<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): August 20, 1998
GREEN TREE FINANCIAL CORPORATION
as originator of Home Improvement and
Home Equity Loan Trust 1998-D
-----------------------------
(Exact name of registrant as specified in its charter)
333-32669
Delaware 333-49951 41-1859796
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
-----------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 293-3400
-----------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 1. Changes in Control of Registrant.
--------------------------------
Not applicable.
Item 2. Acquisition or Disposition of Assets.
------------------------------------
Not applicable.
Item 3. Bankruptcy or Receivership.
-------------------------
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
----------------------------------------------
Not applicable.
Item 5. Other Events.
------------
On August 20, 1998, the Registrant sold approximately
$1,346,450,000 of Certificates for Home Improvement and Home
Equity Loans, Series 1998-D (the "Certificates"), evidencing
beneficial ownership interests in Home Improvement and Home
Equity Loan Trust 1998-D (the "Trust"). The Trust property
consists primarily of a pool consisting of two sub-pools, one of
which is comprised of home improvement contracts and promissory
notes (the "Home Improvement Conracts") and the other of which is
comprised of closed-end home equity loans (the "Home Equity
Contracts"), including the right to receive payments due on the
Contracts on and after the applicable Cut-off Date as described
in the Pooling and Servicing Agreement dated as of August 1,
1998.
Item 6. Resignations of Registrant's Directors.
--------------------------------------
Not applicable.
Item 7. Financial Statements and Exhibits.
---------------------------------
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
2
<PAGE>
(c) Exhibits.
The following is filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99 On August 20, 1998, the Registrant sold
$1,346,450,000 of home improvement
contracts and closed-end home equity loans
(together, the "Subsequent Contracts") to
Home Improvement and Home Equity Loan
Trust 1998-D (the "Trust"), pursuant to
the pre-funding provisions of the Pooling
and Servicing Agreement dated as of August
1, 1998 filed herewith as Exhibit 99 are
tables providing information with respect
to the Subsequent Contracts and the
Contracts in the aggregate, similar to the
information provided with respect to the
Initial Contracts in the Prospectus dated
August 14, 1998. Capitalized terms used
herein and not defined have the meaning
assigned in the Pooling and Servicing
Agreement.
3
<PAGE>
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.
GREEN TREE FINANCIAL CORPORATION
as originator of Home Improvement
and Home Equity Loan Trust 1998-D
By: /s/ Joel H. Gottesman
------------------------------
Joel H. Gottesman
Senior Vice President, General Counsel
and Secretary
4
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Page
- -------------- ----
99 On August 20, 1998, the Registrant sold Filed Electronically
$1,346,450,000 home improvement contracts and
closed-end home equity loans (together, the
"Subsequent Contracts") to Home Improvement and
Home Equity Loan Trust 1998-D (the "Trust"),
pursuant to the pre-funding provisions of the
Pooling and Servicing Agreement dated as of
August 1, 1998 filed herewith as Exhibit 99
are tables providing information with respect to
the Subsequent Contracts and the Contracts in the
aggregate, similar to the information provided
with respect to the Initial Contracts in the
Prospectus dated August 14, 1998. Capitalized terms
used herein and not defined have the meaning
assigned in the Pooling and Servicing Agreement.
5
<PAGE>
EXHIBIT 99.1
$1,346,450,000 (APPROXIMATE)
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
SERIES 1998-D
INFORMATION REGARDING CERTAIN ADDITIONAL CONTRACTS
Set forth below is information regarding home improvement loan contracts and
fixed-rate home equity loan contracts to be transferred to the Trust or
identified for inclusion in the Trust on the Closing Date. The information below
relates to both the Initial Contracts described in the Prospectus Supplement
dated August 14, 1998 and certain of the additional Contracts. Approximately
$26,393,504.84 of Home Improvement Contracts and approximately $231,275,825.29
of Home Equity Contracts by Cut-off Date principal balance will be transferred
to the Trust or identified for inclusion in the Trust on the Closing Date.
Unless otherwise defined herein, all capitalized terms have the meanings set
forth in the Prospectus Supplement.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES--INITIAL AND CERTAIN
ADDITIONAL HOME IMPROVEMENT CONTRACTS
<TABLE>
<CAPTION>
% of
Sub-Pool
% of HI by
Sub-Pool HI by Aggregate Principal Outstanding
Number of Number of Balance Principal
Contracts as of Contracts as Outstanding as of Balance as of
Cut-off Date of Cut-off Date Cut-off Date Cut-off Date
--------------- --------------- ------------------- -------------
<S> <C> <C> <C> <C>
Alabama................. 259 1.88% $ 5,943,904.73 2.17%
Arizona................. 504 3.65 10,474,312.42 3.83
Arkansas................ 274 1.98 3,381,059.83 1.24
California.............. 1,625 11.77 46,545,114.82 17.01
Colorado................ 499 3.61 6,319,463.53 2.31
Connecticut............. 331 2.40 6,037,535.01 2.21
Delaware................ 51 .37 966,636.92 .35
District of Columbia.... 5 .04 88,789.37 .03
Florida................. 711 5.15 14,008,158.25 5.12
Georgia................. 122 .88 2,384,333.15 .87
Idaho................... 27 .20 539,037.96 .20
Illinois................ 527 3.82 9,069,126.91 3.31
Indiana................. 301 2.18 4,315,886.78 1.58
Iowa.................... 46 .33 624,132.93 .23
Kansas.................. 139 1.01 2,465,056.40 .90
Kentucky................ 65 .47 1,029,707.00 .38
Louisiana............... 106 .77 2,390,211.90 .87
Maine................... 167 1.21 3,252,837.87 1.19
Maryland................ 198 1.43 3,706,648.82 1.35
Massachusetts........... 236 1.71 4,996,736.49 1.83
Michigan................ 788 5.71 13,974,956.45 5.11
Minnesota............... 219 1.59 4,263,106.47 1.56
Mississippi............. 49 .35 1,159,015.08 .42
Missouri................ 432 3.13 5,994,870.32 2.19
Montana................. 24 .17 454,392.29 .17
Nebraska................ 53 .38 770,932.12 .28
Nevada.................. 309 2.24 7,976,997.19 2.92
New Hampshire........... 89 .64 1,727,437.95 .63
New Jersey.............. 846 6.13 17,523,762.48 6.40
New Mexico.............. 105 .76 2,156,750.23 .79
New York................ 1,150 8.33 23,603,193.93 8.63
North Carolina.......... 201 1.46 3,015,867.09 1.10
North Dakota............ 25 .18 637,040.19 .23
Ohio.................... 544 3.94 7,648,274.11 2.80
Oklahoma................ 165 1.20 3,014,707.89 1.10
Oregon.................. 96 .70 1,834,649.56 .67
Pennsylvania............ 632 4.58 11,908,748.50 4.35
Rhode Island............ 85 .62 1,196,830.87 .44
South Carolina.......... 138 1.00 2,421,157.54 .88
South Dakota............ 15 .11 459,396.99 .17
Tennessee............... 161 1.17 2,316,416.53 .85
Texas................... 624 4.52 14,866,346.46 5.43
Utah.................... 36 .26 526,191.00 .19
Vermont................. 17 .12 264,769.40 .10
Virginia................ 430 3.11 8,078,324.79 2.95
Washington.............. 212 1.54 4,367,502.63 1.60
West Virginia........... 44 .32 909,844.73 .33
Wisconsin............... 54 .39 822,928.44 .30
Wyoming................. 71 .51 1,173,392.84 .43
----- ------ --------------- ------
Total............... 13,807 100.00% $273,606,495.16 100.00%
===== ====== =============== ======
</TABLE>
<PAGE>
YEARS OF ORIGINATION--INITIAL AND CERTAIN ADDITIONAL
HOME IMPROVEMENT CONTRACTS
<TABLE>
<CAPTION>
% of
Number of Sub-Pool HI By
Contracts Aggregate Principal Outstanding Principal
as of Cut- Balance Outstanding Balance as of
Year of Origination off Date as of Cut-off Date Cut-off Date
- ------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
1980...................... 1 $ 6,644.48 * %
1995...................... 1 14,564.50 .01
1996...................... 3 188,956.94 .07
1997...................... 284 5,585,428.46 2.04
1998...................... 13,519 267,817,645.26 97.88
------ --------------- -----
Total................. 13,807 $273,606,495.16 100.00%
====== =============== ======
</TABLE>
* Indicates an amount greater than zero but less than .0005% of Cut-off Date
Pool Principal Balance of Sub-Pool HI.
DISTRIBUTION OF ORIGINAL CONTRACT AMOUNTS--INITIAL AND CERTAIN ADDITIONAL
HOME IMPROVEMENT CONTRACTS
<TABLE>
<CAPTION>
% of
Number of Sub-Pool HI by
Contracts Aggregate Principal Outstanding Principal
Original Home Improvement as of Cut- Balance Outstanding Balance as of
Contract Amount (in Dollars) off Date as of Cut-off Date Cut-off Date
- ---------------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
Less than $ 10,000 2,929 $ 20,272,359.81 7.41%
Between $ 10,000 and $ 19,999. 5,398 78,776,508.78 28.79
Between $ 20,000 and $ 29,999. 3,171 76,229,629.16 27.86
Between $ 30,000 and $ 39,999. 1,207 40,613,873.27 14.84
Between $ 40,000 and $ 49,999. 646 27,959,369.98 10.22
Between $ 50,000 and $ 59,999. 274 14,252,494.67 5.21
Between $ 60,000 and $ 69,999. 59 3,753,368.32 1.37
Between $ 70,000 and $ 79,999. 46 3,417,524.05 1.25
Between $ 80,000 and $ 89,999. 21 1,773,648.16 .65
Between $ 90,000 and $ 99,999. 15 1,428,298.48 .52
Between $100,000 and $109,999. 12 1,252,605.44 .46
Between $110,000 and $119,999. 12 1,381,760.48 .51
Between $120,000 and $129,999. 8 1,023,955.00 .37
Between $130,000 and $139,999. 2 266,444.75 .10
Between $140,000 and $149,999. 1 145,790.00 .05
Between $150,000 and $159,999. 3 464,251.00 .17
Between $160,000 and $169,999. 0 .00 .00
Between $170,000 and $179,999. 1 178,661.26 .07
Between $180,000 and $189,999. 0 .00 .00
Between $190,000 and $199,999. 1 191,944.05 .07
Over $200,000 1 224,008.50 .08
------ --------------- ------
Total.................... 13,807 $273,606,495.16 100.00%
====== =============== ======
</TABLE>
CONTRACT RATES--INITIAL AND CERTAIN ADDITIONAL
HOME IMPROVEMENT CONTRACTS
<TABLE>
<CAPTION>
% of
Number of Sub-Pool HI by
Contracts Aggregate Principal Outstanding Principal
Range of Home Improvement as of Cut- Balance Outstanding Balance as of
Contracts by Contract Rate off Date as of Cut-off Date Cut-off Date
-------------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
From 0.00000 to 7.00000 1 $ 29,710.20 .01%
From 7.00001 to 8.00000 13 462,121.87 .17
From 8.00001 to 9.00000 521 10,336,110.85 3.78
From 9.00001 to 10.00000 1,999 45,772,917.52 16.73
From 10.00001 to 11.00000 2,948 65,807,123.80 24.05
From 11.00001 to 12.00000 1,996 43,541,544.59 15.91
From 12.00001 to 13.00000 2,393 43,708,415.60 15.97
From 13.00001 to 14.00000 2,130 32,591,964.46 11.91
From 14.00001 to 15.00000 1,412 23,269,885.80 8.50
From 15.00001 to 16.00000 313 6,268,544.37 2.29
From 16.00001 to 17.00000 72 1,625,203.84 .59
Over 17.00000 9 192,952.26 .07
--------- ------------------ ------
Total.................. 13,807 $273,606,495.16 100.00%
========= ================== ======
</TABLE>
<PAGE>
REMAINING MONTHS TO MATURITY--INITIAL AND CERTAIN
ADDITIONAL HOME IMPROVEMENT CONTRACTS
<TABLE>
<CAPTION>
% of
Number of Sub-Pool HI by
Months Remaining to Contracts Aggregate Principal Outstanding Principal
Scheduled Maturity as of Cut- Balance Outstanding Balance as of
As of Cut-off Date off Date as of Cut-off Date Cut-off Date
------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
Less than 31 ................ 34 $ 163,262.88 0.06%
31 to 60 ............ 997 8,593,633.13 3.14
61 to 90 ............ 516 4,872,051.44 1.78
91 to 120 ............ 3,439 46,896,702.40 17.14
121 to 150 ............ 178 2,376,293.67 0.87
151 to 180 ............ 3,380 66,446,887.05 24.29
181 to 210 ............ 6 138,960.75 0.05
211 to 240 ............ 1,573 35,785,573.32 13.08
241 to 270 ............ 4 78,753.61 0.03
271 to 300 ............ 3,679 108,229,104.12 39.56
301 to 330 ............ - - 0.00
331 to 360 ............ 1 25,272.79 0.01
---------- --------------- ------
Total............................ 13,807 $273,606,495.16 100.00%
========== =============== ======
</TABLE>
Lien Position of Initial and Certain Additional Improvement Contracts - HI
1998-D
<TABLE>
<CAPTION> % of
Number of Sub-Pool HI by
Contracts Aggregate Principal Number of
Lien as of Cut- Balance Outstanding Contracts as of
Position off Date as of Cut-off Date Cut-off Date
- -------- ----------- ------------------- -----------------
<S> <C> <C> <C>
First ............. 1,191 $ 30,495,717.29 11.15%
Second ............. 10,242 197,916,517.71 72.34
Third ............. 2,355 44,858,822.01 16.40
Fourth ............. 19 335,438.15 0.12
----------- ------------------- -----------------
Total ....... 13,807 $ 273,606,495.16 100.00%
----------- ------------------- -----------------
</TABLE>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES--
INITIAL AND CERTAIN ADDITIONAL FIXED-RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
FIXED-RATE
% OF FIXED-RATE HOME EQUITY
HOME EQUITY CONTRACTS BY
CONTRACTS AGGREGATE PRINCIPAL OUTSTANDING
NUMBER OF BY NUMBER OF BALANCE PRINCIPAL
CONTRACTS AS OF CONTRACTS AS OUTSTANDING AS OF BALANCE AS OF
CUT-OFF DATE OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE
--------------- --------------- ------------------- -------------
<S> <C> <C> <C> <C>
Alabama................. 500 4.55% $ 25,659,997.71 3.98%
Arizona................. 163 1.48 8,003,543.52 1.24
Arkansas................ 61 0.56 3,525,266.87 0.55
California.............. 472 4.30 40,802,716.79 6.33
Colorado................ 190 1.73 9,736,285.67 1.51
Connecticut............. 127 1.16 9,282,779.28 1.44
Delaware................ 56 0.51 4,545,546.61 0.70
District of Columbia.... 32 0.29 2,288,231.96 0.35
Florida................. 484 4.41 26,408,788.91 4.09
Georgia................. 306 2.79 17,156,191.47 2.66
Idaho................... 38 0.35 1,828,768.23 0.28
Illinois................ 633 5.77 40,871,277.49 6.34
Indiana................. 287 2.61 13,982,423.23 2.17
Iowa.................... 257 2.34 14,324,638.77 2.22
Kansas.................. 202 1.84 10,972,255.62 1.70
Kentucky................ 151 1.38 7,693,642.04 1.19
Louisiana............... 218 1.99 11,184,686.45 1.73
Maine................... 14 0.13 941,811.96 0.15
Maryland................ 249 2.27 15,153,466.04 2.35
Massachusetts........... 161 1.47 12,249,144.67 1.90
Michigan................ 708 6.45 43,468,973.80 6.74
Minnesota............... 268 2.44 16,258,606.48 2.52
Mississippi............. 118 1.07 5,062,008.85 0.78
Missouri................ 383 3.49 19,949,167.45 3.09
Montana................. 9 0.08 626,201.99 0.10
Nebraska................ 112 1.02 6,497,491.09 1.01
Nevada.................. 122 1.11 10,922,424.59 1.69
New Hampshire........... 15 0.14 925,228.26 0.14
New Jersey.............. 157 1.43 12,149,907.54 1.88
New Mexico.............. 42 0.38 2,531,786.75 0.39
New York................ 383 3.49 24,777,564.37 3.84
North Carolina.......... 517 4.71 30,787,195.84 4.77
North Dakota............ 30 0.27 1,754,790.90 0.27
Ohio.................... 760 6.92 38,201,139.27 5.92
Oklahoma................ 106 0.97 5,224,163.97 0.81
Oregon.................. 105 0.96 5,187,490.50 0.80
Pennsylvania............ 563 5.13 32,130,640.73 4.98
Rhode Island............ 42 0.38 2,523,127.12 0.39
South Carolina.......... 299 2.72 18,187,441.64 2.82
South Dakota............ 25 0.23 1,109,764.50 0.17
Tennessee............... 209 1.90 13,409,899.01 2.08
Texas................... 498 4.54 22,312,536.62 3.46
Utah.................... 101 0.92 5,857,172.04 0.91
Vermont................. 7 0.06 257,320.57 0.04
Virginia................ 276 2.51 19,225,461.89 2.98
Washington.............. 163 1.48 10,689,703.45 1.66
West Virginia........... 37 0.34 1,676,571.15 0.26
Wisconsin............... 303 2.76 15,726,286.22 2.44
Wyoming................. 18 0.16 1,042,630.76 0.16
------ ------ --------------- ------
Total............... 10,977 100.00% $645,084,160.64 100.00%
====== ====== =============== ======
</TABLE>
<PAGE>
YEARS OF ORIGINATION--
FIXED-RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% of Fixed-Rate
Number of Home Equity Contracts by
Contracts Aggregate Principal Outstanding Principal
as of Cut- Balance Outstanding Balance as of
Year of Origination off Date as of Cut-off Date Cut-off Date
- ------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
1995............... 1 $ 17,736.81 *%
1996............... 3 202,992.20 0.03
1997............... 123 6,990,934.81 1.08
1998............... 10,850 637,872,496.82 98.88
------ --------------- ------
Total.......... 10,977 $645,084,160.64 100.00%
====== =============== ======
</TABLE>
_________
* Indicates an amount greater than zero but less than .0005% of Cut-off Date
Pool Principal Balance of Sub-Pool HE.
DISTRIBUTION OF ORIGINAL CONTRACT AMOUNTS--INITIAL AND CERTAIN ADDITIONAL
FIXED RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% of Fixed-Rate
Number of Home Equity Contracts by
Contracts Aggregate Principal Outstanding Principal
Original Contract as of Cut- Balance Outstanding Balance as of
Amount (In Dollars) off Date as of Cut-off Date Cut-off Date
------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
Less than $9,999.00...................... 17 $ 127,214.38 0.02%
Between $ 9,999--$ 19,999............... 1,723 25,206,787.34 3.91
Between $ 19,999--$ 29,999............... 1,590 38,960,924.68 6.04
Between $ 29,999--$ 39,999............... 1,276 44,101,248.27 6.84
Between $ 39,999--$ 49,999............... 1,158 51,911,545.18 8.05
Between $ 49,999--$ 59,999............... 1,033 56,422,821.82 8.75
Between $ 59,999--$ 69,999............... 900 58,221,563.16 9.03
Between $ 69,999--$ 79,999............... 733 54,584,891.03 8.46
Between $ 79,999--$ 89,999............... 521 43,823,577.65 6.79
Between $ 89,999--$ 99,999............... 402 38,001,347.75 5.89
Between $ 99,999--$109,999............... 325 34,049,680.01 5.28
Between $109,999--$119,999............... 292 33,394,992.73 5.18
Between $119,999--$129,999............... 222 27,730,618.22 4.30
Between $129,999--$139,999............... 159 21,302,333.28 3.30
Between $139,999--$149,999............... 133 19,284,558.18 2.99
Between $149,999--$159,999............... 92 14,209,776.77 2.20
Between $159,999--$169,999............... 82 13,433,642.38 2.08
Between $169,999--$179,999............... 65 11,306,450.13 1.75
Between $179,999--$189,999............... 42 7,691,448.69 1.19
Between $189,999--$199,999............... 38 7,379,301.47 1.14
Between $199,999--$249,999............... 111 24,333,398.90 3.77
Between $249,999--$299,999............... 34 9,184,206.79 1.42
Over $299,999......................... 29 10,421,831.83 1.62
------ --------------- ------
Total................................ 10,977 $645,084,160.64 100.00%
====== =============== ======
</TABLE>
<PAGE>
CONTRACT RATES--INITIAL AND CERTAIN ADDITIONAL
FIXED-RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% of Fixed-Rate
Number of Home Equity Contracts by
Contracts Aggregate Principal Outstanding Principal
Range of Home Equity as of Cut- Balance Outstanding Balance as of
Contracts by Contract Rate off Date as of Cut-off Date Cut-off Date
- -------------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
From 0.00%-- 9.00%....... 218 $ 25,631,843.79 3.97%
From 9.01%--10.00%....... 1,099 107,943,244.58 16.73
From 10.01%--11.00%....... 2,335 197,586,820.98 30.63
From 11.01%--12.00%....... 1,890 114,781,702.35 17.79
From 12.01%--13.00%....... 2,376 98,892,967.42 15.33
From 13.01%--14.00%....... 1,939 66,336,502.38 10.28
From 14.01%--15.00%....... 730 22,392,951.13 3.47
From 15.01%--16.00%....... 217 6,650,224.29 1.03
From 16.01%--17.00%....... 119 3,523,006.53 0.55
Over 17.01%............... 54 1,344,897.19 0.21
------ --------------- ------
Total................. 10,977 $645,084,160.64 100.00%
====== =============== ======
</TABLE>
REMAINING MONTHS TO MATURITY--INITIAL AND CERTAIN ADDITIONAL
FIXED-RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% of Fixed-Rate
Number of Home Equity Contracts by
Months Remaining to Contracts Aggregate Principal Outstanding Principal
Scheduled Maturity as of Cut- Balance Outstanding Balance as of
as of Cut-off Date off Date as of Cut-off Date Cut-off Date
------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
From 31- 60........... 82 $ 1,630,618.70 0.25%
From 61- 90........... 81 2,528,235.06 0.39
From 91-120........... 699 19,570,915.76 3.03
From 121-150........... 51 2,273,724.25 0.35
From 151-180........... 3,913 196,241,312.66 30.42
From 181-210........... 32 1,388,762.90 0.22
From 211-240........... 3,414 204,351,011.98 31.68
From 241-270........... 7 714,871.18 0.11
From 271-300........... 1,582 108,058,395.36 16.75
From 301-330........... 2 191,350.67 0.03
From 331-360........... 1,114 108,134,962.12 16.76
------ --------------- ------
Total.............. 10,977 $645,084,160.64 100.00%
====== =============== ======
</TABLE>
<PAGE>
LIEN POSITION--INITIAL AND CERTAIN ADDITIONAL
FIXED-RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% of Fixed-Rate
Number of Home Equity Contracts by
Contracts Aggregate Principal Outstanding Principal
as of Cut- Balance Outstanding Balance as of
off Date as of Cut-off Date Cut-off Date
---------- ------------------- ------------------------
<S> <C> <C> <C>
First................... 6,667 $521,968,592.03 80.91%
Second.................. 4,279 122,521,018.07 18.99
Third................... 31 594,550.54 0.09
------ --------------- ------
Total............... 10,977 $645,084,160.64 100.00%
====== =============== ======
</TABLE>
LOAN-TO-VALUE RATIO--INITIAL AND CERTAIN ADDITIONAL
FIXED-RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% of Fixed-Rate
Number of Home Equity Contracts by
Contracts Aggregate Principal Outstanding Principal
as of Cut- Balance Outstanding Balance as of
Loan-to-Value Ratio off Date as of Cut-off Date Cut-off Date
- ------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
From 0.00%-10.00%..... 4 $ 60,816.00 0.01%
From 10.01%-20.00%..... 26 518,399.69 0.08
From 20.01%-30.00%..... 68 1,947,357.92 0.30
From 30.01%-40.00%..... 79 2,725,513.49 0.42
From 40.01%-50.00%..... 118 4,580,269.60 0.71
From 50.01%-60.00%..... 212 9,482,102.97 1.47
From 60.01%-70.00%..... 435 20,689,314.52 3.21
From 70.01%-80.00%..... 1,396 71,094,522.15 11.02
From 80.01%-90.00%..... 3,714 226,787,375.75 35.16
Over 90.01%............ 4,925 307,198,488.55 47.62
------ --------------- ------
Total.............. 10,977 $645,084,160.64 100.00%
====== =============== ======
</TABLE>
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES--INITIAL ADJUSTABLE RATE HOME
EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF INITIAL
% OF INITIAL ADJUSTABLE
ADJUSTABLE RATE HOME
RATE HOME EQUITY CONTRACTS
EQUITY CONTRACTS AGGREGATE PRINCIPAL BY OUTSTANDING
NUMBER OF BY NUMBER OF BALANCE PRINCIPAL
CONTRACTS AS OF CONTRACTS AS OUTSTANDING AS OF BALANCE AS OF
STATE CUT-OFF DATE OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE
- ------------------------ --------------- ----------------- ------------------- -----------------
<S> <C> <C> <C> <C>
Alabama................. 83 4.42% $ 7,290,327.56 3.26%
Arkansas................ 2 0.11 243,260.15 0.11
Arizona................. 22 1.17 2,786,483.31 1.25
California.............. 202 10.75 35,944,371.21 16.07
Colorado................ 71 3.78 9,431,123.74 4.22
Connecticut............. 4 0.21 480,435.02 0.21
District of Columbia.... 12 0.64 2,210,719.39 0.99
Florida................. 57 3.03 6,081,031.71 2.72
Georgia................. 72 3.83 7,555,671.19 3.38
Idaho................... 14 0.75 1,514,484.15 0.68
Illinois................ 22 1.17 2,798,896.06 1.25
Indiana................. 44 2.34 3,992,062.67 1.79
Iowa.................... 5 0.27 417,312.57 0.19
Kansas.................. 13 0.69 1,152,109.73 0.52
Kentucky................ 21 1.12 2,002,744.11 0.90
Louisiana............... 13 0.69 1,385,979.32 0.62
Maryland................ 97 5.16 15,671,101.14 7.01
Massachusetts........... 20 1.06 2,983,348.20 1.33
Michigan................ 106 5.64 8,657,310.00 3.87
Minnesota............... 23 1.22 2,137,218.71 0.96
Mississippi............. 3 0.16 314,452.17 0.14
Missouri................ 29 1.54 2,830,457.67 1.27
Montana................. 8 0.43 771,290.20 0.34
Nebraska................ 1 0.05 60,800,00 0.03
New Jersey.............. 4 0.21 972,609.26 0.43
New Mexico.............. 18 0.96 2,119,951.76 0.95
New York................ 8 0.43 1,182,506.50 0.53
Nevada.................. 16 0.85 2,060,859.22 0.92
North Carolina.......... 83 4.42 8,410,211.52 3.76
Ohio.................... 215 11.44 18,946,834.36 8.47
Oklahoma................ 3 0.16 147,297.07 0.07
Oregon.................. 74 3.94 9,301,232.67 4.16
Pennsylvania............ 51 2.71 6,055,455.13 2.71
Rhode Island............ 5 0.27 553,977.08 0.25
South Carolina.......... 27 1.44 2,547,512.52 1.14
Tennessee............... 30 1.60 2,773,964.75 1.24
Texas................... 88 4.68 8,707,062.01 3.89
Utah.................... 52 2.77 6,761,389.93 3.02
Virginia................ 48 2.55 6,835,829.10 3.06
Washington.............. 174 9.26 24,122,160.11 10.79
West Virginia........... 5 0.27 220,528.36 0.10
Wisconsin............... 31 1.65 2,979,761.42 1.33
Wyoming................. 3 0.16 227,781.32 0.10
----- ------ --------------- ------
Total............... 1,879 100.00% $223,639,914.07 100.00%
===== ====== =============== ======
</TABLE>
<PAGE>
YEARS OF ORIGINATION--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF INITIAL
ADJUSTABLE RATE
HOME EQUITY
NUMBER OF CONTRACTS BY
CONTRACTS AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
YEAR OF ORIGINATION OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
1997...................... 92 $ 9,791,828.89 4.38%
1998...................... 1,787 213,848,085.18 95.62
----- --------------- ------
Total................. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
DISTRIBUTION OF ORIGINAL CONTRACT AMOUNTS--INITIAL ADJUSTABLE RATE HOME EQUITY
CONTRACTS
<TABLE>
<CAPTION>
% OF INITIAL
ADJUSTABLE RATE
HOME EQUITY
NUMBER OF CONTRACTS BY
CONTRACTS AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
ORIGINAL CONTRACT AMOUNT AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
(IN DOLLARS) OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
------------------------ ---------- ------------------- ---------------------
<S> <C> <C> <C>
Less than $ 19,999......................... 1 $ 19,240.00 0.01%
Between $ 19,999--$ 29,999................. 6 160,113.82 0.07
Between $ 29,999--$ 39,999................. 34 1,231,870.47 0.55
Between $ 39,999--$ 49,999................. 75 3,407,931,57 1.52
Between $ 49,999--$ 59,999................. 126 6,929,173.82 3.10
Between $ 59,999--$ 69,999................. 144 9,358,135.72 4.18
Between $ 69,999--$ 79,999................. 185 13,739,435.00 6.14
Between $ 79,999--$ 89,999................. 131 11,037,758.30 4.94
Between $ 89,999--$ 99,999................. 167 15,857,681.99 7.09
Between $ 99,999--$109,999................. 134 14,042,755.64 6.28
Between $109,999--$119,999................. 127 14,606,713.81 6.53
Between $119,999--$129,999................. 118 14,689,860.27 6.57
Between $129,999--$139,999................. 101 13,621,712.40 6.09
Between $139,999--$149,999................. 95 13,759,514.33 6.15
Between $149,999--$159,999................. 74 11,418,080.19 5.11
Between $159,999--$169,999................. 48 7,885,099.80 3.53
Between $169,999--$179,999................. 39 6,782,112.15 3.03
Between $179,999--$189,999................. 50 9,188,909.80 4.11
Between $189,999--$199,999................. 24 4,678,784.11 2.09
Between $199,999--$249,999................. 109 24,308,100.03 10.87
Between $249,999--$299,999................. 58 15,529,868.44 6.94
Over $300,000.............................. 33 11,387,062.41 5.09
----- --------------- ------
Total.................................. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
<PAGE>
CURRENT CONTRACT RATES--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE
HOME EQUITY
NUMBER OF CONTRACTS BY
CONTRACTS AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
RANGE OF CONTRACTS BY AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
CONTRACT RATE OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
---------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
Less than 9.00%........... 1017 $134,278,658.11 60.04%
From 9.01%--10.00%....... 492 56,313,317.10 25.18
From 10.01%--11.00%....... 251 23,609,820.80 10.56
From 11.01%--12.00%....... 66 5,820,778.10 2.60
From 12.01%--13.00%....... 23 1,916,325.45 .86
From 13.01%--14.00%....... 20 1,111,106.36 .50
From 14.01%--15.00%....... 4 326,897.10 .15
From 15.01%--16.00%....... 3 157,674.15 .07
From 16.01%--17.00%....... 2 72,340.57 .03
Over 17.00%............... 1 32,996.31 .01
----- --------------- ------
Total................. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
REMAINING MONTHS TO MATURITY--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE HOME
NUMBER OF EQUITY CONTRACTS BY
MONTHS REMAINING TO CONTRACTS AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
SCHEDULED MATURITY AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
AS OF CUT-OFF DATE OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
Less than 346............. 5 $ 475,787.71 0.21%
346-360................... 1,874 223,164,126.36 99.76
----- --------------- ------
Total................. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
LIEN POSITION--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE % OF
RATE HOME INITIAL
EQUITY ADJUSTABLE RATE HOME
NUMBER OF CONTRACTS BY EQUITY CONTRACTS BY
CONTRACTS NUMBER OF AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
AS OF CUT- CONTRACTS AS OF BALANCE OUTSTANDING BALANCE AS OF
OFF DATE CUT-OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
---------- --------------- ------------------- ---------------------
<S> <C> <C> <C> <C>
First................... 1,879 100.00% $223,639,914.07 100.00%
----- ------ --------------- ------
Total............... 1,879 100.00% $223,639,914.07 100.00%
===== ====== =============== ======
</TABLE>
<PAGE>
LOAN-TO-VALUE RATIO--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE HOME
NUMBER OF EQUITY CONTRACTS BY
CONTRACTS AGGREGATE PRINCIPAL OUTSTANDING PRINCIPAL
AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
LOAN-TO-VALUE RATIO OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
Less than 30.00%.......... 2 $ 89,971.23 0.04%
From 30.01% to 40.00%..... 2 113,711.80 0.05
From 40.01% to 50.00%..... 9 619,493.10 0.28
From 50.01% to 60.00%..... 13 1,092,411.15 0.49
From 60.01% to 70.00%..... 49 5,193,004.56 2.32
From 70.01% to 80.00%..... 449 49,060,191.50 21.94
From 80.01% to 90.00%..... 1057 129,527,846.05 57.92
Over 90.00%............... 298 37,943,284.68 16.97
----- --------------- ------
Total................. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
MONTH OF NEXT RATE ADJUSTMENT--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE
NUMBER OF HOME EQUITY CONTRACTS
CONTRACTS AGGREGATE PRINCIPAL BY OUTSTANDING PRINCIPAL
AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
MONTH OF NEXT RATE ADJUSTMENT OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ----------------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
July 1998................... 2 $ 198,645.19 0.09%
August 1998................. 6 472,411.11 0.21
September 1998.............. 4 308,798.88 0.14
October 1998................ 7 571,163.55 0.26
November 1998............... 7 832,830.73 0.37
December 1998............... 3 285,576.74 0.13
January 1999................ 1 19,240.00 0.01
March 1999.................. 6 865,939.12 0.39
May 1999.................... 3 417,653.79 0.19
June 1999................... 36 3,346,743.05 1.50
July 1999................... 16 1,814,555.36 0.81
August 1999................. 5 691,237.11 0.31
September 1999.............. 1 72,421.98 0.03
October 1999................ 5 719,870.03 0.32
November 1999............... 10 1,154,662.34 0.52
December 1999............... 13 1,313,941.16 0.59
January 2000................ 15 1,620,301.24 0.72
February 2000............... 33 3,814,351.26 1.71
March 2000.................. 177 21,235,928.80 9.50
April 2000.................. 420 46,675,165.88 20.87
May 2000.................... 457 56,231,105.16 25.14
June 2000................... 483 60,304,715.72 26.97
July 2000................... 146 18,396,289.00 8.23
December 2000............... 1 133,635.00 0.06
January 2001................ 1 34,354.44 0.02
March 2001.................. 6 509,725.53 0.23
April 2001.................. 5 520,984.27 0.23
May 2001.................... 4 313,967.63 0.14
June 2001................... 3 431,600.00 0.19
July 2001................... 3 332,100.00 0.15
----- --------------- ------
Total................... 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
<PAGE>
DISTRIBUTION OF GROSS MARGIN--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE
NUMBER OF HOME EQUITY CONTRACTS
CONTRACTS AGGREGATE PRINCIPAL BY OUTSTANDING PRINCIPAL
AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
GROSS MARGIN OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ------------ ---------- ------------------- ------------------------
<S> <C> <C> <C>
Less than 3.999%....... 8 $ 740,946.32 0.33%
4.000 to 4.249%........ 7 577,905.33 0.26
4.250 to 4.499%........ 9 1,332,855.16 0.60
4.500 to 4.749%........ 12 1,609,029.14 0.72
4.750 to 4.999%........ 25 3,091,786.90 1.38
5.000 to 5.249%........ 28 3,186,282.82 1.42
5.250 to 5.499%........ 63 7,484,081.89 3.35
5.500 to 5.749%........ 139 16,230,439.78 7.26
5.750 to 5.999%........ 159 17,510,705.21 7.83
6.000 to 6.249%........ 136 14,189,169.68 6.34
6.250 to 6.499%........ 134 15,114,285.05 6.76
6.500 to 6.749%........ 217 26,732,892.34 11.95
6.750 to 6.999%........ 449 59,324,118.03 26.53
7.000 to 7.249%........ 195 24,749,567.69 11.07
7.250 to 7.499%........ 92 11,394,399.09 5.09
7.500 to 7.749%........ 84 9,260,382.67 4.14
7.750 to 7.999%........ 40 4,013,873.89 1.79
8.000 to 8.249%........ 22 2,131,783.04 0.95
8.250 to 8.499%........ 15 1,414,515.84 0.63
8.500 to 8.749%........ 24 2,222,820.11 0.99
8.750 to 8.999%........ 7 526,514.56 0.24
9.000 to 9.249%........ 4 264,508.62 0.12
9.250 to 9.499%........ 2 124,484.81 0.06
9.500 to 9.749%........ 2 118,518.27 0.05
Over 9.750%............ 6 294,047.83 0.13
----- --------------- ------
Total.............. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
<PAGE>
MAXIMUM CONTRACT RATES--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE
NUMBER OF HOME EQUITY CONTRACTS
CONTRACTS AGGREGATE PRINCIPAL BY OUTSTANDING PRINCIPAL
AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
MAXIMUM CONTRACT RATES OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ---------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
Less than 13.000%...... 28 $ 5,001,892.05 2.24%
13.000 to 13.249%...... 4 420,860.45 0.19
13.250 to 13.499%...... 5 639,192.55 0.29
13.500 to 13.749% ..... 71 10,950,222.72 4.90
13.750 to 13.999%...... 182 25,819,295.05 11.55
14.000 to 14.249%...... 32 3,703,198.85 1.66
14.250 to 14.499%...... 90 10,674,543.45 4.77
14.500 to 14.749%...... 145 18,086,072.28 8.09
14.750 to 14.999%...... 298 37,231,089.51 16.65
15.000 to 15.249%...... 111 13,219,621.04 5.91
15.250 to 15.499%...... 134 15,532,458.70 6.95
15.500 to 15.749%...... 90 11,880,362.23 5.31
15.750 to 15.999%...... 143 17,432,658.86 7.79
16.000 to 16.249%...... 31 3,041,363.40 1.36
16.250 to 16.499%...... 77 7,639,172.40 3.42
16.500 to 16.749%...... 65 7,277,711.30 3.25
16.750 to 16.999%...... 117 12,567,293.92 5.62
17.000 to 17.249%...... 41 3,695,235.68 1.65
17.250 to 17.499%...... 41 3,710,672.86 1.66
17.500 to 17.749%...... 37 3,569,902.99 1.60
17.750 to 17.999%...... 51 4,463,919.93 2.00
18.000 to 18.249%...... 17 1,203,395.60 0.54
18.250 to 18.499%...... 15 1,407,112.00 0.63
18.500 to 18.749%...... 5 597,349.56 0.27
18.750 to 18.999%...... 13 1,404,869.20 0.63
19.000 to 19.249%...... 3 187,211.00 0.08
19.250 to 19.499%...... 11 1,017,941.72 0.46
19.500 to 19.749%...... 3 190,769.90 0.09
19.750 to 19.999%...... 8 455,830.01 0.20
Over 19.999%........... 11 618,694.86 0.28
----- --------------- ------
Total.............. 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
<PAGE>
MINIMUM CONTRACT RATES--INITIAL ADJUSTABLE RATE HOME EQUITY CONTRACTS
<TABLE>
<CAPTION>
% OF
INITIAL
ADJUSTABLE RATE
NUMBER OF HOME EQUITY CONTRACTS
CONTRACTS AGGREGATE PRINCIPAL BY OUTSTANDING PRINCIPAL
AS OF CUT- BALANCE OUTSTANDING BALANCE AS OF
MINIMUM CONTRACT RATES OFF DATE AS OF CUT-OFF DATE CUT-OFF DATE
- ---------------------- ---------- ------------------- ------------------------
<S> <C> <C> <C>
Less than 7.250%...... 33 $ 5,875,871.44 2.63%
7.250 to 7.499%...... 5 845,460.82 0.38
7.500 to 7.749%...... 81 12,224,012.73 5.47
7.750 to 7.999%...... 300 43,248,903.35 19.34
8.000 to 8.249%...... 40 5,025,525.24 2.25
8.250 to 8.499%...... 117 14,559,682.06 6.51
8.500 to 8.749%...... 169 21,018,553.37 9.40
8.750 to 8.999%...... 250 28,955,317.19 12.95
9.000 to 9.249%...... 108 12,144,130.55 5.43
9.250 to 9.499%...... 134 14,744,316.90 6.59
9.500 to 9.749%...... 107 13,535,462.94 6.05
9.750 to 9.999%...... 156 17,240,797.30 7.71
10.000 to 10.249%...... 49 5,038,240.85 2.25
10.250 to 10.499%...... 67 6,451,955.28 2.88
10.500 to 10.749%...... 50 4,667,364.44 2.09
10.750 to 10.999%...... 80 7,615,475.02 3.41
11.000 to 11.249%...... 23 1,716,765.93 0.77
11.250 to 11.499%...... 23 1,716,363.29 0.77
11.500 to 11.749%...... 16 1,733,263.16 0.78
11.750 to 11.999%...... 16 1,481,708.73 0.66
12.000 to 12.249%...... 8 569,539.74 0.25
12.250 to 12.499%...... 8 882,838.76 0.39
12.500 to 12.749%...... 0 - 0.00
12.750 to 12.999%...... 9 647,350.49 0.29
13.000 to 13.249%...... 1 87,896.58 0.04
13.250 to 13.499%...... 10 471,478.45 0.21
13.500 to 13.749%...... 3 190,769.90 0.09
Over 13.750%........... 16 950,869.56 0.43
----- --------------- ------
Total................ 1,879 $223,639,914.07 100.00%
===== =============== ======
</TABLE>
