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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): May 4, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-9532 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
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<PAGE>
Item 5. Other Events.
Filing of Computational Materials
In connection with the proposed offering of the Irwin Home Equity Loan
Trust 1999-2, Home Equity Loan-Backed Notes, Series 1999-2 (the "Class A
Certificates"), Bear, Stearns & Co. Inc., as the underwriter (the
"Underwriter"), has prepared certain materials (the "Computational Materials")
for distribution to their potential investors. Although Bear Stearns Asset
Backed Securities, Inc. (the "Company") provided the Underwriter with certain
information regarding the characteristics of the mortgage loans (the "Mortgage
Loans") in the related portfolio, the Company did not participate in the
preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean the
Series 1999-2 term sheet, computer generated tables and/or charts displaying,
with respect to the Class A Notes, any of the following: yield; average life;
duration, expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Mortgage Loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature. The
Computational Materials are attached hereto as Exhibits 99.1 and 99.2.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 The Computational Materials, filed on Form 8-K dated May 4, 1999.
99.2 The Computational Materials, filed on Form 8-K dated May 5, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, 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.
By: /s/ Jonathan Lieberman
--------------------------
Jonathan Lieberman
Managing Director
Dated: May 11, 1999
<PAGE>
Exhibit Index
Exhibit Page
99.1 The Computational Materials, filed on Form 8-K 6
dated May 4, 1999
99.2 The Computational Materials, filed on Form 8-K 36
dated May 5, 1999
Exhibit 99.1
<TABLE>
<CAPTION>
<S> <C>
[GRAPHIC OMITTED] BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
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IRWIN HOME EQUITY LOAN TRUST 1999-2
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COMPUTATIONAL MATERIALS
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FAX TO: DATE: 5/4/99
COMPANY: # PAGES (incl. cover): 29
FAX NO: PHONE NO:
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FROM: PHONE NO:
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</TABLE>
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. The
Information is provided solely by Bear Stearns, not as agent for any issuer,
and although it may be based on data supplied to it by an issuer, the issuer
has not participated in its preparation and makes no representations regarding
its accuracy or completeness. 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. Any
information herein regarding the collateral or the securities supersedes any
prior information regarding the collateral or the securities and will be
superseded by information regarding the collateral and/or the securities
contained in the Offering Documents and any subsequent information regarding
the collateral or the securities. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current and any subsequent information regarding the collateral or
the securities. 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 employed thereby 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.
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Preliminary Term Sheet (PAGE 1 OF 6)
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$[180,000,000] (APPROXIMATE)
ISSUER: Irwin Home Equity Loan Trust 1999-2 (the "Trust")
DEPOSITOR: Bear Stearns Asset Backed Securities, Inc.
SELLER: Irwin Funding Corp.
ORIGINATOR: Irwin Home Equity Corporation
CREDIT ENHANCER: AMBAC ASSURANCE CORPORATION ("THE "CREDIT ENHANCER")
UNDERWRITER: Bear, Stearns & Co. Inc.
MASTER SERVICER: Irwin Union Bank and Trust Company (the "Master Servicer"
or "IUB").
INDENTURE TRUSTEE: Norwest Bank Minnesota, National Association
OWNER TRUSTEE: Wilmington Trust Company
THE NOTES: Irwin Home Equity Loan Trust 1999-2 will issue [8] classes
of Home Equity Loan-Backed Notes, Series 1999-2 (the Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5 Notes,
Class A-6, Class A-7 and Class A-8 (the "Notes")).
CHARACTERISTICS OF THE NOTES (A), (B), (C)
<TABLE>
<CAPTION>
- -------------------- -------------- --------------------- ------------- ------------ ----------- ----------- ------------------
ORIGINAL AVG LIFE PRINCIPAL PRINCIPAL
OFFERED PRINCIPAL AGENCY TO CALL LOCKOUT WINDOW RATINGS
SECURITIES BALANCE ELIGIBILITY COUPON (YEARS) (MONTHS) (MONTHS) (MOODY'S/S&P)
- -------------------- -------------- --------------------- ------------- ------------ ----------- ----------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 Notes $53,500,000 CONFORMING Floater(d) 1.10 None 26 Aaa/AAA
Class A-2 Notes $31,900,000 CONFORMING Fixed 3.00 25 23 Aaa/AAA
Class A-3 Notes $21,600,000 CONFORMING Fixed 5.00 47 27 Aaa/AAA
Class A-4 Notes $12,100,000 CONFORMING Fixed 7.00 73 23 Aaa/AAA
Class A-5 Notes $19,500,000 CONFORMING Fixed 9.08 95 17 Aaa/AAA
Class A-6 Notes $17,400,000 NON-CONFORMING Floater(d) 1.10 None 26 Aaa/AAA
Class A-7 Notes $10,300,000 NON-CONFORMING Fixed 3.00 25 25 Aaa/AAA
Class A-8 Notes $11,900,000 NON-CONFORMING Fixed 6.76 49 63 Aaa/AAA
- -------------------- -------------- -------------------- ------------- ------------ ----------- ----------- ------------------
</TABLE>
NOTE: (a) 100% Prepayment Assumption: Conforming loans: 1.2% CPR in month
1 building to 18.0% CPR in month 15. Non-Conforming loans: 4.0%
CPR in month 1 building to 22.0% CPR in month 12.
(b) Transaction priced to 10% clean-up call;
(c) 100% principal and interest guaranty by the Credit Enhancer
(d) The lesser of (I) One-Month LIBOR plus 0._% per annum and (II)
[12.00]% per annum.
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Preliminary Term Sheet (PAGE 2 OF 6)
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OFFERING: The Notes will be issued publicly from a shelf
registration established by the Depositor.
FORM OF REGISTRATION: Book-Entry form, same day funds through DTC.
PREPAYMENT PRICING
SPEED ASSUMPTION: Conforming loans: 1.2% CPR in month 1 building to 18.0%
CPR in month 15. Non-Conforming loans: 4.0% CPR in
month 1 building to 22.0% CPR in month 12.
CUT-OFF DATE: The close of business on April 30, 1999.
CLOSING DATE: On or about May 25, 1999.
PAYMENT DATE: The 15th day of each month (or the next succeeding
business day), commencing June 15, 1999.
PAYMENT DELAY: With the exception of the Class A-1 and Class A-6
Notes, the Notes will have a payment delay of 14 days.
With respect to the Class A-1 Notes and Class A-6
Notes, 0 days.
NOTE RATE: With the exception of the Class A-1 and Class A-6
Notes, interest will accrue on the Notes at a fixed
rate during the month prior to the month of the related
Payment Date (or from the Cut-off Date to the end of
such month in the case of the first Payment Date) a
based assumed year of 360 days, consisting of 12 30-day
months..
With respect to any Payment Date, the Class A-1 Notes
will be entitled to interest accrued from and including
the preceding Payment Date (or from the Closing Date in
the case of the first Payment Date) to and including
the day prior to the then current Payment Date (the
"Class A-1 Accrual Period") at the Class A-1 Note Rate
on the aggregate principal balance of the Class A-1
Notes based as the actual number of days elapsed during
the Class A-1 Accrued Period..
The coupon on the Class A-1 Notes will be equal to the
lesser of (a) 1-month LIBOR + [_.__]% per annum and (b)
[12.00]% per annum, payable monthly.
With respect to any Payment Date, the Class A-6 Notes
will be entitled to interest accrued from and including
the preceding Payment Date (or from the Closing Date in
the case of the first Payment Date) to and including
the day prior to the then current Payment Date (the
"Class A-6 Accrual Period") at the Class A-6 Note Rate
on the aggregate principal balance of the Class A-6
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Preliminary Term Sheet (PAGE 3 OF 6)
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Notes based as the actual number of days elapsed during
the Class A-6 Accrued Period..
The coupon on the Class A-6 Notes will be equal to the
lesser of (a) 1-month LIBOR + [_.__]% per annum and (b)
[12.00]% per annum, payable monthly.
PRIORITY OF PAYMENTS: On each Payment Date, principal and interest
collections will be allocated on a group by group basis
(conforming and non-conforming) from the payment
account, together with any insured payment by the
Credit Enhancer, in the following order of priority:
(1) To pay any prepayment penalties collected on the
Mortgage Loans to the holder of the Certificates;
(2) To pay accrued and unpaid interest due on the
Notes;
(3) To pay principal on the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5 Notes in that
order, in an amount equal to the principal
collection distribution amount for such Payment
Date (which distribution amount will include any
liquidation loss amounts on such Payment Date plus
any liquidation loss amounts remaining
undistributed from any prior Payment Date);
(4) To pay principal on the Class A-6, Class A-7 and
Class A-8 Notes in that order, in an amount equal
to the principal collection distribution amount
for such Payment Date (which distribution amount
will include any liquidation loss amounts on such
Payment Date plus any liquidation loss amounts
remaining undistributed from any prior Payment
Date);
(5) To pay the Credit Enhancer the accrued and unpaid
premium for the Policy;
(6) To reimburse the Credit Enhancer for any prior
draws on the Policy;
(7) To the extent of remaining available funds, to pay
as additional principal on the Class A-1, Class
A-2, Class A-3, Class A-4 and Class A-5 Notes, in
that order, an amount necessary to increase the
amount of overcollateralization to the required
overcollateralization amount;
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Preliminary Term Sheet (PAGE 4 OF 6)
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<PAGE>
(8) To the extent of remaining available funds, to pay
as additional principal on Class A-6, Class A-7
and Class A-8 Notes, in that order, an amount
necessary to increase the amount of
overcollateralization to the required
overcollateralization amount;
(9) To pay the Credit Enhancer any other amounts owed
pursuant to the Insurance Agreement;
(10) To pay any accrued and unpaid interest on the
Notes from any prior Payment Date, together with
interest thereon at the applicable Note Rate;
(11) To pay the Indenture Trustee any amount owing it
under the Indenture and to pay its trustee fee;
and (12) To pay any remaining amounts to the
holder of the Certificates representing the
beneficial ownership interests in the Trust.
THE ASSETS OF THE
TRUST: The assets of the Trust will primarily consist of a
pool of (i) home equity loans with combined
loan-to-value ratios in excess of 100% (the "Home
Loans") and conventional, fixed-rate, closed-end home
equity loans secured by first or second priority liens
(the "Home Equity Loans") sold to the Issuer and
pledged to the Indenture Trustee as of the Closing Date
(the "Initial Mortgage Loans"), and (ii) funds on
deposit in the Pre-Funding Account to be used to
acquire Home Loans and Home Equity Loans subsequent to
the Closing Date (the "Subsequent Mortgage Loans", and
together with the Initial Mortgage Loans, the "Mortgage
Loans"). The Mortgage Loans will be secured by
mortgages, deeds of trust or other similar security
instruments.
MASTER SERVICING FEE: The servicing fee to be paid to the Master Servicer as
compensation for servicing the Mortgage Loans will be
(i) 0.50% per annum for Home Equity Loans secured by
first priority liens, and (ii) 0.75% per annum for all
other Mortgage Loans. The servicing fee will be
computed and payable monthly.
PRE-FUNDING ACCOUNT: On the Closing Date, approximately [$40,000,000] will
be deposited into an account (the "Pre-Funding
Account"), which amount will be funded from the
proceeds of the sale of the Notes. The Seller will be
obligated to sell Subsequent Mortgage Loans existing as
of the Cut-off Date to the Trust and the Trust will be
obligated, subject to the consent of the Credit
Enhancer, to purchase the Subsequent Mortgage Loans
during the period from the Closing Date until the
earlier of (i) the date on which the amount on deposit
in the Pre-Funding Account is less than $100,000, (ii)
[ ], 1999 (the "Pre-Funding Period") (iii) the
occurrence of a servicer default under the Sale and
Servicing
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Preliminary Term Sheet (PAGE 5 OF 6)
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Agreement. The Subsequent Mortgage Loans, as well as
the Initial Mortgage Loans, will conform to certain
specified characteristics. Amounts on deposit in the
Pre-Funding Account will be invested in Permitted
Investments. "Permitted Investments" are specified in
the Indenture and are generally limited to investments
that meet the criteria of the Credit Enhancer. Any
amount remaining in the Pre-Funding Account at the end
of the Pre-Funding Period will be used to prepay the
Notes.
CAPITALIZED INTEREST
ACCOUNT: On the Closing Date, the Seller, if required by the
Credit Enhancer, will make a cash deposit from the
proceeds of the sale of the Notes into an account held
by the Indenture Trustee (the "Capitalized Interest
Account"), unless a letter of credit evidencing the
availability of such amount is delivered to the Owner
Trustee on the Closing Date. Any letter of credit must
be in form and substance, and from a provider,
acceptable to the Credit Enhancer. Amounts on deposit
in the Capitalized Interest Account will be withdrawn,
or drawings under such letter of credit will be made,
on each Payment Date during the Pre-Funding Period to
fund portions of the interest payments on the Notes to
the extent set forth in the Indenture and the Sale and
Servicing Agreement.
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes will be
provided by (1) excess spread, (2)
overcollateralization and (3) the Ambac Insurance
Policy.
EXCESS SPREAD. The weighted average Mortgage Loan Rate
is generally expected to be higher than the sum of (a)
the servicing fees, (b) the weighted average Note Rate
and (c) the premium payable to the Credit Enhancer. On
each Payment Date, excess spread generated during the
related collection period will be available to cover
losses and build overcollateralization on such Payment
Date.
OVERCOLLATERALIZATION: Excess spread will be applied,
to the extent available, to make accelerated payments
of principal to the securities then entitled to receive
payments of principal; such application will cause the
aggregate principal balance of the Notes to amortize
more rapidly than the Mortgage Loans, resulting in
overcollateralization. Prior to the Stepdown Date, the
"Required Overcollateralization Amount" will be equal
to [7]% of the original Pool Principal Balance. On or
after the Stepdown Date, the "Required
Overcollateralization Amount" will be permitted to
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Preliminary Term Sheet (PAGE 6 OF 6)
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decrease to [14]% of the current Pool Principal Balance
of the Home Loans, subject to a floor of [0.5]% of the
original Pool Principal Balance.
AMBAC INSURANCE POLICY: The Credit Enhancer will
unconditionally and irrevocably guarantee: (a) timely
payment of interest, (b) the amount of any losses not
covered by excess spread or overcollateralization, and
(c) the payment of any outstanding principal on the
Notes on their respective final scheduled maturity
date. The Ambac Insurance Policy is not cancelable for
any reason.
STEPDOWN DATE: The Stepdown Date is the Payment Date occurring on the
later of:
(1) the first Payment Date after [June 2002] (i.e. on
the [36] Payment Date); and
(2) the first Payment Date on which the current Pool
Principal Balance has been reduced to an amount
equal [50]% of the original Pool Principal
Balance.
OPTIONAL REDEMPTION: The Master Servicer may, at its option, effect an early
redemption or termination of the Notes on or after any
Payment Date when the current Pool Principal Balance
declines to 10% or less of the original Pool Principal
Balance of the Mortgage Loans (the "Step-Up Date").
TAX STATUS: For federal income tax purposes, the Notes will be
characterized as indebtedness of the Issuer.
ERISA ELIGIBILITY: The Depositor expects that the Notes may be purchased
by employee benefit plans subject to the requirements
of ERISA.
SMMEA TREATMENT: The Notes will not constitute "mortgage related
securities" for purposes of SMMEA because, among other
reasons, a majority of the mortgages securing the
Mortgage Loans are not first mortgages.
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Information Relating to the Collateral (PAGE 1 OF 19)
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
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COLLATERAL SUMMARY
HLTV LOANS
TOTAL NUMBER OF LOANS: 2387
TOTAL OUTSTANDING LOAN BALANCE: $89,776,583.41
AVERAGE LOAN PRINCIPAL BALANCE: $37,610.63
WA COUPON: 13.074%
(7.25% to 17.400%)
WA REMAINING TERM TO MATURITY (MONTHS): 181
(109 to 300)
WA ORIGINAL TERM TO STATED MATURITY (MONTHS): 184
(120 to 300)
WA CLTV: 116.99%
WA DEBT-TO-INCOME: 40.34%
LIEN POSITION: First Lien: 0%
Second Lien: 100%
PROPERTY TYPE: Condominium: 6.40%
Multi-Family: 0.04%
Planned Unit Development: 8.17%
Single-Family Dwelling: 85.32%
OCCUPANCY STATUS: Owner Occupied: 99.96%
Second Home: 0.04%
GEOGRAPHIC DISTRIBUTION: CA: 22.67%
(STATES NOT LISTED INDIVIDUALLY ACCOUNT FL: 12.50%
FOR LESS THAN 5.00% OF THE MORTGAGE OH: 6.86%
LOAN PRINCIPAL BALANCE) NJ: 6.69%
VA: 6.19%
MA: 5.84%
IL: 5.79%
WA: 5.68%
CREDIT QUALITY Superior: 10.93%
(PER IRWIN'S GUIDELINE) Excellent: 85.55%
Good: 3.49%
Fair: 0.04%
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Information Relating to the Collateral (PAGE 2 OF 19)
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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>
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
COLLATERAL SUMMARY
FIRST MORTGAGE LOANS
TOTAL NUMBER OF LOANS: 100
TOTAL OUTSTANDING LOAN BALANCE: $12,858,087.35
AVERAGE LOAN PRINCIPAL BALANCE: $128,580.87
WA COUPON: 8.527%
(7.125% to 9.625%)
WA REMAINING TERM TO MATURITY (MONTHS): 356
(349 to 360)
WA ORIGINAL TERM TO STATED MATURITY (MONTHS): 360
(360 to 360)
WA CLTV: 89.54%
WA DEBT-TO-INCOME: 45.61%
LIEN POSITION: First Lien: 100%
Second Lien: 0%
PROPERTY TYPE: Condominium: 4.95%
Multi-Family: 2.09%
Planned Unit Development: 8.58%
Single-Family Dwelling: 84.38%
OCCUPANCY STATUS: Owner Occupied: 96.19%
Second Home: 3.81%
GEOGRAPHIC DISTRIBUTION: CA: 36.13%
(STATES NOT LISTED INDIVIDUALLY ACCOUNT FL: 15.15%
FOR LESS THAN 5.00% OF THE MORTGAGE IL: 8.61%
LOAN PRINCIPAL BALANCE) NJ: 8.38%
OH: 7.10%
MI: 6.67%
CREDIT QUALITY Superior: 16.38%
(PER IRWIN'S GUIDELINE) Excellent: 77.02%
Good: 5.99%
Fair: 0.61%
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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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
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COLLATERAL SUMMARY
SECOND MORTGAGE LOANS
TOTAL NUMBER OF LOANS: 975
TOTAL OUTSTANDING LOAN BALANCE: $37,892,241.50
AVERAGE LOAN PRINCIPAL BALANCE: $38,863.84
WA COUPON: 11.338%
(7.250% to 16.400%)
WA REMAINING TERM TO MATURITY (MONTHS): 183
(79 to 300)
WA ORIGINAL TERM TO STATED MATURITY (MONTHS): 184
(120 to 300)
WA CLTV: 91.42%
WA DEBT-TO-INCOME: 42.36%
LIEN POSITION: First Lien: 0%
Second Lien: 100%
PROPERTY TYPE: Condominium: 4.55%
Multi-Family: 0.54%
Planned Unit Development: 8.53%
Single-Family Dwelling: 86.39%
OCCUPANCY STATUS: Owner Occupied: 98.43%
Second Home: 1.57%
GEOGRAPHIC DISTRIBUTION: CA: 36.75%
(STATES NOT LISTED INDIVIDUALLY ACCOUNT FL: 7.43%
FOR LESS THAN 5.00% OF THE MORTGAGE VA: 5.94%
LOAN PRINCIPAL BALANCE) WA: 5.08%
CREDIT QUALITY Superior: 10.00%
(PER IRWIN'S GUIDELINE) Excellent: 85.49%
Good: 3.77%
Fair: 0.58%
Unknown: 0.16%
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
HLTV LOANS
LIEN POSITION
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
LIEN POSITION HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
Second Lien 2387 $ 89,776,583.41 100.00%
- --------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- --------------------------------------------------------------------------------
MORTGAGE INTEREST RATES*
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
MORTGAGE INTEREST RATES (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.01 - 7.50 2 $ 122,962.33 0.14%
7.51 - 8.00 1 $ 50,000.00 0.06%
8.01 - 8.50 16 $ 639,240.58 0.71%
8.51 - 9.00 16 $ 744,019.34 0.83%
9.01 - 9.50 25 $ 1,167,132.74 1.30%
9.51 - 10.00 46 $ 2,208,186.79 2.46%
10.01 - 10.50 51 $ 2,291,866.51 2.55%
10.51 - 11.00 78 $ 3,558,953.47 3.96%
11.01 - 11.50 84 $ 3,762,051.21 4.19%
11.51 - 12.00 167 $ 7,937,797.82 8.84%
12.01 - 12.50 197 $ 8,705,228.02 9.70%
12.51 - 13.00 245 $ 10,407,156.29 11.59%
13.01 - 13.50 246 $ 9,570,662.50 10.66%
13.51 - 14.00 362 $ 13,586,645.67 15.13%
14.01 - 14.50 249 $ 8,149,607.60 9.08%
14.51 - 15.00 276 $ 8,232,588.80 9.17%
15.01 - 15.50 124 $ 3,641,958.58 4.06%
15.51 - 16.00 127 $ 3,236,454.61 3.61%
16.01 - 16.50 61 $ 1,359,585.16 1.51%
16.51 - 17.00 11 $ 303,385.39 0.34%
17.01 - 17.50 3 $ 101,100.00 0.11%
- ------------------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The weighted average Mortgage Interest Rate is approximately 13.074% per
annum.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
HLTV LOANS
COMBINED LOAN-TO-VALUE RATIOS *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
COMBINED LOAN-TO-VALUE RATIOS (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
75.01 - 80.00 1 $ 4,031.22 0.00%
85.01 - 90.00 1 $ 9,680.10 0.01%
90.01 - 95.00 1 $ 4,988.20 0.01%
95.01 - 100.00 2 $ 34,894.46 0.04%
100.01 - 105.00 154 $ 5,275,185.21 5.88%
105.01 - 110.00 374 $13,050,800.32 14.54%
110.01 - 115.00 455 $16,873,179.91 18.79%
115.01 - 120.00 410 $15,573,530.46 17.35%
120.01 - 125.00 989 $38,950,293.53 43.39%
- ------------------------------------------------------------------------------------------------------------------
Total 2387 $89,776,583.41 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The minimum and maximum Combined Loan-to-Value Ratios are approximately
78.407% and 125.000%, respectively, and the weighted average Combined
Loan-to-Value Ratio is approximately 116.988%.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
HLTV LOANS
STATISTICAL CALCULATION DATE PRINCIPAL BALANCES *
<TABLE>
<CAPTION>
STATISTICAL CALCULATION DATE NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
PRINCIPAL BALNCES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$0.01 - $25,000.00 581 $ 11,903,587.84 13.26%
$25,000.01 - $50,000.00 1448 $ 54,436,838.82 60.64%
$50,000.01 - $75,000.00 349 $ 22,677,175.48 25.26%
$75,000.01 - $100,000.00 9 $ 758,981.27 0.85%
- -----------------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
* The average Statistical Calculation Date Principal Balance is
approximately $37,610.63.
MORTGAGED PROPERTIES SECURING
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
PROPERTY TYPE HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Condominium 172 $ 5,748,278.46 6.40%
Multi-Family 1 $ 33,761.19 0.04%
Planned Unit Development 168 $ 7,336,666.21 8.17%
Single-Family Dwelling 2045 $76,593,277.55 85.32%
Unknown 1 $ 64,600.00 0.07%
- --------------------------------------------------------------------------------------------------------
Total 2387 $89,776,583.41 100.00%
- --------------------------------------------------------------------------------------------------------
</TABLE>
ORIGINAL TERM TO STATED MATURITY *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
ORIGINAL TERM TO STATED MATURITY HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
120 147 $ 4,748,981.99 5.29%
180 2085 $ 77,595,195.71 86.43%
240 79 $ 3,469,627.46 3.86%
300 76 $ 3,962,778.25 4.41%
- -----------------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
* The weighted average Original Term to Stated Maturity is approximately 184
months.
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
HLTV LOANS
REMAINING TERM TO MATURITY *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
REMAINING TERM TO MATURITY HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
61 - 120 147 $ 4,748,981.99 5.29%
121 - 180 2085 $ 77,595,195.71 86.43%
181 - 240 79 $ 3,469,627.46 3.86%
241 - 300 76 $ 3,962,778.25 4.41%
- ------------------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
* The weighted average Remaining Term to Maturity is approximately 181
months.
YEAR OF ORIGINATION *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
YEAR OF ORIGINATION HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1265 $ 47,224,258.81 52.60%
1999 1122 $ 42,552,324.60 47.40%
- -----------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- -----------------------------------------------------------------------------------------------------
</TABLE>
* The earliest month and year of origination is April 1998 and the latest month
and year of origination is April 1999.
OCCUPANCY TYPE
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
OCCUPANCY TYPE HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Owner Occupied 2386 $ 89,737,616.50 99.96%
Second Home 1 $ 0.04%
38,966.91
- ---------------------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
CREDIT QUALITY
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
CREDIT SCORES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Superior 320 $ 9,809,310.49 10.93%
Excellent 1944 $ 76,802,566.04 85.55%
Good 122 $ 3,131,706.88 3.49%
Fair 1 $ 33,000.00 0.04%
- ---------------------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
HLTV LOANS
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES SECURING *
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
STATES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
Arizona 103 $ 4,145,090.72 4.62%
California 487 $ 20,350,599.02 22.67%
Colorado 47 $ 1,562,683.52 1.74%
Florida 323 $ 11,218,493.17 12.50%
Georgia 82 $ 2,944,110.32 3.28%
Illinois 141 $ 5,201,099.40 5.79%
Kentucky 16 $ 0.73%
653,176.53
Louisiana 33 $ 1,080,783.66 1.20%
Maine 1 $ 0.05%
45,400.00
Maryland 147 $ 5,241,528.80 5.84%
Massachusetts 71 $ 2,800,819.09 3.12%
Michigan 103 $ 3,795,927.91 4.23%
Minnesota 5 $ 0.25%
224,424.54
Missouri 48 $ 1,616,805.80 1.80%
New Hampshire 1 $ 0.02%
18,000.00
New Jersey 153 $ 6,008,786.03 6.69%
North Carolina 40 $ 1,353,595.08 1.51%
Ohio 181 $ 6,154,517.20 6.86%
Oregon 21 $ 0.77%
693,167.79
Pennsylvania 48 $ 1,812,915.77 2.02%
Rhode Island 3 $ 0.10%
89,188.20
South Carolina 26 $ 0.91%
814,688.99
Utah 11 $ 0.43%
390,166.57
Virginia 153 $ 5,554,743.36 6.19%
Washington 121 $ 5,100,141.53 5.68%
Wisconsin 22 $ 1.01%
905,730.41
- --------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- --------------------------------------------------------------------------------
* No more than approximately 0.44% are secured by Mortgaged Properties
located in any single United States postal zip code.
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
HLTV LOANS
DEBT-TO-INCOME RATIOS*
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
DEBT-TO-INCOME RATIOS (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
5.01 - 10.00 1 $ 34,203.19 0.04%
10.01 - 15.00 1 $ 73,149.23 0.08%
15.01 - 20.00 11 $ 331,319.13 0.37%
20.01 - 25.00 66 $ 2,025,989.16 2.26%
25.01 - 30.00 179 $ 6,091,528.01 6.79%
30.01 - 35.00 382 $ 13,068,430.43 14.56%
35.01 - 40.00 517 $ 19,079,892.51 21.25%
40.01 - 45.00 603 $ 22,572,173.19 25.14%
45.01 50.00 474 $ 19,668,957.88 21.91%
50.01 - 55.00 150 $ 6,732,680.76 7.50%
55.01 - 60.00 3 $ 98,259.92 0.11%
- ---------------------------------------------------------------------------------------------------------
Total 2387 $ 89,776,583.41 100.00%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
* The weighted average Debt-to-Income Ratios is approximately 40.34%.
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
FIRST MORTGAGE LOANS
LIEN POSITION
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
LIEN POSITION HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Lien 100 $ 12,858,087.35 100.00%
- ------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
MORTGAGE INTEREST RATES *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
MORTGAGE INTEREST RATES (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.01 - 7.50 2 $ 269,616.31 2.10%
7.51 - 8.00 14 $ 2,129,720.70 16.56%
8.01 - 8.50 33 $ 4,298,467.33 33.43%
8.51 - 9.00 25 $ 3,356,432.98 26.10%
9.01 - 9.50 23 $ 2,468,441.84 19.20%
9.51 - 10.00 3 $ 335,408.19 2.61%
- ----------------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The weighted average Mortgage Interest Rate is approximately 8.527% per
annum.
COMBINED LOAN-TO-VALUE RATIOS *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
COMBINED LOAN-TO-VALUE RATIOS (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
50.01 - 55.00 1 $ 104,000.00 0.81%
55.01 - 60.00 2 $ 149,353.30 1.16%
60.01 - 65.00 2 $ 267,357.59 2.08%
65.01 - 70.00 1 $ 179,849.57 1.40%
70.01 - 75.00 3 $ 424,253.22 3.30%
75.01 - 80.00 6 $ 782,272.55 6.08%
80.01 - 85.00 16 $ 2,050,833.24 15.95%
85.01 - 90.00 22 $ 2,850,280.93 22.17%
90.01 - 95.00 13 $ 1,995,165.31 15.52%
95.01 - 100.00 34 $ 4,054,721.64 31.53%
- ----------------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The minimum and maximum Combined Loan-to-Value Ratios are approximately
54.450% and 100.000%, respectively, and the weighted average Combined
Loan-to-Value Ratio is approximately 89.539%.
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
FIRST MORTGAGE LOANS
STATISTICAL CALCULATION DATE PRINCIPAL BALANCES *
<TABLE>
<CAPTION>
STATISTICAL CALCULATION DATE NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
PRINCIPAL BALNCES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$25,000.01 - $50,000.00 1 $ 50,000.00 0.39%
$50,000.01 - $75,000.00 13 $ 812,899.46 6.32%
$75,000.01 - $100,000.00 23 $ 2,012,035.66 15.65%
$100,000.01 - $125,000.00 18 $ 2,073,551.13 16.13%
$125,000.01 - $150,000.00 14 $ 1,905,724.68 14.82%
$150,000.01 - $175,000.00 6 $ 990,079.09 7.70%
$175,000.01 - $200,000.00 12 $ 2,209,848.93 17.19%
$200,000.01 - $225,000.00 10 $ 2,125,656.46 16.53%
$225,000.01 - $250,000.00 3 $ 678,291.94 5.28%
- -------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
* The average Statistical Calculation Date Principal Balance is approximately
$128,580.87.
MORTGAGED PROPERTIES SECURING
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
PROPERTY TYPE HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Condominium 5 $ 636,910.13 4.95%
Multi-Family 2 $ 268,121.95 2.09%
Planned Unit Development 7 $ 1,103,101.93 8.58%
Single-Family Dwelling 86 $ 10,849,953.34 84.38%
- -------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
ORIGINAL TERM TO STATED MATURITY *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
ORIGINAL TERM TO STATED MATURITY HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
360 100 $ 12,858,087.35 100.00%
- -------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
* The weighted average Original Term to Stated Maturity is approximately 360
months.
IRWIN HOME EQUITY LOAN TRUST 1999-2
- ------------------------------------------------------------------------------
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>
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.
- --------------------------------------------------------------------------------
FIRST MORTGAGE LOANS
REMAINING TERM TO MATURITY*
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
REMAINING TERM TO MATURITY HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
301 - 360 100 $ 12,858,087.35 100.00%
- ------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The weighted average Remaining Term to Maturity is approximately 356 months.
</TABLE>
YEAR OF ORIGINATION *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
YEAR OF ORIGINATION HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1998 58 $ 8,080,208.92 62.84%
1999 42 $ 4,777,878.43 37.16%
- ---------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ---------------------------------------------------------------------------------------------------------------------
* The earliest month and year of origination is April 1998 and the latest
month and year of origination is March 1999.
</TABLE>
OCCUPANCY TYPE
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
OCCUPANCY TYPE HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Owner Occupied 95 $ 12,368,236.01 96.19%
Second Home 5 $ 489,851.34 3.81%
- ---------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
CREDIT QUALITY
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
CREDIT SCORES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
Superior 15 $ 2,105,671.29 16.38%
Excellent 77 $ 9,903,588.72 77.02%
Good 7 $ 770,827.34 5.99%
Fair 1 $ 78,000.00 0.61%
- --------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
FIRST MORTGAGE LOANS
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES SECURING *
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
STATES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
California 28 $ 4,645,869.68 36.13%
Florida 20 $ 1,948,499.65 15.15%
Illinois 11 $ 1,106,540.20 8.61%
New Jersey 7 $ 1,077,159.76 8.38%
Ohio 10 $ 912,794.34 7.10%
Michigan 7 $ 857,219.35 6.67%
Washington 4 $ 616,588.99 4.80%
Maryland 3 $ 432,389.96 3.36%
Georgia 3 $ 364,324.64 2.83%
Oregon 2 $ 330,989.94 2.57%
Virginia 2 $ 285,812.92 2.22%
Missouri 2 $ 182,949.54 1.42%
Arizona 1 $ 96,948.38 0.75%
- --------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- --------------------------------------------------------------------------------
* No more than approximately 3.33% are secured by Mortgaged Properties located
in any single United States postal zip code.
DEBT-TO-INCOME RATIOS*
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
DEBT-TO-INCOME RATIOS (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
20.01 - 25.00 2 $ 131,351.85 1.02%
25.01 - 30.00 4 $ 277,315.17 2.16%
30.01 - 35.00 12 $ 1,334,625.59 10.38%
35.01 - 40.00 8 $ 1,068,908.90 8.31%
40.01 - 45.00 10 $ 1,096,328.30 8.53%
45.01 - 50.00 41 $ 5,517,449.34 42.91%
50.01 - 55.00 23 $ 3,432,108.20 26.69%
- ------------------------------------------------------------------------------------------------------------------
Total 100 $ 12,858,087.35 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The weighted average Debt-to-Income Ratios is approximately 45.61%.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
SECOND MORTGAGE LOANS
LIEN POSITION
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
LIEN POSITION HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
Second Lien 975 $ 37,892,241.50 100.00%
- --------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- --------------------------------------------------------------------------------
MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
MORTGAGE INTEREST RATES (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.01 - 7.50 2 $ 76,776.63 0.20%
7.51 - 8.00 5 $ 297,861.14 0.79%
8.01 - 8.50 38 $ 1,823,760.91 4.81%
8.51 - 9.00 63 $ 2,913,931.99 7.69%
9.01 - 9.50 43 $ 1,706,886.75 4.50%
9.51 - 10.00 87 $ 3,736,312.98 9.86%
10.01 - 10.50 54 $ 2,487,213.83 6.56%
10.51 - 11.00 89 $ 3,724,435.11 9.83%
11.01 - 11.50 83 $ 3,080,556.28 8.13%
11.51 - 12.00 131 $ 5,258,888.83 13.88%
12.01 - 12.50 80 $ 2,874,281.15 7.59%
12.51 - 13.00 104 $ 3,711,432.92 9.79%
13.01 - 13.50 54 $ 1,978,936.20 5.22%
13.51 - 14.00 49 $ 1,524,596.38 4.02%
14.01 - 14.50 46 $ 1,585,033.74 4.18%
14.51 - 15.00 26 $ 578,316.15 1.53%
15.01 - 15.50 10 $ 207,034.06 0.55%
15.51 - 16.00 9 $ 301,181.46 0.79%
16.01 - 16.50 2 $ 24,804.99 0.07%
- -----------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- -----------------------------------------------------------------------------------------------------------------
* The weighted average Mortgage Interest Rate is approximately 11.338% per
annum.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
SECOND MORTGAGE LOANS
COMBINED LOAN-TO-VALUE RATIOS *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
COMBINED LOAN-TO-VALUE RATIOS (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5.01 - 10.00 1 $ 21,896.19 0.06%
15.01 - 20.00 1 $ 23,901.43 0.06%
20.01 - 25.00 1 $ 28,344.67 0.07%
30.01 - 35.00 1 $ 59,716.56 0.16%
35.01 - 40.00 2 $ 83,883.94 0.22%
40.01 - 45.00 2 $ 51,912.23 0.14%
45.01 - 50.00 5 $ 152,469.93 0.40%
50.01 - 55.00 6 $ 181,069.81 0.48%
55.01 - 60.00 5 $ 187,302.26 0.49%
60.01 - 65.00 10 $ 408,743.69 1.08%
65.01 - 70.00 10 $ 450,188.31 1.19%
70.01 - 75.00 27 $ 1,239,640.33 3.27%
75.01 - 80.00 70 $ 2,422,072.51 6.39%
80.01 - 85.00 79 $ 2,936,384.13 7.75%
85.01 - 90.00 154 $ 5,912,818.81 15.60%
90.01 - 95.00 168 $ 6,432,891.76 16.98%
95.01 - 100.00 433 $ 17,299,004.94 45.65%
- ------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The minimum and maximum Combined Loan-to-Value Ratios are approximately
8.477% and 100.000%, respectively, and the weighted average Combined
Loan-to-Value Ratio is approximately 91.423%.
</TABLE>
STATISTICAL CALCULATION DATE PRINCIPAL BALANCES *
<TABLE>
<CAPTION>
STATISTICAL CALCULATION DATE NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
PRINCIPAL BALNCES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$0.01 - $25,000.00 280 $ 5,531,376.45 14.60%
$25,000.01 - $50,000.00 480 $ 17,579,430.70 46.39%
$50,000.01 - $75,000.00 155 $ 9,304,112.24 24.55%
$75,000.01 - $100,000.00 56 $ 5,016,510.03 13.24%
$100,000.01 - $125,000.00 4 $ 460,812.08 1.22%
- ------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The average Statistical Calculation Date Principal Balance is approximately
$ 38,863.84.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
SECOND MORTGAGE LOANS
MORTGAGED PROPERTIES SECURING
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
PROPERTY TYPE HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Condominium 46 $ 1,723,169.42 4.55%
Multi-Family 7 $ 204,960.26 0.54%
Planned Unit Development 64 $ 3,230,516.21 8.53%
Single-Family Dwelling 858 $ 32,733,595.61 86.39%
- ------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
ORIGINAL TERM TO STATED MATURITY *
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
ORIGINAL TERM TO STATED MATURITY HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
120 81 $ 2,377,002.61 6.27%
180 835 $ 32,683,931.71 86.25%
240 19 $ 818,658.79 2.16%
300 40 $ 2,012,648.39 5.31%
- ------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The weighted average Original Term to Stated Maturity is approximately 184
months.
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY *
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
REMAINING TERM TO MATURITY HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
61 - 120 81 $ 2,377,002.61 6.27%
121 - 180 835 $ 32,683,931.71 86.25%
181 - 240 19 $ 818,658.79 2.16%
241 - 300 40 $ 2,012,648.39 5.31%
- ------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ------------------------------------------------------------------------------------------------------------------
* The weighted average Remaining Term to Maturity is approximately 183 months.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
SECOND MORTGAGE LOANS
YEAR OF ORIGINATION*
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
YEAR OF ORIGINATION HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1995 1 $ 24,829.96 0.07%
1996 2 $ 56,414.02 0.15%
1997 1 $ 28,199.77 0.07%
1998 78 $ 3,356,507.66 8.86%
1999 893 $ 34,426,290.09 90.85%
- ---------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ---------------------------------------------------------------------------------------------------------------------
* The earliest month and year of origination is November 1995 and the latest
month and year of origination is April 1999.
</TABLE>
OCCUPANCY TYPE
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
OCCUPANCY TYPE HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Owner Occupied 957 $ 37,295,677.15 98.43%
Second Home 18 $ 596,564.35 1.57%
- ---------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
CREDIT QUALITY
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
CREDIT SCORES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Superior 111 $ 3,790,407.90 10.00%
Excellent 804 $ 32,393,548.50 85.49%
Good 49 $ 1,427,190.06 3.77%
Fair 9 $ 218,587.39 0.58%
Unknown 2 $ 62,507.65 0.16%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
SECOND MORTGAGE LOANS
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES SECURING*
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
STATES HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- --------------------------------------------------------------------------------
Arizona 41 $ 1,718,349.30 4.53%
California 321 $ 13,924,242.13 36.75%
Colorado 17 $ 677,857.52 1.79%
Florida 80 $ 2,813,719.14 7.43%
Georgia 43 $ 1,476,113.63 3.90%
Illinois 33 $ 1,409,384.61 3.72%
Kentucky 5 $ 153,249.13 0.40%
Louisiana 5 $ 121,017.99 0.32%
Maine 1 $ 28,300.00 0.07%
Maryland 27 $ 1,016,006.76 2.68%
Massachusetts 44 $ 1,700,538.72 4.49%
Michigan 52 $ 1,672,402.96 4.41%
Minnesota 3 $ 189,519.83 0.50%
Missouri 15 $ 485,888.70 1.28%
New Hampshire 1 $ 23,000.00 0.06%
New Jersey 46 $ 1,797,434.52 4.74%
North Carolina 22 $ 679,236.46 1.79%
Ohio 42 $ 1,275,021.40 3.36%
Oregon 17 $ 719,019.62 1.90%
Pennsylvania 26 $ 769,599.53 2.03%
South Carolina 9 $ 341,270.54 0.90%
Utah 5 $ 158,760.71 0.42%
Virginia 57 $ 2,250,893.49 5.94%
Washington 50 $ 1,926,134.34 5.08%
Wisconsin 13 $ 565,280.47 1.49%
- --------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- --------------------------------------------------------------------------------
* No more than approximately 0.98% are secured by Mortgaged Properties located
in any single United States postal zip code.
- ------------------------------------------------------------------------------
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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
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.
- --------------------------------------------------------------------------------
SECOND MORTGAGE LOANS
DEBT-TO-INCOME RATIOS*
<TABLE>
<CAPTION>
NUMBER OF INITIAL CUT-OFF DATE PERCENTAGE OF INITIAL
DEBT-TO-INCOME RATIOS (%) HELS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Unknown 2 $ 54,906.14 0.14%
10.01 - 15.00 1 $ 31,930.99 0.08%
15.01 - 20.00 4 $ 153,276.62 0.40%
20.01 - 25.00 28 $ 989,080.78 2.61%
25.01 - 30.00 63 $ 2,083,134.31 5.50%
30.01 - 35.00 114 $ 3,885,965.44 10.26%
35.01 - 40.00 168 $ 6,356,288.34 16.77%
40.01 - 45.00 214 $ 8,122,951.37 21.44%
45.01 - 50.00 224 $ 8,955,145.75 23.63%
50.01 - 55.00 153 $ 7,118,558.49 18.79%
55.01 - 60.00 4 $ 141,003.27 0.37%
- ------------------------------------------------------------------------------------------------------------------
Total 975 $ 37,892,241.50 100.00%
- ------------------------------------------------------------------------------------------------------------------
* Based on the available information, the weighted average Debt-to-Income
Ratios is approximately 42.36%.
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Information Relating to the Notes (PAGE 1 OF 3)
- --------------------------------------------------------------------------------
TRANSACTION SUMMARY (a), (b), (c)
<TABLE>
<CAPTION>
- -------------------- -------------- --------------------- ------------- ------------ ----------- ----------- ------------------
ORIGINAL AVG LIFE PRINCIPAL PRINCIPAL
OFFERED PRINCIPAL AGENCY TO CALL LOCKOUT WINDOW RATINGS
SECURITIES BALANCE ELIGIBILITY COUPON (YEARS) (MONTHS) (MONTHS) (MOODY'S/S&P)
- -------------------- -------------- --------------------- ------------- ------------ ----------- ----------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 Notes $ 53,500,000 CONFORMING Floater(d) 1.10 None 26 Aaa/AAA
Class A-2 Notes $ 31,900,000 CONFORMING Fixed 3.00 25 23 Aaa/AAA
Class A-3 Notes $ 21,600,000 CONFORMING Fixed 5.00 47 27 Aaa/AAA
Class A-4 Notes $ 12,100,000 CONFORMING Fixed 7.00 73 23 Aaa/AAA
Class A-5 Notes $ 19,500,000 CONFORMING Fixed 9.08 95 17 Aaa/AAA
Class A-6 Notes $ 17,400,000 NON-CONFORMING Floater(d) 1.10 None 26 Aaa/AAA
Class A-7 Notes $ 10,300,000 NON-CONFORMING Fixed 3.00 25 25 Aaa/AAA
Class A-8 Notes $ 11,900,000 NON-CONFORMING Fixed 6.76 49 63 Aaa/AAA
- -------------------- -------------- --------------------- ------------- ------------ ----------- ----------- ------------------
NOTE: (a) 100% Prepayment Assumption: Conforming loans: 1.2% CPR in month
1 building to 18.0% CPR in month 15. Non-Conforming loans: 4.0%
CPR in month 1 building to 22.0% CPR in month 12.
(b) Transaction priced to 10% clean-up call;
(c) 100% principal and interest guaranty by the Credit Enhancer
(d) The lesser of (I) One-Month LIBOR plus 0._% per annum and (II)
[12.00]% per annum.
</TABLE>
<TABLE>
<CAPTION>
CLASS A-1 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 4.420 1.666 1.307 1.099 0.964 0.867
MODIFIED DURATION (YEARS) 3.695 1.534 1.220 1.035 0.912 0.824
FIRST PRINCIPAL PAYMENT 6/15/99 6/15/99 6/15/99 6/15/99 6/15/99 6/15/99
LAST PRINCIPAL PAYMENT 2/15/08 12/15/02 1/15/02 7/15/01 3/15/01 12/15/00
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 105 43 32 26 22 19
ILLUSTRATIVE YIELD (ACTUAL/360) 5.282% 5.290% 5.294% 5.296% 5.300% 5.301%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-2 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 10.347 4.977 3.750 3.000 2.503 2.151
MODIFIED DURATION (YEARS) 7.488 4.168 3.255 2.663 2.256 1.959
FIRST PRINCIPAL PAYMENT 2/15/08 12/15/02 1/15/02 7/15/01 3/15/01 12/15/00
LAST PRINCIPAL PAYMENT 4/15/11 1/15/06 6/15/04 5/15/03 9/15/02 3/15/02
PRINCIPAL LOCKOUT (MONTHS) 104 42 31 25 21 18
PRINCIPAL WINDOW (MONTHS) 39 38 30 23 19 16
ILLUSTRATIVE YIELD (30/360) 6.034% 6.009% 5.994% 5.978% 5.962% 5.946%
- -------------------------------------------------------------------------------------------------------------------
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Information Relating to the Notes (PAGE 2 OF 3)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-3 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 12.777 8.038 6.232 4.998 4.140 3.505
MODIFIED DURATION (YEARS) 8.595 6.147 5.017 4.171 3.544 3.057
FIRST PRINCIPAL PAYMENT 4/15/11 1/15/06 6/15/04 5/15/03 9/15/02 3/15/02
LAST PRINCIPAL PAYMENT 1/15/13 12/15/08 1/15/07 7/15/05 6/15/04 9/15/03
PRINCIPAL LOCKOUT (MONTHS) 142 79 60 47 39 33
PRINCIPAL WINDOW (MONTHS) 22 36 32 27 22 19
ILLUSTRATIVE YIELD (30/360) 6.212% 6.201% 6.192% 6.182% 6.172% 6.161%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-4 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.056 10.570 8.580 7.001 5.826 4.947
MODIFIED DURATION (YEARS) 8.922 7.399 6.364 5.443 4.694 4.095
FIRST PRINCIPAL PAYMENT 1/15/13 12/15/08 1/15/07 7/15/05 6/15/04 9/15/03
LAST PRINCIPAL PAYMENT 11/15/13 1/15/11 1/15/09 5/15/07 1/15/06 1/15/05
PRINCIPAL LOCKOUT (MONTHS) 163 114 91 73 60 51
PRINCIPAL WINDOW (MONTHS) 11 26 25 23 20 17
ILLUSTRATIVE YIELD (30/360) 6.601% 6.595% 6.590% 6.583% 6.576% 6.568%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-5 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 18.708 13.819 12.191 10.669 9.259 8.029
MODIFIED DURATION (YEARS) 9.985 8.600 7.956 7.265 6.565 5.909
FIRST PRINCIPAL PAYMENT 11/15/13 1/15/11 1/15/09 5/15/07 1/15/06 1/15/05
LAST PRINCIPAL PAYMENT 6/15/28 6/15/22 3/15/17 5/15/14 10/15/13 10/15/12
PRINCIPAL LOCKOUT (MONTHS) 173 139 115 95 79 67
PRINCIPAL WINDOW (MONTHS) 176 138 99 85 94 94
ILLUSTRATIVE YIELD (30/360) 6.953% 6.948% 6.946% 6.943% 6.939% 6.934%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-6 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 4.676 1.678 1.308 1.096 0.959 0.864
MODIFIED DURATION (YEARS) 3.889 1.547 1.223 1.033 0.909 0.821
FIRST PRINCIPAL PAYMENT 6/15/99 6/15/99 6/15/99 6/15/99 6/15/99 6/15/99
LAST PRINCIPAL PAYMENT 6/15/08 12/15/02 1/15/02 7/15/01 2/15/01 12/15/00
PRINCIPAL LOCKOUT (MONTHS) None None None NONE None None
PRINCIPAL WINDOW (MONTHS) 109 43 32 26 21 19
ILLUSTRATIVE YIELD (ACTUAL/360) 5.282% 5.290% 5.294% 5.297% 5.301% 5.301%
- -------------------------------------------------------------------------------------------------------------------
</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>
IRWIN HOME EQUITY LOAN TRUST 1999-2
Computational Materials: Information Relating to the Notes (PAGE 3 OF 3)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A-7 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 10.826 5.091 3.788 2.999 2.460 2.085
MODIFIED DURATION (YEARS) 7.734 4.245 3.282 2.660 2.219 1.903
FIRST PRINCIPAL PAYMENT 6/15/08 12/15/02 1/15/02 7/15/01 2/15/01 12/15/00
LAST PRINCIPAL PAYMENT 11/15/11 6/15/06 9/15/04 7/15/03 10/15/02 2/15/02
PRINCIPAL LOCKOUT (MONTHS) 108 42 31 25 20 18
PRINCIPAL WINDOW (MONTHS) 42 43 33 25 21 15
ILLUSTRATIVE YIELD (30/360) 6.035% 6.010% 5.994% 5.978% 5.960% 5.943%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-8 (TO MATURITY)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.067 10.539 8.665 7.138 5.948 5.007
MODIFIED DURATION (YEARS) 8.918 7.303 6.303 5.419 4.682 4.061
FIRST PRINCIPAL PAYMENT 11/15/11 6/15/06 9/15/04 7/15/03 10/15/02 2/15/02
LAST PRINCIPAL PAYMENT 11/15/14 8/15/14 5/15/14 8/15/13 6/15/12 12/15/10
PRINCIPAL LOCKOUT (MONTHS) 149 84 63 49 40 32
PRINCIPAL WINDOW (MONTHS) 37 99 117 122 117 107
ILLUSTRATIVE YIELD (30/360) 6.601% 6.595% 6.589% 6.583% 6.576% 6.567%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-5 (TO 10% CLEAN-UP CALL)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.819 12.608 10.823 9.084 7.679 6.542
MODIFIED DURATION (YEARS) 9.006 8.168 7.392 6.541 5.775 5.100
FIRST PRINCIPAL PAYMENT 11/15/13 1/15/11 1/15/09 5/15/07 1/15/06 1/15/05
LAST PRINCIPAL PAYMENT 4/15/14 3/15/12 6/15/10 9/15/08 4/15/07 2/15/06
PRINCIPAL LOCKOUT (MONTHS) 173 139 115 95 79 67
PRINCIPAL WINDOW (MONTHS) 6 15 18 17 16 14
ILLUSTRATIVE YIELD (30/360) 6.950% 6.947% 6.943% 6.939% 6.933% 6.927%
- -------------------------------------------------------------------------------------------------------------------
CLASS A-8 (TO 10% CLEAN-UP CALL)
- -------------------------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
- -------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS) 14.003 10.277 8.313 6.759 5.606 4.710
MODIFIED DURATION (YEARS) 8.895 7.198 6.148 5.236 4.501 3.890
FIRST PRINCIPAL PAYMENT 11/15/11 6/15/06 9/15/04 7/15/03 10/15/02 2/15/02
LAST PRINCIPAL PAYMENT 4/15/14 3/15/12 6/15/10 9/15/08 4/15/07 2/15/06
PRINCIPAL LOCKOUT (MONTHS) 149 84 63 49 40 32
PRINCIPAL WINDOW (MONTHS) 30 70 70 63 55 49
ILLUSTRATIVE YIELD (30/360) 6.601% 6.594% 6.588% 6.581% 6.573% 6.564%
- -------------------------------------------------------------------------------------------------------------------
</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>
Exhibit 99.2
<PAGE>
[OBJECT OMITTED]
<TABLE>
<CAPTION>
<S> <C>
BEAR STEARNS BEAR,STEARNS & CO. INC.
ATLANTA - BOSTON - CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS - LOS ANGELES - NEW YORK-SAN FRANCISCO 245 Park Avenue
New York, N.Y. 10167
FRANKFORT - GENEVA - HONG KONG (212) 272-2000;
(212) 272-7294 fax
LONDON - PARIS - TOKYO
</TABLE>
Irwin Home Equity Loan Trust 1999-2
COMPUTATIONAL MATERIALS
Fax to: DATE: 5/5/99
Company: PAGES (incl. cover): 14
Fax No: PHONE NO:
FROM: PHONE NO:
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. The
Information is provided solely by Bear Stearns, not as agent for any issuer,
and although it may be based on data supplied to it by an issuer, the issuer
has not participated in its preparation and makes no representations regarding
its accuracy or completeness. 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, agaregated 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. Any
information herein regarding the collateral or the securities supersedes any
prior information regarding the collateral or the securities and will be
superseded by information regarding the collateral and/or the securities
contained in the Offering Documents and any subsequent information regarding
the collateral or the securities. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current and any subsequent information regarding the collateral or
the securities. 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 vou 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 employed thereby 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.
- -----------------------------------------------------------------------------
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>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING STRATS MAY 04, 1999
03:50PM EDT
CSU PAGE I OF 5
<TABLE>
<CAPTION>
STRATIFICATION BY CURRENT BALANCE
Pct. of
Total Min Max Avg overall
CURRENT BALANCE Count CURRENT CURRENT CURRENT CURRENT CURRENT
BALANCE BALANCE BALANCE BALANCE BALANCE
<S> <C> <C> <C> <C> <C> <C>
0.01 - 25,000.00 843 17,021,350.06 1,303.21 25,000.00 20,191.40 13.97
25,000.01 - 50,000.00 1,300 66,684,533.80 25,028.24 50,000.00 37,046.96 54.73
50,000.01 - 75,000.00 383 24,022,291.30 50,001.00 75,000.00 62,721.39 19.71
75,000.01 - 100,000.00 48 4,139,305.42 75,549.27 99,949.50 86,235.53 3.40
100,000.01 - 100,000.00 18 2,073,551.13 101,570.38 125,000.00 115,197.28 1.70
125,000.01 - 150,000.00 14 1,905,724.68 125,795.30 149,393.07 136,123.19 1.56
150,000.Ol - 175,000.00 6 990,079.09 159,146.54 174,758.35 165,013.18 0.81
175,000.01 - 200,000.00 12 2,209,848.93 178,146.61 194,076.18 184,154.08 1.81
200,000.01 - 225,000.00 10 2,125,656.46 201,163.59 224,860.15 212,565.65 1.74
225,000.01 - 250,000.00 3 678,291.94 225,699.56 226,499.73 226,097.31 0.56
TOTAL 3,137 121,850,632.81 1,303.21 226,499.73 38,843.05 100.00
</TABLE>
<TABLE>
<CAPTION>
Stratification by Current, Gross Coupon
Min Max Wtd Avg Pct. of
Total CURRENT CURRENT CURRENT overall
CURRENT GROSS COUPON Count CURRENT GROSS GROSS GROSS CURRENT
BALANCE COUPON COUPON COUPON BALANCE
<S> <C> <C> <C> <C> <C> <C>
7.01 - 7.50 6 469,355.27 7.125 7.500 7.289 0.39
7.51 - 8.00 18 2,264,639.42 7.875 8.000 7.924 1.86
8.01 - 8.50 78 6,080,487.84 8.120 8.500 8.300 4.99
8.51 - 9.00 89 6,017,601.68 8.550 9.000 8.780 4.94
9.01 - 9.50 80 4,827,356.42 9.050 9.500 9.281 3.96
9.51 - 10.00 109 4,639,792.24 9.550 10.000 9.811 3.81
10.01 - 10.50 88 3,700,647.66 10.050 10.500 10.330 3.04
10.51 - 11.00 137 5,596,663.57 10.550 11.000 10.824 4.59
11.01 - 11.50 145 5,751,242.00 11.050 11.500 11.326 4.72
11.51 - 12.00 253 10,504,487.64 11.550 12.000 11.813 8.62
12.01 - 12.50 247 9,686,018.26 12.050 12.500 12.300 7.95
12.51 - 13.00 319 12,438,914.42 12.550 13.000 12.812 10.21
13.01 - 13.50 272 10,135,180.79 13.100 13.500 13.313 8.32
13.51 - 14.00 393 14,171,872.17 13.530 14.000 13.806 11.63
14.01 - 14.50 279 8,991,710.07 14.050 14.500 14.287 7.38
14.51 - 15.00 288 8,022,532.32 14.550 15.000 14.786 6.58
15.01 - 15.50 128 3,525,860.93 15.100 15.450 15.305 2.89
15.51 - 16.00 132 3,269,736.39 15.650 16.000 15.776 2.68
16.01 - 16.50 62 1,352,048.33 16.150 16.400 16.304 1.11
16.51 - 17.00 11 303,385.39 16.650 16.900 16.870 0.25
17.01 - 17.50 3 101,100.00 17.400 17.400 17.400 0.08
TOTAL 3,137 121,850,632.81 7.125 17.400 12.258 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING STRATS MAY 04, 1999
03:50PM EDT
CSU PAGE 2 OF 5
<TABLE>
<CAPTION>
Stratification by Combined LTV
Pct. of
Total Min. Max Wtd. Avg overall
CURRENT COMBINED COMBINED COMBINED CURRENT
COMBINED LTV Count BALANCE LTV LTV LTV BALANCE
<S> <C> <C> <C> <C> <C> <C>
5.0001 - 10.0000 1 21,896.19 8.477 8.477 8.477 0.02
15.0001 - 20.0000 1 23,901.43 15.572 15.572 15.572 0.02
20.0001 - 25.0000 1 28,344.67 20.377 20.377 20.377 0.02
30.0001 - 35.0000 1 59,716.56 34.124 34.124 34.124 0.05
35.0001 - 40.0000 2 83,883.94 38.299 38.628 38.416 0.07
40.0001 - 45.0000 2 5l,912.23 40.968 44.791 43.907 0.04
45.0001 - 50.0000 5 152,469.93 45.109 49.883 47.137 0.13
50.0001 - 55.0000 7 285,069.81 51.345 54.458 53.027 0.23
55.0001 - 60.0000 6 282,699.26 55.277 59.091 57.691 0.23
60.0001 - 65.0000 12 676,101.28 60.168 64.068 62.582 0.55
65.0001 - 70.0000 10 605,077.61 65.400 69.716 66.375 0.50
70.0001 - 75.0000 24 1,289,910.14 70.184 74.953 72.617 1.06
75.0001 - 80.0000 65 2,409,273.68 75.088 79.986 78.722 1.98
80.0001 - 85.0000 80 4,174,142.34 80.092 85.000 83.852 3.43
85.0001 - 90.0000 142 6,973,614.19 85.023 90.000 88.837 5.72
90.0001 - 95.0000 154 6,809,964.12 90.047 95.000 93.668 5.59
95.0001 -100.0000 383 16,305,245.41 95.104 100.000 99.436 13.38
100.0001-105.0000 129 4,093,256.00 100.004 105.000 103.376 3.36
105.0001-110.0000 340 11,350,214.22 105.016 109.976 107.626 9.31
110.0001-115.0000 424 14,936,955.81 110.061 115.000 112.649 12.26
115.000l-120.0000 387 14,183,477.46 115.008 120,000 117.451 11.64
120.0001-125.0000 961 37,053,506.53 120.024 125.000 123.779 30.41
TOTAL 3,137 121,850,632.81 8.477 125.000 108.506 100.00
</TABLE>
<TABLE>
<CAPTION>
Stratification by Remaining Term
Pct of
Total Min Max Wtd. Avg overall
CURRENT REMAINING REMAINING REMAINING CURRENT
REMAINING TERM Count BALANCE TERM TERM TERM BALANCE
<S> <C> <C> <C> <C> <C> <C>
61 - 120 212 6,416,128.79 79 120 116 5.27
121 - 180 2,637 94,096,707.71 168 180 177 77.22
181 - 240 87 3,607,416.87 236 240 238 2.96
241 - 300 101 4,872,292.09 296 300 299 4.00
301 - 360 100 12,858,087.35 349 360 356 10.55
TOTAL 3,137 121,850,632.81 79 360 199 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING STRATS MAY 04, 1999
03:50PM EDT
CSU PAGE 3 OF 5
<TABLE>
<CAPTION>
Stratification by Original Amort Term
Pct of
Total Min Max Wtd. Avg overall
CURRENT ORIGINAL ORIGINAL ORIGINAL CURRENT
ORIGINAL TERM Count BALANCE TERM TERM TERM BALANCE
<S> <C> <C> <C> <C> <C> <C>
61- 120 212 6,416,128.79 120 120 120 5.27
121- 180 2,637 94,096,707.71 180 180 180 77.22
181- 240 87 3,607,416.87 240 240 240 2.96
241- 300 101 4,872,292.09 300 300 300 4.00
301- 360 100 12,858,087.35 360 360 360 10.55
TOTAL 3,137 121,850,632.81 120 360 202 100.00
</TABLE>
<TABLE>
<CAPTION>
Stratification by Debt to Income
Min Max Wtd Avg Pct of
Total DEBT DEBT DEBT overall
CURRENT TO TO TO CURRENT
DEBT TO INCOME Count BALANCE INCOME INCOME INCOME BALANCE
<S> <C> <C> <C> <C> <C> <C>
0.0000 - 5.0000 2 54,906.140 0.000 0.000 0.00 0.05
5.0001 - 10.0000 1 34,203.190 6.200 6.200 6.20 0.03
10.0001- 15.0000 1 31,930.990 12.100 12.100 12.10 0.03
15.0001- 20.0000 15 484,595.750 16.300 19.800 18.14 0.40
20.0001- 25.0000 89 2,773,027.170 20.100 25.000 23.20 2.28
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING STRATS MAY 04, 1999
03:50PM EDT
CSU PAGE 4 OF 5
<TABLE>
<CAPTION>
Stratification by Debt to Income
Min Max Wtd Avg Pct of
Total DEBT DEBT DEBT overall
CURRENT TO TO TO CURRENT
DEBT TO INCOME Count BALANCE INCOME INCOME INCOME BALANCE
<S> <C> <C> <C> <C> <C> <C>
25.0001 - 30.0000 235 7,856,041.600 25.100 30.000 27.86 6.45
30.0001 - 35.0000 475 16,592,357.360 30.069 35.000 32.83 13.62
35.0001 - 40.0000 627 22,569,245.420 35.014 40.000 37.60 18.52
40.0001 - 45.0000 757 27,796,959.490 40.058 45.000 42.54 22.81
45.0001 - 50.0000 667 30,034,966.460 45.010 50.000 47.63 24.65
50.0001 - 55.0000 261 13,383,136.050 50.003 54.997 52.13 10.98
55.0001 - 60.0000 7 239,263.190 55.200 57.251 55.93 0.20
TOTAL 3,137 121,850,632.810 0.000 57.251 41.12 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING CLASS TABLES MAY 04, 1999
03:50PM EDT
CSU PAGE 1 OF 3
Classification by Property Type
Pct of Percent
Total overall of
CURRENT CURRENT overall
PROPERTY TYPE Count BALANCE BALANCE Count
LOW-RISE CONDO 216 7,738,678.06 6.35 6.89
MULTI FAMILY 9 482,032.42 0.40 0.29
NOT FOUND 1 64,600.00 0.05 0.03
PUD 189 8,350,552.73 6.85 6.02
SF DETACHED 2,722 105,214,769.60 86.35 86.77
TOTAL 3,137 121,850,632.81 100.00 100.00
Classification by Occupancy
Pct of Percent
Total overall of
CURRENT CURRENT overall
OCCUPANCY TYPE Count BALANCE BALANCE Count
OWNER 3,114 120,760,250.21 99.11 99.27
SECOND HOME 23 1,090,382.60 0.89 0.73
TOTAL 3,137 121,850,632.81 100.00 100.00
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING CLASS TABLES MAY 04, 1999
03:50PM EDT
CSU PAGE 2 OF 3
Classification by State
Pct of Percent
Total Overall of
Current Current Overall
State Count Balance Balance count
- ----------------------------------------------------------------------
Arizona 135 5,347,061.48 4.39 4.30
California 673 29,733,050.45 24.40 21.45
Colorado 60 1,996,964.02 1.64 1.91
Florida 411 15,141,939.25 12.43 13.10
Georgia 118 4,151,151.56 3.41 3.76
Illinois 176 7,209,878.55 5.92 5.61
Kentucky 20 732,196.19 0.60 0.64
Louisiana 37 1,127,695.02 0.93 1.18
Maine 2 73,700.00 0.06 0.06
Maryland 161 5,765,932.73 4.73 5.13
Massachusetts 101 3,749,661.26 3.08 3.22
Michigan 149 5,655,908.15 4.64 4.75
Minnesota 7 338,944.37 0.28 0.22
Missouri 61 2,046,865.72 1.68 1.94
New Hampshire 2 41,000.00 0.03 0.06
New Jersey 184 7,581,978.25 6.22 5.87
North Carolina 56 1,772,356.59 1.45 1.79
Ohio 228 8,047,754.28 6.60 7.27
Oregon 40 1,743,177.35 1.43 1.28
Pennsylvania 72 2,456,315.30 2.02 2.30
Rhode Island 3 89,188.20 0.07 0.10
South Carolina 33 1,038,789.70 0.85 1.05
Utah 12 411,104.75 0.34 0.38
Virgina 196 7,053,384.03 5.79 6.25
Washington 168 7,241,351.23 5.94 5.36
Wisconsin 32 1,303,284.38 1.07 1.02
Total 3,137 121,850,632.81 100.00 100.00
Classification by Lien Status
Pct of Percent
Total Overall of
Current Current Overall
Lien Position Count Balance Balance count
- ------------------------------------------------------------------------------
1 100 12,858,087.35 10.55 3.19
2 3,037 108,992,545.46 89.45 96.81
Total 3,137 121,850,632.81 100.00 100.00
Classification by Credit Score
Pct of Percent
Total Overall of Wtd. Avg.
Current Current Overall FICO
Credit Score1 Count Balance Balance count Score
- ----------------------------------------------------------------------------
? 2 62,507.65 0.05 0.06 696.46
Excellent 2,529 102,060,161.79 83.76 80.62 682.68
Fair 11 329,587.39 0.27 0.35 588.42
Good 170 4,960,496.98 4.07 5.42 614.51
Superior 425 14,437,879.00 11.85 13.55 654.89
Total 3,137 121,850,632.81 100.00 100.00 676.36
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-CONFORMING CLASS TABLES MAY 04, 1999
03:50PM EDT
CSU PAGE 3 OF 3
<TABLE>
<CAPTION>
Stratification by Origination Date
Pct. of
Total Min. Max. Wtd. Avg. Overall
Current Current Current Current Current
Issue Date Count Balance Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
1995 1 24,829.960 24,829.960 24,829.960 24,829.96 0.02
1996 2 56,414.020 26,706.370 29,707.650 28,286.85 0.05
1997 1 28,199.770 28,199.770 28,199.770 28,199.77 0.02
1998 1,306 53,381,918.490 1,303.210 226,499.730 59,177.98 43.81
1999 1,827 68,359,270.570 9,851.850 224,860.150 48,808.72 56.10
Total 3,137 121,850,632.810 1,303.210 226,499.730 53,332.26 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-NONCONFORMING STRATS MAY 04, 1999
03:42PM EDT
CSU PAGE 1 OF 4
<TABLE>
<CAPTION>
STRATIFICATION BY CURRENT BALANCE
Pct of
Total Min Max Avg overall
CURRENT BALANCE Count CURRENT CURRENT CURRENT CURRENT CURRENT
BALANCE BALANCE BALANCE BALANCE BALANCE
<S> <C> <C> <C> <C> <C> <C>
0.01 - 25,000.00 18 413,614.23 19,100.00 25,000.00 22,978.57 2.21
25,000.01 - 50,000.00 129 5,381,735.72 25,492.73 50,000.00 41,718.88 28.82
50,000.01 - 75,000.00 134 8,771,895.88 50,253.05 75,000.00 65,461.91 46.97
75,000.01 - 100,000.00 40 3,648,221.54 75,400.00 100,000.00 91,205.54 19.53
100,000.01 - 125,000.00 4 460,812.08 112,942.42 119,000.00 115,203.02 2.47
TOTAL 325 18,676,279.45 19,100.00 119,000.00 57,465.48 100.00
</TABLE>
<TABLE>
<CAPTION>
Stratification by Current Gross Coupon
Min Max Wtd Avg Pct of
Total CURRENT CURRENT CURRENT overall
CURRENT GROSS COUPON Count CURRENT GROSS GROSS GROSS CURRENT
BALANCE COUPON COUPON COUPON BALANCE
<S> <C> <C> <C> <C> <C> <C>
7.51 - 8.00 2 212,942.42 7.900 7.990 7.942 1.14
8.01 - 8.50 9 680,980.98 8.400 8.500 8.495 3.65
8.51 - 9.00 15 996,782.63 8.600 8.900 8.790 5.34
9.01 - 9.50 11 515,104.91 9.050 9.500 9.363 2.76
9.51 - 10.00 27 1,640,115.72 9.550 10.000 9.852 8.78
10.01 - 10.50 17 1,078,432.68 10.100 10.500 10.333 5.77
10.51 - 11.00 30 1,686,725.01 10.600 11.000 10.830 9.03
11.01 - 11.50 22 1,091,365.49 11.050 11.500 11.295 5.84
11.51 - 12.00 45 2,692,199.01 11.650 12.000 11.811 14.42
12.01 - 12.50 30 1,893,490.91 12.100 12.400 12.310 10.14
12.51 - 13.00 30 1,679,674.79 12.650 12.950 12.834 8.99
13.01 - 13.50 28 1,414,417.91 13.100 13.400 13.285 7.57
13.51 - 14.00 18 939,369.88 13.600 13.900 13.778 5.03
14.01 - 14.50 16 742,931.27 14.150 14.400 14.238 3.98
14.51 - 15.00 14 788,372.63 14.650 14.900 14.806 4.22
15.01 - 15.50 6 323,131.71 15.150 15.400 15.307 1.73
15.51 - 16.00 4 267,899.68 15.650 15.900 15.807 1.43
16.01 - 16.50 1 32,341.82 16.150 16.150 16.150 0.17
TOTAL 325 18,676,279.45 7.900 16.150 11.742 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-NONCONFORMING STRATS MAY 04, 1999
03:42PM EDT
CSU PAGE 2 OF 4
<TABLE>
<CAPTION>
Stratification by Combined LTV
Pct. of
Total Min Max Wtd Avg overall
CURRENT COMBINED COMBINED COMBINED CURRENT
COMBINED LTV Count BALANCE LTV LTV LTV BALANCE
<S> <C> <C> <C> <C> <C> <C>
55.0001 - 60.0000 1 53.956.30 57.994 57.994 57.994 0.29
65.0001 - 70.0000 1 24.960.27 69.417 69.417 69.417 0.13
70.0001 - 75.0000 6 373,983.41 70.957 74.900 72.986 2.00
75.0001 - 80.0000 12 799,102.60 76.559 79.988 78.881 4.28
80.0001 - 85.0000 15 813,075.03 80.274 84.991 82.893 4.35
85.0001 - 90.0000 35 1,799,165.65 85.721 90.000 89.030 9.63
90.0001 - 95.0000 28 1,623,081.15 90.220 95.000 93.429 8.69
95.0001 -100.0000 86 5,083,375.63 95.045 100.000 99.223 27.22
100.0001-105.0000 25 1,181,929.21 101.485 104.873 103.364 6.33
105.0001-110.0000 34 1,700,586.10 105.259 109.852 107.084 9.11
110.0001-115.0000 31 1,936,224.10 110.201 114.950 112.355 10.37
115.000l-120.0000 23 1,390,053.00 115.050 119.798 117.071 7.44
120.0001-125,0000 28 1,896,787.00 120.288 125.000 123.079 10.16
TOTAL 325 18,676,279.45 57.994 125.000 101.563 100.00
</TABLE>
<TABLE>
<CAPTION>
Stratification by Remaining Term
Pct of
Total Min Max Wtd Avg overall
CURRENT REMAINING REMAINING REMAINING CURRENT
REMAINING TERM Count BALANCE TERM TERM TERM BALANCE
<S> <C> <C> <C> <C> <C> <C>
61 - 120 16 709,855.81 115 120 118 3.80
121 - 18O 283 16,182,419.71 169 180 178 86.65
181 - 240 11 680,869.38 237 240 238 3.65
241 - 300 15 1,103,134.55 296 300 299 5.91
TOTAL 325 18,676,279.45 115 300 185 100.00
</TABLE>
<TABLE>
<CAPTION>
Stratification by Original Amort Term
Pct of
Total Min Max Wtd Avg overall
CURRENT ORIGINAL ORIGINAL ORIGINAL CURRENT
0RIGINAL TERM Count BALANCE TERM TERM TERM BALANCE
<S> <C> <C> <C> <C> <C> <C>
61- 120 16 709,855.81 120 120 120 3.80
121- 18O 283 16,182,419.71 180 180 180 86.65
181- 240 11 680,869.38 240 240 240 3.65
241- 300 15 1,103,134.55 300 300 300 5.91
TOTAL 325 18,676,279.45 120 300 187 100.00
</TABLE>
BEAR, STEARNS & CO. INC. IRWIN-NONCONFORMING STRATS MAY 04, 1999
03:42PM EDT
CSU PAGE 3 OF 4
Stratfication by Debt to Income
<TABLE>
<CAPTION>
Pct of
Total Min Max Wtd Avg Overall
CURRENT DEBT TO DEBT TO DEBT TO CURRENT
DEBT TO INCOME Count BALANCE INCOME INCOME INCOME BALANCE
<S> <C> <C> <C> <C> <C> <C>
10.0001 - 15.000 1 73,149.230 13.400 13.400 13.40 0.39
20.0001 - 25.000 7 373,394.620 20.400 24.900 22.89 2.00
25.0001 - 30.000 11 595,935.890 25.177 29.600 27.14 3.19
30.0001 - 35.000 33 1,696,664.100 30.400 34.953 32.93 9.08
35.0001 - 40.000 66 3,935,844.330 35.200 40.000 37.70 21.07
35.0001 - 45.000 70 3,994,593.370 40.400 45.000 42.64 21.39
40.0001 - 50.000 72 4,106,586.510 45.200 50.000 48.12 21.99
50.0001 - 55.000 65 3,900,211.400 50.100 54.989 52.68 20.88
TOTAL 325 18,676,279.450 13.400 54.989 43.01 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-NONCONFORMING CLASS TABLES MAY 04, 1999
03:42PM EDT
CSU PAGE 1 OF 3
Classification by Property Type
Pct of Percent
Total overall of
CURRENT CURRENT Overall
PROPERTY TYPE Count BALANCE BALANCE Count
- -------------------------------------------------------------------------
LOW-RISE CONDO 7 369,679.95 1.98 2.15
MULTI FAMILIY 1 24,810.98 0.13 0.31
PUD 50 3,317,931.62 17.78 15.38
SF DETACHED 267 14,962,056.90 80.11 82.15
TOTAL 325 18,676,279.45 100.00 100.00
Classification by Occupancy
Pct of Percent
Total overall of
CURRENT CURRENT Overall
OCCUPANCY TYPE Count BALANCE BALANCE count
- -------------------------------------------------------------------------
OWNER 324 18,641,279.45 99.81 99.69
SECOND HOME 1 35,000.00 0.19 0.31
TOTAL 325 18,676,279.45 100.00 100.00
BEAR, STEARNS & CO. INC. IRWIN-NONCONFORMING CLASS TABLES MAY 04, 1999
03:42PM EDT
CSU PAGE 2 OF 3
Classification by State
Pct of Percent
Total overall of
CURRENT CURRENT overall
State Count BALANCE BALANCE Count
- ----------------------------------------------------------------------
Arizona 10 613,326.92 3.28 3.08
California 163 9,187,660.38 49.19 50.15
Colorado 4 243,577.02 1.30 1.23
Florida 12 838,772.71 4.49 3.69
Georgia 10 633,397.03 3.39 3.08
Illinois 9 507,145.66 2.72 2.77
Kentucky 1 74,229.47 0.40 0.31
Louisiana 1 74,106.63 0.40 0.31
Maryland 16 923,992.79 4.95 4.92
Massachusetts 14 751,696.55 4.02 4.31
Michigan 13 669,642.07 3.59 4.00
Minnsota 1 75,000.00 0.40 0.31
Missouri 4 238,778.32 1.28 1.23
New Jersey 22 1,301,402.06 6.97 6.77
North Carolina 6 260,474.95 1.39 1.85
Ohio 5 294,578.66 1.58 1.54
Pennsylivania 2 126,200.00 0.68 0.62
South Carolina 2 117,169.83 0.63 0.62
Utah 4 137,822.53 0.74 1.23
Virgina 16 1,038,065.74 5.56 4.92
Washington 7 401,513.63 2.15 2.15
Wisconsin 3 167,726.50 0.90 0.92
Total 325 18,676,279.45 100.00 100.00
Classification by Lien Status
Pct of Percent
Total overall of
CURRENT CURRENT overall
LIEN POSITION Count BALANCE BALANCE count
- ------------------------------------------------------------------------------
2 325 18,676,279.45 100.00 100.00
Total 325 18,676,279.45 100.00 100.00
Classification by Lien Status
Pct of Percent
Total overall of Wtd. Avg.
CURRENT CURRENT overall FICO
CREDIT SCORE Count BALANCE BALANCE count SCORE
- ----------------------------------------------------------------------------
Excellent 296 17,039,541.47 91.24 91.08 661.51
Good 8 369,227.30 1.98 2.45 614.42
superior 21 1,267,510.68 6.79 6,46 612.37
Total 325 18,676,279.45 100.00 100.00 657.24
<TABLE>
<CAPTION>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
<PAGE>
BEAR, STEARNS & CO. INC. IRWIN-NONCONFORMING CLASS TABLES MAY 04, 1999
03:42PM EDT
CSU PAGE 3 OF 3
Pct. of
Total Min. Max. Wtd. Avg. Overall
CURRENT CURRENT CURRENT CURRENT CURRENT
ISSUE DATE Count BALANCE BALANCE BALANCE BALANCE BALANCE
<S> <C> <C> <C> <C> <C> <C>
1998 95 5,279,056,900 19,549,150 98,970.080 60,929.51 28.27
1999 230 13,397,222.550 19,100,000 119,000,000 66,582.42 71.73
Total 325 18,676,279,450 19,100,000 119,000,000 64,984.57 100.00
</TABLE>
This report does not constitute a bid or offer by any person for any
security or an undertaking by any person to provide or accept any such bid or
offer. Each investor must determine for itself the appropriateness of any
transaction in securities, including any related legal, tax and accounting
considerations, and no recommendation is made herein as to any security or
transaction. No assurance is given (x) as to the occuracy or completeness of any
of the information set forth herein, or (y) that the prices indicated (i)
constitute prices at which the securities listed could have been or may be
purchased or sold in any market, (ii) have been confirmed by actual trades,
(iii) reflects the value Bear Stearns assigns to any security while in its
inventory, or (iv) take into account the size of any position in the securities
listed. Spreads between bid and offer prices may vary significantly due to
market volatility or illiquidity. All prices and other information relating to
any security are subject to change without notice. Bear, Stearns & Co. Inc. and
its affiliates and associated persons may have positions and conduct
transactions in the securities covered by this report, and may solicit business
from and perform services for the issuers of such securities or their
affiliates.
