<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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Computational Materials
Delta Funding Home Equity Loan Trust 2000-3
Home Equity Loan Asset-Backed Certificates, Series 2000-3
$[200,000,000] Bonds
(Approximate; subject to variance and upsize as noted herein)
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and are intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Countrywide Securities Corporation ("Countrywide Securities") and not by the
issuer of the securities or any of its affiliates. The issuer of these
securities has not prepared or taken part in the preparation of these materials.
Neither Countrywide Securities, the issuer of the securities nor any of its
affiliates makes any representation as to the accuracy or completeness of the
information herein. The information herein is preliminary, and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission. The information
herein may not be provided by the addressees 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 stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Computational Materials in any
particular context; or as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates assumed 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 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.
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 the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of any 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 under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Computational Materials on any matter discussed in this
communication. A final prospectus and prospectus supplement may be obtained by
contacting your Countrywide Securities account representative.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risk.
Investors should fully consider the risk of an investment in 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.
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2
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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Preliminary Term Sheet Date Prepared: September 20, 2000
Delta Funding Home Equity Loan Trust 2000-3Home Equity Loan Asset-
Backed Certificates, Series 2000-3
[LOGO]
(Class A Certificate Insurer)
<TABLE>
<CAPTION>
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Approx Tranche Certificate WAL (Yrs) Pymt Window Expected Ratings (6)
Class(1) Class Size Type Coupon (2) Call/Mat (3) (Mos) Call/Mat (3) S&P Moody's Fitch
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F $ 42,000,000 Fixed - Seq TBD 1.01 / 1.01 1-22 / 1-22 AAA Aaa AAA
A-2F 12,000,000 Fixed - Seq TBD 2.02 / 2.02 22-28 / 22-28 AAA Aaa AAA
A-3F 29,000,000 Fixed - Seq TBD 3.04 / 3.04 28-53 / 28-53 AAA Aaa AAA
A-4F 8,000,000 Fixed - Seq TBD 5.02 / 5.02 53-70 / 53-70 AAA Aaa AAA
A-5F 17,500,000 Fixed - Seq TBD 8.17 / 10.58 70-107 / 70-239 AAA Aaa AAA
A-6F 12,000,000 Fixed - NAS TBD 6.68 / 6.85 37-107 / 37-236 AAA Aaa AAA
A-1A 55,000,000 Floater - Sen TBD 3.09 / 3.17 1-107 / 1-239 AAA Aaa AAA
IOF (5) IO TBD N/A N/A AAA Aaa AAA
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M1 9,500,000 Fixed-Sub TBD 5.95 / 6.54 37-107 / 37-185 AA N/A AA
M2 8,500,000 Fixed-Sub TBD 5.95 / 6.45 37-107 / 37-168 A N/A A
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B 6,500,000 Fixed-Sub TBD BBB N/A BBB
-----------------------------------------------------------------------------------------------------------------------------------
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Total $ 200,000,000
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</TABLE>
(1) The Class A-1F, A-2F, A-3F, A-4F, A-5F, and A-6F Certificates are backed
primarily by the cash flow from a pool of fixed rate mortgage loans (the
"Loan Group F Mortgage Loans"). The Class A-1A Certificates are backed
primarily by the cash flows from a pool of adjustable rate mortgage loans
(the "Loan Group A Mortgage Loans"). The Class M-1, Class M-2 and Class B
Certificates are backed by the cash flows from both the Loan Group A and
the Loan Group F Mortgage Loans. The Class Sizes are subject to a +/- 5%
variance.
(2) All Certificates are subject to an available funds cap. The coupon on the
Class A-5F, A-6F, M-1, M-2 and B Certificates will increase by [ ]% and the
margin on the Class A-1A Certificates will double after the first date on
which the Clean-up Call is exercisable.
(3) See "Pricing Prepayment Speed" herein.
(4) The Class A-1A Certificates will accrue interest at a variable rate equal
to the least of (i) One-Month LIBOR plus ___ bps (__ bps after the first
date on which the Clean-up Call is exercisable); (ii) [ %]; and (iii) the
Loan Group A Cap.
(5) The Class IOF Certificates will not receive any principal payments, but
will accrue interest on its notional balance, initially $48,800,000 and
$0.00 starting month 37.
(6) The Seller contemplates only S&P and Fitch will rate the Class M-1, Class
M-2 and Class B Certificates.
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3
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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Seller: Delta Funding Corporation.
Servicer: Countrywide Home Loans, Inc.
Underwriter: Greenwich Capital Markets, Inc. (Lead Manager),
Countrywide Securities (Co-Manager), Lehman
Brothers (Co-Manger).
Trustee: Wells Fargo Bank Minnesota, N.A. ("Wells Fargo").
Custodian: Bank One, N.A. ("Bank One").
Class A Certificate Insurer: Financial Security Assurance Corporation ("FSA,"
the "Insurer").
Rating Agencies: S&P, Moody's and Fitch (Moody's rates only the
Class A Certificates).
Cut-off Date: The close of business on August 31, 2000 (for any
Mortgage Loan originated after the Cut-off Date,
the origination date of the Mortgage Loan).
Pricing Date: On or about September [22], 2000.
Closing Date: On or about September [28], 2000.
Settlement Date: On or about September [29], 2000, through DTC,
Euroclear or Clearstream, Luxembourg.
Distribution Date: The 15th day of each month (or the next succeeding
business day) commencing on October 16, 2000.
Certificates Offered: The "Senior Certificates" (or the "Class A
Certificates") will consist of (i) the Class A-1F,
A-2F, A-3F, A-4F, A-5F, A-6F and Class IOF
Certificates (the "Group F Certificates") and (ii)
the Class A-1A Certificates (the "Group A
Certificates"). The "Subordinate Certificates"
will consist of the Class M-1, Class M-2 and Class
B Certificates. The Senior Certificates and the
Subordinate Certificates are collectively referred
to herein as the "Certificates."
Accrued Interest: The Class A-1A Certificates will settle flat. The
price to be paid by investors for the Certificates
(other than the Class A-1A Certificates) will
include accrued interest from September 1, 2000 up
to, but not including, the Settlement Date (28
days).
Interest Accrual Period: The interest accrual period with respect to the
Class A-1A Certificates for a given Distribution
Date will be the period beginning with the
previous Distribution Date (or, in the case of the
first Distribution Date, the Closing Date) and
ending on the day prior to such Distribution Date
(on an Actual/360 basis). The interest accrual
period for the Certificates (other than the Class
A-1A Certificates) with respect to any
Distribution Date will be the calendar month
preceding such Distribution Date (based on a
360-day year consisting of twelve 30-day months).
Federal Tax Status: It is anticipated that the Certificates will be
treated as REMIC regular interests for tax
purposes.
Registration: The Certificates will be available in book-entry
form through DTC, Clearstream, Luxembourg and the
Euroclear system.
ERISA Eligibility: The Senior Certificates are expected to be ERISA
eligible.
SMMEA Eligibility: The Certificates will NOT constitute "mortgage
related securities" for purposes of SMMEA.
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4
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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Mortgage Loans: As of the Cut-Off Date, the aggregate principal
balance of the Mortgage Loans described herein was
approximately $165,114,774 (the "Statistic
Calculation Mortgage Loans"). See attached
collateral descriptions for more information. On
or prior to the Closing Date, the Seller will add
Mortgage Loans with an approximate aggregate
principal balance of $34,885,226 to the trust.
Loan Group F
Mortgage Loans: Approximately $117,809,870 of the Statistic
Calculation Mortgage Loans consists of fixed rate
mortgage loans.
Loan Group A
Mortgage Loans: Approximately $47,304,903 of the Statistic
Calculation Mortgage Loans consists of adjustable
rate mortgage loans which adjust based on the
Six-Month LIBOR index. The Statistic Calculation
Mortgage Loans in Loan Group A consist of
approximately $402,965 of 2/28 adjustable rate
mortgage loans and approximately $46,901,938 of
3/27 adjustable rate mortgage loans.
Pricing Prepayment Speed: The Certificates were priced based on the
following prepayment assumptions:
Loan Group F Mortgage Loans: 100% of PPC-F (100%
PPC-F is equal to 4% - 20% CPR over 12 months).
Loan Group A Mortgage Loans: 100% of PPC-A (100%
PPC-A is equal to 4% - 35% CPR over 30 months).
Optional Termination: The terms of the transaction allow for a clean-up
call (the "Clean-up Call") which may be exercised
once the current aggregate principal balance of
the Mortgage Loans is less than or equal to 10% of
the sum of the initial aggregate principal balance
of the Mortgage Loans.
Available Funds Cap: As to any Distribution Date, (i) in the case of
the Class A-1F, A-2F, A-3F, A-4F, A-5F, A-6F and
Subordinate Certificates, the lesser of the Loan
Group F Cap and the Loan Group A Cap and (ii) in
the case of the Class A-1A Certificates, the Loan
Group A Cap.
Loan Group F Cap: As to any Distribution Date, a per annum rate
equal to:
(i) the weighted average gross rate of the
Loan Group F Mortgage Loans less
servicing and trustee fee rates; minus
(ii) the insurer premium rate with respect to
the Group F Certificates; minus
(iii) the certificate rate on the Class IOF
Certificates multiplied by a fraction
equal to:
(a) the notional balance of the
Class IOF Certificates prior
to such Distribution Date,
divided by
(b) the balance of the Loan Group
F Mortgage Loans.
Loan Group A Cap: As to any Distribution Date, a per annum rate
equal to:
(i) the weighted average gross rate of the
Loan Group A Mortgage Loans less
servicing and trustee fee rates; minus
(ii) the insurer premium rate with respect to
the Group A Certificates.
Net Rate Cap Carryover: As to any Distribution Date and the Senior
Certificates (other than the Class A-1A
Certificates) and Subordinate Certificates, the
sum of:
(i) the excess, if any, of interest due such
Certificates (calculated without regard
to the Available Funds Cap) over
interest due such Certificates at a rate
equal to the Available Funds Cap;
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5
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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(ii) any Net Rate Cap Carryover remaining
unpaid from prior Distribution Dates;
and
(iii) interest on the amount in clause (ii) at
the related certificate rate (without
regard to the Available Funds Cap).
LIBOR Carryover: As to any Distribution Date and the Class A-1A
Certificates, the sum of:
(i) the excess, if any, of interest due such
Certificates (calculated without regard
to the Available Funds Cap, but giving
effect to the hard cap of [14%]) over
interest due such Certificates at a rate
equal to the Available Funds Cap;
(ii) any LIBOR Carryover remaining unpaid
from prior Distribution Dates; and
(iii) interest on the amount in clause (ii) at
the related certificate rate (without
regard to the Available Funds Cap, but
giving effect to the hard cap of
[14 %]);
Credit Enhancement: Credit enhancement for the Certificates will
consist of (i) for the Class A Certificates only,
a Monoline Insurance Policy (the "Policy"), (ii)
Excess Interest Collections (defined below), (iii)
overcollateralization and (iv) the subordination
of Certificates with lower payment priorities.
Credit Enhancement Percentages:
Target Credit Enh.
Initial Credit Enh. After Stepdown Date
Rating Percent Rating Percent
------ ------- ------ -------
AAA 12.25% AAA 29.00%
AA 7.50% AA 19.50%
A 3.25% A 11.00%
BBB 0.00% BBB 4.50%
Insurance Policy: The Policy will guarantee the timely payment of
interest and ultimate payment of principal on the
Class A Certificates. The Policy does not cover
the payment of any LIBOR Carryover or Net Rate Cap
Carryover and does not cover the Class M-1, Class
M-2 or Class B Certificates.
Excess Interest Collections: For each Distribution Date, the interest
collections from the Mortgage Loans minus the sum
of (i) the interest paid on the Certificates; (ii)
the servicing and trustee fees paid in respect of
the Mortgage Loans; (iii) the insurer premium paid
and any unreimbursed draws on the Policy.
Overcollateralization
Amount: Beginning month 4, the Certificateholders will be
entitled to receive distributions of Excess
Interest Collections as principal until the
Overcollateralization Amount equals the Required
Overcollateralization Amount. This distribution of
interest as principal will have the effect of
accelerating the Certificates relative to the
underlying Mortgage Loans. On any Distribution
Date, the Overcollateralization Amount will be the
amount by which the balance of the Mortgage Loans
(the "Mortgage Loan Balance") exceeds the balance
of the Certificates (the "Certificate Principal
Balance"). On any Distribution Date, after the
third Distribution Date, on which the Mortgage
Loan Balance does not exceed the Certificate
Principal Balance by the Required
Overcollateralization Amount, Excess Interest
Collections will be distributed as principal to
the Certificateholders to increase the
Overcollateralization Amount to the Required
Overcollateralization Amount.
Required Overcollateralization
Amount: On any Distribution Date on which a Cumulative
Loss Event or a Delinquency Event has not
occurred, the Required Overcollateralization
Amount is equal to:
(i) prior to the Stepdown Date, 2.25% of the
initial balance of the Certificates.
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6
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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(ii) on or after the Stepdown Date, the
greater of:
(a) the lesser of:
(x) 2.25% of the initial balance
of the Certificates; and
(y) 4.50% of the current balance
of the Mortgage Loans;
(b) 0.50% of the initial balance
of the Certificates (the "OC
Floor").
On any Distribution Date on which a Cumulative
Loss Event has occurred, the Required
Overcollateralization Amount is equal to [2.25% of
the initial aggregate principal balance of the
Certificates].
On any Distribution Date on which a Delinquency
Event has occurred, the Required
Overcollateralization Amount is equal to the
Required Overcollateralization Amount as of the
preceding Distribution date.
Cumulative Loss Event: The occurrence of certain rates of cumulative
losses during certain periods of time as specified
in the Pooling and Servicing Agreement.
Delinquency Event: The three-month rolling average of the percentage
of Mortgage Loans 60+ days delinquent exceeds 50%
of the percentage equal to the credit enhancement
provided to the Senior Certificates.
Stepdown Date: The later to occur of:
(i) the earlier to occur of
(a) the Distribution Date
occurring in October 2003; and
(b) the Distribution Date on which
the aggregate balance of the
Senior Certificates is reduced
to zero; and
(ii) the first Distribution Date on which the
credit enhancement provided to the
Senior Certificates is at least equal to
29.00%.
Subordination
Increase Amount: As to any Distribution Date, the lesser of the
Subordination Deficiency and Excess Interest
Collections.
Subordination Deficiency: As to any Distribution Date, the excess, if any,
of the Required Overcollateralization Amount over
the Overcollateralization Amount after giving
effect to the distribution of principal from the
Mortgage Loans (but prior to the distribution of
any Subordination Increase Amount).
Excess OC Amount: As to any Distribution Date, the lesser of (i) the
principal payments received on the Mortgage Loans
and (ii) the excess, if any, of the
Overcollateralization Amount over the Required
Overcollateralization Amount (assuming 100% of the
distribution of principal payments received on the
Mortgage Loans is distributed to the
Certificates).
Priority of Distributions: Available Funds for each Loan Group will be
distributed in the following order of priority, in
each case, to the extent of funds remaining:
A. Loan Group F:
1) To the Custodian and Trustee,
the related fees and to the
Insurer, the premium payable
on the Group F Certificates;
2) To the Group F Certificates,
the related interest due;
3) The remaining amount pursuant
to clause C. below.
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7
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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B. Loan Group A:
1) To the Custodian and Trustee,
the related fees and to the
Insurer, the premium payable
on the Group A Certificates;
2) To the Group A Certificates,
the related interest due;
3) The remaining amount pursuant
to clause C. below.
C. Remaining Amounts:
1) To the Senior Certificates,
the related interest due to
the extent not paid pursuant
to clauses A. and B. above;
2) Sequentially to the Class M-1,
Class M-2 and Class B
Certificates, the related
interest due;
3) To the Senior Certificates,
the Senior Principal
Distribution Amount for such
Distribution Date, excluding
any Subordination Increase
Amount, pursuant to "Senior
Certificate Principal
Priorities" below;
4) To the Insurer, any
reimbursement amounts due for
prior draws on the Policy;
5) Sequentially to the Class M-1,
Class M-2 and Class B
Certificates, the related
principal distribution amount
due, excluding any
Subordination Increase
Amounts;
6) To the Certificates, the
related Subordination Increase
Amount, distributed as in
priorities 3 and 5 above;
7) Sequentially to the Class M-1,
Class M-2 and Class B
Certificates, any interest and
principal shortfalls;
8) To the Class A-1A
Certificates, any LIBOR
Carryover amounts;
9) Sequentially, (i)
concurrently, to the Class
A-1F, A-2F, A-3F, A-4F, A-5F
and A-6F, and (ii)
sequentially, to the Class
M-1, Class M-2 and Class B
Certificates, in that order,
the related Net Rate Cap
Carryover;
10) To the Trustee, reimbursement
for any expenses incurred by a
servicing transfer related to
the resignation or termination
of the Servicer;
11) To the residual certificates,
any remaining amounts.
Senior Certificate
Principal Priorities:
(A) To the Group F Certificates, the Group F
Principal Distribution Amount will be
distributed in the following order of
priority:
1) to Class A-6F, the Class A-6F
Principal Distribution Amount
until the Class Principal
Balance thereof has been
reduced to zero;
2) sequentially, to Class A-1F,
Class A-2F, Class A-3F, Class
A-4F, Class A-5F and Class
A-6F, in that order, until
their respective class
principal balances are reduced
to zero.
(B) To the Class A-1A Certificates, the
Group A Principal Distribution Amount,
until the class principal balance
thereof is reduced to zero.
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8
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CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
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Delta Funding Home Equity Loan Trust 2000-3
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Principal Distribution
Amount: As to any Distribution Date, the lesser of: (i)
the balance of the Certificates prior to such
Distribution Date and (ii) the sum of (a)
principal from the Mortgage Loans less any Excess
OC Amount and (b) the Subordination Increase
Amount
Senior Principal Distribution
Amount: As to any Distribution Date prior to the Stepdown
Date or during the continuation of a Delinquency
Event or Cumulative Loss Event, the lesser of (i)
100% of the Principal Distribution Amount and (ii)
the aggregate balance of the Senior Certificates.
As to any other Distribution Date, an amount equal
to the excess, if any, of (i) the balance of the
Senior Certificates prior to such Distribution
Date over (ii) the lesser of (a) 29.00% of the
balance of the Mortgage Loans as of the end of the
related due period and (b) the balance of the
Mortgage Loans as of such Distribution Date less
the OC Floor.
Class AF-6 Distribution
Amount: For any Distribution Date, is equal to the product
of:
(i) A fraction, the numerator of which is
the Class AF-6 Certificate principal
balance and the denominator of which is
the Class A Certificate principal
balance for Group F, in each case
immediately prior to the Distribution
Date,
(ii) The Group F Principal Distribution
Amount for the Distribution Date, and
(iii) The applicable percentage for the
Distribution Date set forth in the
following table:
Distribution Periods Percentage
-------------------- ----------
1-36 0%
37-60 45%
61-72 80%
73-84 100%
85 and after 300%
Group A Principal
Distribution Amount: As to any Distribution Date, the lesser of:
(i) the greater of
(a) the Group A Percentage of the
Senior Principal Distribution
Amount, and
(b) the excess, if any, of the
balance of the Group A
Certificates prior to such
Distribution Date over the sum
of the balance of the Loan
Group A Mortgage Loans as of
the end of the related due
period, and
(ii) the Senior Principal Distribution
Amount.
Group A Percentage: As to any Distribution Date, the percentage equal
to the balance of the Group A Certificates prior
to such Distribution Date divided by the aggregate
balance of all the Senior Certificates prior to
such Distribution Date.
Group F Principal
Distribution Amount: As to any Distribution Date, the excess of the
Senior Principal Distribution Amount over the
Group A Principal Distribution Amount.
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CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
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Allocation of Senior Principal
Distribution Amount: The Group A Principal Distribution Amount will be
distributed to the Group A Certificates, while the
Group F Principal Distribution Amount will be
distributed to the Group F Certificates, pursuant
to "Senior Certificate Principal Priorities"
herein.
Allocation of Losses: Losses not covered by the available credit
enhancement will be allocated in the reverse order
of payment priority (first to the Class B, then
the Class M-2 and then the Class M-1
Certificates).
Class IOF Notional
Balance Schedule: The notional balance of the Class IOF Certificates
will be equal to the lesser of the balance of the
Loan Group F Mortgage Loans and the balance
indicated in the schedule provided below.
Distribution Month Notional Balance
------------------ ----------------
1 to 3 $48,800,000
4 to 6 46,400,000
7 to 9 43,600,000
10 to 12 38,400,000
13 to 15 34,000,000
16 to 18 29,600,000
19 to 21 26,000,000
22 to 24 23,000,000
25 to 27 20,300,000
28 to 30 17,500,000
31 to 33 15,500,000
34 to 36 13,800,000
37 and after 0
--------------------------------------------------------------------------------
10
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loan Group A Cap Schedule*
------------ ---------- ------------ ------------- ------------ ------------
Distribution Loan Group Distribution Loan Group A Distribution Loan Group
Period A Cap Period Cap Period A Cap
------------ ---------- ------------ ------------- ------------ ------------
1 20.541% 37 13.979% 73 17.957%
2 10.602% 38 13.528% 74 17.378%
3 10.956% 39 13.978% 75 17.957%
4 10.602% 40 13.526% 76 17.378%
5 10.603% 41 13.831% 77 17.378%
6 11.739% 42 14.788% 78 19.239%
7 10.604% 43 14.491% 79 17.378%
8 10.958% 44 14.973% 80 17.957%
9 10.605% 45 14.490% 81 17.378%
10 10.959% 46 14.973% 82 17.957%
11 10.606% 47 14.796% 83 17.378%
12 10.607% 48 14.801% 84 17.378%
13 10.961% 49 15.973% 85 17.957%
14 10.608% 50 15.458% 86 17.378%
15 10.962% 51 15.973% 87 17.957%
16 10.609% 52 15.458% 88 17.378%
17 10.610% 53 15.761% 89 17.378%
18 11.747% 54 17.449% 90 18.576%
19 10.610% 55 16.418% 91 17.378%
20 10.964% 56 16.965% 92 17.957%
21 10.611% 57 16.418% 93 17.378%
22 10.965% 58 16.965% 94 17.957%
23 10.622% 59 16.720% 95 17.378%
24 10.635% 60 16.720% 96 17.378%
25 10.990% 61 17.957% 97 17.957%
26 10.635% 62 17.378% 98 17.378%
27 10.990% 63 17.957% 99 17.957%
28 10.635% 64 17.378% 100 17.378%
29 10.639% 65 17.378% 101 17.378%
30 11.783% 66 19.239% 102 19.239%
31 10.642% 67 17.378% 103 17.378%
32 10.997% 68 17.957% 104 17.957%
33 10.642% 69 17.378% 105 17.378%
34 10.996% 70 17.957% 106 17.957%
35 11.552% 71 17.378% 107 17.378%
36 11.556% 72 17.378% 108 17.378%
----------------------- --------------------------- -------------------------
* The Loan Group A Cap is calculated assuming 6 month LIBOR instantaneously
increases to a level beyond the highest maximum obtainable rate on the Loan
Group A Mortgage Loans and is run at the pricing speed to call. Although
the Loan Group A Cap may increase above [14%], the Class A-1A Certificates
can only accrue interest up to [14%].
--------------------------------------------------------------------------------
11
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS A-4F
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $8,000,000
Coupon 7.51%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 7.603 7.589 7.574 7.556 7.538 7.507 7.491 7.475
WAL (yr) 27.29 11.52 7.28 5.02 3.84 2.74 2.40 2.13
MDUR (yr) 11.22 7.43 5.39 4.03 3.21 2.39 2.11 1.90
First Prin Pay 6/15/27 9/15/10 9/15/06 2/15/05 1/15/04 4/15/03 1/15/03 10/15/02
Last Prin Pay 7/15/28 11/15/13 10/15/09 7/15/06 2/15/05 8/15/03 4/15/03 1/15/03
------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS A-5F
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $17,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call Yes
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 8.013 8.006 7.999 7.988 7.976 7.961 7.935 7.904
WAL (yr) 28.58 15.65 11.18 8.17 6.15 4.76 3.44 2.55
MDUR (yr) 10.94 8.65 7.14 5.77 4.67 3.80 2.88 2.23
First Prin Pay 7/15/28 11/15/13 10/15/09 7/15/06 2/15/05 8/15/03 4/15/03 1/15/03
Last Prin Pay 7/15/29 12/15/16 5/15/12 8/15/09 11/15/07 8/15/06 9/15/05 8/15/03
----------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS A-5F
Price-Yield Sensitivity Report
Settlement 09/29/00
Class Balance $17,500,000
Coupon 7.910%
Cut-off Date 09/01/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 8.015 8.047 8.061 8.067 8.060 8.031 7.966 7.904
WAL (yr) 28.88 19.03 14.21 10.58 7.90 5.77 3.72 2.55
MDUR (yr) 10.97 9.35 8.05 6.71 5.46 4.31 3.03 2.23
First Prin Pay 07/15/28 11/15/13 10/15/09 07/15/06 02/15/05 08/15/03 04/15/03 01/15/03
Last Prin Pay 07/15/30 01/15/29 05/15/25 08/15/20 11/15/16 03/15/14 02/15/12 08/15/03
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may
be distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS A-6F
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $12,000,000
Coupon 7.52%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call Yes
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 7.603 7.587 7.583 7.580 7.577 7.572 7.565 7.553
WAL (yr) 14.34 7.98 7.21 6.68 6.16 5.51 4.90 4.09
MDUR (yr) 8.12 5.63 5.27 5.00 4.72 4.34 3.95 3.39
First Prin Pay 10/15/03 10/15/03 10/15/03 10/15/03 1/15/04 6/15/04 11/15/04 8/15/03
Last Prin Pay 7/15/29 12/15/16 5/15/12 8/15/09 11/15/07 8/15/06 9/15/05 1/15/05
------------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Home Equity Loan Trust, Series 2000-3
CLASS A-6F
Price-Yield Sensitivity Report
Settlement 09/29/00
Class Balance $12,000,000
Coupon 7.520%
Cut-off Date 09/01/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 7.603 7.588 7.586 7.589 7.606 7.643 7.689 7.702
WAL (yr) 14.34 8.01 7.28 6.85 6.64 6.59 6.68 5.88
MDUR (yr) 8.12 5.64 5.29 5.08 4.98 4.96 5.01 4.51
First Prin Pay 10/15/03 10/15/03 10/15/03 10/15/03 01/15/04 06/15/04 11/15/04 08/15/03
Last Prin Pay 05/15/30 11/15/28 03/15/25 05/15/20 09/15/16 01/15/14 12/15/11 06/15/10
--------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay
Dates may be distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS A-1A
Price-DM Sensitivity Report
Settlement 9/29/00
Class Balance $55,000,000
Pass-Thru Margin 0.25%
Accrued Date 9/28/00
Next Payment Date 10/15/00
Accrued Interest Days 1
Call Yes
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 0.250 0.250 0.250 0.250 0.250 0.250 0.250 0.250
WAL (yr) 18.44 5.65 3.98 3.09 2.54 2.16 1.89 1.66
MDUR (yr) 9.29 4.12 3.15 2.57 2.17 1.88 1.67 1.49
First Prin Pay 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00
Last Prin Pay 7/15/29 12/15/16 5/15/12 8/15/09 11/15/07 8/15/06 9/15/05 1/15/05
--------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS A-1A
Price-DM Sensitivity Report
Settlement 9/29/00
Class Balance $55,000,000
Pass-Thru Margin 0.25%
Accrued Date 9/28/00
Next Payment Date 10/15/00
Accrued Interest Days 1
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 0.250 0.253 0.253 0.253 0.253 0.253 0.253 0.254
WAL (yr) 18.48 5.83 4.09 3.17 2.59 2.20 1.92 1.70
MDUR (yr) 9.30 4.17 3.20 2.60 2.20 1.91 1.69 1.51
First Prin Pay 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00 10/15/00
Last Prin Pay 7/15/30 1/15/29 5/15/25 8/15/20 11/15/16 3/15/14 2/15/12 6/15/10
------------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may
be distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS M-1
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $9,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call Yes
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-09 8.175 8.250 8.303 8.359 8.413 8.452 8.475 8.474
WAL (yr) 26.53 10.93 7.77 5.95 4.87 4.26 3.98 3.98
MDUR (yr) 10.57 6.78 5.41 4.44 3.81 3.44 3.26 3.27
First Prin Pay 1/15/23 4/15/06 9/15/04 10/15/03 11/15/03 1/15/04 2/15/04 5/15/04
Last Prin Pay 7/15/29 12/15/16 5/15/12 8/15/09 11/15/07 8/15/06 9/15/05 1/15/05
----------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS M-1
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $9,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-09 8.175 8.258 8.313 8.369 8.421 8.459 8.480 8.478
WAL (yr) 26.63 11.83 8.51 6.54 5.35 4.66 4.32 4.26
MDUR (yr) 10.58 6.97 5.64 4.68 4.03 3.65 3.46 3.45
First Prin Pay 1/15/23 4/15/06 9/15/04 10/15/03 11/15/03 1/15/04 2/15/04 5/15/04
Last Prin Pay 5/15/30 2/15/26 6/15/20 2/15/16 3/15/13 1/15/11 6/15/09 3/15/08
-----------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS M-2
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $8,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call Yes
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
95-28 8.410 8.615 8.761 8.916 9.065 9.188 9.275 9.320
WAL (yr) 26.53 10.93 7.77 5.95 4.85 4.20 3.83 3.66
MDUR (yr) 10.40 6.71 5.35 4.40 3.76 3.36 3.13 3.02
First Prin Pay 1/15/23 4/15/06 9/15/04 10/15/03 10/15/03 11/15/03 12/15/03 1/15/04
Last Prin Pay 7/15/29 12/15/16 5/15/12 8/15/09 11/15/07 8/15/06 9/15/05 1/15/05
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS M-2
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $8,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
95-28 8.410 8.613 8.754 8.901 9.041 9.156 9.239 9.284
WAL (yr) 26.62 11.72 8.39 6.45 5.25 4.53 4.11 3.89
MDUR (yr) 10.41 6.87 5.54 4.60 3.95 3.54 3.29 3.17
First Prin Pay 1/15/23 4/15/06 9/15/04 10/15/03 10/15/03 11/15/03 12/15/03 1/15/04
Last Prin Pay 4/15/30 7/15/24 10/15/18 9/15/14 1/15/12 1/15/10 8/15/08 6/15/07
--------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS B
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $6,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call Yes
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
87-11+ 9.327 10.022 10.521 11.053 11.569 12.010 12.354 12.594
WAL (yr) 26.53 10.93 7.76 5.95 4.84 4.16 3.74 3.50
MDUR (yr) 9.75 6.42 5.15 4.25 3.63 3.24 2.98 2.83
First Prin Pay 1/15/23 4/15/06 9/15/04 10/15/03 10/15/03 10/15/03 10/15/03 11/15/03
Last Prin Pay 7/15/29 12/15/16 5/15/12 8/15/09 11/15/07 8/15/06 9/15/05 1/15/05
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
Delta Funding Home Equity Loan Trust, Series 2000-3
CLASS B
Price-Yield Sensitivity Report
Settlement 9/29/00
Class Balance $6,500,000
Coupon 7.91%
Cut-off Date 9/1/00
Next Payment Date 10/15/00
Accrued Interest Days 28
Call No
FRM Prepayment Ramp 4%-20% CPR over 12 Months
ARM Prepayment Ramp 4%-35% CPR over 30 Months
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Flat
Price 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175% PPC 200% PPC
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
87-11+ 9.327 10.005 10.487 11.000 11.499 11.923 12.258 12.499
WAL (yr) 26.58 11.32 8.06 6.19 5.03 4.32 3.88 3.61
MDUR (yr) 9.75 6.49 5.23 4.33 3.71 3.31 3.06 2.90
First Prin Pay 1/15/23 4/15/06 9/15/04 10/15/03 10/15/03 10/15/03 10/15/03 11/15/03
Last Prin Pay 2/15/30 9/15/21 1/15/16 8/15/12 4/15/10 8/15/08 5/15/07 6/15/06
-------------------------------------------------------------------------------------------------------------------
</TABLE>
Full Price = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be
distorted by the use of collateral pool WAMs.
These Computational Materials should be accompanied
by a one page disclaimer which much be read in its
entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please
contact your Countrywide Securities sales representative.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DELTA FUNDING HOME EQUITY LOAN TRUST 2000-3
Scheduled Balance 09/01/00
PRODUCT: 2/28 & 3/27
(TOTAL CURRENT BALANCE: 47,304,903.34
NUMBER OF LOANS: 601
AVG/WAVG MIN MAX
AVG CURRENT BALANCE: $ 78,710.32 $ 14,733.62 $ 365,000.00
WAVG GROSS COUPON: 11.56015 % 8.19000% 15.84000 %
WAVG GROSS MARGIN: 6.0967 % 3.1900% 9.2400 %
WAVG PERIOD RATE CAP: 1.0000 % 1.0000% 1.0000 %
WAVG MIN INT RATE: 11.4707 % 0.0000% 15.8400 %
WAVG MAX INT RATE: 18.5601 % 15.1900% 22.8400 %
WAVG NEXT RESET: 35 months 22 months 37 months
WAVG COMB LTV: 76.21 % 13.64% 90.00 %
WAVG FICO SCORE: 576 441 813
WAVG ORIGINAL TERM: 358.78 months 180 months 360 months
WAVG REMAINING TERM: 357.76 months 178 months 360 months
WAVG SEASONING: 1.02 months 0 months 7 months
TOP PREPAYMENT CONC($): 95.59 % Prepayment Penalty, 4.41 % No Prepayment Penalty
WAVG PREPAY TERM: 37 months 0 months 60 months
TOP STATE CONC ($): 24.11 % Ohio, 10.07 % New Jersey, 9.39 % Pennsylvania
MAX ZIP CODE CONC ($): 1.24 % 07047 (Woodcliff, NJ)
FIRST PAY DATE: Feb 28, 2000 Oct 01, 2000
NEXT RATE ADJ DATE: Jun 29, 2002 Sep 01, 2003
MATURE DATE: Jun 28, 2015 Sep 01, 2030
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
13
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
CURRENT BALANCE ($):
14,734 - 50,000 175 6,630,049.36 14.02
50,001 - 100,000 292 20,346,963.91 43.01
100,001 - 150,000 92 11,249,806.63 23.78
150,001 - 200,000 24 4,195,264.66 8.87
200,001 - 250,000 8 1,799,601.00 3.80
250,001 - 300,000 6 1,689,430.68 3.57
300,001 - 350,000 2 667,447.36 1.41
350,001 - 365,000 2 726,339.74 1.54
TOTAL 601 47,304,903.34 100.00
GROSS COUPON (%):
8.19000 - 8.50000 3 261,283.29 0.55
8.50001 - 9.00000 7 474,807.98 1.00
9.00001 - 9.50000 11 773,032.25 1.63
9.50001 - 10.00000 35 3,444,222.75 7.28
10.00001 - 10.50000 46 3,694,516.88 7.81
10.50001 - 11.00000 105 9,064,773.89 19.16
11.00001 - 11.50000 89 7,941,475.27 16.79
11.50001 - 12.00000 89 7,358,415.70 15.56
12.00001 - 12.50000 60 4,596,803.37 9.72
12.50001 - 13.00000 58 4,060,411.94 8.58
13.00001 - 13.50000 32 2,086,940.92 4.41
13.50001 - 14.00000 24 1,198,615.71 2.53
14.00001 - 14.50000 25 1,402,134.72 2.96
14.50001 - 15.00000 13 773,577.91 1.64
15.00001 - 15.50000 2 60,500.00 0.13
15.50001 - 15.84000 2 113,390.76 0.24
TOTAL 601 47,304,903.34 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
14
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
GROSS MARGIN (%):
3.190 - 3.500 4 293,326.65 0.62
3.501 - 4.000 3 204,132.66 0.43
4.001 - 4.500 22 1,714,528.71 3.62
4.501 - 5.000 34 3,038,904.46 6.42
5.001 - 5.500 99 8,381,823.05 17.72
5.501 - 6.000 126 10,290,605.62 21.75
6.001 - 6.500 102 8,238,682.29 17.42
6.501 - 7.000 95 7,437,310.79 15.72
7.001 - 7.500 57 3,845,897.42 8.13
7.501 - 8.000 28 1,756,244.15 3.71
8.001 - 8.500 20 1,457,552.65 3.08
8.501 - 9.000 9 540,764.53 1.14
9.001 - 9.240 2 105,130.36 0.22
TOTAL 601 47,304,903.34 100.00
PERIOD RATE CAP (%):
1.000 601 47,304,903.34 100.00
TOTAL 601 47,304,903.34 100.00
MIN INT RATE CAP (%):
<= 0.00000 2 369,585.24 0.78
8.00001 - 8.50000 3 261,283.29 0.55
8.50001 - 9.00000 7 474,807.98 1.00
9.00001 - 9.50000 11 773,032.25 1.63
9.50001 - 10.00000 35 3,444,222.75 7.28
10.00001 - 10.50000 46 3,694,516.88 7.81
10.50001 - 11.00000 105 9,064,773.89 19.16
11.00001 - 11.50000 88 7,648,821.63 16.17
11.50001 - 12.00000 88 7,281,484.10 15.39
12.00001 - 12.50000 60 4,596,803.37 9.72
12.50001 - 13.00000 58 4,060,411.94 8.58
13.00001 - 13.50000 32 2,086,940.92 4.41
13.50001 - 14.00000 24 1,198,615.71 2.53
14.00001 - 14.50000 25 1,402,134.72 2.96
14.50001 - 15.00000 13 773,577.91 1.64
15.00001 - 15.50000 2 60,500.00 0.13
15.50001 - 15.84000 2 113,390.76 0.24
TOTAL 601 47,304,903.34 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
15
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
MAX INT RATE CAP (%):
15.19000 - 15.50000 3 261,283.29 0.55
15.50001 - 16.00000 7 474,807.98 1.00
16.00001 - 16.50000 11 773,032.25 1.63
16.50001 - 17.00000 35 3,444,222.75 7.28
17.00001 - 17.50000 46 3,694,516.88 7.81
17.50001 - 18.00000 105 9,064,773.89 19.16
18.00001 - 18.50000 89 7,941,475.27 16.79
18.50001 - 19.00000 89 7,358,415.70 15.56
19.00001 - 19.50000 60 4,596,803.37 9.72
19.50001 - 20.00000 58 4,060,411.94 8.58
20.00001 - 20.50000 32 2,086,940.92 4.41
20.50001 - 21.00000 24 1,198,615.71 2.53
21.00001 - 21.50000 25 1,402,134.72 2.96
21.50001 - 22.00000 13 773,577.91 1.64
22.00001 - 22.50000 2 60,500.00 0.13
22.50001 - 22.84000 2 113,390.76 0.24
TOTAL 601 47,304,903.34 100.00
MONTH TO NEXT CHANGE DATE
June 2002 2 185,884.45 0.39
July 2002 2 161,160.86 0.34
August 2002 1 55,920.00 0.12
January 2003 1 72,464.25 0.15
February 2003 2 112,180.67 0.24
March 2003 1 292,653.64 0.62
May 2003 5 552,834.47 1.17
June 2003 182 14,400,931.81 30.44
July 2003 190 14,694,978.18 31.06
August 2003 213 16,679,445.01 35.26
September 2003 2 96,450.00 0.20
TOTAL 601 47,304,903.34 100.00
ORIGINAL TERM (Months):
180 - 210 5 320,284.03 0.68
331 - 360 596 46,984,619.31 99.32
TOTAL 601 47,304,903.34 100.00
REMAINING TERM (Months):
178 - 180 5 320,284.03 0.68
301 - 360 596 46,984,619.31 99.32
TOTAL 601 47,304,903.34 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
16
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
SEASONING (Months):
<= 0 216 16,831,815.01 35.58
1 - 6 384 30,400,624.08 64.27
7 - 7 1 72,464.25 0.15
TOTAL 601 47,304,903.34 100.00
COMB LTV (%):
13.64 - 15.00 1 14,865.18 0.03
15.01 - 20.00 1 39,000.00 0.08
20.01 - 25.00 1 20,000.00 0.04
30.01 - 35.00 2 74,547.15 0.16
35.01 - 40.00 5 162,046.75 0.34
40.01 - 45.00 8 450,802.89 0.95
45.01 - 50.00 16 1,006,049.47 2.13
50.01 - 55.00 13 778,786.27 1.65
55.01 - 60.00 36 1,894,862.26 4.01
60.01 - 65.00 41 3,428,345.02 7.25
65.01 - 70.00 69 4,428,014.73 9.36
70.01 - 75.00 96 7,325,049.22 15.48
75.01 - 80.00 164 13,441,491.14 28.41
80.01 - 85.00 103 9,922,775.18 20.98
85.01 - 90.00 45 4,318,268.08 9.13
TOTAL 601 47,304,903.34 100.00
FICO SCORE:
N/A 27 1,407,911.77 2.98
400 - 450 3 141,370.64 0.30
451 - 500 65 4,400,831.54 9.30
501 - 550 179 14,130,340.44 29.87
551 - 600 143 11,955,969.87 25.27
601 - 650 105 8,609,372.22 18.20
651 - 700 56 4,991,107.26 10.55
701 - 750 18 1,378,265.84 2.91
751 - 800 4 189,813.76 0.40
801 - 813 1 99,920.00 0.21
TOTAL 601 47,304,903.34 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
17
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
PREPAY TERM (Months):
0 20 2,088,028.33 4.41
12 2 160,957.67 0.34
24 6 602,548.10 1.27
36 551 42,967,592.19 90.83
60 22 1,485,777.05 3.14
TOTAL 601 47,304,903.34 100.00
OCCUPANCY:
Primary 530 42,189,416.20 89.19
Non-owner 71 5,115,487.14 10.81
TOTAL 601 47,304,903.34 100.00
PROPERTY TYPE:
Single Family 513 39,940,335.91 84.43
Two-Four Family 57 5,409,635.57 11.44
Condominium 31 1,954,931.86 4.13
TOTAL 601 47,304,903.34 100.00
DOCUMENTATION TYPE:
Full Documentation 479 37,398,500.99 79.06
No Income Verification 52 5,109,318.87 10.80
Limited Documentation 50 3,523,124.38 7.45
No Documentation 20 1,273,959.10 2.69
TOTAL 601 47,304,903.34 100.00
GRADE:
A 331 29,174,091.55 61.67
B 104 7,648,740.46 16.17
C 104 7,401,321.01 15.65
D 62 3,080,750.32 6.51
TOTAL 601 47,304,903.34 100.00
AMORTIZATION:
Fully Amortizing 601 47,304,903.34 100.00
TOTAL 601 47,304,903.34 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
18
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
STATE:
Arizona 1 52,639.11 0.11
California 1 70,344.28 0.15
Colorado 10 948,874.15 2.01
Connecticut 23 2,370,742.23 5.01
Delaware 5 230,872.60 0.49
District of Columbia 2 259,664.54 0.55
Florida 40 3,509,971.73 7.42
Georgia 15 1,290,699.44 2.73
Illinois 23 2,088,722.18 4.42
Indiana 7 554,849.29 1.17
Kansas 1 56,000.00 0.12
Kentucky 8 402,346.41 0.85
Louisiana 4 358,796.88 0.76
Maine 1 26,600.00 0.06
Maryland 22 1,819,948.11 3.85
Massachusetts 17 1,812,824.67 3.83
Michigan 53 3,251,554.96 6.87
Minnesota 4 322,011.04 0.68
Mississippi 5 313,568.63 0.66
Missouri 14 847,762.81 1.79
New Hampshire 3 282,757.99 0.60
New Jersey 37 4,764,588.62 10.07
New York 3 740,908.08 1.57
North Carolina 22 1,824,793.07 3.86
Ohio 173 11,405,297.79 24.11
Oklahoma 3 156,934.44 0.33
Oregon 1 69,987.23 0.15
Pennsylvania 62 4,440,903.77 9.39
Rhode Island 6 362,528.31 0.77
South Carolina 4 178,734.47 0.38
Tennessee 10 968,497.53 2.05
Virginia 13 1,109,164.58 2.34
West Virginia 6 315,543.43 0.67
Wisconsin 2 95,470.97 0.20
TOTAL 601 47,304,903.34 100.00
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--------------------------------------------------------------------------------
19
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DELTA FUNDING HOME EQUITY LOAN TRUST 2000-3
Scheduled Balance 09/01/00
PRODUCT: FIXED
TOTAL CURRENT BALANCE: 17,809,870.46
NUMBER OF LOANS: 1,787
<TABLE>
<CAPTION>
AVG/WAVG MIN MAX
<S> <C> <C> <C>
AVG CURRENT BALANCE: $ 65,926.06 $ 4,990.84 $ 392,403.69
WAVG GROSS COUPON: 11.75879 % 8.44000% 16.59000
WAVG COMB LTV: 70.70 % 8.16% 91.26
WAVG FICO SCORE: 602 432 798
WAVG ORIGINAL TERM: 313.97 Months 60 months 360 months
WAVG REMAINING TERM: 312.80 Months 56 months 360 months
WAVG SEASONING: 1.17 Months 0 months 16 months
TOP PREPAYMENT CONC($): 74.60 % Prepayment Penalty, 25.40 % No Prepayment Penalty
WAVG PREPAY TERM: 28 months 0 months 60 months
TOP STATE CONC ($): 35.81 % New York, 9.72 % Pennsylvania, 8.88 % Ohio
MAX ZIP CODE CONC ($): 0.89 % 11221 (Brooklyn, NY)
FIRST PAY DATE: May 01, 1999 Oct 28, 2000
MATURE DATE: Apr 24, 2005 Sep 01, 2030
</TABLE>
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--------------------------------------------------------------------------------
20
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
CURRENT BALANCE ($):
4,991 - 50,000 923 29,328,012.19 24.89
50,001 - 100,000 526 36,311,719.83 30.82
100,001 - 150,000 196 23,953,260.83 20.33
150,001 - 200,000 93 16,132,085.74 13.69
200,001 - 250,000 31 6,852,275.29 5.82
250,001 - 300,000 13 3,539,273.59 3.00
300,001 - 350,000 3 933,232.98 0.79
350,001 - 392,404 2 760,010.01 0.65
TOTAL 1,787 117,809,870.46 100.00
GROSS COUPON (%):
8.44000 - 8.50000 1 78,309.78 0.07
8.50001 - 9.00000 44 3,551,959.16 3.01
9.00001 - 9.50000 43 3,353,065.31 2.85
9.50001 - 10.00000 120 8,505,727.73 7.22
10.00001 - 10.50000 119 8,181,034.76 6.94
10.50001 - 11.00000 214 16,208,133.38 13.76
11.00001 - 11.50000 184 12,201,652.90 10.36
11.50001 - 12.00000 272 18,087,862.81 15.35
12.00001 - 12.50000 215 12,697,145.53 10.78
12.50001 - 13.00000 219 14,759,153.10 12.53
13.00001 - 13.50000 126 7,187,087.48 6.10
13.50001 - 14.00000 104 5,812,707.40 4.93
14.00001 - 14.50000 57 3,273,388.53 2.78
14.50001 - 15.00000 49 2,957,216.35 2.51
15.00001 - 15.50000 16 766,813.33 0.65
15.50001 - 16.00000 3 88,632.91 0.08
16.50001 - 16.59000 1 99,980.00 0.08
TOTAL 1,787 117,809,870.46 100.00
ORIGINAL TERM (Months):
60 - 90 28 1,220,404.42 1.04
91 - 150 97 4,212,901.17 3.58
151 - 210 345 15,630,421.77 13.27
211 - 270 160 9,694,841.14 8.23
271 - 330 21 1,259,086.79 1.07
331 - 360 1,136 85,792,215.17 72.82
TOTAL 1,787 117,809,870.46 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
21
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
REMAINING TERM (Months):
56 - 60 9 294,259.77 0.25
61 - 120 107 4,665,680.26 3.96
121 - 180 350 15,872,083.13 13.47
181 - 240 160 9,506,113.13 8.07
241 - 300 24 1,620,043.95 1.38
301 - 360 1,137 85,851,690.22 72.87
TOTAL 1,787 117,809,870.46 100.00
SEASONING (Months)
<= 0 627 40,006,885.98 33.96
1 - 6 1,151 77,179,938.99 65.51
7 - 12 7 552,791.76 0.47
13 - 16 2 70,253.73 0.06
TOTAL 1,787 117,809,870.46 100.00
COMB LTV (%):
8.16 - 10.00 1 19,953.37 0.02
10.01 - 15.00 5 140,579.24 0.12
15.01 - 20.00 9 221,360.32 0.19
20.01 - 25.00 14 609,306.58 0.52
25.01 - 30.00 17 701,524.48 0.60
30.01 - 35.00 21 824,302.57 0.70
35.01 - 40.00 25 1,342,684.10 1.14
40.01 - 45.00 47 2,307,749.88 1.96
45.01 - 50.00 91 4,645,278.70 3.94
50.01 - 55.00 86 4,319,914.01 3.67
55.01 - 60.00 142 8,044,415.00 6.83
60.01 - 65.00 154 10,057,819.05 8.54
65.01 - 70.00 279 20,660,260.31 17.54
70.01 - 75.00 270 20,346,989.27 17.27
75.01 - 80.00 363 23,847,117.38 20.24
80.01 - 85.00 183 12,514,330.82 10.62
85.01 - 90.00 79 7,076,271.41 6.01
90.01 - 91.26 1 130,013.97 0.11
TOTAL 1,787 117,809,870.46 100.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
22
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
FICO SCORE:
N/A 85 4,301,868.38 3.65
400 - 450 5 359,559.04 0.31
451 - 500 132 7,186,296.30 6.10
501 - 550 365 22,931,315.15 19.46
551 - 600 416 27,269,247.05 23.15
601 - 650 371 26,363,034.19 22.38
651 - 700 255 18,808,838.41 15.97
701 - 750 120 8,165,940.95 6.93
751 - 798 38 2,423,770.99 2.06
TOTAL 1,787 117,809,870.46 100.00
PREPAY TERM (Months):
0 524 29,925,646.19 25.40
12 418 37,535,446.50 31.86
24 102 5,845,787.55 4.96
36 543 33,414,918.40 28.36
48 3 127,579.44 0.11
60 197 10,960,492.38 9.30
TOTAL 1,787 117,809,870.46 100.00
OCCUPANCY:
Primary 1,520 98,403,682.96 83.53
Non-owner 267 19,406,187.50 16.47
TOTAL 1,787 117,809,870.46 100.00
PROPERTY TYPE:
Single Family 1,376 82,811,577.65 70.29
Two-Four Family 239 19,680,855.37 16.71
Mixed Use 70 7,484,670.96 6.35
Five-Eight Family 47 4,904,093.98 4.16
Condominium 55 2,928,672.50 2.49
TOTAL 1,787 117,809,870.46 100.00
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23
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
PROPERTY TYPE:
Full Documentation 1,327 82,274,735.12 69.84
No Income Verification 266 22,099,785.11 18.76
Limited Documentation 146 9,475,290.58 8.04
No Documentation 48 3,960,059.65 3.36
TOTAL 1,787 117,809,870.46 100.00
GRADE:
A 1,039 76,827,945.48 65.21
B 342 18,642,393.75 15.82
C 277 16,340,241.80 13.87
D 129 5,999,289.43 5.09
TOTAL 1,787 117,809,870.46 100.00
AMORTIZATION:
Fully Amortizing 1,784 117,660,013.76 99.87
Balloon 3 149,856.70 0.13
TOTAL 1,787 117,809,870.46 100.00
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--------------------------------------------------------------------------------
24
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
<PAGE>
[LOGO] Computational Materials for
Delta Funding Home Equity Loan Trust 2000-3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT
# OF LOANS PRINCIPAL BAL ($) PCT($)
STATE:
Arizona 2 74,438.74 0.06
Arkansas 8 425,466.01 0.36
California 1 30,085.16 0.03
Colorado 2 85,437.66 0.07
Connecticut 38 3,071,468.09 2.61
Delaware 9 426,339.59 0.36
District of Columbia 1 113,726.73 0.10
Florida 123 7,309,890.70 6.20
Georgia 39 2,111,718.75 1.79
Illinois 95 5,863,797.88 4.98
Indiana 41 1,887,088.22 1.60
Kansas 2 47,100.16 0.04
Kentucky 12 516,462.00 0.44
Louisiana 29 1,176,784.92 1.00
Maine 2 54,714.68 0.05
Maryland 40 1,829,588.40 1.55
Massachusetts 41 2,970,192.24 2.52
Michigan 58 2,708,181.63 2.30
Minnesota 1 27,935.17 0.02
Mississippi 14 647,516.92 0.55
Missouri 28 1,328,428.88 1.13
New Hampshire 7 474,405.78 0.40
New Jersey 104 10,083,859.75 8.56
New Mexico 2 47,915.26 0.04
New York 462 42,193,160.53 35.81
North Carolina 60 3,436,595.07 2.92
Ohio 183 10,462,908.90 8.88
Oklahoma 6 237,345.32 0.20
Oregon 2 62,278.44 0.05
Pennsylvania 256 11,447,583.64 9.72
Rhode Island 17 1,344,849.77 1.14
South Carolina 12 562,685.26 0.48
Tennessee 38 2,086,895.47 1.77
Texas 12 583,933.07 0.50
Virginia 25 1,449,832.92 1.23
Washington 1 54,400.00 0.05
West Virginia 13 481,858.75 0.41
Wisconsin 1 93,000.00 0.08
TOTAL 1,787 117,809,870.46 100.00
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--------------------------------------------------------------------------------
25
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY COUNTRYWIDE SECURITIES
CORPORATION AND NOT BY THE ISSUER OR ANY OF ITS AFFILIATES. NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR
COMPLETENESS OF THE INFORMATION HEREIN. THE INFORMATION HEREIN IS PRELIMINARY,
AND WILL BE SUPERSEDED BY THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER
INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
