78 0.43 10 0.37
92037 LA JOLLA, CA 435,899.24 0.42 12 0.45
90265 MALIBU, CA 431,738.53 0.42 6 0.22
94122 SAN FRANCISCO, CA 424,021.37 0.41 11 0.41
94118 SAN FRANCISCO, CA 421,550.00 0.41 3 0.11
90004 LOS ANGELES, CA 415,562.06 0.40 8 0.30
91356 TARZANA, CA 413,453.34 0.40 10 0.37
94920 BELVEDERE-TIBURON,CA 411,707.43 0.40 8 0.30
90277 REDONDO BEACH, CA 409,764.65 0.39 8 0.30
94404 SAN MATEO, CA 406,396.45 0.39 4 0.15
90275 RANCHO PALOS VERDES, CA 404,924.05 0.39 8 0.30
90024 LOS ANGELES, CA 396,884.07 0.38 3 0.11
90405 SANTA MONICA, CA 395,962.39 0.38 6 0.22
94027 MENLO PARK, CA 394,900.77 0.38 4 0.15
94568 PLEASANTON, CA 394,052.56 0.38 9 0.34
91307 CANOGA PARK, CA 390,231.37 0.38 8 0.30
------------------- ------------- ----------------- ------ ---------- ------
TOTAL 28,223,094.00 27.18 519 19.34
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 5/5
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Closed End Seconds
11/30/98 Balances
- --------------------------------------------------------------------------------
<S> <C> <C>
LOAN TYPE: CLOSED-END SECOND LIENS
TOTAL CURRENT BALANCE: $ 59,808,237.87
TOTAL FIRST MORT BALANCE: $338,565,702.71
NUMBER OF LOANS: 1,640
AVERAGE CURRENT BALANCE: $ 36,468.44 RANGE: $ 6,707.60 - $ 324,276.84
AVERAGE FIRST MORT BALANCE: $ 208,991.17 RANGE: $ 0.00 - $ 2,175,000.00
AVERAGE APPRAISAL VALUE: $ 287,065.66 RANGE: $ 0.00 - $ 3,500,000.00
AVERAGE PURCHASE PRICE: $ 269,935.20 RANGE: $ 0.00 - $ 1,395,000.00
AVERAGE COLLATERAL VALUE: $ 283,878.80 RANGE: $ 36,000.00 - $ 3,500,000.00
AVERAGE PI PAYMENT: $ 395.24 RANGE: $ 79.39 - $ 3,668.47
WEIGHTED AVERAGE GROSS COUPON: 11.1059% RANGE: 8.0000 - 15.0000%
WEIGHTED AVERAGE COMBINED LTV: 86.40% RANGE: 5.93 - 100.00%
WEIGHTED AVERAGE FICO SCORE: 702.07% RANGE: 0.00 - 808.00%
WEIGHTED AVERAGE DEBT RATIO: 35.51% RANGE: 0.00 - 61.57%
WEIGHTED AVERAGE ORIGINAL TERM: 244.40 months RANGE: 180.00 - 360.00 months
WEIGHTED AVERAGE REMAINING TERM: 179.14 months RANGE: 173.00 - 180.00 months
WEIGHTED AVERAGE SEASONING: 0.86 months RANGE: 0.00 - 7.00 months
TOP CITY CONCENTRATIONS ($): 6.71% LOS ANGELES, 4.87% SAN DIEGO, 3.02% SAN JOSE
TOP STATE CONCENTRATIONS ($): 72.76% California, 5.27% Washington, 3.76% Oregon
MAXIMUM ZIP CODE CONCENTRATION ($): 0.94% 90266 (MANHATTAN BEACH, CA)
ORIGINATION DATE: Mar 03, 1998 - Nov 24, 1998
FIRST PAY DATE: May 01, 1998 - Jan 01, 1999
MATURE DATE: Apr 01, 2013 - Dec 01, 2013
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
CURRENT BALANCE: 6,707.60 - 10,000.00 239,416.74 0.40 25 1.52
10,000.01 - 20,000.00 5,465,662.90 9.14 354 21.59
20,000.01 - 30,000.00 11,138,769.28 18.62 442 26.95
30,000.01 - 40,000.00 11,033,171.31 18.45 311 18.96
40,000.01 - 50,000.00 12,447,788.29 20.81 267 16.28
50,000.01 - 60,000.00 3,995,575.75 6.68 72 4.39
60,000.01 - 70,000.00 3,100,490.42 5.18 48 2.93
70,000.01 - 80,000.00 3,073,694.27 5.14 41 2.50
80,000.01 - 90,000.00 861,469.90 1.44 10 0.61
90,000.01 - 100,000.00 4,306,852.13 7.20 44 2.68
> 100,000.00 4,145,346.88 6.93 26 1.59
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 1/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Closed End Seconds
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
COLLATERAL VALUE: 36,000 - 50,000 7,000.00 0.01 1 0.06
50,001 - 100,000 1,077,566.23 1.80 72 4.39
100,001 - 150,000 5,035,999.11 8.42 248 15.12
150,001 - 200,000 7,408,411.08 12.39 289 17.62
200,001 - 250,000 8,390,281.14 14.03 263 16.04
250,001 - 300,000 8,448,275.12 14.13 235 14.33
300,001 - 350,000 6,467,329.78 10.81 157 9.57
350,001 - 400,000 5,775,997.17 9.66 121 7.38
400,001 - 450,000 3,112,470.29 5.20 62 3.78
450,001 - 500,000 2,640,295.75 4.41 52 3.17
500,001 - 550,000 2,143,789.01 3.58 36 2.20
550,001 - 600,000 1,474,761.09 2.47 20 1.22
600,001 - 650,000 1,436,151.75 2.40 20 1.22
650,001 - 700,000 1,217,517.84 2.04 15 0.91
700,001 - 750,000 1,120,871.00 1.87 13 0.79
750,001 - 800,000 668,876.53 1.12 7 0.43
800,001 - 850,000 327,824.55 0.55 4 0.24
850,001 - 900,000 669,219.81 1.12 7 0.43
900,001 - 950,000 563,197.84 0.94 3 0.18
950,001 - 1,000,000 199,592.88 0.33 2 0.12
1,000,001 - 1,050,000 99,780.07 0.17 1 0.06
1,100,001 - 1,150,000 14,358.75 0.02 1 0.06
1,150,001 - 1,200,000 153,561.94 0.26 2 0.12
1,200,001 - 1,250,000 100,000.00 0.17 1 0.06
1,250,001 - 1,300,000 194,685.51 0.33 2 0.12
1,350,001 - 1,400,000 139,500.00 0.23 1 0.06
1,500,001 - 1,550,000 99,542.50 0.17 1 0.06
1,600,001 - 1,650,000 198,272.23 0.33 1 0.06
1,950,001 - 2,000,000 199,041.92 0.33 1 0.06
2,650,001 - 2,700,000 99,790.14 0.17 1 0.06
3,450,001 - 3,500,000 324,276.84 0.54 1 0.06
LOAN RATE: 8.00 - 8.00 144,410.00 0.24 2 0.12
8.01 - 8.50 401,550.24 0.67 14 0.85
8.51 - 9.00 2,172,468.84 3.63 55 3.35
9.01 - 9.50 4,845,622.52 8.10 135 8.23
9.51 - 10.00 8,889,117.19 14.86 261 15.91
10.01 - 10.50 5,226,040.08 8.74 135 8.23
10.51 - 11.00 6,332,763.25 10.59 152 9.27
11.01 - 11.50 7,485,270.57 12.52 191 11.65
11.51 - 12.00 9,163,719.41 15.32 290 17.68
12.01 - 12.50 7,452,721.48 12.46 205 12.50
12.51 - 13.00 5,035,459.13 8.42 136 8.29
13.01 - 13.50 2,055,146.38 3.44 47 2.87
13.51 - 14.00 547,689.21 0.92 14 0.85
14.51 - 15.00 56,259.57 0.09 3 0.18
COMBINED LTV: <= 10.00 248,978.98 0.42 8 0.49
10.01 - 20.00 368,230.61 0.62 9 0.55
20.01 - 30.00 253,766.37 0.42 3 0.18
30.01 - 40.00 334,373.66 0.56 4 0.24
40.01 - 50.00 247,969.72 0.41 5 0.30
50.01 - 60.00 887,666.17 1.48 16 0.98
60.01 - 70.00 1,758,637.57 2.94 31 1.89
70.01 - 80.00 7,765,612.81 12.98 150 9.15
80.01 - 90.00 33,302,647.35 55.68 1,027 62.62
90.01 - 100.00 14,640,354.63 24.48 387 23.60
ORIGINAL TERM: 180 38,409,266.90 64.22 1,087 66.28
360 21,398,970.97 35.78 553 33.72
DRAW TERM: 0 59,808,237.87 100.00 1,640 100.00
REMAINING TERM: 173 - 176 2,188,428.64 3.66 67 4.09
177 - 180 57,619,809.23 96.34 1,573 95.91
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 2/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Closed End Seconds
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
SEASONING: <= 0 33,253,951.78 55.60 908 55.37
1 - 3 24,365,857.45 40.74 665 40.55
4 - 6 2,155,172.42 3.60 66 4.02
7 - 7 33,256.22 0.06 1 0.06
DELINQUENT: Delinquent:0-29 Days 59,724,430.75 99.86 1,637 99.82
Delinquent:30-59 Days 43,807.12 0.07 2 0.12
Delinquent:60-89 Days 40,000.00 0.07 1 0.06
INDEX: Fixed Rate 59,808,237.87 100.00 1,640 100.00
AMORTIZATION: Fully Amortizing 38,409,266.90 64.22 1,087 66.28
Balloon 21,398,970.97 35.78 553 33.72
PROPERTY TYPE: Single Family 43,644,905.94 72.97 1,175 71.65
PUD 10,573,599.86 17.68 266 16.22
Condominium 3,552,902.79 5.94 133 8.11
2 Units 1,233,991.61 2.06 35 2.13
3 Units 420,893.58 0.70 15 0.91
4 Units 381,944.09 0.64 16 0.98
PURPOSE: Cash Out Refinance 34,621,991.72 57.89 824 50.24
Purchase 20,828,104.78 34.82 672 40.98
Rate/Term Refinance 4,358,141.37 7.29 144 8.78
OCCUPANCY: Primary 58,440,886.85 97.71 1,576 96.10
Non-owner 1,223,680.00 2.05 58 3.54
Second Home 143,671.02 0.24 6 0.37
DOCUMENTATION: Full Documentation 30,439,662.26 50.90 835 50.91
No Employment/Income 26,472,830.14 44.26 734 44.76
No Ratio 2,895,745.47 4.84 71 4.33
STATE: Arizona 1,485,094.11 2.48 62 3.78
Arkansas 15,604.77 0.03 1 0.06
California 43,518,160.86 72.76 1,071 65.30
Colorado 707,138.55 1.18 24 1.46
Connecticut 121,903.70 0.20 5 0.30
Delaware 26,899.09 0.04 1 0.06
Florida 494,144.24 0.83 22 1.34
Georgia 576,267.78 0.96 23 1.40
Idaho 407,445.97 0.68 17 1.04
Illinois 82,368.93 0.14 3 0.18
Maryland 1,033,014.66 1.73 34 2.07
Massachusetts 527,093.00 0.88 19 1.16
Montana 330,716.15 0.55 13 0.79
Nevada 947,097.91 1.58 28 1.71
New Hampshire 12,025.00 0.02 1 0.06
New Jersey 268,395.24 0.45 8 0.49
New Mexico 171,199.07 0.29 7 0.43
New York 34,910.60 0.06 1 0.06
North Carolina 124,834.93 0.21 5 0.30
Ohio 19,154.47 0.03 1 0.06
Oregon 2,250,540.40 3.76 84 5.12
Pennsylvania 315,135.02 0.53 8 0.49
South Carolina 95,110.89 0.16 4 0.24
Tennessee 82,840.54 0.14 3 0.18
Utah 1,884,431.00 3.15 57 3.48
Virginia 997,872.63 1.67 30 1.83
Washington 3,152,226.51 5.27 105 6.40
Wyoming 126,611.85 0.21 3 0.18
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 3/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: Closed End Seconds
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
TOP 50 PROPERTY ZIP PROPERTY CITY PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
------------------- ------------- ----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C>
90266 MANHATTAN BEACH, CA 560,780.23 0.94 7 0.43
92679 TRABUCO CANYON, CA 495,621.26 0.83 10 0.61
94583 SAN RAMON, CA 460,213.31 0.77 10 0.61
92129 SAN DIEGO, CA 443,333.64 0.74 11 0.67
91436 VAN NUYS, CA 396,773.08 0.66 3 0.18
94506 DANVILLE, CA 383,411.07 0.64 3 0.18
92675 SAN JUAN CAPISTRANO, CA 354,383.69 0.59 5 0.30
94555 FREMONT, CA 348,378.37 0.58 7 0.43
92024 ENCINITAS, CA 342,221.09 0.57 7 0.43
90265 MALIBU, CA 336,253.48 0.56 4 0.24
94941 MILL VALLEY, CA 334,014.93 0.56 4 0.24
91365 WOODLAND HILLS, CA 324,276.84 0.54 1 0.06
94550 LIVERMORE, CA 319,912.96 0.53 7 0.43
94080 SOUTH SAN FRANCISCO, CA 319,235.67 0.53 9 0.55
92008 CARLSBAD, CA 315,075.76 0.53 7 0.43
92130 SAN DIEGO, CA 312,160.84 0.52 5 0.30
94015 DALY CITY, CA 311,040.75 0.52 7 0.43
95035 MILPITAS, CA 311,005.03 0.52 5 0.30
95014 CUPERTINO, CA 303,932.05 0.51 4 0.24
94954 PETALUMA, CA 295,996.79 0.49 10 0.61
94121 SAN FRANCISCO, CA 290,428.93 0.49 4 0.24
90077 LOS ANGELES, CA 289,353.74 0.48 2 0.12
92131 SAN DIEGO, CA 287,683.18 0.48 7 0.43
95123 SAN JOSE, CA 283,606.43 0.47 7 0.43
90049 LOS ANGELES, CA 272,297.06 0.46 3 0.18
90210 BEVERLY HILLS, CA 264,290.14 0.44 2 0.12
95037 MORGAN HILL, CA 262,452.12 0.44 6 0.37
91344 SAN FERNANDO, CA 260,911.46 0.44 4 0.24
95030 LOS GATOS, CA 259,811.18 0.43 2 0.12
91709 CHINO, CA 259,246.78 0.43 7 0.43
92869 ORANGE, CA 255,800.14 0.43 7 0.43
92629 DANA POINT, CA 252,248.66 0.42 6 0.37
92028 FALLBROOK, CA 251,190.70 0.42 4 0.24
94002 BELMONT, CA 250,486.47 0.42 3 0.18
NULL NULL 247,200.75 0.41 6 0.37
94131 SAN FRANCISCO, CA 245,755.28 0.41 6 0.37
92117 SAN DIEGO, CA 244,578.52 0.41 7 0.43
92808 ANAHEIM, CA 244,163.48 0.41 8 0.49
92126 SAN DIEGO, CA 243,558.78 0.41 9 0.55
94539 FREMONT, CA 241,366.91 0.40 6 0.37
92677 LAGUNA BEACH, CA 235,990.42 0.39 5 0.30
92067 RANCHO SANTA FE, CA 231,780.07 0.39 2 0.12
92620 IRVINE, CA 229,767.71 0.38 5 0.30
92606 IRVINE, CA 229,661.79 0.38 6 0.37
92660 NEWPORT BEACH, CA 228,174.49 0.38 3 0.18
90272 PACIFIC PALISADES, CA 221,853.69 0.37 5 0.30
95376 TRACY, CA 221,306.51 0.37 8 0.49
95148 SAN JOSE, CA 220,700.00 0.37 4 0.24
94610 OAKLAND, CA 219,616.66 0.37 4 0.24
92037 LA JOLLA, CA 219,468.48 0.37 4 0.24
------------------- ------------- ----------------- ------ ---------- ------
TOTAL 14,732,771.37 24.63 278 16.95
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 4/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: 125 Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
<S> <C> <C>
LOAN TYPE: HILTV SECOND LIENS
TOTAL CURRENT BALANCE: $ 35,764,706.46
TOTAL FIRST MORT BALANCE: $ 119,897,266.53
NUMBER OF LOANS: 981
AVERAGE CURRENT BALANCE: $ 36,457.40 RANGE: $ 9,975.12 - $ 74,970.87
AVERAGE FIRST MORT BALANCE: $ 122,219.44 RANGE: $ 18,670.00 - $ 493,371.00
AVERAGE APPRAISAL VALUE: $ 141,847.46 RANGE: $ 43,000.00 - $ 620,000.00
AVERAGE PURCHASE PRICE: $ 0.00 RANGE: $ 0.00 - $ 0.00
AVERAGE COLLATERAL VALUE: $ 141,866.83 RANGE: $ 43,000.00 - $ 620,000.00
AVERAGE PI PAYMENT: $ 441.15 RANGE: $ 109.04 - $ 972.61
WEIGHTED AVERAGE GROSS COUPON: 13.4139% RANGE: 11.2500 - 15.7500%
WEIGHTED AVERAGE COMBINED LTV: 113.93% RANGE: 63.12 - 125.00%
WEIGHTED AVERAGE FICO SCORE: 686.99% RANGE: 630.00 - 794.00%
WEIGHTED AVERAGE DEBT RATIO: 38.00% RANGE: 0.00 - 49.97%
WEIGHTED AVERAGE ORIGINAL TERM: 262.47 months RANGE: 60.00 - 300.00 months
WEIGHTED AVERAGE REMAINING TERM: 258.90 months RANGE: 55.00 - 300.00 months
WEIGHTED AVERAGE SEASONING: 3.57 months RANGE: 0.00 - 9.00 months
TOP CITY CONCENTRATIONS ($): 2.99% LAS VEGAS, 2.28% SPOKANE, 2.22% SAN DIEGO
TOP STATE CONCENTRATIONS ($): 37.12% California, 18.44% Washington, 8.90% Oregon
MAXIMUM ZIP CODE CONCENTRATION ($): 0.91% 83814 (COEUR D' ALENE, ID)
ORIGINATION DATE: May 27, 1993 - Oct 07, 1998
FIRST PAY DATE: Mar 01, 1998 - Dec 01, 1998
MATURE DATE: Jun 01, 2003 - Nov 01, 2023
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
CURRENT BALANCE: 9,975.12 - 10,000.00 19,956.29 0.06 2 0.20
10,000.01 - 20,000.00 1,413,018.50 3.95 82 8.36
20,000.01 - 30,000.00 6,261,019.87 17.51 244 24.87
30,000.01 - 40,000.00 9,687,219.08 27.09 273 27.83
40,000.01 - 50,000.00 17,090,958.34 47.79 359 36.60
50,000.01 - 60,000.00 678,195.13 1.90 12 1.22
60,000.01 - 70,000.00 393,093.51 1.10 6 0.61
70,000.01 - 74,970.87 221,245.74 0.62 3 0.31
COLLATERAL VALUE: 43,000 - 50,000 141,920.53 0.40 6 0.61
50,001 - 100,000 5,638,969.77 15.77 196 19.98
100,001 - 150,000 16,161,547.38 45.19 449 45.77
150,001 - 200,000 9,572,249.81 26.76 237 24.16
200,001 - 250,000 2,123,594.42 5.94 48 4.89
250,001 - 300,000 1,395,540.46 3.90 29 2.96
300,001 - 350,000 442,278.71 1.24 9 0.92
350,001 - 400,000 154,804.79 0.43 4 0.41
450,001 - 500,000 34,871.38 0.10 1 0.10
550,001 - 600,000 49,913.37 0.14 1 0.10
600,001 - 620,000 49,015.84 0.14 1 0.10
LOAN RATE: 11.25 - 11.50 245,891.62 0.69 7 0.71
11.51 - 12.00 1,944,952.00 5.44 51 5.20
12.01 - 12.50 5,003,278.78 13.99 136 13.86
12.51 - 13.00 7,212,499.27 20.17 191 19.47
13.01 - 13.50 6,546,303.67 18.30 190 19.37
13.51 - 14.00 6,871,425.22 19.21 191 19.47
14.01 - 14.50 4,030,356.62 11.27 113 11.52
14.51 - 15.00 2,933,064.62 8.20 75 7.65
> 15.01 976,934.66 2.73 27 2.75
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 1/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: 125 Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
COMBINED LTV: 63.12 - 70.00 124,624.45 0.35 4 0.41
70.01 - 80.00 24,292.41 0.07 1 0.10
80.01 - 90.00 386,258.50 1.08 11 1.12
90.01 - 100.00 1,506,056.29 4.21 49 4 99
100.01 - 105.00 3,167,541.27 8.86 91 9.28
> 105.00 30,555,933.54 85.44 825 84.10
ORIGINAL TERM: 60 32,834.48 0.09 1 0.10
120 681,951.62 1.91 20 2.04
180 7,771,764.98 21.73 225 22.94
240 4,648,398.28 13.00 134 13.66
300 22,629,757.10 63.27 601 61.26
DRAW TERM: 0 35,764,706.46 100.00 981 100.00
REMAINING TERM: 55 - 56 32,834.48 0.09 1 0.10
111 - 116 404,937.60 1.13 12 1.22
117 - 122 277,014.02 0.77 8 0.82
171 - 176 4,130,919.40 11.55 119 12.13
177 - 182 3,640,845.58 10.18 106 10.81
231 - 236 1,927,551.77 5.39 59 6.01
237 - 242 2,720,846.51 7.61 75 7.65
291 - 296 10,824,965.22 30.27 285 29.05
297 - 300 11,804,791.88 33.01 316 32.21
SEASONING: <= 0 358,034.90 1.00 9 0.92
1 - 3 18,085,463.09 50.57 496 50.56
4 - 6 13,625,933.82 38.10 375 38.23
7 - 9 3,695,274.65 10.33 101 10.30
DELINQUENT: Delinquent:0-29 Days 35,660,844.16 99.71 978 99.69
Delinquent:30-59 Days 34,882.73 0.10 1 0.10
Delinquent:60-89 Days 24,979.57 0.07 1 0.10
Delinquent:90+ Days 44,000.00 0.12 1 0.10
INDEX: Fixed Rate 35,764,706.46 100.00 981 100.00
AMORTIZATION: Fully Amortizing 35,764,706.46 100.00 981 100.00
PROPERTY TYPE: Single Family 31,800,853.49 88.92 859 87.56
PUD 2,610,915.01 7.30 69 7.03
Condominium 1,241,688.43 3.47 50 5.10
2 Units 111,249.53 0.31 3 0.31
PURPOSE: Cash Out Refinance 35,323,789.84 98.77 968 98.67
Rate/Term Refinance 440,916.62 1.23 13 1.33
OCCUPANCY: Primary 35,764,706.46 100.00 981 100.00
DOCUMENTATION: Full Documentation 34,425,532.96 96.26 934 95.21
No Employment/Income 1,339,173.50 3.74 47 4.79
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 2/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: 125 Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
STATE: Arizona 2,098,477.71 5.87 61 6.22
California 13,276,911.11 37.12 353 35.98
Colorado 688,847.84 1.93 20 2.04
Delaware 24,802.93 0.07 1 0.10
Florida 882,752.58 2.47 29 2.96
Georgia 334,794.05 0.94 11 1.12
Idaho 1,901,559.61 5.32 54 5.50
Maryland 638,203.01 1.78 18 1.83
Massachusetts 109,570.25 0.31 2 0.20
Montana 412,679.16 1.15 12 1.22
Nevada 2,276,051.33 6.36 61 6.22
New Mexico 181,155.81 0.51 4 0.41
Oregon 3,183,390.30 8.90 85 8.66
South Carolina 24,752.50 0.07 1 0.10
Utah 1,678,865.60 4.69 48 4.89
Virginia 1,379,592.76 3.86 39 3.98
Washington 6,594,647.62 18.44 180 18.35
Wisconsin 77,652.29 0.22 2 0.20
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 3/4
<PAGE>
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/18/98
HEADLANDS HOME EQUITY LOAN TRUST 1998-2: 125 Equity Loans
11/30/98 Balances
- --------------------------------------------------------------------------------
CURRENT
TOP 50 PROPERTY ZIP PROPERTY CITY PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
------------------- ------------- ----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C>
83814 COEUR D' ALENE, ID 327,076.30 0.91 9 0.92
98390 SUMNER, WA 308,218.26 0.86 8 0.82
95376 TRACY, CA 265,289.10 0.74 7 0.71
91709 CHINO, CA 253,157.35 0.71 6 0.61
89031 NORTH LAS VEGAS, NV 240,425.31 0.67 6 0.61
98367 PORT ORCHARD, WA 204,287.81 0.57 5 0.51
89117 LAS VEGAS, NV 196,938.71 0.55 5 0.51
92065 RAMONA, CA 196,476.50 0.55 5 0.51
84015 CLEARFIELD, UT 194,804.05 0.54 5 0.51
89123 LAS VEGAS, NV 186,054.82 0.52 5 0.51
94509 ANTIOCH, CA 177,878.04 0.50 5 0.51
92114 SAN DIEGO, CA 174,175.96 0.49 4 0.41
98513 OLYMPIA, WA 172,783.13 0.48 4 0.41
93611 CLOVIS, CA 172,618.53 0.48 4 0.41
94565 PITTSBURG, CA 169,601.90 0.47 6 0.61
97404 EUGENE, OR 167,062.07 0 47 4 0.41
99223 MANITO AREA 2, WA 163,381.40 0.46 3 0.31
92040 LAKESIDE, CA 158,789.63 0.44 3 0.31
96161 TRUCKEE, CA 156,350.86 0.44 5 0.51
98270 MARYSVILLE, WA 154,155.11 0.43 4 0.41
84128 WEST VALLEY CITY, UT 153,733.99 0.43 4 0.41
97701 BEND, OR 147,568.79 0.41 4 0.41
99337 KENNEWICK, WA 144,077.84 0.40 3 0.31
92253 LA QUINTA, CA 143,039.09 0.40 3 0.31
91719 CORONA, CA 139,322.61 0.39 3 0.31
97321 ALBANY, OR 137,832.20 0.39 3 0.31
84123 SALT LAKE CITY, UT 136,073.57 0.38 4 0.41
98226 BELLINGHAM, WA 129,753.73 0.36 3 0.31
99216 OPPORTUNITY AREA 3, WA 129,205.16 0.36 4 0.41
98023 AUBURN, WA 126,679.73 0.35 3 0.31
83854 POST FALLS, ID 124,642.31 0.35 4 0.41
85027 PHOENIX, AZ 124,252.33 0.35 3 0.31
92115 SAN DIEGO, CA 123,814.31 0.35 3 0.31
99208 SPOKANE, WA 122,718.70 0.34 3 0.31
94590 VALLEJO, CA 122,074.53 0.34 3 0.31
97302 SALEM, OR 119,733.82 0.33 3 0.31
93030 OXNARD, CA 118,956.00 0.33 3 0.31
98632 LONGVIEW, WA 118,592.32 0.33 3 0.31
91910 CHULA VISTA, CA 117,571.37 0.33 3 0.31
92021 EL CAJON, CA 116,503.41 0.33 4 0.41
90703 CERRITOS, CA 115,686.39 0.32 3 0.31
59405 GREAT FALLS, MT 114,977.63 0.32 3 0.31
91911 CHULA VISTA, CA 114,490.53 0.32 3 0.31
99336 KENNEWICK, WA 111,872.75 0.31 3 0.31
99212 OPPORTUNITY AREA 4, WA 110,933.91 0.31 3 0.31
98908 YAKIMA, WA 109,563.68 0.31 3 0.31
22554 STAFFORD, VA 109,244.58 0.31 3 0.31
22193 WOODBRIDGE, VA 108,821.04 0.30 3 0.31
98031 KENT, WA 107,995.35 0.30 3 0.31
89801 ELKO, NV 107,143.74 0.30 3 0.31
------------------- ------------- ----------------- ------ ---------- ------
TOTAL 7,746,400.25 21.66 199 20.29
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
Page 4/4
