<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) December 22, 1998
Bear Stearns Asset Backed Securities, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
333-43091 13-3836437
- ------------------------------ -------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
245 Park Avenue, New York, New York 10167
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(Address of Principal Executive Offices) (Zip Code)
(212) 272-4095
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
Filing of Consent and Financial Statements
The financial statements of Financial Security Assurance Inc. as of December
31, 1997 and 1996 that are incorporated by reference in the Prospectus
Supplement dated December 22, 1998 (the "Prospectus Supplement") have been
audited by PricewaterhouseCoopers LLP The consent of PricewaterhouseCoopers
LLP named as "experts" in the Prospectus Supplement is attached hereto as
Exhibit 23.1.
Filing of Computational Materials*
Pursuant to Rule 424 (b) under the Securities Act of 1933, Bear
Stearns Asset Backed Securities, Inc. (the "Depositor") is filing a prospectus
and prospectus supplement with the Securities and Exchange Commission relating
to Ocwen Home Equity Loan Asset-Backed Certificates, Series 1998-OFS4.
In connection with the offering of the Ocwen Home Equity Loan Asset
Backed Certificates, Series 1998-OFS4, Bear, Stearns & Co. Inc., the
underwriter of the Offered Certificates (the "Underwriter"), has prepared
certain materials (the "Computational Materials") for distribution to its
potential investors. Although LMAC, Inc.. (the "Seller") provided the
Underwriter with the related portfolio, it did not participate in the
preparation of the Computational Materials. The Computational Materials are
attached hereto as Exhibit 99.1.
- -----------------
* Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Prospectus Supplement.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Document Description
- ----------- --------------------
23.2 Consent of PricewaterhouseCoopers LLP
99.1 Computational Materials
2
<PAGE>
SIGNATURES
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.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
(Registrant)
Dated: December 29, 1998 By: /s/ Matt Perkins
-----------------------------
Name: Matt Perkins
Title: Managing Director
3
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Document Description
- ----------- --------------------
23.2 Consent of PricewaterhouseCoopers LLP
99.1 Computational Materials
<PAGE>
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement of
Bear Stearns Asset Backed Securities, Inc. relating to Ocwen Home Equity Loan
Trust 1998-OFS4, of our report dated January 26, 1998, on our audits of the
consolidated financial statements of Financial Security Assurance Inc. and
Subsidiaries as of December 31, 1997 and 1996 and for each of the three years
in the period ended December 31, 1997. We also consent to the reference to our
firm under the caption "Experts".
By: /s/ PricewaterhouseCoopers LLP
------------------------------
PricewaterhouseCoopers LLP
December 28, 1998
<PAGE>
BEAR, STEARNS & CO. INC.
[LOGO] ASSET-BACKED SECURITIES GROUP
245 Park Avenue
New York, N.Y. 10167
(212) 272-2000; (212) 272-7294 fax
FAX TRANSMITTAL
OCWEN HOME EQUITY LOAN TRUST 1998-OFS4
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES,
PRICING ESTIMATES, AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumptions and
Other Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Stearns. and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 1 of 9)
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Underwriter: BEAR STEARNS
Seller: LMAC, Inc. (the "Seller"), a wholly-owned, limited
purpose finance subsidiary of Ocwen Financial Services,
Inc., which is a subsidiary of Ocwen Financial
Corporation.
Master Servicer: Ocwen Financial Services, Inc.
Subservicer and
Special Servicer: Ocwen Federal Savings Bank FSB, a federally chartered
savings bank, and an affiliate of the Seller.
Depositor: Bear Stearns Asset Backed Securities, Inc.
Trustee: Norwest Bank Minnesota, NA
Offered Certificates: $285,000,000 Ocwen Mortgage Loan Asset Backed
Certificates, Series 1998-OFS4 to be issued in the
following classes:
<TABLE>
<CAPTION>
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Expected Expected Expected Final
Avg. Life Principal Principal Scheduled Expected
Offered Approximate To Call Lockout Window Distribution Ratings
Certificates Class Size (years) (months) (months) Date (S&P/Moody's/Fitch)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A $270,750,000 2.79 None 86 [3/25/31] AAA/Aaa/--
Class B $14,250,000 4.75 29 57 [3/25/31] --/Baa3/BBB-
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</TABLE>
Retained Certificates: In addition to the Offered Certificates, the Trust will
issue overcollateralization certificates (the "Class OC
Certificates") and residual certificates (the "Class R
Certificates"). Neither the Class OC Certificates nor the
Class R Certificates are being offered hereby.
Registration: The Offered Certificates will be available in book-entry
form through DTC, Cedel Bank, S.A. and the Euroclear
System.
Cut-off Date: December 1, 1998.
Closing Date: On or about December [23], 1998.
Distribution Date: 25th day of each month (or the next succeeding business
day), commencing January 25, 1998.
Delay: Class A (0 days); Class B (0 days).
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 2 of 9)
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Denominations: The Offered Certificates are issuable in
minimum denominations of an original amount of
$25,000 and multiples of $1,000 thereafter.
Original Pool Principal Balance: The sum of (a) the aggregate principal balance
of initial Home Equity Loans (as of the Cut-off
Date) sold into the Trust on the Closing Date
and (b) the amount of cash in the Pre-Funding
Account as of the Closing Date, which will be
used to purchase subsequent Home Equity Loans.
Home Equity Loans: The Home Equity Loans to be included in the
Trust on the Closing Date will consist of
adjustable-rate and fixed-rate, conventional
home equity loans and the Mortgage Notes
relating thereto. The aggregate principal
balance of the fixed-rate loans will not exceed
[35]% of the Original Pool Principal Balance.
Pre-Funding Account: An amount not to exceed $[48,781,689] (or
[17.12]% of Original Pool Principal Balance)
will be placed in a pre-funding account for the
acquisition of additional Home Equity Loans
within a period not to exceed [90-days] from
the Closing Date. Sale proceeds will also fund
the Capitalized Interest Account.
Pass-Through Rates: On each Distribution Date, the Pass-Through
Rate with respect to the Class A Certificates
will be equal to the lesser of (x) with respect
to any Distribution Date which occurs on or
prior to the Optional Termination Date,
One-Month LIBOR plus __% per annum and for any
Distribution Date thereafter, One-Month LIBOR
plus __% per annum (the "Class A Formula
Rate"), and (y) the Available Funds Cap.
On each Distribution Date, the Pass-Through
Rate with respect to the Class B Certificates
will be equal to the lesser of (x) with respect
to any Distribution Date which occurs on or
prior to the Optional Termination Date,
One-Month LIBOR plus __% per annum and for any
Distribution Date thereafter, One-Month LIBOR
plus __% per annum (the "Class B Formula
Rate"), and (y) the Available Funds Cap.
Interest will accrue on the Class A and Class B
Certificates at their respective Pass-Through
Rate from the Distribution Date in the month
preceding the month of such Distribution Date
(or, in the case of the first Distribution
Date, from the Closing Date) through the day
before such Distribution Date, on an
actual/360-day basis.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 3 of 9)
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Available Funds Cap: The "Available Funds Cap" is the weighted average of the
Coupon Rates on the Home Equity Loans, net of the sum of
(a) the Servicing Fee Rate, (b) the Trustee Fee Rate and
(c) the FSA Insurance Premium.
Available Funds Cap
Carry Forward Amount: If, on any Distribution Date, the Available Funds Cap
limits the related Class Pass-Through Rate (i.e., the rate
set by the Available Funds Cap is less than the related
Class Formula Rate which is defined in clause (x) of the
definition of the related Pass-Through Rate above), the
amount of any such shortfall will be carried forward and
be due and payable on future Distribution Dates and shall
accrue interest at the applicable Class Formula Rate,
until paid (such shortfall, together with such accrued
interest, the "Available Funds Cap Carry Forward Amount").
The Insurance Policy will cover the Class A Available
Funds Carryforward Amount to the extent of Supplemental
Interest Payments. Supplemental Interest Payments for any
Distribution Date will equal amounts, if any, due to the
Certificate Insurer (whether or not received), under a cap
agreement. The cap agreement provides that a payment will
be due if LIBOR exceeds 7.00%. On any Distribution Date,
the cap payment will be equal to the product of (a) the
greater of (i) the excess, if any, of (x) the then current
LIBOR and (y) 7.00% and (ii) 0.00%, and (b) the lesser of
(x) the then current aggregate principal balance of the
fixed-rate Home Equity Loans as of the beginning of the
related Remittance Period and (y) the Notional Balance
Schedule. The Notional Balance Schedule will initially
equal the aggregate principal balance of the fixed-rate
loans as of the Closing Date, and will amortize based on a
10% CPR assumption.
The Insurance Policy for the Class A Certificates does not
cover the Available Funds Cap Carry Forward Amount in
excess of the Supplemental Interest Payment; the payment
of such amount may be funded only from (i) any excess
interest resulting from the Available Funds Cap being in
excess of the Class A Formula Rate on future Distribution
Dates, and (ii) any excess cashflow which would otherwise
be paid to the Servicer or the Trustee on account of
certain reimburseable amounts, or to the holders of the
Retained Certificates.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 4 of 9)
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The Class B Certificates are not entitled to any
Supplemental Interest Payments and will only be entitled to
Available Funds Cap Carryforward Amounts from excess
cashflow.
Although holders of the Offered Certificates will be
entitled to receive any Available Funds Cap Carry Forward
Amounts from and to the extent of funds available therefor
as described herein, there is no assurance that such funds
will be available. The failure to pay any Available Funds
Cap Carry Forward Amounts due to a lack of funds therefor
will not constitute an Event of Default under the Pooling
and Servicing Agreement. In addition, the ratings of the
Offered Certificates do not address the likelihood of the
payment of any Available Funds Cap Carry Forward Amount.
Credit Enhancement: Credit enhancement provided for the benefit of the Class A
and Class B Certificates consists of the rules relating to
the calculations of the Class A Optimal Balance and the
Class B Optimal Balance, which require that a level of
overcollateralization be maintained in a "first loss"
position, as well as the priority of application of Realized
Losses. Additional Credit Enhancement for the Class A
Certificates will be provided by both the subordination of
the Class B Certificates, as well as by the FSA Insurance
Policy relating to the Class A Certificates.
Overcollateralization: The weighted average net Coupon Rate
for the Home Equity Loans is generally expected to be higher
than the weighted average of the Pass-Through Rates on the
Offered Certificates, thus generating certain excess
interest collections, which would be available for
distribution with respect to the Retained Certificates. Such
distributions are, however, the most subordinate
distributions which may be made by the Trust and are thus
available to fund losses and to make accelerated payments of
principal with respect to the Offered Certificates, which
will result in the Offered Certificates amortizing more
rapidly than the Home Equity Loans, resulting in
overcollateralization.
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BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 5 of 9)
- --------------------------------------------------------------------------------
The Pooling and Servicing Agreement provides that, subject
to certain floors, caps and performance triggers, the
required level of overcollateralization may increase or
decrease over time. Certain of these performance triggers
("Performance Trigger Events") and the corresponding effect
on overcollateralization are expected to be as follows:
-----------------------------------------------------------
The OC Target The OC
Performance Trigger Events: will not Target will
Stepdown if: Stepup if:
-----------------------------------------------------------
60+ Delinquencies Exceed: 10.00% 12.00%
-----------------------------------------------------------
Cumulative Losses Exceed:
By Month 12 --- 0.75%
By Month 24 --- 1.25%
By Month 36 1.50% 1.90%
By Month 48 2.00% 2.40%
By Month 60 2.40% 3.00%
By Month 72+ 2.75% 3.00%
-----------------------------------------------------------
Rolling 12-month Losses Exceed: 1.00% 1.75%
-----------------------------------------------------------
Subject to Rating Agency approval, for each Distribution
Date occurring on or before the December 1999 Distribution
Date, one half of the excess spread as of the related
Distribution Date will be distributed to the holders of the
Retained Certificates; so long as a Performance Trigger
Event (enumerated above) has not occurred.
Subordination: The rights of the holders of the Class B
Certificates and the Retained Certificates to receive
distributions with respect to the Home Equity Loans will be
subordinated to such rights of the holders of the Class A
Certificates. This subordination is intended to enhance the
likelihood of regular receipt of their scheduled monthly
payment of interest and principal and to afford such owners
protection against Realized Losses.
FSA Insurance Policy: Financial Security Assurance, Inc.
(the "Certificate Insurer" or "FSA") will unconditionally
and irrevocably guarantee the timely payment of interest and
ultimate payment of principal on the Class A Certificates
(i.e., after any losses reduce the overcollateralization and
Class B Certificate Principal Balance to zero, FSA will
cover the excess, if any, of the Class A Certificate
Principal Balance over the Pool Principal Balance). The
Insurance Policy is not cancelable for any reason.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 6 of 9)
- --------------------------------------------------------------------------------
Class A Optimal Balance: As of any Distribution Date, (I) prior to the Stepdown
Date, 0%, and (II) on or after the Stepdown Date, the
Current Pool Principal Balance over the greater of (a)
10.00% of the Current Pool Principal Balance plus the
Targeted Overcollateralization Amount, and (b) 0.50% of
the Original Pool Principal Balance.
Class B Optimal Balance: As of any Distribution Date, (I) prior to the Stepdown
Date and if the Class A Certificate Principal Balance
is greater than zero, the Class B Initial Certificate
Principal Balance, and (II) on or after the Stepdown
Date, or if the Class A Certificate Principal Balance
is equal to zero, the excess of (a) the aggregate
principal balance of the Home Equity Loans over (b) the
Class A Certificate Principal Balance plus the Targeted
Overcollateralization Amount.
Stepdown Date: As of any Distribution Date, the later to occur of (x)
the June 2001 Distribution Date (i.e., the 30th
Distribution Date) or (y) the first Distribution Date
on which the aggregate Class A Principal Balance is
less than or equal to the Class A Optimal Balance for
such Distribution Date.
Targeted
Overcollateralization
Amount: As of any Distribution Date, (A) prior to the Stepdown
Date, (i) if no Overcollateralization Stepup trigger is
in effect, 2.25% of the Original Pool Principal
Balance, or (ii) if an Overcollateralization Stepup
trigger is in effect, 100% of the Current Pool
Principal Balance; and (b) on and after the Stepdown
Date, (a) if an Overcollateralization Stepdown trigger
is not effect in effect, 4.50% of the Current Pool
Principal Balance, (b) if an Overcollateralization
Stepdown trigger is in effect but not an
Overcollateralization Stepup trigger, the
overcollateralition amount as of the prior month, and
(c) if an Overcollateralization Stepup trigger is in
effect, 100% of the Current Pool Principal Balance.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 7 of 9)
- --------------------------------------------------------------------------------
Payment and
Distribution
Priorities: (1) The trustee fees and expenses and the FSA premium;
(2) To the holders of the Class A Certificates, Current
Interest plus the related Interest Carryforward
Amount (if any);
(3) To the holders of the Class B Certificates, Current
Interest;
(4) To FSA, amounts owed for reimbursement of any prior
draws on the Insurance Policy;
(5) To the holders of the Class A Certificates, to the
extent of available funds then remaining plus the
principal component of any Insured Payment, an amount
necessary to reduce the Class A Principal Balance to
the Class A Optimal Balance for such Payment Date,
until the Class A Principal Balance is reduced to
zero;
(6) To the holders of the Class B Certificates, to the
extent of available funds then remaining, an amount
necessary to reduce the Class B Principal Balance to
the Class B Optimal Balance for such Payment Date,
until the Class B Principal Balance is reduced to
zero;
(7) To the holders of the Class B Certificates, the
related Interest Carryforward Amount (if any);
(8) To the holders of the Class B Certificates, to fund
the Class B Realized Loss Amount for such Payment
Date;
(9) To the Servicer, to the extent of any unreimbursed
Advances and any other costs and expenses incurred by
the Servicer;
(10) To FSA, any other amounts owing to FSA under the
Insurance Agreement;
(11) To the holders of the Retained Certificates, any
remaining amounts.
Overcollateralization
Stepdown Amount: As of any Distribution Date, a reduction in the
distribution of principal to the Offered Certificates in
response to a surplus level of overcollateralization in
the Trust. After the Stepdown Date, the paydown rules with
respect to the Optimal Balances of the Offered
Certificates permit the dollar amount of
overcollateralization to reduce or "step down" (subject to
the occurrence of Performance Trigger Events described
herein). This stepdown in the required level of
overcollateralization permits the Trust to fund a
distribution with respect to the Retained Certificates in
an amount equal to the surplus level of
Overcollateralization.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 8 of 9)
- --------------------------------------------------------------------------------
Realized Losses: If a Home Equity Loan becomes a Liquidated Loan during a
Remittance Period, the Net Liquidation Proceeds relating
thereto and allocated to a principal may be less than the
Loan Balance on such Home Equity Loan, The amount of such
insufficiency is a "Realized Loss." Realized Losses will,
in effect, be absorbed first, by the Retained Certificates
(both through a reduction in the amount of the
distribution which would otherwise be made to the holders
of the Retained Certificates on the related Distribution
Date, as well as through a potential reduction in the
Overcollateralization Amount), second, by the holders of
the Class B Certificates, and third, with respect to the
Class A Certificates, to the extent that the Class A
Overcollateralization Deficit would occur, by a payment
under the FSA Insurance Policy.
Advances;
Compensating
Interest: The Master Servicer will be required to make Advances only
to the extent that such Advances, in the Master Servicer's
reasonable judgment, are deemed recoverable from the
related Mortgage Loan. Advances are recoverable from
collections in the Mortgage Loans. Advances will equal, on
any Distribution Date, scheduled interest and principal
(other than the balloon payment) due and payable during
the related Due Period but uncollected as of the related
Determination Date (net of the Servicing Fee).
In addition, the Master Servicer will also be required to
pay Compensating Interest with respect to any prepayment
received on a Mortgage Loan during the related Prepayment
Period. The Master Servicer will not be required to pay
Compensating Interest with respect to any Distribution
Date in an amount in excess of one-half of the Servicing
Fee received by the Master Servicer for such Distribution
Date. The Prepayment Period runs from Determination Date
(or, in the case of the first Determination Date, from the
Cut-off Date) to Determination Date.
Optional Termination: On any Distribution Date on which the Current Pool
Principal Balance is less than or equal to 10% of the
Original Pool Principal Balance, the holder of a majority
interest in the Residual Certificates (the "Majority
Residual Interestholder") will have the option (but not
the obligation) to purchase, as a whole, the Mortgage
Loans and the REO Property, if any, and thereby effect an
early retirement of all the Certificates. In the event the
Majority Residual Interestholder does not exercise such
option, the Master Servicer will be entitled to purchase
the Mortgage Loans and REO Property.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Preliminary Term Sheet (page 9 of 9)
- --------------------------------------------------------------------------------
Servicing/Other Fees: The collateral is subject to certain fees, payable
monthly, including a servicing fee of 0.50% per annum (the
"Servicing Fee"), the FSA Insurance Premium, and the
trustee fees.
Federal Tax Aspects: For federal income tax purposes, the Trust will include
multiple segregated asset pools, with respect to which
elections will be made to treat each as a "real estate
mortgage investment conduit" (a "REMIC"). As described
more fully in the Prospectus Supplement, the Offered
Certificates and the Class OC Certificates, which are not
being offered hereby, will constitute beneficial ownership
of the "regular interests" in the Master REMIC. The Class
R Certificates will constitute the beneficial ownership of
the "residual interests" in the Master REMIC and each
Subsidiary REMIC.
ERISA Considerations: Subject to the discussion in the Prospectus and Prospectus
Supplement, the Class A Certificates may be purchased by
employee benefit plans that are subject to ERISA. The
Class B Certificates may not be purchased by employee
benefit plans that are subject to ERISA except as provided
in the Prospectus Supplement.
SMMEA Eligibility: The Certificates will not constitute "mortgage-related
securities" for purposes of SMMEA.
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Additional information with
respect to the Offered Certificates and the collateral is
contained in the Prospectus. The material presented herein
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 Offered Certificates
may not be consummated unless the purchaser has received
the Prospectus.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 1 of 12)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a)(b)
- -------------------------------------------------------------------------------------------------
Estimated Estimated Estimated Estimated Expected
WAL Modified Principal Principal Ratings
Approximate Interest to Call Duration Lockout Window (Moody's/
Certificate Size Rate (years) (years) (months) (months) S&P/Fitch)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A $270,750,000 Floating (c)(d) 2.79 2.38 None 86 Aaa/AAA/--
B $14,250,000 Floating (c)(e) 4.75 3.69 29 57 Baa3/--/BBB-
- -------------------------------------------------------------------------------------------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: 4-25% CPR in 12 months (Fixed); 4-30% CPR
in 12 months (Adjustable). Priced to the 10% optional call.
(b) The Class A Certificates will have a 100% P&I guarantee by FSA.
(c) With respect to the Class A Certificates, the spread to One-Month
LIBOR will double on the Distribution Date occurring after the date
that the 10% optional call may be exercised. With respect to the
Class B Certificates, the spread to One-Month LIBOR will increase by
a multiple of 1.5 on the Distribution Date occurring after the date
that the 10% optional call may be exercised.
(d) On each Payment Date, the "Class A Certificate Rate" will be equal to
the lesser of (x) One-Month LIBOR plus __% per annum, and (y) the
Available Funds Cap.
(e) On each Payment Date, the "Class B Certificate Rate" will be equal to
the lesser of (x) One-Month LIBOR plus __% per annum, and (y) the
Available Funds Cap.
Class A (to 10% optional call)
- --------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 100% 150% 200%
Ramp to (by month 12) (CPR)
Fixed Rate Mortgage Loans 0% 12.50% 25.00% 37.50% 50.00%
Adjustable Rate Mortgage Loans 0% 15.00% 30.00% 45.00% 60.00%
- --------------------------------------------------------------------------------
Illustrative Yield (Par Price) 6.21% 6.21% 6.21% 6.21% 6.21%
Average Life (years) 20.33 5.47 2.79 1.82 1.30
Modified Duration (years) 10.69 4.13 2.38 1.63 1.19
First Principal Payment 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99
Last Principal Payment 10/25/27 3/25/13 2/25/06 6/25/03 2/25/02
Principal Lockout (months) None None None None None
Principal Window (months) 346 171 86 54 38
- --------------------------------------------------------------------------------
Class A (to maturity)
- --------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 100% 150% 200%
Ramp to (by month 12) (CPR)
Fixed Rate Mortgage Loans 0% 12.50% 25.00% 37.50% 50.00%
Adjustable Rate Mortgage Loans 0% 15.00% 30.00% 45.00% 60.00%
- --------------------------------------------------------------------------------
Illustrative Yield (Par Price) 6.21% 6.23% 6.24% 6.24% 6.24%
Average Life (years) 20.37 5.86 3.03 1.96 1.39
Modified Duration (years) 10.70 4.27 2.52 1.73 1.27
First Principal Payment 1/25/99 1/25/99 1/25/99 1/25/99 1/25/99
Last Principal Payment 9/25/28 10/25/25 10/25/14 1/25/09 11/25/05
Principal Lockout (months) None None None None None
Principal Window (months) 357 322 190 121 83
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 2 of 12)
- --------------------------------------------------------------------------------
Class B (to 10% optional call)
- -----------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 100% 150% 200%
Ramp to (by month 12) (CPR)
Fixed Rate Mortgage Loans 0% 12.50% 25.00% 37.50% 50.00%
Adjustable Rate Mortgage Loans 0% 15.00% 30.00% 45.00% 60.00%
- -----------------------------------------------------------------------------
Illustrative Yield (Par Price) 8.67% 8.67% 8.67% 8.67% 8.67%
Average Life (years) 26.84 9.50 4.75 3.22 2.78
Modified Duration (years) 10.16 6.07 3.69 2.69 2.38
First Principal Payment 4/25/22 8/25/03 6/25/01 6/25/01 6/25/01
Last Principal Payment 10/25/27 3/25/13 2/25/06 6/25/03 2/25/02
Principal Lockout (months) 279 55 29 29 29
Principal Window (months) 67 116 57 25 9
- -----------------------------------------------------------------------------
Class B (to maturity)
- -----------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 100% 150% 200%
Ramp to (by month 12) (CPR)
Fixed Rate Mortgage Loans 0% 12.50% 25.00% 37.50% 50.00%
Adjustable Rate Mortgage Loans 0% 15.00% 30.00% 45.00% 60.00%
- -----------------------------------------------------------------------------
Illustrative Yield (Par Price) 8.67% 8.70% 8.72% 8.72% 8.71%
Average Life (years) 26.91 9.94 5.00 3.38 2.88
Modified Duration (years) 10.16 6.19 3.81 2.79 2.45
First Principal Payment 4/25/22 8/25/03 6/25/01 6/25/01 6/25/01
Last Principal Payment 6/25/28 9/25/18 4/25/09 6/25/05 6/25/03
Principal Lockout (months) 279 55 29 29 29
Principal Window (months) 75 182 95 49 25
- -----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 3 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
1 Jan-99 8.172
2 Feb-99 9.908
3 Mar-99 9.908
4 Apr-99 9.908
5 May-99 9.918
6 Jun-99 9.919
7 Jul-99 9.919
8 Aug-99 9.918
9 Sep-99 9.917
10 Oct-99 9.916
11 Nov-99 9.915
12 Dec-99 9.915
13 Jan-00 9.914
14 Feb-00 9.913
15 Mar-00 9.912
16 Apr-00 9.912
17 May-00 9.911
18 Jun-00 9.910
19 Jul-00 9.909
20 Aug-00 9.909
21 Sep-00 9.908
22 Oct-00 9.907
23 Nov-00 9.889
24 Dec-00 9.884
25 Jan-01 9.883
26 Feb-01 9.882
27 Mar-01 9.882
28 Apr-01 9.881
29 May-01 9.880
30 Jun-01 9.879
31 Jul-01 9.879
32 Aug-01 9.878
33 Sep-01 9.877
34 Oct-01 9.877
35 Nov-01 9.876
36 Dec-01 9.875
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 4 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
37 Jan-02 9.874
38 Feb-02 9.874
39 Mar-02 9.873
40 Apr-02 9.872
41 May-02 9.872
42 Jun-02 9.871
43 Jul-02 9.870
44 Aug-02 9.870
45 Sep-02 9.869
46 Oct-02 9.868
47 Nov-02 9.867
48 Dec-02 9.867
49 Jan-03 9.866
50 Feb-03 9.865
51 Mar-03 9.865
52 Apr-03 9.864
53 May-03 9.863
54 Jun-03 9.863
55 Jul-03 9.862
56 Aug-03 9.861
57 Sep-03 9.861
58 Oct-03 9.860
59 Nov-03 9.859
60 Dec-03 9.859
61 Jan-04 9.858
62 Feb-04 9.857
63 Mar-04 9.856
64 Apr-04 9.856
65 May-04 9.855
66 Jun-04 9.854
67 Jul-04 9.854
68 Aug-04 9.853
69 Sep-04 9.852
70 Oct-04 9.852
71 Nov-04 9.851
72 Dec-04 9.851
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 5 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
73 Jan-05 9.850
74 Feb-05 9.849
75 Mar-05 9.849
76 Apr-05 9.848
77 May-05 9.847
78 Jun-05 9.847
79 Jul-05 9.846
80 Aug-05 9.845
81 Sep-05 9.845
82 Oct-05 9.844
83 Nov-05 9.843
84 Dec-05 9.843
85 Jan-06 9.842
86 Feb-06 9.842
87 Mar-06 9.841
88 Apr-06 9.840
89 May-06 9.840
90 Jun-06 9.839
91 Jul-06 9.838
92 Aug-06 9.838
93 Sep-06 9.837
94 Oct-06 9.837
95 Nov-06 9.836
96 Dec-06 9.835
97 Jan-07 9.835
98 Feb-07 9.834
99 Mar-07 9.834
100 Apr-07 9.833
101 May-07 9.833
102 Jun-07 9.832
103 Jul-07 9.831
104 Aug-07 9.831
105 Sep-07 9.830
106 Oct-07 9.830
107 Nov-07 9.829
108 Dec-07 9.829
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 6 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
109 Jan-08 9.828
110 Feb-08 9.828
111 Mar-08 9.827
112 Apr-08 9.826
113 May-08 9.826
114 Jun-08 9.825
115 Jul-08 9.825
116 Aug-08 9.824
117 Sep-08 9.824
118 Oct-08 9.823
119 Nov-08 9.823
120 Dec-08 9.822
121 Jan-09 9.822
122 Feb-09 9.821
123 Mar-09 9.821
124 Apr-09 9.820
125 May-09 9.820
126 Jun-09 9.819
127 Jul-09 9.819
128 Aug-09 9.819
129 Sep-09 9.818
130 Oct-09 9.818
131 Nov-09 9.817
132 Dec-09 9.817
133 Jan-10 9.816
134 Feb-10 9.816
135 Mar-10 9.815
136 Apr-10 9.815
137 May-10 9.815
138 Jun-10 9.814
139 Jul-10 9.814
140 Aug-10 9.813
141 Sep-10 9.813
142 Oct-10 9.813
143 Nov-10 9.812
144 Dec-10 9.812
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 7 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
145 Jan-11 9.812
146 Feb-11 9.811
147 Mar-11 9.811
148 Apr-11 9.811
149 May-11 9.810
150 Jun-11 9.810
151 Jul-11 9.810
152 Aug-11 9.809
153 Sep-11 9.809
154 Oct-11 9.809
155 Nov-11 9.809
156 Dec-11 9.808
157 Jan-12 9.808
158 Feb-12 9.808
159 Mar-12 9.808
160 Apr-12 9.807
161 May-12 9.807
162 Jun-12 9.807
163 Jul-12 9.807
164 Aug-12 9.806
165 Sep-12 9.806
166 Oct-12 9.806
167 Nov-12 9.806
168 Dec-12 9.806
169 Jan-13 9.806
170 Feb-13 9.806
171 Mar-13 9.805
172 Apr-13 9.805
173 May-13 9.805
174 Jun-13 9.805
175 Jul-13 9.805
176 Aug-13 9.811
177 Sep-13 9.812
178 Oct-13 9.812
179 Nov-13 9.812
180 Dec-13 9.812
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 8 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
181 Jan-14 9.811
182 Feb-14 9.810
183 Mar-14 9.809
184 Apr-14 9.809
185 May-14 9.808
186 Jun-14 9.807
187 Jul-14 9.807
188 Aug-14 9.806
189 Sep-14 9.805
190 Oct-14 9.804
191 Nov-14 9.804
192 Dec-14 9.803
193 Jan-15 9.802
194 Feb-15 9.801
195 Mar-15 9.801
196 Apr-15 9.800
197 May-15 9.799
198 Jun-15 9.798
199 Jul-15 9.798
200 Aug-15 9.797
201 Sep-15 9.796
202 Oct-15 9.796
203 Nov-15 9.795
204 Dec-15 9.794
205 Jan-16 9.793
206 Feb-16 9.793
207 Mar-16 9.792
208 Apr-16 9.791
209 May-16 9.791
210 Jun-16 9.790
211 Jul-16 9.789
212 Aug-16 9.788
213 Sep-16 9.788
214 Oct-16 9.787
215 Nov-16 9.786
216 Dec-16 9.785
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates (page 9 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
217 Jan-17 9.785
218 Feb-17 9.784
219 Mar-17 9.783
220 Apr-17 9.783
221 May-17 9.782
222 Jun-17 9.781
223 Jul-17 9.781
224 Aug-17 9.780
225 Sep-17 9.779
226 Oct-17 9.778
227 Nov-17 9.778
228 Dec-17 9.777
229 Jan-18 9.776
230 Feb-18 9.776
231 Mar-18 9.775
232 Apr-18 9.774
233 May-18 9.774
234 Jun-18 9.773
235 Jul-18 9.772
236 Aug-18 9.771
237 Sep-18 9.771
238 Oct-18 9.770
239 Nov-18 9.769
240 Dec-18 9.769
241 Jan-19 9.768
242 Feb-19 9.767
243 Mar-19 9.767
244 Apr-19 9.766
245 May-19 9.765
246 Jun-19 9.765
247 Jul-19 9.764
248 Aug-19 9.763
249 Sep-19 9.763
250 Oct-19 9.762
251 Nov-19 9.761
252 Dec-19 9.760
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates
(page 10 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
253 Jan-20 9.760
254 Feb-20 9.759
255 Mar-20 9.758
256 Apr-20 9.758
257 May-20 9.757
258 Jun-20 9.756
259 Jul-20 9.756
260 Aug-20 9.755
261 Sep-20 9.754
262 Oct-20 9.754
263 Nov-20 9.753
264 Dec-20 9.752
265 Jan-21 9.752
266 Feb-21 9.751
267 Mar-21 9.750
268 Apr-21 9.750
269 May-21 9.749
270 Jun-21 9.749
271 Jul-21 9.748
272 Aug-21 9.747
273 Sep-21 9.747
274 Oct-21 9.746
275 Nov-21 9.745
276 Dec-21 9.745
277 Jan-22 9.744
278 Feb-22 9.743
279 Mar-22 9.743
280 Apr-22 9.742
281 May-22 9.741
282 Jun-22 9.741
283 Jul-22 9.740
284 Aug-22 9.739
285 Sep-22 9.739
286 Oct-22 9.738
287 Nov-22 9.738
288 Dec-22 9.737
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates
(page 11 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
289 Jan-23 9.736
290 Feb-23 9.736
291 Mar-23 9.735
292 Apr-23 9.734
293 May-23 9.734
294 Jun-23 9.733
295 Jul-23 9.732
296 Aug-23 9.732
297 Sep-23 9.731
298 Oct-23 9.731
299 Nov-23 9.730
300 Dec-23 9.729
301 Jan-24 9.729
302 Feb-24 9.728
303 Mar-24 9.727
304 Apr-24 9.727
305 May-24 9.726
306 Jun-24 9.726
307 Jul-24 9.725
308 Aug-24 9.724
309 Sep-24 9.724
310 Oct-24 9.723
311 Nov-24 9.722
312 Dec-24 9.722
313 Jan-25 9.721
314 Feb-25 9.721
315 Mar-25 9.720
316 Apr-25 9.719
317 May-25 9.719
318 Jun-25 9.718
319 Jul-25 9.717
320 Aug-25 9.717
321 Sep-25 9.716
322 Oct-25 9.716
323 Nov-25 9.715
324 Dec-25 9.714
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information relating to the Certificates
(page 12 of 12)
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP ANALYSIS
- -----------------------------------------------
Available
Period Distribution Funds
Date Cap (%)
- -----------------------------------------------
325 Jan-26 9.714
326 Feb-26 9.713
327 Mar-26 9.712
328 Apr-26 9.712
329 May-26 9.711
330 Jun-26 9.710
331 Jul-26 9.710
332 Aug-26 9.709
333 Sep-26 9.708
334 Oct-26 9.708
335 Nov-26 9.707
336 Dec-26 9.706
337 Jan-27 9.706
338 Feb-27 9.705
339 Mar-27 9.704
340 Apr-27 9.703
341 May-27 9.703
342 Jun-27 9.702
343 Jul-27 9.701
344 Aug-27 9.700
345 Sep-27 9.699
346 Oct-27 9.698
347 Nov-27 9.697
348 Dec-27 9.696
349 Jan-28 9.694
350 Feb-28 9.693
351 Mar-28 9.691
352 Apr-28 9.689
353 May-28 9.686
354 Jun-28 9.682
355 Jul-28 9.677
356 Aug-28 9.669
357 Sep-28 9.655
358 Oct-28 9.617
359 Nov-28 9.647
360 Dec-28 10.227
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 1 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
<TABLE>
<S> <C>
Total Number of Loans: 748
Total Outstanding Loan Balance: $85,664,883
Balloon (% of Total): 5.92%
Level Pay (% of Total): 94.08%
Average Loan Principal Balance: $114,525 ($13,500 to $1,949,305)
Weighted Average CLTV : 74.92% (19.98% to 93.50%)
Weighted Average Coupon: 10.20% (6.38% to 18.55%)
Weighted Average Remaining Amortization Term (months): 347 (104 to 360)
Weighted Average Original Amortization Term (months): 349 (120 to 360)
Weighted Average Original Term to Maturity (months): 339 (120 to 360)
Range of Original Term to Maturity: 120: 0.02%
180: 11.70%
240: 0.11%
360: 88.18%
Lien Position: 1st Lien: 99.83%
2nd Lien: 0.17%
Property Type: Single Family 80.11%
Duplex 6.38%
Quadraplex 4.09%
Condo 3.34%
Triplex 3.11%
PUD 2.05%
Manufactured 0.62%
2-4 Family 0.30%
Occupancy Status: Owner Occupied: 88.03%
Investor Owned: 11.97%
Geographic Distribution: CA 35.57%
(states not listed individually account FL 23.60%
for less than 5.00% of the Mortgage NY 10.57%
Loan principal balance)
Credit Quality: A: 58.75%
(per Ocwen's guidelines) B: 29.75%
C: 5.49%
D: 6.00%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 2 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Cut-Off Date Loan Balance
Cut-Off Date Number of Home Aggregate % of Aggregate
Loan Balances Equity Loans Loan Balance Loan Balance
- -------------------------- -------------- -------------- --------------
up to $ 25,000.00 24 $ 468,586.97 0.55%
$ 25,000.01 to $ 50,000.00 168 $ 6,577,724.07 7.68
$ 50,000.01 to $ 75,000.00 175 $10,809,739.73 12.62
$ 75,000.01 to $100,000.00 100 $ 8,695,879.43 10.15
$100,000.01 to $125,000.00 84 $ 9,298,793.22 10.85
$125,000.01 to $150,000.00 47 $ 6,467,485.75 7.55
$150,000.01 to $175,000.00 44 $ 7,053,939.24 8.23
$175,000.01 to $200,000.00 20 $ 3,726,367.13 4.35
$200,000.01 to $250,000.00 34 $ 7,530,332.25 8.79
$250,000.01 to $300,000.00 13 $ 3,480,173.77 4.06
$300,000.01 to $350,000.00 9 $ 2,896,182.56 3.38
$350,000.01 to $400,000.00 5 $ 1,877,559.68 2.19
$400,000.01 to $450,000.00 3 $ 1,304,200.63 1.52
$450,000.01 to $500,000.00 3 $ 1,461,034.81 1.71
$500,000.01 to $550,000.00 1 $ 509,773.90 0.60
$550,000.01 to $600,000.00 9 $ 5,229,763.24 6.10
$600,000.01 to $650,000.00 7 $ 4,453,749.55 5.20
$950,000.01 or above 2 $ 3,823,597.26 4.46
-------------- -------------- -------------
Total 748 $85,664,883.19 100.00%
Original Loan Balance
Original Number of Home Aggregate % of Aggregate
Loan Balances Equity Loans Loan Balance Loan Balance
- -------------------------- -------------- -------------- --------------
up to $ 25,000.00 24 $ 468,586.97 0.55%
$ 25,000.01 to $ 50,000.00 167 $ 6,528,626.91 7.62
$ 50,000.01 to $ 75,000.00 176 $10,858,836.89 12.68
$ 75,000.01 to $100,000.00 100 $ 8,695,879.43 10.15
$100,000.01 to $125,000.00 84 $ 9,298,793.22 10.85
$125,000.01 to $150,000.00 47 $ 6,467,485.75 7.55
$150,000.01 to $175,000.00 44 $ 7,053,939.24 8.23
$175,000.01 to $200,000.00 20 $ 3,726,367.13 4.35
$200,000.01 to $250,000.00 34 $ 7,530,332.25 8.79
$250,000.01 to $300,000.00 13 $ 3,480,173.77 4.06
$300,000.01 to $350,000.00 9 $ 2,896,182.56 3.38
$350,000.01 to $400,000.00 5 $ 1,877,559.68 2.19
$400,000.01 to $450,000.00 3 $ 1,304,200.63 1.52
$450,000.01 to $500,000.00 3 $ 1,461,034.81 1.71
$500,000.01 to $550,000.00 1 $ 509,773.90 0.60
$550,000.01 to $600,000.00 9 $ 5,229,763.24 6.10
$600,000.01 to $650,000.00 7 $ 4,453,749.55 5.20
$950,000.01 or above 2 $ 3,823,597.26 4.46
-------------- -------------- ----------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 3 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Gross Coupon Rates
Number of Home Aggregate % of Aggregate
Gross Coupon Rate (%) Equity Loans Loan Balance Loan Balance
- --------------------- -------------- -------------- --------------
6.001 to 7.000 16 $ 1,880,229.42 2.19%
7.001 to 8.000 59 $ 7,870,600.88 9.19
8.001 to 9.000 107 $12,256,643.10 14.31
9.001 to 10.000 151 $18,251,897.19 21.31
10.001 to 11.000 172 $21,561,575.11 25.17
11.001 to 12.000 139 $14,297,460.96 16.69
12.001 to 13.000 57 $ 6,447,525.58 7.53
13.001 to 14.000 18 $ 1,303,028.32 1.52
14.001 to 15.000 13 $ 895,588.35 1.05
15.001 to 16.000 13 $ 596,932.58 0.70
16.001 to 17.000 2 $ 279,784.12 0.33
18.001 to 19.000 1 $ 23,617.58 0.03
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Combined LTV Ratio
Number of Home Aggregate % of Aggregate
Combined LTV% Equity Loans Loan Balance Loan Balance
- -------------- -------------- -------------- --------------
15.01 to 20.00 1 $ 29,957.66 0.03%
25.01 to 30.00 3 $ 210,939.49 0.25
30.01 to 35.00 3 $ 103,930.82 0.12
35.01 to 40.00 6 $ 253,423.93 0.30
40.01 to 45.00 8 $ 517,146.79 0.60
45.01 to 50.00 10 $ 3,506,180.59 4.09
50.01 to 55.00 17 $ 1,170,805.90 1.37
55.01 to 60.00 30 $ 3,008,043.21 3.51
60.01 to 65.00 55 $ 5,704,236.87 6.66
65.01 to 70.00 92 $10,481,673.10 12.24
70.01 to 75.00 143 $16,728,891.31 19.53
75.01 to 80.00 210 $23,533,095.49 27.47
80.01 to 85.00 109 $13,387,667.91 15.63
85.01 to 90.00 60 $ 6,954,125.95 8.12
90.01 to 95.00 1 $ 74,764.17 0.09
-------------- -------------- -------------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 4 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Remaining Amortization Term
Remaining Amortization Term Number of Home Aggregate % of Aggregate
(months) Equity Loans Loan Balance Loan Balance
- --------------------------- -------------- -------------- --------------
61 to 120 1 $ 13,888.47 0.02%
121 to 180 67 $ 4,950,265.95 5.78
181 to 240 4 $ 92,928.01 0.11
301 to 360 676 $80,607,800.76 94.10
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Original Amortization Term
Original Amortization Term Number of Home Aggregate % of Aggregate
(months) Equity Loans Loan Balance Loan Balance
- -------------------------- -------------- -------------- --------------
61 to 120 1 $ 13,888.47 0.02%
121 to 180 67 $ 4,950,265.95 5.78
181 to 240 4 $ 92,928.01 0.11
301 to 360 676 $80,607,800.76 94.10
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Original Term to Maturity
Original Term to Maturity Number of Home Aggregate % of Aggregate
(months) Equity Loans Loan Balance Loan Balance
- ------------------------- -------------- -------------- --------------
61 to 120 1 $ 13,888.47 0.02%
121 to 180 111 $10,019,730.05 11.7
181 to 240 4 $ 92,928.01 0.11
301 to 360 632 $75,538,336.66 88.18
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 5 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Debt-To-Income Ratio
Number of Home Aggregate % of Aggregate
Debt-to-Income Ratio (%) Equity Loans Loan Balance Loan Balance
- ------------------------ -------------- -------------- --------------
up to 5.00 23 $ 1,140,760.49 1.33%
5.01 to 10.00 4 $ 341,510.80 0.40
10.01 to 15.00 16 $ 1,795,281.37 2.10
15.01 to 20.00 37 $ 3,587,749.62 4.19
20.01 to 25.00 53 $ 4,880,888.95 5.70
25.01 to 30.00 67 $ 6,714,783.60 7.84
30.01 to 35.00 85 $11,015,793.81 12.86
35.01 to 40.00 102 $14,465,454.67 16.89
40.01 to 45.00 132 $15,653,699.25 18.27
45.01 to 50.00 142 $14,516,171.99 16.95
50.01 to 55.00 34 $ 4,171,346.79 4.87
55.01 to 60.00 21 $ 3,557,641.18 4.15
60.01 to 65.00 6 $ 605,238.65 0.71
65.01 to 70.00 8 $ 1,656,241.44 1.93
70.01 to 75.00 5 $ 256,716.81 0.30
75.01 to 80.00 3 $ 351,671.23 0.41
80.01 to 85.00 2 $ 205,197.58 0.24
85.01 to 90.00 2 $ 151,484.96 0.18
90.01 to 95.00 3 $ 388,750.00 0.45
95.01 to 100.00 3 $ 208,500.00 0.24
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 6 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Geographic Distribution of Properties
Number of Home Aggregate % of Aggregate
State Equity Loans Loan Balance Loan Balance
- -------------------- -------------- -------------- --------------
Arizona 3 $ 199,509.18 0.23%
Arkansas 10 $ 1,294,819.06 1.51
California 177 $30,470,932.15 35.57
Colorado 7 $ 533,314.96 0.62
Connecticut 5 $ 834,242.82 0.97
District of Columbia 1 $ 70,868.59 0.08
Florida 214 $20,214,286.04 23.60
Georgia 17 $ 1,564,157.67 1.83
Idaho 4 $ 469,034.62 0.55
Illinois 46 $ 3,764,943.96 4.39
Indiana 15 $ 651,020.59 0.76
Iowa 1 $ 30,317.03 0.04
Kansas 2 $ 59,331.25 0.07
Kentucky 3 $ 119,105.85 0.14
Louisiana 6 $ 227,610.42 0.27
Maine 1 $ 85,400.00 0.10
Maryland 2 $ 61,699.77 0.07
Massachusetts 8 $ 598,561.96 0.70
Michigan 34 $ 2,430,080.26 2.84
Minnesota 3 $ 370,788.52 0.43
Mississippi 2 $ 54,514.18 0.06
Missouri 12 $ 558,479.67 0.65
Nebraska 3 $ 149,656.18 0.17
New Hampshire 4 $ 321,537.85 0.38
New Jersey 7 $ 1,243,040.03 1.45
New Mexico 2 $ 172,515.77 0.20
New York 44 $ 9,054,007.60 10.57
North Carolina 4 $ 480,829.11 0.56
North Dakota 1 $ 59,977.41 0.07
Ohio 23 $ 1,606,025.77 1.87
Oklahoma 1 $ 46,282.81 0.05
Oregon 8 $ 690,626.46 0.81
Pennsylvania 17 $ 1,353,141.12 1.58
Rhode Island 2 $ 212,400.00 0.25
Tennessee 15 $ 1,670,334.48 1.95
Texas 3 $ 176,360.88 0.21
Utah 4 $ 413,461.45 0.48
Virginia 13 $ 927,657.80 1.08
Washington 17 $ 2,046,287.33 2.39
Wisconsin 7 $ 377,722.59 0.44
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 7 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Distribution by Occupancy Status
Number of Home Aggregate % of Aggregate
Occupancy Status Equity Loans Loan Balance Loan Balance
- ---------------- -------------- -------------- --------------
Investor Owned 146 $10,254,820.10 11.97%
Owner Occupied 602 $75,410,063.09 88.03
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Distribution by Loan Type
Number of Home Aggregate % of Aggregate
Loan Type Equity Loans Loan Balance Loan Balance
- ---------------- -------------- -------------- --------------
15 Year Balloon 44 $ 5,069,464.10 5.92%
Fully Amortizing 704 $80,595,419.09 94.08
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Distribution by Loan Purpose
Number of Home Aggregate % of Aggregate
Loan Purpose Equity Loans Loan Balance Loan Balance
- ------------------- -------------- -------------- --------------
Cash Out Refinance 382 $45,492,098.00 53.10%
Purchase 269 $27,535,320.04 32.14
Rate/Term Refinance 97 $12,637,465.15 14.75
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Distribution by Lien Position
Number of Home Aggregate % of Aggregate
Lien Position Equity Loans Loan Balance Loan Balance
- ------------- -------------- -------------- --------------
First Lien 742 $85,518,176.74 99.83%
Second Lien 6 $ 146,706.45 0.17
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 8 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Distribution by Credit Score
Number of Home Aggregate % of Aggregate
Credit Score Equity Loans Loan Balance Loan Balance
- ------------ -------------- -------------- --------------
A 406 $50,330,448.66 58.75%
B 236 $25,488,321.78 29.75
C 58 $ 4,706,680.23 5.49
D 48 $ 5,139,432.52 6.00
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Distribution by Prepayment Penalty
Number of Home Aggregate % of Aggregate
Prepayment Penalty Equity Loans Loan Balance Loan Balance
- ------------------ -------------- -------------- --------------
No 111 $ 9,421,317.62 11.00%
Yes 637 $76,243,565.57 89.00
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
Distribution by Property Type
Number of Home Aggregate % of Aggregate
Property Type Equity Loans Loan Balance Loan Balance
- ------------- -------------- -------------- --------------
Single Family 590 $68,626,140.17 80.11%
Duplex 52 $ 5,469,557.97 6.38
Quadraplex 23 $ 3,506,785.74 4.09
Condo 40 $ 2,860,609.55 3.34
Triplex 20 $ 2,661,900.07 3.11
PUD 14 $ 1,753,362.22 2.05
Manufactured 7 $ 529,198.14 0.62
2-4 Family 2 $ 257,329.33 0.30
-------------- -------------- --------------
Total 748 $85,664,883.19 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 9 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
<TABLE>
<S> <C>
Total Number of Loans: 1,307
Total Outstanding Loan Balance: $150,553,428
Average Loan Principal Balance: $115,190 ($17,283 to $2,392,898)
Weighted Average CLTV: 76.73% (21.79% to 90.00%)
Weighted Average Coupon: 10.83% (6.99% to 15.75%)
Weighted Average Gross Margin: 5.67% (4.00% to 9.00%)
Weighted Average Periodic Cap: 1.00% (1.00% to 1.00%)
Weighted Average Lifetime Cap: 17.26% (13.49% to 22.25%)
Weighted Average Lifetime Floor: 10.75% (4.50% to 15.75%)
Weighted Average Months to Next Reset: 20
Weighted Average Remaining Amortization Term (months): 357 (230 to 360)
Weighted Average Original Amortization Term (months): 360 (240 to 360)
Weighted Average Original Term to Maturity(months): 360 (240 to 360)
Range of Original Term to Maturity: 240: 0.14%
360: 99.86%
Lien Position: 1st Lien: 100.00%
2nd Lien: 0.00%
Property Type: Single Family 78.80%
Duplex 6.83%
PUD 4.87%
Condo 3.69%
Quadraplex 3.50%
Triplex 1.43%
Manufactured 0.79%
2-4 Family 0.10%
Occupancy Status: Owner Occupied: 91.43%
Investor Owned: 8.57%
Geographic Distribution: CA 29.14%
(states not listed individually account IL 10.67%
for less than 5.00% of the Mortgage FL 7.54%
Loan principal balance) MI 7.44%
WA 5.93%
Credit Quality: A: 44.57%
(per Ocwen's guidelines) B: 29.99%
C: 10.67%
D: 14.76%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 10 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Cut-Off Date Loan Balance
Cut-Off Date Number of Home Aggregate % of Aggregate
Loan Balances Equity Loans Loan Balance Loan Balance
- -------------------------- -------------- --------------- --------------
up to $ 25,000.00 29 $ 641,907.04 0.43%
$ 25,000.01 to $ 50,000.00 251 $ 10,013,053.60 6.65
$ 50,000.01 to $ 75,000.00 310 $ 19,175,171.55 12.74
$ 75,000.01 to $100,000.00 227 $ 19,593,070.72 13.01
$100,000.01 to $125,000.00 145 $ 16,117,162.48 10.71
$125,000.01 to $150,000.00 89 $ 12,125,496.58 8.05
$150,000.01 to $175,000.00 62 $ 9,996,887.24 6.64
$175,000.01 to $200,000.00 39 $ 7,309,873.82 4.86
$200,000.01 to $250,000.00 53 $ 11,771,089.73 7.82
$250,000.01 to $300,000.00 22 $ 6,042,738.34 4.01
$300,000.01 to $350,000.00 22 $ 7,166,492.75 4.76
$350,000.01 to $400,000.00 14 $ 5,328,860.17 3.54
$400,000.01 to $450,000.00 17 $ 7,227,656.27 4.80
$450,000.01 to $500,000.00 13 $ 6,217,325.08 4.13
$500,000.01 to $550,000.00 2 $ 1,044,864.96 0.69
$550,000.01 to $600,000.00 1 $ 573,194.63 0.38
$600,000.01 to $650,000.00 5 $ 3,123,755.66 2.07
$650,000.01 to $700,000.00 1 $ 660,000.00 0.44
$700,000.01 to $750,000.00 1 $ 719,782.25 0.48
$750,000.01 to $800,000.00 1 $ 780,000.00 0.52
$950,000.01 or above 3 $ 4,925,044.92 3.27
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 11 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Original Loan Balance
Original Number of Home Aggregate % of Aggregate
Loan Balances Equity Loans Loan Balance Loan Balance
- -------------------------- -------------- --------------- --------------
up to $ 25,000.00 29 $ 641,907.04 0.43%
$ 25,000.01 to $ 50,000.00 251 $ 10,013,053.60 6.65
$ 50,000.01 to $ 75,000.00 310 $ 19,175,171.55 12.74
$ 75,000.01 to $100,000.00 227 $ 19,593,070.72 13.01
$100,000.01 to $125,000.00 145 $ 16,117,162.48 10.71
$125,000.01 to $150,000.00 89 $ 12,125,496.58 8.05
$150,000.01 to $175,000.00 62 $ 9,996,887.24 6.64
$175,000.01 to $200,000.00 39 $ 7,309,873.82 4.86
$200,000.01 to $250,000.00 53 $ 11,771,089.73 7.82
$250,000.01 to $300,000.00 22 $ 6,042,738.34 4.01
$300,000.01 to $350,000.00 22 $ 7,166,492.75 4.76
$350,000.01 to $400,000.00 14 $ 5,328,860.17 3.54
$400,000.01 to $450,000.00 17 $ 7,227,656.27 4.80
$450,000.01 to $500,000.00 13 $ 6,217,325.08 4.13
$500,000.01 to $550,000.00 2 $ 1,044,864.96 0.69
$550,000.01 to $600,000.00 1 $ 573,194.63 0.38
$600,000.01 to $650,000.00 5 $ 3,123,755.66 2.07
$650,000.01 to $700,000.00 1 $ 660,000.00 0.44
$700,000.01 to $750,000.00 1 $ 719,782.25 0.48
$750,000.01 to $800,000.00 1 $ 780,000.00 0.52
$950,000.01 up to 3 $ 4,925,044.92 3.27
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Gross Coupon Rates
Number of Home Aggregate % of Aggregate
Gross Coupon Rate (%) Equity Loans Loan Balance Loan Balance
- --------------------- -------------- --------------- --------------
6.001 to 7.000 1 $ 146,158.82 0.10%
7.001 to 8.000 13 $ 1,986,864.77 1.32
8.001 to 9.000 80 $ 13,439,096.14 8.93
9.001 to 10.000 237 $ 32,642,847.84 21.68
10.001 to 11.000 372 $ 41,710,289.86 27.70
11.001 to 12.000 323 $ 36,860,042.46 24.48
12.001 to 13.000 143 $ 12,207,360.07 8.11
13.001 to 14.000 77 $ 6,691,115.65 4.44
14.001 to 15.000 57 $ 4,639,400.78 3.08
15.001 to 16.000 4 $ 230,251.40 0.15
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 12 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Combined LTV Ratio
Number of Home Aggregate % of Aggregate
Combined LTV (%) Equity Loans Loan Balance Loan Balance
- ---------------- -------------- --------------- --------------
20.01 to 25.00 1 $ 34,869.48 0.02%
25.01 to 30.00 3 $ 214,854.02 0.14
30.01 to 35.00 3 $ 164,993.83 0.11
35.01 to 40.00 3 $ 450,607.97 0.30
40.01 to 45.00 6 $ 376,172.09 0.25
45.01 to 50.00 11 $ 769,972.60 0.51
50.01 to 55.00 11 $ 1,210,465.05 0.80
55.01 to 60.00 31 $ 2,656,530.98 1.76
60.01 to 65.00 88 $ 11,799,004.24 7.84
65.01 to 70.00 225 $ 21,757,532.06 14.45
70.01 to 75.00 315 $ 35,044,884.22 23.28
75.01 to 80.00 303 $ 35,436,840.88 23.54
80.01 to 85.00 200 $ 24,283,436.74 16.13
85.01 to 90.00 107 $ 16,353,263.63 10.86
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Remaining Amortization Term
Remaining Amortization Term Number of Home Aggregate % of Aggregate
(months) Equity Loans Loan Balance Loan Balance
- --------------------------- -------------- --------------- --------------
181 to 240 1 $ 215,897.86 0.14%
301 to 360 1306 $150,337,529.93 99.86
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Original Amortization Term
Original Amortization Term Number of Home Aggregate % of Aggregate
(months) Equity Loans Loan Balance Loan Balance
- -------------------------- -------------- --------------- --------------
181 to 240 1 $ 215,897.86 0.14%
301 to 360 1306 $150,337,529.93 99.86
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 13 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Original Term to Maturity
Original Term to Maturity Number of Home Aggregate % of Aggregate
(months) Equity Loans Loan Balance Loan Balance
- ------------------------- -------------- --------------- --------------
181 to 240 1 $ 215,897.86 0.14%
301 to 360 1306 $150,337,529.93 99.86
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Debt-To-Income Ratio
Number of Home Aggregate % of Aggregate
Debt-to-Income Ratio (%) Equity Loans Loan Balance Loan Balance
- ------------------------ -------------- --------------- --------------
0 to 5.00 14 $ 1,143,971.26 0.76%
5.01 to 10.00 12 $ 1,245,762.40 0.83
10.01 to 15.00 21 $ 1,617,843.77 1.07
15.01 to 20.00 57 $ 4,349,802.64 2.89
20.01 to 25.00 89 $ 7,271,281.41 4.83
25.01 to 30.00 133 $ 14,306,062.41 9.50
30.01 to 35.00 160 $ 16,012,089.31 10.64
35.01 to 40.00 201 $ 26,395,001.72 17.53
40.01 to 45.00 193 $ 23,713,530.40 15.75
45.01 to 50.00 256 $ 36,796,709.56 24.44
50.01 to 55.00 79 $ 8,315,344.14 5.52
55.01 to 60.00 46 $ 4,205,467.06 2.79
60.01 to 65.00 21 $ 2,720,205.23 1.81
65.01 to 70.00 10 $ 881,037.21 0.59
70.01 to 75.00 5 $ 617,427.31 0.41
75.01 to 80.00 3 $ 379,784.30 0.25
85.01 to 90.00 1 $ 82,909.43 0.06
90.01 to 95.00 1 $ 53,232.06 0.04
95.01 to 100.00 5 $ 445,966.17 0.30
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 14 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Gross Margins
Number of Home Aggregate % of Aggregate
Gross Margin (%) Equity Loans Loan Balance Loan Balance
- ---------------- -------------- --------------- --------------
up to 5.000 210 $ 27,090,120.14 17.99%
5.001 to 6.000 696 $ 85,084,200.45 56.51
6.001 to 7.000 373 $ 36,132,299.82 24.00
7.001 to 8.000 22 $ 1,894,993.86 1.26
8.001 to 9.000 6 $ 351,823.52 0.23
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Maximum Loan Rates
Number of Home Aggregate % of Aggregate
Maximum Loan Rate (%) Equity Loans Loan Balance Loan Balance
- --------------------- -------------- --------------- --------------
13.001 to 14.000 6 $ 743,593.63 0.49%
14.001 to 15.000 34 $ 8,213,459.90 5.46
15.001 to 16.000 145 $ 22,132,986.81 14.70
16.001 to 17.000 313 $ 38,448,962.66 25.54
17.001 to 18.000 385 $ 41,567,062.97 27.61
18.001 to 19.000 226 $ 23,052,228.17 15.31
19.001 to 20.000 107 $ 9,330,672.52 6.20
20.001 to 21.000 66 $ 4,908,059.78 3.26
21.001 to 22.000 24 $ 2,097,542.83 1.39
22.001 to 23.000 1 $ 58,858.52 0.04
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Minimum Loan Rates
Number of Home Aggregate % of Aggregate
Minimum Loan Rate (%) Equity Loans Loan Balance Loan Balance
- --------------------- -------------- --------------- --------------
up to 5.000 1 $ 44,952.94 0.03%
5.001 to 6.000 5 $ 556,401.52 0.37
6.001 to 7.000 5 $ 463,360.56 0.31
7.001 to 8.000 13 $ 1,986,864.77 1.32
8.001 to 9.000 85 $ 13,991,148.44 9.29
9.001 to 10.000 237 $ 35,021,406.01 23.26
10.001 to 11.000 371 $ 41,503,126.97 27.57
11.001 to 12.000 316 $ 34,009,264.06 22.59
12.001 to 13.000 139 $ 11,710,572.41 7.78
13.001 to 14.000 74 $ 6,396,677.93 4.25
14.001 to 15.000 57 $ 4,639,400.78 3.08
15.001 to 16.000 4 $ 230,251.40 0.15
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 15 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Initial Periodic Rate Caps
Number of Home Aggregate % of Aggregate
Initial Periodic Rate Caps (%) Equity Loans Loan Balance Loan Balance
- ------------------------------ -------------- --------------- --------------
1.000 107 $ 15,140,065.75 10.06%
2.000 1126 $125,220,871.71 83.17
3.000 73 $ 10,116,105.12 6.72
6.000 1 $ 76,385.21 0.05
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Periodic Rate Caps
Number of Home Aggregate % of Aggregate
Periodic Rate Caps (%) Equity Loans Loan Balance Loan Balance
- ---------------------- -------------- --------------- --------------
1.000 1,307 $150,553,427.79 100.00%
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 16 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Next Adjustment Date
Number of Home Aggregate % of Aggregate
Next Adjustment Date Equity Loans Loan Balance Loan Balance
- -------------------- -------------- --------------- --------------
Jan-99 7 $ 613,701.95 0.41%
Feb-99 12 $ 1,504,345.47 1.00
Mar-99 23 $ 4,490,472.93 2.98
Apr-99 44 $ 5,184,967.43 3.44
May-99 17 $ 2,184,512.66 1.45
Jun-99 7 $ 1,435,820.56 0.95
Jul-99 1 $ 17,283.00 0.01
Aug-99 1 $ 34,869.48 0.02
Sep-99 4 $ 222,682.49 0.15
Oct-99 4 $ 296,521.69 0.20
Dec-99 1 $ 207,122.64 0.14
Jan-00 3 $ 451,705.16 0.30
Feb-00 7 $ 1,018,889.67 0.68
Mar-00 8 $ 671,021.65 0.45
Apr-00 7 $ 834,797.15 0.55
May-00 21 $ 2,072,241.69 1.38
Jun-00 24 $ 2,694,014.89 1.79
Jul-00 32 $ 4,031,925.63 2.68
Aug-00 80 $ 10,195,961.97 6.77
Sep-00 229 $ 25,391,060.58 16.87
Oct-00 321 $ 35,452,917.99 23.55
Nov-00 284 $ 30,573,795.92 20.31
Dec-00 120 $ 13,978,316.99 9.28
Jul-01 1 $ 140,998.64 0.09
Aug-01 1 $ 109,587.28 0.07
Oct-01 2 $ 461,639.85 0.31
Nov-01 7 $ 1,133,251.52 0.75
Dec-01 37 $ 4,804,346.00 3.19
Aug-03 1 $ 139,904.91 0.09
Dec-03 1 $ 204,750.00 0.14
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 17 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Geographic Distribution of Properties
Number of Home Aggregate % of Aggregate
State Equity Loans Loan Balance Loan Balance
- -------------------- -------------- --------------- --------------
Arizona 14 $ 1,290,373.74 0.86%
Arkansas 1 $ 88,854.65 0.06
California 236 $ 43,878,634.99 29.14
Colorado 5 $ 603,398.85 0.40
Connecticut 20 $ 3,738,879.71 2.48
Delaware 1 $ 70,140.09 0.05
District of Columbia 1 $ 89,703.16 0.06
Florida 116 $ 11,356,474.32 7.54
Georgia 11 $ 918,454.92 0.61
Idaho 12 $ 1,968,386.40 1.31
Illinois 180 $ 16,057,345.97 10.67
Indiana 30 $ 2,010,497.10 1.34
Iowa 8 $ 604,443.83 0.40
Kansas 5 $ 669,921.08 0.44
Kentucky 2 $ 79,275.72 0.05
Louisiana 5 $ 280,945.26 0.19
Maine 7 $ 693,727.39 0.46
Maryland 10 $ 3,398,627.23 2.26
Massachusetts 35 $ 4,049,793.99 2.69
Michigan 145 $ 11,199,876.00 7.44
Minnesota 25 $ 2,111,110.92 1.40
Missouri 54 $ 3,061,293.18 2.03
Montana 1 $ 285,603.05 0.19
Nebraska 6 $ 402,368.53 0.27
New Hampshire 3 $ 303,936.41 0.20
New Jersey 25 $ 3,513,498.37 2.33
New Mexico 4 $ 451,530.38 0.30
New York 36 $ 6,367,182.38 4.23
North Carolina 13 $ 1,674,100.80 1.11
North Dakota 1 $ 45,473.77 0.03
Ohio 71 $ 4,500,694.10 2.99
Oregon 26 $ 3,778,673.48 2.51
Pennsylvania 30 $ 2,164,031.56 1.44
Rhode Island 2 $ 254,890.22 0.17
South Carolina 9 $ 704,601.22 0.47
South Dakota 1 $ 344,102.15 0.23
Tennessee 10 $ 704,976.18 0.47
Texas 6 $ 995,122.39 0.66
Utah 19 $ 1,964,932.87 1.31
Vermont 3 $ 293,378.55 0.19
Virginia 22 $ 2,308,261.14 1.53
Washington 69 $ 8,923,604.40 5.93
Wisconsin 27 $ 2,352,307.34 1.56
- -------------------- -------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 18 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
ADJUSTABLE RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Distribution by Occupancy Status
Number of Home Aggregate % of Aggregate
Occupancy Status Equity Loans Loan Balance Loan Balance
- ---------------- -------------- --------------- --------------
Investor Owned 178 $ 12,904,229.82 8.57%
Owner Occupied 1,129 $137,649,197.97 91.43
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Distribution by Loan Type
Number of Home Aggregate % of Aggregate
Loan Type Equity Loans Loan Balance Loan Balance
- ------------------------------ -------------- --------------- --------------
Two Years/Twenty-Eight Years 1,149 $128,366,215.38 85.26%
Three Years/Twenty-Seven Years 48 $ 6,649,823.29 4.42
Five Years/Twenty-Five Years 2 $ 344,654.91 0.23
Six Months/Various 108 $ 15,192,734.21 10.09
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Distribution by Loan Purpose
Number of Home Aggregate % of Aggregate
Loan Purpose Equity Loans Loan Balance Loan Balance
- ------------------- -------------- --------------- --------------
Cash Out Refinance 622 $ 78,520,554.23 52.15%
Purchase 463 $ 49,528,432.60 32.90
Rate/Term Refinance 222 $ 22,504,440.96 14.95
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Distribution by Lien Position
Number of Home Aggregate % of Aggregate
Lien Position Equity Loans Loan Balance Loan Balance
- ------------- -------------- --------------- --------------
First Lien 1,307 $150,553,427.79 100.00%
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Ocwen Home Equity Loan Trust 1998-OFS4
Computational Materials: Information Relating to the Collateral (page 19 of 19)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FIXED RATE MORTGAGE LOANS
Preliminary characteristics of the Initial Mortgage Loans
as of the Cut-Off Date (12/1/98):
Distribution by Credit Score
Number of Home Aggregate % of Aggregate
Credit Score Equity Loans Loan Balance Loan Balance
- ------------ -------------- --------------- --------------
A 470 $ 67,106,593.51 44.57%
B 416 $ 45,154,950.73 29.99
C 173 $ 16,062,795.24 10.67
D 248 $ 22,229,088.31 14.76
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Distribution by Prepayment Penalty
Number of Home Aggregate % of Aggregate
Prepayment Penalty Equity Loans Loan Balance Loan Balance
- ------------------ -------------- --------------- --------------
No 400 $ 43,986,780.29 29.22%
Yes 907 $106,566,647.50 70.78
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
Distribution by Property Type
Number of Home Aggregate % of Aggregate
Property Type Equity Loans Loan Balance Loan Balance
- ------------- -------------- --------------- --------------
Single Family 1,051 $118,630,643.49 78.80%
Duplex 104 $ 10,281,502.94 6.83
PUD 29 $ 7,324,454.01 4.87
Condo 45 $ 5,562,371.36 3.69
Quadraplex 38 $ 5,270,178.39 3.50
Triplex 21 $ 2,149,946.15 1.43
Manufactured 16 $ 1,187,289.63 0.79
2-4 Family 3 $ 147,041.82 0.10
-------------- --------------- --------------
Total 1,307 $150,553,427.79 100.00%
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
