<PAGE>
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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 14, 1999
GREENPOINT MORTGAGE SECURITIES INC., (as sponsor under the Sale and Servicing
Agreement, dated as of December 1, 1999, providing for the issuance of
GreenPoint Home Equity Loan Trust 1999-2, Home Equity Loan Asset-Backed Notes).
GreenPoint Mortgage Securities Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-79833 68-0397342
- ------------------------------- ----------- -------------------
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
700 Larkspur Landing Circle 94939
Suite 240 ----------
Larkspur, California (Zip Code)
- --------------------------------
(Address of Principal Executive
Offices)
Registrant's telephone number, including area code (415) 925-5442
--------------
Headlands Mortgage Securities Inc.
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(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
In connection with the offering of the Home Equity Loan Asset-Backed
Notes, Series 1999-2, Class A-1 and Class A-2 Notes, of which GreenPoint Home
Equity Loan Trust 1999-2 is the issuer, as described in a Prospectus Supplement
dated as of December 15, 1999 to the Prospectus dated as of June 14, 1999,
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.
GREENPOINT MORTGAGE
SECURITIES INC.
By: /s/ Kristen Decker
----------------------
Name: Kristen Decker
Title: Vice President
Dated: December 16, 1999
3
<PAGE>
Exhibit Index
Exhibit
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99.1. Related Computational Materials (as defined in Item 5 above).
<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.
Preliminary Term Sheet Prepared: December 14, 1999
$247,819,000 (Approximate)
GREENPOINT HOME EQUITY LOAN TRUST 1999-2
Home Equity Loan Asset-Backed Notes, Series 1999-2
[LOGO] Ambac
(Note Insurer)
<TABLE>
<CAPTION>
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WAL Payment Expected
(Yrs.) Window Rating Legal Final
Class (1) Amount (2) Call/Mat Call/Mat (mos) Benchmark Spread (S&P/Moody's) Maturity
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $193,275,000 2.81/2.97 1-81/1-152 1 Mo LIBOR TBD AAA/Aaa December 2025
A-2 $54,544,000 2.83/2.99 1-81/1-152 1 Mo LIBOR TBD AAA/Aaa December 2025
- -----------------------------------------------------------------------------------------------------------------
Total $247,819,000
</TABLE>
(1) The Class A-1 Notes are backed by the cash flow from conforming balance
adjustable-rate home equity revolving credit line and fixed-rate closed-
end second lien home equity mortgage loans (the Group I Mortgage Loans).
The Class A-2 Notes are backed by the cash flow from other adjustable-
rate home equity revolving credit line and fixed-rate closed-end second
lien home equity mortgage loans (the Group II Mortgage Loans).
(2) Subject to a plus or minus 10% variance.
Underwriter: Greenwich Capital Markets, Inc.
Seller & Servicer: GreenPoint Mortgage Funding, Inc. (the "Company",
formerly known as Headlands Mortgage Company).
Sponsor: GreenPoint Mortgage Securities, Inc.
Note Insurer: Ambac Assurance Corporation.
Indenture Trustee: Bank One, National Association.
Owner Trustee: Wilmington Trust Company.
Federal Tax Status: It is anticipated that the Class A-1 and the Class
A-2 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: December [15], 1999.
Expected Closing Date: On or about December 22, 1999.
Expected Settlement Date: On or about December 22, 1999.
Initial Cut-off Date: The close of business on November 30, 1999.
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.
Distribution Dates: The 15th day of each month (or the next succeeding
business day), beginning [January 17, 2000].
Interest Accrual Period: The interest accrual period with respect to the
Class A-1 and Class A-2 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).
Credit Enhancement: Excess Interest, Overcollateralization, limited
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-1 and Class A-2 margin will each double.
Prepayment Assumption: 40% CPR, 20% Draw Rate on the HELOCs
30% CPR on the Closed-End Seconds.
Initial Mortgage Loans: As of the Initial Cut-off Date, the aggregate
principal balance of the Initial Mortgage Loans
will be approximately $197,820,387, of which: (i)
approximately $154,536,428 will be in Group I (the
"Initial Group I Mortgage Loans") and (ii)
approximately $43,283,958 will be in Group II (the
"Initial Group II Mortgage Loans" and together
with the Initial Group I Mortgage Loans, the
"Initial Mortgage Loans").
Initial Group I Mortgage
Loans: The Initial Group I Mortgage Loans will consist of
$141,422,871 of adjustable-rate home equity
revolving credit line loans (the "Initial Group I
HELOCs") made under certain home equity revolving
credit line loan agreements and $13,113,557 of
fixed-rate closed-end second lien home equity
loans (the "Initial Group I Closed-End Seconds").
The Initial Group I Mortgage Loans conform to
certain loan origination standards with respect to
loan balances as of the date of origination set
forth by the Federal National Mortgage
Association. These criteria have been used solely
in selecting the Initial Group I Mortgage Loans.
No representation and warranty is made that each
individual Initial Group I Mortgage Loan would be
eligible for purchase by the Federal National
Mortgage Association.
Initial Group II Mortgage
Loans: The Initial Group II Mortgage Loans will consist
of $41,109,718 of adjustable-rate home equity
revolving credit line loans (the "Initial Group II
HELOCs") made under certain home equity revolving
credit line loan agreements and $2,174,240 of
fixed-rate closed-end second lien home equity
loans (the "Initial Group II Closed-End Seconds").
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.
Prefunding Amount: A deposit of approximately $50,000,000 (the
initial "Prefunding Amount") will be made to the
Funding Account on the Closing Date. On or prior
to [January 17, 1999], (the "Pre-Funding Period"),
the Prefunding Amount on deposit in the Funding
Account will be used to purchase additional HELOCs
(the "Subsequent HELOCs" or "Subsequent Mortgage
Loans") (to the extent available) having similar
characteristics as the Initial Mortgage Loans
(with any unused portion of such deposit amount to
be distributed as principal on the Notes).
Approximately $38,739,074 (the initial "Group I
Prefunding Amount") will be used to purchase
additional HELOCs which conform to certain loan
origination standards with respect to loan
balances as of the date of origination set forth
by the Federal National Mortgage Association (the
"Subsequent Group I HELOCs" or "Subsequent Group I
Mortgage Loans", together with the Initial Group I
Mortgage Loans, the "Group I Mortgage Loans").
Approximately $11,260,926 (the initial " Group II
Prefunding Amount") will be used to purchase other
additional HELOCs (the "Subsequent Group II
HELOCs" or "Subsequent Group II Mortgage Loans",
together with the Initial Group II Mortgage Loans,
the "Group II Mortgage Loans").
Group I HELOC
Amortization: Approximately 73.72% of the Initial Group I HELOCs
have 5 year draw periods followed by a 10 year
amortization period, while the remaining 26.28%
have a 15 year draw period followed by a 10 year
amortization period. Each outstanding Initial
Group I HELOC principal balance is fixed at the
end of the draw period, and then amortized over
the subsequent 10 year period.
Group I Closed-end
Second Amortization: Fully amortizing and balloons.
Group I
HELOC Interest Rates: 100% of the Initial Group I HELOCs are Prime-based
and reset monthly. Substantially all of the
Initial Group I HELOCs are teased for 3 months
from origination and adjust thereafter. The
weighted average margin on the Initial Group I
HELOCs as of the Initial Cut-off Date is
approximately 3.23%, with the margins ranging from
0.00% to 6.25%. Substantially all of the Initial
Group I HELOCs have a maximum interest rate of 18%
or higher, with no periodic caps.
Group I Closed-end
Second Interest Rates: 100% Fixed Rate.
Group II HELOC
Amortization: Approximately 73.12% of the Initial Group II
HELOCs have 5 year draw periods followed by a 10
year amortization period, while the remaining
26.88% have a 15 year draw period followed by a 10
year amortization period. Each outstanding Initial
Group II HELOC principal balance is fixed at the
end of the draw period, and then amortized over
the subsequent 10 year period.
Group II Closed-end
Second Amortization: Fully amortizing and balloons.
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.
Group II
HELOC Interest Rates: 100% of the Initial Group II HELOCs are
Prime-based and reset monthly. Substantially all
of the Initial Group II HELOCs are teased for 3
months from origination and adjust thereafter. The
weighted average margin on the Initial Group II
HELOCs as of the Initial Cut-off Date is 3.00%,
with the margins ranging from 0.00% to 6.00%.
Substantially all of the Initial Group II HELOCs
have a maximum interest rate of 18% or higher,
with no periodic caps.
Group II Closed-end
Second Interest Rates: 100% Fixed Rate.
The Trust
GreenPoint Home Equity
Loan Trust 1999-2: The GreenPoint Home Equity Loan Trust 1999-2 (the
"Trust") will issue the Class A-1 and Class A-2
Notes. The Class A-1 Notes are supported by the
Group I Mortgage Loans. As of the Closing Date,
the Class A-1 Note Balance will initially equal
approximately 100% of the sum of (i) Initial Group
I Mortgage Loans as of the Initial Cut-off Date
and (ii) the initial Group I Prefunding Amount.
The Class A-2 Notes are supported by the Group II
Mortgage Loans. As of the Closing Date, the Class
A-2 Note Balance will initially equal
approximately 100% of the sum of (i) mortgage loan
balance of the Initial Group II Mortgage Loans as
of the Initial Cut-off Date and (ii) the initial
Group II Prefunding Amount.
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 Prefunding
Amount, the Surety Policy and the Reserve Fund.
The Notes
Class A-1 Notes: The Class A-1 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 receive distributions of
principal in the manner described below. The Class
A-2 Notes will receive interest on each
Distribution Date based on a variable 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) limited Cross Collateralization
(described below);
(d) the Surety Policy (described below);
(e) the Reserve Fund (described below).
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.
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; (iv) the
related Trustee Fees paid and (v) any cross
collateralization payments paid.
Class A-1
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 a certain
percentage (specified in the Indenture) of the sum
of (i) the Initial Group I Mortgage Loan Balance
as of the Initial Cut-off Date and (ii) the
initial Group I Prefunding Amount (the "Class A-1
Required Overcollateralization Amount"). This
distribution of interest as principal will have
the effect of accelerating the Class A-1 Notes
relative to the underlying Group I Mortgage Loans.
On any Distribution Date, the Class A-1
Overcollateralization Amount will be the amount by
which the Group I Mortgage Loan Balance and any
Group I Prefunding Amount exceeds the Class A-1
Note Principal Balance. On any Distribution Date
on which the Group I Mortgage Loan Balance and any
Group I Prefunding Amount does not exceed the
Class A-1 Note Principal Balance by the Class A-1
Required Overcollateralization Amount, Excess
Interest Collections will be distributed as
principal to the Class A-1 Noteholders to increase
the Class A-1 Overcollateralization Amount to the
Class A-1 Required Overcollateralization Amount.
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 a certain
percentage (specified in the Indenture) of the sum
of (i) the Initial Group II Mortgage Loan Balance
as of the Initial Cut-off Date and (ii) the
initial Group II Prefunding Amount (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 and any
Group II Prefunding Amount exceeds the Class A-2
Note Principal Balance. On any Distribution Date
on which the Group II Mortgage Loan Balance and
any Group II Prefunding Amount 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.
Stepdown Date: On or after the Distribution Date occurring in
April 2003, the required targets for the Class A-1
Overcollateralization and the Class A-2
Overcollateralization will each be allowed to step
down to a certain percentage (specified in the
Indenture) of the mortgage loan balance of the
related mortgage loan group as of the end of the
related Collection Period, subject to a floor of
0.50% of the sum of (i) related group mortgage
loan balance as of the Initial Cut-off Date and
(ii) any related initial Prefunding Amount.
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.
Cross Collateralization: After paying the "OC Deficit" (the amount by which
the Note Principal Balance exceeds the related
Group Mortgage Loan Balance and any related
Prefunding Amount) and any unreimbursed draws on
the Policy with respect to the related Class of
Notes, any remaining amounts will be used (i) to
pay accrued and unpaid interest to the other
unrelated Class of Notes; (ii) to pay the OC
Deficit on the unrelated Class of Notes and (iii)
to pay unreimbursed draws on the Policy with
respect to the unrelated Class of Notes.
The Surety Policy: Ambac Assurance Corporation will issue a single
note insurance policy with respect to the Class
A-1 and Class A-2 Notes 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-1 Required Overcollateralization
Amount; and (ii) the amount by which the Class A-2
Overcollateralization Amount is less than the
Class A-2 Required Overcollateralization Amount.
The Reserve Fund may be used to fund interest
shortfalls and OC Deficits and to pay any
unreimbursed draws on the Policy with respect to
both classes of Notes.
Distributions on the Class A-1 and Class A-2 Notes
Priority of Distributions
Available Funds with respect to each Class of Notes will be distributed as
follows:
(i) to the Indenture Trustee, the related trustee fee;
(ii) to the Insurer, the related premium fee;
(iii) to the related Class A Notes, current and unpaid interest;
(iv) to the related Class A Notes, regular principal;
(v) to the related Class A Notes, any OC Deficit;
(vi) to the Insurer, the related reimbursement amount for any
unreimbursed draws on the Policy;
(vii) to fund any deficiencies in the unrelated Class of Class A Notes
with respect to (iii), (v) and (vi);
(viii) to the related Class A Notes, the accelerated principal payment;
(ix) to the Reserve Fund as specified herein;
(x) to pay any unreimbursed amounts to the Servicer;
(xi) to the related Class A Notes, Deferred Interest and interest thereon
at the related Class A Note Rate;
(xii) to pay a management fee pursuant to the Management Agreement;
(xiii) to the certificateholders, any remaining amounts.
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.
Principal Distributions
Managed Am. Period: The Managed Amortization Period will begin on the
Closing Date and end on the Distribution Date
occurring in December 2004 or earlier upon the
occurrence of a Rapid Amortization Event (as
described below). During the Managed Amortization
Period, the Class A-1 and Class A-2 Noteholders
will receive (a) the related Net Principal
Collections (as defined herein) minus (b) the
related Overcollateralization Reduction Amount (as
defined herein). The related
"Overcollateralization Reduction Amount" is the
amount by which the related Overcollateralization
Amount exceeds the related Required
Overcollateralization Amount. The "Net Principal
Collections" is equal to the amount (not less than
zero) of the related principal collections for
such Distribution Date less the aggregate of
related additional draws on existing Trust HELOCs
created during such Distribution Date.
Rapid Am. Period: Commencing no later than the Distribution Date
occurring in January 2005 (or earlier, upon the
occurrence of a Rapid Amortization Event (as
described below)), the Class A-1 and Class A-2
Noteholders will receive the (a) the related
Maximum Principal Payment minus (b) the related
Overcollateralization Reduction Amount. The
"Maximum Principal Payment" is equal to 100% of
the related principal collections for such
Distribution Date.
The aggregate distributions of principal to the
holders of each Class of Notes shall not exceed
the initial Note Principal Balance of such Class.
Rapid Am. Event: With respect to each Class of Notes, 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 Indenture, 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 Trust, the
Company, the Servicer or of the
Sponsor set forth in the Sale and
Servicing Agreement or the Insurance
Agreement or the Indenture, 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
or the Indenture 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
Noteholders 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 Trustee
and the Insurer) in accordance with
the provisions of the Indenture;
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.
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 or Class A-2 Notes under the Policy exceeds 1%
of the sum of (i) the related group mortgage loan
balance as of the Initial Cut-off Date and (ii)
the related initial Prefunding Amount;
f) the default in payment of any interest, principal,
or any installment of principal on the related
Class of Notes when the same becomes due and
payable, if such default shall continue for a
period of five business days;
g) 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 distributed on the Class A-1
Noteholders at a rate equal to the lesser of (a)
One Month LIBOR plus a margin and (b) the
related Maximum Rate. Interest will be
distributed on the Class A-2 Noteholders at a
rate equal to the lesser of (a) One Month LIBOR
plus a margin and (b) the related Maximum Rate.
The margin on each Class of Notes will double if
the optional termination is not exercised.
The "Maximum Rate" is equal to the lesser of (x)
the weighted average of the loan rates (assuming
the HELOCs are fully indexed) minus (i) the
Servicing Fee Rate, (ii) the Insurance Premium
Fee Rate; (iii) a spread carveout of 0.50% per
annum after the twelfth Distribution Date and
(iv) the Indenture and Owner Trustee Fee Rates
and (y) [15.50%]. Should the Noteholders receive
an interest amount based on clause (x) above
(creating a "Deferred Interest Amount"), future
remaining interest amounts to be distributed
will first be allocated to Noteholders accrued
interest due and any overdue accrued interest
(with interest), then Deferred Interest (with
interest). In no event are Deferred Interest
Amounts rated by the Rating Agencies or
guaranteed under the Policy.
GREENWICH CAPITAL
- --------------------------------------------------------------------------------
8
<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 Seller and Servicer
The Company (formerly known as Headlands Mortgage 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.
The Company has 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. reached a definitive agreement
to acquire the Company in a stock transaction worth about $473 million. On March
30, 1999, Greenpoint Financial Corp. completed the acquisition of Headlands
Mortgage Company. The acquisition was accounted for as a tax-free pooling of
interests, with 0.62 shares of Greenpoint Financial Corp. stock being exchanged
for each share of Headlands stock.
As of the acquisition date, the Company and GreenPoint Mortgage began
integrating their operations to eliminate redundant systems and practices under
a common management group. Effective December 1, 1999, the assets and
liabilities of the Company were transferred to a new subsidiary of the Company,
GreenPoint Mortgage Funding, Inc. ("GreenPoint Funding"). Simultaneously with
this transfer, GreenPoint Mortgage was merged into GreenPoint Funding, with
GreenPoint Funding being the surviving entity.
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
- --------------------------------------------------------------------------------
9
<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 the issuer of the securities and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities. 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, and 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 slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise 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, Inc. 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.
10
<PAGE>
CLASS A-1
Settlement 12/22/99
Class Balance $193,275,000
Accrued Date 12/22/99
Next Payment Date 01/15/00
Accrued Interest Days 0
Cleanup Call Yes
Draw Rate 20%
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Flat 20% CPR HELOCS 30% CPR HELOCS 40% CPR HELOCS 45% CPR HELOCS 50% CPR HELOCS
Price 10% CPR Closed End 20% CPR Closed End 30% CPR Closed End 40% CPR Closed End 50% CPR Closed End
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
100-00 0.300 0.300 0.300 0.300 0.300
===============================================================================================================================
WAL (yr) 8.48 4.56 2.81 2.26 1.82
MDUR (yr) 5.99 3.58 2.36 1.93 1.60
First Prin Pay 01/15/00 01/15/00 01/15/00 01/15/00 01/15/00
Last Prin Pay 01/15/15 06/15/09 09/15/06 09/15/05 10/15/04
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-1
Settlement 12/22/99
Class Balance $193,275,000
Accrued Date 12/22/99
Next Payment Date 01/15/00
Accrued Interest Days 0
Cleanup Call No
Draw Rate 20%
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Flat 20% CPR HELOCS 30% CPR HELOCS 40% CPR HELOCS 45% CPR HELOCS 50% CPR HELOCS
Price 10% CPR Closed End 20% CPR Closed End 30% CPR Closed End 40% CPR Closed End 50% CPR Closed End
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
100-00 0.303 0.309 0.311 0.312 0.315
===============================================================================================================================
WAL (yr) 8.65 4.79 2.97 2.39 1.95
MDUR (yr) 6.05 3.69 2.44 2.02 1.68
First Prin Pay 01/15/00 01/15/00 01/15/00 01/15/00 01/15/00
Last Prin Pay 08/15/17 05/15/17 08/15/12 10/15/10 04/15/09
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, 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.
11
<PAGE>
CLASS A-2
Settlement 12/22/99
Class Balance $54,544,000
Accrued Date 12/22/99
Next Payment Date 01/15/00
Accrued Interest Days 0
Cleanup Call Yes
Draw Rate 20%
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Flat 20% CPR HELOCS 30% CPR HELOCS 40% CPR HELOCS 45% CPR HELOCS 50% CPR HELOCS
Price 10% CPR Closed End 20% CPR Closed End 30% CPR Closed End 40% CPR Closed End 50% CPR Closed End
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
100-00 0.330 0.330 0.330 0.330 0.330
===============================================================================================================================
WAL (yr) 8.57 4.60 2.83 2.27 1.85
MDUR (yr) 6.04 3.61 2.37 1.95 1.62
First Prin Pay 01/15/00 01/15/00 01/15/00 01/15/00 01/15/00
Last Prin Pay 01/15/15 07/15/09 09/15/06 09/15/05 11/15/04
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-2
Settlement 12/22/99
Class Balance $54,544,000
Accrued Date 12/22/99
Next Payment Date 01/15/00
Accrued Interest Days 0
Cleanup Call No
Draw Rate 20%
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Flat 20% CPR HELOCS 30% CPR HELOCS 40% CPR HELOCS 45% CPR HELOCS 50% CPR HELOCS
Price 10% CPR Closed End 20% CPR Closed End 30% CPR Closed End 40% CPR Closed End 50% CPR Closed End
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
100-00 0.333 0.339 0.342 0.344 0.345
===============================================================================================================================
WAL (yr) 8.74 4.83 2.99 2.41 1.98
MDUR (yr) 6.10 3.71 2.46 2.03 1.70
First Prin Pay 01/15/00 01/15/00 01/15/00 01/15/00 01/15/00
Last Prin Pay 08/15/17 05/15/17 08/15/12 10/15/10 04/15/09
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, 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.
GREENWICH CAPITAL
- --------------------------------------------------------------------------------
12
<PAGE>
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/13/99
GREENPOINT HOME EQUITY LOAN TRUST 1999-2 (Group I Mortgage Loans)
11/30/99 Balances
<TABLE>
<S> <C> <C> <C>
LOAN TYPE: Closed-end Seconds
& HELOCS
TOTAL CURRENT BALANCE: $ 154,536,428.19
TOTAL FIRST MORT BALANCE: $ 957,005,946.67
NUMBER OF LOANS: 4,208
AVERAGE CURRENT BALANCE: $ 37,600.10 RANGE: $ 0.00 - $ 351,687.93
AVERAGE FIRST MORT BALANCE: $ 232,395.81 RANGE: $ 0.00 - $ 1,705,000.00
AVERAGE COLLATERAL VALUE: $ 342,258.95 RANGE: $ 18,170.00 - $ 3,600,000.00
WEIGHTED AVERAGE GROSS COUPON: 7.0837 % RANGE: 5.6250 - 15.5000 %
WEIGHTED AVERAGE MARGIN (HELOC ONLY): 3.2263 % RANGE: 0.0000 - 6.2500 %
WEIGHTED AVERAGE MAX INT RATE (HELOC ONLY): 18.0014 % RANGE: 18.0000 - 24.0000 %
WEIGHTED AVERAGE NEXT RESET (HELOC ONLY): 3 months RANGE: 1 - 6 months
WEIGHTED AVERAGE COMBINED LTV: 84.27 % RANGE: 4.98 - 100.00 %
WEIGHTED AVERAGE FICO SCORE: 693.92 RANGE: 0.00 - 818.00
WEIGHTED AVERAGE ORIGINAL TERM: 208.11 months RANGE: 180.00 - 300.00 months
WEIGHTED AVERAGE DRAW TERM (HELOC ONLY): 91.54 months RANGE: 60.00 - 180.00 months
WEIGHTED AVERAGE REMAINING TERM: 206.51 months RANGE: 166.00 - 300.00 months
WEIGHTED AVERAGE SEASONING: 1.60 months RANGE: 0.00 - 123.00 months
<CAPTION>
<S> <C>
TOP STATE CONCENTRATIONS ($): 74.05 % California, 3.67 % Washington, 3.50 % Colorado
MAXIMUM ZIP CODE CONCENTRATION ($): 0.67 % 94901
FIRST PAY DATE: Jan 25, 1999 - Jan 01, 2000
MATURE DATE: Sep 25, 2013 - Nov 12, 2024
RATE ADJ. DATE (HELOC ONLY): Dec 25, 1999 - May 25, 2000
</TABLE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
LOAN TYPE: HELOCS 141,422,871.09 91.51 3,8619 1.75
Closed-end Seconds 13,113,557.10 8.49 347 8.25
</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.
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.
13
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
CURRENT BALANCE: <= 0.00 0.00 0.00 98 2.33
0.01 - 10,000.00 1,760,925.98 1.14 379 9.01
10,000.01 - 20,000.00 11,906,988.21 7.70 767 18.23
20,000.01 - 30,000.00 20,274,900.28 13.12 807 19.18
30,000.01 - 40,000.00 22,548,561.41 14.59 641 15.23
40,000.01 - 50,000.00 29,218,021.98 18.91 630 14.97
50,000.01 - 60,000.00 12,832,488.33 8.30 232 5.51
60,000.01 - 70,000.00 11,673,253.30 7.55 179 4.25
70,000.01 - 80,000.00 10,991,932.11 7.11 146 3.47
80,000.01 - 90,000.00 8,147,640.01 5.27 95 2.26
90,000.01 - 100,000.00 15,424,113.07 9.98 158 3.75
> 100,000.00 9,757,603.51 6.31 76 1.81
COLLATERAL VALUE: 18,170 - 100,000 3,091,739.90 2.00 198 4.71
100,001 - 200,000 28,260,714.01 18.29 1,117 26.54
200,001 - 300,000 36,741,014.10 23.77 1,073 25.50
300,001 - 400,000 29,071,064.70 18.81 675 16.04
400,001 - 500,000 18,363,335.31 11.88 412 9.79
500,001 - 600,000 12,262,090.36 7.93 254 6.04
600,001 - 700,000 8,222,357.70 5.32 170 4.04
700,001 - 800,000 6,566,654.05 4.25 115 2.73
800,001 - 900,000 4,059,798.02 2.63 72 1.71
900,001 - 1,000,000 2,292,436.96 1.48 30 0.71
1,000,001 - 1,100,000 1,273,961.08 0.82 20 0.48
1,100,001 - 1,200,000 1,098,301.02 0.71 19 0.45
1,200,001 - 1,300,000 1,046,304.83 0.68 16 0.38
1,300,001 - 1,400,000 269,383.95 0.17 6 0.14
1,400,001 - 1,500,000 209,687.93 0.14 4 0.10
> 1,500,000 1,707,584.27 1.10 27 0.64
LOAN RATE: 5.62 - 6.00 120,245,506.39 77.81 3,298 78.37
6.51 - 7.00 19,275.54 0.01 2 0.05
7.01 - 7.50 484,410.01 0.31 9 0.21
8.01 - 8.50 880,647.42 0.57 28 0.67
8.51 - 9.00 548,129.10 0.35 15 0.36
9.01 - 9.50 1,705,936.47 1.10 36 0.86
9.51 - 10.00 2,055,356.29 1.33 69 1.64
10.01 - 10.50 3,149,456.58 2.04 83 1.97
10.51 - 11.00 4,148,400.87 2.68 120 2.85
11.01 - 11.50 6,627,927.64 4.29 188 4.47
11.51 - 12.00 6,525,893.19 4.22 145 3.45
12.01 - 12.50 3,440,772.05 2.23 91 2.16
12.51 - 13.00 2,759,927.12 1.79 72 1.71
13.01 - 13.50 1,482,986.67 0.96 38 0.90
13.51 - 14.00 392,188.12 0.25 10 0.24
14.01 - 14.50 49,814.73 0.03 3 0.07
> 15.01 19,800.00 0.01 1 0.02
</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.
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.
14
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
MARGIN (HELOC ONLY): <= 0.50 8,769,489.30 6.20 299 7.74
0.51 - 1.00 7,514,561.32 5.31 235 6.09
1.01 - 1.50 4,754,488.80 3.36 144 3.73
1.51 - 2.00 8,455,368.59 5.98 234 6.06
2.01 - 2.50 15,154,311.98 10.72 352 9.12
2.51 - 3.00 13,537,630.72 9.57 330 8.55
3.01 - 3.50 14,024,024.54 9.92 401 10.39
3.51 - 4.00 19,946,220.77 14.10 586 15.18
4.01 - 4.50 22,763,744.42 16.10 616 15.95
4.51 - 5.00 20,951,234.07 14.81 519 13.44
5.01 - 5.50 4,729,416.59 3.34 127 3.29
5.51 - 6.00 772,833.36 0.55 16 0.41
6.01 - 6.25 49,546.63 0.04 2 0.05
MAX INT RATE (HELOC ONLY)18.00 141,388,848.96 99.98 3,858 99.92
24.00 34,022.13 0.02 3 0.08
NEXT RESET (HELOC ONLY): 1 16,728,559.06 11.83 455 11.78
2 35,155,807.67 24.86 950 24.61
3 74,092,398.26 52.39 2,067 53.54
4 15,301,440.80 10.82 386 10.00
5 16,105.16 0.01 1 0.03
6 128,560.14 0.09 2 0.05
COMBINED LTV: <= 10.00 417,856.05 0.27 16 0.38
10.01 - 20.00 1,022,511.73 0.66 32 0.76
20.01 - 30.00 1,049,121.44 0.68 28 0.67
30.01 - 40.00 865,391.61 0.56 25 0.59
40.01 - 50.00 2,263,124.47 1.46 45 1.07
50.01 - 60.00 3,781,461.17 2.45 97 2.31
60.01 - 70.00 9,015,697.41 5.83 203 4.82
70.01 - 80.00 30,898,714.15 19.99 763 18.13
80.01 - 90.00 56,172,521.96 36.35 1,719 40.85
90.01 - 100.00 49,050,028.20 31.74 1,280 30.42
FICO SCORE: <= 0 270,964.62 0.18 8 0.19
501 - 550 27,500.00 0.02 1 0.02
551 - 600 187,687.31 0.12 4 0.10
601 - 650 21,742,655.51 14.07 599 14.23
651 - 700 69,869,532.37 45.21 1,822 43.30
701 - 750 46,052,308.83 29.80 1,301 30.92
751 - 800 16,039,180.47 10.38 463 11.00
801 - 818 346,599.08 0.22 10 0.24
ORIGINAL TERM: 180 118,341,371.46 76.58 3,142 74.67
300 36,195,056.73 23.42 1,066 25.33
DRAW TERM (HELOC ONLY): 60 104,250,968.20 73.72 2,758 71.43
180 37,171,902.89 26.28 1,103 28.57
</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.
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.
15
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
REMAINING TERM: 166 - 170 669,337.12 0.43 19 0.45
171 - 176 2,614,976.79 1.69 65 1.54
177 - 182 115,058,813.04 74.45 3,059 72.69
285 - 290 22,071.48 0.01 1 0.02
291 - 296 744,304.64 0.48 24 0.57
297 - 300 35,426,925.12 22.92 1,040 24.71
SEASONING: <= 0 31,255,005.14 20.23 787 18.70
1 - 3 119,228,977.53 77.15 3,311 78.68
4 - 6 2,460,742.28 1.59 66 1.57
7 - 9 898,539.15 0.58 23 0.55
10 - 12 612,752.34 0.40 18 0.43
13 - 15 78,656.26 0.05 2 0.05
121 - 123 1,755.49 0.00 1 0.02
DELINQUENT: Current 153,804,772.73 99.53 4,186 99.48
Delinquent:30 Days 731,655.46 0.47 22 0.52
INDEX: Prime Rate 141,422,871.09 91.51 3,861 91.75
Fixed Rate 13,113,557.10 8.49 347 8.25
AMORTIZATION: Fully Amortizing 148,008,200.12 95.78 4,057 96.41
Balloon 6,528,228.07 4.22 151 3.59
PROPERTY TYPE: Single Family 107,054,162.74 69.27 2,925 69.51
PUD 24,908,337.11 16.12 637 15.14
Condominium 12,426,623.95 8.04 414 9.84
2-4 Units 10,147,304.39 6.57 232 5.51
PURPOSE: Cash Out Refinance 111,257,679.77 71.99 2,946 70.01
Purchase 38,762,770.93 25.08 1,117 26.54
Rate/Term Refinance 4,515,977.49 2.92 145 3.45
OCCUPANCY: Primary 148,025,752.38 95.79 4,013 95.37
Non-owner 5,595,921.28 3.62 163 3.87
Second Home 914,754.53 0.59 32 0.76
DOCUMENTATION: No Employment/Income 82,663,542.77 53.49 2,244 53.33
Full 63,862,968.36 41.33 1,765 41.94
No Ratio 8,009,917.06 5.18 199 4.73
</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.
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.
16
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
STATE: Arizona 3,362,481.81 2.18 127 3.02
California 114,430,397.80 74.05 2,909 69.13
Colorado 5,416,241.14 3.50 190 4.52
Connecticut 841,249.11 0.54 19 0.45
Delaware 37,935.00 0.02 1 0.02
District of Columbia 276,478.81 0.18 7 0.17
Florida 2,032,405.66 1.32 88 2.09
Georgia 1,167,637.54 0.76 31 0.74
Idaho 689,986.95 0.45 34 0.81
Illinois 1,403,720.83 0.91 48 1.14
Indiana 30,600.00 0.02 1 0.02
Kansas 209,443.84 0.14 3 0.07
Maine 58,200.00 0.04 1 0.02
Maryland 1,545,057.08 1.00 44 1.05
Massachusetts 3,247,740.01 2.10 90 2.14
Michigan 177,176.22 0.11 6 0.14
Montana 256,001.59 0.17 12 0.29
Nebraska 70,000.00 0.05 1 0.02
Nevada 2,071,679.90 1.34 73 1.73
New Hampshire 245,872.25 0.16 7 0.17
New Jersey 716,076.14 0.46 22 0.52
New Mexico 1,182,550.28 0.77 46 1.09
New York 565,654.29 0.37 14 0.33
North Carolina 377,893.26 0.24 19 0.45
Oklahoma 30,000.00 0.02 1 0.02
Oregon 2,741,703.58 1.77 83 1.97
Pennsylvania 323,307.78 0.21 11 0.26
Rhode Island 77,698.95 0.05 4 0.10
South Carolina 110,009.84 0.07 4 0.10
Utah 3,531,201.93 2.29 101 2.40
Virginia 1,526,214.93 0.99 47 1.12
Washington 5,665,794.37 3.67 161 3.83
West Virginia 35,000.00 0.02 1 0.02
Wyoming 83,017.30 0.05 2 0.05
</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.
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.
17
<PAGE>
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
12/13/99
GREENPOINT HOME EQUITY LOAN TRUST 1999-2 (Group II Mortgage Loans)
11/30/99 Balances
<TABLE>
<CAPTION>
<S> <C> <C> <C>
LOAN TYPE: Closed-end Seconds
& HELOCS
TOTAL CURRENT BALANCE: $ 43,283,958.39
TOTAL FIRST MORT BALANCE: $ 149,916,638.27
NUMBER OF LOANS: 408
AVERAGE CURRENT BALANCE: $ 110,137.30 RANGE: $ 0.00 - $ 500,000.00
AVERAGE FIRST MORT BALANCE: $ 377,623.77 RANGE: $ 0.00 - $ 3,800,000.00
AVERAGE COLLATERAL VALUE: $ 653,515.92 RANGE: $ 190,000.00 - $ 6,000,000.00
WEIGHTED AVERAGE GROSS COUPON: 6.6638 % RANGE: 5.8750 - 14.5000 %
WEIGHTED AVERAGE MARGIN (HELOC ONLY): 2.9971 % RANGE: 0.0000 - 6.0000 %
WEIGHTED AVERAGE MAX INT RATE (HELOC ONLY): 18.0000 % RANGE: 18.0000 - 18.0000 %
WEIGHTED AVERAGE NEXT RESET (HELOC ONLY): 3 months RANGE: 1 - 6 months
WEIGHTED AVERAGE COMBINED LTV: 78.63 % RANGE: 16.67 - 100.00 %
WEIGHTED AVERAGE FICO SCORE: 694.21 RANGE: 607.00 - 809.00
WEIGHTED AVERAGE ORIGINAL TERM: 209.51 months RANGE: 180.00 - 300.00 months
WEIGHTED AVERAGE DRAW TERM (HELOC ONLY): 92.26 months RANGE: 60.00 - 180.00 months
WEIGHTED AVERAGE REMAINING TERM: 207.89 months RANGE: 170.00 - 300.00 months
WEIGHTED AVERAGE SEASONING: 1.62 months RANGE: 0.00 - 10.00 months
<CAPTION>
<S> <C>
TOP STATE CONCENTRATIONS ($): 86.41 % California, 2.92 % Colorado, 2.32 % Washington
MAXIMUM ZIP CODE CONCENTRATION ($): 2.99 % 90210
FIRST PAY DATE: Feb 25, 1999 - Jan 01, 2000
MATURE DATE: Jan 25, 2014 - Nov 12, 2024
RATE ADJ. DATE (HELOC ONLY): Dec 25, 1999 - May 25, 2000
</TABLE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C> <C>
LOAN TYPE: HELOCS 41,109,718.39 94.98 388 95.10
Closed-end Seconds 2,174,240.00 5.02 20 4.90
</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.
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.
18
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
CURRENT BALANCE: <= 0.00 0.00 0.00 15 3.68
0.01 - 10,000.00 101,681.82 0.23 28 6.86
10,000.01 - 20,000.00 220,381.31 0.51 15 3.68
20,000.01 - 30,000.00 762,261.86 1.76 30 7.35
30,000.01 - 40,000.00 847,010.37 1.96 24 5.88
40,000.01 - 50,000.00 1,896,869.18 4.38 41 10.05
50,000.01 - 60,000.00 1,104,426.10 2.55 20 4.90
60,000.01 - 70,000.00 1,131,881.73 2.62 17 4.17
70,000.01 - 80,000.00 958,799.23 2.22 13 3.19
80,000.01 - 90,000.00 344,031.76 0.79 4 0.98
90,000.01 - 100,000.00 1,946,857.86 4.50 20 4.90
> 100,000.00 33,969,757.17 78.48 181 44.36
COLLATERAL VALUE: 190,000 - 200,000 149,073.66 0.34 1 0.25
200,001 - 300,000 4,040,620.29 9.34 80 19.61
300,001 - 400,000 6,204,040.68 14.33 125 30.64
400,001 - 500,000 4,043,256.28 9.34 41 10.05
500,001 - 600,000 3,861,626.02 8.92 29 7.11
600,001 - 700,000 2,504,223.00 5.79 18 4.41
700,001 - 800,000 3,104,079.71 7.17 19 4.66
800,001 - 900,000 3,084,444.04 7.13 20 4.90
900,001 - 1,000,000 3,052,209.12 7.05 17 4.17
1,000,001 - 1,100,000 2,532,248.46 5.85 13 3.19
1,100,001 - 1,200,000 1,210,147.33 2.80 6 1.47
1,200,001 - 1,300,000 535,267.43 1.24 3 0.74
1,300,001 - 1,400,000 609,899.53 1.41 4 0.98
1,400,001 - 1,500,000 769,629.08 1.78 3 0.74
> 1,500,000 7,583,193.76 17.52 29 7.11
LOAN RATE: 5.88 - 6.00 36,324,839.74 83.92 337 82.60
7.01 - 7.50 440,244.30 1.02 3 0.74
8.01 - 8.50 31,185.00 0.07 1 0.25
8.51 - 9.00 377,440.13 0.87 4 0.98
9.01 - 9.50 1,134,345.48 2.62 8 1.96
9.51 - 10.00 412,640.00 0.95 4 0.98
10.01 - 10.50 589,092.47 1.36 9 2.21
10.51 - 11.00 637,129.98 1.47 8 1.96
11.01 - 11.50 556,691.72 1.29 8 1.96
11.51 - 12.00 2,089,442.85 4.83 18 4.41
12.01 - 12.50 222,525.14 0.51 3 0.74
12.51 - 13.00 113,529.46 0.26 2 0.49
13.01 - 13.50 265,999.62 0.61 2 0.49
14.01 - 14.50 88,852.50 0.21 1 0.25
</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.
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.
19
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
MARGIN (HELOC ONLY): <= 0.50 1,475,929.86 3.59 36 9.28
0.51 - 1.00 2,825,584.97 6.87 39 10.05
1.01 - 1.50 1,012,072.73 2.46 12 3.09
1.51 - 2.00 3,352,507.28 8.16 30 7.73
2.01 - 2.50 10,490,017.20 25.52 74 19.07
2.51 - 3.00 4,647,663.47 11.31 44 11.34
3.01 - 3.50 3,496,671.50 8.51 34 8.76
3.51 - 4.00 4,228,022.08 10.28 38 9.79
4.01 - 4.50 4,098,285.10 9.97 35 9.02
4.51 - 5.00 3,671,839.68 8.93 32 8.25
5.01 - 5.50 1,672,272.02 4.07 12 3.09
5.51 - 6.00 138,852.50 0.34 2 0.52
MAX INT RATE (HELOC ONLY)18.00 41,109,718.39 100.00 388 100.00
NEXT RESET (HELOC ONLY): 1 3,288,491.85 8.00 40 10.31
2 9,684,759.82 23.56 95 24.48
3 23,373,866.34 56.86 212 54.64
4 4,445,356.08 10.81 39 10.05
5 143,244.30 0.35 1 0.26
6 174,000.00 0.42 1 0.26
COMBINED LTV: 16.67 - 20.00 205,995.47 0.48 2 0.49
20.01 - 30.00 123,910.00 0.29 2 0.49
30.01 - 40.00 412,744.34 0.95 4 0.98
40.01 - 50.00 885,243.43 2.05 8 1.96
50.01 - 60.00 2,353,285.20 5.44 14 3.43
60.01 - 70.00 6,195,069.73 14.31 52 12.75
70.01 - 80.00 14,579,894.77 33.68 128 31.37
80.01 - 90.00 11,854,252.59 27.39 125 30.64
90.01 - 100.00 6,673,562.86 15.42 73 17.89
FICO SCORE: 607 - 650 5,071,946.84 11.72 46 11.27
651 - 700 20,659,040.61 47.73 179 43.87
701 - 750 12,821,231.62 29.62 124 30.39
751 - 800 4,479,910.70 10.35 56 13.73
801 - 809 251,828.62 0.58 3 0.74
ORIGINAL TERM: 180 32,638,532.87 75.41 269 65.93
300 10,645,425.52 24.59 139 34.07
DRAW TERM (HELOC ONLY): 60 30,057,469.46 73.12 243 62.63
180 11,052,248.93 26.88 145 37.37
REMAINING TERM: 170 - 170 93,495.38 0.22 1 0.25
171 - 176 535,325.34 1.24 9 2.21
177 - 182 32,009,712.15 73.95 259 63.48
285 - 290 44,948.66 0.10 1 0.25
291 - 296 580,946.38 1.34 5 1.23
297 - 300 10,019,530.48 23.15 133 32.60
</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.
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.
20
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
SEASONING: <= 0 8,001,324.03 18.49 71 17.40
1 - 3 34,027,918.60 78.62 321 78.68
4 - 6 888,970.76 2.05 10 2.45
7 - 9 227,300.96 0.53 4 0.98
10 - 10 138,444.04 0.32 2 0.49
DELINQUENT: Current 43,181,958.39 99.76 406 99.51
Delinquent:30 Days 102,000.00 0.24 2 0.49
INDEX: Prime Rate 41,109,718.39 94.98 388 95.10
Fixed Rate 2,174,240.00 5.02 20 4.90
AMORTIZATION: Fully Amortizing 41,738,034.98 96.43 394 96.57
Balloon 1,545,923.41 3.57 14 3.43
PROPERTY TYPE: Single Family 34,480,380.85 79.66 321 78.68
PUD 7,230,312.11 16.70 63 15.44
Condominium 1,281,085.28 2.96 20 4.90
2-4 Units 292,180.15 0.68 4 0.98
PURPOSE: Cash Out Refinance 38,130,307.63 88.09 357 87.50
Purchase 4,667,450.76 10.78 46 11.27
Rate/Term Refinance 486,200.00 1.12 5 1.23
OCCUPANCY: Primary 42,889,336.55 99.09 402 98.53
Non-owner 244,621.84 0.57 5 1.23
Second Home 150,000.00 0.35 1 0.25
DOCUMENTATION: No Employment/Income 24,821,835.50 57.35 185 45.34
Full 16,812,272.11 38.84 210 51.47
No Ratio 1,649,850.78 3.81 13 3.19
STATE: Arizona 699,479.20 1.62 6 1.47
California 37,402,566.96 86.41 343 84.07
Colorado 1,261,861.57 2.92 20 4.90
Connecticut 122,760.00 0.28 1 0.25
Florida 98,364.06 0.23 1 0.25
Georgia 426,600.00 0.99 3 0.74
Idaho 22,449.82 0.05 1 0.25
Massachusetts 88,499.53 0.20 5 1.23
Nevada 198,987.97 0.46 1 0.25
New Jersey 169,182.64 0.39 1 0.25
New Mexico 610,710.00 1.41 3 0.74
New York 150,000.00 0.35 1 0.25
North Carolina 138,916.92 0.32 1 0.25
Oregon 288,697.90 0.67 4 0.98
Pennsylvania 126,225.00 0.29 1 0.25
Utah 333,867.71 0.77 2 0.49
Virginia 141,852.50 0.33 2 0.49
Washington 1,002,936.61 2.32 11 2.70
Wyoming 0.00 0.00 1 0.25
</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.
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.
21
