- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 19, 1996
EquiVantage Home Equity Loan Trust 1996-4
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 33-99364 Application Pending
- ---------------------------------- --------------- -----------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o EquiVantage Acceptance Corp., 77040
Attention: John E. Smith -----------------------
13111 Northwest Freeway (Zip Code)
Houston, Texas
-----------------------
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (713) 895-1957
13111 Northwest Freeway, Houston Texas 77040
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of EquiVantage Home Equity Loan
Trust 1996-4 Home Equity Loan Asset-Backed Certificates, Series 1996-4,
described in a Prospectus Supplement dated August 20, 1996, certain
"Computational Materials" within the meanings of the May 20, 1994 Kidder,
Peabody No-Action Letter and the February 17, 1995 Public Securities Association
No-Action Letter were furnished to certain prospective investors (the "Related
Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this Report to
be signed on its behalf by the undersigned thereunto duly authorized.
EQUIVANTAGE ACCEPTANCE CORPORATION
as Sponsor and on behalf of
EQUIVANTAGE HOME EQUITY LOAN TRUST 1996-4
Registrant
By:/s/ John E. Smith
------ --------------------
Name: John E. Smith
Title: President
Dated: November 19, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational Materials 6
(as defined in Item 5 above).
EXHIBIT 99.1
<PAGE>
Marketing Memorandum for
EquiVantage Home Equity Loan Trust 1996-4
The analysis in this report is accurate to the best of PSI's knowledge and is
based on information provided by the Sponsor. PSI makes no representations as to
the accuracy of such information provided to it by the Sponsor. All assumptions
and information in this report reflect PSI's judgment as of this date and are
subject to change. All analyses are based on certain assumptions noted herein
and different assumptions could yield substantially different results. You are
cautioned that there is no universally accepted method for analyzing financial
instruments. You should review the assumptions; there may be differences between
these assumptions and your actual business practices. Further, PSI does not
guarantee any results and there is no guarantee as to the liquidity of the
instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. PSI (or any of its affiliates) or their officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to here, and may, as principal or
agent, buy or sell such securities, commodities or derivative instruments. In
addition, PSI may make a market in the securities referred to herein. Neither
the information nor the assumptions reflected herein shall be construed to be,
or constitute, an offer to sell or buy or a solicitation of an offer to sell or
buy any securities, commodities or derivative instruments mentioned herein. No
sale of any securities, commodities or derivative instruments should be
consumated without the purchaser first having received a prospectus and, if
required, prospectus supplement. Finally, PSI has not addressed the legal,
accounting and tax implications of the analysis with respect to you, and PSI
strongly urges you to seek advice from your counsel, accountant and tax advisor.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-4
Preliminary Marketing Memo
Title of Securities: EquiVantage Home Equity Loan Trust 1996-4, Class A-1
Fixed Rate Certificates (the "Certificates").
Collateral: Substantially all of the collateral consists of fixed rate home
equity loans
Approximate Size: [$80,000,000]
Class A-1
---------
Approximate Face Amount: [$80,000,000]
Average Life: [3.406 years] TO 10% CALL 3.620 years TO MATURITY
Price: 99-31+
Spread: +85
Coupon: 6.75% Increases by 0.50% after 10%
call date
Pricing Speed: 24% HEP
Yield (CBE): 6.691%
Day Count: 30/360
Expected Maturity: [03/25/05] TO 10% CALL [11/25/11] TO MATURITY
Final Maturity: [01/25/27]
Servicer: EquiVantage Inc.
Servicing Fee: 50 basis points per annum for first lien loans and
75 basis points per annum for second lien loans.
Trustee: Norwest Bank Minnesota, National Association
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's.
Certificate Insurer: Financial Guaranty Insurance Company ("FGIC"). FGIC's
claims-paying ability is rated AAA/Aaa/AAA by Standard
and Poor's, Moody's and Fitch.
Certificate Insurance: Timely payments of interest and eventual principal on
the Certificates will be 100% guaranteed by FGIC.
Cashflow Priority: 1) Servicing fee;
2) FGIC fee;
3) Trustee fee;
4) Repayment of unreimbursed Surety payments;
5) Accrued monthly interest for Class A-1;
6) Monthly principal to Class A-1;
7) Repayment of any unreimbursed Servicer advances;
8) Excess cashflow to build over-collaterialization
("O/C"); and
9) Any excess cashflow reverts to the Sponsor.
Credit Enhancement: 1) 100% wrap from FGIC guaranteeing timely payment of
interest and eventual principal.
2) Overcollateralization.
3) Excess monthly cash flow
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-4
Preliminary Marketing Memo
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of the
Certificates relative to the amortization of the
related collateral, generally in the early months of
the transaction. Accelerated amortization is achieved
by applying certain excess interest collected on the
collateral to the payment of principal on the
Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the Certificates faster than the
principal amortization of the respective collateral
pool, an overcollateralization amount equal to the
excess of the aggregate principal balance of the
Collateral Pool over the principal balance of the
related Certificates is created. Excess cashflow will
be directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event the
acceleration feature will cease, unless it is once
again necessary to maintain the required O/C level.
Overcollateralization
Levels (Approx.): Initial O/C based O/C Target based
on collateral balance:[ 0%] on collateral
balance:[2.7%]
In addition, the O/C target will be equal to [$500,000]
for the first six Payment Dates.
These O/C percentages are subject to step-downs
beginning in month [36] if certain tests are met.
Clean-up Call: The Residual Holder has the right to purchase the
mortgage loans from the Trust when the outstanding
aggregate principal balance of the mortgage loans has
declined to 10% or less of the initial aggregate
principal balance of the mortgage loans. If such option
is not excercised, the Servicer will then have such
option. The option to purchase the mortgage loans is at
par plus accrued interest for both the Residual Holder
and the Servicer.
Coupon Step-Up: If the Clean-Up Call is not exercised, the coupon on
the Class A-1 Certificates will increase by 0.50%.
Payment Date: The 25th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on December 26, 1996.
Payment Delay: [24] days.
Interest Accrual
Period: Interest will accrue from the 1st day of the preceeding
month until the 30th day of the preceeding month for
the Class A-1 Certificates.
Cut-Off Date: The closing of business on November 1, 1996.
Pricing Date: [November 19, 1996]
Settlement Date: [November 22, 1996]
ERISA
Considerations: The Certificates will be ERISA eligible. However,
investors should consult with their counsel with
respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such certificates.
Taxation: REMIC.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
EquiVantage Home Equity Loan Trust 1996-4
Preliminary Marketing Memo
Available Pool
Information: AS OF OCTOBER 31, 1996, THE STATISTICAL CALCULATION DATE:
Loans: [ 1335 ]
Balance: [$ 80,026,794.53 ]
WAC: [ 11.306 %]
WAM: [ 247.987 ]
WA CLTV: [ 77.187 %]
% 1st Lien: [ 96.41 %]
% 2nd Lien: [ 3.59 %]
Loans with
prepay penalty: [ 38.93 %]
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified in
its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may not
be consumated unless the purchaser has received the
Prospectus.
Further Information: Call the desk at (212) 778-2741, Vito Lodato
at (212) 778-1390, Mimi Cheng at (212) 778-7474, Paul
Richardson at (212) 778-1507, or Ravi Gupta at (212)
778-7448 with any questions.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
Financial Strategies 11/19/96 10:27:58 am Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP EQHEL64 Coupon 6.750
Class A1 CUR Accr 0.39375 1st Pmt 12/25/96
Collateral 100%WL (Real) Factor 1.000000000 on 11/22/96
N/GWAC (Orig) / (10.797/11.306)
WAM (Orig) (25.975) Mat N/A Settle 11/22/96
CenterPrice 99-31+ Inc 4.0 Table Yield Roll@
**** TO 10% CLEAN UP CALL ****
HEP 0.00 HEP 16.00 HEP 20.00 HEP 24.00 HEP 28.00 HEP 32.00
Price
----- --------- --------- --------- --------- --------- ---------
97-19+ 7.073 7.374 7.462 7.552 7.645 7.738
97-23+ 7.059 7.339 7.422 7.506 7.593 7.679
97-27+ 7.044 7.305 7.382 7.460 7.540 7.621
97-31+ 7.029 7.270 7.341 7.414 7.488 7.563
98-03+ 7.014 7.236 7.301 7.368 7.436 7.505
98-07+ 6.999 7.202 7.261 7.322 7.384 7.447
98-11+ 6.985 7.167 7.221 7.276 7.333 7.389
98-15+ 6.970 7.133 7.182 7.231 7.281 7.332
98-19+ 6.955 7.099 7.142 7.185 7.230 7.274
98-23+ 6.941 7.065 7.102 7.140 7.178 7.217
98-27+ 6.926 7.031 7.063 7.094 7.127 7.160
98-31+ 6.911 6.998 7.023 7.049 7.076 7.103
99-03+ 6.897 6.964 6.984 7.004 7.025 7.046
99-07+ 6.882 6.930 6.944 6.959 6.974 6.989
99-11+ 6.868 6.897 6.905 6.914 6.923 6.932
99-15+ 6.853 6.863 6.866 6.869 6.872 6.875
99-19+ 6.839 6.830 6.827 6.824 6.822 6.819
99-23+ 6.824 6.796 6.788 6.780 6.771 6.763
99-27+ 6.810 6.763 6.749 6.735 6.721 6.706
99-31+ 6.796 6.730 6.711 6.691 6.671 6.650
100-03+ 6.781 6.697 6.672 6.647 6.620 6.594
100-07+ 6.767 6.664 6.633 6.602 6.570 6.538
100-11+ 6.753 6.631 6.595 6.558 6.520 6.483
100-15+ 6.738 6.598 6.556 6.514 6.471 6.427
100-19+ 6.724 6.565 6.518 6.470 6.421 6.372
100-23+ 6.710 6.533 6.480 6.426 6.371 6.316
100-27+ 6.696 6.500 6.442 6.383 6.322 6.261
100-31+ 6.682 6.467 6.404 6.339 6.273 6.206
101-03+ 6.668 6.435 6.366 6.295 6.223 6.151
101-07+ 6.654 6.402 6.328 6.252 6.174 6.096
101-11+ 6.639 6.370 6.290 6.209 6.125 6.041
101-15+ 6.625 6.338 6.252 6.165 6.076 5.987
101-19+ 6.611 6.305 6.215 6.122 6.027 5.932
101-23+ 6.597 6.273 6.177 6.079 5.979 5.878
101-27+ 6.583 6.241 6.140 6.036 5.930 5.823
101-31+ 6.570 6.209 6.102 5.993 5.881 5.769
102-03+ 6.556 6.177 6.065 5.950 5.833 5.715
102-07+ 6.542 6.145 6.028 5.908 5.785 5.661
102-11+ 6.528 6.114 5.990 5.865 5.736 5.607
Avg. Life 15.245 4.901 4.026 3.406 2.941 2.587
Mod. Dur. 8.678 3.757 3.217 2.806 2.481 2.222
1st Pmt. 0.092 0.092 0.092 0.092 0.092 0.092
Last Pmt. 12/25/23 12/25/08 10/25/06 03/25/05 12/25/03 01/25/03
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
- --------------------------------------------------------------------------------
- EQHEL64
- Statistical Calculation Date is 10/31/96
- HEL
- $80,026,794.53
- Mortgage Summary Report
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Number of Mortgage Loans: 1,335
Aggregate Unpaid Principal Balance: $80,026,794.53
Aggregate Original Principal Balance: $80,062,583.53
Weighted Average Net Coupon: 10.797% * 50bps for 1st Lien
Net Coupon Range: 8.100% - 15.090% 75bps for 2nd Lien
Weighted Average Gross Coupon: 11.306%
Gross Coupon Range: 8.600% - 15.650%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $59,945.16
Average Original Principal Balance: $59,971.97
Maximum Unpaid Principal Balance: $271,429.19
Minimum Unpaid Principal Balance: $9,000.00
Maximum Original Principal Balance: $272,000.00
Minimum Original Principal Balance: $9,000.00
Weighted Avg. Stated Rem. Term (LPD to Ball/Mat Date): 247.987
Stated Rem Term Range: 60.000 - 360.000
Weighted Avg. Amortized Rem. Term: 311.151
Amortized Rem Term Range: 59.999 - 360.081
Weighted Average Age (First Pay thru Last Pay): 0.446
Age Range: 0.000 - 3.000
Weighted Average Original Term (To Ball/Maturity): 248.432
Original Term Range: 60.000 - 360.000
Weighted Average Original Amortization Term: 311.742
Original Amortization Term Range: 60.000 - 360.000
Weighted Average Combined LTV: 77.187 * Given
Combined LTV Range: 18.030% - 90.000%
- --------------------------------------------------------------------------------
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
GROSS COUPON
- -------------------------------------------------------------------
Total
Gross # % Current
Coupon Loan Pool Balance
8.50% < Gross Coupon <= 8.75% 1 .07 $56,644.40
8.75% < Gross Coupon <= 9.00% 5 .52 $414,995.48
9.00% < Gross Coupon <= 9.25% 7 .77 $618,800.00
9.25% < Gross Coupon <= 9.50% 21 1.68 $1,347,174.61
9.50% < Gross Coupon <= 9.75% 50 4.13 $3,303,700.08
9.75% < Gross Coupon <= 10.00% 63 4.98 $3,982,096.75
10.00% < Gross Coupon <= 10.25% 51 4.13 $3,301,951.29
10.25% < Gross Coupon <= 10.50% 108 8.08 $6,462,929.28
10.50% < Gross Coupon <= 10.75% 119 9.29 $7,432,809.45
10.75% < Gross Coupon <= 11.00% 157 14.10 $11,286,123.50
11.00% < Gross Coupon <= 11.25% 94 7.13 $5,703,852.86
11.25% < Gross Coupon <= 11.50% 77 5.93 $4,745,335.48
11.50% < Gross Coupon <= 11.75% 108 7.76 $6,212,693.62
11.75% < Gross Coupon <= 12.00% 95 7.49 $5,993,878.23
12.00% < Gross Coupon <= 12.25% 47 3.22 $2,579,109.62
12.25% < Gross Coupon <= 12.50% 77 5.65 $4,519,941.59
12.50% < Gross Coupon <= 12.75% 57 4.29 $3,435,639.22
12.75% < Gross Coupon <= 13.00% 53 3.25 $2,600,610.59
13.00% < Gross Coupon <= 13.25% 36 2.08 $1,661,607.49
13.25% < Gross Coupon <= 13.50% 38 2.08 $1,663,593.91
13.50% < Gross Coupon <= 13.75% 16 .77 $614,889.06
13.75% < Gross Coupon <= 14.00% 14 .81 $647,530.49
14.00% < Gross Coupon <= 14.25% 12 .51 $406,421.02
14.25% < Gross Coupon <= 14.50% 15 .82 $660,075.01
14.50% < Gross Coupon <= 14.75% 4 .11 $84,099.30
14.75% < Gross Coupon <= 15.00% 3 .09 $75,290.07
15.00% < Gross Coupon <= 15.25% 3 .12 $95,744.32
15.25% < Gross Coupon <= 15.50% 1 .02 $13,996.16
15.50% < Gross Coupon <= 15.75% 3 .13 $105,261.65
- -------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
===================================================================
CURRENT MORTGAGE AMOUNT
- ----------------------------------------------------------------------
Total
Current # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 25,000 131 3.13 $2,504,428.82
25,000 < Balance <= 50,000 496 23.82 $19,063,938.29
50,000 < Balance <= 75,000 406 30.89 $24,717,255.56
75,000 < Balance <= 100,000 157 17.02 $13,620,035.02
100,000 < Balance <= 150,000 104 15.52 $12,418,921.70
150,000 < Balance <= 200,000 28 5.85 $4,681,610.01
200,000 < Balance <= 250,000 11 3.11 $2,489,175.94
250,000 < Balance <= 300,000 2 .66 $531,429.19
- ----------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
======================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
ORIGINAL MORTGAGE AMOUNT
- ---------------------------------------------------------------------
Total
Original # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 25,000 131 3.13 $2,504,428.82
25,000 < Balance <= 50,000 496 23.82 $19,063,938.29
50,000 < Balance <= 75,000 406 30.89 $24,717,255.56
75,000 < Balance <= 100,000 157 17.02 $13,620,035.02
100,000 < Balance <= 150,000 104 15.52 $12,418,921.70
150,000 < Balance <= 203,150 28 5.85 $4,681,610.01
203,150 < Balance <= 250,000 11 3.11 $2,489,175.94
250,000 < Balance <= 300,000 2 .66 $531,429.19
- ---------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
=====================================================================
REMAINING TERM TO BALLOON/MATURITY
- ----------------------------------------------------------------
Total
# % Current
Remaining Term Loan Pool Balance
48 < Rem Term <= 60 1 .01 $10,000.00
60 < Rem Term <= 72 2 .07 $56,005.00
72 < Rem Term <= 84 5 .13 $104,984.51
84 < Rem Term <= 96 1 .03 $27,697.00
108 < Rem Term <= 120 38 1.48 $1,182,595.64
132 < Rem Term <= 144 2 .11 $88,134.60
168 < Rem Term <= 180 723 50.74 $40,601,872.66
228 < Rem Term <= 240 198 13.14 $10,514,796.47
348 < Rem Term <= 360 365 34.29 $27,440,708.65
- ----------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
================================================================
ORIGINAL TO BALLOON/MATURITY
- ------------------------------------------------------------------
Total
Original # % Current
Maturity Loan Pool Balance
50 < Original Maturity <= 60 1 .01 $10,000.00
70 < Original Maturity <= 80 2 .07 $56,005.00
80 < Original Maturity <= 90 5 .13 $104,984.51
90 < Original Maturity <= 100 1 .03 $27,697.00
110 < Original Maturity <= 120 38 1.48 $1,182,595.64
140 < Original Maturity <= 150 2 .11 $88,134.60
170 < Original Maturity <= 180 723 50.74 $40,601,872.66
230 < Original Maturity <= 240 198 13.14 $10,514,796.47
350 < Original Maturity <= 360 365 34.29 $27,440,708.65
- ------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
ORIGINAL AMORTIZATION TERM
- -------------------------------------------------------------------
Total
# % Current
Amortization Term Loan Pool Balance
48 < Amort Term <= 60 1 .01 $10,000.00
60 < Amort Term <= 72 2 .07 $56,005.00
72 < Amort Term <= 84 5 .13 $104,984.51
84 < Amort Term <= 96 1 .03 $27,697.00
108 < Amort Term <= 120 38 1.48 $1,182,595.64
132 < Amort Term <= 144 2 .11 $88,134.60
168 < Amort Term <= 180 298 15.56 $12,454,697.27
228 < Amort Term <= 240 198 13.14 $10,514,796.47
348 < Amort Term <= 360 790 69.46 $55,587,884.04
- -------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
===================================================================
APPRAISAL BALANCE
- ----------------------------------------------------------------------
Total
Appraisal # % Current
Balance Loan Pool Balance
Balance <= 25,000 18 .32 $254,841.20
25,000 < Balance <= 50,000 245 9.17 $7,341,393.62
50,000 < Balance <= 75,000 477 27.57 $22,060,971.34
75,000 < Balance <= 100,000 271 21.03 $16,829,191.92
100,000 < Balance <= 150,000 230 25.01 $20,014,898.24
150,000 < Balance <= 203,150 54 8.48 $6,789,237.76
203,150 < Balance <= 250,000 21 4.00 $3,201,081.63
250,000 < Balance <= 300,000 9 2.19 $1,751,300.84
300,000 < Balance <= 350,000 7 1.54 $1,234,523.98
350,000 < Balance <= 400,000 1 .30 $238,200.00
450,000 < Balance <= 500,000 1 .19 $150,154.00
500,000 < Balance <= 600,000 1 .20 $161,000.00
- ----------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
======================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
GEOGRAPHIC DISTRIBUTION
----------------------------------------------
Current
State # Loans % Pool Balance
Colorado 1 .07 $59,456
Delaware 2 .16 $126,181
Florida 42 2.96 $2,369,132
Georgia 93 5.41 $4,329,927
Iowa 5 .35 $277,139
Illinois 85 7.28 $5,822,314
Indiana 96 5.93 $4,747,039
Kentucky 35 2.19 $1,749,067
Louisiana 59 3.14 $2,510,312
Maryland 51 5.70 $4,565,179
Michigan 175 13.46 $10,774,022
Missouri 5 .30 $236,268
Mississippi 30 1.93 $1,543,404
North Carolina 105 7.65 $6,124,968
Ohio 216 16.15 $12,925,931
Oregon 13 1.23 $985,806
South Carolina 72 5.88 $4,704,547
Tennessee 199 14.86 $11,888,662
Texas 2 .20 $159,155
Utah 3 .39 $312,825
Virginia 2 .17 $139,456
Washington 41 4.33 $3,465,916
Wisconsin 3 .26 $210,088
- ---------------------------------------------
Total..... 1,335 100.00% $80,026,795
=============================================
PROPERTY-TYPE
- -----------------------------------------------------------------
Total
# % Current
Loan Pool Balance
Manufactured Housing 60 3.76 $3,009,787.81
PUD 10 1.14 $908,375.95
Townhouses 1 .05 $44,000.00
Condominiums 9 .60 $479,191.15
Single Family Detached 1,194 89.97 $72,000,856.82
Single Family Attached 16 1.15 $917,483.39
2-4 Family 38 2.73 $2,182,049.39
2 Units Detached (Blankets) 7 .61 $485,050.02
- ------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
COMBINED LTV RANGE
------------------------------------------------------------------
COMBINED Total
LTV # % Current
RANGE Loan Pool Balance
15.000 < COMBINED_LTV <= 20.000 3 .05 $39,041.66
20.000 < COMBINED_LTV <= 25.000 3 .08 $61,340.51
25.000 < COMBINED_LTV <= 30.000 5 .13 $101,132.99
30.000 < COMBINED_LTV <= 35.000 14 .73 $584,326.95
35.000 < COMBINED_LTV <= 40.000 10 .49 $392,445.11
40.000 < COMBINED_LTV <= 45.000 10 .52 $416,323.45
45.000 < COMBINED_LTV <= 50.000 30 1.26 $1,005,445.19
50.000 < COMBINED_LTV <= 55.000 22 1.05 $837,885.80
55.000 < COMBINED_LTV <= 60.000 53 2.70 $2,163,857.45
60.000 < COMBINED_LTV <= 65.000 62 3.48 $2,785,064.15
65.000 < COMBINED_LTV <= 70.000 118 7.44 $5,955,575.16
70.000 < COMBINED_LTV <= 75.000 196 13.27 $10,618,205.18
75.000 < COMBINED_LTV <= 80.000 452 34.74 $27,803,748.31
80.000 < COMBINED_LTV <= 85.000 291 27.05 $21,649,240.11
85.000 < COMBINED_LTV <= 90.000 66 7.01 $5,613,162.51
- ------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
==================================================================
CREDIT GRADE
- ------------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
A+ 35 3.62 $2,893,209.09
A 642 51.38 $41,116,628.51
B 475 34.50 $27,612,085.71
C 183 10.50 $8,404,871.22
- ------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
==================================================================
Number of Units
- ------------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
1 1,292 96.84 $77,498,653.96
2 30 1.95 $1,558,331.05
3 8 .84 $674,615.16
4 5 .37 $295,194.36
- ------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQHEL64 - Equivantage 1996-4
LIEN STATUS 13-Nov-1996
- ------------------------------------------------------------------------
Total Total
# % Current Original
Lien Status Loan Pool Balance Balance
1 1,253 96.41 $77,153,426.86 $77,187,827.53
2 82 3.59 $2,873,367.67 $2,874,756.00
- ------------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53 $80,062,583.53
========================================================================
DOCUMENTATION LEVEL
- -----------------------------------------------------------------
Total
# % Current
Loan Pool Balance
Full Documentation 1,323 98.87 $79,124,973.55
Limited Documentation 12 1.13 $901,820.98
- ------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
==================================================================
LOAN-PURPOSE
- ---------------------------------------------------------------
Total
# % Current
Loan Pool Balance
Purchase 89 8.56 $6,849,976.47
Cash Out Refinance 798 54.59 $43,690,163.80
Refinance 108 7.89 $6,311,493.99
Debt Consolidation 340 28.96 $23,175,160.27
- ----------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
================================================================
BALLOON LOANS
- ----------------------------------------------------------------
Total
# % Current
BALLOON CODE Loan Pool Balance
Fully Amortizing 910 64.83 $51,879,619.14
Balloon 425 35.17 $28,147,175.39
- ----------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53
================================================================
PREPAYMENT PENALTY
- -------------------------------------------------------------------------
Total Total
# % Current Original
Prepay Penalties Loan Pool Balance Balance
None 772 61.07 $48,874,286.82 $48,900,872.50
Yes 563 38.93 $31,152,507.71 $31,161,711.03
- -------------------------------------------------------------------------
Total..... 1,335 100.00% $80,026,794.53 $80,062,583.53
=========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
