<PAGE> 1
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: November 16, 1998
(Date of earliest event reported)
Commission File No. 333-48053
EQCC Receivables Corporation
EQCC Asset Backed Corporation
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59-3170055
Delaware 59-3170052
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(State of Incorporation) (I.R.S. Employer Identification No.)
10401 Deerwood Park Boulevard
Jacksonville, Florida 32256
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Address of principal executive offices (Zip Code)
(904) 987-5000
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Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE> 2
ITEM 5. Other Events
Attached as an exhibit are the Computational Materials (as defined in
the no-action letter dated May 21, 1994 issued by the Securities and Exchange
Commission to Kidder, Peabody Acceptance Corporation-I, Kidder, Peabody & Co.
Incorporated and Kidder Structured Asset Corporation (the "Kidder Letter")) and
Collateral Term Sheets (as defined in the no-action letter dated February 17,
1995 issued by the Securities and Exchange Commission to the Public Securities
Association) prepared by NationsBanc Montgomery Securities LLC, which are hereby
filed pursuant to such letter.
-2-
<PAGE> 3
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Computational Materials and Collateral Term Sheets
prepared by NationsBanc Montgomery Securities LLC in
connection with EQCC Home Equity Loan Asset Backed
Certificates, Series 1998-4
-3-
<PAGE> 4
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.
EQCC RECEIVABLES CORPORATION
November 16, 1998
By: /s/ Lenore Hanapel
-------------------------
Name: Lenore Hanapel
Title: Senior Vice President
EQCC ASSET BACKED CORPORATION
November 16, 1998
By: /s/ Lenore Hanapel
-------------------------
Name: Lenore Hanapel
Title: Senior Vice President
-4-
<PAGE> 5
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Computational Materials and Collateral Term Sheets E
prepared by NationsBanc Montgomery Securities LLC in
connection with EQCC Home Equity Loan Asset Backed
Certificates, Series 1998-4
-5-
<PAGE> 1
NATIONSBANC MONTGOMERY SECURITIES
NationsBanc Montgomery Securities LLC
BANKAMERICA
- ------------------------------------------------------------------------------
RMBS NEW ISSUE TERM SHEET
EQCC Home Equity Loan Trust
EQCC Home Equity Loan Asset Backed Certificates
SERIES 1998-4
CLASSES A-1F, A-1A
$650,000,000 (APPROXIMATE)
NOVEMBER 16, 1998
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NationsBanc Montgomery Securities LLC
- ------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
1
<PAGE> 2
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
OFFERED CERTIFICATES
<TABLE>
<CAPTION>
PRINCIPAL PRINCIPAL FINAL FINAL
EXPECTED AVERAGE MODIFIED WINDOW WINDOW SCHEDULED LEGAL
CLASS RATINGS APPROXIMATE LIFE DURATION (TO MATURITY ) (TO CALL) PAYMENT MATURITY * SPREAD
CLASS DESCRIPTION S&P/MOODY'S SIZE (YEARS) (YEARS) IN MONTHS IN MONTHS DATE DATE REQUIREMENT
- ----- ----------- ----------- ------------ ------ ------- ------------- --------- -------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F Floater AAA/Aaa $628,343,419 2.75 2.38 1 to 360 1 to 78 6/15/2005 1/15/2029 2.50
A-1A Floater AAA/Aaa 21,656,580 2.76 2.37 1 to 340 1 to 78 6/15/2005 1/15/2029 2.50
</TABLE>
* The initial spread requirement will be 0.0% increasing to 2.50% of the
original unpaid principal balance. Beginning month 31 the spread requirement
will be 5.00% based on the current unpaid principal balance.
<TABLE>
<CAPTION>
CLASS A-1F CERTIFICATES: CLASS A-1A CERTIFICATES:
------------------------ ------------------------
<S> <C>
1. The Class A-1F is backed by the Fixed Rate Mortgage Loan Group. 1. The Class A-1A is backed by the Adjustable Rate
Mortgage Loan Group.
2. The Class A-1F is payable monthly (actual/360) starting 1/15/99 with 2. The Class A-1A is payable monthly (actual/360)
accrual from Closing Date. Class A-1F resets monthly to One-Month starting 1/15/99 with accrual from Closing Date.
LIBOR plus [ ]%. Class A-1A resets monthly to One-Month LIBOR
plus [ ]%.
3. The Class A-1F is subject to the terms of the Yield Supplement described 3. The Class A-1A is subject to an Available Funds
herein, creating a floating rate certificate with no cap. Cap, as described herein.
4. Optional Call is 10%. If the Optional Call is not exercised by the 4. Optional Call is 10%. If the Optional Call is
Servicer, the margin on the Class A-1F Certificates will increase by a not exercised by the Servicer, the margin on the
multiple of two. Class A-1A Certificates will increase by a
multiple of two.
5. The Class A-1F is priced to call. 5. The Class A-1A is priced to call.
6. Fixed Rate Mortgage Loan Group pricing speeds: 125% Prepayment 6. Adjustable Rate Mortgage Loan Group pricing
Assumption, where 100% Prepayment Assumption is equal to 4.0% CPR speeds: 27% CPR beginning in month 1.
in month 1, and an additional 1.8182% in each month thereafter until
month 12; on and thereafter, 24% CPR.
</TABLE>
NationsBanc Montgomery Securities LLC
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
2
<PAGE> 3
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
SUMMARY OF TERMS
DEPOSITORS: EQCC Receivables Corporation and EQCC Asset Backed
Corporation are wholly owned subsidiaries of
EquiCredit Corporation, which itself is an indirect
wholly owned subsidiary of BankAmerica Corporation.
SERVICER: EquiCredit Corporation of America, a wholly owned
subsidiary of EquiCredit Corporation, which itself is
an indirect wholly owned subsidiary of BankAmerica
Corporation.
As of September 30, 1998, EquiCredit serviced a total
loan portfolio of 132,083 mortgage loans, having an
aggregate unpaid principal balance of $6.3 billion.
EquiCredit's portfolio consists of loans serviced for
itself as well as investors consisting primarily of
major commercial banks, savings and loan
associations, brokerage houses and Fannie Mae.
TRUSTEE: U.S. Bank National Association
OFFERING: Public; subject to a variance of plus or minus 5.0%.
MANAGERS: NationsBanc Montgomery Securities LLC (Lead and Book
Manager) Merrill Lynch & Co.
CUT-OFF DATE: December 1, 1998
EXPECTED
PRICING DATE: November [ ], 1998
EXPECTED
CLOSING DATE: December 17, 1998
SETTLEMENT: Settles flat; without Accrued Interest
REGISTRATION: Certificates will be available in book-entry form
through DTC, Euroclear or CEDEL.
PAYMENT
DATE: The 15th of each month (or next succeeding business
day), beginning January 15, 1999.
YIELD SUPPLEMENT
COUNTERPARTY: NationsBanc Financial Products, Inc., (the "Yield
Supplement Counterparty") is a bankruptcy remote
derivatives product company based in Chicago,
Illinois and has been established as a wholly-owned
subsidiary of NationsBank, N.A.. The Yield Supplement
Counterparty is in the business of providing interest
rate and currency derivatives, including swaps and
caps. The Yield Supplement Counterparty has been
assigned a "AAA" rating from S&P and "Aaa" from
Moody's.
NationsBanc Montgomery Securities LLC
- -------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
3
<PAGE> 4
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC Home Equity Loan Asset Backed Certificates, 19984
YIELD SUPPLEMENT: On or prior to the Closing Date, the Trustee, on
behalf of the Trust, will purchase an interest rate
cap (the Yield Supplement") from the Yield Supplement
Counterparty. The Yield Supplement will be for the
exclusive benefit of the Class A-IF
Certificateholders. The Trustee will assign to the
Trust, for the benefit of the Class A-IF
Certificateholders, all of its rights under the Yield
Supplement.
The notional amount of the Yield Supplement (the
"Notional Amount") will reduce over time parallel
with the reduction in the Principal Balance of the
Class A-IF Certificates, but at all times the
Notional Amount of the Yield Supplement will equal or
exceed the Principal Balance of the Class A-IF
Certificates.
For each Accrual Period in which One-Month L BOR
exceeds the One-Month LIBOR rate used to determine
the Class A-IF Pass-Through Rate in the initial
Accrual Period (the "Initial LIBOR Rate"), the Yield
Supplement Counterparty will pay, on each Payment
Date to the Trust an amount equal to the product of
(i) the excess of One-Month LIBOR over the Initial
LIBOR Rate, (ii) the Notional Amount and (iii) a
fraction, the numerator of which is the actual number
of days in the Accrual Period and the denominator of
which is 360. The Yield Supplement will terminate on
the earlier of the Payment Date on which the Class
A-IF Certificates are paid in full or the Final Legal
Maturity Date of the Class A-IF Certificates.
INTEREST
CALCULATION: The Class A-IF Certificates are payable monthly
starting 1/15/99 and reset monthly on an actual/360
basis to One-Month LIBOR plus I l%. If the Optional
Call is not exercised by the Servicer, the margin on
the Class A-IF Certificates will increase by a
multiple of two.
The Class A-1A Certificates are payable monthly
starting 1/15/99 and reset monthly on an actual/360
basis to One-Month LIBOR plus [ ]%. If the Optional
Call is not exercised by the Servicer, the margin on
the Class A-1A Certificates will increase by a
multiple of two.
AVAILABLE
FUNDS CAP: The Class A-1A Certificates will be subject to an
(A-1A ONLY) Available Funds Cap equal to the weighted average of
the Mortgage Interest Rates on the Mortgage Loans in
the Adjustable Rate Mortgage Loan Group as of the
first day of the related Accrual Period less: (a) an
amount, expressed as an annual percentage rate across
the mortgage pool balance, equal to the sum of the
Servicing Fee and the Certificate Insurer Fee
(together, the "Ongoing Fees") with respect to the
first twelve Accrual Periods or (b) the sum of the
amount in (a) plus 0.50% per annum, with respect to
each subsequent Accrual Period.
Interest
CARRYOVER
(A-1A ONLY) The Interest Carryover for any Payment Date shall
equal (i) the difference between (a) the amount of
interest the Class A-1A Certificates would be
entitled to receive on such Payment Date without
regard to the Net Funds Cap Rate and (b) the amount
of interest actually distributed to the Class A-1A
Certificates, plus (ii) the portion of any amount
calculated and unpaid from prior payment dates (and
interest accrued at the then applicable Class A-1A
LIBOR rate).
OPTIONAL CALL: 10% optional clean-up call.
DENOMINATIONS: $1,000 minimum and integral multiples of $1 in
excess thereof.
NationsBanc Montgomery Securities LLC
- -------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
4
<PAGE> 5
EQCC HOME EQUITY TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
TAX STATUS: REMIC
ERISA: ERISA eligible. Prospective investors that are
pension plans should consult their own counsel with
respect to an investment in the Offered Certificates.
SMMEA: Both Class A-IF and Class A-1A Certificates will not
constitute Mortgage related securities" for purposes
of SMMEA.
CERTIFICATE
INSURER: Ambac Assurance Corporation (&Ambac"); Ambac's claims
paying' ability is rated "AAA" by Standard & Poor's
Rating Service, 'Baa" by Moody's Investor Service and
GAAA" by Fitch IBCA, Inc.
SECURITIES
INSURANCE POLICY: The Securities Insurance Policy will provide 100%
coverage of timely interest and ultimate
principal payments due on the Certificates.
RATING
AGENCIES: SUP and Moody's.
INITIAL MORTGAGE
LOAN GROUPS: The statistical information presented in this Term
Sheet regarding the Initial Mortgage Loans is based
on balances as of November, 1998. The Initial
Mortgage Loans consist of agency conforming
balance, conventional, amortizing, first
and second lien, fixed and adjustable rate closed
end, one- to four-family residential mortgage loans.
The total Initial Mortgage Loans will consist of
11,387 loans, with a principal balance of
approximately $592,021,358. The Initial Mortgage
Loans have been divided into two separate mortgage
loan groups. The Fixed Rate Mortgage Loan Group will
consist of 11,173 fixed rate, agency conforming
balance mortgage loans with a principal balance of
approximately $570,364,777. The Adjustable Rate
Mortgage Loan Group will consist of 214 adjustable
rate mortgage loans with a principal balance of
approximately $21,656,581.
ADDITIONAL
MORTGAGE LOANS: It is anticipated that additional fixed rate,
conforming balance mortgage loans totaling
approximately $57,978,642 will be delivered into the
Fixed Rate Mortgage Loan Group prior to the Closing
Date. ON THE CLOSING DATE, IT IS EXPECTED THAT THE
TOTAL MORTGAGE LOAN POOL WILL EQUAL APPROXIMATELY
$650,000,000.
CONTACT: NationsBanc Montgomery Securities LLC Mortgage
Syndicate
Chris Hentemann (email: [email protected])
Bill Hale (email: [email protected])
Mark Ryan (email: [email protected])
(704) 386-7744
(704) 335-5904 (Fax)
NationsBanc Montgomery Securities LLC
- -------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
5
<PAGE> 6
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC NAME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
SUMMARY
<TABLE>
<CAPTION>
TOTAL MINIMUM MAXIMUM
--------------- --------- -----------
<S> <C> <C> <C>
Cut-off Date Aggregate Principal Balance $570,364,777.09
Number of Loans 11,173
Average Original Loan Balance $ 61,249.37 $5,000.00 $226,000.00
Average Current Loan Balance $ 51,048.49 $3,123.55 $226,000.00
Weighted Average Combined Current LTV 78.58% 5.99% 100.00%
Weighted Average Gross Coupon 10.33% 6.50% 17.00%
Weighted Average Remaining Term to Maturity (months) 211.98 15 360
Weighted Average Original Term (months) 213.97 36 360
</TABLE>
<TABLE>
<CAPTION>
Percent of
Cut-off Date
Range Principal Balance
----- -----------------
<S> <C> <C>
Level Pay Mortgage Loans 65.21%
Balloon Mortgage Loans 34.79%
Lien Position First 83.75%
Second 16.25%
Property Type Single Family 92.49%
2-4 Family 5.12%
Manufactured 0.94%
Condominium 0.60%
Townhouse 0.47%
Others 0.39%
Occupancy Status Owner Occupied 94.71%
Non-owner Occupied 5.11%
Second Home 0.19%
Geographic Concentration Florida 16.49%
Ohio 6.81%
Pennsylvania 5.81%
New York 5.57%
Louisiana 5.40%
Other 59.92%
Credit Grade A 55.14%
B 27.37%
C 16.19%
D 1.30%
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
6
<PAGE> 7
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ------------------------ -------------- ---------------------- ---------------------
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------------------ -------------- ---------------------- ---------------------
<S> <C> <C> <C>
$0.01 to 20,000.00 2,012 $29,744,165.26 5.21%
20,000.01 to 30,000.00 1,798 45,570,681.72 7.99%
30,000.01 to 40,000.00 1,561 55,055,435.39 9.65%
40,000.01 to 50,000.00 1,403 63,708,926.38 11.17%
50,000.01 to 60,000.00 1,113 61,378,656.57 10.76%
60,000.01 to 70,000.00 809 52,643,868.06 9.23%
70,000.01 to 80,000.00 615 45,971,026.96 8.06%
80,000.01 to 90,000.00 430 36,632,616.00 6.42%
90,000.01 to 100,000.00 316 30,138,351.79 5.28%
100,000.01 to 110,000.00 286 30,112,915.18 5.28%
110,000.01 to 120,000.00 210 24,159,172.89 4.24%
120,000.01 to 130,000.00 137 17,171,182.34 3.01%
130,000.01 to 140,000.00 128 17,287,742.36 3.03%
140,000.01 to 150,000.00 85 12,337,100.14 2.16%
150,000.01 to 160,000.00 67 10,372,431.02 1.82%
160,000.01 to 170,000.00 50 8,260,074.67 1.45%
170,000.01 to 180,000.00 36 6,306,233.08 1.11%
180,000.01 to 190,000.00 28 5,190,734.70 0.91%
190,000.01 to 200,000.00 37 7,253,019.18 1.27%
200,000.01 to 225,000.00 49 10,393,593.40 1.82%
225,000.01 to 227,150.00 3 676,850.00 0.12%
------ --------------- ------
TOTAL 11,173 $570,364,777.09 100.00%
====== =============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- ------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
7
<PAGE> 8
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
STATE OR TERRITORY CONCENTRATION
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
-------------- ---------------------- ---------------------
STATE OR TERRITORY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------------ -------------- ---------------------- ---------------------
<S> <C> <C> <C>
Florida 2,315 $94,077,130.77 16.49%
Ohio 665 38,822,515.39 6.81%
Pennsylvania 642 33,142,411.82 5.81%
New York 412 31,791,789.91 5.57%
Louisiana 739 30,778,978.41 5.40%
Michigan 385 22,870,373.87 4.01%
Tennessee 411 21,551,395.54 3.78%
Illinois 355 21,255,318.36 3.73%
Indiana 401 18,990,928.66 3.33%
Georgia 373 17,646,001.81 3.09%
South Carolina 321 16,322,886.79 2.86%
Maryland 259 15,483,503.04 2.71%
California 284 15,340,593.74 2.69%
Kentucky 282 14,684,891.70 2.57%
North Carolina 288 14,450,716.97 2.53%
Connecticut 178 12,727,719.75 2.23%
Minnesota 222 12,272,178.09 2.15%
Texas 166 12,228,425.41 2.14%
Virginia 241 12,094,961.74 2.12%
Massachusetts 200 11,987,549.89 2.10%
Mississippi 295 11,959,979.15 2.10%
Others* 1,739 89,884,526.28 15.76%
------ --------------- ------
TOTAL 11,173 $570,364,777.09 100.00%
====== =============== ======
</TABLE>
* State or Territory Concentration less than or equal to 2.0%
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
8
<PAGE> 9
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
COMBINED LOAN-TO-VALUE
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF COMBINED NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- -------------------- -------------- ---------------------- ---------------------
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------- -------------- ---------------------- ---------------------
<S> <C> <C> <C>
5.01% to 10.00% 9 $163,399.70 0.03%
10.01% to 15.00% 25 358,551.44 0.06%
15.01% to 20.00% 49 897,666.88 0.16%
20.01% to 25.00% 72 1,451,786.74 0.25%
25.01% to 30.00% 100 2,901,202.87 0.51%
30.01% to 35.00% 111 3,201,195.66 0.56%
35.01% to 40.00% 147 4,393,859.13 0.77%
40.01% to 45.00% 147 4,992,357.00 0.88%
45.01% to 50.00% 257 8,526,374.43 1.49%
50.01% to 55.00% 230 9,592,248.79 1.68%
55.01% to 60.00% 312 12,468,830.38 2.19%
60.01% to 65.00% 373 17,230,680.68 3.02%
65.01% to 70.00% 754 37,349,263.94 6.55%
70.01% to 75.00% 1,437 78,741,002.19 13.81%
75.01% to 80.00% 2,015 123,339,134.08 21.62%
80.01% to 85.00% 2,253 135,773,381.83 23.80%
85.01% to 90.00% 1,273 76,836,494.63 13.47%
90.01% to 95.00% 468 24,314,178.75 4.26%
95.01% to 100.00% 1,141 27,833,167.97 4.88%
------ --------------- ------
TOTAL 11,173 $570,364,777.09 100.00%
====== =============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
9
<PAGE> 10
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
RANGE OF MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
----------------- -------------- ---------------------- ---------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ---------------------- ---------------------
<S> <C> <C> <C>
6.251% to 6.500% 2 $131,240.00 0.02%
6.501% to 6.750% 9 672,021.48 0.12%
6.751% to 7.000% 6 480,787.38 0.08%
7.001% to 7.250% 17 1,723,302.13 0.30%
7.251% to 7.500% 39 3,152,228.19 0.55%
7.501% to 7.750% 61 5,395,172.13 0.95%
7.751% to 8.000% 120 9,629,772.58 1.69%
8.001% to 8.250% 111 9,234,957.28 1.62%
8.251% to 8.500% 199 14,884,498.67 2.61%
8.501% to 8.750% 255 19,446,031.61 3.41%
8.751% to 9.000% 503 35,398,522.37 6.21%
9.001% to 9.250% 324 23,397,804.11 4.10%
9.251% to 9.500% 445 28,880,204.03 5.06%
9.501% to 9.750% 745 46,575,800.04 8.17%
9.751% to 10.000% 946 55,157,848.41 9.67%
10.001% to 10.250% 650 37,862,953.56 6.64%
10.251% to 10.500% 942 47,609,490.56 8.35%
10.501% to 10.750% 878 46,178,640.98 8.10%
10.751% to 11.000% 754 37,252,967.03 6.53%
11.001% to 11.250% 621 26,474,953.10 4.64%
11.251% to 11.500% 587 26,083,665.72 4.57%
11.501% to 11.750% 408 16,847,315.88 2.95%
11.751% to 12.000% 424 15,982,326.70 2.80%
12.001% to 12.250% 281 11,672,655.99 2.05%
12.251% to 12.500% 208 8,181,610.84 1.43%
12.501% to 12.750% 306 9,262,411.78 1.62%
12.751% to 13.000% 153 4,837,611.37 0.85%
13.001% to 13.250% 545 12,917,836.88 2.26%
13.251% to 13.500% 86 2,705,629.05 0.47%
13.501% to 13.750% 110 2,999,231.35 0.53%
13.751% to 14.000% 91 2,483,000.04 0.44%
14.001% to 14.250% 185 3,524,812.71 0.62%
14.251% to 14.500% 53 1,084,194.15 0.19%
14.501% to 14.750% 40 847,803.64 0.15%
14.751% to 15.000% 26 552,286.09 0.10%
15.001% to 15.250% 14 204,562.95 0.04%
15.251% to 15.500% 5 125,234.17 0.02%
15.501% to 15.750% 10 248,060.79 0.04%
15.751% to 16.000% 7 177,601.15 0.03%
16.001% to 17.000% 7 87,730.20 0.02%
------ --------------- ------
TOTAL 11,173 $570,364,777.09 100.00%
====== =============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- ------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
10
<PAGE> 11
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
FIXED RATE MORTGAGE LOAN GROUP
ORIGINAL MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
RANGE OF ORIGINAL PERCENT OF FIXED RATE
----------------- ---------------------
MONTHS TO NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------- --------- ---------------------- ---------------------
STATED MATURITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
25 to 36 1 $4,431.46 0.00%
37 to 48 7 213,665.98 0.04%
49 to 60 112 1,754,560.83 0.31%
61 to 72 12 233,109.84 0.04%
73 to 84 314 19,228,682.69 3.37%
85 to 96 14 410,240.40 0.07%
97 to 108 1 11,609.61 0.00%
109 to 120 2,065 129,892,586.41 22.77%
121 to 132 1 52,716.04 0.01%
133 to 144 7 306,434.57 0.05%
145 to 156 1 19,293.00 0.00%
157 to 168 3 109,813.82 0.02%
169 to 180 5,976 232,503,528.99 40.76%
229 to 240 612 32,217,722.09 5.65%
289 to 300 5 266,998.29 0.05%
349 to 360 2,042 153,139,383.07 26.85%
------ --------------- -------
Total 11,173 $570,364,777.09 100.00%
====== =============== =======
MONTHS SINCE ORIGINATION
<CAPTION>
PERCENT OF FIXED RATE
---------------------
RANGE OF MONTHS NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------------- --------- ---------------------- ---------------------
SINCE ORIGINATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 6 9,215 $492,185,099.53 86.29%
7 to 12 1,445 58,888,120.75 10.32%
Greater than 12 513 19,291,556.81 3.38%
------ --------------- ------
Total 11,173 $570,364,777.09 100.00%
====== =============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
11
<PAGE> 12
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
SUMMARY
<TABLE>
<CAPTION>
TOTAL MINIMUM MAXIMUM
----- ------- -------
<S> <C> <C> <C>
Cut-off Date Aggregate Principal Balance $21,656,580.64
Number of Loans 214
Average Original Loan Balance $ 101,560.36 $21,500.00 $329,000.00
Average Current Loan Balance $ 101,198.97 $20,956.43 $327,472.52
Weighted Average Combined LTV 81.27% 40.00% 95.00%
Weighted Average Gross Coupon 9.51% 7.25% 13.50%
Weighted Average Remaining Term to Maturity (months) 156.83 55 360
Weighted Average Original Term (months) 162.39 83 360
Weighted Average Gross Margin 5.51% 1.40% 8.90%
Weighted Average Gross Lifetime Cap 17.16% 13.13% 21.63%
Weighted Average Gross Lifetime Floor 8.91% 7.20% 12.55%
Weighted Average Periodic Cap 1.00% 1.00% 1.00%
Weighted Average First Adjustment Cap 1.00% 1.00% 1.00%
<CAPTION>
PERCENT OF
CUT-OFF DATE
RANGE PRINCIPAL BALANCE
----- -----------------
<S> <C> <C>
Level Pay Mortgage Loans 21.09%
Balloon Mortgage Loans 78.91%
Product Type 6 Month LIBOR 100.00%
Lien Position First 100.00%
Property Type Single Family 97.04%
Condominium 1.29%
2-4 Family 1.12%
Townhouse 0.55%
Occupancy Status Owner Occupied 98.95%
Non-owner Occupied 0.45%
Second Home 0.60%
Geographic Concentration Florida 15.50%
Colorado 10.68%
Louisiana 10.51%
Ohio 5.84%
New York 5.09%
Other 52.39%
Credit Grade A 54.28%
B 29.12%
C 16.60%
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
12
<PAGE> 13
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------------------- --------- ---------------------- ---------------------
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
$ 20,000.01 to 30,000.00 5 $ 127,039.77 0.59%
30,000.01 to 40,000.00 6 216,918.76 1.00%
40,000.01 to 50,000.00 11 495,625.12 2.29%
50,000.01 to 60,000.00 28 1,525,639.93 7.04%
60,000.01 to 70,000.00 24 1,549,877.35 7.16%
70,000.01 to 80,000.00 20 1,507,713.46 6.96%
80,000.01 to 90,000.00 16 1,376,461.15 6.36%
90,000.01 to 100,000.00 15 1,448,151.31 6.69%
100,000.01 to 110,000.00 20 2,104,335.78 9.72%
110,000.01 to 120,000.00 15 1,723,281.00 7.96%
120,000.01 to 130,000.00 13 1,601,399.33 7.39%
130,000.01 to 140,000.00 5 678,923.54 3.13%
140,000.01 to 150,000.00 3 440,145.37 2.03%
150,000.01 to 160,000.00 3 463,988.55 2.14%
160,000.01 to 170,000.00 4 663,749.19 3.06%
170,000.01 to 180,000.00 2 348,830.56 1.61%
180,000.01 to 190,000.00 3 563,068.69 2.60%
190,000.01 to 200,000.00 6 1,162,305.48 5.37%
200,000.01 to 225,000.00 5 1,057,650.01 4.88%
225,000.01 to 250,000.00 4 922,905.67 4.26%
250,000.01 to 275,000.00 3 778,598.10 3.60%
275,000.01 to 300,000.00 2 572,500.00 2.64%
325,000.01 to 350,000.00 1 327,472.52 1.51%
--- -------------- ------
TOTAL 214 $21,656,580.64 100.00%
=== ============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
13
<PAGE> 14
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
STATE OR TERRITORY CONCENTRATION
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
--------- ---------------------- ---------------------
STATE OR TERRITORY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
Florida 31 $3,356,022.56 15.50%
Colorado 23 2,312,918.64 10.68%
Louisiana 29 2,276,711.34 10.61%
Ohio 13 1,264,422.37 5.84%
New York 7 1,101,647.45 5.09%
Tennessee 6 822,157.65 3.80%
South Carolina 5 737,740.31 3.41%
Illinois 8 714,375.11 3.30%
Pennsylvania 6 671,408.41 3.10%
Georgia 8 609,584.40 2.81%
Michigan 5 602,941.77 2.78%
Texas 3 517,446.48 2.39%
Wisconsin 7 516,851.63 2.39%
Kentucky 6 515,722.73 2.38%
Mississippi 6 515,049.39 2.38%
Iowa 5 514,490.39 2.38%
North Carolina 5 497,797.51 2.30%
Maryland 3 438,158.58 2.02%
Others * 38 3,671,133.92 16.95%
--- -------------- ------
TOTAL 214 $21,656,580.64 100.00%
=== ============== ======
</TABLE>
* State or Territory Concentration less than or equal to 2.0%
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
14
<PAGE> 15
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
RANGE OF MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF MORTGAGE NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
----------------- --------- ---------------------- ---------------------
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
7.001% to 7.250% 3 $234,900.00 1.08%
7.251% to 7.500% 4 443,723.71 2.05%
7.501% to 7.750% 7 685,053.48 3.16%
7.751% to 8.000% 16 1,640,565.40 7.58%
8.001% to 8.250% 13 1,260,500.66 5.82%
8.251% to 8.500% 10 1,317,394.15 6.08%
8.501% to 8.750% 12 1,835,007.21 8.47%
8.751% to 9.000% 15 1,419,675.50 6.56%
9.001% to 9.250% 11 932,723.57 4.31%
9.251% to 9.500% 12 1,024,423.14 4.73%
9.501% to 9.750% 17 1,640,885.27 7.58%
9.751% to 10.000% 27 2,558,264.81 11.81%
10.001% to 10.250% 12 1,278,949.55 5.91%
10.251% to 10.500% 13 1,310,892.85 6.05%
10.501% to 10.750% 11 1,258,068.12 5.81%
10.751% to 11.000% 8 800,045.74 3.69%
11.001% to 11.250% 3 223,494.61 1.03%
11.251% to 11.500% 3 197,636.96 0.91%
11.501% to 11.750% 7 542,991.69 2.51%
11.751% to 12.000% 5 509,408.88 2.35%
12.001% to 12.250% 1 52,327.95 0.24%
12.251% to 12.500% 1 327,472.52 1.51%
12.501% to 12.750% 2 106,824.30 0.49%
13.251% to 13.500% 1 55,350.57 0.26%
--- -------------- ------
TOTAL 214 $21,656,580.64 100.00%
=== ============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
15
<PAGE> 16
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
ORIGINAL MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
RANGE OF ORIGINAL PERCENT OF ADJUSTABLE RATE
- ----------------- --------------------------
MONTHS TO NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ----------------- -------------- ---------------------- --------------------------
STATED MATURITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ---------------------- --------------------------
<S> <C> <C> <C>
73 to 84 65 $ 6,424,754.89 29.67%
109 to 120 59 $ 6,381,271.84 29.47%
169 to 180 51 $ 5,078,735.15 23.45%
229 to 240 6 $ 364,146.11 1.68%
349 to 360 33 $ 3,407,672.65 15.74%
--- -------------- ------
TOTAL 214 $21,656,560.64 100.00%
=== ============== ======
</TABLE>
MONTHS SINCE ORIGINATION
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF MONTHS NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ----------------- -------------- ---------------------- --------------------------
SINCE ORIGINATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ---------------------- --------------------------
<S> <C> <C> <C>
1 to 6 99 $10,190,622.44 47.06%
7 to 12 98 9,280,975.01 42.86%
Greater than 12 17 2,184,983.19 10.09%
--- -------------- ------
TOTAL 214 $21,656,580.64 100.00%
=== ============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
16
<PAGE> 17
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
GROSS MARGINS
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE RATE
--------------------------
RANGE OF NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
------------- -------------- ---------------------- --------------------------
GROSS MARGINS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------- -------------- ---------------------- --------------------------
<S> <C> <C> <C>
Less than 3.251% 1 $95,270.83 0.44%
3.751% to 4.000% 1 60,457.65 0.28%
4.001% to 4.250% 3 278,114.84 1.28%
4.251% to 4.500% 9 839,005.86 3.87%
4.501% to 4.750% 12 1,413,722.29 6.53%
4.751% to 5.000% 22 1,921,078.73 8.87%
5.001% to 5.250% 35 3,780,030.84 17.45%
5.251% to 5.500% 41 4,699,468.78 21.70%
5.501% to 5.750% 23 2,212,049.32 10.21%
5.751% to 6.000% 21 2,050,608.47 9.47%
6.001% to 6.250% 14 1,325,919.72 6.12%
6.251% to 6.500% 6 657,708.00 3.04%
6.501% to 6.750% 5 651,365.21 3.01%
6.751% to 7.000% 8 735,697.71 3.40%
7.001% to 7.250% 2 168,160.57 0.78%
7.251% to 7.500% 5 380,819.92 1.76%
7.501% to 7.750% 3 261,330.02 1.21%
8.001% to 8.250% 2 80,283.40 0.37%
8.751% to 9.000% 1 45,488.48 0.21%
--- -------------- ------
TOTAL 214 $21,656,580.64 100.00%
=== ============== ======
</TABLE>
NEXT MORTGAGE INTEREST RATE CHANGE
<TABLE>
<CAPTION>
MONTH OF PERCENT OF ADJUSTABLE RATE
- ---------------------- --------------------------
NEXT MORTGAGE INTEREST NUMBER OF AGGREGATE CUT-OFF DATE GROUP BY CUT-OFF DATE
- ---------------------- -------------- ---------------------- --------------------------
RATE CHANGE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ---------------------- -------------- ---------------------- --------------------------
<S> <C> <C> <C>
October 1998 3 $ 226,577.07 1.05%
November 1998 25 2,508,458.03 11.58%
December 1998 23 2,007,707.72 9.27%
January 1999 25 2,613,061.41 12.07%
February 1999 18 2,053,759.66 9.48%
March 1999 22 2,580,140.22 11.91%
April 1999 64 6,399,399.31 29.55%
May 1999 29 2,672,287.22 12.34%
June 1999 5 595,190.00 2.75%
--- -------------- ------
TOTAL 214 $21,656,580.64 100.00%
=== ============== ======
</TABLE>
NationsBanc Montgomery Securities LLC
- -------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
17
<PAGE> 18
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
BOND SUMMARY
<TABLE>
<CAPTION>
A-1F (TO MATURITY)
- ----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 13.17 6.1 4.61 3.65 2.98 2.5 1.86
Modified Duration (yrs.) 8.35 4.6 3.66 3 2.52 2.16 1.66
First Principal Payment Date 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999
Last Principal Payment Date 12/15/2028 12/15/2028 12/15/2028 12/15/2028 12/15/2028 1/15/2028 3/15/2027
Payment Windows (moo.) 360 360 360 360 360 359 339
Yield @ 100.000 5.936 5.953 5.947 5.956 5.961 5.964 5.965
</TABLE>
<TABLE>
<CAPTION>
A-1A (TO MATURITY)
- ----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% CPR 12.0% CPR 18.0% CPR 24.0% CPR 27.0% CPR 30.0% CPR 48.0% CPR
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 11.2 5.68 4.32 3.38 3.02 2.71 1.55
Modified Duration (yrs.) 7.67 4.38 3.46 2.8 2.53 2.3 1.39
First Principal Payment Date 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999
Last Principal Payment Date 4/15/2027 4/15/2027 4/15/2027 4/15/2027 4/15/2027 3/15/2027 6/15/2021
Payment Windows (mos.) 340 340 340 340 340 339 270
Yield @ 100.000 5.954 5.965 5.960 5.971 5.988 6.003 5.987
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
18
<PAGE> 19
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
BOND SUMMARY
<TABLE>
<CAPTION>
A-1F (TO CALL)
- ----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% PPC 50.0% PPC 75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC 200.0% PPC
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00% 48.00%
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 12.92 5.66 4.39 3.4 2.75 2.3 1.71
Modified Duration (yrs.) 8.3 4.42 3.55 2.86 2.38 2.03 1.55
First Principal Payment Date 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999
Last Principal Payment Date 6/15/2024 2/15/2010 5/15/2009 1/15/2007 6/15/2005 4/15/2004 10/15/2002
Principal Windows (mos.) 306 134 125 97 78 64 46
Yield @ 100.000 5.933 5.933 5.933 5.933 5.933 5.933 5.932
</TABLE>
<TABLE>
<CAPTION>
A-1A (TO CALL)
- ----------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption 0.0% CPR 12.0% CPR 18.0% CPR 24.0% CPR 27.0% CPR 30.0% CPR 48.0% CPR
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 11.17 5.46 4.22 3.22 2.76 2.39 1.43
Modified Duration (yrs.) 7.67 4.29 3.42 2.71 2.37 2.09 1.3
First Principal Payment Date 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999 1/15/1999
Last Principal Payment Date 6/15/2024 2/15/2010 5/15/2009 1/15/2007 6/15/2005 4/15/2004 10/15/2002
Principal Windows (mos.) 306 134 125 97 78 64 46
Yield @ 100.000 5.954 5.954 5.954 5.954 5.953 5.953 5.953
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
19
<PAGE> 20
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
AVAILABLE FUNDS CAP ("AFC")*
<TABLE>
<CAPTION>
Period Pay Date AFC Period Pay Date AFC Period Pay Date AFC
- ------ ---------- ---- ------ ---------- ----- ------ ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 1/15/1999 9.11 27 3/15/2001 10.18 53 5/15/2003 9.50
2 2/15/1999 8.61 28 4/15/2001 9.19 54 6/15/2003 9.19
3 3/15/1999 9.60 29 5/15/2001 9.50 55 7/15/2003 9.50
4 4/15/1999 8.77 30 6/15/2001 9.19 56 8/15/2003 9.19
5 5/15/1999 9.14 31 7/15/2001 9.50 57 9/15/2003 9.19
6 6/15/1999 9.03 32 8/15/2001 9.19 58 10/15/2003 9.50
7 7/15/1999 9.71 33 9/15/2001 9.19 59 11/15/2003 9.19
8 8/15/1999 9.39 34 10/15/2001 9.50 60 12/15/2003 9.50
9 9/15/1999 9.39 35 11/15/2001 9.19 61 1/15/2004 9.19
10 10/15/1999 9.71 36 12/15/2001 9.50 62 2/15/2004 9.19
11 11/15/1999 9.41 37 1/15/2002 9.19 63 3/15/2004 9.83
12 12/15/1999 9.76 38 2/15/2002 9.19 64 4/15/2004 9.19
13 1/15/2000 9.19 39 3/15/2002 10.18 65 5/15/2004 9.50
14 2/15/2000 9.19 40 4/15/2002 9.19 66 6/15/2004 9.19
15 3/15/2000 9.83 41 5/15/2002 9.50 67 7/15/2004 9.50
16 4/15/2000 9.19 42 6/15/2002 9.19 68 8/15/2004 9.19
17 5/15/2000 9.50 43 7/15/2002 9.50 69 9/15/2004 9.19
18 6/15/2000 9.19 44 8/15/2002 9.19 70 10/15/2004 9.50
19 7/15/2000 9.50 45 9/15/2002 9.19 71 11/15/2004 9.19
20 8/15/2000 9.19 46 10/15/2002 9.50 72 12/15/2004 9.50
21 9/15/2000 9.19 47 11/15/2002 9.19 73 1/15/2005 9.19
22 10/15/2000 9.50 48 12/15/2002 9.50 74 2/15/2005 9.19
23 11/15/2000 9.19 49 1/15/2003 9.19 75 3/15/2005 10.18
24 12/15/2000 9.50 50 2/15/2003 9.19 76 4/15/2005 9.19
25 1/15/2001 9.19 51 3/15/2003 10.18 77 5/15/2005 9.50
26 2/15/2001 9.19 52 4/15/2003 9.19 78 6/15/2005 9.19
</TABLE>
*AVAILABLE FUNDS CAP. The Adjustable Rate Group loan net WAC (net of Ongoing
Fees). Achieved assuming 6 month LIBOR stays constant at 5.19125%; run at the
pricing speed.
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
20
<PAGE> 21
EQCC HOME EQUITY LOAN TRUST 1998-4
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
AVAILABLE FUNDS CAP ("AFC")**
<TABLE>
<CAPTION>
Period Pay Date AFC Period Pay Date AFC Period Pay Date AFC
- ------ ---------- ----- ------ ---------- ----- ------ ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 1/15/1999 9.11 27 3/15/2001 13.40 53 5/15/2003 15.95
2 2/15/1999 8.63 28 4/15/2001 12.24 54 6/15/2003 15.44
3 3/15/1999 9.65 29 5/15/2001 12.73 55 7/15/2003 15.95
4 4/15/1999 8.86 30 6/15/2001 12.51 56 8/15/2003 15.44
5 5/15/1999 9.23 31 7/15/2001 13.30 57 9/15/2003 15.44
6 6/15/1999 9.12 32 8/15/2001 12.99 58 10/15/2003 15.95
7 7/15/1999 9.80 33 9/15/2001 13.07 59 11/15/2003 15.44
8 8/15/1999 9.60 34 10/15/2001 13.65 60 12/15/2003 15.95
9 9/15/1999 9.69 35 11/15/2001 13.29 61 1/15/2004 15.44
10 10/15/1999 10.15 36 12/15/2001 13.93 62 2/15/2004 15.44
11 11/15/1999 9.90 37 1/15/2002 13.84 63 3/15/2004 16.50
12 12/15/1999 10.43 38 2/15/2002 13.96 64 4/15/2004 15.44
13 1/15/2000 9.97 39 3/15/2002 15.55 65 5/15/2004 15.95
14 2/15/2000 10.09 40 4/15/2002 14.16 66 6/15/2004 15.44
15 3/15/2000 10.87 41 5/15/2002 14.70 67 7/15/2004 15.95
16 4/15/2000 10.31 42 6/15/2002 14.41 68 8/15/2004 15.44
17 5/15/2000 10.73 43 7/15/2002 15.27 69 9/15/2004 15.44
18 6/15/2000 10.58 44 8/15/2002 14.85 70 10/15/2004 15.95
19 7/15/2000 11.30 45 9/15/2002 14.87 71 11/15/2004 15.44
20 8/15/2000 11.05 46 10/15/2002 15.45 72 12/15/2004 15.95
21 9/15/2000 11.14 47 11/15/2002 14.97 73 1/15/2005 15.44
22 10/15/2000 11.65 48 12/15/2002 15.61 74 2/15/2005 15.44
23 11/15/2000 11.35 49 1/15/2003 15.44 75 3/15/2005 17.09
24 12/15/2000 11.93 50 2/15/2003 15.44 76 4/15/2005 15.44
25 1/15/2001 11.91 51 3/15/2003 17.09 77 5/15/2005 15.95
26 2/15/2001 12.02 52 4/15/2003 15.44 78 6/15/2005 15.44
</TABLE>
** Achieved assuming 6 month LIBOR increases to a level beyond the highest
maximum obtainable rate on the underlying adjustable rate mortgage loans; run at
the pricing speed.
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy and security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for this issuer in connection with the proposed transaction.
21
