<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 3, 1997
----------------
DLJ MORTGAGE ACCEPTANCE CORP.
--------------------------------------------------
(Exact name of Registrant as Specified in Charter)
Delaware 333-39325 13-3460894
- --------------- ------------ -------------------
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
277 Park Avenue, New York, New York 10172
- ------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
--------------
Not Applicable
- ------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
Filing of Consent and Financial Statements
The financial statements of Financial Security Assurance Inc. as of December 31,
1996 and 1995 that are incorporated by reference in the Prospectus Supplement
dated December 3, 1997 (the "Prospectus Supplement") have been audited by
Coopers & Lybrand LLP. The consent of Coopers & Lybrand LLP named as "experts"
in the Prospectus Supplement is attached hereto as Exhibit 23.1.
Filing of Computational Materials*
Pursuant to Rule 424(b) under the Securities Act of 1933, DLJ Mortgage
Acceptance Corp. (the "Depositor") is filing a prospectus and prospectus
supplement with the Securities and Exchange Commission relating to First
Greensboro Home Equity Loan Pass-Through Certificates, Series 1997-2 (the "Class
A Certificates").
In connection with the offering of the Class A Certificates, Donaldson,
Lufkin & Jenrette Securities Corporation, the underwriter of the Class A
Certificates (the "Underwriter"), has prepared certain materials (the
"Computational Materials") for distribution to its potential investors. Although
First Greensboro Home Equity, Inc. (the "Sponsor") provided the Underwriter with
certain information regarding the characteristics of the Home Equity Loans in
the related portfolio, it did not participate in the preparation of the
Computational Materials. The Computational Materials are attached hereto as
Exhibit 99.1.
- -------------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated December 3, 1997,
and Prospectus Supplement dated December 3, 1997, relating to the
Class A Certificates.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1. Consent of Coopers & Lybrand LLP in connection with
the financial statements of Financial Security
Assurance Inc.
99.1. Computational Materials.
-3-
<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.
DLJ MORTGAGE ACCEPTANCE CORP.
(Registrant)
Date: December 11, 1997 By: /s/ Paul Najarian
---------------------------
Name: Paul Najarian
Title: Vice President
-4-
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit Number Description Numbered Page
-------------- ----------- -------------
23.1. Consent of Coopers & Lybrand LLP in
connection with the financial statements of
Financial Security Assurance Inc.
99.1. Computational Materials.
-5-
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement dated
December 3, 1997 (To Prospectus Dated December 3, 1997) of First Greensboro Home
Equity, Inc. relating to the First Greensboro Home Equity Loan Pass-Through
Certificates, Series 1997-2 of our report dated January 24, 1997 on our audits
of the consolidated financial statements of Financial Security Assurance Inc.
and Subsidiaries as of December 31, 1996 and 1995, and for each of the three
years in the period ended December 31, 1996. We also consent to the reference to
our Firm under the caption "Experts".
/s/ Coopers & Lybrand L.L.P.
----------------------------
COOPERS & LYBRAND L.L.P
New York, New York
December 11, 1997
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
DERIVED INFORMATION
$125,000,000 Certificates
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
First Greensboro Home Equity, Inc.
as Sponsor and Master Servicer
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
$125,000,000
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
<TABLE>
<CAPTION>
Bond Structure: Ratings: S&P/MDY
- ---------- --------------- ----------- ---------- ------------ -------------- ------------ ----------- -------------- -------------
WAL Modified
Approximate Tranche Mat./Call Duration Principal Principal Proposed Expected
Class Certificate Type Coupon (years) (years) Window Window Rating Legal
(1) Balance (1) (2,3) (4,5) (4,5) (to (to Call) S&P/MDY (6) Final
Maturity)
- ---------- --------------- ----------- ---------- ------------ -------------- ------------ ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 47,000,000 Sequential [TBD] % 1.13 1.05 25 25 AAA/Aaa 2/25/2012
- ---------- --------------- ----------- ---------- ------------ -------------- ------------ ----------- -------------- -------------
A-2 $ 29,500,000 Sequential [TBD] % 2.98 2.62 24 24 AAA/Aaa 6/25/2017
- ---------- --------------- ----------- ---------- ------------ -------------- ------------ ----------- -------------- -------------
A-3 $ 48,500,000 Sequential [TBD] % 7.79/7.05* 5.64/5.32* 190 69 AAA/Aaa 1/25/2028
- ---------- --------------- ----------- ---------- ------------ -------------- ------------ ----------- -------------- -------------
Total $125,000,000
========== ===============
</TABLE>
*To Call
(1) Class A-1 through A-3 are sequential pay classes.
(2) Payable monthly starting 1/25/98. Fixed Pass Through Rates (30/360) with
accrued from 12/1/97.
(3) Class A-3 coupon is stepped up by 0.25% after the payment date on which the
10% cleanup call becomes exercisable.
(4) Pricing Speed 100% of Prepayment Assumption (PPC) (100% Prepayment
Assumption: (4% CPR in month 1, and an additional 1.455% ,precisely 16%/11)
in each month thereafter until month 12; on and thereafter, 20% CPR).
(5) Classes A-1 and A-2 are priced to maturity. Class A-3 is priced to call.
Figures run to call assumes the exercise of optional 10% cleanup call.
(6) Proposed Certificate Ratings, which are a condition to issuance, are based
upon the claims paying ability of FSA.
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Summary Terms
Initial Purchaser: Donaldson, Lufkin & Jenrette Securities Corporation
Sponsor and Master
Servicer: First Greensboro Home Equity, Inc.
Backup Servicer: Ocwen Federal Bank F.S.B.
Trustee: The Chase Manhattan Bank, a New York Banking
Corporation (the "Trustee")
Registration: The Certificates will be available in book-entry
form through DTC.
Cut-off Date: December [1], 1997
Pricing Date: December [ _ ], 1997
Settlement Date: December [15], 1997
Distribution Dates: [25]th day of each month (or the next succeeding
business day), beginning January [26], 1998
Certificate Ratings: The Certificates are anticipated to be rated "Aaa"
by Moody's Investors Service, Inc. and "AAA" by
Standard & Poor's Rating Services.
Certificate Insurer: Financial Security Assurance, Inc. (FSA), claims
paying ability rated Aaa/AAA by Moody's and S&P,
respectively.
Optional Termination: 10% optional clean-up call (outstanding mortgage
pool balance is less than 10% of the initial
mortgage pool balance as of the Cut-off Date).
Mortgage Loans: Fixed and adjustable rate conventional (closed-end)
first and second lien home equity mortgage loans,
representing approximately 94.33% and 5.67%,
respectively, of the mortgage loan pool balance as
of the Statistical Calculation Date.
Subsequent Loans / It is anticipated that no more than [20]% of the
Pre-Funding: proceeds from the issuance of Class A certificates
will be utilized by the Trust to purchase additional
fixed rate and adjustable rate loans on or after the
Closing Date.
ERISA Eligibility: Subject to the considerations and conditions
described in the Prospectus and Prospectus
Supplement. It is expected that the Certificates may
be purchased by employee benefit plans that are
subject to ERISA.
SMMEA Treatment: The Certificates will not constitute "mortgage
related securities" for purposes of SMMEA.
Taxation: REMIC
Credit Enhancement: Overcollateralization and a 100% Surety Wrap
provided by FSA.
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Bond Summary
<TABLE>
<CAPTION>
Class A-1 (Maturity)
- ----------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0% PPC 50% PPC 75% PPC 100% PPC 150% PPC 200% PPC
Implied Seasoned CPR 0% 10% 15% 20% 30% 40%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 7.17 1.81 1.37 1.13 0.87 0.74
Modified Duration (yrs.) 5.18 1.63 1.26 1.05 0.82 0.70
First Principal Payment Date 1/25/98 1/25/98 1/25/98 1/25/98 1/25/98 1/25/98
Last Principal Payment Date 3/25/11 9/25/01 8/25/00 1/25/00 6/25/99 3/25/99
Payment Window (mos.) 159 45 32 25 18 15
Yield @ 100.00000 6.769 6.579 6.497 6.426 6.308 6.211
<CAPTION>
Class A-2 (Maturity)
- ----------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0% PPC 50% PPC 75% PPC 100% PPC 150% PPC 200% PPC
Implied Seasoned CPR 0% 10% 15% 20% 30% 40%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 15.82 5.35 3.83 2.98 2.07 1.61
Modified Duration (yrs.) 9.45 4.35 3.27 2.62 1.88 1.48
First Principal Payment Date 3/25/11 9/25/01 8/25/00 1/25/00 6/25/99 3/25/99
Last Principal Payment Date 9/25/16 2/25/05 2/25/03 12/25/01 8/25/00 12/25/99
Payment Window (mos.) 67 42 31 24 15 10
Yield @ 100.00000 6.788 6.732 6.698 6.664 6.597 6.533
<CAPTION>
Class A-3 (Maturity)
- ----------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0% PPC 50% PPC 75% PPC 100% PPC 150% PPC 200% PPC
Implied Seasoned CPR 0% 10% 15% 20% 30% 40%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 23.91 13.13 9.92 7.79 5.29 3.89
Modified Duration (yrs.) 11.22 8.07 6.70 5.64 4.18 3.24
First Principal Payment Date 9/25/16 2/25/05 2/25/03 12/25/01 8/25/00 12/25/99
Last Principal Payment Date 10/25/27 4/25/25 7/25/21 9/25/17 12/25/11 4/25/08
Payment Window (mos.) 134 243 222 190 137 101
Yield @ 100.00000 7.093 7.083 7.075 7.065 7.039 7.009
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Bond Summary
<TABLE>
<CAPTION>
Class A-3 (To Call)
- ----------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0% PPC 50% PPC 75% PPC 100% PPC 150% PPC 200% PPC
Implied Seasoned CPR 0% 10% 15% 20% 30% 40%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 23.51 12.19 9.08 7.05 4.76 3.50
Modified Duration (yrs.) 11.16 7.83 6.41 5.32 3.89 2.99
First Principal Payment Date 9/25/16 2/25/05 2/25/03 12/25/01 8/25/00 12/25/99
Last Principal Payment Date 9/25/24 2/25/14 5/25/10 8/25/07 6/25/04 9/25/02
Payment Window (mos.) 97 109 88 69 47 34
Yield @ 100.00000 7.092 7.074 7.061 7.046 7.013 6.977
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
The information presented below represents the characteristics of the mortgage
loans as of a Statistical Calculation Date which are expected to be sold to the
Trust. The total outstanding principal balance of the loans expected to be
delivered prior to the Closing Date are anticipated to be no less than 80% of
the Initial Principal Balance of the Class A Certificates. The remaining 20% of
the mortgage loans (the "Subsequent Loans") are expected to be delivered by the
Sponsor within one month of closing.
Collateral Summary - Fixed and Adjustable Rate Home Equity Loan Characteristics
<TABLE>
<S> <C> <C> <C> <C>
Total Number of Loans 1,856
Total Outstanding Loan Balance $ 100,663,711.93 Fixed Rate 94.33%
Level Pay (% of Total) 92.14% Adjustable Rate 5.67%
Balloon Loans (% of Total) 2.19%
Arm Adjustment Type*: "2/28"
-------
100.00%
Min Max
----------------------------------
Average Loan Original Balance $ 54,313.81 $ 5,000.00 $ 211,500.00
Average Loan Current Balance $ 54,236.91 $ 4,987.94 $ 211,500.00
Weighted Average Combined LTV 77.88% 15.96% 100.00%
Weighted Average Coupon 11.15% 7.95% 18.00%
Weighted Average Gross Margin* 7.48% 5.65% 10.28%
Weighted Average Gross Life Cap* 16.30% 14.75% 19.10%
Weighted Average Minimum Rate* 10.30% 8.75% 13.10%
Weighted Average Periodic Cap* 1.00% 1.00% 1.00%
Weighted Average First Adj. Cap* 3.00% 3.00% 3.00%
Weighted Average Rem Term to Mat (months) 280.2 46 360
Weighted Average Seasoning (months) 1.2 0 13
Weighted Average Original Term (months) 281.4 48 360
Range of Original Terms Level Pay 100.00% Balloons 100.00%
---------------------------------- -----------------------------------
0+ to 60 0.37% 0+ to 60 2.34%
60+ to 120 2.58% 120+ to 180 97.66%
120+ to 180 16.60%
180+ to 240 16.91%
240+ to 300 30.77%
300+ to 360 32.77%
Index* 6 Month LIBOR 100.00%
Lien Position 1st Lien 94.67%
2nd Lien 5.33%
Occupancy Status Owner Occupied 96.62%
Non-Owner Occupied 3.38%
</TABLE>
* Assumes characteristics for Adjustable Rate loans only.
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Collateral Summary - Fixed and Adjustable Rate Home Equity Loan Characteristics
(continued)
<TABLE>
<S> <C> <C> <C> <C>
Geographic Concentration NC 36.79% GA 5.19%
(states not listed individually account for VA 21.18% SC 5.16%
Less than 5% of the pool balance) AR 8.15% UT 5.12%
Credit Quality A 52.05% C 14.44%
(per Issuer's underwriting guidelines) B 30.71% D 2.80%
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Detailed Collateral Summary - Fixed and Adjustable Rate Home Equity Loan
Characteristics
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
Original Balance 0.00+ to 25,000.00 284 4,944,398.19 4.91
25,000.00+ to 50,000.00 628 24,298,699.04 24.14
50,000.00+ to 75,000.00 619 37,738,086.66 37.49
75,000.00+ to 100,000.00 186 16,055,972.48 15.95
100,000.00+ to 125,000.00 85 9,466,520.58 9.40
125,000.00+ to 150,000.00 35 4,713,753.95 4.68
150,000.00+ to 175,000.00 6 973,686.88 0.97
175,000.00+ to 200,000.00 10 1,844,250.65 1.83
200,000.00+ to 225,000.00 3 628,343.50 0.62
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
Current Balance 0.00+ to 25,000.00 284 4,944,398.19 4.91
25,000.00+ to 50,000.00 629 24,348,672.04 24.19
50,000.00+ to 75,000.00 619 37,762,576.98 37.51
75,000.00+ to 100,000.00 185 15,981,509.16 15.88
100,000.00+ to 125,000.00 86 9,591,509.91 9.53
125,000.00+ to 150,000.00 34 4,588,764.62 4.56
150,000.00+ to 175,000.00 6 973,686.88 0.97
175,000.00+ to 200,000.00 10 1,844,250.65 1.83
200,000.00+ to 225,000.00 3 628,343.50 0.62
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
Interest Rate 7.000+ to 8.00 1 23,550.00 0.02
8.000+ to 9.00 104 8,128,454.71 8.07
9.000+ to 10.00 413 23,959,104.65 23.80
10.000+ to 11.00 381 24,164,664.44 24.01
11.000+ to 12.00 353 19,390,669.67 19.26
12.000+ to 13.00 300 14,278,535.87 14.18
13.000+ to 14.00 151 6,130,540.72 6.09
14.000+ to 15.00 68 2,200,335.02 2.19
15.000+ to 16.00 64 1,681,630.45 1.67
16.000+ to 17.00 15 477,270.59 0.47
17.000+ to 18.00 6 228,955.81 0.23
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Detailed Collateral Summary - Fixed and Adjustable Rate Home Equity Loan
Characteristics
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
Combined LTV 15.00+ to 20.00 6 98,039.87 0.10
20.00+ to 25.00 7 130,057.17 0.13
25.00+ to 30.00 8 221,815.75 0.22
30.00+ to 35.00 11 303,632.26 0.30
35.00+ to 40.00 14 563,432.08 0.56
40.00+ to 45.00 15 447,671.17 0.44
45.00+ to 50.00 31 1,040,230.77 1.03
50.00+ to 55.00 22 937,764.82 0.93
55.00+ to 60.00 40 1,966,628.08 1.95
60.00+ to 65.00 55 2,484,718.78 2.47
65.00+ to 70.00 141 6,545,855.19 6.50
70.00+ to 75.00 234 12,273,573.68 12.19
75.00+ to 80.00 810 47,695,291.96 47.38
80.00+ to 85.00 261 18,050,148.33 17.93
85.00+ to 90.00 81 5,245,153.87 5.21
90.00+ to 95.00 36 967,295.57 0.96
95.00+ to 100.00 84 1,692,402.58 1.68
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
Original Term 0+ to 60.00 11 418,917.10 0.42
60+ to 120.00 80 2,539,749.99 2.52
120+ to 180.00 482 18,499,171.38 18.38
180+ to 240.00 322 16,649,548.31 16.54
240+ to 300.00 515 30,293,408.91 30.09
300+ to 360.00 446 32,262,916.24 32.05
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
Remaining Term 0+ to 60.00 11 418,917.10 0.42
60+ to 120.00 80 2,539,749.99 2.52
120+ to 180.00 482 18,499,171.38 18.38
180+ to 240.00 322 16,649,548.31 16.54
240+ to 300.00 515 30,293,408.91 30.09
300+ to 360.00 446 32,262,916.24 32.05
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Detailed Collateral Summary - Fixed and Adjustable Rate Home Equity Loan
Characteristics
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
State AR 202 8,202,620.03 8.15
CO 2 193,396.87 0.19
FL 24 1,179,568.71 1.17
GA 87 5,227,424.07 5.19
ID 13 1,020,789.28 1.01
IL 30 1,597,965.26 1.59
IN 5 258,630.45 0.26
KS 8 433,748.31 0.43
MO 51 2,481,734.83 2.47
MS 19 920,007.30 0.91
MT 1 45,132.98 0.04
NC 653 37,036,332.99 36.79
NM 2 176,090.60 0.17
OK 72 3,016,443.99 3.00
OR 7 875,782.08 0.87
SC 104 5,195,600.14 5.16
TN 73 4,242,319.15 4.21
TX 19 773,288.18 0.77
UT 63 5,154,255.84 5.12
VA 396 21,316,289.94 21.18
WA 3 340,375.95 0.34
WI 3 89,874.05 0.09
WV 18 847,803.29 0.84
WY 1 38,237.64 0.04
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
Product Type 2/28 58 5,707,627.98 5.67
Balloon Loan 34 2,202,980.64 2.19
Level Pay 1,764 92,753,103.31 92.14
----------------------------------------------------------------------------------------------
Total 1,856 100,663,711.93 100.00
Gross Margin 5.50+ to 6.00 4 501,282.29 8.78
6.00+ to 6.50 5 586,125.42 10.27
6.50+ to 7.00 6 513,830.34 9.00
7.00+ to 7.50 10 1,157,470.50 20.28
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Detailed Collateral Summary - Fixed and Adjustable Rate Home Equity Loan
Characteristics
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
Gross Margin (cont'd) 7.50+ to 8.00 13 1,437,164.18 25.18
8.00+ to 8.50 13 994,906.34 17.43
8.50+ to 9.00 4 336,951.29 5.90
9.00+ to 9.50 1 101,147.62 1.77
9.50+ to 10.00 1 35,000.00 0.61
10.00+ to 10.50 1 43,750.00 0.77
----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
Maximum Rate 14.50+ to 15.00 4 592,561.19 10.38
15.00+ to 15.50 4 365,157.26 6.40
15.50+ to 16.00 12 1,358,858.05 23.81
16.00+ to 16.50 12 1,011,006.31 17.71
16.50+ to 17.00 13 1,390,731.97 24.37
17.00+ to 17.50 8 726,258.20 12.72
17.50+ to 18.00 2 83,157.38 1.46
18.00+ to 18.50 1 101,147.62 1.77
18.50+ to 19.00 1 35,000.00 0.61
19.00+ to 19.50 1 43,750.00 0.77
----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
Minimum Rate 8.50+ to 9.00 4 592,561.19 10.38
9.00+ to 9.50 4 365,157.26 6.40
9.50+ to 10.00 12 1,358,858.05 23.81
10.00+ to 10.50 12 1,011,006.31 17.71
10.50+ to 11.00 13 1,390,731.97 24.37
11.00+ to 11.50 8 726,258.20 12.72
11.50+ to 12.00 2 83,157.38 1.46
12.00+ to 12.50 1 101,147.62 1.77
12.50+ to 13.00 1 35,000.00 0.61
13.00+ to 13.50 1 43,750.00 0.77
----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
<PAGE>
[LOGO]
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
First Greensboro Home Equity Loan Trust 1997-2
Home Equity Loan Pass-Through Certificates, Series 1997-2
Detailed Collateral Summary - Fixed and Adjustable Rate Home Equity Loan
Characteristics
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
Periodic Cap 1.00 58 5,707,627.98 100.00
-----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
Initial Cap 3.00 58 5,707,627.98 100.00
-----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
Index 6 Month LIBOR 58 5,707,627.98 100.00
-----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
Rate Adjustment Frequency 6 58 5,707,627.98 100.00
-----------------------------------------------------------------------------------------------
Total 58 5,707,627.98 100.00
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein havebeen prepared on
the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no 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. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document.
