<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): March 18, 1998
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 Incorporation) File Number) Identification No.)
277 Park Avenue, New York, New York 10172
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(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.
DLJ Mortgage Acceptance Corp., as depositor (the "Depositor") registered
issuances of Mortgage Pass-Through Certificates on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Act"),
by a Registration Statement on Form S-3 (Registration File No. 333-39325) (as
amended, the "Registration Statement"). Pursuant to the Registration Statement,
the Depositor caused Centex Home Equity Loan Trust 1998-1 to issue $175,000,000
principal amount of Home Equity Loan Pass-Through Certificates, Series 1998-1
(the "Class A Certificates"), on February 26, 1998 (the "Closing Date").
The Class A Certificates were issued pursuant to a pooling and servicing
agreement (the "Pooling and Servicing Agreement"), dated as of February 1, 1998
(the "Initial Cut-Off Date"), among the Depositor, Centex, Credit Corporation
d/b/a Centex Home Equity Corporation, as Seller and Servicer, and Norwest Bank
Minnesota, National Association, as Trustee.
Capitalized terms not defined herein have the meanings assigned in the Pooling
and Servicing Agreement attached hereto as Exhibit 4.1.
On the Closing Date, the corpus of the Trust consisted primarily of (i)
two pools of home equity loans (each, a "Home Equity Loan Group") each
constituting a separate sub-trust of fixed rate and adjustable rate home equity
loans (the "Home Equity Loans"), (ii) amounts on deposit in a pre-funding
account (the "Pre-Funding Account") and a capitalized interest account held by
the Trustee; and (iii) the certificate insurance policy (the "Certificate
Insurance Policy") issued by MBIA Insurance Corporation (the "Certificate
Insurer"). On the Closing Date, cash in the amount of $17,653,674.70 (the
"Pre-Funding Account Deposit") was deposited in the Pre-Funding Account in the
name of the Trustee. The Pre-Funding Account Deposit was intended to be used for
the purchase of additional home equity loans satisfying the criteria specified
in the Pooling and Servicing Agreement and subject to the approval of the
Certificate Insurer (the "Subsequent Home Equity Loans" and together with the
Home Equity Loans, the "Home Equity Loans") on or before the Monthly Remittance
Date in March 1998.
The Trustee, on behalf of the Trust, and the Depositor entered into a
Subsequent Transfer Agreement, dated March 18, 1998 (the "Subsequent Transfer
Agreement"). Pursuant to the Subsequent Transfer Agreement, the Trust purchased
$17,652,466.29 aggregate principal balance of Subsequent Home Equity Loans.
The description of the Home Equity Loans in the Prospectus contained
information only with respect to the Home Equity Loans as of the Initial Cut-Off
Date. This Current Report on Form 8-K is being filed to update the description
of the Home Equity Loans contained in the Prospectus and to file copies of the
Pooling and Servicing Agreement and the Certificate Insurance Policy.
The following is a summary of certain terms of the Home Equity Loans,
which includes the Subsequent Home Equity Loans. The information set forth below
is presented with respect to the Home Equity Loans as of the Initial Cut-Off
Date and with respect to the Subsequent Home Equity Loans as of the later of (i)
the date of origination of the Subsequent Home Equity Loan and (ii) February 1,
1998 (the "Subsequent Cut-Off-Date" and together with the Initial Cut-Off Date,
the "Cut-Off Date"). The description of the Home Equity Loans below does not
reflect any payments with respect to the Home Equity Loans received by the
Servicer after the Cut-Off Date. The Home Equity Loans have the characteristics
set forth below. Unless otherwise noted, all statistical percentages are
measured by the
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<PAGE>
aggregate principal balance of the Home Equity Loans as of the Cut-Off Date.
Each Home Equity Loan in the Trust will be assigned to one of two Home
Equity Loan Groups comprised of Home Equity Loans which bear fixed interest
rates, in the case of the fixed rate group (the "Fixed Rate Group"), and Home
Equity Loans which bear interest at adjustable rates, in the case of the
adjustable rate group (the "Adjustable Rate Group"). The Fixed Rate Certificates
represent undivided ownership interests in all Home Equity Loans contained in
the Fixed Rate Group, and distributions on the Fixed Rate Certificates will be
based primarily on amounts available for distribution in respect of Home Equity
Loans in the Fixed Rate Group. The Class A-5 Certificates represent undivided
ownership interests in all Home Equity Loans contained in the Adjustable Rate
Group, and distributions on the Class A-5 Certificates will be based primarily
on amounts available for distribution in respect of Home Equity Loans in the
Adjustable Rate Group.
The Home Equity Loans consist of 2,752 home equity loans, of which
2,103 are fixed rate home equity loans and 649 are adjustable rate home equity
loans, evidenced by promissory notes (the "Notes") secured by first and second
lien deeds of trust, security deeds or mortgages, which are located in 43 states
and the District of Columbia. The aggregate outstanding Loan Balance of the Home
Equity Loans in the Fixed Rate Group as of the Cut-Off Date is $115,000,023.08
or 65.71% of the aggregate Loan Balance of the Home Equity Loans; the aggregate
outstanding Loan Balance of the Home Equity Loans in the Adjustable Rate Group
as of the Cut-Off Date is $59,998,768.51 or 34.29% of the aggregate Loan Balance
of the Home Equity Loans. The Properties securing the Home Equity Loans consist
primarily of one- to four-family residential properties and manufactured housing
treated as real property under applicable state law. The Properties may be
owner-occupied and non-owner occupied investment properties (which includes
second and vacation homes). All of the Home Equity Loans were originated on or
after September 26, 1997. Home Equity Loans aggregating 91.18% of the aggregate
Loan Balance of the Home Equity Loans in the Fixed Rate Group are secured by
first liens on the related properties. No Combined Loan-to-Value Ratio relating
to any Home Equity Loan in the Fixed Rate Group exceeded 90.00% as of the
Cut-Off Date. All of the aggregate Loan Balance of the Home Equity Loans in the
Adjustable Rate Group are secured by first liens on the related properties. No
Original Loan-to-Value Ratio relating to any Home Equity Loan in the Adjustable
Rate Group exceeded 90.00% as of the Cut-Off Date. None of the Home Equity Loans
are insured by pool mortgage insurance policies or primary mortgage insurance
policies.
The "Original Loan-to-Value Ratios" and "Combined Loan-to-Value Ratios"
shown below were calculated based upon the lesser of the appraised values of the
Properties at the time of origination (the "Appraised Values") or the sales
price of such Property if such Property was sold within 12 months of the time of
loan origination. In a limited number of circumstances, and within the Seller's
underwriting guidelines, the Seller discounts the Appraised Value of Properties
(when calculating maximum Loan-to-Value Ratios) where the Properties are unique,
have a high value or where the comparables are not within FNMA guidelines. The
purpose for making these reductions is to value the Properties more
conservatively than would otherwise be the case if the appraisal were accepted
as written. The "Combined Loan-to-Value Ratio" of a Home Equity Loan is the
ratio, expressed as a percentage, equal to the sum of any outstanding senior
lien mortgage balance plus the original balance of the Home Equity Loan divided
by the lesser of the Appraised Value or the sales price of such Property if such
Property was sold within 12 months of the time of loan origination. In the
instance where more than one appraisal was performed on the subject property,
the lesser of the two values was used to determine the Loan-to-Value Ratio and
the Combined Loan-to-
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Value Ratio. See "Risk Factors--Underwriting Standards" in the Prospectus
Supplement.
No assurance can be given that values of the Properties have remained
or will remain at their levels on the dates of origination of the related Home
Equity Loans. If the residential real estate market has experienced or should
experience an overall decline in property values such that the outstanding
balances of the Home Equity Loans, together with the outstanding balances of any
first mortgage, become equal to or greater than the value of the Properties, the
actual rates of delinquencies, foreclosures and losses could be higher than
those now generally experienced in the mortgage lending industry.
Fixed Rate Group
As of the Cut-Off Date, the average Loan Balance of the Home Equity
Loans in the Fixed Rate Group was $115,000,023.08. The minimum and maximum Loan
Balances of the Home Equity Loans in the Fixed Rate Group as of the Cut-Off Date
were $5,727.80 and $220,500.00, respectively. As of the Cut-Off Date, the
weighted average Coupon Rate of the Home Equity Loans in the Fixed Rate Group
was 11.109%; the Coupon Rate of the Home Equity Loans in the Fixed Rate Group
ranged from 7.600% to 18.200%; the weighted average Combined Loan-to-Value Ratio
of the Home Equity Loans in the Fixed Rate Group was 79.10%; the weighted
average remaining term to maturity of the Home Equity Loans in the Fixed Rate
Group was 216 months; the original terms to maturity of the Home Equity Loans in
the Fixed Rate Group ranged from 60 months to 360 months; and the remaining
terms to maturity of the Home Equity Loans in the Fixed Rate Group ranged from
57 months to 360 months. As of the Cut-Off Date, 91.18% of the Aggregate Loan
Balance of the Home Equity Loans in the Fixed Rate Group were secured by first
mortgages and 8.82% of the Aggregate Loan Balance of the Home Equity Loans in
the Fixed Rate Group were secured by second mortgages. Home Equity Loans in the
Fixed Rate Group containing "balloon" payments represented not more than 40.11%
of the aggregate Loan Balance of the Home Equity Loans in the Fixed Rate Group.
No Home Equity Loan in the Fixed Rate Group will mature later than March 5,
2028.
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<PAGE>
Fixed Rate Group
Geographic Distribution of Properties
The geographic distribution of the Home Equity Loans in the Fixed Rate
Group by state, as of the Cut-Off Date, was as follows:
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
State Home Equity Loans Loan Balance Loan Balance
- ----- ----------------- ------------ ------------
Arizona 29 $1,822,419.94 1.58%
Arkansas 1 21,693.68 0.02
California 3 139,997.97 0.12
Colorado 68 4,530,899.83 3.94
Connecticut 13 1,450,514.73 1.26
Florida 202 11,180,890.37 9.72
Georgia 95 6,056,169.71 5.27
Idaho 5 224,693.06 0.20
Illinois 102 5,090,507.07 4.43
Indiana 60 2,669,206.62 2.32
Iowa 85 3,842,231.65 3.34
Kansas 84 4,139,010.89 3.60
Kentucky 11 694,550.84 0.60
Louisiana 45 2,508,347.83 2.18
Maryland 18 1,544,154.70 1.34
Massachusetts 1 50,000.00 0.04
Michigan 44 2,479,847.23 2.16
Minnesota 40 2,390,390.83 2.08
Mississippi 67 2,989,304.91 2.60
Missouri 252 11,298,314.12 9.82
Nebraska 78 3,516,301.11 3.06
Nevada 16 1,256,397.33 1.09
New Hampshire 3 167,147.67 0.15
New Jersey 6 518,078.24 0.45
New Mexico 59 3,717,904.73 3.23
New York 6 476,800.00 0.41
North Carolina 120 6,885,826.03 5.99
Ohio 143 8,641,433.76 7.51
Oklahoma 84 2,800,102.81 2.43
Oregon 7 499,415.52 0.43
Pennsylvania 47 2,609,005.87 2.27
Rhode Island 1 45,980.71 0.04
South Carolina 41 2,473,352.23 2.15
South Dakota 5 175,872.57 0.15
Tennessee 39 2,290,431.27 1.99
Texas 17 1,139,977.32 0.99
Utah 60 3,373,591.71 2.93
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<PAGE>
Virginia 76 4,111,147.03 3.57
Washington 51 4,069,491.91 3.54
Washington DC 1 148,906.38 0.13
West Virginia 6 297,567.76 0.26
Wisconsin 10 565,845.14 0.49
Wyoming 2 96,300.00 0.08
----- --------------- --------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
Fixed Rate Group
Combined Loan-to-Value Ratios*
The Combined Loan-to-Value ratios as of the origination dates of the
Home Equity Loans in the Fixed Rate Group as of the Cut-Off Date were
distributed as follows:
% of Cut-Off Date
Range of Number of Cut-Off Date Aggregate Aggregate
CLTV's Home Equity Loans Loan Balance Loan Balance
------ ----------------- ------------ ------------
10.001% to 15.000% 2 $ 39,653.39 0.03%
15.001 to 20.000 5 93,949.25 0.08
20.001 to 25.000 6 111,252.44 0.10
25.001 to 30.000 10 192,412.01 0.17
30.001 to 35.000 20 624,778.03 0.54
35.001 to 40.000 34 1,259,168.87 1.09
40.001 to 45.000 20 794,654.70 0.69
45.001 to 50.000 46 1,549,332.31 1.35
50.001 to 55.000 37 1,412,379.20 1.23
55.001 to 60.000 92 3,372,557.84 2.93
60.001 to 65.000 79 3,142,848.26 2.73
65.001 to 70.000 167 7,613,536.75 6.62
70.001 to 75.000 269 13,333,689.60 11.59
75.001 to 80.000 463 25,842,647.05 22.47
80.001 to 85.000 398 21,550,561.98 18.74
85.001 to 90.000 455 34,066,601.40 29.62
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
- ---------------------
* In the case of Home Equity Loans which are secured by first lien mortgages,
the Combined Loan-to-Value Ratio is the equivalent of the Loan-to-Value
Ratio and there can be no assurance that there are not second lien
mortgages securing loans made by originators other than the Seller which
are subordinate to such first lien mortgages.
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Fixed Rate Group
Coupon Rates
The Coupon Rates borne by the Notes relating to the Home Equity Loans
in the Fixed Rate Group as of the Cut-Off Date were distributed as follows as of
the Cut-Off Date:
% of Cut-Off Date
Range of Number of Cut-Off Date Aggregate Aggregate
Coupon Rates Home Equity Loans Loan Balance Loan Balance
------------ ----------------- ------------ ------------
7.501% to 8.000% 14 $ 1,098,947.99 0.96%
8.001 to 8.500 17 1,356,585.52 1.18
8.501 to 9.000 63 4,927,760.05 4.29
9.001 to 9.500 76 5,325,923.20 4.63
9.501 to 10.000 230 15,329,874.87 13.33
10.001 to 10.500 212 13,346,954.61 11.61
10.501 to 11.000 337 20,020,671.89 17.41
11.001 to 11.500 224 12,644,188.31 10.99
11.501 to 12.000 315 15,944,441.28 13.86
12.001 to 12.500 160 7,616,461.44 6.62
12.501 to 13.000 196 8,180,373.71 7.11
13.001 to 13.500 75 3,159,560.95 2.75
13.501 to 14.000 89 3,011,301.20 2.62
14.001 to 14.500 44 1,409,210.38 1.23
14.501 to 15.000 29 880,109.34 0.77
15.001 to 15.500 10 337,103.87 0.29
15.501 to 16.000 7 224,698.63 0.20
16.001 to 16.500 4 164,855.84 0.14
18.001 to 18.500 1 21,000.00 .02
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
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<PAGE>
Fixed Rate Group
Loan Balances
The distribution of the Loan Balances of the Home Equity Loans in the
Fixed Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Loan Balances Home Equity Loans Loan Balance Loan Balance
------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Up to $ 25,000.00 336 $ 6,140,410.72 5.34%
25,000.01 to 50,000.00 794 30,036,899.30 26.12
50,000.01 to 75,000.00 534 32,554,060.20 28.31
75,000.01 to 100,000.00 233 20,089,852.14 17.47
100,000.01 to 125,000.00 126 13,907,809.93 12.09
125,000.01 to 150,000.00 48 6,503,637.86 5.66
150,000.01 to 175,000.00 16 2,580,195.10 2.24
175,000.01 to 200,000.00 10 1,933,255.05 1.68
200,000.01 to 225,000.00 6 1,253,902.78 1.09
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
Fixed Rate Group
Types of Mortgaged Properties
The Properties securing the Home Equity Loans in the Fixed Rate Group
as of the Cut-Off Date were of the property types as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Property Types Home Equity Loans Loan Balance Loan Balance
-------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Condo 14 $ 834,676.19 0.73%
PUD 23 2,188,822.84 1.90
Manufactured Housing 61 2,778,233.86 2.42
Single Family 1,957 106,536,933.42 92.64
2-4 Family 35 1,872,393.23 1.63
Townhouse 13 788,963.54 0.69
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
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<PAGE>
Fixed Rate Group
Distribution by Original Term
The distribution of the original term to maturity of the Home Equity
Loans in the Fixed Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Original Months Number of Cut-Off Date Aggregate Aggregate
to Maturity Home Equity Loans Loan Balance Loan Balance
----------- ----------------- ------------ ------------
<S> <C> <C> <C>
1 to 60 22 $ 406,263.45 0.35%
61 to 120 160 4,417,281.54 3.84
121 to 180 1,180 65,960,877.56 57.36
181 to 240 508 27,925,090.55 24.28
241 to 300 7 292,676.58 0.25
301 to 360 226 15,997,833.40 13.91
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
Fixed Rate Group
Distribution of Months Since Origination
The distribution of the number of months since the date of origination
of the Home Equity Loans in the Fixed Rate Group as of the Cut-Off Date was as
follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Months Number of Cut-Off Date Aggregate Aggregate
Since Origination Home Equity Loans Loan Balance Loan Balance
----------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Zero 752 $ 41,800,072.62 36.35%
1 to 6 1,351 73,199,950.46 63.65
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== =======
</TABLE>
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<PAGE>
Fixed Rate Group
Distribution of Remaining Term to Maturity
The distribution of the number of months remaining to maturity of the
Home Equity Loans in the Fixed Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Months Number of Cut-Off Date Aggregate Aggregate
Remaining to Maturity Home Equity Loans Loan Balance Loan Balance
--------------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Up to 60 22 $ 406,263.45 0.35%
61 to 120 160 4,417,281.54 3.84
121 to 180 1,180 65,960,877.56 56.11
181 to 240 508 27,925,090.55 24.28
241 to 300 7 292,676.58 0.25
301 to 360 226 15,997,833.40 13.91
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
Fixed Rate Group
Occupancy Status
The occupancy status of the Properties securing the Home Equity Loans
in the Fixed Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Occupancy Status Home Equity Loans Loan Balance Loan Balance
---------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Owner Occupied 1,961 $109,313,435.76 95.06%
Investment Property 132 5,206,776.62 4.53
Second Home 10 479,810.70 0.42
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
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<PAGE>
Fixed Rate Group
Distribution by Lien Position
The lien position of the Home Equity Loans in the Fixed Rate Group as
of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Lien Position Home Equity Loans Loan Balance Loan Balance
------------- ----------------- ------------ ------------
<S> <C> <C> <C>
First Lien 1,766 $104,862,471.86 91.18%
Second Lien 337 10,137,551.22 8.82
----- --------------- -----
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
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<PAGE>
Fixed Rate Group
Distribution By Documentation Type
The documentation types of the Home Equity Loans in the Fixed Rate
Group as of the Cut-Off Date were as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Documentation Type Home Equity Loans Loan Balance Loan Balance
------------------ ----------------- ------------ ------------
<S> <C> <C> <C>
Full Doc 1,940 $105,614,595.91 91.84%
Limited Doc 83 4,812,958.32 4.19
No Income Ver. 80 4,572,468.85 3.98
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== =======
</TABLE>
Fixed Rate Group
Distribution By Credit Grade
The credit grade of the Home Equity Loans in the Fixed Rate Group
pursuant to the Seller's underwriting guidelines as of the Cut-Off Date was as
follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Credit Grade Home Equity Loans Loan Balance Loan Balance
------------ ----------------- ------------ ------------
<S> <C> <C> <C>
A+ 86 $ 4,955,871.54 4.31%
A1 504 32,086,320.04 27.90
A-2 777 43,413,636.41 37.75
B 355 17,387,645.13 15.12
C-1 258 11,466,975.00 9.97
C-2 53 2,697,677.52 2.35
D 70 2,991,897.44 2.60
----- --------------- ------
Total: 2,103 $115,000,023.08 100.00%
===== =============== ======
</TABLE>
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<PAGE>
Adjustable Rate Group
As of the Cut-Off Date, the average Loan Balance of the Home Equity
Loans in the Adjustable Rate Group in the Adjustable Rate Group was $92,448.03.
The minimum and maximum Loan Balances of the Home Equity Loans in the Adjustable
Rate Group as of the Cut-Off Date were $12,150.00 and $419,888.84, respectively.
As of the Cut-Off Date, the weighted average Original Loan-to-Value Ratio of the
Home Equity Loans in the Adjustable Rate Group was 83.23%; the weighted average
remaining term to maturity of the Home Equity Loans in the Adjustable Rate Group
was 358 months; the original terms to maturity of the Home Equity Loans in the
Adjustable Rate Group ranged from 180 months to 360 months; and the remaining
terms to maturity of the Home Equity Loans in the Adjustable Rate Group ranged
from 179 months to 360 months. All of the Home Equity Loans in the Adjustable
Rate Group were secured by first mortgages. No Home Equity Loan in the
Adjustable Rate Group will mature later than March 1, 2028.
As of the Cut-Off Date, 22.84% of the Home Equity Loans in the
Adjustable Rate Group were Six-Month Adjustable Rate Loans and 77.16% of the
Initial Aggregate Loan Balance of the Home Equity Loans in the Adjustable Rate
Group were 2/28 Adjustable Rate Loans. As of the Cut-Off Date, the weighted
average remaining period to the next interest rate adjustment date for the
Six-Month Adjustable Rate Loans was approximately 5 months; the weighted average
remaining period to the next interest rate adjustment date for the 2/28
Adjustable Rate Loans was approximately 23 months; each Six-Month Adjustable
Rate Loan will have an initial payment adjustment effective with seventh monthly
payment on such loan, an initial interest rate adjustment cap of 1.000%, a
semi-annual rate adjustment cap of 1.000% above the then current interest rate
for such Six-Month Adjustable Rate Loan and a lifetime adjustment rate cap of
7.000%; each 2/28 Adjustable Loan will have an initial payment adjustment
effective with the 25th monthly payment on such loan, an initial interest rate
adjustment cap of 2.000%, a semi-annual interest rate adjustment cap of 1.000%
above the then current interest rate for such 2/28 Adjustable Loan and a
lifetime adjustment rate cap of 7.000%. The weighted average Coupon Rate of the
Home Equity Loans in the Adjustable Rate Group was approximately 10.491% per
annum. The Home Equity Loans in the Adjustable Rate Group had a weighted average
gross margin as of the Cut-Off Date of approximately 5.995%. The initial gross
margin for the Home Equity Loans in the Adjustable Rate Group ranged from 2.000%
to 9.300%. The Coupon Rates borne by the Home Equity Loans in the Adjustable
Rate Group as of the Cut-Off Date ranged from 7.450% per annum to 14.150% per
annum. As of the Cut-Off Date, the maximum rates at which interest may accrue on
the Home Equity Loans in the Adjustable Rate Group (the "Maximum Rates") ranged
from 14.450% per annum to 21.150% per annum. The Home Equity Loans in the
Adjustable Rate Group had a weighted average Maximum Rate as of the Cut-Off Date
of approximately 17.491% per annum. As of the Cut-Off Date, the minimum rates at
which interest may accrue on the Home Equity Loans in the Adjustable Rate Group
(the "Minimum Rates") ranged from 2.000% per annum to 9.300% per annum. As of
the Cut-Off Date, the weighted average Minimum Rate on the Home Equity Loans in
the Adjustable Rate Group was approximately 5.995% per annum.
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<PAGE>
Adjustable Rate Group
Geographic Distribution of Properties
The geographic distribution of the Home Equity Loans in the Adjustable
Rate Group by state, as of the Cut-Off Date, was as follows:
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
State Home Equity Loans Loan Balance Loan Balance
----- ----------------- ------------ ------------
Arizona 36 $ 3,157,448.56 5.26%
California 5 818,657.89 1.36
Colorado 30 3,375,284.98 5.63
Connecticut 26 2,761,785.35 4.60
Florida 28 2,215,511.10 3.69
Georgia 42 3,826,353.49 6.38
Idaho 6 465,517.73 0.78
Illinois 62 5,649,501.30 9.42
Indiana 11 847,171.55 1.41
Iowa 18 1,275,162.06 2.13
Kansas 14 915,806.02 1.53
Kentucky 8 531,522.69 0.89
Louisiana 1 56,095.00 0.09
Maryland 14 1,745,166.11 2.91
Massachusetts 3 354,702.27 0.59
Michigan 8 666,813.09 1.11
Minnesota 26 1,994,441.19 3.32
Mississippi 3 297,731.65 0.50
Missouri 19 1,372,708.59 2.29
Nebraska 1 61,650.00 0.10
Nevada 2 205,912.84 0.34
New Hampshire 2 138,675.00 0.23
New Jersey 11 1,273,264.36 2.12
New Mexico 8 817,747.21 1.36
New York 8 1,190,319.17 1.98
North Carolina 38 3,906,431.86 6.51
Ohio 80 5,811,372.76 9.69
Oklahoma 13 1,223,847.57 2.04
Pennsylvania 19 1,402,652.19 2.34
South Carolina 11 1,103,651.71 1.84
South Dakota 1 40,462.86 0.07
Tennessee 16 1,414,719.07 2.36
Texas 23 3,083,006.28 5.14
Utah 23 2,099,681.18 3.50
Vermont 1 101,961.18 0.17
Virginia 3 316,569.02 0.53
Washington 21 2,947,322.36 4.91
West Virginia 4 277,041.27 0.46
Wisconsin 4 255,100.00 0.43
--- -------------- ------
-13-
<PAGE>
Total: 649 $59,998,768.51 100.00%
=== ============== ======
-14-
<PAGE>
Adjustable Rate Group
Original Loan-to-Value Ratios
The Original Loan-to-Value ratios as of the origination dates of the
Home Equity Loans in the Adjustable Rate Group as of the Cut-Off Date were
distributed as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Range of Number of Cut-Off Date Aggregate Aggregate
Original LTV's Home Equity Loans Loan Balance Loan Balance
-------------- ----------------- ------------ ------------
<S> <C> <C> <C>
30.01% to 35.00% 1 $ 15,994.94 0.03%
35.01 to 40.00 2 125,999.30 0.21
40.01 to 45.00 1 34,984.84 0.06
45.01 to 50.00 5 357,846.77 0.60
50.01 to 55.00 2 137,571.48 0.23
55.01 to 60.00 9 439,962.03 0.73
60.01 to 65.00 16 1,364,656.31 2.27
65.01 to 70.00 23 1,446,789.34 2.41
70.01 to 75.00 73 6,657,856.81 11.10
75.01 to 80.00 142 12,044,188.13 20.07
80.01 to 85.00 125 11,150,608.50 18.58
85.01 to 90.00 250 26,222,310.06 43.70
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-15-
<PAGE>
Adjustable Rate Group
Loan Balances
The distribution of the Loan Balances of the Home Equity Loans in the
Adjustable Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Loan Balances Home Equity Loans Loan Balance Loan Balance
------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Up to 25,000.00 5 $ 101,809.53 0.17%
25,000.01 to 50,000.00 102 4,130,946.30 6.89
50,000.01 to 75,000.00 177 11,054,047.20 18.42
75,000.01 to 100,00.00 148 12,843,421.35 21.41
100,000.01 to 125,000.00 75 8,257,866.10 13.76
125,000.01 to 150,000.00 71 9,708,863.53 16.18
150,000.01 to 175,000.00 26 4,206,647.40 7.01
175,000.01 to 200,000.00 21 3,959,935.43 6.60
200,000.01 to 225,000.00 12 2,576,932.00 4.29
225,000.01 to 250,000.00 6 1,417,360.83 2.36
250,000.01 to 275,000.00 4 1,030,350.00 1.72
275,000.01 to 300,000.00 1 290,700.00 0.48
400,000.01 to 425,000.00 1 419,888.84 0.70
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-16-
<PAGE>
Adjustable Rate Group
Types of Mortgaged Properties
The Properties securing the Home Equity Loans in the Adjustable Rate
Group as of the Cut-Off Date were of the property types as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Property Types Home Equity Loans Loan Balance Loan Balance
-------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Condo 9 $ 521,279.55 0.87%
PUD 18 2,550,471.21 4.25
Manufactured Housing 7 550,851.51 0.92
Single Family 576 53,144,025.53 88.58
2-4 Family 36 3,016,832.70 5.03
Townhouse 3 215,308.01 0.36
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
Adjustable Rate Group
Distribution by Original Term
The distribution of the original term to maturity of the Home Equity
Loans in the Adjustable Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Original Months Number of Cut-Off Date Aggregate Aggregate
to Maturity Home Equity Loans Loan Balance Loan Balance
----------- ----------------- ------------ ------------
<S> <C> <C> <C>
121 to 180 5 $ 233,401.41 0.39%
181 to 240 4 221,896.94 0.37
301 to 360 640 59,543,470.16 99.24
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-17-
<PAGE>
Adjustable Rate Group
Distribution of Months Since Origination
The distribution of the number of months since the date of origination
of the Home Equity Loans in the Adjustable Rate Group as of the Cut-Off Date was
as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Months Number of Cut-Off Date Aggregate Aggregate
Since Origination Home Equity Loans Loan Balance Loan Balance
----------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Zero 393 $36,606,188.67 61.01%
1 to 6 256 23,392,579.84 38.99
---- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-18-
<PAGE>
Adjustable Rate Group
Distribution of Remaining Term to Maturity
The distribution of the number of months remaining to maturity of the
Home Equity Loans in the Adjustable Rate Group as of the Cut-Off Date was as
follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Months Remaining Number of Cut-Off Date Aggregate Aggregate
to Maturity Home Equity Loans Loan Balance Loan Balance
----------- ----------------- ------------ ------------
<S> <C> <C> <C>
121 to 180 5 $ 233,401.41 0.39%
181 to 240 4 221,896.94 0.37
301 to 360 640 59,543,470.16 99.24
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
Adjustable Rate Group
Occupancy Status
The occupancy status of the Properties securing the Home Equity Loans
in the Adjustable Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Occupancy Status Home Equity Loans Loan Balance Loan Balance
---------------- ----------------- ------------ ------------
<S> <C> <C> <C>
Owner Occupied 605 $57,323,024.76 95.54%
Investment Property 41 2,530,493.75 4.22
Second Home 3 145,250.00 0.24
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-19-
<PAGE>
Adjustable Rate Group
Distribution By Documentation Type
The documentation types of the Home Equity Loans in the Adjustable Rate
Group as of the Cut-Off Date were as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Documentation Type Home Equity Loans Loan Balance Loan Balance
------------------ ----------------- ------------ ------------
<S> <C> <C> <C>
Full Doc 589 $53,312,568.56 88.86%
No Income Ver. 35 4,096,020.95 6.83
Limited Doc 25 2,590,179.00 4.32
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
Adjustable Rate Group
Distribution By Credit Grade
The credit grades of the Home Equity Loans in the Adjustable Rate Group
pursuant to the Seller's underwriting guidelines as of the Cut-Off Date was as
follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Credit Grade Home Equity Loans Loan Balance Loan Balance
------------ ----------------- ------------ ------------
<S> <C> <C> <C>
A+ 11 $ 1,170,900.25 1.95%
A-1 130 13,535,371.10 22.56
A-2 272 26,794,493.84 44.66
B 122 9,920,961.93 16.54
C-1 95 7,084,377.31 11.81
C-2 17 1,379,664.08 2.30
D 2 113,000.00 0.19
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-20-
<PAGE>
Adjustable Rate Group
Coupon Rates
The Coupon Rates borne by the Notes relating to the Home Equity Loans
in the Adjustable Rate Group as of the Cut-Off Date were distributed as follows
as of the Cut-Off Date:
<TABLE>
<CAPTION>
% of Cut-Off Date
Range of Number of Cut-Off Date Aggregate Aggregate
Coupon Rates Home Equity Loans Loan Balance Loan Balance
------------ ----------------- ------------ ------------
<S> <C> <C> <C>
7.001% to 7.500% 1 $ 80,910.00 0.13%
7.501 to 8.000 6 461,419.64 0.77
8.001 to 8.500 3 286,492.00 0.48
8.501 to 9.000 34 3,309,552.86 5.52
9.001 to 9.500 58 5,337,896.15 8.90
9.501 to 10.000 118 11,731,057.28 19.55
10.001 to 10.500 114 11,757,110.51 19.60
10.501 to 11.000 133 12,414,676.75 20.69
11.001 to 11.500 80 6,570,930.03 10.95
11.501 to 12.000 52 4,537,921.31 7.56
12.001 to 12.500 20 1,786,800.22 2.98
12.501 to 13.000 16 1,043,588.17 1.74
13.001 to 13.500 5 214,797.32 0.36
13.501 to 14.000 7 334,416.27 0.56
14.001 to 14.500 2 131,200.00 0.22
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-21-
<PAGE>
Adjustable Rate Group
Distribution of Home Equity Loans By Gross Margins
The gross margins of the Home Equity Loans in the Adjustable Rate Group
as of the Cut-Off Date were as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Number of Cut-Off Date Aggregate Aggregate
Gross Margins Home Equity Loans Loan Balance Loan Balance
------------- ----------------- ------------ ------------
<S> <C> <C> <C>
1.501% to 2.000% 10 $ 1,110,467.27 1.85%
2.501 to 3.000 1 47,200.00 0.08
3.001 to 3.500 11 899,864.66 1.50
3.501 to 4.000 15 1,250,755.56 2.08
4.001 to 4.500 23 2,124,290.00 3.54
4.501 to 5.000 43 3,641,292.02 6.07
5.001 to 5.500 73 7,606,159.62 12.68
5.501 to 6.000 121 11,697,729.38 19.50
6.001 to 6.500 127 12,748,434.95 21.25
6.501 to 7.000 113 10,039,846.77 16.73
7.001 to 7.500 53 4,513,409.61 7.52
7.501 to 8.000 27 2,148,193.10 3.58
8.001 to 8.500 16 1,310,659.76 2.18
8.501 to 9.000 14 729,265.81 1.22
9.001 to 9.500 2 131,200.00 0.22
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-22-
<PAGE>
Adjustable Rate Group
Distribution of Home Equity Loans by Maximum Coupon Rate
The Maximum Rates of the Home Equity Loans in the Adjustable Rate Group
as of the Cut-Off Date were as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Maximum Number of Cut-Off Date Aggregate Aggregate
Coupon Rate Home Equity Loans Loan Balance Loan Balance
----------- ----------------- ------------ ------------
<S> <C> <C> <C>
14.001% to 14.500% 1 $ 80,910.00 0.13%
14.501 to 15.000 6 461,419.64 0.77
15.001 to 15.550 3 286,492.00 0.48
15.501 to 16.000 34 3,309,552.86 5.52
16.001 to 16.500 58 5,337,896.15 8.90
16.501 to 17.000 118 11,731,057.28 19.55
17.001 to 17.500 114 11,757,110.51 19.60
17.501 to 18.000 133 12,414,676.75 20.69
18.001 to 18.500 80 6,570,930.03 10.95
18.501 to 19.000 52 4,537,921.31 7.56
19.001 to 19.500 20 1,786,800.22 2.98
19.501 to 20.000 16 1,043,588.17 1.74
20.001 to 20.500 5 214,797.32 0.36
20.501 to 21.000 7 334,416.27 0.56
21.001 to 21.500 2 131,200.00 0.22
---- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-23-
<PAGE>
Adjustable Rate Group
Distribution of Home Equity Loans By Minimum Coupon Rate
The Minimum Rates of the adjustable rate Home Equity Loans in the
Adjustable Rate Group as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Minimum Number of Cut-Off Date Aggregate Aggregate
Coupon Rate Home Equity Loans Loan Balance Loan Balance
----------- ----------------- ------------ ------------
<S> <C> <C> <C>
1.501% to 2.000% 10 $ 1,110,467.27 1.85%
2.501 to 3.000 1 47,200.00 0.08
3.001 to 3.500 11 899,864.66 1.50
3.501 to 4.000 15 1,250,755.56 2.08
4.001 to 4.500 23 2,124,290.00 3.54
4.501 to 5.000 43 3,641,292.02 6.07
5.001 to 5.500 73 7,606,159.62 12.68
5.501 to 6.000 121 11,697,729.38 19.50
6.001 to 6.500 127 12,748,434.95 21.25
6.501 to 7.000 113 10,039,846.77 16.73
7.001 to 7.500 53 4,513,409.61 7.52
7.501 to 8.000 27 2,148,193.10 3.58
8.001 to 8.500 16 1,310,659.76 2.18
8.501 to 9.000 14 729,265.81 1.22
9.001 to 9.500 2 131,200.00 0.22
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-24-
<PAGE>
Adjustable Rate Group
Distribution of Next Coupon Rate Change
The month of the next Coupon Rate change for each of the Adjustable
Rate Loans as of the Cut-Off Date was as follows:
<TABLE>
<CAPTION>
% of Cut-Off Date
Month of Next Number of Cut-Off Date Aggregate Aggregate
Coupon Rate Change Home Equity Loans Loan Balance Loan Balance
------------------ ----------------- ------------ ------------
<S> <C> <C> <C>
April 1998 1 $ 44,905.40 0.07%
May 1998 23 2,059,322.86 3.43
June 1998 45 3,851,567.22 6.42
July 1998 36 3,458,506.55 5.76
August 1998 44 3,819,369.61 6.37
September 1998 6 471,900.00 0.79
October 1999 5 241,046.32 0.40
November 1999 81 7,547,234.54 12.58
December 1999 101 9,648,503.50 16.08
January 2000 127 11,796,951.45 19.66
February 2000 144 13,505,635.06 22.51
March 2000 36 3,553,826.00 5.92
--- -------------- ------
Total: 649 $59,998,768.51 100.00%
=== ============== ======
</TABLE>
-25-
<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)
By: /s/ Paul Najarian
==================
Name: Paul Najarian
Title: Senior Vice President
Date: March 18, 1998
-26-
