<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: September 8, 1998
(Date of earliest event reported)
Commission File No. 333-48053
EQCC Receivables Corporation
EQCC Asset Backed Corporation
<TABLE>
<S> <C>
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)
</TABLE>
(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")) prepared by NationsBanc
Montgomery Securities LLC, which are hereby filed pursuant to such
letter.
-2-
<PAGE> 3
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
September 8, 1998
By: /s/ Lenore Hanapel
------------------------------
Name: Lenore Hanapel
Title: Senior Vice President
EQCC ASSET BACKED CORPORATION
September 8, 1998
By: /s/ Lenore Hanapel
------------------------------
Name: Lenore Hanapel
Title: Senior Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
<S> <C> <C>
(99) Computational Materials E
prepared by NationsBanc Montgomery
Securities LLC in connection with
EQCC Home Equity Loan Asset Backed
Certificates, Series 1998-3
</TABLE>
4
<PAGE> 1
EQCC Home Equity Loan Trust 1998-3
EQCC Home Equity Loan Asset Backed Certificates, Series 1998-3
OFFERED CERTIFICATES
<TABLE>
<CAPTION>
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PRINCIPAL PRINCIPAL FINAL
EXPECTED AVERAGE MODIFIED WINDOW WINDOW SCHEDULED
CLASS RATINGS APPROXIMATE LIFE DURATION (TO MATURITY) (TO CALL) PAYMENT
CLASS DESCRIPTION S&P/MOODY'S SIZE (YEARS) (YEARS) IN MONTHS IN MONTHS DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F Floater AAA/Aaa $706,599,709 2.75 2.38 1 to 359 1 to 78 03/15/2005
- -----------------------------------------------------------------------------------------------------------------------------------
A-1A Floater AAA/Aaa 39,251,140 2.73 2.35 1 to 345 1 to 78 03/15/2005
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------
FINAL
LEGAL * SPREAD
MATURITY REQUIREMENT
DATE
- ------------------------------------
<S> <C>
10/15/2029 2.25%
- ------------------------------------
10/15/2029 2.25%
- ------------------------------------
</TABLE>
* The initial spread requirement will be 0.0% increasing to 2.25% of the
original unpaid principal balance. Beginning month 31 the spread
requirement will be 4.50% based on the current unpaid principal
balance.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1F CERTIFICATES: CLASS A-1A CERTIFICATES:
<S> <C> <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 10/15/98 with 2. The Class A-1A is payable monthly
accrual from Closing Date. Class A-1F resets monthly to One-Month (actual/360) starting 10/15/98 with
LIBOR plus [ ]%. accrual from Closing Date. Class A-1A
resets monthly to One-Month LIBOR plus
[ ]%.
3. The Class A-1F is subject to the terms of the Cap Feature described 3. Class A-1A is subject to an Available
herein, creating a floating rate certificate with no cap. Funds Cap.
4. Optional Call is 10%. If the Mortgage Loans are not called, the margin on 4. Optional Call is 10%. If the Mortgage
the Class A-1F Certificates will increase by a multiple of 2. Loans are not called, the margin on the
Class A-1A Certificates will increase by
a multiple of 2.
5. The Class A-1F is priced to call. 5. Class A-1A is priced to call.
6. Fixed Rate Mortgage Loan Group pricing speeds: 125% Prepayment 6. Adjustable Rate Mortgage Loan Group
Assumption, where 100% Prepayment Assumption is equal to 4.0% CPR in month 1, pricing speeds: 27% CPR beginning in
and an additional 1.8182% in each month thereafter until month 12; on and month 1.
thereafter, 24% CPR.
</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 any 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 the issuer in connection with the proposed transaction. 09/03/98
2
<PAGE> 2
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
<TABLE>
<CAPTION>
SUMMARY OF TERMS
<S> <C>
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 NationsBank Corporation.
SERVICER: EquiCredit Corporation of America, a wholly owned
subsidiary of EquiCredit Corporation, which itself is
an indirect wholly owned subsidiary of NationsBank
Corporation.
As of June 30, 1998, EquiCredit serviced a total loan
portfolio of 127,772 mortgage loans, having an
aggregate unpaid principal balance of $6.0 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, an affiliate of First
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: September 1, 1998
EXPECTED
PRICING DATE: September [ ], 1998
EXPECTED
CLOSING DATE: September [25], 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 October 15, 1998.
INTEREST RATE
CAP PROVIDER: The interest rate cap provider is NationsBanc
Financial Products, Inc., (the "Cap
Provider") a bankruptcy remote derivatives product
company based in Chicago, Illinois and has been
established as a wholly-owned subsidiary of
NationsBank, N.A.. The Cap Provider is in the
business of providing interest rate and currency
derivatives, including swaps and caps. The Cap
Provider has been assigned a "AAA" rating from S&P
and Fitch and "Aaa" from Moody's.
</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 any 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 the issuer in connection with the proposed transaction. 09/03/98
3
<PAGE> 3
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
<TABLE>
<S> <C>
CAP FEATURE: On or prior to the Closing Date, the Trustee, on
behalf of the Trust, will purchase an Interest Rate
Cap from the Cap Provider. The Interest Rate Cap will
be for the exclusive benefit of the Class A-1F
Certificateholders. The Trustee will assign to the
Trust, for the benefit of the Class A-1F
Certificateholders, all of its rights under the
Interest Rate Cap.
The notional amount of the Interest Rate Cap (the
"Notional Amount") will reduce over time parallel
with the reduction in the Principal Balance of the
Class A-1F Certificates, but at all times prior to
the termination of the Interest Rate Cap will equal
or exceed the Principal Balance of the Class A-1F
Certificates.
For each Accrual Period in which One-Month LIBOR
exceeds the One-Month LIBOR rate used to determine
the Class A-1F Pass-Through Rate in the initial
Accrual Period (the "Initial LIBOR Rate"), the Cap
Provider 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 Interest Rate Cap will terminate on the earlier
of the Payment Date on which the Class A-1F
Certificates are paid in full or the day following
the Legal Final Maturity Date of the Class A-1F
Certificates.
INTEREST
CALCULATION: The Class A-1F Certificates are payable monthly
starting 10/15/98 and reset monthly on an actual/360
basis to One-Month LIBOR plus [ ]%. If the Mortgage
Loans are not called, the margin on the Class A-1F
Certificates will increase by a multiple of 2.
The Class A-1A Certificates are payable monthly
starting 10/15/98 and reset monthly on an actual/360
basis to One-Month LIBOR plus [ ]% in the case of
each Payment Date through and including the Payment
Date on which the aggregate principal balance of the
Adjustable Rate Mortgage Loans is reduced to 10% or
less of the aggregate principal balance of the
Adjustable Rate Mortgage Loans as of the Cut-off
Date, or One-Month LIBOR plus [ ]%, in the case of
any Payment Date thereafter or the Available Funds
Cap. If the Mortgage Loans are not called, the margin
on the Class A-1A Certificates will increase by a
multiple of 2.
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: The Interest Carryover for any Payment Date shall
(A-1A ONLY) 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.
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
4
<PAGE> 4
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
<TABLE>
<S> <C>
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: The Class A-1F Certificates WILL NOT constitute
"mortgage related securities" for purposes of SMMEA.
The Class A-1A Certificates WILL constitute "mortgage
related securities" for purposes of SMMEA.
CERTIFICATE
INSURER: Ambac Assurance Corporation ("AMBAC")
RATING
AGENCIES: S&P and Moody's.
MORTGAGE
LOAN GROUP: 12,636 primarily conventional, fully-amortizing,
first and second lien, fixed rate closed end, one- to
four-family residential mortgage loans, with
remaining terms to maturity ranging from
approximately 17 months to 360 months.
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)
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
5
<PAGE> 5
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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 $706,599,708.57
Number of Loans 12,214
Average Original Loan Balance $58,086.26 $5,000.00 $595,000.00
Average Current Loan Balance $57,851.62 $1,016.05 $594,253.93
Weighted Average Combined Current LTV 79.39% 7.98% 100.00%
Weighted Average Gross Coupon 10.14% 6.65% 17.00%
Weighted Average Remaining Term to Maturity (months) 198.16 17 360
Weighted Average Original Term (months) 199.19 48 360
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
PERCENT OF
CUT-OFF DATE
RANGE PRINCIPAL BALANCE
----- -----------------
<S> <C> <C>
Level Pay Mortgage Loans 57.54%
Balloon Mortgage Loans 42.46%
Lien Position First 81.04%
Second 18.96%
Property Type Single Family 91.54%
2-4 Family 6.23%
Manufactured 0.59%
Multi Family 0.64%
Townhouse 0.46%
Condominium 0.55%
Occupancy Status Owner Occupied 95.07%
Non-owner Occupied 4.87%
Second Home 0.05%
Geographic Concentration Florida 11.49%
New York 8.88%
Ohio 7.30%
Pennsylvania 6.00%
California 5.52%
Other 60.81%
Credit Grade A 58.52%
B 25.30%
C 15.13%
D 1.05%
- ---------------------------------------------------------------------------------------------------------------------------------
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
6
<PAGE> 6
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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 1,685 $25,130,236.41 3.56%
20,000.01 to 30,000.00 1,774 45,404,746.84 6.43%
30,000.01 to 40,000.00 1,719 60,814,486.39 8.61%
40,000.01 to 50,000.00 1,642 74,806,408.25 10.59%
50,000.01 to 60,000.00 1,303 71,896,774.71 10.18%
60,000.01 to 70,000.00 885 57,466,827.65 8.13%
70,000.01 to 80,000.00 738 55,249,597.73 7.82%
80,000.01 to 90,000.00 518 44,230,892.14 6.26%
90,000.01 to 100,000.00 427 40,610,962.72 5.75%
100,000.01 to 110,000.00 292 30,722,700.74 4.35%
110,000.01 to 120,000.00 259 29,792,915.81 4.22%
120,000.01 to 130,000.00 187 23,427,749.80 3.32%
130,000.01 to 140,000.00 152 20,495,439.79 2.90%
140,000.01 to 150,000.00 97 14,084,053.48 1.99%
150,000.01 to 160,000.00 90 13,973,916.99 1.98%
160,000.01 to 170,000.00 62 10,283,441.53 1.46%
170,000.01 to 180,000.00 44 7,746,401.90 1.10%
180,000.01 to 190,000.00 52 9,659,730.58 1.37%
190,000.01 to 200,000.00 39 7,637,217.15 1.08%
200,000.01 to 225,000.00 59 12,573,300.72 1.78%
225,000.01 to 250,000.00 90 21,384,426.57 3.03%
250,000.01 to 275,000.00 38 9,976,535.79 1.41%
275,000.01 to 300,000.00 38 10,861,842.30 1.54%
300,000.01 to 325,000.00 13 4,072,364.25 0.58%
325,000.01 to 350,000.00 5 1,688,817.14 0.24%
375,000.01 to 400,000.00 3 1,185,467.26 0.17%
400,000.01 to 425,000.00 2 828,200.00 0.12%
575,000.01 to 600,000.00 1 594,253.93 0.08%
------ --------------- ------
TOTAL 12,214 $706,599,708.57 100.00%
====== =============== ======
</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 any 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 the issuer in connection with the proposed transaction. 09/03/98
7
<PAGE> 7
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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 1,575 $ 81,216,524.53 11.49%
New York 715 62,774,998.29 8.88%
Ohio 885 51,556,114.60 7.30%
Pennsylvania 836 42,365,634.80 6.00%
California 669 38,982,438.08 5.52%
Maryland 496 37,879,295.63 5.36%
Michigan 506 29,777,308.17 4.21%
Illinois 425 24,977,034.50 3.53%
Indiana 535 24,258,532.86 3.43%
Tennessee 383 22,942,132.80 3.25%
Connecticut 287 22,588,624.10 3.20%
Massachusetts 316 21,911,498.60 3.10%
North Carolina 406 20,737,788.05 2.93%
South Carolina 382 19,762,643.44 2.80%
Minnesota 351 19,525,622.27 2.76%
Virginia 349 17,885,823.93 2.53%
Georgia 316 16,606,590.24 2.35%
Others* 2,782 150,851,103.68 21.35%
------ --------------- ------
TOTAL 12,214 $706,599,708.57 100.00%
====== =============== ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
8
<PAGE> 8
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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% 5 $ 131,406.50 0.02%
10.01% to 15.00% 17 455,269.97 0.06%
15.01% to 20.00% 39 782,357.78 0.11%
20.01% to 25.00% 52 1,484,031.61 0.21%
25.01% to 30.00% 76 2,442,864.96 0.35%
30.01% to 35.00% 82 2,460,715.67 0.35%
35.01% to 40.00% 110 3,232,146.83 0.46%
40.01% to 45.00% 121 4,397,931.75 0.62%
45.01% to 50.00% 230 8,713,760.35 1.23%
50.01% to 55.00% 204 9,076,454.24 1.28%
55.01% to 60.00% 327 15,161,153.10 2.15%
60.01% to 65.00% 388 19,766,746.64 2.80%
65.01% to 70.00% 808 46,587,059.91 6.59%
70.01% to 75.00% 1,557 99,435,615.02 14.07%
75.01% to 80.00% 2,402 161,377,832.41 22.84%
80.01% to 85.00% 2,499 168,782,247.74 23.89%
85.01% to 90.00% 1,445 93,429,364.30 13.22%
90.01% to 95.00% 471 30,683,357.47 4.34%
95.01% to 100.00% 1,381 38,199,392.32 5.41%
------ ---------------- -------
TOTAL 12,214 $ 706,599,708.57 100.00%
====== ================ =======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
9
<PAGE> 9
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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>
6.501% to 6.750% 2 $ 199,400.00 0.03%
6.751% to 7.000% 2 87,509.21 0.01%
7.001% to 7.250% 14 1,371,916.32 0.19%
7.251% to 7.500% 33 2,978,514.52 0.42%
7.501% to 7.750% 64 5,767,867.86 0.82%
7.751% to 8.000% 150 13,745,903.76 1.95%
8.001% to 8.250% 128 10,499,083.47 1.49%
8.251% to 8.500% 282 23,903,876.15 3.38%
8.501% to 8.750% 302 26,519,069.84 3.75%
8.751% to 9.000% 662 51,116,623.29 7.23%
9.001% to 9.250% 478 37,707,833.84 5.34%
9.251% to 9.500% 685 45,522,495.91 6.44%
9.501% to 9.750% 1,056 69,943,851.02 9.90%
9.751% to 10.000% 1,131 72,669,375.75 10.28%
10.001% to 10.250% 755 45,528,395.51 6.44%
10.251% to 10.500% 1,169 62,384,719.91 8.83%
10.501% to 10.750% 995 56,785,800.92 8.04%
10.751% to 11.000% 672 41,223,370.51 5.83%
11.001% to 11.250% 644 30,023,382.16 4.25%
11.251% to 11.500% 478 22,961,865.50 3.25%
11.501% to 11.750% 292 14,558,009.17 2.06%
11.751% to 12.000% 315 13,898,841.82 1.97%
12.001% to 12.250% 294 11,274,532.51 1.60%
12.251% to 12.500% 144 5,542,851.06 0.78%
12.501% to 12.750% 284 9,312,485.60 1.32%
12.751% to 13.000% 123 4,516,785.41 0.64%
13.001% to 13.250% 617 14,911,338.10 2.11%
13.251% to 13.500% 88 3,108,758.12 0.44%
13.501% to 13.750% 99 2,753,439.95 0.39%
13.751% to 14.000% 180 4,432,782.18 0.63%
14.001% to 14.250% 42 927,205.30 0.13%
14.251% to 14.500% 8 181,881.40 0.03%
14.501% to 14.750% 1 5,000.00 0.00%
14.751% to 15.000% 6 75,781.52 0.01%
15.001% to 15.250% 12 86,488.02 0.01%
15.251% to 15.500% 1 8,674.80 0.00%
15.501% to 15.750% 1 6,690.56 0.00%
15.751% to 16.000% 3 30,680.91 0.00%
16.001% to 17.000% 2 26,626.69 0.00%
------ ---------------- ------
TOTAL 12,214 $ 706,599,708.57 100.00%
====== ================ ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
10
<PAGE> 10
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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>
37 to 48 2 $ 65,659.42 0.01%
49 to 60 45 803,307.21 0.11%
61 to 72 5 104,767.80 0.01%
73 to 84 448 31,662,654.23 4.48%
85 to 96 7 222,699.38 0.03%
97 to 108 2 135,442.12 0.02%
109 to 120 2,814 209,546,919.51 29.66%
121 to 132 2 76,580.92 0.01%
133 to 144 10 307,163.47 0.04%
145 to 156 4 177,351.88 0.03%
157 to 168 3 169,258.41 0.02%
169 to 180 6,271 267,441,628.04 37.85%
229 to 240 786 46,743,240.56 6.62%
289 to 300 1 78,925.94 0.01%
349 to 360 1,814 149,064,109.68 21.10%
------ ---------------- -------
TOTAL 12,214 $ 706,599,708.57 100.00%
====== ================ =======
</TABLE>
MONTHS SINCE ORIGINATION
<TABLE>
<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>
Less than 1 1 $ 62,869.71 0.01%
1 to 6 11,834 681,508,010.07 96.45%
7 to 12 268 22,563,769.49 3.19%
Greater than 12 111 2,465,059.30 0.35%
------ ---------------- ------
TOTAL 12,214 $ 706,599,708.57 100.00%
====== ================ ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
11
<PAGE> 11
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
<TABLE>
<CAPTION>
SUMMARY
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL MINIMUM MAXIMUM
----- ------- -------
<S> <C> <C> <C>
Cut-off Date Aggregate Principal Balance $39,251,140.34
Number of Loans 422
Average Original Loan Balance $ 93,341.97 $20,000.00 $281,500.00
Average Current Loan Balance $ 93,012.18 $ 5,650.22 $281,500.00
Weighted Average Combined LTV 81.69% 9.19% 100.00%
Weighted Average Gross Coupon 8.53% 6.74% 12.00%
Weighted Average Remaining Term to Maturity (months) 132.34 62 360
Weighted Average Original Term (months) 135.48 83 360
Weighted Average Gross Margin 5.11% 4.10% 7.70%
Weighted Average Gross Lifetime Cap 16.84% 15.75% 22.00%
Weighted Average Gross Lifetime Floor 8.44% 6.74% 11.35%
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 11.45%
Balloon Mortgage Loans 88.55%
Product Type 6 Month LIBOR
Lien Position First 100.00%
Property Type Single Family 96.06%
2-4 Family 2.20%
Condominium 0.64%
Townhouse 0.87%
Manufactured 0.23%
Occupancy Status Owner Occupied 99.62%
Non-owner Occupied 0.38%
Geographic Concentration Ohio 18.07%
Michigan 12.88%
Illinois 8.61%
Wisconsin 5.61%
North Carolina 4.89%
Other 49.94%
Credit Grade A 57.43%
B 25.62%
C 16.74%
D 0.22%
- --------------------------------------------------------------------------------------------------------------------------------
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
12
<PAGE> 12
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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>
$ 0.01 to $ 20,000.00 2 $ 25,399.94 0.06%
20,000.01 to 30,000.00 7 190,399.76 0.49%
30,000.01 to 40,000.00 18 632,342.53 1.61%
40,000.01 to 50,000.00 19 862,021.27 2.20%
50,000.01 to 60,000.00 66 3,625,336.95 9.24%
60,000.01 to 70,000.00 45 2,934,604.91 7.48%
70,000.01 to 80,000.00 44 3,309,466.82 8.43%
80,000.00 to 90,000.00 41 3,496,754.21 8.91%
90,000.01 to 100,000.00 31 2,961,316.59 7.54%
100,000.01 to 110,000.00 34 3,536,189.36 9.01%
110,000.01 to 120,000.00 26 2,961,341.78 7.54%
120,000.01 to 130,000.00 16 1,993,248.26 5.08%
130,000.01 to 140,000.00 16 2,142,500.45 5.46%
140,000.01 to 150,000.00 7 1,018,430.50 2.59%
150,000.01 to 160,000.00 13 2,010,011.87 5.12%
160,000.01 to 170,000.00 9 1,489,162.47 3.79%
170,000.01 to 180,000.00 3 529,482.08 1.35%
180,000.01 to 190,000.00 1 181,430.84 0.46%
190,000.01 to 200,000.00 5 986,370.82 2.51%
200,000.01 to 225,000.00 9 1,906,921.61 4.86%
225,000.01 to 250,000.00 7 1,655,512.24 4.22%
250,000.01 to 275,000.00 2 521,395.08 1.33%
275,000.01 to 300,000.00 1 281,500.00 0.72%
--- --------------- ------
TOTAL 422 $ 39,251,140.34 100.00%
=== =============== ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
13
<PAGE> 13
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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>
Ohio 85 $ 7,092,441.44 18.07%
Michigan 50 5,055,714.15 12.88%
Illinois 35 3,380,296.26 8.61%
Wisconsin 30 2,202,182.67 5.61%
North Carolina 23 1,917,945.85 4.89%
California 8 1,532,317.27 3.90%
Minnesota 13 1,518,318.20 3.87%
Indiana 22 1,293,883.71 3.30%
Missouri 18 1,247,673.24 3.18%
Florida 14 1,151,264.95 2.93%
Massachusetts 7 1,143,954.97 2.91%
Arizona 11 1,134,682.50 2.89%
Maryland 11 1,109,439.03 2.83%
Washington 8 984,029.41 2.51%
Others * 87 8,486,996.69 21.62%
--- --------------- -------
TOTAL 422 $ 39,251,140.34 100.00%
=== =============== =======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
14
<PAGE> 14
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
COMBINED LOAN-TO-VALUE
<TABLE>
<CAPTION>
PERCENT OF ADJUSTABLE 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% 1 $ 5,650.22 0.01%
15.01% to 20.00% 1 19,749.72 0.05%
25.01% to 30.00% 1 85,000.00 0.22%
35.01% to 40.00% 2 238,372.45 0.61%
40.01% to 45.00% 1 198,460.48 0.51%
45.01% to 50.00% 3 144,548.69 0.37%
50.01% to 55.00% 7 379,731.56 0.97%
55.01% to 60.00% 4 383,461.94 0.98%
60.01% to 65.00% 12 693,785.97 1.77%
65.01% to 70.00% 18 1,632,808.23 4.16%
70.01% to 75.00% 61 5,138,080.06 13.09%
75.01% to 80.00% 78 7,400,122.29 18.85%
80.01% to 85.00% 119 11,615,184.79 29.59%
85.01% to 90.00% 70 6,715,667.68 17.11%
90.01% to 95.00% 41 4,370,879.59 11.14%
95.01% to 100.00% 3 229,636.67 0.59%
--- -------------- ------
TOTAL 422 $39,251,140.34 100.00%
=== ============== ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
15
<PAGE> 15
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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>
6.501% to 6.750% 3 $ 266,676.18 0.68%
6.751% to 7.000% 1 104,500.00 0.27%
7.001% to 7.250% 6 551,971.98 1.41%
7.251% to 7.500% 21 2,262,111.80 5.76%
7.501% to 7.750% 19 1,725,703.02 4.40%
7.751% to 8.000% 66 6,643,402.06 16.93%
8.001% to 8.250% 77 7,110,591.39 18.12%
8.251% to 8.500% 56 5,856,004.49 14.92%
8.501% to 8.750% 40 3,817,435.90 9.73%
8.751% to 9.000% 43 3,631,437.01 9.25%
9.001% to 9.250% 21 2,166,911.20 5.52%
9.251% to 9.500% 13 1,143,833.85 2.91%
9.501% to 9.750% 13 1,063,304.81 2.71%
9.751% to 10.000% 23 1,515,186.02 3.86%
10.001% to 10.250% 8 650,390.19 1.66%
10.251% to 10.500% 3 120,201.43 0.31%
10.501% to 10.750% 4 273,099.70 0.70%
10.751% to 11.000% 2 120,814.28 0.31%
11.251% to 11.500% 1 83,972.25 0.21%
11.501% to 11.750% 1 29,717.90 0.08%
11.751% to 12.000% 1 113,874.88 0.29%
--- --------------- ------
TOTAL 422 $ 39,251,140.34 100.00%
=== =============== ======
</TABLE>
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 84 113 $ 11,339,095.08 28.89%
109 to 120 226 21,031,130.46 53.58%
169 to 180 39 3,280,747.91 8.36%
229 to 240 2 86,845.27 0.22%
349 to 360 42 3,513,321.62 8.95%
---- --------------- ------
TOTAL 422 $ 39,251,140.34 100.00%
==== =============== ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
16
<PAGE> 16
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
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 6 387 $35,839,932.46 91.31%
7 to 12 29 2,968,285.08 7.56%
Greater than 12 6 442,922.80 1.13%
--- -------------- ------
TOTAL 422 $39,251,140.34 100.00%
=== ============== ======
</TABLE>
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>
4.001% to 4.250% 12 $ 1,124,006.53 2.86%
4.251% to 4.500% 36 3,445,345.96 8.78%
4.501% to 4.750% 17 1,265,127.30 3.22%
4.751% to 5.000% 108 11,173,189.70 28.47%
5.001% to 5.250% 114 10,792,414.61 27.50%
5.251% to 5.500% 36 3,860,809.35 9.84%
5.501% to 5.750% 55 4,361,026.80 11.11%
5.751% to 6.000% 31 2,144,500.51 5.46%
6.001% to 6.250% 4 407,089.00 1.04%
6.251% to 6.500% 5 353,123.28 0.90%
6.501% to 6.750% 1 71,105.94 0.18%
6.751% to 7.000% 2 169,429.11 0.43%
7.501% to 7.750% 1 83,972.25 0.21%
--- --------------- ------
TOTAL 422 $ 39,251,140.34 100.00%
=== =============== ======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
17
<PAGE> 17
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
DESCRIPTION OF THE COLLATERAL
ADJUSTABLE RATE MORTGAGE LOAN GROUP
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>
September 1998 79 $ 7,254,244.88 18.48%
October 1998 105 9,820,489.02 25.02%
November 1998 50 5,013,867.59 12.77%
December 1998 43 3,582,660.79 9.13%
January 1999 48 4,096,062.83 10.44%
February 1999 42 4,213,320.76 10.73%
March 1999 55 5,270,494.47 13.43%
--- --------------- -------
TOTAL 422 $ 39,251,140.34 100.00%
=== =============== =======
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
18
<PAGE> 18
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00%
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 12.45 6.01 4.58 3.63 2.97 2.49
Modified Duration (yrs.) 8.10 4.56 3.64 2.99 2.52 2.16
First Principal Payment Date 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Principal Payment Date 08/15/2028 08/15/2028 08/15/2028 08/15/2028 08/15/2028 08/15/2028
Payment Windows (mos.) 359 359 359 359 359 359
Yield @ 100.000 5.932 5.936 5.934 5.937 5.938 5.939
<CAPTION>
- -----------------------------------------------
% of Prepay Assumption 200.0% PPC
Implied Seasoned CPR 48.00%
- -----------------------------------------------
<S> <C>
Average Life (yrs.) 1.85
Modified Duration (yrs.) 1.65
First Principal Payment Date 10/15/1998
Last Principal Payment Date 05/15/2026
Payment Windows (mos.) 332
Yield @ 100.000 5.939
<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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 9.95 5.42 4.19 3.32 2.97 2.67
Modified Duration (yrs.) 7.10 4.24 3.39 2.75 2.50 2.27
First Principal Payment Date 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Principal Payment Date 06/15/2027 06/15/2027 06/15/2027 06/15/2027 06/15/2027 05/15/2027
Payment Windows (mos.) 345 345 345 345 345 344
Yield @ 100.000 5.983 5.985 5.984 5.987 5.994 5.999
<CAPTION>
A-1A (TO MATURITY)
- -------------------------------------------------
% of Prepay Assumption 48.0% CPR
- -------------------------------------------------
<S> <C>
Average Life (yrs.) 1.52
Modified Duration (yrs.) 1.36
First Principal Payment Date 10/15/1998
Last Principal Payment Date 01/15/2022
Payment Windows (mos.) 280
Yield @ 100.000 5.994
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
19
<PAGE> 19
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
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
Implied Seasoned CPR 0.00% 12.00% 18.00% 24.00% 30.00% 36.00%
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 12.09 5.61 4.39 3.40 2.75 2.30
Modified Duration (yrs.) 8.02 4.39 3.55 2.86 2.38 2.03
First Principal Payment Date 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Principal Payment Date 04/15/2022 06/15/2009 01/15/2009 10/15/2006 03/15/2005 02/15/2004
Principal Windows (mos.) 283 129 124 97 78 65
Yield @ 100.000 5.931 5.931 5.931 5.930 5.930 5.930
<CAPTION>
- ------------------------------------------------
% of Prepay Assumption 200.0% PPC
Implied Seasoned CPR 48.00%
- ------------------------------------------------
<S> <C>
Average Life (yrs.) 1.70
Modified Duration (yrs.) 1.55
First Principal Payment Date 10/15/1998
Last Principal Payment Date 07/15/2002
Principal Windows (mos.) 46
Yield @ 100.000 5.928
</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
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 9.87 5.28 4.14 3.20 2.73 2.38
Modified Duration (yrs.) 7.08 4.19 3.37 2.69 2.35 2.08
First Principal Payment Date 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Principal Payment Date 04/15/2022 06/15/2009 01/15/2009 10/15/2006 03/15/2005 02/15/2004
Principal Windows (mos.) 283 129 124 97 78 65
Yield @ 100.000 5.982 5.982 5.982 5.982 5.981 5.982
<CAPTION>
A-1A (TO CALL)
- -------------------------------------------------
% of Prepay Assumption 48.0% CPR
- -------------------------------------------------
<S> <C>
Average Life (yrs.) 1.40
Modified Duration (yrs.) 1.28
First Principal Payment Date 10/15/1998
Last Principal Payment Date 07/15/2002
Principal Windows (mos.) 46
Yield @ 100.000 5.980
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
20
<PAGE> 20
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
AVAILABLE FUNDS CAP ("AFC")*
<TABLE>
<CAPTION>
Period Pay Date AFC Period Pay Date AFC
------ -------- --- ------ -------- ---
<S> <C> <C> <C> <C> <C>
1 10/15/98 11.76 41 2/15/02 9.18
2 11/15/98 7.80 42 3/15/02 10.16
3 12/15/98 8.26 43 4/15/02 9.18
4 1/15/99 8.15 44 5/15/02 9.48
5 2/15/99 8.24 45 6/15/02 9.18
6 3/15/99 9.13 46 7/15/02 9.48
7 4/15/99 8.55 47 8/15/02 9.18
8 5/15/99 9.05 48 9/15/02 9.18
9 6/15/99 8.96 49 10/15/02 9.48
10 7/15/99 9.42 50 11/15/02 9.18
11 8/15/99 9.20 51 12/15/02 9.48
12 9/15/99 9.20 52 1/15/03 9.18
13 10/15/99 9.32 53 2/15/03 9.18
14 11/15/99 9.05 54 3/15/03 10.16
15 12/15/99 9.39 55 4/15/03 9.18
16 1/15/00 9.14 56 5/15/03 9.48
17 2/15/00 9.14 57 6/15/03 9.18
18 3/15/00 9.77 58 7/15/03 9.48
19 4/15/00 9.18 59 8/15/03 9.18
20 5/15/00 9.48 60 9/15/03 9.18
21 6/15/00 9.18 61 10/15/03 9.48
22 7/15/00 9.48 62 11/15/03 9.18
23 8/15/00 9.18 63 12/15/03 9.48
24 9/15/00 9.18 64 1/15/04 9.18
25 10/15/00 9.48 65 2/15/04 9.18
26 11/15/00 9.18 66 3/15/04 9.81
27 12/15/00 9.48 67 4/15/04 9.18
28 1/15/01 9.18 68 5/15/04 9.48
29 2/15/01 9.18 69 6/15/04 9.18
30 3/15/01 10.16 70 7/15/04 9.48
31 4/15/01 9.18 71 8/15/04 9.18
32 5/15/01 9.48 72 9/15/04 9.18
33 6/15/01 9.18 73 10/15/04 9.48
34 7/15/01 9.48 74 11/15/04 9.18
35 8/15/01 9.18 75 12/15/04 9.48
36 9/15/01 9.18 76 1/15/05 9.18
37 10/15/01 9.48 77 2/15/05 9.18
38 11/15/01 9.18 78 3/15/05 10.16
39 12/15/01 9.48
40 1/15/02 9.18
</TABLE>
*AVAILABLE FUNDS CAP. The Adjustable Rate Group loan net WAC (net of Ongoing
Fees). Achieved assuming 6 month LIBOR stays constant at 5.5625%; 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 any 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 the issuer in connection with the proposed transaction.
09/03/98
21
<PAGE> 21
EQCC HOME EQUITY LOAN TRUST 1998-3
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
AVAILABLE FUNDS CAP ("AFC")**
<TABLE>
<CAPTION>
Period Pay Date AFC Period Pay Date AFC
------ -------- --- ------ -------- ---
<S> <C> <C> <C> <C> <C>
1 10/15/98 11.76 41 2/15/02 13.56
2 11/15/98 7.80 42 3/15/02 15.02
3 12/15/98 8.26 43 4/15/02 13.88
4 1/15/99 8.15 44 5/15/02 14.56
5 2/15/99 8.24 45 6/15/02 14.28
6 3/15/99 9.13 46 7/15/02 14.92
7 4/15/99 8.55 47 8/15/02 14.53
8 5/15/99 9.06 48 9/15/02 14.53
9 6/15/99 8.96 49 10/15/02 15.33
10 7/15/99 9.42 50 11/15/02 14.88
11 8/15/99 9.21 51 12/15/02 15.45
12 9/15/99 9.21 52 1/15/03 15.01
13 10/15/99 9.34 53 2/15/03 15.05
14 11/15/99 9.25 54 3/15/03 16.66
15 12/15/99 9.76 55 4/15/03 15.15
16 1/15/00 9.60 56 5/15/03 15.65
17 2/15/00 9.69 57 6/15/03 15.15
18 3/15/00 10.37 58 7/15/03 15.65
19 4/15/00 10.01 59 8/15/03 15.15
20 5/15/00 10.56 60 9/15/03 15.15
21 6/15/00 10.41 61 10/15/03 15.65
22 7/15/00 10.92 62 11/15/03 15.15
23 8/15/00 10.66 63 12/15/03 15.65
24 9/15/00 10.66 64 1/15/04 15.15
25 10/15/00 11.34 65 2/15/04 15.15
26 11/15/00 11.18 66 3/15/04 16.19
27 12/15/00 11.76 67 4/15/04 15.15
28 1/15/01 11.54 68 5/15/04 15.65
29 2/15/01 11.62 69 6/15/04 15.15
30 3/15/01 12.88 70 7/15/04 15.65
31 4/15/01 11.94 71 8/15/04 15.15
32 5/15/01 12.56 72 9/15/04 15.15
33 6/15/01 12.35 73 10/15/04 15.65
34 7/15/01 12.92 74 11/15/04 15.15
35 8/15/01 12.59 75 12/15/04 15.65
36 9/15/01 12.60 76 1/15/05 15.15
37 10/15/01 13.34 77 2/15/05 15.15
38 11/15/01 13.12 78 3/15/05 16.77
39 12/15/01 13.76
40 1/15/02 13.47
</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 any 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 the issuer in connection with the proposed transaction.
09/03/98
22
