-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sw6GJO/eA70oqHWTEUwJExyqM+kzLHlha7oKNQclUJV4OyGPJA9x3czj/dx/7NXa Npv+a5az0v9yGmgIlToR6w== 0000912057-97-018065.txt : 19970520 0000912057-97-018065.hdr.sgml : 19970520 ACCESSION NUMBER: 0000912057-97-018065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 19970327 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUIVANTAGE ACCEPTANCE CORP CENTRAL INDEX KEY: 0000933505 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 760448074 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-87040 FILM NUMBER: 97608813 BUSINESS ADDRESS: STREET 1: 13111 NORTHWEST FREEWAY STREET 2: STE 300 CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7138951900 MAIL ADDRESS: STREET 1: 1311 NW FREEWAY STREET 2: SUITE 301 CITY: HOUSTON STATE: TX ZIP: 77040 8-K 1 FORM 8-K (COVER, P. 2-4). SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 27, 1997 EquiVantage Acceptance Corp. on behalf of EquiVantage Home Equity Loan Trust 1997-1 (Exact Name of Registrant as Specified in its Charter) Delaware 333-23141) 76-0448074) (State of Incorporation) (Commission (I.R.S. Employer File Number Identification No. 13111 Northwest Freeway) Suite 301 (77040) Houston, Texas (Zip Code) (Address of Principal Executive Offices) Registrant's telephone number, including area code: (713) 895-1957 No Change (Former Name or Former Address, if Changed Since Last Report) ITEM 7. FINANCIAL STATEMENTS; PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) Not applicable. (b) Not applicable. (c) Exhibits: 1.1. Underwriting Agreement dated March 14, 1997 between EquiVantage Acceptance Corp. and Prudential Securities Incorporated, as representative of the several Underwriters named therein. 1.2. Guaranty of EquiVantage Inc. dated March 14, 1997 relating to performance of certain obligations of EquiVantage Acceptance Corp. 4.1. Pooling and Servicing Agreement dated as of March 1, 1997 among EquiVantage Acceptance Corp., EquiVantage Inc. and Norwest Bank Minnesota, National Association. 4.2. Surety Bond effective March 27, 1997 issued by Financial Guaranty Insurance Company relating to EquiVantage Home Equity Loan Trust 1997-1. 4.3. Master Loan Transfer Agreement dated as of March 1, 1997 between EquiVantage Acceptance Corp. and EquiVantage Inc. 4.4. Conveyance Agreement dated March 27, 1997 between EquiVantage Acceptance Corp. and EquiVantage Inc. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUIVANTAGE ACCEPTANCE CORP. BY: /S/ JOHN E. SMITH ----------------------------------------- John E. Smith President Dated: May 15, 1997 3 INDEX TO EXHIBITS EXHIBIT NUMBER EXHIBIT - ------- ---------------------------------------------------------------------- 1.1. Underwriting Agreement dated March 14, 1997 between EquiVantage Acceptance Corp. and Prudential Securities Incorporated, as representative of the several Underwriters named therein. 1.2. Guaranty of EquiVantage Inc. dated March 14, 1997 relating to performance of certain obligations of EquiVantage Acceptance Corp. 4.1. Pooling and Servicing Agreement dated as of March 1, 1997 among EquiVantage Acceptance Corp., EquiVantage Inc. and Norwest Bank Minnesota, National Association. 4.2. Surety Bond effective March 27, 1997 issued by Financial Guaranty Insurance Company relating to EquiVantage Home Equity Loan Trust 1997-1. 4.3. Master Loan Transfer Agreement dated as of March 1, 1997 between EquiVantage Acceptance Corp. and EquiVantage Inc. 4.4. Conveyance Agreement dated March 27, 1997 between EquiVantage Acceptance Corp. and EquiVantage Inc. 4 EX-1.1 2 EX-1.1 EQUIVANTAGE ACCEPTANCE CORP. and PRUDENTIAL SECURITIES INCORPORATED, AS REPRESENTATIVE OF THE SEVERAL UNDERWRITERS Underwriting Agreement for EquiVantage Acceptance Corp. Mortgage Loan Trusts Mortgage Loan Asset-Backed Securities, Issuable in Series March 14, 1997 TABLE OF CONTENTS Page SECTION I. REPRESENTATIONS AND WARRANTIES OF THE COMPANY................. 2 SECTION II. PURCHASE AND SALE............................................. 7 SECTION III. DELIVERY AND PAYMENT.......................................... 7 SECTION IV. OFFERING BY THE UNDERWRITERS.................................. 7 SECTION V. COVENANTS OF THE COMPANY...................................... 7 SECTION VI. CONDITION TO THE UNDERWRITERS' OBLIGATIONS....................10 SECTION VII. PAYMENT OF EXPENSES...........................................21 SECTION VIII. INDEMNIFICATION AND CONTRIBUTION..............................22 SECTION IX. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY............................................27 SECTION X. DEFAULT BY ONE OR MORE OF THE UNDERWRITERS....................27 SECTION XI. TERMINATION OF AGREEMENT......................................28 SECTION XII. NOTICES.......................................................28 SECTION XIII. PERSONS ENTITLED TO THE BENEFIT OF THIS AGREEMENT.............28 SECTION XIV. SURVIVAL......................................................28 SECTION XV. DEFINITION OF THE TERM "BUSINESS DAY".........................29 SECTION XVI. GOVERNING LAW; SUBMISSION TO JURISDICTION.....................29 SECTION XVII. COUNTERPARTS..................................................29 SECTION XVIII. HEADINGS......................................................29 SECTION XIX. AMENDMENTS AND WAIVERS........................................29 March 14, 1997 UNDERWRITING AGREEMENT Prudential Securities Incorporated, as Representative of the several Underwriters named in Schedule A hereto One New York Plaza New York, New York 10292 Dear Ladies and Gentlemen: EquiVantage Acceptance Corp., a Delaware corporation (the "Company"), has authorized the issuance of Home Equity Loan Asset-Backed Certificates, Series 1997-1, consisting of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates and Class A-5 Certificates (collectively, the "Offered Certificates"), the Class B Certificates (the "Class B Certificates") and the Class R Certificates (the "Class R Certificates" and together with the Offered Certificates and the Class B Certificates, the "Certificates"), evidencing beneficial ownership interests in a pool of home equity loans (the "Home Equity Loans"). The Home Equity Loans are secured primarily by first and junior lien deeds of trust or mortgages on one- to four-family residential properties. The Offered Certificates are being purchased by the Underwriters named in Schedule A hereto, and the Underwriters are purchasing, severally, only the Offered Certificates set forth opposite their names in Schedule A, except that the amounts purchased by the Underwriters may change in accordance with Section X of this Agreement. Prudential Securities Incorporated is acting as representative of the several Underwriters and in such capacity is hereinafter referred to as the "Representative." The Certificates will be issued under a pooling and servicing agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") among the Company, as Seller (in such capacity, the "Seller"), EquiVantage Inc., a Delaware corporation ("EquiVantage Inc."), as Servicer (in such capacity, the "Servicer"), and Norwest Bank Minnesota, N.A., as trustee (the "Trustee"). The Certificates will evidence fractional undivided interests in the trust established under the Pooling and Servicing Agreement (the "Trust"). The assets of the Trust will initially include, among other things, a pool of Home Equity Loans and such amounts as may be held by the Trustee for the Trust in any accounts established under the Pooling and Servicing Agreement, including the Certificate Account (the "Certificate Account") and the Principal and Interest Account (the "P&I Account"). The Home Equity Loans will be acquired from EquiVantage Inc. pursuant to a Master Loan Transfer Agreement dated as of March 1, 1997 (the "Master Loan Transfer Agreement") and the related Conveyance Agreement dated March 27, 1997 (the "Conveyance Agreement" and together with the Master Loan Transfer Agreement, the "Purchase Agreements"). The Offered Certificates will initially represent an undivided ownership interest in the related pool of Home Equity Loans in an amount equal to approximately $85,000,000 as of the close of business on March 1, 1997 (collectively, the "Cut-Off Date"). The Offered Certificates will also have the benefit of a financial guaranty insurance policy (the "Certificate Insurance Policy") issued by Financial Guaranty Insurance Company, a New York stock insurance company (the "Certificate Insurer"). The Certificate Insurance Policy will be issued pursuant to the insurance agreement dated as of March 1, 1997 (the "Insurance Agreement") among the Certificate Insurer, the Company, and the Servicer. A form of the Pooling and Servicing Agreement has been filed as an exhibit to the Registration Statement (hereinafter defined). The Certificates are more fully described in the Prospectus (hereinafter defined) that the Company has furnished to the Underwriters. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement. SECTION I. Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, the Underwriters that: A. A registration statement on Form S-3 (No. 333-23141) has (i) been prepared by the Company in conformity with the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations (the "Rules and Regulations") of the United States Securities and Exchange Commission (the "Commission") thereunder, (ii) been filed with the Commission under the Securities Act and (iii) become effective under the Securities Act. Copies of such registration statement have been delivered by the Company to the Representative. As used in this Agreement, "Effective Time" means the date and the time as of which such registration statement, or the most recent post-effective amendment thereto, if any, was declared effective by the Commission; "Effective Date" means the date of the Effective Time; "Registration Statement" means such registration statement, at the Effective Time, including any documents incorporated by reference therein at such time; "Basic Prospectus" means the final prospectus dated March 12, 1997; and "Prospectus Supplement" means the final prospectus supplement relating to the Offered Certificates dated March 14, 1997, to be filed with the Commission pursuant to paragraphs (2), (3) or (5) of Rule 424(b) of the Rules and Regulations. "Prospectus" means the Basic Prospectus together with the Prospectus Supplement. Reference made herein to the Prospectus shall be deemed to refer to and include any documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act as of the date of the Prospectus, any reference to any amendment or supplement to the Prospectus shall be deemed to refer to and include any document filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), after the date of the Prospectus and incorporated by reference in the Prospectus, and any reference to any amendment to the Registration Statement shall be deemed to include any report of the Company filed with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act after the Effective Time that is incorporated by reference in the Registration Statement. The Commission has not issued any order preventing or suspending the use of the Prospectus. There are no contracts or documents of 2 the Company that are required to be filed as exhibits to the Registration Statement pursuant to the Securities Act or the Rules and Regulations which have not been so filed or incorporated by reference therein on or prior to the Effective Date of the Registration Statement other than such documents or materials, if any, as any Underwriter delivers to the Company pursuant to Section VIII (D) hereof for filing on Form 8-K. B. The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement or the Prospectus will, when they become effective or are filed with the Commission, as the case may be, conform, in all respects to the requirements of the Securities Act and the Rules and Regulations. The Registration Statement, as of the Effective Date thereof and of any amendment thereto, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus as of its date, and as amended or supplemented as of the Closing Date, does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation or warranty is made as to information contained in or omitted from the Registration Statement or the Prospectus in reliance upon and in conformity with written information furnished to the Company in writing by the Underwriters expressly for use therein. C. The documents incorporated by reference in the Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; any further documents so filed and incorporated by reference in the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made as to documents deemed to be incorporated by reference in the Prospectus as the result of filing a Form 8-K at the request of the Underwriters except to the extent such documents reflect information furnished by the Company to the Underwriters for the purpose of preparing such documents. D. Since the respective dates as of which information is given in the Prospectus, there has not been any material adverse change, or any development involving a prospective material adverse change, in the general affairs, management, financial condition, or results of operations of the Company, otherwise than as set forth or contemplated in the Prospectus as supplemented or amended as of the Closing Date. 3 E. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification, and has all power and authority necessary to own or hold its properties, to conduct the business in which it is engaged and to enter into and perform its obligations under this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement and the Purchase Agreements and to cause the Certificates to be issued. F. There are no actions, proceedings or investigations pending with respect to which the Company has received service of process before or threatened by any court, administrative agency or other tribunal to which the Company is a party or of which any of its properties is the subject (a) which if determined adversely to the Company would have a material adverse effect on the business or financial condition of the Company, (b) asserting the invalidity of this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement, the Purchase Agreements or the Certificates, (c) seeking to prevent the issuance of the Certificates or the consummation by the Company of any of the transactions contemplated by this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement or the Purchase Agreements, as the case may be, (d) which might individually or in the aggregate materially and adversely affect the performance by the Company of its obligations under, or the validity or enforceability of, this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement, the Purchase Agreements or the Certificates or (e) which might adversely affect the federal income tax attributes of the Certificates as described in the Prospectus. G. This Agreement has been, and the Pooling and Servicing Agreement, the Insurance Agreement and the Purchase Agreements, when executed and delivered as contemplated hereby and thereby, will have been, duly authorized, executed and delivered by the Company, and this Agreement constitutes, and the Pooling and Servicing Agreement and the Insurance Agreement, when executed and delivered as contemplated herein, will constitute, legal, valid and binding instruments enforceable against the Company in accordance with their respective terms, subject as to enforceability to (x) applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting creditors' rights generally, (y) general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and (z) with respect to rights of indemnity under this Agreement and the Insurance Agreement, limitations of public policy under applicable securities laws. H. The execution, delivery and performance of this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement and the Purchase Agreements by the Company and the consummation of the transactions contemplated hereby and thereby, compliance with the provisions thereof, and the issuance and delivery of the Certificates do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party, by which the Company is bound or to which any of the properties or assets of the Company or any of its subsidiaries is subject, which breach or violation would have a material 4 adverse effect on the business, operations or financial condition of the Company, nor will such actions result in any violation of the provisions of the certificate of incorporation or by-laws of the Company or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its properties or assets, which breach or violation would have a material adverse effect on the business, operations or financial condition of the Company. The Company is not a party to, bound by, or in breach or violation of, any indenture or other agreement or instrument, or subject to or in violation of any statute, order, rule or regulation of any court, governmental agency or body or other tribunal having jurisdiction over the Company, which materially and adversely affects, or is reasonably likely in the future to materially and adversely affect, (i) the ability of the Company to perform its obligations under this Agreement, the Pooling and Servicing Agreement and the Insurance Agreement or (ii) the business, operations, results of operations, financial position, income, properties or assets of the Company. I. The Company has no reason to know that KPMG Peat Marwick LLP are not independent public accountants with respect to the Company as required by the Securities Act and the Rules and Regulations. J. The direction by the Company to the Trustee to execute, authenticate, issue and deliver the Certificates has been duly authorized by the Company and, assuming the Trustee has been duly authorized to do so, when executed, authenticated, issued and delivered by the Trustee in accordance with the Pooling and Servicing Agreement, the Certificates will be validly issued and outstanding and will be entitled to the benefits provided by the Pooling and Servicing Agreement. K. No consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body of the United States is required for the issuance of the Certificates and the sale of the Offered Certificates to the Underwriters, or the consummation by the Company of the other transactions contemplated by this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement or the Purchase Agreements, except such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Offered Certificates by the Underwriters or as have been obtained. L. The Company possesses all material licenses, certificates, authorities or permits issued by the appropriate state, Federal or foreign regulatory agencies or bodies necessary to conduct the business now conducted by it and as described in the Prospectus, and there are no proceedings pending with respect to which the Company has received service of process or, to the best knowledge of the Company, threatened relating to the revocation or modification of any such license, certificate, authority or permit which if decided adversely to the Company would, singly or in the aggregate, materially and adversely affect the conduct of its business, operations or financial condition. M. At the time of execution and delivery of the Pooling and Servicing Agreement, the Company will: (i) have good title to the Home Equity Loans being conveyed by the Company, in 5 its capacity as Seller thereunder, to the Trust pursuant to the terms of the Pooling and Servicing Agreement, free and clear of any lien, mortgage, pledge, charge, encumbrance, adverse claim or other security interest (collectively, "Liens"); (ii) not have assigned to any person any of its right or title in the Home Equity Loans, in the Pooling and Servicing Agreement or in the Certificates being issued pursuant thereto; and (iii) have the power and authority, in its capacity as Seller thereunder, to convey its interest in the Home Equity Loans to the Trust pursuant to the terms of the Pooling and Servicing Agreement and to sell the Offered Certificates to the Underwriters. Upon execution and delivery of the Pooling and Servicing Agreement by the Trustee, the Trust will have acquired beneficial ownership of all of the Company's right, title and interest in and to the Home Equity Loans. Upon delivery to the Underwriters of the Offered Certificates, the Underwriters will have good title to the Offered Certificates, free of any Liens. N. As of the Cut-Off Date, each of the Home Equity Loans will meet the eligibility criteria described in the Prospectus and will conform to the descriptions thereof contained in the Prospectus in all material respects. O. The Pooling and Servicing Agreement is not required to be qualified under the Trust Indenture Act of 1939, as amended, and the Trust created thereby is not required to be registered thereunder, and the Company is not an "investment company" as such term is defined, under the Investment Company Act of 1940, as amended (the "1940 Act"). P. At the Closing Date, the Offered Certificates, the Purchase Agreements and the Pooling and Servicing Agreement will conform in all material respects to the descriptions thereof contained in the Prospectus. The Offered Certificates will be duly and validly authorized and, when duly and validly executed, authenticated, issued and delivered in accordance with the Pooling and Servicing Agreement and sold to the Underwriters as provided herein, will be validly issued and outstanding and entitled to the benefits of the Pooling and Servicing Agreement. Q. At the Closing Date, the Offered Certificates shall have been rated in the highest rating category by at least two nationally recognized rating agencies. R. Any taxes, fees and other governmental charges in connection with the execution, delivery and issuance of this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement and the Certificates have been paid or will be paid at or prior to the Closing Date. S. At the Closing Date, each of the representations and warranties of the Company set forth in the Pooling and Servicing Agreement and the Insurance Agreement will be true and correct in all material respects. T. The transfer of the Home Equity Loans to the Trust at the Closing Date will be treated by the Company for financial accounting and reporting purposes as a sale of assets and not as a pledge of assets to secure debt. 6 U. The Company is not aware of (i) any request by the Commission for any further amendment of the Registration Statement or the Prospectus or for any additional information, or (ii) any notification with respect to the suspension of the qualification of the Certificates for sale in any jurisdiction or the initiating or threatening of any proceeding for such purpose. Any certificate signed by an officer of the Company and delivered to the Representative or counsel for the Representative in connection with an offering of the Offered Certificates shall be deemed, and shall state that it is, a representation and warranty as to the matters covered thereby to each person to whom the representations and warranties in this Section I are made. SECTION II. PURCHASE AND SALE. The commitment of the Underwriters to purchase the Offered Certificates pursuant to this Agreement shall be deemed to have been made on the basis of the representations and warranties herein contained and shall be subject to the terms and conditions herein set forth. The Company agrees to instruct the Trustee to issue the Offered Certificates and agrees to sell to the Underwriters, and the Underwriters agree (except as provided in Sections X and XI hereof) severally and not jointly to purchase from the Company the aggregate initial principal amounts or percentage interests of the offered Certificates set forth opposite their names on Schedule A, at the purchase price or prices set forth in Schedule A. SECTION III. DELIVERY AND PAYMENT. Delivery and payment for the Offered Certificates to be purchased by the Underwriters shall be made at the offices of Andrews & Kurth L.L.P. in Washington D.C., or at such other place as shall be agreed upon by the Company, at 10:00 a.m. Washington D.C. time on March 27, 1997 or at such other time or date as shall be agreed upon in writing by the Representative and the Company (such date being referred to as the "Closing Date"). Payment shall be made to the Company by wire transfer of same day funds payable to the account of the Company. Delivery of the Offered Certificates shall be made to the Representative for the accounts of the Underwriters against payment of the purchase price thereof. The Certificates shall be in such authorized denominations and registered in such names as the Underwriters may request in writing at least two business days prior to the Closing Date. The Offered Certificates will be made available for examination by the Representative no later than 2:00 p.m. New York City time on the first business day prior to the Closing Date. SECTION IV. OFFERING BY THE UNDERWRITERS. It is understood that, subject to the terms and conditions hereof, the Underwriters propose to offer the Offered Certificates for sale to the public as set forth in the Prospectus. SECTION V. COVENANTS OF THE COMPANY. The Company agrees as follows: A. To prepare the Prospectus in a form approved by the Underwriters and to file such Prospectus pursuant to Rule 424(b) under the Securities Act not later than the Commission's close of business on the second business day following the availability of the Prospectus to the Underwriters; to make no further amendment or any supplement to the Registration Statement or to the Prospectus prior to the Closing Date except as permitted herein; to advise the Underwriters, 7 promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective prior to the Closing Date or any supplement to the Prospectus or any amended Prospectus has been filed prior to the Closing Date and to furnish the Underwriters with copies thereof; to file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and, for so long as the delivery of a prospectus is required in connection with the offering or sale of the Offered Certificates; to promptly advise the Underwriters of its receipt of notice of the issuance by the Commission of any stop order or of: (i) any order preventing or suspending the use of the Prospectus; (ii) the suspension of the qualification of the Offered Certificates for offering or sale in any jurisdiction; (iii) the initiation of or threat of any proceeding for any such purpose; (iv) any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information. In the event of the issuance of any stop order or of any order preventing or suspending the use of the Prospectus or suspending any such qualification, the Company promptly shall use its best efforts to obtain the withdrawal of such order by the Commission. B. To furnish promptly to the Underwriters and to counsel for the Underwriters a signed copy of the Registration Statement as originally filed with the Commission, and of each amendment thereto filed with the Commission, including all consents and exhibits filed therewith. C. To deliver promptly to the Underwriters such number of the following documents as the Underwriters shall reasonably request: (i) conformed copies of the Registration Statement as originally filed with the Commission and each amendment thereto (in each case including exhibits); (ii) the Prospectus and any amended or supplemented Prospectus; and (iii) any document incorporated by reference in the Prospectus (including exhibits thereto). If the delivery of a prospectus is required at any time prior to the expiration of nine months after the Effective Time in connection with the offering or sale of the Offered Certificates, and if at such time any events shall have occurred as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company shall notify the Underwriters and, upon any Underwriter's request, shall file such document and prepare and furnish without charge to the Underwriters and to any dealer in securities as many copies as the Underwriters may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which corrects such statement or omission or effects such compliance, and in case the Underwriters are required to deliver a Prospectus in connection with sales of any of the Offered Certificates at any time nine months or more after the Effective Time, upon the request of an Underwriter but at its expense, the Company shall prepare and deliver to such Underwriter as many copies as such Underwriter may reasonably request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Securities Act. If such 8 amendment or supplement to the Prospectus is required to be contained in a post-effective amendment to the Registration Statement, the Company will use its best efforts to cause such amendment of the Registration Statement to be made effective as soon as possible. D. To file promptly with the Commission any amendment to the Registration Statement or the Prospectus or any supplement to the Prospectus that may, in the judgment of the Company or the Underwriters, be required by the Securities Act or requested by the Commission. E. To furnish the Underwriters and counsel for the Underwriters, prior to filing with the Commission, and to obtain the consent of the Underwriters for the filing of the following documents relating to the Certificates: (i) amendment to the Registration Statement or supplement to the Prospectus, or document incorporated by reference in the Prospectus, or (ii) the Prospectus pursuant to Rule 424 of the Rules and Regulations. F. To make generally available to holders of the Offered Certificates as soon as practicable, but in any event not later than 90 days after the close of the period covered thereby, a statement of earnings of the Trust (which need not be audited) complying with Section 11(a) of the Securities Act and the Rules and Regulations (including, at the option of the Company, Rule 158) and covering a period of at least twelve consecutive months beginning not later than the first day of the first fiscal quarter following the Closing Date. G. To use its best efforts, in cooperation with the Underwriters, to qualify the Offered Certificates for offering and sale under the applicable securities laws of such states and other jurisdictions of the United States or elsewhere as the Underwriters may designate, and maintain or cause to be maintained such qualifications in effect for as long as may be required for the distribution of the Offered Certificates. The Company will file or cause the filing of such statements and reports as may be required by the laws of each jurisdiction in which the Offered Certificates have been so qualified. H. So long as the Offered Certificates shall be outstanding the Company shall cause the Trustee, pursuant to the Pooling and Servicing Agreement, to deliver to the Underwriters as soon as such statements are furnished to the Trustee: (i) the annual statement as to compliance delivered to the Trustee pursuant to Section 8.16 of the Pooling and Servicing Agreement; (ii) the annual statement of a firm of independent public accountants furnished to the Trustee pursuant to Section 8.17 of the Pooling and Servicing Agreement; (iii) the monthly servicing report furnished to the Trustee pursuant to Section 7.8 and Section 8.1 of the Pooling and Servicing Agreement; (iv) the monthly reports furnished to the Certificateholders pursuant to Section 7.8 of the Pooling and Servicing Agreement; and (v) from time to time, any other information concerning the Trust filed with any government or regulatory authority that is otherwise publicly available, as the Representative may reasonably request. I. To apply the net proceeds from the sale of the Offered Certificates in the manner set forth in the Prospectus. 9 J. During a period of seven calendar days from the Closing Date, neither the Company nor any trust established, directly or indirectly, by the Company will, without the Representative's prior written consent (which consent shall not be unreasonably withheld), offer or sell mortgage pass-through certificates backed by mortgage loans, except pursuant to this Agreement. K. The Company will enter into the applicable agreements, to which it is a party pursuant to the Pooling and Servicing Agreement, on or prior to the Closing Date and will cause to be delivered to the Trustee the Insurance Policy issued by the Certificate Insurer. L. The Company will cause any Computational Materials (as defined in Section VIII(D) below) with respect to the Certificates that are delivered to the Company as provided in Section VIII(D) below to be filed with the Commission on a Current Report on Form 8-K (the "Current Report - Computational Materials") at or before the time of filing of the Prospectus pursuant to Rule 424(b) under the Securities Act. M. The Company will cause any ABS Term Sheets (as defined in Section VIII(D) below) with respect to the Certificates that are delivered to the Company as provided in Section VIII (D) below to be filed with the Commission on one or more Current Reports on Form 8-K (collectively, the "Current Report - ABS Term Sheets" and, together with Current Reports - Computational Materials, the "Current Reports") (i) at or before the time of filing of the Prospectus pursuant to Rule 424(b) under the Securities Act, in the case of Structural Term Sheets (as defined in Section VIII(D) below) and (ii) within two business days of first use in the case of Collateral Term Sheets (as defined in Section VIII(D) below). SECTION VI. CONDITION TO THE UNDERWRITERS' OBLIGATIONS. The obligations of the Underwriters to purchase the Offered Certificates pursuant to this Agreement are subject to: (i) the accuracy on and as of the Closing Date of the representations and warranties on the part of the Company herein contained (including those representations and warranties set forth in the Pooling and Servicing Agreement and incorporated herein); (ii) the performance by the Company of all of its obligations hereunder; (iii) the accuracy of the statements of the Company made in any certificate or other document delivered pursuant to the provisions hereof; and (iv) the following conditions as of the Closing Date: A. The Underwriters shall have received confirmation of the effectiveness of the Registration Statement. No stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission. Any request of the Commission for inclusion of additional information in the Registration Statement or the Prospectus shall have been complied with. The Prospectus shall have been filed pursuant to Rule 424(b). B. The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact or omits to state a fact that, in the opinion of counsel for the 10 Underwriters, is material and is required to be stated therein or is necessary to make the statements therein not misleading, and the Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Prospectus or any amendment or supplement thereto contains an untrue statement of a fact or omits to state a fact that, in the opinion of counsel for the Underwriters, is material and is necessary to make the statements therein not misleading in light of the circumstances under which they were made. C. All corporate proceedings and other legal matters relating to the authorization, form and validity of this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement, the Purchase Agreements, the Certificates, the Registration Statement and the Prospectus, and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be satisfactory in all respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters. The Representative shall have received the Pooling and Servicing Agreement and the Offered Certificates in form and substance satisfactory to the Representative, duly executed by all signatories required pursuant to the respective terms thereof. D. Andrews & Kurth L.L.P. shall have furnished to the Underwriters their written opinion, as counsel to the Company, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, to the effect that: 1. The Pooling and Servicing Agreement, the Insurance Agreement, and the Master Loan Transfer Agreement (the "Agreements") to which the Company and the Servicer are a party are the legal, valid and binding obligations of the Company and the Servicer, respectively, and are enforceable against the Company and the Servicer, respectively, in accordance with their respective terms except (i) as enforcement thereof may be limited by (a) bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws relating to or affecting creditors' rights generally or (b) general principles of equity or public policy, regardless of whether such enforceability is considered in a proceeding in equity or at law. 2. The execution and delivery of each of this Agreement have been duly authorized by all necessary corporate action of the Company and this Agreement has been duly executed and delivered by the Company. 3. Each Certificate, when duly executed and authenticated as specified in the Pooling and Servicing Agreement and delivered pursuant to the Pooling and Servicing Agreement, will be validly issued and outstanding and is entitled to the benefits of the Pooling and Servicing Agreement afforded by such Certificate. 4. No consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court is required to be obtained for the execution, delivery and performance of any of the Agreements, this Agreement or the consummation 11 of any of the transactions contemplated thereby by the Company or the Servicer, as the case may be, except such which have been obtained. 5. The conditions to the use by the Company of a registration statement on Form S-3 under the Securities Act, as set forth in the General Instructions to Form S-3, have been satisfied with respect to the Registration Statement and the Prospectus. 6. The Registration Statement and any amendments thereto have become effective under the Securities Act; to the best of such counsel's knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued and not withdrawn and no proceedings for that purpose have been instituted or threatened and not terminated; and the Registration Statement, the Prospectus and each amendment or supplement thereto, as of their respective effective or issue dates (other than the Computational Materials (as defined in Section VIII.D), any ABS Term Sheet (as defined in Section VIII.D), and any financial and statistical data included or incorporated by reference in the Registration Statement and the Prospectus, as to which such counsel need express no opinion), complied as to form in all material respects with the applicable requirements of the Securities Act and the rules and regulations thereunder, and such counsel does not know of any amendment to the Registration Statement required to be filed. 7. The statements set forth in the Base Prospectus under the captions "Description of the Certificates" and "The Pooling and Servicing Agreement" and in the Prospectus Supplement under the captions "Description of the Certificates" and "The Pooling and Servicing Agreement," to the extent such statements purport to summarize certain provisions of the Certificates or of the Pooling and Servicing Agreement, are fair and accurate in all material respects. 8. The statements set forth in the Base Prospectus and the Prospectus Supplement, as the case may be, under the captions "ERISA Considerations," "Certain Federal Income Tax Consequences," "Legal Investment Considerations" and "Certain Legal Aspects of Mortgage Loans and Related Matters," to the extent that they constitute matters of federal law or legal conclusions with respect thereto, provide a fair and accurate summary of such law or legal conclusions. 9. The Pooling and Servicing Agreement, the Certificates and the Purchase Agreements conform in all material respects to the description thereof contained in the Prospectus, the Pooling and Servicing Agreement is not required to be qualified under the Trust Indenture Act of 1939, as amended, and the Trust is not required to be registered under the 1940 Act. 10. To the best of such counsel's knowledge, there are no actions, proceedings or investigations pending that would adversely affect the status of the Trust as a REMIC. 12 11. Assuming that the Trustee causes certain assets of the Trust, as the Trustee has covenanted to do in the Pooling and Servicing Agreement, to be treated as one or more "real estate mortgage investment conduits" ("REMICs"), as such term is defined in the Internal Revenue Code of 1986, as amended (the "Code"), and the parties to the Pooling and Servicing Agreement comply with the terms thereof, such assets of the Trust will be treated as one or more REMICs, the Offered Certificates will be treated as the "regular interests" in a REMIC and the Class R Certificates will be treated as the sole "residual interest" in a REMIC. Neither the Trust nor certain assets and accounts are subject to tax upon its income or assets by any taxing authority of the State of New York or the City of New York. Such counsel shall also have furnished to the Underwriters a written statement, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, to the effect that no facts have come to the attention of such counsel which lead them to believe that: (a) the Registration Statement, at the time such Registration Statement became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein misleading (except as to the financial, numerical, statistical and quantitative information included in the Registration Statement or incorporated by reference therein, as to which such counsel need not make any statement); (b) the Prospectus, as of its date and as of the Closing Date, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (except as to the Computational Materials, ABS Term Sheets and the financial, numerical, statistical and quantitative information included in the Prospectus or incorporated by reference therein and statements in the Prospectus with respect to the Certificate Insurer, as to which such counsel need not make any statement); or (c) any document incorporated by reference in the Prospectus or any further amendment or supplement to any such incorporated document made by the Company prior to the Closing Date (other than any document filed at the request of an Underwriter to the extent such document relates to Computational Materials or ABS Term Sheets) contained, as of the time it became effective or was filed with the Commission, as the case may be, an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. In rendering such opinion or making such statement, such counsel may rely, as to matters of fact, on certificates of responsible officers of the Company. Such opinions and written statements may also assume the due authorization, execution and delivery of the instruments and documents referred to therein by the parties thereto other than the Company. E. The Underwriters have received the favorable opinion, dated the Closing Date, of Andrews & Kurth L.L.P., counsel to the Company, addressed to the Company and satisfactory to the Certificate Insurer, Standard & Poor's Ratings Services, a Division of the McGraw-Hill Companies ("Standard & Poor's"), Moody's Investors Service Inc. ("Moody's") and the Underwriters, with respect to certain matters relating to the transfer of the Home Equity Loans to the Company and from the Company to the Trust, and such counsel shall have consented to reliance 13 on such opinion by the Certificate Insurer, Standard & Poor's, Moody's and the Underwriters as though such opinion had been addressed to each such party. F. Karen S. Crawford, Esq., counsel to the Servicer, shall have furnished to the Underwriters her written opinion, as counsel to the Servicer, addressed to the Underwriters and the Company and dated the Closing Date, in form and substance satisfactory to the Underwriters, to the effect that: 1. The Servicer is validly existing in good standing as a corporation under the laws of the State of Delaware. 2. The Servicer has full corporate power and authority to serve in the capacity of servicer of the related Home Equity Loans as contemplated in the Pooling and Servicing Agreement. 3. The Pooling and Servicing Agreement and the Insurance Agreement have been duly authorized, executed and delivered by the Servicer, and, assuming the due authorization, execution and delivery of such agreements by the other parties thereto, constitute the legal, valid and binding agreements of the Servicer, enforceable against it in accordance with their terms, subject as to enforceability to (x) bankruptcy, insolvency, reorganization, moratorium, receivership or other similar laws now or hereafter in effect relating to creditors' rights generally and (y) the qualification that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion, with respect to such remedies, of the court before which any proceedings with respect thereto may be brought. 4. No consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body having jurisdiction over the Servicer is required for the consummation by either of them of the transactions contemplated by the Pooling and Servicing Agreement and the Insurance Agreement, except such consents, approvals, authorizations, registrations and qualifications as have been obtained. 5. The execution, delivery or performance by the Servicer of the Pooling and Servicing Agreement or the Insurance Agreement and the transactions contemplated thereby do not (A) conflict with or result in a breach of, or constitute a default under, (i) any term or provision of the certificate of incorporation or by-laws of the Servicer; (ii) any term or provision of any material agreement, deed of trust, mortgage loan agreement, contract, instrument or indenture, or other agreement to which the Servicer is a party or is bound or to which any of the property or assets of the Servicer or any of its subsidiaries is subject; (iii) to the best of such counsel's knowledge, without independent investigation, any order, judgment, writ, injunction or decree of any court or governmental authority having jurisdiction over the Servicer; or (iv) any law, rule or regulation applicable to the Servicer; or (B) to the best of such counsel's knowledge, without independent investigation, result in 14 the creation or imposition of any lien, charge or encumbrance upon the Trust or upon the Certificates. 6. There are no actions, proceedings or investigations pending with respect to which the Servicer has received service of process before, or to the best of such counsel's knowledge, without independent investigation, threatened against the Servicer by any court, administrative agency or other tribunal (a) asserting the invalidity of the Pooling and Servicing Agreement, the Insurance Agreement or the Certificates, (b) seeking to prevent the consummation of any of the transactions contemplated by the Pooling and Servicing Agreement or (c) which would materially adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, the Pooling and Servicing Agreement or the Insurance Agreement. G. Karen S. Crawford, Esq., counsel to the Company, shall have furnished to the Underwriters such counsel's written opinion, addressed to the Underwriters and dated the Closing Date, in form and substance satisfactory to the Underwriters, to the effect that: 1. The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware and is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification (except where any such failure would not have a material adverse effect on the Company's ability to perform its obligations under this Agreement, the Pooling and Servicing Agreement or the Insurance Agreement), and has all power and authority necessary to own or hold its properties and to conduct the business in which it is engaged and to enter into and perform its obligations under this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement and the Purchase Agreements, and cause the Certificates to be issued. 2. The Company is not in violation of its certificate of incorporation or by-laws or in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other instrument to which the Company is a party or by which it or its properties may be bound, which default might result in any material adverse change in the financial condition of the Company or which might materially and adversely affect the properties or assets, taken as a whole, of the Company. 3. This Agreement, the Pooling and Servicing Agreement, the Insurance Agreement and the Purchase Agreements have been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and delivery of such agreements by the other parties thereto, such agreements constitute valid and binding obligations, enforceable against the Company in accordance with their respective terms, subject as to enforceability to (x) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally, (y) general principles 15 of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and (z) with respect to rights of indemnity under this Agreement and the Insurance Agreement, limitations of public policy under applicable securities laws. 4. The execution, delivery and performance of this Agreement, the Pooling and Servicing Agreement, the Insurance Agreement and the Purchase Agreements by the Company, the consummation of the transactions contemplated hereby and thereby, and the issuance and delivery of the Certificates (i) do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, which breach or violation would have a material adverse effect on the business, operations or financial condition of the Company, (ii) nor will such actions result in a violation of the provisions of the certificate of incorporation or by-laws of the Company or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its properties or assets, which breach or violation would have a material adverse effect on the business, operations or financial condition of the Company, and (iii) nor will such actions result in the creation or imposition of any lien, charge or encumbrance upon the Trust or upon the Certificates, except as otherwise contemplated by the Pooling and Servicing Agreement. 5. The direction by the Company to the Trustee to execute, issue, authenticate and deliver the Certificates has been duly authorized by the Company and, assuming that the Trustee has been duly authorized to do so, when executed by the Company and authenticated and delivered by the Trustee in accordance with the Pooling and Servicing Agreement, the Certificates will be validly issued and outstanding and will be entitled to the benefits of the Pooling and Servicing Agreement. 6. No consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body of the United States is required for the issuance of the Certificates, and the sale of the Offered Certificates to the Underwriters, or the consummation by the Company of the other transactions contemplated by this Agreement, the Pooling and Servicing Agreement and the Insurance Agreement, except such consents, approvals, authorizations, registrations or qualifications as may be required under the Securities Act or state securities or Blue Sky laws in connection with the purchase and distribution of the Offered Certificates by the Underwriters or as have been previously obtained. 7. There are no actions, proceedings or investigations pending with respect to which the Company has received service of process before or, to the best of such counsel's knowledge, without independent investigation, threatened by any court, administrative agency or other tribunal to which the Company is a party or of which any of its properties 16 is the subject: (a) which if determined adversely to the Company would have a material adverse effect on the business, results of operations or financial condition of the Company; (b) asserting the invalidity of the Pooling and Servicing Agreement, the Insurance Agreement or the Certificates; (c) seeking to prevent the issuance of the Certificates or the consummation by the Company of any of the transactions contemplated by the Pooling and Servicing Agreement, the Insurance Agreement or this Agreement, as the case may be; or (d) which might materially and adversely affect the performance by the Company of its obligations under, or the validity or enforceability of, the Pooling and Servicing Agreement, the Insurance Agreement, this Agreement or the Certificates. 8. The Certificates have been duly and validly authorized and issued, and, immediately prior to the sale of the Offered Certificates to the Underwriters, such Certificates are owned by the Company, free and clear of all Liens. H. The Underwriters shall have received the favorable opinion of counsel (which may be in-house counsel) to the Trustee, dated the Closing Date, addressed to the Underwriters and in form and scope satisfactory to counsel to the Underwriters, to the effect that: 1. The Trustee is a national banking association duly incorporated and validly existing under the laws of the United States of America. 2. The Trustee has the full corporate trust power to execute, deliver and perform its obligations under the Pooling and Servicing Agreement. 3. The execution and delivery by the Trustee of the Pooling and Servicing Agreement and the performance by the Trustee of its obligations under the Pooling and Servicing Agreement have been duly authorized by all necessary corporate actions of the Trustee. 4. The Pooling and Servicing Agreement is a valid and legally binding obligation of the Trustee enforceable against the Trustee. 5. The execution and delivery by the Trustee of the Pooling and Servicing Agreement does not (a) violate the organization certificate of the Trustee or the by-laws of the Trustee, (b) to such counsel's knowledge, violate any judgment, decree or order of any Minnesota or United States federal court or other Minnesota or United States federal governmental authority by which the Trustee is bound or (c) assuming the non-existence of any judgment, decree or order of any court or other governmental authority that would be violated by such execution n and delivery, violate any Minnesota or United States federal statute, rule or regulation or require any consent, approval or authorization of any Minnesota or United States federal court or other Minnesota or United States federal governmental authority. 17 6. The Certificates have been duly authenticated, executed and delivered by the Trustee. 7. If the Trustee were acting in the stead of the Servicer under the Pooling and Servicing Agreement as of the date of such opinion, the Trustee would have the full corporate trust power to perform the obligations of the Servicer under the Pooling and Servicing Agreement. 8. To the best of such counsel's knowledge, there are no actions, proceedings or investigations pending or threatened against or affecting the Trustee before or by any court, arbitrator, administrative agency or other governmental authority which, if decided adversely to the Trustee, would materially and adversely affect the ability of the Trustee to carry out the transactions contemplated in the Pooling and Servicing Agreement. I. The Underwriters shall have received a favorable opinion or opinions, dated the date of the Closing Date, of counsel for the Underwriters, with respect to the issue and sale of the Offered Certificates, this Agreement, the Prospectus and such other related matters as the Underwriters may reasonably require. J. The Underwriters shall have received the favorable opinion dated the Closing Date, from counsel to the Certificate Insurer, which may be in-house counsel, in form and scope satisfactory to counsel for the Underwriters, substantially to the effect that: 1. The Certificate Insurer is a stock insurance corporation duly incorporated, validly existing, and in good standing under the laws of the State of New York. The Certificate Insurer is validly licensed and authorized to issue the Certificate Insurance Policy, and perform its obligations under the Insurance Agreement in accordance with the terms thereof, under the laws of the State of New York. 2. The Certificate Insurer has the corporate power to execute and deliver, and to take all action required of it under, the Insurance Agreement and the Certificate Insurance Policy. 3. The execution, delivery and performance by the Certificate Insurer of the Certificate Insurance Policy and the Insurance Agreement is within the corporate power of the Certificate Insurer and has been authorized by all necessary corporate action on the part of the Certificate Insurer, and does not require the consent or approval of, the giving of notice to, the prior registration with, or the taking of any other action in respect of any state or other governmental agency or authority which has not previously been obtained or effected. 4. The Certificate Insurance Policy and the Insurance Agreement have been duly authorized, executed and delivered by the Certificate Insurer and constitute the legal, valid and binding agreement of the Certificate Insurer, enforceable against the Certificate Insurer 18 in accordance with its terms subject, as to enforcement, to (x) bankruptcy, reorganization, insolvency, moratorium and other similar laws relating to or affecting the enforcement of creditors' rights generally, including, without limitation, laws relating to fraudulent transfer or conveyances, preferential transfers and equitable subordination, presently or from time to time in effect and general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law), as such laws may be applied in any such proceeding with respect to the Certificate Insurer and (y) the qualification that the remedy of specific performance and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceedings with respect thereto may be brought. 5. To the extent the Certificate Insurance Policy constitutes a security within the meaning of Section 2(l) of the Securities Act, it is a security that is exempt from the registration requirements of the Securities Act. 6. The information set forth under the captions "The Certificate Insurer" and "The Certificate Insurance Policy" in the Prospectus Supplement are materially correct and, insofar as such information constitutes a description of the Certificate Insurance Policy, accurately summarizes the Certificate Insurance Policy. K. The Company shall have furnished to the Underwriters a certificate, dated the Closing Date and signed by the Chairman of the Board, the President or a Vice President of the Company to the extent that the signer of such certificate has carefully examined the Registration Statement (excluding any documents incorporated therein by reference), the Pooling and Servicing Agreement and this Agreement and that, to the best of his or her knowledge based upon reasonable investigation: 1. The representations and warranties of the Company in this Agreement, the Pooling and Servicing Agreement and all related agreements are true and correct as of the Closing Date; the Company has complied with all agreements and satisfied all the conditions on its part which are to have been complied with on or prior to the Closing Date. 2. There has been no amendment or other document filed affecting the certificate of incorporation or by-laws of the Company since September 30, 1996 and no such amendment has been authorized. No event has occurred since March 14, 1997 which has affected the good standing of the Company under the laws of the State of Delaware. 3. There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company from September 30, 1996. 4. There are no actions, suits or proceedings pending with respect to which it has received service of process or, to the best of such officer's knowledge, threatened against or 19 affecting the Company which if adversely determined, individually or in the aggregate, would be reasonably likely to adversely affect the Company's obligations under the Pooling and Servicing Agreement or this Agreement in any material way; and no merger, liquidation, dissolution or bankruptcy of the Company is pending or contemplated. L. The Trustee shall have furnished to the Underwriters a certificate of the Trustee, signed by one or more duly authorized officers of the Trustee, dated the Closing Date, as to the due authorization, execution and delivery of the Pooling and Servicing Agreement by the Trustee and the acceptance by the Trustee of the trusts created thereby and the due execution, authentication and delivery of the Certificates by the Trustee thereunder and such other matters as the Representative shall reasonably request. M. The Certificate Insurance Policy and the Insurance Agreement shall have been issued by the Certificate Insurer and shall have been duly authenticated by an authorized agent of the Certificate Insurer, if so required under applicable state law or regulations. N. The Offered Certificates shall have been rated "AAA" by Standard & Poor's and "Aaa" by Moody's. O. The Company shall, by the Closing Date, have furnished to the Underwriters such further information, certificates and documents as the Underwriters may reasonably have requested pursuant to a request made not less than three full business days prior to the Closing Date. P. Prior to the Closing Date, counsel for the Underwriters shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Certificates as herein contemplated and related proceedings or in order to evidence the accuracy and completeness of any of the representations and warranties, or the fulfillment of any of the conditions, herein contained, and all proceedings taken by the Company in connection with the issuance and sale of the Certificates as herein contemplated shall be satisfactory in form and substance to the Underwriters and counsel for the Underwriters. Q. Subsequent to the execution and delivery of this Agreement none of the following shall have occurred: (i) trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the over-the-counter market shall have been suspended or minimum prices shall have been established on either of such exchanges or such market by the Commission, by such exchange or by any other regulatory body or governmental authority having jurisdiction; (ii) a banking moratorium shall have been declared by Federal or state authorities; (iii) the United States shall have become engaged in hostilities, there shall have been an escalation of hostilities involving the United States or there shall have been a declaration of a national emergency or war by the United States; or (iv) there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets of the United States shall be such) as to make it in each of the instances set forth in clauses (i), (ii), (iii) and (iv) herein, in the reasonable judgment of the Underwriters, impractical or inadvisable to proceed 20 with the public offering or delivery of the Certificates on the terms and in the manner contemplated in the Prospectus. R. The Representative shall have received a letter from KPMG Peat Marwick LLP, dated on or before the Closing Date, in form and substance satisfactory to the Representative and special counsel for the Underwriters, addressed to each of the Underwriters to the effect that they have performed certain specified procedures requested by the Representative with respect to the information set forth in the Prospectus and certain matters relating to the Company. S. The Representative and special counsel for the Underwriters shall have received copies of any opinions of counsel supplied to the rating organizations relating to any matters with respect to the Certificates. Any such opinions shall be dated the Closing Date and addressed to each of the Underwriters or accompanied by reliance letters to the Representative or shall state that each of the Underwriters may rely upon them. T. On or prior to the Closing Date there shall not have occurred any downgrading, nor shall any notice have been given of (A) any intended or potential downgrading or (B) any review or possible change in rating the direction of which has not been indicated, in the rating accorded the Certificate Insurer's claims paying ability by any "nationally recognized statistical rating organization," as such term is defined for purposes of the Securities Act. U. There has not occurred any change, or any development involving a prospective change, in a condition, financial or otherwise, or in the earnings, business or operations, since September 30, 1996, of (A) the Company and its subsidiaries or (B) the Certificate Insurer, that is, in the Representative's judgment, material and adverse and that makes it, in the Representative's judgment, impracticable to market the Offered Certificates on the terms and in the manner contemplated in the Prospectus. If any conditions specified in this Section VI shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Underwriters by notice to the Company at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party except as provided in Section VII. All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonable satisfactory to counsel for the Underwriters. SECTION VII. PAYMENT OF EXPENSES. If the transaction closes, or if the transaction fails to close other than as a result of a failure of the Underwriters to perform hereunder, the Company agrees to pay: (a) the costs incident to the authorization, issuance, sale and delivery of the Certificates and any taxes payable in connection therewith; (b) the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement and any amendments and exhibits thereto (including the Prospectus); (c) the costs of distributing the Registration Statement 21 as originally filed and each amendment thereto and any post-effective amendments thereof (including, in each case, exhibits), the Prospectus and any amendment or supplement to the Prospectus or any document incorporated by reference therein, all as provided in this Agreement; (d) the costs of reproducing and distributing this Agreement; (e) the fees and expenses of qualifying the Certificates under the securities laws of the several jurisdictions as provided in Section V(G) hereof and of preparing, printing and distributing a Blue Sky Memorandum (including related fees and expenses of counsel to the Representative); (f) any fees charged by securities rating services for rating the Offered Certificates; (g) the cost of the accountant's letter relating to the Prospectus; (h) the fees and expenses of the Certificate Insurer (other than the fees payable pursuant to the Pooling and Servicing Agreement); (i) the costs and expenses of the Underwriters and their counsel; (j) the costs of any accountant's comfort letters which the Underwriters request relating to any Computational Materials or ABS Term Sheets; and (k) all other costs and expenses incident to the performance of the obligations of the Company (including costs and expenses of its counsel); provided, however, that the Underwriters shall pay any transfer taxes on the Offered Certificates which they may sell and the expenses of advertising any offering of the Offered Certificates made by the Underwriters. If this Agreement is terminated by the Underwriters in accordance with the provisions of Section VI or Section XI, whether or not the transactions contemplated hereunder are consummated, the Company shall cause the Underwriters to be reimbursed for all reasonable out-of-pocket expenses, including fees and disbursements of counsel for the Underwriters, except that the Company shall not be obligated under this Agreement to reimburse the Underwriters for reasonable out-of-pocket expenses, excluding fees and disbursements of counsel for the Underwriters, if this Agreement is terminated by the Underwriters in accordance with Section VI(Q) herein. SECTION VIII. INDEMNIFICATION AND CONTRIBUTION. A. The Company agrees to indemnify and hold harmless each Underwriter and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 12 of the Exchange Act from and against any and all loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of the Offered Certificates), to which such Underwriter or any such controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment thereof or supplement thereto, (ii) the omission or alleged omission to state in the Registration Statement a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment thereof or supplement thereto, or (iv) the omission or alleged omission to state in the Prospectus a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and shall reimburse, as provided herein, such Underwriter and each such controlling person promptly upon demand for any legal or other expenses reasonably incurred by such Underwriter or such controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such 22 expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus, or any amendment thereof or supplement thereto, or the Registration Statement, or any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Underwriter specifically for inclusion therein (except to the extent that any untrue statement or alleged untrue statement or omission or alleged omission is a result of Seller Provided Information (hereinafter defined) which is not accurate and complete in all material respects). The foregoing indemnity agreement is in addition to any liability which the Company may otherwise have to any Underwriter or any controlling person of any such Underwriter. B. Each Underwriter severally agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, claim, damage or liability, joint or several, or any action in respect thereof, (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of the Offered Certificates), to which the Company or any such director, officer or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment thereof or supplement thereto, or (ii) the omission or alleged omission to state therein a material fact necessary to make the statements in the Prospectus, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Underwriter specifically for inclusion therein, and shall reimburse, as provided herein, the Company and any such director, officer or controlling person for any legal or other expenses reasonably incurred by the Company or any director, officer or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity agreement is in addition to any liability which any Underwriter may otherwise have to the Company or any such director, officer or controlling person. C. Promptly after receipt by any indemnified party under this Section VIII of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party under this Section VIII, notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have under this Section VIII except to the extent it has been materially prejudiced by such failure and, provided further, however, that the failure to notify any indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under this Section VIII except as otherwise provided by law. 23 If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, except to the extent provided in the next following paragraph, the indemnifying party shall not be liable to the indemnified party under this Section VIII for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation. Any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the employment thereof has been specifically authorized by the indemnifying party in writing; (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and such indemnifying party shall have been advised by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party and in the reasonable judgment of such counsel it is advisable for such indemnified party to employ separate counsel; or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonably prompt period following the receipt of notification in writing from the indemnified party, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party, it being understood, however, the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to one local counsel per jurisdiction) which counsel shall be reasonably acceptable to the indemnifying party at any time for all such indemnified parties, which firm shall be designated in writing by the related Underwriter, if the indemnified parties under this Section VIII consist of one or more Underwriters or any of its or their controlling persons, or the Company, if the indemnified parties under this Section VIII consist of the Company or any of the Company's directors, officers or controlling persons. Each indemnified party, as a condition of the indemnity agreements contained in Section VIII(A) and (B), shall use its best efforts to cooperate with the indemnifying party in the defense of any such action or claim. No indemnifying party shall be liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if settled with its written consent or if there be a final judgment for the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. 24 Notwithstanding the foregoing paragraph, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as required by this Agreement, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, (which consent shall not be unreasonably withheld), effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. D. Computational Materials and ABS Term Sheets. Not later than 10:30 a.m. New York City time, on the business day before the date on which the applicable Current Report relating to the Certificates is required to be filed by the Company with the Commission pursuant to Section V(L) hereof, each Underwriter shall deliver to the Company five complete copies of all materials, if any, provided by such Underwriter to prospective investors in such Certificates which constitute Computational Materials or ABS Term Sheets. Each delivery of Computational Materials or ABS Term Sheets to the Company pursuant to this paragraph (D) shall be effected by delivering four copies of such material to counsel for the Company on behalf of the Company and one copy of such materials to the Company. "Computational Materials" shall mean those materials delivered by an Underwriter to the Company within the meaning of the no-action letter dated May 20, 1994, issued by the Division of Corporation Finance of the Commission to Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated, and Kidder Structured Asset Corporation and the no-action letter dated May 27, 1994, issued by the Division of Corporation Finance of the Commission to the Public Securities Association, for which the filing of such material is a condition of the relief granted in such letters. "ABS Term Sheets" shall mean those materials delivered by an Underwriter to the Company in the form of "Structural Term Sheets" or "Collateral Term Sheets," in each case within the meaning of the no-action letter dated February 17, 1995 issued by the Division of Corporation Finance of the Commission to the Public Securities Association, for which the filing of such material is a condition of the relief granted in such letter. E. Each Underwriter severally and not jointly agrees, except to the extent that the Seller Provided Information is not accurate and complete in all material respects, to indemnify and hold harmless the Company, each of the Company's officers and directors and each person who controls the Company within the meaning of Section 15 of the Securities Act and Section 12 of the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of the Offered Certificates), arise out of or are based 25 upon any untrue statement of a material fact contained in the Computational Materials or ABS Term Sheets provided by such Underwriter, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, when considered in conjunction with the Prospectus, and in the light of the circumstances under which they were made, not misleading, except to the extent that such untrue statement or omission is based upon the Seller Provided Information and agrees to reimburse each such indemnified party for any legal or other expenses reasonably incurred by him, her or it in connection with investigating or defending or preparing to defend any such loss, claim, damage, liability or action as such expenses are incurred. The obligations of an Underwriter under this Section VIII (E) shall be in addition to any liability which such Underwriter may otherwise have. The procedures set forth in Section VIII (C) shall be equally applicable to this Section VIII(E). F. If the indemnification provided for in this Section VIII shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section VIII (A), (B) or (E) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the related Underwriters on the other from the offering of the related Offered Certificates or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the related Underwriter on the other with respect to the statements or omissions which resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits of an Underwriter and the Company shall be deemed to be in such proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the related Underwriter from time to time in negotiated sales of the related Offered Certificates. The relative fault of an Underwriter and the Company shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied or prepared by the Company or by such Underwriter, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission and other equitable considerations. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section VIII (F) were to be determined by pro rata allocation (even if the Underwriters were treated as one entity for such purposes) or by any other method of allocation which does not take into account the equitable considerations referred to herein. The amount paid 26 or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section VIII (F) shall be deemed to include, for purposes of this Section VIII (F), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. For purposes of this Section VIII, in no case shall any Underwriter (except with respect to any document (other than the Computational Materials or ABS Term Sheets) incorporated by reference into the Registration Statement or Prospectus at the request of such Underwriter and except as may be provided in any agreement among the Underwriters relating to the offering of the Offered Certificates) be responsible for any amount in excess of (x) the amount received by such Underwriter in connection with its resale of the Offered Certificates over (y) the amount paid by such Underwriter to the Company for the Offered Certificates by such Underwriter hereunder. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. "Seller Provided Information" means any computer tape (or other information provided to Underwriter for the purpose of preparation of the Prospectus Supplement, Computational Materials or ABS Term Sheets) furnished to any Underwriter by the Company concerning the assets comprising the Trust. G. The Underwriters confirm that the information set forth in the last paragraph on the front cover page of the Prospectus Supplement, the information under the heading "Underwriting" therein and the Computational Materials and ABS Term Sheets are correct, and the Company acknowledges that such information constitutes the only information furnished in writing to the Company by or on behalf of any Underwriter specifically for inclusion in the Registration Statement and the Prospectus. SECTION IX. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY. All representations, warranties and agreements contained in this Agreement or contained in agreements delivered pursuant hereto or certificates of officers of the Company submitted pursuant hereto shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or controlling persons thereof, or by or on behalf of the Company and shall survive delivery of any Offered Certificates to the Underwriters. SECTION X. DEFAULT BY ONE OR MORE OF THE UNDERWRITERS. If one or more of the Underwriters participating in the public offering of the Offered Certificates shall fail at the Closing Date to purchase the Offered Certificates which it is (or they are) obligated to purchase hereunder (the "Defaulted Certificates"), then the non-defaulting Underwriters shall have the right, within 48 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Certificates in such amounts as may be agreed upon and upon the terms herein set forth (as used in this Agreement, the term "Underwriter" includes any underwriter substituted for an Underwriter under this Section X). If, however, the Underwriters have not completed such arrangements within such 48-hour period, then: 27 (i) if the aggregate original principal amount of Defaulted Certificates does not exceed 10% of the aggregate original principal amount of the Offered Certificates to be purchased pursuant to this Agreement, the non-defaulting Underwriters named in this Agreement shall be obligated to purchase the full amount thereof in the proportions that their respective obligations hereunder bear to the underwriting obligations of all such non-defaulting Underwriters; or (ii) if the aggregate original principal amount of Defaulted Certificates exceeds 10% of the aggregate original principal amount of the Offered Certificates to be purchased pursuant to this Agreement, this Agreement shall terminate, without any liability on the part of any non-defaulting Underwriters. No action taken pursuant to this Section X shall relieve any defaulting Underwriter from the liability with respect to any default of such Underwriter under this Agreement. In the event of a default by any Underwriter as set forth in this Section X, each of the Underwriters and the Company shall have the right to postpone the Closing Date for a period not exceeding seven Business Days in order that any required changes in the Registration Statement or Prospectus or in any other documents or arrangements may be effected. SECTION XI. TERMINATION OF AGREEMENT. The Underwriters may terminate this Agreement immediately upon notice to the Company, at any time at or prior to the Closing Date if any of the events or conditions described in Section VI(Q) of this Agreement shall occur and be continuing. In the event of any such termination, the provisions of Section VII, the indemnity agreement set forth in Section VIII, and the provisions of Sections IX and XIV shall remain in effect. SECTION XII. NOTICES. All statements, requests, notices and agreements hereunder shall be in writing, and: (i) if to the Underwriters, shall be delivered or sent by mail, telex or facsimile transmission to the Representative at its address set forth above; and (ii) if to the Company, shall be delivered or sent by overnight mail or facsimile transmission to 13111 Northwest Freeway, Suite 301, Houston, Texas 77040, Attn.: General Counsel, Fax No. (713) 895-3805. SECTION XIII. PERSONS ENTITLED TO THE BENEFIT OF THIS AGREEMENT. This Agreement shall inure to the benefit and be binding upon the Underwriters and the Company, and their respective successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the representations, warranties, indemnities and agreements contained in this Agreement shall also be deemed to be for the benefit of the person or persons, if any, who control any of the Underwriters within the meaning of Section 15 of the Securities Act, and for the 28 benefit of directors of the Company, officers of the Company who have signed the Registration Statement and any person controlling the Company within the meaning of Section 15 of the Securities Act. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this Section XIII, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. SECTION XIV. SURVIVAL. The respective indemnities, representations, warranties and agreements of the Company and the Underwriters contained in this Agreement, or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Certificates and shall remain in full force and effect, regardless of any investigation made by or on behalf of any of them or any person controlling any of them. The provisions of Sections V, VII and VIII hereof shall survive the termination or cancellation of this Agreement. SECTION XV. DEFINITION OF THE TERM "BUSINESS DAY". For purposes of this Agreement, "Business Day" means any day on which the New York Stock Exchange, Inc. is open for trading. SECTION XVI. GOVERNING LAW; SUBMISSION TO JURISDICTION. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of law rules thereof. The parties hereto submit to the jurisdiction of the United States District Court for the Southern District of New York and any court in the State of New York located in the City and County of New York, and appellate court from any thereof, in any action, suit or proceeding brought against it or in connection with this Agreement or any of the related documents or the transactions contemplated hereunder or for recognition or enforcement of any judgment, and the parties hereto hereby agree that all claims in respect of any such action or proceeding may be heard or determined in New York State court or, to the extent permitted by law, in such federal court. SECTION XVII. COUNTERPARTS. This Agreement may be executed in counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. SECTION XVIII. HEADINGS. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. SECTION XIX. AMENDMENTS AND WAIVERS. This Agreement may be amended, modified, altered or terminated, and any of its provisions waived, only in a writing signed on behalf of the Company and the Representative. 29 If the foregoing correctly sets forth the agreement between the Company and the Underwriters, please indicate your acceptance in the space provided for the purpose below. Very truly yours, EQUIVANTAGE ACCEPTANCE CORP. By: ------------------------------------------- Name: Elizabeth Folk Title: Senior Vice President CONFIRMED AND ACCEPTED, as of the date first above written: PRUDENTIAL SECURITIES INCORPORATED, Acting on its own behalf and as Representative of the several Underwriters referred to in the foregoing Agreement. By: ------------------------------ Name: Brendan J. Keane Title: Vice President [Underwriting Agreement] 30 SCHEDULE A
Principal Amount Class of Certificates of Certificates Purchased by such Purchased by such Purchase Price Name of Underwriter Underwriter Underwriter (% of Par) - --------------------- ----------------------- ----------------- --------------- Prudential Securities Incorporated Class A-1 $14,700,000 99.9375% Class A-2 $ 9,950,000 99.953125% Class A-3 $ 6,850,000 100.00% Class A-4 $ 3,500,000 99.984375% Class A-5 $ 7,500,000 100.00% ------------- TOTAL $42,500,000 ------------- -------------
Principal Amount Class of Certificates of Certificates Purchased by such Purchased by such Purchase Price Name of Underwriter Underwriter Underwriter (% of Par) - --------------------- ----------------------- ----------------- --------------- Salomon Brothers Inc Class A-1 $14,700,000 99.9375% Class A-2 $ 9,950,000 99.953125% Class A-3 $ 6,850,000 100.00% Class A-4 $ 3,500,000 99.984375% Class A-5 $ 7,500,000 100.00% ------------- TOTAL $42,500,000 ------------- -------------
A-1 EX-1.2 3 EX-1.2 March 14, 1997 Prudential Securities Incorporated, as Representative of the Several Underwriters One New York Plaza, 26th Floor New York, New York 10292 Ladies and Gentlemen: This Guaranty is made by EquiVantage Inc., a Delaware corporation with its principal office at 13111 Northwest Freeway, Suite 300, Houston, Texas 77040 ("EquiVantage"), in favor of Prudential Securities Incorporated, in its capacity as Representative Underwriter (the "Representative") of the several Underwriters (the "Several Underwriters") in connection with the underwriting of the Offered Certificates (as defined in the Underwriting Agreement), with its principal office at One New York Plaza, 26th Floor, New York, New York 10292. As an inducement to the Representative and in consideration of EquiVantage Acceptance Corp. (the "Company") entering into the Underwriting Agreement referred to below, EquiVantage Inc. hereby absolutely, unconditionally and irrevocably guarantees the prompt performance of the obligations, including any payment obligations, of the Company, a Delaware corporation with its principal office at 13111 Northwest Freeway, Suite 301, Houston, Texas 77040, under Section VIII of the Underwriting Agreement, dated March 14, 1997, between the Company and the Representative. This Guaranty is a guaranty of performance and payment and not of collection. The obligations of EquiVantage Inc. hereunder shall not be impaired by failure of Company to provide notice to EquiVantage Inc. of any modification or amendment of said contract agreed to by the parties thereto. This Guaranty shall exist notwithstanding the validity or enforceability of any instrument evidencing any such obligations by reason of the dissolution, liquidation, reorganization of the Company, or the commencement against the Company of a case in bankruptcy or any other law affecting creditors' rights generally or the seeking of a trustee, receiver, liquidator, custodian or other similar official. EquiVantage Inc. hereby waives any requirement that the Representative shall take legal action against the Company before enforcing this Guaranty. This Guaranty may be amended only by an instrument in writing executed by the undersigned and accepted in writing by the Representative. This Guaranty shall be governed by the laws of the State of New York applicable to agreements made and to be performed in the State of New York without giving effect to the conflict of law rules thereof. IN WITNESS WHEREOF, EquiVantage Inc. has caused this Guaranty to be executed by duly authorized corporate officers the day and year first above written. EQUIVANTAGE INC. By: ------------------------------------- Name: Elizabeth Folk Title: Senior Vice President ACCEPTED this 14th day of March, 1997 Prudential Securities Incorporated, as Representative of the Several Underwriters By: ------------------------------------ Name: Brendan J. Keane Title: Vice President [Underwriting Agreement Guaranty] 2 EX-4.1 4 EX-4.1 POOLING AND SERVICING AGREEMENT Relating to EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 Among EQUIVANTAGE ACCEPTANCE CORP., as Sponsor, EQUIVANTAGE INC., as Servicer, and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee Dated as of March 1, 1997 TABLE OF CONTENTS (Not a Part of this Agreement) Page ---- Parties........................................................................1 Recitals.......................................................................1 ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION.............................................2 1.1. Definitions........................................................2 1.2. Use of Words and Phrases..........................................30 1.3. Captions; Table of Contents.......................................30 1.4. Opinions..........................................................30 ARTICLE II ESTABLISHMENT AND ORGANIZATION OF THE TRUST...................................30 2.1. Establishment of the Trust........................................30 2.2. Office............................................................30 2.3. Purposes and Powers...............................................31 2.4. Appointment of the Trustee; Declaration of Trust..................31 2.5. Expenses of the Trust.............................................31 2.6. Ownership of the Trust............................................31 2.7. Receipt of Trust Estate...........................................31 2.8. Miscellaneous REMIC Provisions....................................32 2.9. Grant of Security Interest........................................35 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SPONSOR AND THE SERVICER; COVENANT OF SPONSOR TO CONVEY MORTGAGE LOANS..................................36 3.1. Representations and Warranties of the Sponsor.....................36 3.2. Representations and Warranties of the Servicer....................39 3.3. Representations and Warranties of the Sponsor with Respect to the Mortgage Loans................................................41 3.4. Covenants of Sponsor to Take Certain Actions with Respect to the Mortgage Loans In Certain Situations..............................44 3.5. Conveyance of the Mortgage Loans..................................45 3.6. Acceptance by Trustee; Certain Substitutions of Mortgage Loans; Certification by Trustee...................................49 3.7. Cooperation Procedures............................................51 i Page ---- ARTICLE IV ISSUANCE AND SALE OF CERTIFICATES.............................................52 4.1. Issuance of Certificates..........................................52 4.2. Sale of Certificates..............................................52 ARTICLE V CERTIFICATES AND TRANSFER OF INTERESTS........................................52 5.1. Terms.............................................................52 5.2. Forms.............................................................53 5.3. Execution, Authentication and Delivery............................53 5.4. Registration and Transfer of Certificates.........................53 5.5. Mutilated, Destroyed, Lost or Stolen Certificates.................55 5.6. Persons Deemed Owners.............................................56 5.7. Cancellation......................................................56 5.8. Limitation on Transfer of Ownership Rights........................56 5.9. Assignment of Rights..............................................57 ARTICLE VI COVENANTS.....................................................................58 6.1. Distributions.....................................................58 6.2. Money for Distributions to be Held in Trust; Withholding..........58 6.3. Protection of Trust Estate........................................59 6.4. Performance of Obligations........................................59 6.5. Negative Covenants................................................60 6.6. No Other Powers...................................................60 6.7. Limitation of Suits...............................................60 6.8. Unconditional Rights of Owners to Receive Distributions...........61 6.9. Rights and Remedies Cumulative....................................62 6.10. Delay or Omission Not Waiver......................................62 6.11. Control by Owners.................................................62 ARTICLE VII ACCOUNTS, DISBURSEMENTS AND RELEASES..........................................62 7.1. Collection of Money...............................................62 7.2. Establishment of Certificate Account..............................63 7.3. The Certificate Insurance Policy..................................63 7.4. [Reserved]........................................................66 7.5. Flow of Funds.....................................................66 7.6. Investment of Accounts............................................70 7.7. Eligible Investments..............................................71 ii Page ---- 7.8. Reports by Trustee................................................72 7.9. Additional Reports by Trustee.....................................75 7.10. Allocation of Realized Losses.....................................76 7.11. Reserve Fund......................................................76 ARTICLE VIII SERVICING AND ADMINISTRATION OF MORTGAGE LOANS.............................................................77 8.1. Servicer and Sub-Servicers........................................77 8.2. Collection of Certain Mortgage Loan Payments......................80 8.3. Sub-Servicing Agreements Between Servicer and Sub-Servicers.......81 8.4. Successor Sub-Servicers...........................................81 8.5. Liability of Servicer.............................................81 8.6. No Contractual Relationship Between Sub-Servicer and Trustee or the Owners.....................................................81 8.7. Assumption or Termination of Sub-Servicing Agreement by Trustee...82 8.8. Principal and Interest Account....................................82 8.9. Delinquency Advances, Compensating Interest and Servicing Advances..........................................................84 8.10. Purchase of Mortgage Loans........................................85 8.11. Maintenance of Insurance..........................................85 8.12. Due-on-Sale Clauses; Assumption and Substitution Agreements.......86 8.13. Realization Upon Defaulted Mortgage Loans.........................87 8.14. Trustee to Cooperate; Release of Files............................89 8.15. Servicing Compensation............................................90 8.16. Annual Statement as to Compliance.................................90 8.17. Annual Independent Certified Public Accountants' Reports; Annual Financial Statements of the Sub-Servicer..........................91 8.18. Access to Certain Documentation and Information Regarding the Mortgage Loans....................................................91 8.19. Assignment of Agreement...........................................91 8.20. Removal of Servicer; Resignation of Servicer......................92 8.21. Inspections by Certificate Insurer; Errors and Omissions Insurance.........................................................97 8.22. Merger, Conversion, Consolidation or Succession to Business of Servicer.......................................................97 8.23. Financial Statements..............................................98 8.24. REMIC.............................................................98 8.25. The Designated Depository Institution.............................98 8.26. Appointment of Custodian..........................................98 8.27. Indemnification by the Sponsor and Servicer.......................98 iii Page ---- ARTICLE IX TERMINATION OF TRUST..........................................................99 9.1. Termination of Trust.............................................99 9.2. Termination Upon Option of Class RL Certificate Owners and Servicer.........................................................99 9.3. Termination Upon Loss of REMIC Status...........................100 9.4. Disposition of Proceeds.........................................102 9.5. Netting of Amounts..............................................102 ARTICLE X THE TRUSTEE..................................................................102 10.1. Certain Duties and Responsibilities.............................102 10.2. Removal of Trustee for Cause....................................105 10.3. Certain Rights of the Trustee...................................106 10.4. Not Responsible for Recitals or Issuance of Certificates........107 10.5. May Hold Certificates...........................................107 10.6. Money Held in Trust.............................................107 10.7. Compensation and Reimbursement; No Lien for Fees................108 10.8. Corporate Trustee Required; Eligibility.........................108 10.9. Resignation and Removal; Appointment of Successor...............108 10.10. Acceptance of Appointment by Successor Trustee..................109 10.11. Merger, Conversion, Consolidation or Succession to Business of the Trustee..................................................110 10.12. Reporting; Withholding..........................................110 10.13. Liability of the Trustee........................................111 10.14. Appointment of Co-Trustee or Separate Trustee...................111 ARTICLE XI MISCELLANEOUS................................................................113 11.1. Compliance Certificates and Opinions............................113 11.2. Form of Documents Delivered to the Trustee......................113 11.3. Acts of Owners..................................................114 11.4. Notices, etc., to Trustee.......................................115 11.5. Notices and Reports to Owners; Waiver of Notices................115 11.6. Rules by Trustee and Sponsor....................................116 11.7. Successors and Assigns..........................................116 11.8. Severability....................................................116 11.9. Benefits of Agreement...........................................116 11.10. Legal Holidays..................................................116 11.11. Governing Law...................................................116 11.12. Counterparts....................................................116 iv Page ---- 11.13. Usury...........................................................116 11.14. Amendment.......................................................117 11.15. REMIC Status; Taxes.............................................118 11.16. Additional Limitation on Action and Imposition of Tax...........120 11.17. Appointment of Tax Matters Person...............................120 11.18. The Certificate Insurer.........................................120 11.19. Notices.........................................................121 v (continued . . . Table of Contents) SCHEDULE I -- Schedule of Mortgage Loans........................S-1 EXHIBIT A-1 -- Form of Class A-1 Certificate...................A-1-1 EXHIBIT A-2 -- Form of Class A-2 Certificate...................A-2-1 EXHIBIT A-3 -- Form of Class A-3 Certificate...................A-3-1 EXHIBIT A-4 -- Form of Class A-4 Certificate...................A-4-1 EXHIBIT A-5 -- Form of Class A-5 Certificate...................A-5-1 EXHIBIT B -- Form of Class B Certificate.......................B-1 EXHIBIT C-1 -- Form of Class RL Certificate....................C-1-1 EXHIBIT C-2 -- Form of Class RU Certificate....................C-2-1 EXHIBIT D -- Form of Certificate Regarding Prepaid Loans.......D-1 EXHIBIT E -- Form of Trustee's Receipt.........................E-1 EXHIBIT F -- Form of Pool Certification........................F-1 EXHIBIT G -- Form of Delivery Order............................G-1 EXHIBIT H -- Form of Class R Tax Matters Transfer Certificate..H-1 EXHIBIT I -- Form of Monthly Report............................I-1 EXHIBIT J -- Form of Servicer's Trust Receipt..................J-1 EXHIBIT K -- Form of Liquidation Report........................K-1 EXHIBIT L -- Form of Special Power of Attorney.................L-1 vi POOLING AND SERVICING AGREEMENT, relating to EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1, dated as of March 1, 1997 by and among EQUIVANTAGE ACCEPTANCE CORP., a Delaware corporation, in its capacity as Sponsor of the Trust (the "Sponsor"), EQUIVANTAGE INC., a Delaware corporation, in its capacity as servicer (the "Servicer"), and NORWEST BANK MINNESOTA, National Association, in its capacity as trustee (the "Trustee"). WHEREAS, the Sponsor wishes to establish a trust which provides for the allocation and sale of the beneficial interests therein and the maintenance and distribution of the trust estate; WHEREAS, the Servicer has agreed to service the Mortgage Loans, which constitute the principal assets of the trust estate; WHEREAS, all things necessary to make the Certificates, when executed and authenticated by the Trustee valid instruments, and to make this Agreement a valid agreement, in accordance with their and its terms, have been done; WHEREAS, Norwest Bank Minnesota, National Association is willing to serve in the capacity of Trustee hereunder; and WHEREAS, Financial Guaranty Insurance Company (the "Certificate Insurer") is intended to be a third party beneficiary of this Agreement and is hereby recognized by the parties hereto to be a third-party beneficiary of this Agreement. NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Sponsor, the Servicer and the Trustee hereby agree as follows: 1 ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION Section 1.1. Definitions. For all purposes of this Agreement, the following terms shall have the meanings set forth below, unless the context clearly indicates otherwise: "Account": Any account established in accordance with Section 7.2 or 8.8 hereof. "Aggregate Loan Balance": As of any date, the aggregate Loan Balance, by Mortgage Loan Group, as appropriate, of all Mortgage Loans as of such date. "Agreement": This Pooling and Servicing Agreement, as it may be amended from time to time, and including the Exhibits and Schedules hereto. "Allocable Losses": As defined in Section 7.10 hereof. "Appraised Value": The appraised value of any Property based upon the appraisal or other valuation made at the time of the origination of the related Mortgage Loan, or, in the case of a Mortgage Loan which is a purchase money mortgage, the sales price of the Property at such time of origination, if such sales price is less than such appraised value or, in the case of an appraised value or purchase price determined by the related Originator to be excessive, such appraised value adjusted downward. "Assignment Opinion": As defined in Section 3.5(b)(ii) hereof. "Authorized Officer": With respect to any Person, any individual who is authorized to act for such Person in matters relating to this Agreement, and whose action is binding upon such Person and, with respect to the Trustee, the Sponsor and the Servicer, initially including those individuals whose names appear on the lists of Authorized Officers delivered on the Startup Day. "Available Funds": With respect to a Mortgage Loan Group, either the Group I Available Funds or the Group II Available Funds, as appropriate, as defined in Section 7.3(a) hereof. The term "Available Funds" does not include Insured Payments and does not include any amounts that cannot be distributed to the Owners of the Certificates by the Trustee as a result of proceedings under the United States Bankruptcy Code. "Available Funds Cap Carry-Forward Amortization Amount": As of any Payment Date, any amount distributed to the Owners of the Class A-5 Certificates on such Payment Date pursuant to Section 7.5(c)(x) hereof. "Available Funds Cap Carry-Forward Amount": As of any Payment Date, the excess, if any, of (x) the sum of (i) the excess, if any, of (a) the amount of interest due on the Class A-5 Certificates on such Payment Date, calculated at the Class A-5 Formula Pass- Through Rate on such Payment Date over (b) the amount of interest due on the Class A-5 2 Certificates on such Payment Date, calculated at the Class A-5 Pass-Through Rate applicable to such Payment Date, (ii) the excess, if any, of (a) the aggregate amount of interest due on the Class A-5 Certificates on all prior Payment Dates, calculated at the Class A-5 Formula Pass-Through Rate applicable to each such Payment Date over (b) the aggregate amount of interest due on the Class A-5 Certificates on all prior Payment Dates, calculated at the Class A-5 Pass-Through Rate applicable to each such Payment Date, (iii) the amount, if any, described in clause (iv) hereof as of the immediately preceding Payment Date and (iv) the product of (a) one-twelfth of the Class A-5 Formula Pass-Through Rate on such Payment Date and (b) the sum of the amounts described in clauses (ii) and (iii) preceding over (y) all Available Funds Cap Carry-Forward Amortization Amounts actually funded on all prior Payment Dates. "Available Funds Shortfall": With respect to a Mortgage Loan Group, as defined in Section 7.5(b)(iii)(A) hereof. "Balloon Loan": Any Mortgage Loan which has an amortization schedule which extends beyond its maturity date, resulting in a relatively large unamortized principal balance due in a single payment at maturity. "Business Day": Any day that is not a Saturday, Sunday or other day on which commercial banking institutions in the State of New York, the State of Texas or in the city in which the Corporate Trust Office of the Trustee is located, which initially is Minneapolis, Minnesota, are authorized or obligated by law or executive order to be closed; provided, that in connection with any determination of LIBOR, "Business Day" means a day on which banks are also open for dealing in foreign currency and exchange in London and New York City. "Cap Agreement": The requirement of the Trustee to make distributions from the Reserve Fund pursuant to Section 7.5. "Certificate": Any one of the Class A Certificates, Class B Certificates or the Residual Certificates, each representing the interests and the rights described in this Agreement. "Certificate Account": The Certificate Account established in accordance with Section 7.2 hereof and maintained by the Trustee. "Certificate Insurance Policy": The certificate guaranty surety bond number 97010145 issued by the Certificate Insurer to the Trustee for the benefit of the Owners of the Class A Certificates. "Certificate Insurer": Financial Guaranty Insurance Company, a New York stock insurance company, and any successor thereto. 3 "Certificate Insurer Default": The failure by the Certificate Insurer to make a payment required under the Certificate Insurance Policy in accordance with its terms or the bankruptcy or insolvency of the Certificate Insurer. "Certificate Principal Balance": As to any Class of the Class A Certificates, the Class A Certificate Principal Balance thereof (but not including any Available Funds Cap Carry- Forward Amount). As to any particular Class A Certificate, the product of the Percentage Interest evidenced thereby and the Certificate Principal Balance of such Class of Class A Certificates. As to Class B, the Class B Certificate Principal Balance. Except as described in the definition of "Class RL Certificate Principal Balance," the Residual Certificates do not have a "Certificate Principal Balance". "Class": All of the Class A Certificates, all of the Class B Certificates or all of the Residual Certificates, as the case may be. "Class A Certificate": Any Certificate designated as a "Class A-1 Certificate," "Class A-2 Certificate," "Class A-3 Certificate," "Class A-4 Certificate," or "Class A-5 Certificate " on the face thereof, in the form of Exhibits A-1, A-2, A-3, A-4 and A-5 hereto. The Class A Certificates shall be issued with an initial aggregate Certificate Principal Balance equal to the Original Class A Certificate Principal Balance therefor. "Class A Certificate Principal Balance": As of any time of determination, and with respect to any Class of Class A Certificates, the Original Class A Certificate Principal Balance thereof less any amounts actually distributed in respect of such Class as part of the Class A Distribution Amount pursuant to Section 7.5(b)(vi), (vii) and (viii) hereof with respect to principal thereon on all prior Payment Dates (but not including any Available Funds Cap Carry-Forward Amount). "Class A Certificate Termination Date": As to any Class of Class A Certificates, the Payment Date on which the Class A Certificate Principal Balance thereof is reduced to zero. "Class A Distribution Amount": With respect to the Group I Certificates for any Payment Date, the amount actually distributed to the Owners of such Class A Certificates on such Payment Date, applied first to interest and then to principal, which amount shall be the lesser of (x) the Group I Formula Distribution Amount for such Payment Date and (y) the amount (including any applicable portion of any Insured Payment) available for distribution on account of such Class A Certificates for such Payment Date. With respect to the Class A-5 Certificates for any Payment Date, the amount actually distributed to the Owners of the Class A-5 Certificates on such Payment Date, applied first to interest and then to principal, which amount shall be the lesser of (x) the Group II Formula Distribution Amount for such Payment Date and (y) the amount (including any applicable portion of any Insured Payment) available for distribution on account of the Class A-5 Certificates for such Payment Date. "Class A Interest Carry-Forward Amount": With respect to any Payment Date and any Class of Class A Certificates, the sum of (i) the amount, if any, by which (x) the Class A Interest Distribution Amount for such Class as of the immediately preceding Payment 4 Date exceeded (y) the amount of the actual distribution made to the Owners of such Class A Certificates on such immediately preceding Payment Date on account of the Class A Interest Distribution Amount pursuant to Section 7.5(b)(v) and (ii) 30 days' interest on such excess at the applicable Class A Pass-Through Rate. "Class A Interest Distribution Amount": With respect to any Class of the Class A Certificates for any Payment Date the sum of: (i) the aggregate amount of interest accrued on the Class A Certificate Principal Balance thereof immediately prior to such Payment Date during the related Interest Accrual Period at the applicable Class A Pass-Through Rate (in the case of the Group I Certificates based on a 360-day year of 12 30-day months, and in the case of the Class A-5 Certificates, based on a 360-day year and the actual number of days elapsed in such Interest Accrual Period); and (ii) the Class A Interest Carry-Forward Amount for such Class of Class A Certificates. "Class A Pass-Through Rate": As to the Class A-1 Certificates, 6.650%; as to the Class A-2 Certificates, 6.975%; as to the Class A-3 Certificates, as to any Payment Date which occurs prior to the Step-Up Payment Date, 7.550%, and as to any Payment Date which occurs on or after the Step-Up Payment Date, 8.050%; as to the Class A-4 Certificates, as to any Payment Date which occurs prior to the Step-Up Payment Date, 7.275%, and as to any Payment Date which occurs on or after the Step-Up Payment Date, 7.775%; as to the Class A-5 Certificates (a) for the initial Interest Accrual Period, 5.8875%, and (b) for each Interest Accrual Period thereafter, a per annum rate of interest equal to the lesser of (x) the Class A-5 Formula Pass-Through Rate for such Interest Accrual Period, and (y) the per annum rate equal to the percentage obtained by (i) dividing (I) the amount of interest included in the Group II Monthly Remittance Amount during the related Remittance Period, reduced by the sum of (A) the Servicing Fee with respect to the Mortgage Loans in Group II during the related Remittance Period, (B) the Group II Premium Amount for such Remittance Period, (C) the Group II Monthly Trustee Fee Amount for such Remittance Period and (D) in the case of each Interest Accrual Period ending after the Payment Date in August, 1997, an amount equal to 1/12 of 0.75% multiplied by the Aggregate Loan Balance of the Mortgage Loans in Group II as of the first day of the related Remittance Period, by (II) the product of (A) the then outstanding Certificate Principal Balance of the Class A-5 Certificates as of the first day of such Remittance Period and (B) the actual number of days elapsed during such Remittance Period divided by 360 and (ii) multiplying the result by 100. "Class A Principal Carry-Forward Amount": With respect to any Payment Date, either the Group I Principal Carry-Forward Amount or the Group II Principal Carry-Forward Amount, or the sum of such amounts, as appropriate. "Class A Principal Distribution Amount": With respect to the Group I Certificates for any Payment Date, the lesser of (x) the Group I Principal Distribution Amount for such Payment Date, and (y) the Group I Certificate Principal Balance as of such Payment Date; 5 with respect to the Class A-5 Certificates for any Payment Date, the lesser of (x) the Group II Principal Distribution Amount for such Payment Date and (y) the Group II Certificate Principal Balance as of such Payment Date. "Class A-4 Lockout Distribution": For any Payment Date, an amount equal to the product of the applicable Class A-4 Lockout Percentage and the Class A-4 Pro Rata Distribution Amount for such Payment Date. "Class A-4 Lockout Percentage": For each Payment Date, as follows: Payment Date Class A-4 Occurring In Lockout Percentage ------------ ------------------ April 1997 - March 2000 0% April 2000 - March 2002 45% April 2002 - March 2003 80% April 2003 - March 2004 100% April 2004 and thereafter 140% "Class A-4 Pro Rata Distribution Amount": For any Payment Date, an amount equal to the product of (i) a fraction, the numerator of which is the Class A-4 Certificate Principal Balance and the denominator of which is the Group I Certificate Principal Balance, in each case immediately prior to such Payment Date, and (ii) the Group I Principal Distribution Amount. "Class A-5 Formula Pass-Through Rate": For any Interest Accrual Period, LIBOR applicable to such Interest Accrual Period plus, for each Interest Accrual Period ending prior to the Step-Up Payment Date, 0.20%, and for each Interest Accrual Period ending on or after the Step-Up Payment Date, 0.40%. "Class A Required Distribution Amount": With respect to the Class A Certificates for any Payment Date, the sum of the Class A Interest Distribution Amount and the Class A Principal Distribution Amount. "Class B Certificates": Those certificates in substantially the form set forth in Exhibit B hereto. "Class B Carry-Forward Amount": As of any Payment Date, the amount, if any, by which (x) the Class B Distribution Amount as of the immediately preceding Payment Date exceeded (y) the amount of the actual distribution to the Owners of the Class B Certificates on such immediately preceding Payment Date pursuant to Section 7.5(b)(ix), (xi) and (xii). "Class B Certificate Principal Balance": The Class B Certificate Principal Balance shall initially be $482,472.61 and shall be (x) increased on each Payment Date by the amount of any unpaid Class B Interest pursuant to Section 7.5(b)(xi) and (y) decreased on each Payment Date by the amounts of (i) the excess of any distributions to the Owners of the 6 Class B Certificates on such Payment Date pursuant to Section 7.5(b)(ix), (xi) and (xii) over the Class B Interest for the related Payment Date, and (ii) the amount of any Allocable Losses allocated as a reduction of the Class B Certificate Principal Balance on such Payment Date pursuant to Section 7.10 hereof. The Class B Certificate Principal Balance shall in no event be less than zero. "Class B Distribution Amount": As of any Payment Date, the sum of (i) the Class B Interest Distribution Amount for such Payment Date and (ii) the Class B Principal Distribution Amount for such Payment Date. "Class B Interest": As of any Payment Date, the interest allocated to the Class B Certificates as separate components in accordance with Note (5) of Section 2.8(c) with respect to such Payment Date. "Class B Interest Distribution Amount": As of any Payment Date, the lesser of (i) the Class B Interest for such Payment Date and (ii) the amount actually paid pursuant to Section 7.5(b)(xi) and (x). "Class B Principal Distribution Amount": As of any Payment Date, the sum of (i) the Subordination Reduction Amount, if any, for such Payment Date and (ii) the Class B Carry- Forward Amount, if any, as of such Payment Date. "Class LT-A_ Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-AL Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-1 Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-2 Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-3 Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-4 Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-5L Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. 7 "Class LT-M Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class LT-ML Certificates": The uncertificated class of interests in the Lower-Tier REMIC, as described in and designated in Section 2.8 hereof. "Class RL Certificates": Those certificates representing certain residual rights to distributions from the Lower-Tier REMIC in substantially the form set forth as Exhibit C-1 hereto. "Class RL Certificate Principal Balance": The Class RL Certificate Principal Balance shall be no less than zero, shall initially be zero and shall be (x) increased on each Payment Date as described in Section 2.8(c) and (y) decreased on each Payment Date by the amounts, if any, distributed to the Owners of the Class RL Certificates pursuant to Section 7.5(b)(xiv) and any Allocable Losses allocated thereto pursuant to Section 7.10. "Class RU Certificates": Those Certificates representing certain residual rights to distributions from the Upper-Tier REMIC in substantially the form set forth as Exhibit C-2 hereto. "Clean-Up Call Date": The first Remittance Date following the date on which the aggregate Loan Balances of all Mortgage Loans has declined to 10% or less of the Original Aggregate Loan Balance. "Closing Date": March 27, 1997. "Code": The Internal Revenue Code of 1986, as amended and any successor statute. "Combined Loan-to-Value Ratio": With respect to any First Mortgage Loan, the percentage equal to the Original Principal Amount of the related Note divided by the Appraised Value of the related Property and with respect to any Second Mortgage Loan, the percentage equal to (a) the sum of (i) the remaining principal balance, as of origination of the Second Mortgage Loan of the Senior Lien note(s) relating to such Second Mortgage Loan and (ii) the Original Principal Amount of the Note relating to such Second Mortgage Loan divided by (b) the Appraised Value. "Compensating Interest": As defined in Section 8.9(b) hereof. "Corporate Trust Office": The principal corporate trust office of the Trustee at which, at any particular time, its corporate trust business shall be administered, which office at the date hereof is located at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479- 0070, Attention: Corporate Trust Services. The telecopy number for the Corporate Trust Office on the Closing Date is (612) 667-3539. "Coupon Rate": The rate of interest borne by each Note. 8 "Cumulative Loss Amount": With respect to any Payment Date, an amount equal to the aggregate of all Realized Losses incurred in all prior Remittance Periods. "Cut-Off Date": The close of business on March 1, 1997, or in the event any Mortgage Loan was originated subsequent to the Cut-Off Date but prior to the Startup Day, the date of origination of such Mortgage Loan. "Delinquency Advance": With respect to any Delinquent Mortgage Loan and Remittance Period, the interest (calculated at the Mortgage Loan Coupon Rate net of the Servicing Fee Rate) due, but not collected, with respect to such Mortgage Loan during such Remittance Period. "Delinquency Ratio": With respect to any Payment Date, a fraction expressed as a percentage (a) the numerator of which equals the aggregate Loan Balance of all Mortgage Loans that are 90 or more days Delinquent, in foreclosure or converted to REO Properties, as the case may be, as of the last day of the immediately preceding calendar month and (b) the denominator of which is the Aggregate Loan Balance of all of the Mortgage Loans as of the last day of such immediately preceding calendar month. "Delinquent": A Mortgage Loan is "Delinquent" if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is "30 days Delinquent" if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month) then on the last day of such immediately succeeding month. Similarly for "60 days Delinquent," "90 days Delinquent" and so on. For purposes of this definition, Mortgage Loans relating to Mortgagors in bankruptcy or insolvency proceedings under the United States Bankruptcy Code which limit the ability of the Servicer to pursue collection of such loans shall be excluded from being reported as "Delinquent." "Delivery Order": The delivery order in the form set forth as Exhibit G hereto and delivered by the Sponsor to the Trustee on the Startup Day pursuant to Section 4.1 hereof. "Depository": The Depository Trust Company, 7 Hanover Square, New York, New York 10004 and any successor Depository hereafter named. "Designated Depository Institution": With respect to each Account, an institution whose deposits are insured by the Bank Insurance Fund or the Savings Association Insurance Fund of the FDIC, the long-term deposits of which shall be rated (x) A or better by S&P and (y) A2 or better by Moody's and in one of the two highest short-term ratings of each of S&P and Moody's, unless otherwise approved in writing by the Certificate Insurer and each of Moody's and S&P, and which is any of the following: (i) a federal savings and loan association duly organized, validly existing and in good standing under the federal banking laws, (ii) an institution duly organized, validly existing and in good standing under the applicable banking laws of any state, (iii) a national banking association duly organized, 9 validly existing and in good standing under the federal banking laws, (iv) a principal subsidiary of a bank holding company, or (v) approved in writing by the Certificate Insurer, Moody's and S&P, and, in each case acting or designated by the Servicer as the depository institution for such Account; provided, however, that any such institution or association shall have combined capital, surplus and undivided profits of at least $100,000,000. Notwithstanding the foregoing, an Account may be held by an institution otherwise meeting the preceding requirements except that the only applicable rating requirement shall be that the unsecured and uncollateralized debt obligations thereof shall be rated Baa3 or better by Moody's if such institution has trust powers and the Account is held by such institution in its trust capacity and not in its commercial capacity. "Determination Date": As to each Payment Date, the third Business Day next preceding such Payment Date or such earlier day as shall be agreed by the Certificate Insurer and Trustee. "Direct Participant" or "DTC Participant": Any broker-dealer, bank or other financial institution for which the Depository holds Class A Certificates from time to time as a securities depository. "Disqualified Organization": "Disqualified Organization" shall have the meaning set forth from time to time in the definition thereof at Section 860E(e)(5) of the Code (or any successor statute thereto) and applicable to the Trust. "Document Delivery Requirements": The Sponsor's obligations to deliver certain legal documents, to prepare and record certain Mortgage assignments or to deliver certain opinions or other documentation relating to Mortgage assignments, in each case with respect to the Mortgage Loans and as set forth in Section 3.5 hereof. "Eligible Investments": Those investments so designated pursuant to Section 7.7 hereof. "ERISA": The Employee Retirement Income Security Act of 1974, as amended. "Escrow Loans": Any Mortgage Loan all or a portion of the proceeds of which were originally paid into an escrow account pending completion of improvements to be made to the related Property, but excluding any Mortgage Loan for which $5,000 or less was paid into an escrow account for a period not exceeding 90 days after the date of origination of the Mortgage Loan to cover the cost of specified deferred maintenance on the related Property. The Escrow Loans will be identified in a schedule to be prepared by the Originator and delivered to the Sponsor, the Certificate Insurer and the Trustee pursuant to Section 3.5(j) hereof. "Event of Default": Any event described in clause (a) of Section 8.20 hereof. "Excess Subordinated Amount": With respect to any Payment Date, either the Group I Excess Subordinated Amount or the Group II Excess Subordinated Amount, as appropriate. 10 "FDIC": The Federal Deposit Insurance Corporation, or any successor thereto. "FHLMC": The Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended, or any successor thereof. "File": The documents delivered to the Trustee pursuant to Section 3.5 hereof pertaining to a particular Mortgage Loan and any additional documents required to be added to the File pursuant to this Agreement. "Final Certification": As defined in Section 3.6(b) hereof. "Final Determination": As defined in Section 9.3(a) hereof. "Financing Statements": UCC-1 Financing Statements naming the Originator and the Sponsor as debtor and the Trustee as secured party, filed with the Secretary of State of each of Texas and Minnesota. "First Mortgage Loan": A Mortgage Loan secured by a first priority mortgage lien with respect to any Property. "FNMA": FNMA, a federally-chartered and privately-owned corporation existing under the Federal National Mortgage Association Charter Act, as amended, or any successor thereof. "Group I": The pool of fixed-rate Mortgage Loans identified in the related Schedule of Mortgage Loans as having been assigned to Group I, including any Qualified Replacement Mortgages delivered in replacement thereof. "Group I Aggregate Loan Balance": As of any date, the aggregate Loan Balance of all Mortgage Loans in Group I. "Group I Available Funds": As defined in Section 7.3(a)(i) hereof. "Group I Certificate Principal Balance": With respect to any Payment Date, the aggregate of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificate Principal Balances as of such Payment Date. "Group I Certificates": The Class A-1, Class A-2, Class A-3 and Class A-4 Certificates. "Group I Excess Subordinated Amount": With respect to any Payment Date, the amount, if any, by which (x) the Group I Subordinated Amount on such Payment Date after taking into account the payment of principal made pursuant to clause (a) through clause (e) of the Group I Principal Distribution Amount on such Payment Date to the Owners of the 11 Group I Certificates exceeds (y) the Group I Specified Subordinated Amount for such Payment Date. "Group I Formula Distribution Amount": With respect to any Payment Date, the Group I Interest Distribution Amount and the Group I Principal Distribution Amount. "Group I Insured Distribution Amount": As to any Payment Date, the sum of (x) the Group I Interest Distribution Amount for such Payment Date, (y) the Group I Subordination Deficit, if any, for such Payment Date, and (z) any Preference Amounts with respect to which affected Owners have complied with the provisions of Section 7.3(e) hereof. "Group I Interest Distribution Amount": As of any Payment Date, the aggregate of the Class A Interest Distribution Amounts for the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates and the Class A-4 Certificates for such Payment Date. "Group I Monthly Remittance Amount": The amount remitted by the Servicer from the Principal and Interest Account to the Trustee on each Remittance Date pursuant to Section 8.8(d)(i) hereof and relating to Group I, including any related Delinquency Advances and any related Compensating Interest and net of the Servicing Fee. "Group I Monthly Trustee Fee Amount": As of any Payment Date, the product of (x) one-twelfth of the Trustee Fee Rate and (y) the Group I Certificate Principal Balance as of the day preceding such Payment Date. "Group I Premium Amount": As to any Payment Date, the difference between (i) the product of (x) one-twelfth of the Premium Percentage and (y) the Group I Certificate Principal Balance on such Payment Date (before taking into account any distributions of principal to the Owners of the Group I Certificates to be made on such Payment Date) and (ii) (a) with respect to the initial Payment Date, zero and (b) with respect to each Payment Date thereafter, the product of (x) one-twelfth of the Premium Percentage and (y) the Group I Principal Distribution Amount with respect to the immediately preceding Payment Date. "Group I Principal Carry-Forward Amount": With respect to any Payment Date, the amount, if any, by which (x) the amount, if any, described in clause (f) of the definition of "Group I Principal Distribution Amount," as of the immediately preceding Payment Date exceeded (y) the amount of the actual distribution made to the Owners of the Group I Certificates on such immediately preceding Payment Date on account of the Group I Principal Distribution Amount. "Group I Principal Distribution Amount": With respect to the Group I Certificates for any Payment Date, the sum, without duplication, of: (a) the Group I Principal Carry-Forward Amount, if any, (b) the scheduled or unscheduled principal (other than the principal portion of Prepaid Installments) due with respect to the Mortgage Loans in Group I during the 12 related Remittance Period and actually collected by the Servicer during the related Remittance Period, in each case to the extent actually received by the Trustee on the related Remittance Date, (c) the Loan Balance of each Mortgage Loan in Group I that either was repurchased by the Originator or by the Sponsor or purchased by the Servicer on the related Remittance Date, to the extent such Loan Balance is actually received by the Trustee, (d) any Substitution Amounts delivered by the Sponsor on the related Remittance Date in connection with a substitution of a Mortgage Loan in Group I, to the extent such Substitution Amounts are actually received by the Trustee, (e) all Net Liquidation Proceeds and net insurance proceeds actually collected by the Servicer with respect to the Mortgage Loans in Group I during the related Remittance Period (to the extent such Net Liquidation Proceeds and net insurance proceeds relate to principal and are actually received by the Trustee on the related Remittance Date), (f) any Group I Subordination Deficit for such Payment Date, (g) the proceeds received by the Trustee of any termination of the Trust (to the extent such proceeds related to principal of the Group I Mortgage Loans), (h) any Group I Subordination Increase Amount for such Payment Date, to the extent of any Net Monthly Excess Cashflow in respect of the Group I Monthly Remittance Amount; (i) to the extent not included in the amount described in clause (h) of the definition of "Group II Principal Distribution Amount" any Group I Subordination Increase Amount for such Payment Date, to the extent of Net Monthly Excess Cashflow in respect of the Group II Monthly Remittance Amount, available for such purpose; minus (j) any Group I Subordination Reduction Amount for such Payment Date. "Group I Principal Remittance Amount": With respect to any Remittance Period, the amount remitted to the Trustee by the Servicer on the related Remittance Date with respect to principal collections on the Group I Mortgage Loans for such Remittance Period. "Group I Reimbursement Amount": As of any Payment Date, the sum of (a)(i) all Insured Payments previously paid by the Certificate Insurer in respect of Group I and all Preference Amounts relating to Group I (in respect of Group I) previously paid by the Certificate Insurer and in each case not previously repaid to the Certificate Insurer pursuant 13 to 7.5(b)(iii) and (iv) hereof plus (ii) interest accrued on each such Insured Payment and such Preference Amounts not previously repaid calculated at the weighted average of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through Rate and the Class A-4 Pass-Through Rate in each case from the date the Certificate Insurer paid the related Insured Payment or the Preference Amount, as the case may be, and (b)(i) any amounts then due and owing to the Certificate Insurer under the Insurance Agreement relating to Group I, as certified to the Trustee by the Certificate Insurer plus (ii) interest on such amounts at the rate specified in the Insurance Agreement. The Certificate Insurer shall notify the Trustee and the Sponsor of the amount of any Group I Reimbursement Amount. "Group I Specified Subordinated Amount": As defined in the Insurance Agreement. "Group I Subordinated Amount": As of any Payment Date, the excess, if any, of (x) the Group I Aggregate Loan Balance of the Mortgage Loans as of the close of business on the last day of the related Remittance Period over (y) the Group I Certificate Principal Balance as of such Payment Date (after taking into account the payment of principal made pursuant to clause (a) through clause (e) of the Group I Principal Distribution Amount to the Owners of the Group I Certificates on such Payment Date, except for any portion thereof related to an Insured Payment). "Group I Subordination Deficit": As of any Payment Date, the excess, if any, of (x) the Group I Certificate Principal Balance, after taking into account the payment of principal made pursuant to clause (a) through clause (e) of the Group I Principal Distribution Amount to the Owners of the Group I Certificates on such Payment Date (other than the principal portion of any Group I Insured Payment), over (y) the Group I Aggregate Loan Balance as of the close of business on the last day of the prior Remittance Period. Group I Subordination Increase Amount": With respect to any Payment Date, the excess, if any, of (i) the Group I Specified Subordinated Amount applicable to such Payment Date over (ii) the Group I Subordinated Amount applicable to such Payment Date prior to taking into account the payment of any Group I Subordination Increase Amount on such Payment Date. "Group I Subordination Reduction Amount": With respect to any Payment Date, an amount equal to the lesser of (x) the Group I Excess Subordinated Amount for such Payment Date and (y) the Group I Principal Remittance Amount for the related Remittance Period. "Group I Total Available Funds": As defined in Section 7.3(a)(i) hereof. "Group I Total Available Funds Shortfall": As defined in Section 7.3(b) hereof. "Group I Total Monthly Excess Spread": As of any Payment Date, the excess of (x) the interest portion of the Group I Monthly Remittance Amount remitted by the Servicer on the immediately preceding Remittance Date over (y) the sum of (i) the Group I Premium Amount, (ii) the Group I Monthly Trustee Fee Amount and (iii) the Group I Interest Distribution Amount, in each case as of such Payment Date. 14 "Group II": The pool of adjustable rate Mortgage Loans identified in the related Schedule of Mortgage Loans as having been assigned to Group II, including any Qualified Replacement Mortgages delivered in replacement thereof. "Group II Aggregate Loan Balance": As of any date, the aggregate Loan Balance of all Mortgage Loans in Group II. "Group II Available Funds": As defined in Section 7.3(a)(ii) hereof. "Group II Certificate Principal Balance": With respect to any Payment Date, the Class A-5 Certificate Principal Balance as of such Payment Date. "Group II Certificates": The Class A-5 Certificates. "Group II Excess Subordinated Amount": With respect to any Payment Date, the amount, if any, by which (x) the Group II Subordinated Amount on such Payment Date after taking into account the payment of principal made pursuant to clause (a) through clause (e) of the Group II Principal Distribution Amount on such Payment Date to the Owners of the Class A-5 Certificates exceeds (y) the Group II Specified Subordinated Amount for such Payment Date. "Group II Formula Distribution Amount": With respect to any Payment Date, the Group II Interest Distribution Amount and the Group II Principal Distribution Amount. "Group II Insured Distribution Amount": As to any Payment Date, the sum of (x) the Group II Interest Distribution Amount for such Payment Date, (y) the Group II Subordination Deficit, if any, for such Payment Date, and (z) any Preference Amounts with respect to which affected Owners have complied with the provisions of Section 7.3(e) hereof. "Group II Interest Distribution Amount": As of any Payment Date the Class A Interest Distribution Amount with respect to the Class A-5 Certificates for such Payment Date. "Group II Monthly Remittance Amount": The amount remitted by the Servicer from the Principal and Interest Account to the Trustee on each Remittance Date pursuant to Section 8.8(d)(iii) hereof and relating to Group II, including any related Delinquency Advances and any related Compensating Interest and net of the Servicing Fee. "Group II Monthly Trustee Fee Amount": As of any Payment Date, the product of (x) one-twelfth of the Trustee Fee Rate and (y) the Class A-5 Certificate Principal Balance as of the day preceding such Payment Date. "Group II Premium Amount": As to any Payment Date, the difference between (i) the product of (x) one-twelfth of the Premium Percentage and (y) the Class A-5 Certificate Principal Balance on such Payment Date (before taking into account any distributions of principal to the Owners of the Class A-5 Certificates to be made on such Payment Date) and 15 (ii) (a) with respect to the initial Payment Date, zero and (b) with respect to each Payment Date thereafter, the product of (x) one-twelfth of the Premium Percentage and (y) the Group II Principal Distribution Amount with respect to the immediately preceding Payment Date. "Group II Principal Carry-Forward Amount": With respect to any Payment Date, the amount, if any, by which (x) the amount, if any, described in clause (f) of the definition of "Group II Principal Distribution Amount," as of the immediately preceding Payment Date exceeded (y) the amount of the actual distribution made to the Owners of the Class A-5 Certificates on such immediately preceding Payment Date on account of the Group II Principal Distribution Amount. "Group II Principal Distribution Amount": With respect to the Class A-5 Certificates for any Payment Date, the sum, without duplication, of: (a) the Group II Principal Carry-Forward Amount, if any, (b) the scheduled and unscheduled principal (other than the principal portion of Prepaid Installments) due with respect to the Mortgage Loans in Group II during the related Remittance Period and actually collected by the Servicer during the related Remittance Period, in each case to the extent actually received by the Trustee on the related Remittance Date, (c) the Loan Balance of each Mortgage Loan in Group II that either was repurchased by an Originator or by the Sponsor or purchased by the Servicer on the related Remittance Date, to the extent such Loan Balance is actually received by the Trustee, (d) any Substitution Amounts delivered by the Sponsor on the related Remittance Date in connection with a substitution of a Mortgage Loan in Group II, to the extent such Substitution Amounts are actually received by the Trustee, (e) all Net Liquidation Proceeds and net insurance proceeds actually collected by the Servicer with respect to the Mortgage Loans in Group II during the related Remittance Period (to the extent such Net Liquidation Proceeds and net insurance proceeds relate to principal and are actually received by the Trustee on the related Remittance Date), (f) any Group II Subordination Deficit and for such Payment Date, (g) the proceeds received by the Trustee of any termination of the Trust (to the extent such proceeds related to principal on the Group II Mortgage Loans), (h) any Group II Subordination Increase Amount for such Payment Date, to the extent of any Net Monthly Excess Cashflow in respect of the Group II Monthly Remittance Amount; 16 (i) to the extent not included in the amount described in clause (h) of the definition of "Group I Principal Distribution Amount" any Group II Subordination Increase Amount for such Payment Date, to the extent of Net Monthly Excess Cashflow in respect of the Group I Monthly Remittance Amount, available for such purpose; minus (j) any Group II Subordination Reduction Amount for such Payment Date. "Group II Principal Remittance Amount: With respect to any Remittance Period, the amount remitted to the Trustee by the Servicer on the related Remittance Date with respect to principal collections on the Group II Mortgage Loans for such Remittance Period. "Group II Reimbursement Amount": As of any Payment Date, the sum of (a)(i) all Insured Payments previously paid by the Certificate Insurer in respect of Group II and all Preference Amounts relating to Group II (in respect of Group II) previously paid by the Certificate Insurer and in each case not previously repaid to the Certificate Insurer pursuant to 7.5(b)(iii) and (iv) hereof plus (ii) interest accrued on each such Insured Payment and such Preference Amounts not previously repaid calculated at the Class A-5 Pass-Through Rate in each case from the date the Certificate Insurer paid the related Insured Payment or the Preference Amounts, as the case may be, and (b)(i) any amounts then due and owing to the Certificate Insurer under the Insurance Agreement relating to Group II, as certified to the Trustee by the Certificate Insurer plus (ii) interest on such amounts at the rate specified in the Insurance Agreement. The Certificate Insurer shall notify the Trustee and the Sponsor of the amount of any Group II Reimbursement Amount. "Group II Specified Subordinated Amount": As defined in the Insurance Agreement. "Group II Subordinated Amount": As of any Payment Date, the excess, if any, of (x) the Group II Aggregate Loan Balances of the Mortgage Loans as of the close of business on the last day of the related Remittance Period over (y) the Class A-5 Certificate Principal Balance as of such Payment Date (after taking into account the payment of principal made pursuant to clause (a) through (e) of the Group II Principal Distribution Amount to the Owners of the Class A-5 Certificates on such Payment Date, except for any portion thereof related to an Insured Payment). "Group II Subordination Deficit": As of any Payment Date, the excess, if any, of (x) the Class A-5 Certificate Principal Balance, after taking into account the payment of principal made pursuant to clause (a) through clause (e) of the Group II Principal Distribution Amount to the Owners of the Class A-5 Certificates on such Payment Date (other than the principal portion of any Group II Insured Payment), over (y) the Group II Aggregate Loan Balance as of the close of business on the last day of the prior Remittance Period; provided, that with respect to the Payment Date occurring in April, 2027 for the Class A-5 Certificates, the Group II Subordination Deficit shall be the aggregate outstanding Certificate Principal Balance of the Class A-5 Certificates if the Servicer has not purchased 17 all remaining Mortgage Loans in Group II as of the preceding Remittance Date at the Loan Purchase Price thereof. "Group II Subordination Increase Amount": With respect to any Payment Date, the excess, if any, of (i) the Group II Specified Subordinated Amount applicable to such Payment Date over (ii) the Group II Subordinated Amount applicable to such Payment Date prior to taking into account the payment of any Group II Subordination Increase Amount on such Payment Date. "Group II Subordination Reduction Amount": With respect to any Payment Date, an amount equal to the lesser of (x) the Group II Excess Subordinated Amount for such Payment Date and (y) the Group II Principal Remittance Amount for the related Remittance Period. "Group II Total Available Funds": As defined in Section 7.3(a)(ii) hereof. "Group II Total Monthly Excess Spread": As of any Payment Date, the excess of (x) the interest portion of the Group II Monthly Remittance Amount remitted by the Servicer on the immediately preceding Remittance Date over (y) the sum of (i) the Group II Premium Amount, (ii) the Group II Monthly Trustee Fee Amount and (iii) the Class A-5 Interest Distribution Amount, in each case as of such Payment Date. "Group II Total Available Funds Shortfall": As defined in Section 7.3(b) hereof. "Highest Lawful Rate": As defined in Section 11.13. "Indemnification Agreement": The Indemnification Agreement dated as of March 1, 1997 between the Underwriter and the Certificate Insurer. "Indirect Participant": Any financial institution for whom any Direct Participant holds an interest in a Class A Certificate. "Initial Premium": The initial premium payable by the Sponsor on behalf of the Trust to the Certificate Insurer in consideration of the delivery to the Trustee of the Certificate Insurance Policy. "Insurance Agreement": The Insurance and Indemnity Agreement dated as of March 1, 1997 among the Sponsor, the Servicer and the Certificate Insurer, as it may be amended from time to time. "Insurance Policy": Any hazard, title or primary mortgage insurance policy relating to a Mortgage Loan. "Insurance Proceeds": The proceeds of any Insurance Policy relating to a Mortgage Loan, a Property or a REO Property, net of proceeds to be applied to the repair of the 18 Property or released to the Mortgagor and net of expenses reimbursable therefrom, but excluding any Insured Payment. "Insured Distribution Amount": As to any Payment Date, the sum of the Group I Insured Distribution Amount and the Group II Insured Distribution Amount. "Insured Payment": As of each Payment Date, an amount equal to the Group I Total Available Funds Shortfall or the Group II Total Available Funds Shortfall, as the case may be, as of such Payment Date. "Interest Accrual Period": With respect to the Group I Certificates and any Payment Date, the calendar month immediately preceding such Payment Date; with respect to the Class A-5 Certificates, the actual number of days elapsed from and including the preceding Payment Date (or with respect to the first Interest Accrual Period, from and including the Closing Date) to but excluding such Payment Date. "LIBOR": The London interbank offered rate for one-month United States dollar deposits. LIBOR for each Interest Accrual Period shall be determined on the second Business Day preceding the first day of such Interest Accrual Period (each, a "LIBOR Determination Date"), on the basis of the offered rates of the Reference Banks for one-month United States dollar deposits, as such rates appear on the Reuters Screen LIBOR Page, as of 11:00 a.m. (London time) on such LIBOR Determination Date. On each LIBOR Determination Date, LIBOR will be established by the Trustee as follows: (a) If on such LIBOR Determination Date two or more Reference Banks provide such offered quotations, LIBOR shall be the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 0.0625%) of such offered quotations. (b) If on such LIBOR Determination Date fewer than two Reference Banks provide such offered quotations, LIBOR shall be the greater of (x) LIBOR as determined on the previous LIBOR Determination Date and (y) the Reserve Interest Rate. The establishment of LIBOR on each LIBOR Determination Date by the Trustee and the Trustee's calculation of the rate of interest applicable to the Class A-5 Certificates for the related Accrual Period shall (in the absence of manifest error) be final and binding. "Lifetime Rate Cap ": The provision in the Note for a Group II Mortgage Loan which limits the maximum Coupon Rate over the life of such Mortgage Loan to a maximum over the Coupon Rate on the date of origination of such Mortgage Loan. "Liquidated Loan": As defined in Section 8.13(b) hereof. A Mortgage Loan which is purchased from the Trust pursuant to Section 3.3, 3.4, 3.6(b) or 8.10 hereof is not a "Liquidated Loan". "Liquidation Expenses": Expenses which are incurred by the Servicer or any Sub- Servicer in connection with the liquidation of any defaulted Mortgage Loan, such expenses, 19 including, without limitation, reasonable legal fees and expenses, and any unreimbursed Servicing Advances expended by the Servicer or any Sub-Servicer pursuant to Section 8.9(c) with respect to the related Mortgage Loan. "Liquidation Proceeds": With respect to any Liquidated Loan, any amounts (including the proceeds of any Insurance Policy) recovered by the Servicer in connection with such Liquidated Loan, whether through trustee's sale, foreclosure sale or otherwise. "Loan Balance": With respect to each Mortgage Loan, as of any date of determination, the outstanding principal balance thereof on the Cut-Off Date, less any related principal collections or recoveries relating to such Mortgage Loan received by the Servicer as of such date, as reported by the Servicer in its report to the Trustee pursuant to Section 7.8(b) and/or Section 8.8(d)(ii) hereof, as applicable; provided, however, that the Loan Balance for any Mortgage Loan which has become a Liquidated Loan shall be zero following the date on which such Mortgage Loan becomes a Liquidated Loan, and at all times thereafter. The Loan Balance of any Mortgage Loan as of the Cut-Off Date shall be the balance of such Mortgage Loan as of the Cut-Off Date. "Loan Purchase Price": With respect to any Mortgage Loan purchased from the Trust on a Remittance Date pursuant to Section 3.3, 3.4, 3.6(b) or 8.10 hereof, an amount equal to the Loan Balance of such Mortgage Loan as of the date of purchase, plus one month's interest on the outstanding Loan Balance thereof as of the beginning of the preceding Remittance Period computed at the related Coupon Rate less, if the Servicer is the purchasing party, the Servicing Fee Rate, together with, without duplication, the aggregate amount of (i) all delinquent interest and all unreimbursed Reimbursable Advances, (ii) all Delinquency Advances which the Servicer or any Sub-Servicer has theretofore failed to remit with respect to such Mortgage Loan and (iii) any Reimbursement Amount relating to such Mortgage Loan. "Lower-Tier Interests": As defined in Section 2.8(c) hereof. "Lower-Tier REMIC": The segregated pool of assets held by the Trust consisting of the Mortgage Loans, the Certificate Insurance Policy and the Certificate Account. "Majority Owners": The Owner or Owners of Class A Certificates evidencing Percentage Interests in excess of 51% in the aggregate. "Master Transfer Agreement": The Master Loan Transfer Agreement between the Sponsor and the Transferor dated as of March 1, 1997. "Monthly Remittance Amount": As defined in Section 8.8(d)(iii) hereof. "Moody's": Moody's Investors Service, Inc. "Mortgage": The mortgage, deed of trust or other instrument creating a first or second lien on an estate in fee simple interest in real property securing a Note. 20 "Mortgage Loan Group": Either Group I or Group II, as appropriate. "Mortgage Loans": Such of the mortgage loans transferred and assigned to the Trust pursuant to Section 3.5(a) hereof, together with any Qualified Replacement Mortgages substituted therefor in accordance with this Agreement, as from time to time are held as a part of the Trust Estate, the Mortgage Loans originally so held being identified in the Schedule of Mortgage Loans. The term "Mortgage Loan" includes the terms "First Mortgage Loan", and "Second Mortgage Loan". The term "Mortgage Loan" includes any Mortgage Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is a REO Property prior to such Property's disposition by the Trust. Any mortgage loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Sponsor, in fact was not transferred and assigned to the Trust for any reason whatsoever shall nevertheless be considered a "Mortgage Loan" for all purposes of this Agreement. "Mortgagor": The obligor on a Note. "Net Liquidation Proceeds": As to any Liquidated Loan, Liquidation Proceeds net of, without duplication, Liquidation Expenses and unreimbursed Servicing Advances, unreimbursed Delinquency Advances and accrued and unpaid Servicing Fees through the date of liquidation relating to such Liquidated Loan. In no event shall Net Liquidation Proceeds with respect to any Liquidated Loan be less than zero. "Net Monthly Excess Cashflow": As of any Payment Date, and with respect to either Mortgage Loan Group, the excess of (x) Total Monthly Excess Cashflow for such Mortgage Loan Group over (y) amounts applied pursuant to Section 7.5(b)(iii)(A)-(D). "Note": The note or other evidence of indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan. "Officer's Certificate": A certificate signed by any Authorized Officer of any Person delivering such certificate and delivered to the Trustee. "Operative Documents": Collectively, this Agreement, the Master Loan Transfer Agreement, the Certificate Insurance Policy, the Certificates, the Indemnification Agreement, the Insurance Agreement and the Sub-Servicing Agreement. "Original Aggregate Loan Balance": The aggregate Loan Balances of all Mortgage Loans as of the Cut-Off Date, i.e., $85,482,472.61 of which the Group I Mortgage Loans represent $70,000,485.51 and the Group II Mortgage Loans represent $15,481,987.10. 21 "Original Class A Certificate Principal Balance": As of the Startup Day: Original Class A-1 Certificate Principal Balance $29,400,000.00 Original Class A-2 Certificate Principal Balance $19,900,000.00 Original Class A-3 Certificate Principal Balance $13,700,000.00 Original Class A-4 Certificate Principal Balance $7,000,000.00 Original Class A-5 Certificate Principal Balance $15,000,000.00 "Original Principal Amount": With respect to each Note, the principal amount of such Note or the mortgage note relating to a Senior Lien, as the case may be, on the date of origination thereof. "Originator": EquiVantage Inc., a Delaware corporation, and its successors and assigns. "Outstanding": With respect to all Certificates of a Class, as of any date of determination, all such Certificates theretofore executed and delivered hereunder except: (i) Certificates theretofore canceled by the Trustee or delivered to the Trustee for cancellation; (ii) Certificates or portions thereof for which full and final payment money in the necessary amount has been theretofore deposited with the Trustee in trust for the Owners of such Certificates; (iii) Certificates in exchange for or in lieu of which other Certificates have been executed and delivered pursuant to this Agreement, unless proof satisfactory to the Trustee is presented that any such Certificates are held by a bona fide purchaser; and (iv) Certificates alleged to have been destroyed, lost or stolen for which replacement Certificates have been issued as provided for in Section 5.5 hereof. Any Certificates in which the Certificate Insurer has an interest pursuant to its right of subrogation shall be "Outstanding Certificates." "Owner": The Person in whose name a Certificate is registered in the Register, to the extent described in Section 5.4. "Payment Date": Any date on which the Trustee is required to make distributions to the Owners, which shall be the 25th day of each month (or, if such 25th day is not a Business Day, the next succeeding Business Day), commencing in the month immediately following the month in which the Startup Day occurs. 22 "Percentage Interest": As to any Class A Certificate, that percentage, expressed as a fraction, the numerator of which is the Certificate Principal Balance of such Certificate as of the Cut-Off Date and the denominator of which is the Original Certificate Principal Balance of all Certificates of the same Class; and as to any Class B Certificate or Residual Certificate, that Percentage Interest set forth on such Class B Certificate or Residual Certificate. "Periodic Rate Cap": The provision in the Note for a Group II Mortgage Loan which limits increases or decreases in the Coupon Rate on each rate adjustment date to a maximum increment specified in such provision. "Person": Any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. "Pool Certification": As defined in Section 3.6(a) hereof. "Preference Amount": As to any Payment Date, with respect to the Class A Certificates, any amounts included in previous distributions to Class A Certificate Owners of Class A Distribution Amounts (exclusive of Insured Payments) which are recovered from such Class A Certificate Owners as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction and which have not theretofore been repaid to such Class A Certificate Owners provided such Class A Certificate Owners have complied with the provisions of Section 7.3(e). "Premium Percentage": As defined in the Insurance and Indemnity Agreement. "Prepaid Installment": With respect to any Mortgage Loan, any installment of principal thereof and interest thereon received prior to the scheduled due date for such installment, intended by the Mortgagor as an early payment thereof and not as a Prepayment with respect to such Mortgage Loan. "Prepayment": Any payment of principal of a Mortgage Loan which is received by the Servicer in advance of the scheduled due date for the payment of such principal (other than the principal portion of any Prepaid Installment), and the proceeds of any Insurance Policy which are to be applied as a payment of principal on the related Mortgage Loan shall be deemed to be Prepayments for all purposes of this Agreement. "Preservation Expenses": Expenditures made by the Servicer or any Sub-Servicer in connection with a foreclosed Mortgage Loan prior to the liquidation thereof, including, without limitation, expenditures for real estate property taxes, hazard insurance premiums, property restoration or preservation. "Primary Parcel": With respect to any Property with multiple parcels, the parcel having the greatest Appraised Value. 23 "Principal and Interest Account": Collectively, each principal and interest account created by the Servicer or any Sub-Servicer pursuant to Section 8.8(a) hereof, or pursuant to any Sub-Servicing Agreement. "Prohibited Transaction": "Prohibited transaction" shall have the meaning set forth from time to time in the definition thereof at Section 860F(a)(2) of the Code (or any successor statute thereto) and applicable to the Trust. "Property": The underlying property on which a lien is granted securing a Mortgage Loan. "Prospectus": Any prospectus (including any prospectus supplement) relating to the Registration Statement pursuant to which the Class A Certificates are offered. "Purchase Option Period": As defined in Section 9.3(b) hereof. "Qualified Liquidation": "Qualified liquidation" shall have the meaning set forth from time to time in the definition thereof at Section 860F(a)(4) of the Code (or any successor statute thereto) and applicable to the Upper-Tier REMIC or the Lower-Tier REMIC. "Qualified Mortgage": "Qualified mortgage" shall have the meaning set forth from time to time in the definition thereof at Section 860G(a)(3) of the Code (or any successor statute thereto) and applicable to the Upper-Tier REMIC or the Lower-Tier REMIC. "Qualified Replacement Mortgage": A Mortgage Loan substituted for another pursuant to Section 3.3, 3.4 or 3.6(b) hereof, which (i) bears a variable rate of interest if the Mortgage Loan to be substituted for is in Group II or bears a fixed rate of interest if the Mortgage Loan to be substituted for is in Group I, (ii) has a Coupon Rate at least equal to the Coupon Rate of the Mortgage Loan being replaced (which, in the case of a Mortgage Loan in Group II, shall mean a Mortgage Loan having an interest rate based on LIBOR and a margin over LIBOR, a Periodic Rate Cap and a Lifetime Rate Cap at least equal to those applicable to the Mortgage Loan being replaced), (iii), in the discretion of the Certificate Insurer, is of the same or better property type and the same or better occupancy status as the replaced Mortgage Loan, (iv) shall be of the same or better credit quality classification at origination of the Mortgage Loan (determined in accordance with the Sponsor's credit underwriting guidelines) as the Mortgage Loan being replaced, (v) shall mature no later than February 1, 2027, (vi) has a Combined Loan-to-Value Ratio as of the Cut-Off Date no higher than the Combined Loan-to-Value Ratio of the replaced Mortgage Loan at such time and shall relate to a Mortgagor having a debt-to-income ratio no higher than the debt-to-income ratio of the Mortgagor whose Mortgage Loan is being replaced, (vii) has a Loan Balance as of the related Replacement Cut-Off Date equal to or less than the Loan Balance of the replaced Mortgage Loan as of such Replacement Cut-Off Date, (viii) satisfies the criteria set forth from time to time in the definition thereof at Section 860G(a)(4) of the Code (or any successor statute thereto) and applicable to the Upper-Tier REMIC or the Lower-Tier REMIC, all as evidenced by an Officer's Certificate of the Sponsor delivered to the Trustee 24 and the Certificate Insurer prior to any such substitution, (ix) is a valid First Mortgage Loan and (x) if such Qualified Replacement Mortgage is an Escrow Loan, all Required Escrow Documents with respect thereto are delivered to the Trustee within one year of the related Replacement Cut-Off Date. In the event that one or more mortgage loans are proposed to be substituted for one or more Mortgage Loans, the Certificate Insurer may allow the foregoing tests to be met on a weighted average basis or other aggregate basis acceptable to the Certificate Insurer, as evidenced by a written approval delivered to the Trustee by the Certificate Insurer, except that the requirement of clause (viii) hereof must be satisfied as to each Qualified Replacement Mortgage. "Realized Loss": As to any Liquidated Loan, the amount, if any, by which the Loan Balance thereof, accrued and unpaid interest and unreimbursed advances as of the date of liquidation is in excess of Net Liquidation Proceeds realized thereon. "Record Date": With respect to each Payment Date, for each of the Class A Certificates, the last day of the calendar month immediately preceding the calendar month in which such Payment Date occurs, whether or not such day is a Business Day. "Reference Banks": Leading banks selected by the Trustee and engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, (ii) whose quotations appear on the Reuters Screen LIBOR Page on the LIBOR Determination Date in question, (iii) which have been designated as such by the Trustee and (iv) not controlling, controlled by or under common control with the Sponsor or any Originator. "Register": The register maintained by the Trustee in accordance with Section 5.4 hereof, in which the names of the Owners are set forth. "Registrar": The Trustee, acting in its capacity as Trustee appointed pursuant to Section 5.4 hereof, or any duly appointed and eligible successor thereto. "Registration Statement": The Registration Statement filed by the Sponsor with the Securities and Exchange Commission, including all amendments thereto and including the Prospectus relating to the Class A Certificates constituting a part thereof. "Reimbursable Advances": As to any Mortgage Loan, all Delinquency Advances and Servicing Advances made by the Servicer with respect thereto, to the extent not previously paid to or withheld by the Servicer. "Reimbursement Amount": Either a Group I Reimbursement Amount or a Group II Reimbursement Amount. "REMIC": A "real estate mortgage investment conduit" within the meaning of Section 860D of the Code. 25 "REMIC Provisions": Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of the Code, and related provisions, and regulations and rulings promulgated thereunder, as the foregoing may be in effect from time to time. "Remittance Date": Any date on which the Servicer is required to remit monies on deposit in the Principal and Interest Account to the Trustee, which shall be the eighteenth day of each calendar month, commencing in April, 1997 (or, if such eighteenth day is not a Business Day, the next succeeding Business Day). "Remittance Period": The period (inclusive) beginning at the opening of business on the second day of the calendar month immediately preceding the month in which a Remittance Date occurs and ending at the close of business on the first day of the calendar month in which a Remittance Date occurs. "REO Property": A Property acquired by the Servicer or any Sub-Servicer on behalf of the Trust through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan. "Replacement Cut-Off Date": With respect to any Qualified Replacement Mortgage, the close of business on the first day of the calendar month in which such Qualified Replacement Mortgage is conveyed to the Trust. "Representation Letter" shall mean letters to, or agreements with, the Depository to effectuate a book entry system with respect to the Class A Certificates registered in the Register under the nominee name of the Depository. "Representations and Warranties": The representations and warranties relating to the Mortgage Loans, as set forth in Section 5 of the Master Loan Transfer Agreement and Section 3.3(a) hereof, together with any Additional Representations and Warranties (as defined in the Master Loan Transfer Agreement). "Required Escrow Document": As defined in Section 3.5(k) hereof. "Reserve Interest Rate": The rate per annum that the Trustee determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 0.0625%) of the one-month U.S. dollar lending rates that New York City banks selected by the Trustee are quoting on the relevant LIBOR Determination Date to the principal London offices of leading banks in the London interbank market or, in the event that the Trustee can determine no such arithmetic mean, (ii) the lowest one-month U.S. dollar lending rate which New York City banks selected by the Trustee are quoting on such LIBOR Determination Date to leading European banks. "Residual Certificate": Any Class RL Certificate or any Class RU Certificate. 26 "Reserve Fund": The trust account created and maintained pursuant to Section 7.11. Funds held in the Reserve Fund shall be used for the purposes set forth in such Section. "Reuters Screen LIBOR Page": The display designated as page "LIBOR" on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks). "Rolling Three Month Delinquency Rate": As of any Payment Date, the fraction, expressed as a percentage, equal to the average of the Delinquency Ratio for each of the three (or one and two, in the case of the first and second Payment Dates) immediately preceding Remittance Periods. "S&P": Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. "Schedule of Mortgage Loans": The Schedule of Mortgage Loans attached hereto as Schedule I. "Second Mortgage Loan": A Mortgage Loan which is secured by a second priority mortgage lien with respect to the related Property. "Securities Act": The Securities Act of 1933, as amended. "Senior Lien": With respect to any Second Mortgage Loan, the mortgage loan relating to the corresponding Property having a first priority lien. "Servicer": EquiVantage Inc., a Delaware corporation, and its permitted successors and assigns. "Servicer Affiliate": A Person (i) controlling, controlled by or under common control with the Servicer and (ii) which is qualified to service residential mortgage loans. "Servicer's Trust Receipt": The Servicer's trust receipt in the form set forth as Exhibit J hereto. "Servicing Advance": As defined in Section 8.9(c) and Section 8.13(a) hereof. "Servicing Fee": With respect to any Mortgage Loan, the monthly amount retained by the Servicer or by any successor thereto as compensation for servicing and administration duties relating to such Mortgage Loan pursuant to Section 8.15 hereof and equal to the product of (x) one-twelfth of the related Servicing Fee Rate and (y) the outstanding Loan Balance of such Mortgage Loan as of the opening of business on the first day of the immediately preceding Remittance Period. "Servicing Fee Rate": With respect to each First Mortgage Loan, .50% per annum. With respect to each Second Mortgage Loan, .75% per annum. 27 "Servicing Standards": As defined in Section 8.1(a) hereof. "Specified Subordinated Amount": Either the Group I Specified Subordinated Amount or the Group II Specified Subordinated Amount. "Sponsor": EquiVantage Acceptance Corp., a Delaware corporation. "Startup Day": March 27, 1997. "Step-up Payment Date": The second Payment Date which follows the Clean-Up Call Date. "Subordinated Amount": As of any Payment Date, either the Group I Subordinated Amount or the Group II Subordinated Amount. "Subordination Deficit": Either the Group I Subordination Deficit or the Group II Subordination Deficit, as appropriate. "Subordination Increase Amount": Either the Group I Subordination Increase Amount or the Group II Subordination Increase Amount, as appropriate. "Subordination Reduction Amount": Either the Group I Subordination Reduction Amount or the Group II Subordination Reduction Amount, as appropriate. "Sub-Servicer": Transworld Mortgage Corporation, a Texas corporation, and its permitted successors and assigns, or any Person with whom the Servicer has entered into a Sub-Servicing Agreement and who satisfies any requirements set forth in Section 8.3 hereof in respect of the qualification of a Sub-Servicer. "Sub-Servicing Agreement": The written contract between the Servicer and any Sub-Servicer relating to servicing and/or administration of certain Mortgage Loans as permitted by Section 8.3. "Substitution Amount": In connection with the delivery of any Qualified Replacement Mortgage, if the outstanding principal amount of such Qualified Replacement Mortgage as of the applicable Replacement Cut-Off Date is less than the Loan Balance of the Mortgage Loan being replaced as of such Replacement Cut-Off Date, an amount equal to such difference together with accrued and unpaid interest on such amount calculated at the Coupon Rate less, if the Servicer is the replacing party, the Servicing Fee Rate, of the Mortgage Loan being replaced. "Tax Matters Person": The Tax Matters Person appointed pursuant to Section 11.17 hereof. "Termination Notice": As defined in Section 9.3(b) hereof. 28 "Termination Price": As defined in Section 9.2(a) hereof. "Total Monthly Excess Cashflow": As defined in Section 7.5(b) hereof. "Total Monthly Excess Spread": Either the Group I Total Monthly Excess Spread or the Group II Total Monthly Excess Spread, as appropriate. "Transaction Documents": Collectively this Agreement, the Insurance Agreement, the Underwriting Agreement relating to the Class A Certificates, any Sub-Servicing Agreement, the Indemnification Agreement relating to the Prospectus, the Registration Statement and the Certificates. "Transferor": EquiVantage Inc., a Delaware corporation, and its permitted successors and assigns. "Trust": EquiVantage Home Equity Loan Trust 1997-1, the trust created under this Agreement. "Trust Estate": Collectively, all money, instruments and other property, to the extent such money, instruments and other property are subject or intended to be held in trust, and in the subtrusts, for the benefit of the Owners, including all proceeds thereof, including, without limitation, (i) the Mortgage Loans, (ii) such amounts, including Eligible Investments, as from time to time may be held in all Accounts, (iii) any Property, the ownership of which has been effected on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and that has not been withdrawn from the Trust, (iv) any Insurance Policies relating to the Mortgage Loans and any rights of the Sponsor under any Insurance Policies, (v) Net Liquidation Proceeds with respect to any Liquidated Loan, (vi) rights under the Certificate Insurance Policy, (vii) the Sponsor's rights under the Master Loan Transfer Agreement and (viii) the Reserve Fund. "Trustee": Norwest Bank Minnesota, National Association, located on the date of execution of this Agreement at the Corporate Trust Office, not in its individual capacity but solely as Trustee under this Agreement, and any successor hereunder. "Trustee Fee Rate": 0.025% per annum. "Underwriter": Prudential Securities Incorporated, as representative of the several underwriters. "Unrecoverable Delinquency Advance": Any Delinquency Advance which the Servicer, in its good faith business judgment, believes will not ultimately be recovered from the related Mortgage Loan. "Unregistered Certificates": Certificates which are not registered as evidenced by inclusion in the Register. 29 "Upper-Tier REMIC": The segregated pool of assets held by the Trust consisting of the Lower-Tier Interests (except for the Class RL Certificate, as set forth in the chart in Section 2.8(c) hereof). "Weighted Net Average Coupon Rate": With respect to any Remittance Period and a Mortgage Loan Group, the weighted average Coupon Rates (weighted by Loan Balances) of the related Mortgage Loans, calculated at the opening of business on the first day of such Remittance Period, less the rate at which the Servicing Fee is then calculated and less the Trustee Fee Rate and Premium Percentage. Section 1.2. Use of Words and Phrases. "Herein", "hereby", "hereunder", "hereof", "hereinbefore", "hereinafter" and other equivalent words refer to this Agreement as a whole and not solely to the particular section of this Agreement in which any such word is used. The definitions set forth in Section 1.1 hereof include both the singular and the plural. Whenever used in this Agreement, any pronoun shall be deemed to include both singular and plural and to cover all genders. Section 1.3. Captions; Table of Contents. The captions or headings in this Agreement and the Table of Contents are for convenience only and in no way define, limit or describe the scope and intent of any provisions of this Agreement. Section 1.4. Opinions. Each opinion with respect to the validity, binding nature and enforceability of documents or Certificates may be qualified to the extent that the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law) and may state that no opinion is expressed on the availability of the remedy of specific enforcement, injunctive relief or any other equitable remedy. Any opinion required to be furnished by any Person hereunder must be delivered by counsel upon whose opinion the addressee of such opinion may reasonably rely, and such opinion may state that it is given in reasonable reliance upon an opinion of another, a copy of which must be attached, concerning the laws of a foreign jurisdiction. ARTICLE II ESTABLISHMENT AND ORGANIZATION OF THE TRUST Section 2.1. Establishment of the Trust. The parties hereto do hereby create and establish, pursuant to the laws of the State of New York and this Agreement, the Trust, which, for convenience, shall be known as "EquiVantage Home Equity Loan Trust 1997-1". Section 2.2. Office. The office of the Trust shall be in care of the Trustee, addressed to the Corporate Trust Office, or at such other address as the Trustee may designate by notice to the Sponsor, the Servicer, the Owners and to the Certificate Insurer. 30 Section 2.3. Purposes and Powers. The purpose of the Trust is to engage in the following activities, and only such activities: (i) the issuance of the Certificates and the acquiring, owning and holding of Mortgage Loans and the Trust Estate in connection therewith; (ii) activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith, including the investment of moneys in accordance with this Agreement; and (iii) such other activities as may be required in connection with conservation of the Trust Estate and distributions to the Owners; provided, however, that nothing contained herein shall require or permit the Trustee to take any action which would result in the loss of REMIC status for the Upper-Tier REMIC or the Lower-Tier REMIC. Section 2.4. Appointment of the Trustee; Declaration of Trust. The Sponsor hereby appoints the Trustee as trustee of the Trust effective as of the Startup Day, to have all the rights, powers and duties set forth herein. The Trustee hereby acknowledges and accepts such appointment, represents and warrants its eligibility as of the Startup Day to serve as Trustee pursuant to Section 10.8 hereof and declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the benefit of the Owners and the Certificate Insurer, as their interests may appear. Section 2.5. Expenses of the Trust. On each Payment Date the Trustee shall receive the Monthly Trustee Fee Amount, as provided in Section 7.5(b)(ii) hereof. Any other expenses of the Trust that have been reviewed and approved by the Sponsor or the Servicer (which approval shall not be unreasonably withheld), including the reasonable expenses of the Trustee, its agents and counsel, shall be paid directly by the Sponsor or the Servicer to the Trustee or to such other Person to whom such amounts may be due. Failure by the Sponsor to pay any such fees or other expenses shall not relieve the Trustee of its obligations hereunder. The Trustee hereby covenants with the Owners that every material contract or other material agreement entered into by the Trustee on behalf of the Trust shall expressly state therein that no Owner shall be personally liable in connection with such contract or agreement. Section 2.6. Ownership of the Trust. On the Startup Day the ownership interests in the Trust shall be transferred as set forth in Section 4.2 hereof, such transfer to be evidenced by sale of the Certificates as described therein. Thereafter, transfer of any ownership interest shall be governed by Sections 5.4 and 5.8 hereof. Section 2.7. Receipt of Trust Estate. The Sponsor hereby directs the Trustee to accept the property conveyed to it pursuant to Section 3.5 hereof in connection with the establishment of the Trust, and the Trustee hereby acknowledges receipt of such property. The Sponsor further directs the Trustee to issue the Certificates, to hold the Class A Certificates as transfer agent for the Depository as provided in Section 5.4, and to deliver the Class B Certificates and the Residual Certificates to the Sponsor. 31 Section 2.8. Miscellaneous REMIC Provisions. (a) The Trustee shall elect that the Upper-Tier REMIC and the Lower-Tier REMIC shall be treated as REMICs under Section 860D of the Code, as described in Section 11.15. Any inconsistencies or ambiguities in this Agreement or in the administration of the Trust shall be resolved in a manner that preserves the validity of such REMIC elections. (b) The Class A Certificates and the Class B Certificates are hereby designated as "regular interests" with respect to the Upper-Tier REMIC and the Class RU Certificates are hereby designated as the single Class of "residual interest" with respect to the Upper-Tier REMIC. (c) The Lower-Tier REMIC will be evidenced by (x) the Class LT-A, Class LT-1, Class LT-2, Class LT-3, Class LT-4, Class LT-M, Class LT-AL, Class LT-5L and Class LT- ML Certificates (the "Lower-Tier Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in the Lower-Tier REMIC and (y) the Class RL Certificates, which are hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier Regular Interests, together with the Class RL Certificates, the "Lower-Tier Interests"). The Lower-Tier Regular Interests shall be recorded on the records of the Lower-Tier REMIC as being issued to and held by the Trustee on behalf of the Upper-Tier REMIC. For purposes of this Section 2.8, (i) the "Group I Turbo Amount" means the sum of (A) any Group I Subordination Deficit (including the portion of a Group I Principal Carry-Forward Amount which relates to a shortfall in a distribution of a Group I Subordination Deficit) and (B) any Group I Subordination Increase Amount, to the extent of any Net Monthly Excess Cashflow in respect of the Group I Monthly Remittance Amount and (ii) the "Net Group I Turbo Amount" means the Group I Turbo Amount determined as if each Group I Mortgage Loan accrued interest at a rate equal to the excess of its Coupon Rate over the sum of the Servicing Fee Rate, Trustee Fee Rate and Premium Percentage. Any Net Group I Turbo Amount that is attributable to interest on the Group I Mortgage Loans will not be paid to the Lower-Tier Regular Interests, but a portion of the interest payable with respect to the Class LT-M Certificate which equals 1% of the Net Group I Turbo Amount will be payable as a reduction of the principal balances of the Class LT-1, Class LT-2, Class LT-3, and Class LT-4 Certificates in the same manner in which the Net Group I Turbo Amount is allocated among the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, respectively (and will be accrued and added to principal on the Class LT-M Certificate). The amount of interest on the Group I Mortgage Loans equal to the excess of the Group I Turbo Amount over the Net Group I Turbo Amount will be payable as a reduction of the principal balances of the Lower-Tier Regular Interests as follows: (i) 98% to the Class LT-A Certificates, (ii) 1% to the Class LT-1, Class LT-2, Class LT-3 and Class LT-4 Certificates in the same manner in which such excess is allocated among the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, respectively and (iii) 1% to the Class LT-M Certificates (and will be accrued and added to principal on the Class RL Certificates). To the extent that interest on the Group I Mortgage Loans exceeds the sum of interest allocated, as described below, to the Class A-1, Class A-2, Class A-3, Class A-4 and 32 Class B Certificates and the Group I Turbo Amount, such excess shall be added to the amounts allocated below with respect to the Class LT-AL, Class LT-5L and Class LT-ML Certificates. Principal payments on the Group I Mortgage Loans shall be allocated 98% to the Class LT-A Certificate, 1% to the Class LT-M Certificate and 1% to the Class LT-1, Class LT-2, Class LT-3 and Class LT-4 Certificates until paid in full. The aggregate amount of principal allocated to the Class LT-1, Class LT-2, Class LT-3 and Class LT-4 Certificates shall be apportioned among such Classes in the same manner in which principal is payable with respect to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, respectively. Notwithstanding the foregoing, 98% and 2% of any principal on the Group I Mortgage Loans that are attributable to a Group I Subordination Reduction Amount shall be allocated to the Class LT-A and Class LT-M Certificates, respectively, until paid in full. Allocable Losses on the Group I Mortgage Loans will be allocated first to the Class RL Certificate until the balance thereof attributable to accruals with respect to the Group I Turbo Amount is reduced to zero, then 98% to the Class LT-A Certificates and 2% to the Class LT-M Certificates unless an Allocable Loss causes a Group I Subordination Deficit, and then such loss is allocated to the extent paid from interest as above, and if not paid from interest, as if such loss were a principal payment on the Group I Mortgage Loans. Similarly, for purposes of this Section 2.8, (i) the "Group II Turbo Amount" means the sum of (A) any Group II Subordination Deficit (including the portion of a Group II Principal Carry-Forward Amount which relates to a shortfall in a distribution of a Group II Subordination Deficit) and (B) any Group II Subordination Increase Amount, to the extent of any Net Monthly Excess Cashflow in respect of the Group II Monthly Remittance Amount and (ii) the "Net Group II Turbo Amount" means the Group II Turbo Amount determined as if each Group II Mortgage Loan accrued interest at a rate equal to the excess of its Coupon Rate over the sum of the Servicing Fee Rate, Trustee Fee Rate and Premium Percentage. Any Net Group II Turbo Amount that is attributable to interest on the Group II Mortgage Loans will not be paid to the Lower-Tier Regular Interests, but a portion of the interest payable with respect to the Class LT-ML Certificate which equals 1% of the Net Group II Turbo Amount will be payable to the Class LT-5L Certificates (and will be accrued and added to principal on the Class LT-ML Certificate). The amount of interest on the Group II Mortgage Loans equal to the excess of the Group II Turbo Amount over the Net Group II Turbo Amount will be payable as a reduction of the principal balances of the Lower-Tier Regular Interests as follows: (i) 98% to the Class LT-AL Certificates, (ii) 1% to the Class LT-5L Certificates and (iii) 1% to the Class LT-ML Certificates (and will be accrued and added to principal on the Class RL Certificates). To the extent that interest on the Group II Mortgage Loans exceeds the sum of interest allocated, as described below, to the Class A-5 and Class B Certificates and the Group II Turbo Amount, such excess shall be added to the amounts allocated above with respect to the Class LT-A, Class LT-1, Class LT- 2, Class LT-3, Class LT-4 and Class LT-M Certificates. Principal payments on the Group II Mortgage Loans shall be allocated 98% to the Class LT-AL Certificates, 1% to the Class LT- ML Certificates, and 1% to the Class LT-5L Certificates until paid in full. Notwithstanding the foregoing, 98% and 2% of any principal payments on the Group II Mortgage Loans that are attributable to a Group II Subordination Reduction Amount shall be allocated to the Class LT-AL and Class LT-ML Certificates, respectively, until paid in full. Allocable Losses on the Group II Mortgage Loans will be allocated first to the Class RL Certificate until the 33 balance thereof attributable to accruals with respect to the Group II Turbo Amount is reduced to zero, then 98% to the Class LT-AL Certificates and 2% to the Class LT-ML Certificates unless an Allocable Loss causes a Group II Subordination Deficit, and then such loss is allocated to the extent paid from interest as above, and if not paid from interest, as if such loss were a principal payment on the Group II Mortgage Loans. The Lower-Tier Interests will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: - -------------------------------------------------------------------------------- Lower-Tier Initial Pass-Through Allocation Allocation Interests Balance Rate of Principal of Interest --------- ------- ---- ------------ ----------- - -------------------------------------------------------------------------------- LT-A $68,600,475.80 (2) (3) (4), (5a) - -------------------------------------------------------------------------------- LT-1 $294,000.00 (2) (3) (4), (5a) - -------------------------------------------------------------------------------- LT-2 $199,000.00 (2) (3) (4), (5a) - -------------------------------------------------------------------------------- LT-3 $137,000.00 (2) (3) (4), (5a) - -------------------------------------------------------------------------------- LT-4 $70,000.00 (2) (3) (4), (5a) - -------------------------------------------------------------------------------- LT-M $700,009.71 (2) (3) (4), (5a) - -------------------------------------------------------------------------------- LT-AL $15,172,347.36 (2) (3) (4), (5b) - -------------------------------------------------------------------------------- LT-5L $150,000.00 (2) (3) (4), (5b) - -------------------------------------------------------------------------------- LT-ML $159,639.74 (2) (3) (5b) - -------------------------------------------------------------------------------- Class RL Certificate $0.00 N/A N/A N/A (6) - -------------------------------------------------------------------------------- - ------------- (1) [Reserved] (2) The pass-through rate ("Pass-Through Rate") on these Lower-Tier Regular Interests shall at any time of determination equal the Weighted Net Average Coupon Rate in the related Mortgage Loan Group. If there are any prepayment interest shortfalls with respect to a Mortgage Loan Group not covered by Compensating Interest pursuant to Section 8.9(b), such shortfall will reduce the interest accrued on each corresponding Lower-Tier Regular Interest proportionally. (3) Principal attributable to the Group I Mortgage Loans will be allocated to and apportioned among the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates in the same proportion as principal is payable with respect to such Certificates pursuant to Section 7.5(b), except that a portion of such principal in an amount equal to the Group I Subordination Reduction Amount shall first be allocated to the Class B Certificates until the balance thereof is zero and then to the Class RL Certificate, and 34 all principal will be allocated to the Class B Certificates after the Certificate Principal Balance of the Group I Certificates has been reduced to zero until the balance thereof is zero and then to the Class RL Certificate. Similarly, principal attributable to the Group II Mortgage Loans will be allocated to the Class A-5 Certificates in the same amount as principal is payable with respect to such Certificates pursuant to Section 7.5(b), except that a portion of such principal in an amount equal to the Group II Subordination Reduction Amount shall first be allocated to the Class B Certificates until the balance thereof is zero and then to the Class RL Certificate, and all principal will be allocated to the Class B Certificates after the Certificate Principal Balance of the Group II Certificates has been reduced to zero until the balance thereof is zero and then to the Class RL Certificate. (4) Except as provided in Note 5, interest on the Class LT-A Certificates, Class LT-1 Certificates, Class LT-2 Certificates, Class LT-3 Certificates, Class LT-4 Certificates and Class LT-M Certificates will be allocated among the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates in the same proportion as interest is payable on such Certificates pursuant to Section 7.5(b). Similarly, interest on the Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates will be allocated to the Class A-5 Certificates, subject to Note 5. (5) (a) Any interest with respect to this Lower-Tier Interest in excess of the product of (i) two times the weighted average coupon of the Class LT-1, LT-2, LT-3, LT-4 and LT-M Certificates, where each of such Classes, other than the Class LT-M Certificate, is first subject to a cap and floor equal to the Class A-1, Class A-2, Class A-3 and Class A-4 Pass-Through Rates, respectively, and the Class LT-M Certificate is subject to a cap equal to 0%, and (ii) the principal balance of this Lower-Tier Interest, shall not be allocated to the Class A Certificates but will be allocated to the Class B Certificates as a separate component. (b) Any interest with respect to this Lower-Tier Interest in excess of the product of (i) two times the weighted average coupon of the Class LT-5L and LT-ML Certificates, where the Class LT-5L is first subject to a cap and floor equal to the Class A-5 Pass-Through Rate, and the Class LT-ML Certificate is subject to a cap equal to 0%, and (ii) the principal balance of this Lower-Tier Interest, shall not be allocated to the Class A Certificates but will be allocated to the Class B Certificates as a separate component. (6) On each Payment Date, available funds, if any, remaining in the Lower-Tier REMIC after payments of interest and principal, as designated above, will be distributed to the Class RL Certificate. (d) The Startup Day is hereby designated as the "startup day" of the Trust within the meaning of Section 860G(a)(9) of the Code. The "latest possible maturity date" for purposes of Treasury Regulation Section 1.860G-1(a)(4)(iii) for the regular interests are as follows: for the Class A-1 Certificates, the Payment Date in February, 2012; for the Class A-2 Certificates, the Payment Date in August, 2018; for the Class A-3 Certificates, the Payment Date in March, 2028; for the Class A-4 Certificates, the Payment Date in March, 2028; for the Class A-5 Certificates, the Payment Date in April, 2027; and for the Lower- Tier Regular Interests, the Payment Date in April, 2027. Section 2.9. Grant of Security Interest. (a) Except with respect to the REMIC Provisions, it is the intention of the parties hereto that the conveyance by the Sponsor of the Trust Estate to the Trustee on behalf of the Trust shall constitute a purchase and sale of such Trust Estate and not a loan. In the event, however, that a court of competent jurisdiction were to hold that the transaction evidenced hereby constitutes a loan and not a purchase and sale, it is the intention of the parties hereto 35 that this Agreement shall constitute a security agreement under applicable law, and that the Sponsor shall be deemed to have granted to the Trustee, on behalf of the Owners and the Certificate Insurer, a first priority perfected security interest in all of the Sponsor's right, title and interest in, to and under the Trust Estate. The conveyance by the Sponsor of the Trust Estate to the Trustee on behalf of the Trust shall not constitute and is not intended to result in an assumption by the Trustee or any Owner of any obligation of the Originators or any other Person in connection with the Trust Estate. (b) The Sponsor and the Servicer shall take no action inconsistent with the Trust's ownership of the Trust Estate and shall indicate or shall cause to be indicated in their records and records held on their behalf that ownership of each Mortgage Loan and the assets in the Trust Estate are held by the Trustee on behalf of the Owners and the Certificate Insurer. In addition, the Sponsor and the Servicer shall respond to any inquiries from third parties with respect to ownership of a Mortgage Loan or any other asset in the Trust Estate by stating that it is not the owner of such asset and that ownership of such Mortgage Loan or other Trust Estate asset is held by the Trustee on behalf of the Trust; provided that this paragraph shall not be construed to prohibit the Servicer from appearing as lienholder of record of the Mortgage Loans on behalf of the Trustee for the purpose of receiving notices, executing release and modification documents and taking other actions related to the Servicing of the Mortgage Loans, so long as such actions are consistent with Article VIII hereof. ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SPONSOR AND THE SERVICER; COVENANT OF SPONSOR TO CONVEY MORTGAGE LOANS Section 3.1. Representations and Warranties of the Sponsor. The Sponsor hereby represents, warrants and covenants to the Trustee, the Servicer, the Certificate Insurer and to the Owners as of the Startup Day that: (a) The Sponsor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is in good standing as a foreign corporation in each jurisdiction in which the nature of its business, or the properties owned or leased by it make such qualification necessary. The Sponsor has all requisite corporate power and authority to own and operate its properties, to carry out its business as presently conducted and as proposed to be conducted and to enter into and discharge its obligations under this Agreement and the other Operative Documents to which it is a party. (b) The execution and delivery of this Agreement and the other Operative Documents to which the Sponsor is a party by the Sponsor and its performance and compliance with the terms of this Agreement and of the other Operative Documents to which it is a party have been duly authorized by all necessary corporate action on the part of the Sponsor and will not violate the Sponsor's Certificate of Incorporation or Bylaws or constitute a default (or an event which, with notice or lapse of time, or 36 both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Sponsor is a party or by which the Sponsor is bound, or violate any statute or any order, rule or regulation of any court, governmental agency or body or other tribunal having jurisdiction over the Sponsor or any of its properties. (c) This Agreement and the other Operative Documents to which the Sponsor is a party, assuming due authorization, execution and delivery by the other parties hereto and thereto, each constitutes a valid, legal and binding obligation of the Sponsor, enforceable against it in accordance with the terms hereof and thereof, except as the enforcement hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law). (d) The Sponsor is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Sponsor or its properties or might have consequences that would materially and adversely affect its performance hereunder and under the other Operative Documents to which it is a party. (e) No litigation is pending or, to the best of the Sponsor's knowledge, threatened against the Sponsor which litigation might have consequences that would prohibit its entering into this Agreement or any other Operative Document to which it is a party, or issuing the Certificates, or that would materially and adversely affect the condition (financial or otherwise) or operations of the Sponsor or its properties or might have consequences that would materially and adversely affect its performance hereunder and under the other Operative Documents to which it is a party. (f) No certificate of an officer, statement furnished in writing or report delivered pursuant to the terms hereof by the Sponsor contains any untrue statement of a material fact or omits to state any material fact necessary to make the certificate, statement or report not misleading. (g) The statements contained in the Registration Statement which describe the Sponsor or matters or activities for which the Sponsor is responsible in accordance with the Operative Documents or which are attributed to the Sponsor therein are true and correct in all material respects, and the Registration Statement does not contain any untrue statement of a material fact with respect to the Sponsor or omit to state a material fact required to be stated therein or necessary in order to make the statements contained therein with respect to the Sponsor not misleading. To the best of the Sponsor's knowledge and belief, the Registration Statement does not contain any untrue statement of a material fact required to be stated therein or 37 omit to state any material fact required to be stated therein or necessary to make the statements contained therein not misleading. (h) All actions, approvals, consents, waivers, exemptions, variances, franchises, orders, permits, authorizations, rights and licenses required to be taken, given or obtained, as the case may be, by or from any federal, state or other governmental authority or agency (other than any such actions, approvals, etc. under any state securities laws, real estate syndication or "Blue Sky" statutes, as to which the Sponsor makes no such representation or warranty), that are necessary or advisable in connection with the purchase and sale of the Certificates and the execution and delivery by the Sponsor of the Operative Documents to which it is a party, have been duly taken, given or obtained, as the case may be, are in full force and effect on the date hereof, are not subject to any pending proceedings or appeals (administrative, judicial or otherwise) and either the time within which any appeal therefrom may be taken or review thereof may be obtained has expired or no review thereof may be obtained or appeal therefrom taken, and are adequate to authorize the consummation of the transactions contemplated by this Agreement and the other Operative Documents on the part of the Sponsor and the performance by the Sponsor of its obligations under this Agreement and such of the other Operative Documents to which it is a party. (i) The transactions contemplated by this Agreement and the Other Operative Documents to which the Sponsor is a party are in the ordinary course of business of the Sponsor. (j) The Sponsor received fair consideration and reasonably equivalent value in exchange for the sale of the interests in the Mortgage Loans evidenced by the Certificates. (k) The Sponsor did not sell any interest in any Mortgage Loan evidenced by the Certificates with any intent to hinder, delay or defraud any of its respective creditors. (l) The Sponsor is solvent and the Sponsor will not be rendered insolvent as a result of the sale of the Mortgage Loans to the Trust or the sale of the Certificates. It is understood and agreed that the representations and warranties set forth in this Section 3.1 shall survive delivery of the Mortgage Loans to the Trustee. Upon discovery by any of the Servicer, the Sponsor, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties set forth in Section 3.1 which materially and adversely affects the interests of the Owners or of the Certificate Insurer, the party discovering such breach shall give prompt written notice to the other parties. Within 30 days of its discovery or its receipt of notice of breach the Sponsor shall cure such breach in all material respects; provided, however, that if the Sponsor can demonstrate to the 38 reasonable satisfaction of the Certificate Insurer that it is diligently pursuing remedial action, then the cure period may be extended with the written approval of the Certificate Insurer and with notice to each of Moody's and S&P. Section 3.2. Representations and Warranties of the Servicer. The Servicer hereby represents, warrants and covenants to the Trustee, the Sponsor, the Certificate Insurer and to the Owners as of the Startup Day that: (a) The Servicer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and is, or a Sub-Servicer is, in compliance with the laws of each state in which any Property is located to the extent necessary to enable it to perform its obligations hereunder and is in good standing as a foreign corporation in each jurisdiction in which the nature of its business, or the properties owned or leased by it make such qualification necessary. The Servicer has all requisite corporate power and authority to own and operate its properties, to carry out its business as presently conducted and as proposed to be conducted and to enter into and discharge, either directly or through Sub-Servicers, its obligations under this Agreement and the other Operative Documents to which it is a party. The Servicer has equity of at least $10,000,000, as determined in accordance with generally accepted accounting principles. Any Sub-Servicer appointed by the Servicer will have all requisite corporate power and authority to own and operate its properties, to carry out its business as presently conducted and as proposed to be conducted. (b) The execution and delivery of this Agreement by the Servicer and its performance and compliance with the terms of this Agreement, any Sub-Servicing Agreement and the other Operative Documents to which it is a party have been duly authorized by all necessary corporate action on the part of the Servicer and will not violate the Servicer's Articles of Incorporation or Bylaws or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Servicer is a party or by which the Servicer is bound or violate any statute or any order, rule or regulation of any court, governmental agency or body or other tribunal having jurisdiction over the Servicer or any of its properties. (c) This Agreement, any Sub-Servicing Agreement and the other Operative Documents to which the Servicer is a party, assuming due authorization, execution and delivery by the other parties hereto and thereto, each constitutes a valid, legal and binding obligation of the Servicer, enforceable against it in accordance with the terms hereof, except as the enforcement hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law). (d) The Servicer is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or 39 governmental agency, which might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Servicer or its properties or might have consequences that would materially and adversely affect its performance hereunder, under any Sub-Servicing Agreement and under the other Operative Documents to which the Servicer is a party. (e) No litigation is pending or, to the best of the Servicer's knowledge, threatened against the Servicer which litigation might have consequences that would prohibit its entering into this Agreement, any Sub-Servicing Agreement or any other Operative Document to which it is a party or that would materially and adversely affect the condition (financial or otherwise) or operations of the Servicer or its properties or might have consequences that would materially and adversely affect its performance hereunder and under the other Operative Documents to which the Servicer is a party. (f) No certificate of an officer, statement furnished in writing or report delivered pursuant to the terms hereof by the Servicer contains any untrue statement of a material fact or omits to state any material fact necessary to make the certificate, statement or report not misleading. (g) The statements contained in the Registration Statement which describe matters or activities for which the Servicer is responsible in accordance with the Operative Documents or which are attributable to the Servicer, either directly or through any Sub-Servicer, therein are true and correct in all material respects, and the Registration Statement does not contain any untrue statement of a material fact with respect to the Servicer or omit to state a material fact required to be stated therein or necessary to make the statements contained therein with respect to the Servicer not misleading. To the best of the Servicer's knowledge and belief, the Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements contained therein not misleading. (h) The Servicing Fee is a "current (normal) servicing fee rate" as that term is used in Statement of Financial Accounting Standards No. 65 issued by the Financial Accounting Standards Board. Neither the Servicer nor any affiliate thereof will report on any financial statements any part of the Servicing Fee as an adjustment to the sales price of the Mortgage Loans. (i) All actions, approvals, consents, waivers, exemptions, variances, franchises, orders, permits, authorizations, rights and licenses required to be taken, given or obtained, as the case may be, by or from any federal, state or other governmental authority or agency (other than any such actions, approvals, etc. under any state securities laws, real estate syndication or "Blue Sky" statutes, as to which the Servicer makes no such representation or warranty), that are necessary or advisable in connection with the execution and delivery by the Servicer of the Operative Documents to which it is a party, have been duly taken, given or obtained, 40 as the case may be, are in full force and effect on the date hereof and on the Startup Day, are not subject to any pending proceedings or appeals (administrative, judicial or otherwise) and either the time within which any appeal therefrom may be taken or review thereof may be obtained has expired or no review thereof may be obtained or appeal therefrom taken, and are adequate to authorize the consummation of the transactions contemplated by this Agreement and the other Operative Documents on the part of the Servicer and the performance by the Servicer, either directly or through a Sub-Servicer, of its obligations under this Agreement, any Sub-Servicing Agreement and such of the other Operative Documents to which it is a party. (j) The collection practices used by the Servicer, or any Sub-Servicer, with respect to the Mortgage Loans directly serviced by it have been, in all material respects, legal, proper, prudent and customary in the mortgage loan servicing business. (k) The transactions contemplated by this Agreement are in the ordinary course of business of the Servicer. It is understood and agreed that the representations and warranties set forth in this Section 3.2 shall survive delivery of the Mortgage Loans to the Trustee. Upon discovery by any of the Servicer, the Sponsor, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties set forth in this Section 3.2 which materially and adversely affects the interests of the Owners or of the Certificate Insurer, the party discovering such breach shall give prompt written notice to the other parties. Within 30 days of its discovery or its receipt of notice of breach, the Servicer shall cure such breach in all material respects and, upon the Servicer's continued failure to cure such breach, may thereafter be removed by the Trustee pursuant to Section 8.20 hereof; provided, however, that if the Servicer can demonstrate to the reasonable satisfaction of the Certificate Insurer that it is diligently pursuing remedial action, then the cure period may be extended with the written approval of the Certificate Insurer and notice to each of Moody's and S&P. Section 3.3. Representations and Warranties of the Sponsor with Respect to the Mortgage Loans. (a) The Sponsor makes the following representations and warranties as to the Mortgage Loans on which the Trustee relies in accepting the Mortgage Loans in trust and executing and authenticating the Certificates and on which the Certificate Insurer relies in issuing the Certificate Insurance Policy. Such representations and warranties speak as of the Startup Day (unless otherwise specified), but shall survive the sale, transfer, and assignment of the Mortgage Loans to the Trustee on behalf of the Trust: (i) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the Cut-Off Date; 41 (ii) All of the original or certified documentation set forth in Section 3.5 (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on the Startup Day, or as otherwise provided in Section 3.5; (iii) Each Mortgage Loan is being serviced by the Servicer or a Person controlling, controlled by or under common control with the Servicer and qualified to service the Mortgage Loans serviced by it; (iv) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the Registration Statement; (v) The credit underwriting guidelines applicable to each Mortgage Loan conform in all material respects to the description thereof set forth in the Prospectus; and (vi) Except as disclosed in the Master Loan Transfer Agreement and the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the Federal Truth-in-Lending Act. (vii) Each Mortgage Loan, as of the Startup Day, satisfies either the test set out in paragraph (1) or the test set out in paragraph (2) below. (1) The fair market value of the interest in real property securing such Mortgage Loan (A) was at least equal to 80 percent of the adjusted issue price of the Mortgage Loan at the time the Mortgage Loan was originated (or, if later, the time the Mortgage Loan was significantly modified); or (B) is at least equal to 80 percent of the adjusted issue price of the Mortgage Loan on the Closing Date. For purposes of this paragraph (1), the fair market value of the real property interest must be first reduced by the amount of any lien on the real property interest that is senior to the Mortgage Loan being tested, and must be further reduced by a proportionate amount of any lien that is in parity with the obligation being tested, in each case before the percentages set forth in (1)(A) and (1)(B) are determined. The adjusted issue price of a Mortgage Loan is its issue price plus the amount of accrued original issue discount, if any, as of the date of determination; or 42 (2) Substantially all of the proceeds of the Mortgage Loan were used to acquire or to improve or protect an interest in real property that, at the origination date, is the only security for the Mortgage Loan. For purposes of this test, loan guarantees made by the United States or any state (or any political subdivision, agency, or instrumentality of the United States or of any state), or other third party credit enhancement are not viewed as additional security for a loan. An Mortgage Loan is not considered to be secured by property other than real property solely because the obligor is personally liable on the obligation. For this purpose only, substantially all of the proceeds of the Mortgage Loan means at least 90 percent of the gross proceeds. (b) The Sponsor hereby assigns to the Trustee for the benefit of the Owners of the Certificates and the Certificate Insurer all of its right, title and interest (but none of its obligations, other than those set forth herein) in respect of the Master Transfer Agreement, except for such rights to indemnification thereunder for losses actually incurred only by the Sponsor. Insofar as the Master Transfer Agreement provides for representations and warranties and remedies thereunder for any breach of such representations and warranties, the remedies with respect to such breaches may be enforced by the Servicer or by the Trustee on behalf of the Owners and the Certificate Insurer against the Person making such representation and warranty, and any rights to indemnification for any breaches of such representations and warranties are hereby assigned by the Sponsor to the Trustee for the benefit of the Owners of the Certificates and the Certificate Insurer, except for such rights to indemnification thereunder only for losses actually incurred only by the Sponsor. Upon the discovery by the Sponsor, the Servicer, the Certificate Insurer or the Trustee of a breach of any of the representations and warranties made in the Master Transfer Agreement in respect of any Mortgage Loan which materially and adversely affects the interests of the Owners or of the Certificate Insurer in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties and each of Moody's and S&P. The Servicer shall promptly notify the Originator of such breach and request that the Originator cure such breach or take the actions described in Section 3.4(a) hereof within the time periods required thereby, and (i) if the Originator does not cure such breach in all material respects, the Sponsor shall cure such breach or take such actions and (ii) if the Originator does not purchase such Mortgage Loan, the Sponsor shall purchase such Mortgage Loan. The obligations of the Sponsor or Servicer, as the case may be, set forth herein with respect to any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole obligations of the Sponsor and of the Servicer in respect of such breach. 43 Section 3.4. Covenants of Sponsor to Take Certain Actions with Respect to the Mortgage Loans In Certain Situations. (a) Upon the earliest to occur of the Sponsor's discovery, its receipt of notice of breach from any one of the other parties hereto or from the Certificate Insurer or such time as a breach of any Representation and Warranty materially and adversely affects the interests of the Owners or of the Certificate Insurer as set forth above, the Sponsor shall promptly cure (or cause the Originator to cure) such breach in all material respects or it shall (or shall cause the Originator to), subject to the further requirements of this paragraph, on the second Remittance Date next succeeding such discovery, receipt of notice or such other time (i) substitute in lieu of each Mortgage Loan in the related Mortgage Loan Group which has given rise to the requirement for action by the Sponsor a Qualified Replacement Mortgage and deliver the Substitution Amount applicable thereto, together with the aggregate amount of all unreimbursed Delinquency Advances and unreimbursed Servicing Advances theretofore made with respect to such Mortgage Loan, to the Servicer for deposit in the Principal and Interest Account or (ii) purchase such Mortgage Loan from the Trust at a purchase price equal to the Loan Purchase Price thereof, which purchase price shall be delivered to the Servicer for deposit in the Principal and Interest Account. In connection with any such proposed purchase or substitution, the Sponsor at its expense, shall cause to be delivered to the Trustee and to the Certificate Insurer an opinion of counsel experienced in federal income tax matters stating whether or not such a proposed purchase or substitution would constitute a Prohibited Transaction for the Trust or would jeopardize the REMIC status of either the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC, and unless otherwise directed by the Certificate Insurer the Sponsor shall only be required to take either such action to the extent such action would not constitute a Prohibited Transaction for the Trust or would not jeopardize the status of either the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC. It is understood and agreed that the obligation of the Sponsor to cure the defect, or substitute for, or purchase any Mortgage Loan as to which a Representation or Warranty is untrue in any material respect and has not been remedied shall constitute the sole remedy available to the Owners, the Trustee or the Certificate Insurer. (b) In the event that any Qualified Replacement Mortgage is delivered by the Sponsor to the Trust pursuant to Section 3.3, Section 3.4 or Section 3.6 hereof, the Originator and the Sponsor shall be obligated to take the actions described in Section 3.4(a) with respect to such Qualified Replacement Mortgage upon the discovery by any of the Owners, the Sponsor, the Servicer, the Certificate Insurer, or the Trustee that the Representations and Warranties applicable to such Qualified Replacement Mortgage are untrue in any material respect on the date such Qualified Replacement Mortgage is conveyed to the Trust such that the interests of the Owners or the Certificate Insurer in the related Qualified Replacement Mortgage are materially and adversely affected; provided, however, that for the purposes of this subsection (b) any of the Representations and Warranties referring to items "as of the Cut-Off Date" or "as of the Startup Day" shall be deemed to refer to such items as of the date such Qualified Replacement Mortgage is conveyed to the Trust. (c) The Sponsor acknowledges that a breach of any of the Representations and Warranties (x) relating to marketability of title sufficient to transfer unencumbered title to 44 a Mortgage Loan, (y) relating to enforceability of the Mortgage Loan against the related Mortgagor or Property or (z) set forth in clause (a)(v) of Section 3.3 above constitutes a breach of a representation or warranty which "materially and adversely affects the interests of the Owners or of the Certificate Insurer" in such Mortgage Loan. (d) It is understood and agreed that the representations, warranties and covenants set forth in this Section 3.4 shall survive delivery of the respective Mortgage Loans (including Qualified Replacement Mortgage Loans) to the Trustee. (e) On the Closing Date, the Servicer shall furnish to the Certificate Insurer an Officer's Certificate certifying that the Mortgage Loans identified on the schedule attached thereto are the only Mortgage Loans for which the related Properties are located within those counties (the "Affected Counties") within the States of Ohio, Tennessee, Kentucky and Indiana that have been designated by the Federal Emergency Management Agency (FEMA) as having been affected by floods occurring in the latter part of 1996 and through the Closing Date. No later than the second Business Day following the Closing Date, the Certificate Insurer will randomly select from such schedule ten Mortgage Loans (the "Sample Loans") and notify the Servicer in writing of the identity of the selected Mortgage Loans. Within 60 days following receipt of the written notice identifying the Sample Loans, the Servicer shall (i) undertake, or cause to be undertaken, a physical inspection of the Properties securing the Sample Loans and the preparation of an inspection report with respect to such inspections; and (ii) furnish an Officer's Certificate of the Servicer to the Certificate Insurer and the Sponsor identifying, on the basis of the information in the inspection reports, those Properties (the "Breaching Properties") as to which the physical condition thereof does not comply with the representations and warranties contained in Section 5(b)(xi) of the Master Transfer Agreement. No provision of this subsection shall be deemed to modify, reduce, expand or otherwise affect the obligations of the Sponsor pursuant to Sections 3.3(b) or 3.4(a) of this Agreement with respect to any Mortgage Loan. Section 3.5. Conveyance of the Mortgage Loans. (a) The Sponsor, concurrently with the execution and delivery hereof, hereby transfers, sells, assigns, sets over and otherwise conveys without recourse, to the Trustee on behalf of the Trust, all right, title and interest of the Sponsor in and to each Mortgage Loan listed on the Schedule of Mortgage Loans delivered by the Sponsor on the Startup Day, all its right, title and interest in and to payments of principal and interest (including Prepaid Installments) due after the Cut-Off Date, and all payments of principal collected after the Cut-Off Date, together with all of its right, title and interest in and to all related Insurance Policies. The transfer by the Sponsor of the Mortgage Loans set forth on the Schedule of Mortgage Loans to the Trustee on behalf of the Trust is absolute and is intended by the Owners and all parties hereto to be treated as a sale by the Sponsor. (b) In connection with the transfer, sale and assignment of the Mortgage Loans, the Sponsor agrees to: 45 (i) cause to be delivered, on the Startup Day with respect to the Mortgage Loans, without recourse, to the Trustee (A) the original Notes, endorsed without recourse by the related Originator "For value received, I hereby transfer, endorse and assign to Norwest Bank Minnesota, National Association, as Trustee for EquiVantage Home Equity Loan Trust 1997-1, the Note and Deed of Trust or Mortgage securing the same, so far as the same pertains to said Note, without recourse"; (B) originals or certified copies of all intervening assignments, if any, showing a complete chain of assignment from origination to the Originator, including warehousing assignments, with evidence of recording or certification of filing for recordation thereon; (C) originals of all assumption and modification agreements, if any; (D) either: (1) the original Mortgage, with evidence of recording thereon, (2) a true and accurate copy of the Mortgage where the original Mortgage has been transmitted for recording, until such time as the original Mortgage is returned by the public recording office, or (3) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost; (E) the original mortgage title insurance policy, title commitment, binder or attorney's opinion of title and abstract of title; provided that, in the event a copy of any mortgage, title policy or title commitment was originally delivered to the Trustee pursuant to this Section 3.5(b)(i)(E), the Sponsor shall cause the related original mortgage, title policy, or title commitment to be delivered to the Trustee within one year of the Startup Day; and (F) an assignment in blank of each Mortgage executed by the record holder of such Mortgage, which assignment shall be in recordable form; (ii) cause, within 30 days following the Startup Day, assignments of the Mortgages from the Sponsor or the related Originator, if the Originator is the record holder of such Mortgage to "Norwest Bank Minnesota, National Association, as Trustee of EquiVantage Home Equity Loan Trust 1997-1 under the Pooling and Servicing Agreement dated as of March 1, 1997", to be submitted for recording in the appropriate jurisdictions wherein such recordation is necessary to perfect the lien thereof as against creditors of or purchasers from the Sponsor to the Trustee on behalf of the Trust; provided, however, that the Sponsor shall not be required to record an assignment for any Mortgage (x) until such original recording information is available or (y) as to which the Sponsor furnishes, within such 30-day period, at the Sponsor's expense, an opinion of counsel to the Trustee ("Assignment Opinion"), or other documentation acceptable to the Trustee and the Certificate Insurer, which opines or provides evidence that recording is not necessary to perfect the rights of the Trustee in the related Mortgage (in form and substance satisfactory to the Certificate Insurer, Moody's and S&P). Following the expiration of 46 such 30-day period and except with respect to Mortgages covered by the Assignment Opinions, the Sponsor shall cause to be recorded a Mortgage assignment for any Mortgage for which original recording information is subsequently received by the related Originator, and shall promptly deliver a copy of such Mortgage assignment to the Trustee; and (iii) cause, within five Business Days following the expiration of such 30- day period referred to in clause (ii) above, to be delivered to the Trustee certified copies of all Mortgage assignments submitted for recording, together with a list (which list also shall be delivered to the Certificate Insurer) of (x) all Mortgages for which no Mortgage assignment has yet been submitted for recording by the Sponsor and (y) reasons why the Sponsor has not yet submitted such Mortgage assignments for recording. With respect to any Mortgage assignment set forth on the aforementioned list which has not been submitted for recording for a reason other than a lack of original recording information or with respect to Mortgages covered by the Assignment Opinions, the Trustee shall make an immediate demand on the Sponsor to cause such Mortgage assignments to be recorded, and shall inform the Certificate Insurer of the Sponsor's failure to cause such Mortgage assignments to be recorded. Thereafter, the Trustee shall, with respect to any assignment on the aforementioned list, upon the request of the Certificate Insurer (which request shall be made only if (i) applicable law requires such recordation to perfect the rights of the Trustee in the related Mortgage or (ii) the Certificate Insurer has removed the Servicer pursuant to Section 8.20), complete and cause to be submitted for recording the assignment of Mortgage referred to in clause (F) of Section 3.5(b)(i). In furtherance of the foregoing, the Sponsor agrees to cause to be delivered on the Startup Day an original executed power of attorney, executed by the Sponsor, substantially in the form of Exhibit L, authorizing the Trustee to complete and record the assignments of Mortgage described in clause (F) of Section 3.5(b)(i) above, and if necessary, to execute a new assignment of Mortgage for any Mortgage Loan if the original assignment of Mortgage delivered by the Sponsor to the Trustee is not in recordable form at such time as the assignment of Mortgage is to be recorded by the Trustee. All Mortgage assignments as to which an acceptable Assignment Opinion has not been delivered shall be accomplished within twelve months of the Startup Day (including any assignments not originally recorded due to lack of recordation information), unless the Certificate Insurer agrees to extend such period, at the expense of the Originator or of the Sponsor. Notwithstanding anything to the contrary contained in this Section 3.5, in those instances as identified by the Sponsor where the public recording office retains the original Mortgage, the assignment of a Mortgage or the intervening assignments of the Mortgage after it has been recorded, the Sponsor shall be deemed to have satisfied its obligations 47 hereunder upon delivery to the Trustee of a copy of such Mortgage, such assignment or assignments of Mortgage certified by the public recording office to be a true copy of the recorded original thereof. If the Servicer is removed pursuant to Section 8.20, the Trustee or other successor Servicer shall submit all assignments for recording; the costs of such assignments shall be paid by the Servicer. Copies of all Mortgage assignments received by the Trustee shall be kept in the related File. The Servicer hereby acknowledges that the Financing Statements have been duly submitted for filing. From time to time hereafter, the Servicer shall take or cause to be taken such actions and execute such documents as are necessary to perfect and protect the Trust's and the Owners' interests in the Files against all other Persons, including, without limitation, the filing of financing statements, amendments thereto and continuation statements. (c) In the case of Mortgage Loans which have been prepaid in full on or after the Cut-Off Date and prior to the Startup Day, the Sponsor, in lieu of the foregoing, will deliver within 15 Business Days after the Startup Day to the Trustee a certification of an Authorized Officer in the form set forth in Exhibit D. (d) The Sponsor shall transfer, sell, assign, set over and otherwise convey without recourse, to the Trustee on behalf of the Trust all right, title and interest of the Sponsor in and to any Qualified Replacement Mortgage delivered to the Trustee on behalf of the Trust by the Sponsor pursuant to Section 3.3, Section 3.4 or Section 3.6 hereof and all its right, title and interest to unscheduled payments of principal (including Prepayments) collected on and after the applicable Replacement Cut-Off Date, together with all payments of principal collected and interest due after the applicable Replacement Cut-Off Date, and all of its right, title and interest in and to all related Insurance Policies. (e) As to each Mortgage Loan released from the Trust in connection with the repurchase thereof or conveyance of a Qualified Replacement Mortgage therefor, the Sponsor will prepare and deliver to the Trustee an appropriate instrument for execution by the Trustee, and the Trustee will transfer, assign, set over and otherwise convey without representation, warranty or recourse, on the Sponsor's order, all of its right, title and interest in and to such released Mortgage Loan and all the Trust's right, title and interest to unscheduled payments of principal (including Prepayments) collected on and after the applicable Replacement Cut-Off Date, together with all payments of principal collected and interest due after the applicable Replacement Cut-Off Date, and all of its right, title and interest in and to all related Insurance Policies. (f) In connection with any transfer, sale and assignment of a Qualified Replacement Mortgage to the Trustee on behalf of the Trust, the Sponsor agrees to cause to be delivered to the Trustee the items described in Section 3.5(b) on the date of such transfer, 48 sale and assignment or, if a later delivery time is permitted by Section 3.5(b), then no later than such later delivery time. (g) As to each Mortgage Loan released from the Trust in connection with the repurchase thereof or conveyance of a Qualified Replacement Mortgage the Trustee shall deliver on the date of conveyance of such Qualified Replacement Mortgage and on the order of the Sponsor (i) the original Note, or the certified copy, relating thereto, if the certified copy is a legal substitute for an otherwise unavailable original Note endorsed without recourse, to the Sponsor and (ii) such other documents as constituted the File with respect thereto. (h) If a Mortgage assignment is lost during the process of recording, or is returned from the recorder's office unrecorded due to a defect therein, the Sponsor shall prepare a substitute assignment or cure such defect, as the case may be, and thereafter cause each such assignment to be duly recorded. (i) The Sponsor shall reflect on its records that the Mortgage Loans have been sold to the Trust. (j) The Sponsor shall deliver to the Servicer, the Certificate Insurer and the Trustee a schedule of the Escrow Loans. (k) With respect to each Escrow Loan, the Sponsor shall deliver to the Trustee within one year after the Closing Date the following documents related to such Escrow Loan: (i) escrow agreement, (ii) disbursement ledger, (iii) Mortgagor's certification as to completion, (iv) if applicable, contractor's certification as to completion and (v) if applicable, appraiser's unqualified certification as to final completion pursuant to which the appraiser (or, if the original appraiser has since died, retired, has been certified as an incompetent, has gone insane or otherwise is unable to perform, a suitable substitute appraiser) confirms that the Appraised Value of the Property upon completion of the improvement (disregarding intervening changes, if any, in market value) is at least equal to such appraiser's original estimate of such Appraised Value (each such document, a "Required Escrow Document"). The Trustee shall hold each Required Escrow Document so delivered in the related File. No later than the end of the thirteenth month following the Startup Day, the Trustee shall report to the Sponsor, the Originator, the Servicer and the Certificate Insurer whether all Required Escrow Documents relating to the Escrow Loans have been received by the Trustee. If such report indicates that any Required Escrow Document has not been received, the Sponsor shall be required to take the actions set forth in Section 3.6(b) if the lack of such Required Escrow Document materially and adversely affects the interest of the Owners or of the Certificate Insurer in the related Escrow Loan. Section 3.6. Acceptance by Trustee; Certain Substitutions of Mortgage Loans; Certification by Trustee. (a) The Trustee agrees to execute and deliver on the Startup Day an acknowledgment of receipt of the Notes delivered by the Sponsor in the form attached as 49 Exhibit E hereto, and declares that it will hold the related File, together with any amendments, replacements or supplements thereto, as well as any other assets included in the definition of Trust Estate and delivered to the Trustee, as Trustee in trust upon and subject to the conditions set forth herein for the benefit of the Owners and the Certificate Insurer. The Trustee further agrees to review the documents contained in each such File and any other documents delivered by the Sponsor within 90 days after the Startup Day (or within 90 days with respect to any Qualified Replacement Mortgage after the assignment thereof) and to deliver to the Sponsor, the Servicer and the Certificate Insurer a pool certification in the form attached hereto as Exhibit F (the "Pool Certification") to the effect that, except as described in such certification, as to each Mortgage Loan listed in the Schedule of Mortgage Loans (other than any Mortgage Loan paid in full or any Mortgage Loan specifically identified in such Pool Certification as not covered by such Pool Certification), (i) all documents required to be delivered to it pursuant to this Agreement are in its possession, (ii) such documents have been reviewed by it and have not been mutilated, damaged, torn or otherwise physically altered and relate to such Mortgage Loan and (iii) based on its examination and only as to the foregoing documents, the information set forth on the Schedule of Mortgage Loans accurately reflects the information set forth in the related File; provided, however, that such Pool Certification shall not be delivered prior to 90 days after the Startup Day. The Trustee shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that they are genuine, enforceable, or appropriate for the represented purpose or that they are other than what they purport to be on their face, nor shall the Trustee be under any duty to determine independently whether there are any intervening assignments or assumption or modification agreements with respect to any Mortgage Loan. (b) If the Trustee during such 90-day period finds any document constituting a part of a File which is not properly executed, has not been received within the specified period, or is unrelated to the Mortgage Loans identified in the Schedule of Mortgage Loans, or that any Mortgage Loan does not conform in a material respect to the description thereof as set forth in the Schedule of Mortgage Loans, the Trustee shall promptly so notify the Sponsor and the Certificate Insurer. In performing any such review, the Trustee may conclusively rely on the Sponsor as to the purported genuineness of any such document and any signature thereon. It is understood that the scope of the Trustee's review of the items delivered by the Sponsor pursuant to Section 3.5(b)(i) is limited solely to confirming that the documents listed in Section 3.5(b)(i) have been executed and received, relate to the Files identified in the Schedule of Mortgage Loans and conform materially to the description thereof in the Schedule of Mortgage Loans. The Sponsor agrees to use reasonable efforts to remedy a material defect in a document constituting part of a File of which it is so notified by the Trustee. If, however, within 60 days after the Trustee's notice to it respecting such defect the Sponsor has not remedied or caused to be remedied the defect and the defect materially and adversely affects the interest in the related Mortgage Loan of the Owners or of the Certificate Insurer, the Sponsor will (or will cause the Originator or an affiliate of the Sponsor to) on the next succeeding Remittance Date (i) substitute in lieu of such Mortgage Loan a Qualified Replacement Mortgage and, deliver the Substitution Amount applicable thereto to the Servicer for deposit in the Principal and Interest Account or (ii) purchase such Mortgage Loan at a purchase price equal to the Loan Purchase Price thereof, which purchase 50 price shall be delivered to the Servicer for deposit in the Principal and Interest Account. In connection with any such proposed purchase or substitution the Sponsor shall cause at the Sponsor's expense to be delivered promptly to the Trustee and to the Certificate Insurer an opinion of counsel experienced in federal income tax matters stating whether or not such a proposed purchase or substitution would constitute a Prohibited Transaction for the Trust or would jeopardize the status of either the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC, and the Sponsor shall only be required to take either such action to the extent such action would not constitute a Prohibited Transaction for the Trust or would not jeopardize the status of either the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC. Within 375 days after the Closing Date, the Trustee shall deliver to the Certificate Insurer a final certification (the "Final Certification") evidencing the completeness of the Files acquired by the Trustee on behalf of the Trust. To the extent that the Final Certification reflects any exceptions, the Seller and Trustee shall continue to deliver to the Certificate Insurer a monthly certification reflecting the status of any exceptions until all such exceptions have been cured. Section 3.7.Cooperation Procedures. (a) The Sponsor shall, in connection with the delivery of each Qualified Replacement Mortgage to the Trustee, provide the Trustee with the information set forth in the Schedule of Mortgage Loans with respect to such Qualified Replacement Mortgage. (b) The Sponsor, the Servicer and the Trustee covenant to provide each other, the Certificate Insurer and each of Moody's and S&P with all data and information required to be provided by them hereunder at the times required hereunder, and additionally covenant reasonably to cooperate with each other in providing any additional information required by any of them, the Certificate Insurer or either Moody's and S&P in connection with their respective duties hereunder. (c) The Trustee shall have no duty hereunder with respect to any complaint, claim, demand, notice or other document it may receive or which may be alleged to have been delivered to or served upon it by third parties as a consequence of the assignment of any Mortgage Loan hereunder, and the Servicer hereby expressly releases, indemnifies and agrees to hold the Trustee harmless from any losses to the Trustee or Trust Fund resulting therefrom; provided, however, that the Trustee shall use commercially reasonable efforts to deliver to the Servicer any such complaint, claim, demand, notice or other document which is delivered to the Corporate Trust Office of the Trustee and contains sufficient information to enable the Trustee to identify it as pertaining to a Mortgage Loan. (d) The Trustee shall file on behalf of the Trust all reports required to be filed with the Securities and Exchange Commission or any exchange or association of securities dealers pursuant to the Securities and Exchange Act of 1934, as amended, or any rules and regulations thereunder. 51 ARTICLE IV ISSUANCE AND SALE OF CERTIFICATES Section 4.1. Issuance of Certificates. On the Startup Day, upon the Trustee's receipt from the Sponsor of an executed Delivery Order in the form set forth as Exhibit G hereto, the Trustee shall execute, authenticate and deliver the Certificates on behalf of the Trust in accordance with the directions set forth in such Delivery Order. Section 4.2. Sale of Certificates. At 11:00 a.m. New York City time on the Startup Date, at the offices of Andrews & Kurth L.L.P., 1701 Pennsylvania Avenue, N.W., Washington, D.C. 20006, the Sponsor will sell and convey the Mortgage Loans and the money, instruments and other property related thereto to the Trustee, and the Trustee will (i) deliver to the Underwriter, the Class A Certificates with an aggregate Percentage Interest in each Class equal to 100%, registered in the name of Cede & Co. or in such other names as the Underwriter shall direct, against payment of the purchase price thereof by wire transfer of immediately available funds to the Trustee and (ii) deliver to the Sponsor, the Class B Certificates and the Residual Certificates, with an aggregate Percentage Interest equal to 100%, registered as the Sponsor shall request. Upon receipt of the proceeds of the sale of the Certificates, the Trustee shall, from the proceeds of the sale of the Certificates, pay such fees and expenses as are identified by the Sponsor, and pay to the Sponsor the balance after deducting such amounts. The Sponsor shall pay directly to the Certificate Insurer the Initial Premium. ARTICLE V CERTIFICATES AND TRANSFER OF INTERESTS Section 5.1. Terms. (a) The Certificates are pass-through securities having the rights described therein and herein. Notwithstanding references herein or therein with respect to the Certificates as to "principal" and "interest" no debt of any Person is represented thereby, nor are the Certificates or the underlying Notes guaranteed by any Person (except that the Notes may be recourse to the Mortgagors thereof to the extent permitted by law and except for the rights of the Trustee with respect to the Certificate Insurance Policy). Distributions on the Certificates are payable solely from payments received on or with respect to the Mortgage Loans (other than the Servicing Fees), moneys in the Principal and Interest Account and the Certificate Account, except as otherwise provided herein, from earnings on moneys and the proceeds of property held as a part of the Trust Estate upon the occurrence of certain events, from Insured Payments, Delinquency Advances and Compensating Interest made by the Servicer or otherwise held by the Servicer in Trust for the Owners, except as otherwise provided herein. Each Certificate entitles the Owner thereof to receive monthly on each Payment Date, in order of priority of distributions with respect to such Class of Certificates, a specified portion of such payments with respect to the Mortgage Loans in the related 52 Mortgage Loan Group, certain related Insured Payments, pro rata in accordance with such Owner's Percentage Interest. (b) Each Owner is required, and hereby agrees, to return to the Trustee any Certificate with respect to which the Trustee has made the final distribution due thereon. Any such Certificate as to which the Trustee has made the final distribution thereon shall be deemed canceled and shall no longer be Outstanding for any purpose of this Agreement, whether or not such Certificate is ever returned to the Trustee. Section 5.2. Forms. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class B Certificates, Class RL Certificates and Class RU Certificates shall be in substantially the forms set forth in Exhibits A-1, A-2, A-3, A-4, A-5, B, C-1 and C-2 hereof, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement or as may in the Sponsor's judgment be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any applicable securities laws. Section 5.3. Execution, Authentication and Delivery. Each Certificate shall be executed on behalf of the Trust, by the manual or facsimile signature of one of the Trustee's Authorized Officers and shall be authenticated by the manual signature of one of the Trustee's Authorized Officers. Certificates bearing the signature of individuals who were at any time the proper officers of the Trustee shall, upon proper authentication by the Trustee, bind the Trust, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the execution and delivery of such Certificates or did not hold such offices at the date of authentication of such Certificates. The initial Certificates shall be dated as of the Startup Day and delivered at the Closing to the parties specified in Section 4.2 hereof. No Certificate shall be valid until executed and authenticated as set forth above. Section 5.4. Registration and Transfer of Certificates. (a) The Trustee, as registrar, shall cause to be kept a register (the "Register") in which, subject to such reasonable regulations as it may prescribe, the Trustee shall provide for the registration of Certificates and the registration of transfer of Certificates. The Trustee is hereby appointed registrar for the purpose of registering Certificates and transfers of Certificates as herein provided. The Owners shall have the right to inspect the Register at all reasonable times and to obtain copies thereof. (b) Subject to the provisions of Section 5.8 hereof, upon surrender for registration of transfer of any Certificate at the office designated as the location of the Register, the 53 Trustee shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Certificates of a like Class and in the aggregate Certificate Principal Balance of the Certificate so surrendered. (c) At the option of any Owner, Certificates of any Class owned by such Owner may be exchanged for other Certificates authorized of like Class, tenor and a like aggregate Certificate Principal Balance and bearing numbers not contemporaneously outstanding, upon surrender of the Certificates to be exchanged at the office designated as the location of the Register. Whenever any Certificate is so surrendered for exchange, the Trustee shall execute, authenticate and deliver the Certificate or Certificates which the Owner making the exchange is entitled to receive. (d) All Certificates issued upon any registration of transfer or exchange of Certificates shall be valid evidence of the same ownership interests in the Trust and entitled to the same benefits under this Agreement as the Certificates surrendered upon such registration of transfer or exchange. (e) Every Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the Owner thereof or his attorney duly authorized in writing. (f) No service charge shall be made to an Owner for any registration of transfer or exchange of Certificates, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Certificates; any other expenses in connection with such transfer or exchange shall be an expense of the Trust. The Trustee shall not be liable for any expenses in connection with the issuance of Certificates pursuant to this Section 5.4. (g) It is intended that the Class A Certificates be registered so as to participate in a global book-entry system with the Depository, as set forth herein. The Class A Certificates shall, except as otherwise provided in the next paragraph, be initially issued in the form of a single fully registered Class A Certificate with a denomination equal to the related Original Class A Certificate Principal Balance. Upon initial issuance, the ownership of each such Class A Certificate shall be registered in the Register in the name of Cede & Co., or any successor thereto, as nominee for the Depository. The minimum denominations shall be $1,000 for any Class A Certificate, and 10% Percentage Interest for any Class B Certificate or any Residual Certificate. The Sponsor and the Trustee are hereby authorized to execute and deliver the Representation Letter with the Depository. With respect to Class A Certificates registered in the Register in the name of Cede & Co., as nominee of the Depository, the Sponsor, the Servicer, the Certificate Insurer and the Trustee shall have no responsibility or obligation to Direct or Indirect Participants or 54 beneficial owners for which the Depository holds Class A Certificates from time to time as a Depository. Without limiting the immediately preceding sentence, the Sponsor, the Servicer, the Certificate Insurer and the Trustee shall have no responsibility or obligation with respect to (i) the accuracy of the records of the Depository, Cede & Co., or any Direct or Indirect Participant with respect to the ownership interest in the Class A Certificates, (ii) the delivery to any Direct or Indirect Participant or any other Person, other than a registered Owner of a Class A Certificate as shown in the Register, of any notice with respect to the Class A Certificates or (iii) the payment to any Direct or Indirect Participant or any other Person, other than a registered Owner of a Class A Certificate as shown in the Register, of any amount with respect to any distribution of principal or interest on the Class A Certificates. No Person other than a registered Owner of a Class A Certificate as shown in the Register shall receive a certificate evidencing such Class A Certificate. Upon delivery by the Depository to the Trustee of written notice to the effect that the Depository has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions hereof with respect to the payment of interest by the mailing of checks or drafts to the registered Owners of Class A Certificates appearing as registered Owners in the registration books maintained by the Trustee at the close of business on a Record Date, the name "Cede & Co." in this Agreement shall refer to such new nominee of the Depository. (h) In the event that (i) the Depository or the Sponsor advises the Trustee in writing that the Depository is no longer willing or able to discharge properly its responsibilities as nominee and depository with respect to the Class A Certificates and the Sponsor is unable to locate a qualified successor or (ii) the Sponsor at its sole option elects to terminate the book-entry system through the Depository, the Class A Certificates shall no longer be restricted to being registered in the Register in the name of Cede & Co. (or a successor nominee) as nominee of the Depository. At that time, the Sponsor may determine that the Class A Certificates shall be registered in the name of and deposited with a successor depository operating a global book-entry system, as may be acceptable to the Sponsor, or such depository's agent or designee but, if the Sponsor does not select such alternative global book-entry system, then the Class A Certificates may be registered in whatever name or names registered Owners of Class A Certificates transferring Class A Certificates shall designate, in accordance with the provisions hereof. (i) Notwithstanding any other provision of this Agreement to the contrary, so long as any Class A Certificate is registered in the name of Cede & Co., as nominee of the Depository, all distributions of principal or interest on such Class A Certificates as the case may be and all notices with respect to such Class A Certificates as the case may be shall be made and given, respectively, in the manner provided in the Representation Letter. Section 5.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) in the case of any mutilated Certificate, such mutilated Certificate shall first be surrendered to the Trustee, and in the case of any destroyed, lost or stolen Certificate, there shall be first delivered to the Trustee such security or indemnity as may be reasonably required by it to hold the Trust and the Trustee 55 harmless (provided, that with respect to an Owner which is an insurance company of investment grade credit rating, a letter of indemnity furnished by it shall be sufficient for this purpose), then, in the absence of notice to the Trustee that such Certificate has been acquired by a bona fide purchaser, the Trustee shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor and aggregate Certificate Principal Balance, bearing a number not contemporaneously outstanding. Upon the issuance of any new Certificate under this Section, the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto; any other expenses in connection with such issuance shall be an expense of the Trust. The Trustee shall not be liable for any expenses in connection with the issuance of Certificates pursuant to this Section 5.5. Every new Certificate issued pursuant to this Section in exchange for or in lieu of any mutilated, destroyed, lost or stolen Certificate shall constitute evidence of a substitute interest in the Trust, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates of the same Class duly issued hereunder and such mutilated, destroyed, lost or stolen Certificate shall not be valid for any purpose. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. Section 5.6. Persons Deemed Owners. The Trustee and the Certificate Insurer and any of their respective agents may treat the Person in whose name any Certificate is registered as the Owner of such Certificate for the purpose of receiving distributions with respect to such Certificate and for all other purposes whatsoever, and neither the Trustee, the Certificate Insurer nor any of their respective agents shall be affected by notice to the contrary. Section 5.7. Cancellation. All Certificates surrendered for registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. No Certificate shall be authenticated in lieu of or in exchange for any Certificate canceled as provided in this Section, except as expressly permitted by this Agreement. All canceled Certificates may be held or destroyed by the Trustee in accordance with its standard policy. The Sponsor, the Servicer, the Certificate Insurer and any Originator may at any time deliver any Certificate to the Trustee for cancellation, and the Trustee is hereby authorized to cancel any such Certificate. Section 5.8. Limitation on Transfer of Ownership Rights. (a) No sale or other transfer of any Class A Certificate shall be made to the Sponsor or any of its respective affiliates, the Servicer, any Sub-Servicer or the Trust. 56 (b) No sale or other transfer of record or beneficial ownership of any Residual Certificate (whether pursuant to a purchase, a transfer resulting from a default under a secured lending agreement or otherwise) shall be made to a Disqualified Organization or agent of a Disqualified Organization. The transfer, sale or other disposition of any Residual Certificate (whether pursuant to a purchase, a transfer resulting from a default under a secured lending agreement or otherwise) to a Disqualified Organization shall be deemed to be of no legal force or effect whatsoever and such transferee shall not be deemed to be an Owner for any purpose hereunder, including, but not limited to, the receipt of distributions on such Residual Certificate. Furthermore, in no event shall the Trustee accept surrender for transfer, registration of transfer, or register the transfer, of any Residual Certificate nor authenticate and make available any new Residual Certificate unless the Trustee has received an affidavit from the proposed transferee substantially in the form attached hereto as Exhibit H. Each holder of any Residual Certificate, by his acceptance thereof, shall be deemed for all purposes to have consented to the provisions of this Section 5.8(b). (c) No other sale or other transfer of record or beneficial ownership of a Unregistered Certificate shall be made unless such transfer is exempt from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws or is made in accordance with said Act and laws. In the event such a transfer is to be made, (i) the Trustee or the Sponsor shall require a written opinion of counsel acceptable to and in form and substance satisfactory to the Sponsor that such transfer may be made pursuant to an exemption, describing the applicable exemption and the basis therefor, from said Act and laws or is being made pursuant to said Act and laws, which opinion of counsel shall not be an expense of the Trustee or the Sponsor, and (ii) the Trustee shall require the Transferee to execute an investment letter acceptable to and in form and substance satisfactory to the Sponsor certifying to the Trustee and the Sponsor the facts surrounding such transfer, which investment letter shall not be an expense of the Trustee. The Owner of a Unregistered Certificate desiring to effect such transfer shall, and does hereby agree to, indemnify the Trustee and the Sponsor against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. (d) Notwithstanding the foregoing, no sale or other transfer of record or beneficial ownership of a Class B Certificate or a Residual Certificate shall be made unless the Trustee shall have received a representation letter from the transferee of such Certificate, acceptable to and in form and substance satisfactory to the Trustee, to the effect that such transferee is not an employee benefit plan subject to Section 406 of ERISA nor a plan nor other arrangement subject to Section 4975 of the Code (collectively, a "Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to affect such transfer. Section 5.9. Assignment of Rights. An Owner may pledge, encumber, hypothecate or assign all or any part of its right to receive distributions hereunder, but such pledge, encumbrance, hypothecation or assignment shall not constitute a transfer of an ownership interest sufficient to render the transferee an Owner of the Trust without compliance with the provisions of Section 5.4 and Section 5.8 hereof. 57 ARTICLE VI COVENANTS Section 6.1. Distributions. The Trustee will duly and punctually pay distributions with respect to the Certificates from the Trust Estate in accordance with the terms of the Certificates and this Agreement based on the related Servicer's report. Such distributions shall be made (i) by check mailed on each Payment Date or (ii) if requested by any Owner, to such Owner by wire transfer to an account within the United States designated no later than five Business Days prior to the related Record Date, made on each Payment Date, in each case to each Owner of record on the immediately preceding Record Date; provided, however, that an Owner of a Class A Certificate shall only be entitled to payment by wire transfer if such Owner owns Class A Certificates with an Original Certificate Principal Balance of at least $5,000,000. Section 6.2. Money for Distributions to be Held in Trust; Withholding. (a) All payments of amounts due and payable with respect to any Certificate that are to be made from amounts withdrawn from the Certificate Account pursuant to Section 7.5 hereof or from Insured Payments shall be made by the Trustee on behalf of the Trust, and no amounts so withdrawn from the Certificate Account for payments of the Certificates and no Insured Payment shall be paid over to the Trustee except as provided in this Section. (b) The Trustee on behalf of the Trust shall comply with all requirements of the Code and applicable state and local law with respect to the withholding from any distributions made by it to any Owner of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. (c) Any money held by the Trustee in trust for the payment of any amount due with respect to any Class A Certificate, Class B Certificate or Residual Certificate and remaining unclaimed by the Owner of such Certificate for the period then specified in the escheat laws of the State of New York after such amount has become due and payable shall be discharged from such trust and be paid first to the Owners of the Class A Certificates, second, to the Certificate Insurer on account of any Reimbursement Amounts, third, to the Owners of the Class B Certificates and fourth to the Owners of the Residual Certificates; and the Owner of such Certificate shall thereafter, as an unsecured general creditor, look only to the Certificate Insurer or the Sponsor for payment thereof (but only to the extent of the amounts so paid to the Certificate Insurer or the Sponsor), and all liability of the Trustee with respect to such trust money shall thereupon cease; provided, however, that the Trustee, before being required to make any such payment, shall at the expense of the Trust cause to be published once, in the eastern edition of The Wall Street Journal, notice that such money remains unclaimed and that, after a date specified therein, which shall be not fewer than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the Certificate Insurer (to the extent of any Reimbursement Amount then owing to it) or the Sponsor. The Trustee shall, at the direction of the Sponsor, also adopt and 58 employ, at the expense of the Sponsor, any other reasonable means of notification of such payment (including but not limited to mailing notice of such payment to Owners whose right to or interest in moneys due and payable but not claimed is determinable from the Register at the last address of record for each such Owner). Section 6.3. Protection of Trust Estate. (a) The Trustee will hold the Trust Estate in trust for the benefit of the Owners and the Certificate Insurer, and with the consent of the Certificate Insurer, at the request and expense of the Sponsor, will from time to time execute and deliver all such supplements and amendments hereto pursuant to Section 11.14 hereof and all instruments of further assurance and other instruments, and will take such other action upon such request to: (i) more effectively hold in trust all or any portion of the Trust Estate; (ii) perfect, publish notice of, or protect the validity of any grant made or to be made by this Agreement; (iii) enforce any of the Mortgage Loans; or (iv) preserve and defend title to the Trust Estate and the rights of the Trustee, and the ownership interests of the Owners represented thereby, in such Trust Estate against the claims of all Persons and parties. The Trustee shall send copies of any request received from the Certificate Insurer or the Sponsor to take any action pursuant to this Section 6.3 to the other party. (b) The Trustee shall have the power to enforce, and shall enforce the obligations of the other parties to this Agreement and of the Certificate Insurer, by action, suit or proceeding at law or equity, and shall also have the power to enjoin, by action or suit in equity, any acts or occurrences which may be unlawful or in violation of the rights of the Owners; provided, however, that nothing in this Section shall require any action by the Trustee unless the Trustee shall first (i) have been furnished indemnity satisfactory to it and (ii) when required by this Agreement, have been requested to take such action by a majority of the Percentage Interests represented by the Class A Certificates then Outstanding or, if there are no longer any Class A Certificates then outstanding, by such majority of the Percentage Interests represented by the Class B Certificates. (c) The Trustee shall execute any instrument reasonably required pursuant to this Section so long as such instrument does not conflict with this Agreement or with the Trustee's fiduciary duties. Section 6.4. Performance of Obligations. The Trustee will not take any action that would release the Sponsor, the Servicer, the Originator or the Certificate Insurer from any 59 of their respective covenants or obligations under any instrument or document relating to the Trust Estate or the Certificates or which would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or document, except as expressly provided in this Agreement or such other instrument or document. The Trustee may contract with other Persons to assist it in performing its duties hereunder. Section 6.5. Negative Covenants. The Trustee will not, to the extent within the control of the Trustee, take any of the following actions: (i) sell, transfer, exchange or otherwise dispose of any of the Trust Estate except as expressly permitted by this Agreement; (ii) claim any credit on or make any deduction from the distributions payable in respect of, the Certificates (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Owner by reason of the payment of any taxes levied or assessed upon any of the Trust Estate; (iii) incur, assume or guaranty on behalf of the Trust any indebtedness of any Person except pursuant to this Agreement; (iv) dissolve or liquidate the Trust Estate in whole or in part, except pursuant to Article IX hereof; or (v) impair the validity or effectiveness of this Agreement, or release any Person from any covenants or obligations with respect to the Trust or to the Certificates under this Agreement, except as may be expressly permitted hereby or (B) create or extend any lien, charge, adverse claim, security interest, mortgage or other encumbrance to or upon the Trust Estate or any part thereof or any interest therein or the proceeds thereof except as may be expressly permitted herein. Section 6.6. No Other Powers. The Trustee will not, to the extent within the control of the Trustee, permit the Trust to engage in any business activity or transaction other than those activities permitted by Section 2.3 hereof. Section 6.7. Limitation of Suits. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to this Agreement or the Certificate Insurance Policy or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 60 (1) such Owner has previously given written notice to the Sponsor and the Trustee of such Owner's intention to institute such proceeding; (2) the Owners of not less than 25% of the Percentage Interests represented by the Class A Certificates then Outstanding or, if there are no Class A Certificates then Outstanding, by such percentage of the Percentage Interests represented by the Class B Certificates, shall have made written request to the Trustee to institute such proceeding in respect of such Event of Default; (3) such Owner or Owners have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such proceeding; (5) as long as any Class A Certificates are Outstanding, the Certificate Insurer consented in writing thereto; and (6) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Certificate Insurer or by the Owners of a majority of the Percentage Interests represented by the Class A Certificates or, if there are no Class A Certificates then Outstanding, by such majority of the Percentage Interests represented by the Class B Certificates; it being understood and intended that no one or more Owners shall have any right in any manner whatever by virtue of, or by availing themselves of, any provision of this Agreement to affect, disturb or prejudice the rights of any other Owner of the same Class or to obtain or to seek to obtain priority or preference over any other Owner of the same Class or to enforce any right under this Agreement, except in the manner herein provided and for the equal and ratable benefit of all the Owners of the same Class. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more Classes of Owners, each representing less than a majority of the applicable Class of Certificates, the Trustee shall act at the direction of the Certificate Insurer. Section 6.8. Unconditional Rights of Owners to Receive Distributions. Notwithstanding any other provision in this Agreement, the Owner of any Certificate shall have the right, which is absolute and unconditional, to receive distributions to the extent provided herein and therein with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. 61 Section 6.9. Rights and Remedies Cumulative. Except as otherwise provided herein, no right or remedy herein conferred upon or reserved to the Trustee, the Certificate Insurer or to the Owners is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as otherwise provided herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. Section 6.10. Delay or Omission Not Waiver. No delay of the Trustee, the Certificate Insurer or any Owner of any Certificate to exercise any right or remedy under this Agreement to any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VI or by law to the Trustee, the Certificate Insurer or to the Owners may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, the Certificate Insurer or by the Owners, as the case may be. Section 6.11. Control by Owners. The Certificate Insurer or the Majority Owners, with the consent of the Certificate Insurer (which may not be unreasonably withheld) may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Certificates or exercising any trust or power conferred on the Trustee with respect to the Certificates or the Trust Estate, including, but not limited to, those powers set forth in Section 6.3 and Section 8.20 hereof; provided that: (1) such direction shall not be in conflict with any rule of law or with this Agreement; (2) the Trustee shall have been provided with indemnity satisfactory to it; and (3) the Trustee may take any other action deemed proper by the Trustee, which is not inconsistent with such direction; provided, however, that the Trustee need not take any action which it determines might involve it in liability or may be unjustly prejudicial to the Owners not so directing. ARTICLE VII ACCOUNTS, DISBURSEMENTS AND RELEASES Section 7.1. Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of all money and other property payable to or receivable by the Trustee pursuant to this Agreement, including (a) all payments due on the Mortgage Loans in accordance with the respective terms and conditions of such Mortgage Loans and required to be paid over to the Trustee by the Servicer or by any Sub-Servicer and 62 (b) Insured Payments in accordance with the terms of the Certificate Insurance Policy. The Trustee shall hold all such money and property received by it, other than pursuant to or as contemplated by Section 6.2(b) hereof, as part of the Trust Estate and shall apply it as provided in this Agreement. Section 7.2. Establishment of Certificate Account. The Sponsor shall establish and maintain, at the corporate trust office of the Trustee, a Certificate Account to be held by the Trustee as a segregated trust account in the name of the Trust so long as the Trustee qualifies as a Designated Depository Institution and if the Trustee does not qualify, then by any Designated Depository Institution for the benefit of the Owners of the Certificates and the Certificate Insurer, as their interests may appear. Section 7.3. The Certificate Insurance Policy. (a) (i) By 12:00 noon New York City time on each Determination Date the Trustee shall determine with respect to the immediately following Payment Date the amount (after taking into account investment earnings) expected to be on deposit in the Certificate Account on such Payment Date with respect to Group I and equal to the sum of (A) such amount excluding the amount of any Total Monthly Excess Cash Flow relating to Group I included in such amount for the related Payment Date plus (B) any amount of Total Monthly Excess Cash Flow from either Group to be applied on account of Group I on such Payment Date. The amount described in clause (A) of the preceding sentence with respect to each Payment Date, after taking into account the portion of the Group I Principal Distribution Amount to be actually distributed on such Payment Date without regard to any Insured Payment to be made with respect to Group I on such Payment Date, is the "Group I Available Funds"; the sum of the amounts described in clauses (A) and (B) of the preceding sentence with respect to each Payment Date is the "Group I Total Available Funds." (ii) By 12:00 Noon New York City time on each Determination Date the Trustee shall determine with respect to the immediately following Payment Date the amount (after taking into account investment earnings) expected to be on deposit in the Certificate Account on such Payment Date with respect to Group II and equal to the sum of (A) such amount excluding the amount of any Total Monthly Excess Cash Flow relating to Group II included in such amount for the related Payment Date plus (B) any amounts of Total Monthly Excess Cash Flow from either Group to be applied on account of Group II on such Payment Date. The amount described in clause (A) of the preceding sentence with respect to each Payment Date, after taking into account the portion of the Group II Principal Distribution Amount to be actually distributed on such Payment Date without 63 regard to any Insured Payment to be made with respect to Group II on such Payment Date, is the "Group II Available Funds" the sum of the amounts described in clauses (A) and (B) of the preceding sentence with respect to each Payment Date is the "Group II Total Available Funds." (b) If the Group I Insured Distribution Amount for any Payment Date exceeds the Group I Total Available Funds for such Payment Date (but net of any Group I Reimbursement Amount, Group I Premium Amount and Group I Monthly Trustee Fee Amount) (such event being a "Group I Total Available Funds Shortfall"), the Trustee shall complete a Notice in the form of Exhibit A attached to the Certificate Insurance Policy and submit such notice to the Certificate Insurer no later than 5:00 p.m. New York City time on the Determination Date as a claim for an Insured Payment in an amount equal to such Group I Total Available Funds Shortfall. The Notice shall specify the amount of the Insured Payment and shall constitute a claim for an Insured Payment pursuant to the Certificate Insurance Policy. Similarly, if on any Payment Date the Group II Insured Distribution Amount exceeds the Group II Total Available Funds for such Payment Date (but net of any Group II Reimbursement Amount, Group II Premium Amount and Group II Monthly Trustee Fee Amount) (such event being a "Group II Total Available Funds Shortfall"), the Trustee shall complete a Notice in the form of Exhibit A attached to the Certificate Insurance Policy and submit such notice to the Certificate Insurer no later than 5:00 p.m. New York City time on the Determination Date as a claim for an Insured Payment in an amount equal to such Group II Total Available Funds Shortfall. (c) The Trustee shall report to the Sponsor, the Certificate Insurer and the Servicer with respect to the amounts then held in each Account held by the Trustee and the identity of the investments included therein, as the Sponsor, the Certificate Insurer or the Servicer may from time to time request. Without limiting the generality of the foregoing, the Trustee, at the request of the Sponsor, the Certificate Insurer or the Servicer, shall transmit promptly to the Certificate Insurer, the Sponsor and the Servicer copies of all accountings of receipts in respect of the Mortgage Loans furnished to it by the Servicer. (d) The Trustee shall (i) receive as attorney-in-fact of the Owners of the Class A Certificates any Insured Payment from the Certificate Insurer and (ii) disburse the same to such Owners as set forth in Section 7.5(b). Insured Payments disbursed by the Trustee from proceeds of the Certificate Insurance Policy shall not be considered payment by the Trust with respect to the Class A Certificates, and the Certificate Insurer shall become the owner of such unpaid amounts due from the Trust in respect of Insured Payments as the deemed assignee of such Owners, as hereinafter provided. The Trust and the Trustee hereby agree on behalf of each Owner of Class A Certificates for the benefit of the Certificate Insurer that they recognize that to the extent the Certificate Insurer pays Insured Payments, either directly or indirectly (as by paying through the Trustee), to the Owners of the Class A Certificates, the Certificate Insurer will be entitled to receive the amount of any Class A Interest Carry-Forward Amount and Class A Principal Carry-Forward Amount (each calculated for purposes of this Section 7.3(d) without regard to any related Insured Payment) and will be 64 subrogated to the rights of the Owners of the Class A Certificates with respect to such Insured Payment, shall be deemed to the extent of the payments so made to be an Owner of such Class A Certificates and shall receive future distributions of the Class A Distribution Amount until all such Insured Payments by the Certificate Insurer have been fully reimbursed, as described in the following paragraph, and without duplication of any Reimbursement Amounts paid pursuant to Section 7.5. To evidence such subrogation, the Trustee shall note the Certificate Insurer's rights as subrogee on the Register upon receipt from the Certificate Insurer of proof of the payment of any Insured Payment, after making the distribution on any such future Payment Date to Owners of the Class A Certificates other than to the Certificate Insurer. It is understood and agreed that the intention of the parties is that the Certificate Insurer shall not be entitled to reimbursement on any Payment Date for amounts previously paid by it unless on such Payment Date the Owners of the Class A Certificates shall also have received the full amount of the Class A Distribution Amount (exclusive of any Class A Interest Carry-Forward Amount and Class A Principal Carry Forward Amount, representing amounts previously paid to the Owners of the Class A Certificates as Insured Payments) for such Payment Date. The Certificate Insurer shall be entitled to receive the related Reimbursement Amount pursuant to Sections 7.5(b)(iii) and (iv) hereof with respect to each Insured Payment made by the Certificate Insurer. The Trustee hereby agrees on behalf of each Owner of Class A Certificates and the Trust for the benefit of the Certificate Insurer that it recognizes that to the extent the Certificate Insurer makes Insured Payments, either directly or indirectly (as by paying through the Trustee), to the Owners of such Class A Certificates, the Certificate Insurer will be entitled to receive the related Reimbursement Amount pursuant to Sections 7.5(b)(iii) and (iv). (e) Each Owner of a Class A Certificate which pays any Preference Amounts theretofore received by such Owner on account of such Class A Certificate will be entitled to receive reimbursement for such amounts from the Certificate Insurer in accordance with the terms of the Certificate Insurance Policy, but only after (i) delivering a copy to the Certificate Insurer of a final, nonappealable order (a "Preference Order") of a court having competent jurisdiction under the United States Bankruptcy Code demanding payment of such amount to the bankruptcy court, (ii) irrevocably assigning such Owner's rights and claim with respect to such Preference Order to the Certificate Insurer in such form as is required by the Certificate Insurer, and (iii) appointing the Certificate Insurer as such Certificateholder's agent in respect of such claim or amount in such form as required by the Certificate Insurer. In no event, however, shall any Class A Certificateholder be entitled to reimbursement for any payment avoided under a Preference Order as to which the Certificate Insurer previously has made a payment under the Certificate Insurance Policy, nor is the Certificate Insurer obligated to make any payment in respect of any payment avoided under a Preference Order which represents a payment of the principal amount of the Class A Certificates prior to the time the Certificate Insurer otherwise would have been required to make a payment in respect of such principal. 65 The Trustee, for itself and on behalf of the Owners, agrees that the Certificate Insurer may at any time during the continuation of any proceeding relating to a Preference Order direct all matters relating to such Preference Order, including, without limitation, the direction of any appeal of any order relating to such Preference Order and the posting of any surety, supersedeas or performance bond pending any such appeal. In addition and without limitation of the foregoing, the Certificate Insurer shall be subrogated, to the extent of Insured Payments, to the rights of the Sponsor, the Servicer, the Trustee and each Owner in the conduct of any such preference claim, including without limitation, all rights of any party to any adversarial proceeding or action with respect to any court order issued in connection with any such preference claim. (f) The Trustee shall keep a complete and accurate record of the amount of interest and principal paid in respect of any Certificate from moneys received under the Certificate Insurance Policy. The Certificate Insurer shall have the right to inspect such records at reasonable times during normal business hours upon one Business Day's prior notice to the Trustee. Section 7.4. [Reserved] Section 7.5. Flow of Funds. (a) The Trustee shall deposit to the Certificate Account, without duplication, upon receipt, any Insured Payments, the proceeds of any liquidation of the assets of the Trust, the Monthly Remittance Amount remitted by the Servicer or any Sub-Servicer, together with any Substitution Amounts and any Loan Purchase Price amounts received by the Trustee. (b) With respect to the Certificate Account on each Payment Date, the Trustee shall, based upon the information set forth in a report provided by the Servicer and based upon a calculation made by the Trustee, make the following allocations, disbursements and transfers in the following order of priority, and each such allocation, transfer and disbursement shall be treated as having occurred only after all preceding allocations, transfers and disbursements have occurred: (i) first, to the Certificate Insurer, from amounts then on deposit in the Certificate Account, (x) from amounts then on deposit therein with respect to Group I, the Group I Premium Amount for such Payment Date and (y) from amounts then on deposit therein with respect to Group II, the Group II Premium Amount for such Payment Date; (ii) second, to the Trustee, from amounts then on deposit in the Certificate Account, (x) from amounts then on deposit therein with respect to Group I, the Group I Monthly Trustee Fee Amount for such Payment Date and (y) from amounts then on deposit therein with 66 respect to Group II, the Group II Monthly Trustee Fee Amount for such Payment Date, together with expenses (to the extent not paid by the Sponsor or the Servicer pursuant to Section 2.5) for such Payment Date; (iii) third, on each Payment Date, the Trustee shall allocate, with respect to each Mortgage Loan Group an amount equal to the sum of (x) the Total Monthly Excess Spread with respect to such Mortgage Loan Group and Payment Date plus (y) any Subordination Reduction Amount with respect to such Mortgage Loan Group and Payment Date (such sum being the "Total Monthly Excess Cashflow" with respect to such Mortgage Loan Group and Payment Date) in the following order of priority: (A) first, such Total Monthly Excess Cashflow shall be allocated on such Payment Date with respect to the related Mortgage Loan Group in an amount equal to the difference, if any, between (x) the related Group Formula Distribution Amount for such Payment Date and (y) the Available Funds with respect to such Mortgage Loan Group for such Payment Date (the amount of such difference being the "Available Funds Shortfall" with respect to the related Mortgage Loan Group); (B) second, any portion of the Total Monthly Excess Cashflow with respect to such Mortgage Loan Group remaining after the application described in clause (A) above shall be allocated against any Available Funds Shortfall with respect to the other Mortgage Loan Group; (C) third, any portion of the Total Monthly Excess Cashflow with respect to such Mortgage Loan Group remaining after the allocations described in clauses (A) and (B) above shall be paid to the Certificate Insurer in respect of amounts owed on account of any Reimbursement Amount with respect to the related Mortgage Loan Group; and (D) fourth, any portion of the Total Monthly Excess Cashflow with respect to such Mortgage Loan Group remaining after the allocations described in clauses (A), (B) and (C) above shall be paid to the Certificate Insurer in respect of any Reimbursement Amount with respect to the other Mortgage Loan Group. (iv) fourth, on each Payment Date, the Trustee shall pay to the Certificate Insurer an amount equal to the lesser of (x) the excess of (i) the 67 amount then on deposit in the Certificate Account over (ii) the Insured Distribution Amount for such Payment Date and (y) any Reimbursement Amount as of such Payment Date not reimbursed pursuant to clause (iii) above. (v) fifth, from remaining amounts then on deposit in the Certificate Account for the related Mortgage Loan Group, together with the amount of any related Insured Payment, concurrently to the Owners of the Class A-1 Certificates, the Class A-2 Certificates, the Class A- 3 Certificates, the Class A-4 Certificates and the Class A-5 Certificates, respectively, the Class A Interest Distribution Amount for each such Class of Class A Certificates; (vi) sixth, from remaining amounts then on deposit in the Certificate Account for the Group I, together with the amount of any related Insured Payment, to the Owners of the Class A-4 Certificates, in reduction of the Class A-4 Certificate Principal Balance, an amount equal to the Class A-4 Lockout Distribution; (vii) seventh, from remaining amounts then on deposit in the Certificate Account for Group I, together with the amount of any related Insured Payment, in respect of the Group I Principal Distribution Amount, net of amounts distributed pursuant to clause (vi), to the Owners of the Class A-1 Certificates, in reduction of the Class A-1 Certificate Principal Balance, until such Class A-1 Certificate Principal Balance is reduced to zero, then to the Owners of the Class A-2 Certificates, in reduction of the Class A-2 Certificate Principal Balance, until such Class A-2 Certificate Principal Balance is reduced to zero, then to the Owners of the Class A-3 Certificates, in reduction of the Class A-3 Certificate Principal Balance, until such Class A-3 Certificate Principal Balance is reduced to zero, then to the Owners of the Class A-4 Certificates, in reduction of the Class A-4 Certificate Principal Balance, until such Class A-4 Certificate Principal Balance is reduced to zero; (viii) eighth, from remaining amounts then on deposit in the Certificate Account for Group II, together with the amount of any related Insured Payment, in respect of the Group II Principal Distribution Amount, to the Owners of the Class A-5 Certificates, in reduction of the Class A-5 Certificate Principal Balance, until such Class A-5 Certificate Principal Balance is reduced to zero; (ix) ninth, to the Reserve Fund, to the extent of the lesser of (i) all remaining amounts then on deposit in the Certificate Account for Group II, and (ii) amounts distributable pursuant to clause (x) below, 68 which distribution shall be deemed to be made to the Owners of the Class B Certificates as part of the Class B Distribution Amount; (x) tenth, from amounts deposited into the Reserve Fund pursuant to the preceding clause, to the Owners of the Class A-5 Certificates, an amount equal to the Available Funds Cap Carry-Forward Amount for such Payment Date; (xi) eleventh, on each Payment Date, the Trustee shall distribute from the amount, if any, remaining on deposit in the Certificate Account after the allocations described in clause (i) through (x) above, to the Owners of the Class B Certificates, the lesser of (x) such remaining available funds and (y) the Class B Interest in excess of the amount deposited in the Reserve Fund pursuant to clause (ix); however, any unpaid Class B Interest for such Payment Date shall be added to the Class B Certificate Principal Balance; (xii) twelfth, on each Payment Date, the Trustee shall distribute from the amount, if any, remaining on deposit in the Certificate Account after the allocations described in clause (i) through (xi) above, to the Owners of the Class B Certificates, the lesser of (x) such remaining available funds and (y) the Class B Distribution Amount as of such Payment Date, less the amounts distributed pursuant to clauses (x) and (xi), applied as a distribution of principal on account of the Class B Certificates, until the Class B Certificate Principal Balance has been reduced to zero; (xiii) thirteenth, from the amount, if any, remaining on deposit in the Certificate Account following the making by the Trustee of all allocations, transfers and disbursements described above under the prior clauses of this Section 7.5 (including any related Insured Payment with respect to the Class A Certificates), the Trustee shall pay to the Servicer, to the extent the Servicer has not otherwise withheld such amounts pursuant to Sections 8.8(c) and (d), any unreimbursed Delinquency Advances, unreimbursed Servicing Advances and accrued and unpaid Servicing Fees, in each case as certified to the Trustee by the Servicer to be owing to it as of such Payment Date, and/or to the Trustee, any reimbursable amounts then unpaid to the Trustee; (xiv) fourteenth, on each Payment Date, the Trustee shall apply the amount, if any, remaining in the Certificate Account after the allocations described in clauses (i) through (xiii) above, to the Owners of the Class RL Certificates; 69 provided, however, that if, on any Payment Date, (x) the Certificate Insurer is then in default under the Certificate Insurance Policy relating to the Mortgage Loans and (y) a Group I Subordination Deficit exists, then any distribution of the Group I Principal Distribution Amount on such Payment Date shall be made pro rata to the Owners of each of the Class A- 1, Class A-2, Class A-3 and Class A-4 Certificates. Notwithstanding any of the distributions or allocations set forth in clause (ix), (xi) and (xii) above, no money will be allocated or distributed to the Owners of the Class B Certificates on any Payment Date unless the Subordinated Amount for each Mortgage Loan Group is equal to or greater than the required Specified Subordinated Amount for such Mortgage Loan Group as determined after distributions in clauses (i) through (x) for such Payment Date. (c) Notwithstanding clauses (b)(v), (vi) and (vii) above, the aggregate amounts distributed on all Payment Dates to the Owners of the Class A Certificates on account of principal shall not exceed the Original Class A Certificate Principal Balance. (d) Any amounts properly distributed to the Owners of the Class B Certificates or to the Owners of the Residual Certificates pursuant to the terms of this Agreement shall be distributed free of the subordination described herein, and any such amounts shall in no event be required to be returned to the Trustee or paid over to the Owners of the Class A Certificates, except as provided in Section 7.5(b)(ix) and (xi). (e) Whenever, during the administration of the Trust, there comes into the possession of the Trustee any money or property which this Agreement does not otherwise require to be distributed on account of the Class A Certificates or the Class B Certificates, the Trustee shall distribute such money or other property to the Owners of the Class RL Certificates. Section 7.6. Investment of Accounts. (a) So long as no event described in Sections 8.20(a) hereof shall have occurred and be continuing, and consistent with any requirements of the Code, all or a portion of the Accounts held by the Trustee shall be invested and reinvested by the Trustee in the name of the Trustee for the benefit of the Owners, as directed in writing by the Servicer, in one or more Eligible Investments bearing interest or sold at a discount. No investment in any Account shall mature later than the Payment Date. (b) If any amounts are needed for disbursement from any Account held by the Trustee and sufficient uninvested funds are not available to make such disbursement, the Trustee shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in such Account. No investments will be liquidated prior to maturity unless the proceeds thereof are needed for disbursement. (c) Subject to Section 10.1 hereof, the Trustee shall not in any way be held liable by reason of any insufficiency in any Account held by the Trustee resulting from any loss 70 on any Eligible Investment included therein (except to the extent that the bank serving as Trustee is the obligor thereon). (d) The Trustee shall hold funds in the Accounts held by the Trustee uninvested upon the occurrence of either of the following events: (i) the Servicer or the Certificate Insurer, as the case may be, shall have failed to give investment directions to the Trustee within ten days after receipt of a written request for such directions from the Trustee; or (ii) the Servicer or the Certificate Insurer, as the case may be, shall have failed to give investment directions to the Trustee during the ten-day period described in clause (i) preceding, by 11:15 a.m. New York time (or such other time as may be agreed by the Servicer or the Certificate Insurer, as the case may be, and the Trustee) on any Business Day (any such investment by the Trustee pursuant to this clause (ii) to mature on the next Business Day after the date of such investment). (e) For purposes of investment, the Trustee may but shall not be required to aggregate all amounts on deposit in the Accounts. All income or other gain from investments in the Accounts shall be deposited in the related Account immediately on receipt. Section 7.7. Eligible Investments. The following are Eligible Investments: (a) Direct general obligations of the United States or the obligations of any agency or instrumentality of the United States fully and unconditionally guaranteed, the timely payment or the guarantee of which constitutes a full faith and credit obligation of the United States. (b) Federal Housing Administration debentures, but excluding any such securities whose terms do not provide for payment of a fixed dollar amount upon maturity or call for redemption. (c) FHLMC senior debt obligations, but excluding any such securities whose terms do not provide for payment of a fixed dollar amount upon maturity or call for redemption. (d) FNMA senior debt obligations, but excluding any such securities whose terms do not provide for payment of a fixed dollar amount upon maturity or call for redemption. (e) Federal funds, certificates of deposit, time and demand deposits, and bankers' acceptances (having original maturities of not more than 365 days) of any domestic bank, 71 the short-term debt obligations of which have been rated A-1 or better by S&P and P-1 by Moody's. (f) Deposits of any bank or savings and loan association which has combined capital, surplus and undivided profits of at least $50,000,000 which deposits are not in excess of the applicable limits insured by the Bank Insurance Fund or the Savings Association Insurance Fund of the FDIC, provided that the long-term deposits of such bank or savings and loan association are rated at least "BBB" by S&P and "Baa3" by Moody's. (g) Commercial paper (having original maturities of not more than 270 days) rated A-1 or better by S&P and P-1 or better by Moody's. (h) Investments in money market or common trust funds rated AAAm or AAAm-G by S&P and Aaa by Moody's. (i) Such other investments as have been approved in writing by S&P, Moody's and the Certificate Insurer; provided that no instrument described above is permitted to evidence either the right to receive (a) only interest with respect to obligations underlying such instrument or (b) both principal and interest payments derived from obligations underlying such instrument and the interest and principal payments with respect to such instrument provided a yield to maturity at par greater than 120% of the yield to maturity at par of the underlying obligations; and provided, further, that no instrument described above may be purchased at a price greater than par if such instrument may be prepaid or called at a price less than its purchase price prior to stated maturity. Any Eligible Investment may be purchased by or through the Trustee or any of its affiliates. Section 7.8. Reports by Trustee. (a) On each Payment Date, the Trustee shall provide to each Owner, to the Servicer, to the Certificate Insurer, to the Underwriter, to the Sponsor, to S&P and to Moody's a written report in substantially the form set forth as Exhibit I hereto, as such form may be revised by the Trustee, the Servicer, Moody's and S&P from time to time, but in every case setting forth the information requested on Exhibit I hereto and the following information, in each case as of such Payment Date: (i) the amount of the distribution with respect to each Class of the Class A Certificates, the Class B Certificates and the Residual Certificates; (ii) the amount of such distributions allocable to principal on the related Certificates, separately identifying the aggregate amount of regularly scheduled installment payments of principal, any Prepayments or other unscheduled recoveries of principal included therein and separately identifying any Subordination Increase Amount; 72 (iii) the amount of such distributions allocable to interest on the related Certificates; (iv) the Monthly Remittance Amount for each Mortgage Loan Group, separately identifying the Mortgage interest and principal collections; (v) the Class A Certificate Principal Balance for each Class of Class A Certificates, together with the principal amount of the Class A Certificates (based on a Certificate in an original principal amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Payment Date; (vi) the Class B Certificate Principal Balance, together with the principal amount of the Class B Certificates (based on a Certificate in an original principal amount of $1,000) then outstanding, in each case after giving effect to any payment of principal on such Payment Date; (vii) the amounts described in Sections 7.5(b)(iii), (iv) and (xiii); (viii) the amount of any Insured Payment included in the amounts distributed on any of the Class A Certificates on such Payment Date, and the aggregate unreimbursed Insured Payments outstanding since the Closing Date; (ix) information furnished by the Sponsor pursuant to Section 6049(d)(7)(C) of the Code and the regulations promulgated thereunder to assist the Owners in computing their market discount; (x) the total of any Substitution Amounts and any Loan Purchase Price amounts included in such distribution; (xi) the amount of any Subordination Reduction Amount; (xii) the amounts, if any, of any Realized Losses for the related Remittance Period and the Aggregate Loan Balance of Mortgage Loans which experienced such Realized Losses, the Cumulative Loss Amount and the Rolling Three Month Delinquency Rate, in each case by Mortgage Loan Group as of such Payment Date; (xiii) a number with respect to each Class of the Class A Certificates (the "Pool Factor") computed by dividing the Class A Certificate Principal Balance of such Class (after giving effect to any distribution of principal to be made on such Payment Date) by the Original Class A Certificate Principal Balance of such Class; 73 (xiv) the aggregate of any Insurance Proceeds received by the Servicer during the related Remittance Period; (xv) the Specified Subordinated Amount, and the Subordinated Amount for each Mortgage Loan Group; (xvi) the weighted average Coupon Rate of the Mortgage Loans for each Mortgage Loan Group, and the weighted average maturity of the Mortgage Loans for each Mortgage Loan Group; and (xvii) the Aggregate Loan Balance for each Mortgage Loan Group. Items (i) through (iii) above shall, with respect to the Class A Certificates, be presented on the basis of a Certificate having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the Certificates are outstanding, the Trustee shall furnish a report to each Owner of record at any time during each calendar year as to the aggregate of amounts reported pursuant to (i), (ii) and (iii) with respect to the Certificates for such calendar year. (b) In addition, on each Payment Date, the Trustee will distribute to each Owner, to the Certificate Insurer, to the Underwriter, to the Servicer, to the Sponsor, to S&P and to Moody's, together with the information described in Subsection (a) preceding, the following information as of the close of business on the last Business Day of the prior calendar month (or later day within the calendar month prior to such Payment Date that the Servicer elects as a reporting cut-off), which is pursuant to Section 8.8(d)(ii) required to be prepared by the Servicer and furnished to the Trustee for such purpose on or prior to the related Remittance Date: (i) for each Mortgage Loan Group, the total number of Mortgage Loans and the Aggregate Loan Balance thereof, together with the number, aggregate principal balances of the Mortgage Loans and the percentage of all Mortgage Loans, identified by Mortgage Loan Group, (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent; (ii) the number, Aggregate Loan Balance of all Mortgage Loans and percentage by Mortgage Loan Group of the Aggregate Loan Balance of such Mortgage Loans, identified by Mortgage Loan Group, in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (i)); (iii) the number, Aggregate Loan Balance of all Mortgage Loans and percentage by Mortgage Loan Group of the Aggregate Loan Balance 74 of such Mortgage Loans, identified by Mortgage Loan Group, relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (i)); (iv) the number, Aggregate Loan Balance of all Mortgage Loans and percentage by Mortgage Loan Group of the Aggregate Loan Balance of such Mortgage Loans, identified by Mortgage Loan Group, relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (i)); (v) the book value of any REO Property; (vi) the number and amount of all Prepayments received in respect of each Mortgage Loan Group (and separately setting forth the number and amount of any voluntary Prepayments in full); (vii) the number and Aggregate Loan Balance of all Mortgages, identified by Mortgage Loan Group, subject to losses; (viii) the number and Aggregate Loan Balance of Mortgages, identified by Mortgage Loan Group, outstanding; and (ix) a Form of Liquidation Report, substantially in the form of Exhibit K hereto, for each Mortgage Loan which has experienced a Realized Loss during the Remittance Period. Section 7.9. Additional Reports by Trustee. (a) The Trustee shall report to the Sponsor, the Servicer and the Certificate Insurer with respect to the amount then held in each Account (including investment earnings accrued or scheduled to accrue) held by the Trustee and the identity of the investments included therein, as the Sponsor, the Servicer or the Certificate Insurer may from time to time request. Without limiting the generality of the foregoing, the Trustee shall, at the request of the Sponsor, the Servicer or the Certificate Insurer, transmit promptly to the Sponsor, the Servicer and the Certificate Insurer copies of all accountings of receipts in respect of the Mortgage Loans furnished to it by the Servicer. The content of reports by the Trustee pursuant to this subsection shall consist of its trust accounting system statements. (b) The Trustee is hereby authorized to execute purchases and sales directed by the Servicer through the facilities of its own trading or capital markets operations. The Trustee shall send statements to the servicer monthly reflecting activity for each account created hereunder for the preceding month. Although the Servicer recognizes that it may obtain a broker confirmation or written statement containing comparable information at no 75 additional cost, the Servicer hereby agrees that confirmations of investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision hereof if no activity occurred in the account for such month. (c) From time to time, at the request of the Certificate Insurer, the Trustee shall report to the Certificate Insurer and each of Moody's and S&P with respect to its actual knowledge, without independent investigation, of any breach of any of the Representations and Warranties. On the date that is eighteen months after the Startup Day, the Trustee shall provide the Certificate Insurer with a written report of all of such inaccuracies to such date of which it has actual knowledge, without independent investigation, and of the action taken by the Originator under the related Master Transfer Agreement or by the Sponsor under Section 3.4(a) hereof with respect thereto. Section 7.10. Allocation of Realized Losses. If, on any Payment Date, and following the making of all allocations, transfers and distributions (other than as provided in this Section) on such Payment Date (x) the Group I Certificate Principal Balance exceeds (y) the Group I Aggregate Loan Balance as of the close of business on the last day of the related Remittance Period, or (x) the Group II Certificate Principal Balance exceeds (y) the Group II Aggregate Loan Balance as of the close of business on the last day of the related Remittance Period, (any such excess, "Allocable Losses"), such Allocable Losses shall be applied as a reduction of the Class RL Certificate Principal Balance until the Class RL Certificate Principal Balance has been reduced to zero, then to the Class B Certificate Principal Balance until the Class B Certificate Principal Balance has been reduced to zero and allocated to the corresponding Lower-Tier Interests pursuant to Section 2.8(c). Section 7.11. Reserve Fund. (a) The Trustee shall establish and maintain a separate trust account in its own name and designated "Reserve Fund/EquiVantage Home Equity Loan Trust Pass-Through Certificates, Series 1997-1", which account shall be an Eligible Account and which shall be used to make payments under the Cap Agreement with respect to the Class A-5 Certificates in accordance with Section 7.5. The Trustee shall account for payments made to the Class A-5 Certificates under the Cap Agreement separately from the other distributions on the Class A-5 Certificates. Any amounts deposited into the Reserve Fund pursuant to Section 7.5 hereof shall by held in non-interest bearing accounts. (b) The Reserve Fund will be part of the Trust Fund but not part of either the Upper-Tier REMIC or the Lower-Tier REMIC. For federal and state income tax purposes the Owners of the Class B Certificates shall be deemed to be the owners of the Reserve Fund. Any amounts transferred by the Upper-Tier REMIC to the Reserve Fund shall be treated as amounts distributed by the Upper-Tier REMIC to the Owners of the Class B Certificates. Any amounts remaining in the Reserve Fund upon termination of the Trust shall be paid to the Owners of the Class A-5 Certificates, to the extent of any outstanding Available Funds Cap Carry-Forward Amount, and thereafter to the Owners of the Class B Certificates. 76 ARTICLE VIII SERVICING AND ADMINISTRATION OF MORTGAGE LOANS Section 8.1. Servicer and Sub-Servicers. (a) Acting directly or through one or more Sub-Servicers as provided in Section 8.3, the Servicer, as master servicer, shall service and administer the Mortgage Loans for the benefit, and in the best interests of, the Owners and, to the extent not conflicting with the best interests of the Owners, the interest of the Certificate Insurer in accordance with this Agreement and applicable law and with reasonable care, and using that degree of skill and attention that the Servicer exercises with respect to comparable mortgage loans that it services for itself or others, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. To the extent consistent with the foregoing, the Servicer shall seek to maximize the timely and complete recovery of principal of and interest on the Mortgage Loans. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Servicer shall not have any duties, responsibilities, or fiduciary relationship with the Trustee except those expressly set forth herein. (b) The duties of the Servicer shall include collecting and posting of all payments, responding to inquiries of Mortgagors or by federal, state or local government authorities with respect to the Mortgage Loans, investigating delinquencies, reporting tax information to Mortgagors in accordance with its customary practices and accounting for collections and furnishing monthly and annual statements to the Trustee with respect to distributions, paying Compensating Interest and making Delinquency Advances and Servicing Advances pursuant hereto. The Servicer and any Sub-Servicer shall follow its customary standards, policies and procedures in performing its duties as Servicer or Sub-Servicer, as applicable. The Servicer shall cooperate with the Trustee and furnish to the Trustee with reasonable promptness information in its possession as may be necessary or appropriate to enable the Trustee to perform its duties hereunder. The Trustee shall furnish the Servicer and any Sub-Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer and any Sub-Servicer to carry out its servicing and administrative duties hereunder. (c) Without limiting the generality of the foregoing, the Servicer (i) shall continue, and is hereby authorized and empowered by the Trustee, subject to Section 8.1(a), to execute and deliver, on behalf of itself, the Owners and the Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial release, subject to the provisions of Section 8.1(i) below, or full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the related Properties; 77 (ii) may consent to any modification of the terms of any Note not expressly prohibited hereby if the effect of any such modification (x) will not be to affect materially and adversely the security afforded by the related Property, the timing of receipt or amounts of any payments required hereby or the interests of the Certificate Insurer and (y) will not cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC; provided, however, that the Servicer shall not consent to any such modifications without the prior consent of the Certificate Insurer if the Aggregate Loan Balance of all Mortgage Loans which have been subject to modifications pursuant to this Section 8.1(c) exceeds 5% of the Original Aggregate Loan Balance. For purposes of the foregoing proviso, no modification that provides for partial releases pursuant to Section 8.1(i), modification pursuant to Section 8.2 or assumptions pursuant to Section 8.12 will be counted toward such 5% limit. The Servicer will, however, notify the Certificate Insurer of all partial releases to the extent that the Aggregate Loan Balance of Mortgage Loans affected by such partial releases exceeds 5% of the Original Aggregate Loan Balance. (d) The parties intend that the Upper-Tier REMIC and the Lower-Tier REMIC each shall constitute, and that the affairs of the Trust shall be conducted so as to qualify each of the Upper-Tier REMIC and the Lower-Tier REMIC as a REMIC. In furtherance of such intention, the Servicer covenants and agrees that it shall act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust and that in such capacity it shall: (i) use its best efforts to conduct the affairs of the Trust at all times that any Class of Certificates are outstanding so as to maintain the status of each of the Upper-Tier REMIC and the Lower-Tier REMIC as a REMIC under the REMIC Provisions; (ii) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Upper-Tier REMIC or the Lower-Tier REMIC or that would subject the Upper-Tier REMIC or the Lower-Tier REMIC to tax and (iii) exercise reasonable care not to allow the Upper-Tier REMIC or the Lower-Tier REMIC to receive income from the performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC. (e) The Servicer may, and is hereby authorized to, perform any or all of its servicing responsibilities with respect to all or certain of the Mortgage Loans through a Sub-Servicer as it may from time to time designate, but no such designation of a Sub-Servicer shall serve to release the Servicer from any of its obligations under this Agreement. Such Sub-Servicer shall have all the rights and powers of the Servicer with respect to such Mortgage Loans under this Agreement. (f) Without limiting the generality of the foregoing, but subject to Sections 8.13 and 8.14, the Servicer in its own name or in the name of a Sub-Servicer may be authorized and empowered pursuant to a power of attorney executed and delivered by the Trustee to execute and deliver, and may be authorized and empowered by the Trustee, to execute and deliver, on behalf of itself, the Owners and the Trustee or any of them, (i) any and all instruments of satisfaction or cancellation or of partial or full release or discharge and all other comparable instruments with respect to the Mortgage Loans and with respect to the Properties, (ii) and to institute foreclosure proceedings or obtain a deed in lieu of foreclosure 78 so as to effect ownership of any Property on behalf of the Trust, and (iii) to hold title to any Property upon such foreclosure or deed in lieu of foreclosure on behalf of the Trust. Section 8.14(a) shall constitute a power of attorney from the Trustee to the Servicer to execute an instrument of satisfaction (or assignment of mortgage without recourse) with respect to any Mortgage Loan paid in full (or with respect to which payment in full has been escrowed). Subject to Sections 8.13 and 8.14, the Trustee shall furnish the Servicer with any powers of attorney and other documents as the Servicer or such Sub-Servicer shall reasonably request to enable the Servicer and such Sub-Servicer to carry out their respective servicing and administrative duties hereunder. (g) The Servicer shall give prompt notice to the Trustee and the Certificate Insurer of any action, of which the Servicer has actual knowledge, to (i) assert a claim against the Trust or (ii) assert jurisdiction over the Trust. (h) Unreimbursed Servicing Advances incurred by the Servicer or any Sub-Servicer in connection with the servicing of the Mortgage Loans (including any penalties in connection with the payment of any taxes and assessments or other charges) on any Property shall be recoverable by the Servicer or such Sub-Servicer to the extent described in Section 8.9(c) and in Section 7.5(b)(xiii) hereof. (i) The Servicer shall have the right to approve requests of Mortgagors for consent to partial releases or division of Mortgaged Properties. No such request shall be approved by the Servicer unless: (A) (w) the provisions of the related Note and Mortgage have been complied with, (x) the loan-to-value ratio (which may, for this purpose be determined at the time of any such action in a manner reasonably acceptable to the Certificate Insurer) after any release does not exceed the loan-to-value ratio set forth for such Mortgage Loan in the related Schedule of Mortgage Loans, and (y) the lien priority of the related Mortgage is not affected; or (B) the Certificate Insurer shall have approved the granting of such request; or (C) the partial release is expressly provided for by the terms of the Mortgage Loan. (j) Each of the Sponsor and the Servicer may make loans to and generally engage in any kind of business with the Mortgagors and/or any other obligors under the Mortgage Loans as though either the Sponsor or the Servicer were not a party to this Agreement; provided, that the foregoing shall not have a material adverse effect on the transactions contemplated by this Agreement. Each of the Sponsor and the Servicer may have other existing loans and in the future may make additional loans to any of the Mortgagors and/or to other obligors under the Mortgage Loans, which other and/or additional loans may not be sold, or a loan participation therein granted, to the Trustee. The Servicer shall collect payments under the Mortgage Loans in the same preference and priority as the collection and/or enforcement of any other and/or additional loans by the Servicer. (k) Each of the Sponsor, the Servicer and the Trustee shall be entitled to rely, and shall be fully protected in relying, upon any promissory note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, 79 statement, order or other document reasonably believed by it to be genuine and correct and to have been signed, sent or made by the proper person or persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Mortgagor(s)), independent accountants and other experts selected by the Sponsor or the Trustee. The Servicer shall be fully justified in failing or refusing to take any action under this Agreement for which it has sought and failed to receive instructions from the Trustee provided that the Servicer is entitled to receive instructions from the Trustee hereunder. The Servicer shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the Mortgage Loans in accordance with an express written request of the Trustee, and such request and any action taken or failure to act pursuant thereto shall be binding upon the Sponsor and Trustee. (l) The relationship of the Servicer (and of any successor to the Servicer as servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent of the Trustee. Section 8.2. Collection of Certain Mortgage Loan Payments. (a) The Servicer may in its discretion (i) waive any assumption fees, late payment charges, charges for checks returned for insufficient funds, prepayment fees, if any, or other fees which may be collected in the ordinary course of servicing the Mortgage Loans, (ii) if a Mortgagor is in default or about to be in default because of a Mortgagor's financial condition, arrange with the Mortgagor a schedule, not to exceed twelve (12) months in duration, for the payment of delinquent payments due on the related Mortgage Loan (it being understood that such Mortgagor will be considered Delinquent until all such delinquent payments have been made), (iii) modify payments of monthly principal and interest on any Mortgage Loan becoming subject to the terms of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, in accordance with the Servicer's general policies for comparable mortgage loans subject to such Act, (iv) with respect to Mortgage Loans aggregating not more than 5.0% of the Original Aggregate Loan Balance, extend the due date for payments due on a Note for a period (with respect to each payment as to which the due date is extended) not greater than 125 days after the initially scheduled due date for such payment (during which extension the Mortgagor will not be considered Delinquent with respect to the payment(s) for which the due date is so extended), (v) amend any Note to extend the maturity thereof, provided that no maturity shall be extended by more than three (3) months and that no more than 5.0% of the Original Aggregate Loan Balance shall be modified to have a maturity date which has been extended beyond the maturity date thereof as of the Cut-Off Date without the prior consent of the Certificate Insurer. (b) The Servicer shall hold in escrow in the Principal and Interest Account on behalf of the related Mortgagor all Prepaid Installments received by it, and shall apply such Prepaid Installments as directed by such Mortgagor and as set forth in the related Note. 80 Section 8.3. Sub-Servicing Agreements Between Servicer and Sub-Servicers. The Servicer may enter into Sub-Servicing Agreements for any servicing and administration of Mortgage Loans with any institution which is in compliance with the laws of each state necessary to enable it to perform its obligations under such Sub-Servicing Agreement and which is acceptable to the Certificate Insurer and is experienced in serving loans of a type similar to the Mortgage Loans and has equity of at least $2,500,000, as determined in accordance with generally accepted accounting principles. The Servicer shall give notice to the Certificate Insurer, the Trustee, Moody's and S&P of the appointment of any Sub-Servicer and shall furnish to the Certificate Insurer, the Trustee, Moody's and S&P a copy of the Sub-Servicing Agreement. For purposes of this Agreement, the Servicer shall be deemed to have received payments on Mortgage Loans when any Sub-Servicer has received such payments. Any such Sub-Servicing Agreement shall be consistent with and not violate the provisions of this Agreement. Any such Sub-Servicing Agreement may be terminated by the Trustee with the written consent of the Certificate Insurer (which consent shall not be unreasonably withheld), provided that the Servicer has been terminated hereunder. As of the Startup Day the only Sub-Servicer is Transworld Mortgage Corporation. Section 8.4. Successor Sub-Servicers. Each Sub-Servicing Agreement shall expressly provide that the Servicer may terminate any Sub-Servicing Agreement in accordance with the terms and conditions of such Sub-Servicing Agreement and either directly service the related Mortgage Loans itself or enter into a Sub-Servicing Agreement with a successor Sub-Servicer that qualifies under Section 8.3. The Trustee shall have no duty or obligation to monitor or supervise the performance of any Sub-Servicer. Section 8.5. Liability of Servicer. The Servicer shall not be relieved of its obligations under this Agreement notwithstanding any Sub-Servicing Agreement or any of the provisions of this Agreement relating to agreements or arrangements between the Servicer and a Sub-Servicer or otherwise, and the Servicer shall be obligated to the same extent and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans. The Servicer shall be entitled to enter into any agreement with a Sub-Servicer for indemnification of the Servicer by such Sub-Servicer and nothing contained in such Sub-Servicing Agreement shall be deemed to limit or modify this Agreement. The Trust shall have no liability to the Servicer except for payment of the Servicing Fee and reimbursement of Delinquency Advances and Servicing Advances as expressly contemplated in this Agreement. The Trust shall have no obligation to indemnify the Servicer for costs or expenses, except with respect to the preceding sentence. The Trust shall not indemnify the Servicer for any losses due to the Servicer's negligence. Section 8.6. No Contractual Relationship Between Sub-Servicer and Trustee or the Owners. Any Sub-Servicing Agreement and any other transactions or services relating to the Mortgage Loans involving a Sub-Servicer shall be deemed to be between the Sub-Servicer and the Servicer alone and the Certificate Insurer, the Trustee and the Owners shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to any Sub-Servicer except as set forth in Section 8.7. 81 Section 8.7. Assumption or Termination of Sub-Servicing Agreement by Trustee. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by the Trustee pursuant to Section 8.20, the Servicer's rights and obligations under any Sub-Servicing Agreement then in force between the Servicer and a Sub-Servicer may be assumed or terminated by the Trustee at the Trustee's option, in each case after consultation with the Certificate Insurer. The Servicer shall, upon request of the Trustee, but at the expense of the Servicer, deliver to the assuming party documents and records relating to each Sub-Servicing Agreement and an accounting of amounts collected and held by it and otherwise use its best reasonable efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreements to the assuming party. Section 8.8. Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date. (b) All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer immediately following the remittance of the Monthly Remittance Amounts by the Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses. (c) The Servicer shall deposit to the Principal and Interest Account all payments of principal and interest (including Prepaid Installments) due after the Cut-Off Date, any Prepayments and Net Liquidation Proceeds collected after the Cut-Off Date, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by 82 the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account, amounts on account of net investment losses and any condemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Loan plus (B) accrued and unpaid interest on such Mortgage Loan at the Coupon Rate (net of any Servicing Fee) to the date of such liquidation. Amounts described in clause (ii) of the preceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law. (d) (i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes: (A) to effect the timely remittance to the Trustee of the Monthly Remittance Amounts due on each Remittance Date; (B) to reimburse itself pursuant to Section 8.9 hereof for any unreimbursed Reimbursable Advances; (C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account; (D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and (E) to clear and terminate the Principal and Interest Account following the termination of the Trust pursuant to Article IX. (ii) On each Remittance Date, the Servicer shall send to the Trustee a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period. Such report shall be in the form and have the specifications as may be agreed to between the Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section 8.8(d)(ii). (iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds all amounts then on deposit in the Principal and Interest Account which relate to collections on or with respect to the Mortgage Loans with respect to the immediately preceding Remittance Period, including the amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and 83 Substitution Amounts; such amount being the "Monthly Remittance Amount." (e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if it is not held by the Trustee. (f) Notwithstanding any other provisions of this Agreement, the Servicer shall be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Servicer determines (as evidenced by an Officer's Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and Interest Account of amounts on deposit therein attributable to any of the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of any such determination. Section 8.9. Delinquency Advances, Compensating Interest and Servicing Advances. (a) On each Remittance Date the Servicer shall make a Delinquency Advance with respect to delinquent interest on each Mortgage Loan which was a Delinquent Mortgage Loan with respect to the related Remittance Period; provided, however, that the Servicer will not be required to make any Delinquency Advance if it determines that such Delinquency Advance would be an Unrecoverable Delinquency Advance. The Servicer shall be permitted to reimburse itself for any Delinquency Advance from any subsequent collections or recoveries on the Mortgage Loans. If not theretofore recovered by the Servicer, Delinquency Advances shall be recoverable pursuant to Section 7.5(b)(xiii) hereof. (b) On or prior to each Remittance Date, the Servicer shall deposit in the Principal and Interest Account with respect to any full or partial Prepayment received on a Mortgage Loan during the related Remittance Period, out of its own funds without any right of reimbursement therefor, an amount equal to the difference between (x) 30 days' interest at the related Coupon Rate less the Servicing Fee Rate on the Loan Balance of such Mortgage Loan as of the first day of the related Remittance Period and (y) to the extent not previously advanced, the interest (less the Servicing Fee) actually paid by the Mortgagor with respect to the Mortgage Loan during such Remittance Period (any such amount paid by the Servicer, "Compensating Interest"). The Servicer shall in no event be required to pay Compensating Interest with respect to any Remittance Period in an amount in excess of the aggregate Servicing Fee received by the Servicer with respect to all Mortgage Loans for the related Remittance Period. (c) The Servicer will pay all reasonable and customary "out-of-pocket" costs and expenses (including reasonable legal fees) incurred in the performance of its servicing obligations, including, but not limited to, the cost of (i) Preservation Expenses, (ii) any 84 enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of REO Property (including, without limitation, realtor's commissions), and (iv) advances made for taxes, insurance and other charges against the Property, each such expenditure under clauses (i) - (iv) constituting a Servicing Advance, but the Servicer is only required to pay such costs and expenses to the extent the Servicer reasonably believes such costs and expenses will increase Net Liquidation Proceeds on the related Mortgage Loan. Each such amount so paid will constitute a "Servicing Advance". The Servicer may recover Servicing Advances from the Mortgagors to the extent permitted by the Mortgage Loans and from Net Liquidation Proceeds, condemnation proceeds or other insurance proceeds with respect to the related Mortgage Loan pursuant to Section 7.5(b)(xiii). Section 8.10. Purchase of Mortgage Loans. The Servicer may, but is not obligated to, purchase for its own account any Mortgage Loan which becomes Delinquent, in whole or in part, as to four consecutive monthly installments or any Mortgage Loan as to which enforcement proceedings have been brought by the Servicer or by any Sub-Servicer pursuant to Section 8.13. Any such Loan so purchased shall be purchased by the Servicer on a Remittance Date at a purchase price equal to the Loan Purchase Price thereof, which purchase price shall be deposited in the Certificate Account simultaneously with the purchase of such Mortgage Loan. Section 8.11. Maintenance of Insurance. (a) The Servicer shall cause to be maintained with respect to each Mortgage Loan a hazard insurance policy with a generally acceptable carrier licensed in the state in which the Property is located that provides for fire and extended coverage, and which provides for a recovery by the Servicer on behalf of the Trust of insurance proceeds relating to such Mortgage Loan in an amount not less than the least of (i) the outstanding Loan Balance of the Mortgage Loan, (ii) the minimum amount required to compensate for damage or loss to the material improvements on a Property on a replacement cost basis and (iii) the full insurable value of the material improvements to the Property but in any event in an amount not less than such amount as is necessary to avoid the application of any coinsurance clause contained in the related insurance policy. No amounts advanced by the Servicer for force-placed insurance shall be added to the Loan Balance of a Mortgage Loan for any purpose under this Agreement. (b) If the Mortgage Loan at the time of origination relates to a Property as to which material improvements are located in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the Servicer will cause to be maintained with respect thereto a flood insurance policy in a form meeting the requirements of the current guidelines of the Federal Insurance Administration with a generally acceptable carrier in an amount representing coverage, and which provides for a recovery by the Servicer on behalf of the Trust of insurance proceeds relating to such Mortgage Loan of not less than the least of (i) the outstanding Loan Balance of the Mortgage 85 Loan, (ii) the minimum amount required to compensate for damage or loss on a replacement cost basis and (iii) the maximum amount of insurance that is available for such improvements under the Flood Disaster Protection Act of 1973. The Servicer shall indemnify the Trust and the Certificate Insurer out of the Servicer's own funds for any loss to the Trust and the Certificate Insurer resulting from the Servicer's failure to maintain the insurance required by this Section. (c) In the event that the Servicer shall obtain and maintain a blanket policy from an insurer rated at least "A:X" or better in Best's Key Rating Guide insuring against fire, flood and hazards of extended coverage on all of the Mortgage Loans, then, to the extent such policy names the Servicer as loss payee and provides coverage in an amount equal to the aggregate unpaid principal balance on the Mortgage Loans without co-insurance, and otherwise complies with the requirements of this Section 8.11, the Servicer shall be deemed conclusively to have satisfied its obligations with respect to fire and hazard insurance coverage under this Section 8.11, it being understood and agreed that such blanket policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Property a policy complying with the preceding paragraphs of this Section 8.11, and there shall have been a loss which would have been covered by such policy, deposit in the Principal and Interest Account from the Servicer's own funds the difference, if any, between the amount that would have been payable under a policy complying with the preceding paragraphs of this Section 8.11 and the amount paid under such blanket policy, including the amount in the deductible clause. Upon the request of the Trustee or the Certificate Insurer, the Servicer shall cause to be delivered to the Trustee or the Certificate Insurer, a certified true copy of such policy. Section 8.12. Due-on-Sale Clauses; Assumption and Substitution Agreements. When a Property has been or is about to be conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance or prospective conveyance, exercise its rights to accelerate the maturity of the related Mortgage Loan under any "due-on-sale" clause contained in the related Mortgage or Note; provided, however, that the Servicer shall not exercise any such right if (i) the "due-on-sale" clause, in the reasonable belief of the Servicer, is not enforceable under applicable law or (ii) the Servicer reasonably believes that the assumption of the Mortgage Loan would not materially and adversely affect the interests of the Owners or the Certificate Insurer and (a) the requested assumption of the Mortgage Loan results from the death of a Mortgagor, or (b) the requested assumption is, in the judgment of the Servicer, necessary to prevent or cure a default or imminent default on the Mortgage Loan, or (iii) the Certificate Insurer provides its prior written consent. The Servicer shall notify the Certificate Insurer of any assumptions permitted under this Section 8.12 to the extent such assumptions exceed 5.0% of the Original Aggregate Loan Balance. In such event, the Servicer shall enter into an assumption and modification agreement with the person to whom such Property has been or is about to be conveyed, pursuant to which such person becomes liable under the Note and, unless prohibited by such Note or applicable law, the Mortgagor remains liable thereon. If the foregoing is not permitted under applicable law, the Servicer is authorized to enter into a substitution of liability agreement with such person, pursuant to which the original Mortgagor is released from liability and such person is 86 substituted as Mortgagor and becomes liable under the Note; provided, however, that any such substitution of liability agreement must be delivered by the Servicer pursuant to its usual procedures for mortgage loans held in its own portfolio and the Servicer shall, prior to executing and delivering such agreement, obtain the prior written consent of the Certificate Insurer. The Mortgage Loan, as assumed, shall conform in all respects to the requirements, representations and warranties of this Agreement and any related agreement. The Servicer shall notify the Trustee that any such assumption or substitution agreement has been completed by forwarding to the Trustee the original copy of such assumption or substitution agreement, which copy shall be added by the Trustee to the related File and which shall, for all purposes, be considered a part of such File to the same extent as all other documents and instruments constituting a part thereof. The Servicer shall be responsible for recording any such assumption or substitution agreements. In connection with any such assumption or substitution agreement, the required monthly payment on the related Mortgage Loan shall not be changed but shall remain as in effect immediately prior to the assumption or substitution, the stated maturity or outstanding principal amount of such Mortgage Loan shall not be changed, the Coupon Rate shall not be changed nor shall any required monthly payments of principal or interest be deferred or forgiven. Any fee collected by the Servicer or the Sub-Servicer for consenting to any such conveyance or entering into an assumption or substitution agreement shall be retained by or paid to the Servicer as additional servicing compensation. Notwithstanding the foregoing paragraph or any other provision of this Agreement, the Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption which the Servicer may be restricted by law from preventing, for any reason whatsoever. Any request for consent by the Servicer under Sections 8.1(c), 8.1(i), 8.2(a) and 8.12 to the Certificate Insurer shall be deemed granted unless denied by notice in writing to the Servicer within five (5) Business Days after receipt of a written request for such consent. Section 8.13. Realization Upon Defaulted Mortgage Loans. (a) The Servicer shall foreclose upon or otherwise comparably effect the ownership on behalf of the Trust of Properties relating to defaulted Mortgage Loans as to which no satisfactory arrangements can be made for collection of Delinquent payments and which the Servicer has not purchased pursuant to Section 8.10, unless the Servicer reasonably believes as evidenced by an Officer's Certificate that Net Liquidation Proceeds with respect to such Mortgage Loan would not be increased as a result of such foreclosure or other action, in which case such Mortgage Loan will be charged-off and will become a Liquidated Loan. The Servicer shall have no obligation to purchase any property at any foreclosure sale. The Servicer will give notice of any such charge-off to the Certificate Insurer and each of Moody's and S&P by delivery of a Liquidation Report in the form attached as Exhibit K hereto. In connection with such foreclosure or other conversion, the Servicer shall exercise such of the rights and powers vested in it hereunder, and use the same 87 degree of care and skill in their exercise or use, as prudent mortgage lenders would exercise or use under the circumstances in the conduct of their own affairs, including, but not limited to, advancing funds for the payment of taxes, amounts due with respect to Senior Liens, and insurance premiums, if it determines that such advances would be recoverable. Any amounts so advanced shall constitute "Servicing Advances" within the meaning of Section 8.9(c) hereof. The Servicer shall sell any REO Property within 23 months of its acquisition by the Trust, unless the Servicer obtains for the Trustee an opinion of counsel experienced in federal income tax matters, addressed to the Trustee, the Certificate Insurer and the Servicer, to the effect that the holding by the Trust of such REO Property for any greater period will not result in the imposition of taxes on "Prohibited Transactions" of the Upper-Tier REMIC or the Lower-Tier REMIC as defined in Section 860F of the Code or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions at any time that any Certificates are outstanding, in which case the Servicer shall sell any REO Property by the end of any extended period specified in any such opinion. Notwithstanding the generality of the foregoing provisions, the Servicer shall manage, conserve, protect and operate each REO Property for the Owners solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Upper-Tier REMIC or the Lower-Tier REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the Servicer shall either itself or through an agent selected by the Servicer protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Owners, rent the same, or any part thereof, as the Servicer deems to be in the best interest of the Owners for the period prior to the sale of such REO Property. The Servicer shall take into account the existence of any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation, on a Property in determining whether to foreclose upon or otherwise comparably convert the ownership of such Property. To the extent that the Servicer has actual knowledge of any such substance or waste, it shall consult with the Certificate Insurer and the Trustee regarding the appropriate course of action. Except with the prior written consent of the Certificate Insurer, the Servicer shall not institute foreclosure actions with respect to a property containing substance or waste as described above if it reasonably believes that such action would not be consistent with its servicing standards, and in no event shall the Servicer manage, operate or take any other action with respect thereto which the Servicer in good faith believes will result in "clean-up" or other liability under applicable law. The net income from the rental 88 or sale of a REO property shall be deposited in the Principal and Interest Account within two (2) Business Days after receipt thereof by the Servicer. (b) The Servicer shall determine, with respect to each defaulted Mortgage Loan, when it has recovered, whether through trustee's sale, foreclosure sale or otherwise, all amounts it expects to recover from or on account of such defaulted Mortgage Loan, whereupon such Mortgage Loan shall become a "Liquidated Loan". Section 8.14. Trustee to Cooperate; Release of Files. (a) Upon the payment in full of any Mortgage Loan (including the repurchase of any Mortgage Loan or any liquidation of such Mortgage Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Trustee a Servicer's Trust Receipt. Upon receipt of such Servicer's Trust Receipt, the Trustee shall promptly release the related File, in trust to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee, in each case pending its release by the Servicer, such escrow agent or such employee, agent or attorney of the Trustee, as the case may be. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full. No expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account. In lieu of executing any such satisfaction or assignment, as the case may be, the Servicer may prepare and submit to the Trustee, a satisfaction (or assignment without recourse, if requested by the Person or Persons entitled thereto) in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Trustee shall execute and acknowledge such satisfaction or assignment, as the case may be, and deliver the same with the related File, as aforesaid. In connection with a foreclosure, the Servicer may prepare and submit to the Trustee an assignment of mortgage to the Servicer, in form for execution by the Trustee with all requisite information completed by the Servicer; in such event, the Trustee shall execute and acknowledge such assignment, and deliver the same with the related File to the Servicer. (b) From time to time and as appropriate in the servicing of any Mortgage Loan, including, without limitation, foreclosure or other comparable conversion of a Mortgage Loan or collection under any applicable Insurance Policy, the Trustee shall (except in the case of the payment or liquidation pursuant to which the related File is released to an escrow agent or an employee, agent or attorney of the Trustee), upon request of the Servicer and delivery to the Trustee of a Servicer's Trust Receipt, release the related File to the Servicer and shall execute such documents as shall be reasonably necessary to the prosecution of any such proceedings, including, without limitation, an assignment without recourse of the related Mortgage to the Servicer; provided that there shall not, without the prior written 89 consent of the Certificate Insurer, be released and unreturned at any one time more than 10% of the entire number of Files then on deposit with the Trustee. Such receipt by the Servicer shall obligate the Servicer to return the File to the Trustee when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which case, upon receipt of the liquidation information, in physical or electronic form, the Servicer's Trust Receipt shall be released by the Trustee to the Servicer. (c) In all cases where the Servicer determines that it is necessary for the Trustee to sign any document or to authorize the release of a File within a limited period of time, the Servicer shall notify an Authorized Officer of the Trustee by telephone or facsimile transmission of such need and the Trustee shall thereupon use its best efforts to comply with the Servicer's needs, but in any event will comply within two Business Days of such request with respect to the release of a File or the execution of a release or assignment provided such request shall be received by 12:00 noon on the second Business Day prior to such release, execution or assignment. Section 8.15. Servicing Compensation. As compensation for its activities hereunder, the Servicer shall be entitled to retain the amount of the Servicing Fee from the interest collections with respect to each Mortgage Loan. Additional servicing compensation in the form of prepayment charges, release fees, bad check charges, assumption fees, late payment charges, or any other servicing-related fees, Net Liquidation Proceeds not required to be deposited in the Principal and Interest Account pursuant to Section 8.8(c), and similar items may, to the extent collected from Mortgagors, be retained by the Servicer. The Servicer may not sell, pledge or transfer its right to the Servicing Fee or any servicing compensation, under this Agreement (in whole or in part), except to a successor servicer hereunder, without the consent of the Certificate Insurer. Any pledge of the Servicing Fee hereunder shall be expressly subordinate to the rights of the Trustee under this Agreement. Section 8.16. Annual Statement as to Compliance. The Servicer, at its own expense, will deliver to the Trustee, Certificate Insurer, S&P and Moody's, on or before the last day of April of each year, commencing in 1998, an Officer's Certificate stating, as to each signer thereof, that (i) a review of the activities of each of the Servicer and the Sub-Servicer during such preceding calendar year and of performance under this Agreement has been made under such officers' supervision, and (ii) to the best of such officers' knowledge, based on such review, each of the Servicer and the Sub-Servicer has fulfilled all its obligations under this Agreement for such year, or, if there has been a default in the fulfillment of all such obligations, specifying each such default known to such officers and the nature and status thereof including the steps being taken by the Servicer or the Sub-Servicer as applicable, to remedy such defaults. Any Sub-Servicer which is not a Servicer Affiliate shall also deliver an annual statement as to compliance in the form described above or the Servicer shall cover such Sub-Servicer's performance in its own statement. These statements shall be available to Owners upon written request. 90 Section 8.17. Annual Independent Certified Public Accountants' Reports; Annual Financial Statements of the Sub-Servicer. (a) On or before the last day of April of each year, commencing in 1998, the Sub-Servicer, at its own expense, shall cause to be delivered to the Trustee, the Certificate Insurer, S&P and Moody's a letter or letters of a firm of independent, nationally recognized certified public accountants reasonably acceptable to the Certificate Insurer stating that such firm has, with respect to the Sub-Servicer's overall servicing operations (i) performed applicable tests in accordance with the compliance testing procedures as set forth in Appendix 3 of the Audit Guide for Audits of HUD Approved Nonsupervised Mortgagees or (ii) examined such operations in accordance with the requirements of the Uniform Single Audit Program for Mortgage Bankers, and in either case stating such firm's conclusions relating thereto. (b) The Servicer shall furnish or caused to be furnished to the Trustee as soon as available, and in any event within 90 days after the close of each fiscal year of the Servicer, the audited balance sheet of the Servicer and the audited profit and loss statement and statement of cash flows of the Servicer for such year, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding year, prepared in accordance with generally accepted accounting principles, consistently applied, and accompanied by the certificate of the Servicer's independent accountants (who shall be a nationally recognized firm). (c) The Trustee shall have no duty or obligation with respect to the information provided pursuant to this Section 8.17. Section 8.18. Access to Certain Documentation and Information Regarding the Mortgage Loans. The Servicer shall provide to the Trustee, the Certificate Insurer and the supervisory agents and examiners of each of the foregoing access to the documentation regarding the Mortgage Loans required by applicable state and federal regulations, such access being afforded without charge but only upon reasonable request and during normal business hours at the offices of the Servicer designated by it. Upon any change in the format of the computer diskette or other form of report maintained by the Servicer in respect of the Mortgage Loans, the Servicer shall deliver a copy of such new format to the Trustee. Section 8.19. Assignment of Agreement. The Servicer may not assign its obligations under this Agreement, in whole or in part, unless it shall have first obtained the written consent of the Trustee and Certificate Insurer, which such consent shall not be unreasonably withheld; provided, however, that any assignee must meet the eligibility requirements set forth in Section 8.20(g) hereof for a successor servicer. Notice of any such assignment shall be given by the Servicer to the Trustee, the Certificate Insurer and Moody's. 91 Section 8.20. Removal of Servicer; Resignation of Servicer. (a) The Certificate Insurer (or, with the consent of the Certificate Insurer, the Majority Owners) may remove the Servicer upon the occurrence of any of the following events (each, an "Event of Default"); provided in the event of an Event of Default pursuant to clauses (ix), (x) or (xi) below, the Certificate Insurer may consider whether such Event of Default is related to the Servicer's performance, the credit quality of the Mortgage Loans or economic conditions beyond the control of the Servicer: (i) The Servicer shall (A) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or similar entity with respect to itself or its property, (B) admit in writing its inability to pay its debts generally as they become due, (C) make a general assignment for the benefit of creditors, (D) be adjudicated a bankrupt or insolvent, (E) commence a voluntary case under the federal bankruptcy laws of the United States of America or file a voluntary petition or answer seeking reorganization, an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization or insolvency proceeding or (F) cause corporate action to be taken by it for the purpose of effecting any of the foregoing; or (ii) If without the application, approval or consent of the Servicer, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking in respect of the Servicer an order for relief or an adjudication in bankruptcy, reorganization, dissolution, winding up, liquidation, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, conservator, liquidator or custodian or similar entity with respect to the Servicer or of all or any substantial part of its assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by the Servicer in good faith, the same shall (A) result in the entry of an order for relief or any such adjudication or appointment or (B) continue undismissed or pending and unstayed for any period of thirty (30) consecutive days; or (iii) The Servicer shall fail to perform any one or more of its obligations hereunder (other than its obligations referenced in clauses (vi) and (vii) below) and shall continue in default thereof for a period of thirty (30) days after the earlier to occur of (x) the date on which an Authorized Officer of the Servicer knows or reasonably should know of such failure or (y) receipt by the Servicer of a written notice from 92 the Trustee, any Owner, the Sponsor or the Certificate Insurer of said failure; or (iv) The Servicer shall fail to cure any breach of any of its representations and warranties set forth in Section 3.2 which materially and adversely affects the interests of the Owners or Certificate Insurer for a period of thirty (30) days after the earlier of (x) the date on which an Authorized Officer of the Servicer knows or reasonably should know of such breach or (y) receipt by the Servicer of a written notice from the Trustee, any Owner, the Sponsor or the Certificate Insurer of such breach; or (v) If the Certificate Insurer pays out any money under the Certificate Insurance Policy, or if the Certificate Insurer otherwise funds any shortfall with its own money, because the amounts available to the Trustee (other than from the Certificate Insurer) are insufficient to make required distributions on the Class A Certificates; or (vi) The failure by the Servicer to make any required Servicing Advance for a period of 30 days following the earlier of (x) the date on which an Authorized Officer of the Servicer knows or reasonably should know of such failure or (y) receipt by the Servicer of a written notice from the Trustee, any Owner, the Sponsor or the Certificate Insurer of such failure; or (vii) The failure by the Servicer to make any required Delinquency Advance, to pay any Compensating Interest or to pay over any Monthly Remittance Amount or other amounts required to be remitted by the Servicer pursuant to this Agreement; or (viii) If on any Payment Date the net worth of the Servicer is less than $10,000,000, as determined in accordance with generally accepted accounting principals; or (ix) If (a) on any Payment Date occurring before March 1, 1998, the Rolling Three Month Delinquency Rate exceeds 6.0%, (b) on any Payment Date on or after March 1, 1998 and before March 1, 1999, the Rolling Three Month Delinquency Rate exceeds 7.0%, (c) on any Payment Date on or after March 1, 1999 and before March 1, 2000, the Rolling Three Month Delinquency Rate exceeds 8.5%, (d) on any Payment Date on or after March 1, 2000 and before March 1, 2001, the Rolling Three Month Delinquency Rate exceeds 10.0%, or (e) on any Payment Date on or after March 1, 2001, the Rolling Three Month Delinquency Rate exceeds 12.0%; or 93 (x) If (a) on the Payment Date occurring in March, 1998, the aggregate Cumulative Loss Amounts over the prior twelve month period exceed 0.50% of the average Aggregate Loan Balance as of the close of business on the last day of each of the twelve preceding Remittance Periods, (b) on the Payment Date occurring in March, 1999, the aggregate Cumulative Loss Amounts exceed 0.75% of the average Aggregate Loan Balance as of the close of business on the last day of each of the twelve preceding Remittance Periods, (c) on the Payment Date occurring in March, 2000, the aggregate Cumulative Loss Amounts exceed 1.50% of the average Aggregate Loan Balance as of the close of business on the last day of each of the twelve preceding Remittance Periods, (d) on the Payment Date occurring in March, 2001, the aggregate Cumulative Loss Amounts exceed 2.00% of the average Aggregate Loan Balance as of the close of business on the last day of each of the twelve preceding Remittance Periods, or (e) on the Payment Date occurring in March, 2002, the aggregate Cumulative Loss Amounts exceed 1.50% of the average Aggregate Loan Balance as of the close of business on the last day of each of the twelve preceding Remittance Periods; or (xi) If (a) on any Payment Date occurring before March 1, 1998, the Cumulative Loss Amount exceeds 0.50% of the Original Aggregate Loan Balance, (b) on any Payment Date on or after March 1, 1998 and before March 1, 1999, the Cumulative Loss Amount exceeds 1.00% of the Original Aggregate Loan Balance, (c) on any Payment Date on or after March 1, 1999 and before March 1, 2000, the Cumulative Loss Amount exceeds 2.50% of the Original Aggregate Loan Balance, (d) on any Payment Date on or after March 1, 2000 and before March 1, 2001, the Cumulative Loss Amount exceeds 4.00% of the Original Aggregate Loan Balance, or (e) on any Payment Date on or after March 1, 2001, the Cumulative Loss Amount exceeds 5.00 % of the Original Aggregate Loan Balance; or (xii) The Certificate Insurer determines that the performance of the Servicer (or any Sub-Servicer) is not in compliance with the Servicing Standards, which non-compliance is reasonably likely to have a material adverse effect on the servicing of the Mortgage Loans; or (xiii) The Servicer shall enter into any merger, consolidation or other corporate transaction pursuant to which (x) the Servicer is not the surviving entity, (y) the long-term unsecured debt rating of the surviving entity is below investment grade or (z) the Certificate Insurer determines that the servicing capabilities of such surviving 94 entity as successor Servicer could materially adversely affect the servicing of the Mortgage Loans; provided, however, that (A) prior to any removal of the Servicer pursuant to clauses (iii) and (iv), the Certificate Insurer, in its sole discretion, may extend the 30-day cure period upon the Servicer's prompt and diligent pursuit of such cure, (B) prior to any removal of the Servicer pursuant to clauses (iii), (iv) and (vi) of this Section 8.20(a), any applicable grace period granted by any such clause shall have expired prior to the time such occurrence shall have been remedied and (C) in the event of the refusal or inability of the Servicer to comply with its obligations described in clause (vii) above, such removal shall be effective (without the requirement of any action on the part of the Sponsor the Certificate Insurer or of the Trustee) at 4 p.m. New York City time on the second Business Day following the day on which the Trustee or the Certificate Insurer notifies an Authorized Officer of the Servicer that a required amount described in clause (vii) above has not been received by the Trustee, unless the required amount described in clause (vii) above is paid by the Servicer prior to such time. Upon the Trustee's obtaining actual knowledge that a required amount described in clause (vii) above has not been made by the Servicer, the Trustee shall so notify an Authorized Officer of the Servicer, the Certificate Insurer and each of Moody's and S&P as soon as is reasonably practical. (b) The Servicer shall not resign from the obligations and duties hereby imposed on it, except upon determination that its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it, the other activities of the Servicer so causing such a conflict being of a type and nature carried on by the Servicer at the date of this Agreement. Any such determination permitting the resignation of the Servicer shall be evidenced by an opinion of counsel to such effect which shall be delivered to the Trustee, the Sponsor and the Certificate Insurer. (c) No removal or resignation of the Servicer shall become effective until the Trustee or a successor servicer shall have assumed the Servicer's responsibilities and obligations in accordance with this Section. (d) Upon removal or resignation of the Servicer, the Servicer also shall promptly deliver or cause to be delivered to a successor servicer or the Trustee all the books and records (including, without limitation, records kept in electronic form) that the Servicer has maintained for the Mortgage Loans, including all tax bills, assessment notices, insurance premium notices and all other documents as well as all original documents then in the Servicer's possession. (e) Any collections received by the Servicer after removal or resignation shall be endorsed by it to the Trustee and remitted directly and immediately to the Trustee or the successor Servicer. (f) Upon removal or resignation of the Servicer, the Trustee shall act as the successor Servicer. If, at the time the Servicer is removed or resigns, the Trustee is unable 95 to act as successor Servicer, then the Trustee (x) may solicit bids for a successor Servicer as described below, and (y) pending the appointment of a successor Servicer as a result of soliciting such bids, shall serve as Servicer. The Trustee shall, if it is unable to obtain a qualifying bid and is prevented by law from acting as Servicer, appoint, or petition a court of competent jurisdiction to appoint, any housing and home finance institution, bank or mortgage servicing institution which is acceptable to the Certificate Insurer and is experienced in servicing loans of a type similar to the Mortgage Loans and has equity of not less than $10,000,000, as determined in accordance with generally accepted accounting principles, and acceptable to the Certificate Insurer as the successor to the Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder. The compensation of any successor servicer (including, without limitation, the Trustee) so appointed shall be the aggregate Servicing Fees, together with the other servicing compensation in the form of assumption fees, late payment charges or otherwise as provided in Section 8.15. (g) In the event the Trustee solicits bids as provided above, the Trustee shall solicit, by public announcement, bids from housing and home finance institutions, banks and mortgage servicing institutions meeting the qualifications set forth above. Such public announcement shall specify that the successor Servicer shall be entitled to the full amount of the aggregate Servicing Fees as servicing compensation, together with the other servicing compensation in the form of assumption fees, late payment charges or otherwise as provided in Section 8.15. Within thirty days after any such public announcement, the Trustee shall, with the consent of the Certificate Insurer, negotiate and effect the sale, transfer and assignment of the servicing rights and responsibilities hereunder to the qualified party submitting the highest satisfactory bid. The Trustee shall deduct from any sum received by the Trustee from the successor to the Servicer in respect of such sale, transfer and assignment all costs and expenses of any public announcement and of any sale, transfer and assignment of the servicing rights and responsibilities hereunder. After such deductions, the remainder of such sum shall be paid by the Trustee to the Servicer at the time of such sale, transfer and assignment to the Servicer's successor. (h) The Trustee and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession, and the Servicer shall bear all the costs of transferring all files and records related to the Mortgage Loans and other reasonable costs necessary to effect such succession. The Servicer agrees to cooperate with the Trustee and any successor Servicer in effecting the termination of the Servicer's servicing responsibilities and rights hereunder and shall promptly provide the Trustee or such successor Servicer, as applicable, all documents and records reasonably requested by it to enable it to assume the Servicer's functions hereunder and shall promptly also transfer to the Trustee or such successor Servicer, as applicable, all amounts which then have been or should have been deposited in the Principal and Interest Account by the Servicer or which are thereafter received with respect to the Mortgage Loans. Neither the Trustee nor any other successor Servicer shall be held liable by reason of any failure to make, or any delay in 96 making, any distribution hereunder or any portion thereof caused by (i) the failure of the Servicer to deliver, or any delay in delivering, cash, documents or records to it, or (ii) restrictions imposed by any regulatory authority having jurisdiction over the Servicer. (i) The Trustee or any other successor Servicer, upon assuming the duties of Servicer hereunder, shall immediately make all Delinquency Advances and pay all Compensating Interest which the Servicer has theretofore failed to remit with respect to the Mortgage Loans; provided, however, that if the Trustee is acting as successor Servicer, the Trustee shall only be required to make Delinquency Advances (including the Delinquency Advances described in this clause (j)) if, in the Trustee's reasonable good faith judgment, such Delinquency Advances will ultimately be recoverable from the related Mortgage Loans. (j) The Servicer which is being removed or is resigning shall give notice to the Mortgagors and to each of Moody's and S&P of the transfer of the servicing to the successor. (k) Any successor Servicer shall assume all rights and obligations of the predecessor Servicer under this Agreement, except those arising before succession (other than the obligation to make Delinquency Advances) and under Section 3. (l) If the Servicer is removed pursuant to Section 8.20(a) hereof the Servicer shall remain entitled to reimbursement for Reimbursable Advances to the extent that the related amounts are thereafter recovered with respect to the related Mortgage Loans. Section 8.21. Inspections by Certificate Insurer; Errors and Omissions Insurance. (a) At any reasonable time and from time to time upon reasonable notice, the Certificate Insurer, the Trustee, or any agents or representatives thereof may inspect the Servicer's servicing operations and discuss the servicing operations of the Servicer with any of its officers or directors. The costs and expenses incurred by the Servicer or its agents or representatives in connection with any such examinations or discussions shall be paid by the Servicer. (b) The Servicer agrees to maintain (and to cause each Sub-Servicer to maintain) errors and omissions coverage and a fidelity bond, each at least to the extent generally maintained by prudent mortgage loan servicers having servicing portfolios of a similar size. Section 8.22. Merger, Conversion, Consolidation or Succession to Business of Servicer. Any corporation into which the Servicer may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any corporation succeeding to all or substantially all of the business of the Servicer, shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided (x) that such corporation meets the qualifications set forth in Section 8.20(f) and (y) that any successor Servicer must meet the qualifications set forth in Section 8.20(f). 97 Section 8.23. Financial Statements. The Servicer understands that, in connection with the transfer of the Certificates, Owners may request that the Servicer make available to prospective Owners any quarterly unaudited financial statement of the Servicer for the then-current fiscal year and annual audited financial statements of the Servicer for one or more of the most recently completed five fiscal years for which such statements are available, which request shall not be unreasonably denied. Such financial statements shall also be supplied to the Certificate Insurer and each of Moody's and S&P. The Servicer also agrees to make available on a reasonable basis to the Sponsor, the Trustee, the Certificate Insurer, any Owner or any prospective Owner a knowledgeable financial or accounting officer for the purpose of answering reasonable questions respecting recent developments affecting the Servicer or Sub-Servicer or the financial statements of the Servicer or Sub-Servicer and to permit the Sponsor, the Trustee, the Certificate Insurer, any Owner or any prospective Owner to inspect the Sub-Servicer's servicing facilities during normal business hours for the purpose of satisfying the Sponsor, the Trustee, the Certificate Insurer, any Owner or such prospective Owner that the Servicer has the ability to service the Mortgage Loans in accordance with this Agreement. Section 8.24. REMIC. The Servicer covenants and agrees for the benefit of the Owners (i) to take no action which would result in the termination of REMIC status for the Upper-Tier REMIC or the Lower-Tier REMIC, (ii) not to engage in any "prohibited transaction", as such term is defined in Section 860F(a)(2) of the Code and (iii) not to engage in any other action which may result in the imposition of any other taxes under the Code. Section 8.25. The Designated Depository Institution. The Servicer shall give the Sponsor, the Trustee and the Certificate Insurer (a) at least thirty days' prior written notice of any anticipated change of the Designated Depository Institution at which any Account is maintained and (b) written notice of any change in the ratings of such Designated Depository Institution of which the Servicer is aware, within two Business Days after discovery. Section 8.26. Appointment of Custodian. If the Servicer in good faith determines that the Trustee is unable to deliver Files to the Servicer as required pursuant to Section 8.14 hereof, the Servicer shall so notify the Sponsor, the Certificate Insurer, S&P, Moody's and the Trustee, and make request that a custodian acceptable to the Servicer and the Certificate Insurer be appointed to retain custody of the Files on behalf of the Trustee. The Trustee and the Sponsor agree to co-operate reasonably with the Servicer in connection with the appointment of such custodian. Section 8.27. Indemnification by the Sponsor and Servicer. The Sponsor and Servicer each jointly and severally agrees to indemnify and hold the Trust, harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, fees and expenses that the Trust may sustain in any way related to (i) the breach of any representation or warranty made by the Sponsor or the Servicer under this Agreement or the Master Transfer Agreement or (ii) the failure of the Sponsor or the Servicer 98 to perform their respective duties in compliance with the terms of this Agreement or the Master Transfer Agreement. The provisions of this section shall survive the termination of this Agreement and the payment of the outstanding Certificates. ARTICLE IX TERMINATION OF TRUST Section 9.1. Termination of Trust. The Trust created hereunder and all obligations created by this Agreement will terminate upon the earlier of (i) the payment to the Owners of all Certificates from amounts other than those available under the Certificate Insurance Policy of all amounts held by the Trustee and required to be paid to such Owners pursuant to this Agreement upon the later to occur of (a) the final payment or other liquidation (or any advance made with respect thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of all property acquired in respect of any Mortgage Loan remaining in the Trust Estate, (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC or the Lower-Tier REMIC is effected as described below or (iii) as described in Section 9.2, 9.3 and 9.4 hereof. To effect a termination of this Agreement pursuant to clause (ii) above, the Owners of all Certificates then Outstanding shall (x) unanimously direct the Trustee on behalf of the Trust to adopt a plan of complete liquidation for the Upper-Tier REMIC or the Lower- Tier REMIC, as contemplated by Section 860F(a)(4) of the Code and (y) provide to the Trustee an opinion of counsel experienced in federal income tax matters to the effect that such liquidation constitutes a Qualified Liquidation, and the Trustee either shall sell the Mortgage Loans and distribute the proceeds of the liquidation of the Trust Estate, or shall distribute equitably in kind all of the assets of the Trust Estate to the remaining Owners of the Certificates based on their interests in the Trust, each in accordance with such plan, so that the liquidation or distribution of the Trust Estate, the distribution of any proceeds of the liquidation and the termination of this Agreement occur no later than the close of the 90th day after the date of adoption of the plan of liquidation and such liquidation qualifies as a Qualified Liquidation. In no event, however, will the Trust created by this Agreement continue beyond the expiration of twenty-one (21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof. The Trustee shall give written notice of termination of the Agreement to each Owner in the manner set forth in Section 11.5. Section 9.2. Termination Upon Option of Class RL Certificate Owners and Servicer. (a) On any Remittance Date on or after the Remittance Date on which the then-outstanding Aggregate Loan Balance of the Mortgage Loans in the Trust Estate is less than or equal to ten percent of the sum of the Aggregate Loan Balance of all Mortgage Loans in the Trust Estate as of the Cut-Off Date, the Owners of the Class RL Certificates and the Servicer, acting directly or through one or more affiliates, may determine to purchase and 99 may cause the purchase from the Trust of all (but not fewer than all) Mortgage Loans in the Trust Estate and all property theretofore acquired in respect of any such Mortgage Loan by foreclosure, deed in lieu of foreclosure, or otherwise then remaining in the Trust Estate at a price equal to the sum of (w) the greater of (i) 100% of the Aggregate Loan Balance of the related Mortgage Loans and related accrued interest as of the day of purchase minus the amount actually remitted by the Servicer representing the related Monthly Remittance Amount on such Remittance Date for the related Remittance Period and (ii) the fair market value of such Mortgage Loans (disregarding accrued interest), (x) the amount of any difference between the Monthly Remittance Amount actually remitted by the Servicer on such Remittance Date and the Monthly Remittance Amount due on such Remittance Date and (y) the Reimbursement Amount, if any, as of such Remittance Date (such amount, the "Termination Price"). The right of the Owners of the Class RL Certificates so to exercise such optional purchase right is superior to such right of the Servicer. The Servicer may only exercise such optional right if the Owners of the Class RL Certificates decline to do so. In connection with such purchase, the Servicer shall remit to the Trustee all amounts then on deposit in the Principal and Interest Account for deposit to the Certificate Account, which deposit shall be deemed to have occurred immediately preceding such purchase. (b) In connection with any such purchase, the Servicer shall provide to the Trustee and the Certificate Insurer an opinion of counsel, at the expense of the Servicer, experienced in federal income tax matters to the effect that such purchase constitutes a Qualified Liquidation of the Upper-Tier REMIC and the Lower-Tier REMIC. (c) Promptly following any such purchase, the Trustee will release the Files to the Servicer, or otherwise upon their order, in a manner similar to that described in Section 8.14 hereof. (d) If the Servicer does not exercise its option pursuant to this Section 9.2 with respect to the Trust Estate, then the Certificate Insurer may do so on the same terms. Section 9.3. Termination Upon Loss of REMIC Status. (a) Following a final determination by the Internal Revenue Service, or by a court of competent jurisdiction, in either case from which no appeal is taken within the permitted time for such appeal, or if any appeal is taken, following a final determination of such appeal from which no further appeal can be taken, to the effect that either the Upper-Tier REMIC or the Lower-Tier REMIC does not and will no longer qualify as a "REMIC" pursuant to Section 860D of the Code (the "Final Determination"), on any Remittance Date on or after the date which is 30 calendar days following such Final Determination, (i) the Owners of a majority in Percentage Interest represented by the Class A Certificates then Outstanding may direct the Trustee to adopt a plan of complete liquidation with respect to the Trust Estate and (ii) the Certificate Insurer may notify the Trustee of the Certificate Insurer's determination to purchase from the Trust all (but not fewer than all) Mortgage Loans in the Trust Estate and all property theretofore acquired by foreclosure, deed in lieu of foreclosure, or otherwise in respect of any Mortgage Loan then remaining in the Trust Estate at a price equal to the 100 Termination Price. In connection with such purchase, the Servicer shall remit to the Trustee all amounts then on deposit in the Principal and Interest Account for deposit in the Certificate Account, which deposit shall be deemed to have occurred immediately preceding such purchase. (b) Upon receipt of such direction from the Owners of such Class A Certificates or such notice from the Certificate Insurer, the Trustee shall notify the holders of the Class RL Certificates of such election to liquidate or such determination to purchase, as the case may be, (the "Termination Notice"). The Owners of a majority of the Percentage Interest of the Class RL Certificates then Outstanding may, on any Remittance Date, within 60 days from the date of receipt of the Termination Notice (the "Purchase Option Period"), at their option, purchase from the Trust all (but not fewer than all) Mortgage Loans in the Trust Estate, and all property theretofore acquired by foreclosure, deed in lieu of foreclosure, or otherwise in respect of any Mortgage Loan then remaining in the Trust Estate at a purchase price equal to the Termination Price. (c) If, during the Purchase Option Period, the Owners of the Class RL Certificates have not exercised the option described in the immediately preceding paragraph, then upon the expiration of the Purchase Option Period (i) in the event that the Owners of the Class A Certificates have given the Trustee the direction described in clause (a)(i) above, the Trustee shall sell the Mortgage Loans and distribute the proceeds of the liquidation of the Trust Estate, such that, if so directed, the liquidation of the Trust Estate and the distribution of the proceeds of such liquidation occur no later than the close of the 60th day, or such later day as the Owners of the Class A Certificates shall permit or direct in writing, after the expiration of the Purchase Option Period and (ii) in the event that the Certificate Insurer has given the Trustee notice of the Certificate Insurer's determination to purchase the Mortgage Loans in the Trust Estate described in clause (a)(ii) preceding, the Certificate Insurer shall, on any Remittance Date within 60 days after such notice, purchase all (but not fewer than all) Mortgage Loans in the Trust Estate, and all property theretofore acquired by foreclosure, deed in lieu of foreclosure or otherwise in respect of any Mortgage Loan then remaining in the Trust Estate. In connection with such purchase, the Servicer shall remit to the Trustee all amounts then on deposit in the Principal and Interest Account for deposit to the Certificate Account, which deposit shall be deemed to have occurred immediately preceding such purchase. (d) Following a Final Determination, the Owners of a majority of the Percentage Interest of the Class RL Certificates then Outstanding may, at their option on any Remittance Date and upon delivery to the Owners of the Class A Certificates and the Certificate Insurer of an opinion of counsel experienced in federal income tax matters selected by the Owners of such Class RL Certificates which opinion shall be reasonably satisfactory in form and substance to a majority of the Percentage Interests represented by the Class A Certificates then Outstanding and the Certificate Insurer, to the effect that the effect of the Final Deter mination is to increase substantially the probability that the gross income of the Trust will be subject to federal taxation, purchase from the Trust all (but not fewer than all) Mortgage Loans in the Trust Estate, and all property theretofore acquired by foreclosure, deed in lieu 101 of foreclosure, or otherwise in respect of any Mortgage Loan then remaining in the Trust Estate at a purchase price equal to the Termination Price. In connection with such purchase, the Servicer shall remit to the Trustee all amounts then on deposit in the Principal and Interest Account for deposit to the Certificate Account, which deposit shall be deemed to have occurred immediately preceding such purchase. The foregoing opinion shall be deemed satisfactory unless the Owners of a majority of the Percentage Interest represented by the Class A Certificates then Outstanding or the Certificate Insurer give the Owners of a majority of the Percentage Interest of the Class RL Certificates notice that such opinion is not satisfactory within thirty days after receipt of such opinion. Section 9.4. Disposition of Proceeds. The Trustee shall, upon receipt thereof, deposit the proceeds of any liquidation of the Trust Estate pursuant to this Article IX to the Certificate Account; provided, however, that any amounts representing Servicing Fees, unreimbursed Delinquency Advances or unreimbursed Servicing Advances theretofore funded by the Servicer from the Servicer's own funds shall be paid by the Trustee to the Servicer from such proceeds. Section 9.5. Netting of Amounts. If any Person paying the Termination Price would receive a portion of the amount so paid, such Person may net any such amount against the Termination Price otherwise payable. ARTICLE X THE TRUSTEE Section 10.1 Certain Duties and Responsibilities. (a) The Trustee (i) except during the continuance of an Event of Default, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Trustee and (ii) in the absence of bad faith on its part, may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished pursuant to and conforming to the requirements of this Agreement; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Agreement. During the continuance of an Event of Default, the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances with respect to such person's property or affairs. (b) Notwithstanding the appointment of the Servicer hereunder, the Trustee is hereby empowered, but prior to the Trustee assuming the duties of the Servicer pursuant to 102 Section 8.20, shall not be obligated or otherwise responsible to perform the duties of the Servicer. Specifically, and not in limitation of the foregoing, the Trustee shall have the power (but not the obligation if prior to the Trustee assuming the duties of the Servicer pursuant to Section 8.20): (i) to collect Mortgagor payments; (ii) to foreclose on defaulted Mortgage Loans; (iii) to enforce due-on-sale clauses and to enter into assumption and substitution agreements as permitted by Section 8.12 hereof; (iv) to deliver instruments of satisfaction pursuant to Section 8.14 hereof; (v) to make Delinquency Advances and Servicing Advances and to pay Compensating Interest, all as provided in this Agreement; and (vi) to enforce the Mortgage Loans. (c) No provision of this Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: (i) this subsection shall not be construed to limit the effect of subsection (a) of this Section; (ii) the Trustee shall not be liable for any error of judgment made in good faith by an Authorized Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of the Sponsor, the Certificate Insurer or, with the Certificate Insurer's consent, of the Owners of a majority in Percentage Interest of the Certificates of the affected Class or Classes and the Certificate Insurer relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Agreement relating to such Certificates; (iv) the Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default by the Servicer unless the Trustee shall have received written notice thereof. In the absence of actual receipt of such notice, the Trustee may conclusively assume that there is no such default; and 103 (v) subject to the other provisions of this Agreement and without limiting the generality of this Section, the Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Agreement, any Mortgage or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to any insurance, (C) to see the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any property of the Trust, (D) to confirm or verify the contents of any reports or certificates of the Servicer delivered to the Trustee pursuant to this Agreement believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties. (d) Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. (e) No provision of this Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it and none of the provisions contained in this Agreement shall in any event require the Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Agreement except during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties and powers and privileges of, the Servicer in accordance with the terms of this Agreement. (f) The permissive right of the Trustee to take actions enumerated in this Agreement shall not be construed as a duty and the Trustee shall not be answerable for other than its own negligence or willful misconduct. (g) The Trustee shall be under no obligation to institute any suit, or to take any remedial proceeding under this Agreement, or to take any steps in the execution of the trusts hereby created or in the enforcement of any rights and powers hereunder until it shall be indemnified to its reasonable satisfaction against any and all costs and expenses, outlays and counsel fees and other reasonable disbursements and against all liability, except liability which is adjudicated to have resulted from its negligence or willful misconduct, in connection with any action so taken. 104 Section 10.2. Removal of Trustee for Cause (a) The Trustee may be removed pursuant to paragraph (b) hereof upon the occurrence of any of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (1) the Trustee shall fail to distribute to the Owners entitled thereto on any Payment Date amounts available for distribution in accordance with the terms hereof; or (2) the Trustee shall cease to be eligible in accordance with Section 10.8 hereof or fail in the performance of, or breach, any covenant or agreement of the Trustee in this Agreement, or if any representation or warranty of the Trustee made in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such failure or breach shall continue or not be cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Trustee by the Sponsor, the Certificate Insurer or by the Owners of at least 25% of the aggregate Percentage Interests represented by the Class A Certificates, or, if there are no Class A Certificates then Outstanding, by such Percentage Interests represented by the Class B Certificates, a written notice specifying such failure or breach and requiring it to be remedied; or (3) a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Trustee, and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or (4) a conservator or receiver or liquidator or sequestrator or custodian of the property of the Trustee is appointed in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Trustee or relating to all or substantially all of its property; or (5) the Trustee shall become insolvent (however insolvency is evidenced), generally fail to pay its debts as they come due, file or consent to the filing of a petition to take advantage of any applicable 105 insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily suspend payment of its obligations, or take corporate action for the purpose of any of the foregoing. (b) The Sponsor and the Trustee shall give notice to Moody's and S&P, to each other, to the Certificate Insurer and to each Owner if it becomes aware that an event described in subsection (a) has occurred and is continuing. (c) If any event described in paragraph (a) occurs and is continuing, then and in every such case (i) the Sponsor or the Certificate Insurer or (ii) with the written consent of the Certificate Insurer, the Majority Owners, or, if there are no Class A Certificates then Outstanding, by a majority of the Class B Certificates then Outstanding, may, whether or not the Trustee resigns pursuant to Section 10.9 hereof, immediately, concurrently with the giving of notice to the Trustee, and without delaying the 30 days required for notice therein, appoint a successor trustee pursuant to the terms of Section 10.9 hereof. Section 10.3. Certain Rights of the Trustee. Except as otherwise provided in Section 10.1 hereof: (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; (b) any request or direction of the Sponsor, the Servicer or the Owners of any Class of Certificates mentioned herein shall be sufficiently evidenced in writing; (c) whenever in the administration of this Agreement the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer's Certificate; (d) the Trustee may consult with counsel, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reasonable reliance thereon; (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction of any of the Owners pursuant to this Agreement, unless such Owners shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, 106 request, direction, consent, order, bond, note or other paper or document, but the Trustee in its discretion may make such further inquiry or investigation into such facts or matters as it may see fit; (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and (h) the Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized by the Authorized Officer of any Person or within its rights or powers under this Agreement other than as to validity and sufficiency of its authentication of the Certificates. The Trustee shall at no time have any responsibility for or with respect to (i) the legality, validity, sufficiency or enforceability of any Mortgages and the Mortgage Loans, including the perfection or priority thereof, (ii) the ability of the Mortgage Loans to pay any portion of the Certificates, (iii) the validity of the assignment of any of the Mortgages and the Mortgage Loans, (iv) the review of any Mortgage or Mortgage Loan, except as provided herein, (v) the compliance by the Sponsor or any Mortgagor with any covenant contained hereunder or in the Mortgages and the Mortgage Loans, (vi) the breach by the Sponsor or the Servicer of any warranty or representation made hereunder or the accuracy of any such warranty or representation, (vii) the use or application by the Sponsor of the proceeds of the Certificates, (viii) any offering materials used to sell the Certificates and (ix) the acts or omissions of the Servicer. Section 10.4. Not Responsible for Recitals or Issuance of Certificates. The recitals contained herein and in the Certificates, except any such recitals relating to the Trustee, shall be taken as the statements of the Sponsor, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Agreement or of the Certificates other than as to validity and sufficiency of its authentication of the Certificates. Section 10.5. May Hold Certificates. The Trustee or any other agent of the Trust, in its individual or any other capacity, may become an Owner or pledgee of Certificates and may otherwise deal with the Trust with the same rights it would have if it were not Trustee or such other agent. Section 10.6. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other trust funds except to the extent required herein or required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Sponsor and except to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Trustee in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments. 107 Section 10.7. Compensation and Reimbursement; No Lien for Fees. The Trustee shall receive compensation for fees and reimbursement pursuant to Section 2.5 hereof and Section 7.5(b)(ii) hereof. The Trustee shall have no lien on the Trust Estate for the payment of any fees or expenses (prior to an Event of Default). Section 10.8. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall be a corporation or association organized and doing business under the laws of the United States of America or of any State authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000, subject to supervision or examination by the United States of America, having a rating or ratings acceptable to the Certificate Insurer and having a long-term deposit rating of at least BBB from S&P (or such lower rating as may be acceptable to S&P) and Baa-2 from Moody's. If such Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall, upon the request of the Sponsor or of the Certificate Insurer, resign immediately in the manner and with the effect hereinafter specified in this Article X. Section 10.9. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor trustee pursuant to this Article X shall become effective until the acceptance of appointment by the successor trustee under Section 10.10 hereof. (b) The Trustee, or any trustee or trustees hereafter appointed, may resign at any time by giving written notice of resignation to the Certificate Insurer and to the Sponsor and by mailing notice of resignation by first-class mail, postage prepaid, to the Owners at their addresses appearing on the Register. A copy of such notice shall be sent by the resigning Trustee to Moody's and S&P. Upon receiving notice of resignation, the Sponsor shall promptly appoint a successor trustee or trustees satisfying the eligibility requirements of Section 10.8 and acceptable to the Certificate Insurer by written instrument, in duplicate, executed on behalf of the Trust by an Authorized Officer of the Sponsor, one copy of which instrument shall be delivered to the Trustee so resigning and one copy to the successor trustee or trustees. If no successor trustee shall have been appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Owner may, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. (c) If at any time the Trustee shall cease to be eligible under Section 10.8 hereof and shall fail to resign after written request therefor by the Sponsor or by the Certificate 108 Insurer, the Sponsor or the Certificate Insurer may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed on behalf of the Trust by an Authorized Officer of the Sponsor or the Certificate Insurer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. (d) The Majority Owners, or, if there are no Class A Certificates then Outstanding, by a majority of the Class B Certificates then Outstanding, may at any time remove the Trustee and appoint a successor trustee acceptable to the Certificate Insurer by delivering to the Trustee to be removed, to the successor trustee so appointed, to the Sponsor and to the Certificate Insurer, copies of the record of the act taken by the Owners, as provided for in Sections 11.3 and 11.4 hereof. (e) If the Trustee fails to perform its duties in accordance with the terms of this Agreement or becomes ineligible to serve as Trustee, the Sponsor, the Seller or the Certificate Insurer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, signed by the Sponsor, the Seller or the Certificate Insurer duly authorized, one complete set of which instruments shall be delivered to each of the Sponsor, the Seller and to the Trustee so removed and one complete set to the successor trustee so appointed. (f) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee for any cause, the Sponsor shall promptly appoint a successor trustee satisfying the eligibility requirements of Section 10.8. (g) The Sponsor shall give notice of any removal of the Trustee by mailing notice of such event by first-class mail, postage prepaid to the Owners as their names and addresses appear in the Register. Each notice shall include the name of the successor trustee and the address of its corporate trust office. Section 10.10. Acceptance of Appointment by Successor Trustee. Every successor trustee appointed hereunder shall execute, acknowledge and deliver to the Sponsor on behalf of the Trust and to its predecessor Trustee an instrument accepting such appointment hereunder and stating its eligibility to serve as Trustee hereunder, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of its predecessor hereunder; but, on request of the Sponsor or the successor trustee, such predecessor Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor trustee all of the rights, powers and trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver to such successor trustee all property and money held by such Trustee so ceasing to act hereunder. Upon request of any such successor trustee, the Sponsor on behalf of the Trust shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts. 109 Upon acceptance of appointment by a successor trustee as provided in this Section, the Sponsor shall mail notice thereof by first-class mail, postage prepaid, to the Owners at their last addresses appearing upon the Register. The Sponsor shall send a copy of such notice to Moody's and S&P. If the Sponsor fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Sponsor. No successor Trustee shall accept its appointment unless at the time of such acceptance such successor shall be qualified and eligible under this Article X. Section 10.11. Merger, Conversion, Consolidation or Succession to Business of the Trustee. Any corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that such corporation or association shall be otherwise qualified and eligible under this Article X. In case any Certificates have been executed, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such Trustee may adopt such execution and deliver the Certificates so executed with the same effect as if such successor Trustee had itself executed such Certificates. Section 10.12. Reporting; Withholding. (a) The Trustee shall timely provide to the Owners the Internal Revenue Service's Form 1099 and any other statement required by applicable Treasury regulations as determined by the Sponsor, and shall withhold, as required by applicable law, federal, state or local taxes, if any, applicable to distributions to the Owners, including, but not limited to, backup withholding under Section 3406 of the Code and the withholding tax on distributions to foreign investors under Sections 1441 and 1442 of the Code. (b) The Trustee shall timely file all reports required to be filed by the Trust with any federal, state or local governmental authority having jurisdiction over the Trust, including other reports that must be filed with the Owners, such as the Internal Revenue Service's Form 1066 and Schedule Q and the form required under Section 6050K of the Code, if applicable. Furthermore, the Trustee shall report to Owners, if required, with respect to the allocation of expenses pursuant to Section 212 of the Code in accordance with the specific instructions to the Trustee by the Sponsor with respect to such allocation of expenses. The Trustee shall collect any forms or reports from the Owners determined by the Sponsor to be required under applicable federal, state and local tax laws. (c) The Trustee shall provide to the Internal Revenue Service and to persons described in section 860(e)(3) and (6) of the Code the information described in Treasury Regulation section 1.860D-1(b)(5)(ii), or any successor regulation thereto. Such information 110 will be provided in the manner described in Treasury Regulation section 1.860E-2(a)(5), or any successor regulation thereto. (d) The Servicer covenants and agrees that it shall provide, or cause to be provided, to the Trustee any information necessary to enable the Trustee to meet its obligations under subsections (a), (b) and (c) above. Section 10.13. Liability of the Trustee. Except during the continuance of an Event of Default, the Trustee shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Trustee herein. Neither the Trustee nor any of the directors, officers, employees or agents of the Trustee shall be under any liability on any Certificate or otherwise to any Account, the Certificate Insurer, the Sponsor, the Servicer or any Owner for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Trustee or any such Person against any liability which would otherwise be imposed by reason of negligent action, negligent failure to act or bad faith in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. Subject to the foregoing sentence, the Trustee shall not be liable for losses on investments of amounts in any Account (except for any losses on obligations on which the bank serving as Trustee is the obligor). In addition, the Sponsor and Servicer covenant and agree to indemnify the Trustee, and when the Trustee is acting as Servicer, the Servicer, from, and hold it harmless against, any and all losses, liabilities, damages, claims or expenses (including all reasonable and documented legal fees and expenses) other than those resulting from the negligence or bad faith of the Trustee. The Trustee and any director, officer, employee or agent of the Trustee may rely and shall be protected in acting or refraining from acting in good faith on any certificate, notice or other document of any kind prima facie properly executed and submitted by the Authorized Officer of any Person respecting any matters arising hereunder. The provisions of this Section 10.13 shall survive the termination of this Agreement and the payment of the Outstanding Certificates. Section 10.14. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Property may at the time be located, the Servicer and the Trustee acting jointly and with the consent of the Certificate Insurer shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act as co-Trustee or co-Trustees, jointly with the Trustee, of all or any part of the Trust Estate or separate Trustee or separate Trustees of any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Owners, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.14, such powers, duties, obligations, rights and trusts as the Servicer and the Trustee may consider necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in the case any event indicated in Sections 8.20(a) shall have occurred and be continuing, the Trustee alone (with the consent of the Certificate Insurer) shall have 111 the power to make such appointment. No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section 10.8 and no notice to Owners of the appointment of any co-Trustee or separate Trustee shall be required under Section 10.8. Every separate Trustee and co-Trustee shall, to the extent permitted, be appointed and act subject to the following provisions and conditions: (i) All rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate Trustee or co-Trustee, but solely at the direction of the Trustee; (ii) No co-Trustee hereunder shall be held personally liable by reason of any act or omission of any other co-Trustee hereunder; and (iii) The Servicer and the Trustee acting jointly and with the consent of the Certificate Insurer may at any time accept the resignation of or remove any separate Trustee or co-Trustee. Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement and the conditions of this Section 10.14. Each separate Trustee and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer. Any separate Trustee or co-Trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, 112 all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor Trustee. The Trustee shall give to Moody's, the Sponsor and the Certificate Insurer notice of the appointment of any co-Trustee or separate Trustee. ARTICLE XI MISCELLANEOUS Section 11.1. Compliance Certificates and Opinions. Upon any application or request by the Sponsor, the Servicer, the Certificate Insurer or the Owners to the Trustee to take any action under any provision of this Agreement, the Sponsor, the Servicer, the Certificate Insurer or the Owners, as the case may be, shall furnish to the Trustee a certificate stating that all conditions precedent, if any, provided for in this Agreement relating to the proposed action have been complied with, except that in the case of any such application or request as to which the furnishing of any documents is specifically required by any provision of this Agreement relating to such particular application or request, no additional certificate need be furnished. Except as otherwise specifically provided herein, each certificate or opinion with respect to compliance with a condition or covenant provided for in this Agreement shall include: (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; and (c) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. Section 11.2. Form of Documents Delivered to the Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 113 Any certificate of an Authorized Officer of the Sponsor, the Servicer or the Trustee may be based, insofar as it relates to legal matters, upon an opinion of counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the opinion is erroneous. Any such certificate of an Authorized Officer or any opinion of counsel may be based, insofar as it relates to factual matters upon a certificate or opinion of, or representations by, one or more Authorized Officers of the Sponsor or of the Servicer, stating that the information with respect to such factual matters is in the possession of the Sponsor or of the Servicer, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Any opinion of counsel may also be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of the Sponsor, the Servicer or the Trustee, stating that the information with respect to such matters is in the possession of such Person, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Any opinion of counsel may be based on the written opinion of other counsel, in which event such opinion of counsel shall be accompanied by a copy of such other counsel's opinion and shall include a statement to the effect that such counsel believes that such counsel and the addressee thereof may reasonably rely upon the opinion of such other counsel. Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Agreement, they may, but need not, be consolidated and form one instrument. Section 11.3. Acts of Owners. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by the Owners may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Owners in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Sponsor. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "act" of the Owners signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Trustee and the Trust, if made in the manner provided in this Section. (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Whenever such execution is by an officer of a corporation or a member of a partnership on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his authority. 114 (c) The ownership of Certificates shall be proved by the Register. (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Owner of any Certificate shall bind the Owner of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Trust in reliance thereon, whether or not notation of such action is made upon such Certificates. Section 11.4. Notices, etc., to Trustee. Any request, demand, authorization, direction, notice, consent, waiver or act of the Owners or other documents provided or permitted by this Agreement to be made upon, given or furnished to, or filed with the Trustee by any Owner, the Certificate Insurer or by the Sponsor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with and received by the Trustee at its corporate trust office as set forth in Section 2.2 hereof. Section 11.5. Notices and Reports to Owners; Waiver of Notices. Where this Agreement provides for notice to Owners of any event or the mailing of any report to Owners, such notice or report shall be sufficiently given (unless otherwise herein expressly provided) if mailed, first-class postage prepaid, to each Owner affected by such event or to whom such report is required to be mailed, at the address of such Owner as it appears on the Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or the mailing of such report. In any case where a notice or report to Owners is mailed in the manner provided above, neither the failure to mail such notice or report nor any defect in any notice or report so mailed to any particular Owner shall affect the sufficiency of such notice or report with respect to other Owners, and any notice or report which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. Where this Agreement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Owners shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Owners when such notice is required to be given pursuant to any provision of this Agreement, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. Where this Agreement provides for notice to any rating agency that rated any Certificates, failure to give such notice shall not affect any other rights or obligations created hereunder. 115 Section 11.6. Rules by Trustee and Sponsor. The Trustee may make reasonable rules for any meeting of Owners. The Sponsor may make reasonable rules and set reasonable requirements for its functions. Section 11.7. Successors and Assigns. All covenants and agreements in this Agreement by any party hereto shall bind its successors and assigns, whether so expressed or not. Section 11.8. Severability. In case any provision in this Agreement or in the Certificates shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Section 11.9. Benefits of Agreement. Nothing in this Agreement or in the Certificates, expressed or implied, shall give to any Person, other than the Owners, the Certificate Insurer and the parties hereto and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Agreement. Section 11.10. Legal Holidays. In any case where the date of any Remittance Date, any Payment Date, any other date on which any distribution to any Owner is proposed to be paid, or any date on which a notice is required to be sent to any Person pursuant to the terms of this Agreement shall not be a Business Day, then (notwithstanding any other provision of the Certificates or this Agreement) payment or mailing need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made or mailed on the nominal date of any such Remittance Date, such Payment Date, or such other date for the payment of any distribution to any Owner or the mailing of such notice, as the case may be, and no interest shall accrue for the period from and after any such nominal date, provided such payment is made in full on such next succeeding Business Day. Section 11.11. Governing Law. In view of the fact that Owners are expected to reside in many states and outside the United States and the desire to establish with certainty that this Agreement will be governed by and construed and interpreted in accordance with the law of a state having a well-developed body of commercial and financial law relevant to transactions of the type contemplated herein, this Agreement and each Certificate shall be construed in accordance with and governed by the laws of the State of New York applicable to agreements made and to be performed therein. Section 11.12. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Section 11.13. Usury. The amount of interest payable or paid on any Certificate under the terms of this Agreement shall be limited to an amount which shall not exceed the maximum nonusurious rate of interest allowed by the applicable laws of the State of New York or any applicable law of the United States permitting a higher maximum nonusurious rate that preempts such applicable New York laws, which could lawfully be contracted for, 116 charged or received (the "Highest Lawful Rate"). In the event any payment of interest on any Certificate exceeds the Highest Lawful Rate, the Trust stipulates that such excess amount will be deemed to have been paid to the Owner of such Certificate as a result of an error and the Owner receiving such excess payment shall promptly, upon discovery of such error or upon notice thereof from the Trustee on behalf of the Trust, refund the amount of such excess or, at the option of such Owner, apply the excess to the payment of principal of such Certificate, if any, remaining unpaid. In addition, all sums paid or agreed to be paid to the Trustee for the benefit of Owners of Certificates for the use, forbearance or detention of money shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such Certificates. Section 11.14. Amendment. (a) The Trustee, the Sponsor and the Servicer, may at any time and from time to time, with the prior written approval of the Certificate Insurer but without the giving of notice to or the receipt of the consent of the Owners, amend this Agreement, and the Trustee shall consent to such amendment, for the purpose of (i) curing any ambiguity, or correcting or supplementing any provision hereof which may be inconsistent with any other provision hereof, or to add provisions hereto which are not inconsistent with the provisions hereof, (ii) upon receipt of an opinion of counsel, the cost of which shall be paid by the Servicer, experienced in federal income tax matters to the effect that no entity-level tax will be imposed on the Trust or upon the transferor of a Residual Certificate as a result of the ownership of any Residual Certificate by a Disqualified Organization, removing the restriction on transfer set forth in Section 5.8(b) hereof or (iii) complying with the requirements of the Code and the regulations proposed or promulgated thereunder; provided, however, that any such action shall not, as evidenced by an opinion of counsel delivered to the Trustee, materially and adversely affect the interests of any Owner (without its written consent). (b) The Trustee, the Sponsor and the Servicer may, at any time and from time to time, with the prior written approval of the Certificate Insurer but without the giving of notice to or the receipt of the consent of the Owners, amend this Agreement, and the Trustee is hereby authorized to accept and execute such amendment, for the purpose of changing the definition of "Specified Subordinated Amount". (c) This Agreement may also be amended by the Trustee, the Sponsor, and the Servicer at any time and from time to time, with the prior written approval of the Certificate Insurer and not less than a majority of the Percentage Interest represented by each affected Class of Certificates then Outstanding, for the purpose of adding any provisions or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Owners hereunder; provided, however, that no such amendment shall (i) change in any manner the amount of, or change the timing of, payments which are required to be distributed to any Owner without the consent of the Owner of such Certificate or (ii) reduce the aforesaid percentages of Percentage Interests which are required to consent 117 to any such amendments, without the consent of the Owners of all Certificates of the Class or Classes affected then Outstanding. (d) Each proposed amendment to this Agreement shall be accompanied by an opinion of counsel nationally recognized in federal income tax matters addressed to the Trustee and to the Certificate Insurer to the effect that such amendment would not adversely affect the status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC. (e) The Sponsor shall provide the Certificate Insurer, the Owners, Moody's and S&P with copies of any amendments to this Agreement, together with copies of any opinions or other documents or instruments executed in connection therewith. (f) The Trustee shall not be required to enter into any amendment which affects its rights or obligations hereunder. Section 11.15. REMIC Status; Taxes. (a) The Tax Matters Person, at its own expense, shall prepare and file or cause to be filed with the Internal Revenue Service Federal tax or information returns with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC and the Certificates containing such information and at the times and in such manner as may be required by the Code or applicable Treasury regulations, and shall furnish to Owners such statements or information at the times and in such manner as may be required thereby. For this purpose, the Tax Matters Person may, but need not, rely on any proposed regulations of the United States Department of the Treasury. The Tax Matters Person shall indicate the election to treat each of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC (which election shall apply to the taxable period ending December 31, 1997 and each calendar year thereafter) in such manner as the Code or applicable Treasury regulations may prescribe. The Trustee, as Tax Matters Person appointed pursuant to Section 11.17 hereof shall sign all tax information returns filed pursuant to this Section 11.15 unless applicable law requires otherwise. The Tax Matters Person shall provide information necessary for the computation of tax imposed on the transfer of a Residual Certificate to a Disqualified Organization, or an agent of a Disqualified Organization, or a pass-through entity in which a Disqualified Organization is the record holder of an interest. The Tax Matters Person shall provide the Trustee with copies of any Federal tax or information returns filed, or caused to be filed, by the Tax Matters Person with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC or the Certificates. (b) The Tax Matters Person, at its own expense, shall timely file all reports required to be filed by the Trust and each of the Lower-Tier REMIC and the Upper-Tier REMIC with any federal, state or local governmental authority having jurisdiction over the Trust, including other reports that must be filed with the Owners, such as the Internal Revenue Service's Form 1066 and Schedule Q and the form required under Section 6050K of the Code, if applicable to REMICs. Furthermore, the Tax Matters Person shall report to Owners, if required, with respect to the allocation of expenses pursuant to Section 212 of the 118 Code in accordance with the specific instructions to the Tax Matters Person by the Sponsor with respect to such allocation of expenses. The Tax Matters Person shall collect any forms or reports from the Owners determined by the Sponsor to be required under applicable federal, state and local tax laws. (c) The Tax Matters Person, at its own expense, shall provide to the Internal Revenue Service and to persons described in Section 860E(e)(3) and (6) of the Code the information described in Treasury Regulation Section 1.860D-1(b)(5)(ii), or any successor regulation thereto. Such information will be provided in the manner described in Treasury Regulation Section 1.860E(2)(a)(5), or any successor regulation thereto. (d) The Sponsor covenants and agrees that within ten Business Days after the Startup Day it shall provide to the Trustee any information necessary to enable the Trustee to meet its obligations under subsections (b) and (c) above. (e) The Trustee, the Sponsor and the Servicer each covenants and agrees for the benefit of the Owners (i) to take no action which would result in the termination of "REMIC" status for the Upper-Tier REMIC and the Lower-Tier REMIC, (ii) not to engage in any "prohibited transaction", as such term is defined in Section 860F(a)(2) of the Code and (iii) not to engage in any other action which may result in the imposition on the Upper-Tier REMIC or the Lower-Tier REMIC of any other taxes under the Code. (f) Each of the Lower-Tier REMIC and the Upper-Tier REMIC shall, for federal income tax purposes, maintain books on a calendar year basis and report income on an accrual basis. (g) Except as otherwise permitted by Section 7.6(b), no Eligible Investment shall be sold prior to its stated maturity (unless sold pursuant to a plan of liquidation in accordance with Article IX hereof). (h) Neither the Sponsor nor the Trustee shall enter into any arrangement by which the Trustee will receive a fee or other compensation for services rendered pursuant to this Agreement, which fee or other compensation is paid from the Trust Estate, other than as expressly contemplated by this Agreement. (i) Notwithstanding the foregoing clauses (g) and (h), the Trustee or the Sponsor may engage in any of the transactions prohibited by such clauses, provided that the Trustee shall have received (not at the expense of the Trust or the Trustee) an opinion of counsel experienced in federal income tax matters to the effect that such transaction does not result in a tax imposed on the Trust or cause a termination of REMIC status for the Upper-Tier REMIC or the Lower-Tier REMIC; provided, however, that such transaction is otherwise permitted under this Agreement. 119 Section 11.16. Additional Limitation on Action and Imposition of Tax. (a) Any provision of this Agreement to the contrary notwithstanding, the Trustee shall not, without having obtained (not at the expense of the Trust or the Trustee) an opinion of counsel experienced in federal income tax matters to the effect that such transaction does not result in a tax imposed on the Trust or cause a termination of REMIC status for the Upper-Tier REMIC or the Lower-Tier REMIC, (i) sell any assets in the Trust Estate, (ii) accept any contribution of assets after the Startup Day or (iii) agree to any amendment of this Agreement under Section 11.14 hereof. (b) In the event that any tax is imposed on "prohibited transactions" of the Lower-Tier REMIC or Upper-Tier REMIC as defined in Section 860F(a)(2) of the Code, on the "net income from foreclosure property" as defined in Section 860G(c) of the Code, on any contribution to the Lower-Tier REMIC or Upper-Tier REMIC after the Startup Day pursuant to Section 860G(d) of the Code, or any other tax is imposed, such tax shall be paid by (i) the Trustee, if such tax arises out of or results from a material breach by the Trustee of any of its obligations under this Agreement, (ii) the Servicer, if such tax arises out of or results from a breach by the Servicer of any of its obligations under this Agreement, or otherwise (iii) the Owners of the Class B Certificates in proportion to their Percentage Interests. To the extent such tax is chargeable against the Owners of the Class B Certificates, notwithstanding anything to the contrary contained herein, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Owners of the Class B Certificates on any Payment Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor). The Trustee agrees to first seek indemnification for any such tax payment from any indemnifying parties before reimbursing itself from amounts otherwise distributable to the Owners of the Class B Certificates. Section 11.17. Appointment of Tax Matters Person. A Tax Matters Person will be appointed for each of the Upper-Tier REMIC and the Lower-Tier REMIC for all purposes of the Code and such Tax Matters Person will perform, or cause to be performed, without any right of reimbursement, such duties and take, or cause to be taken, such actions as are required to be performed or taken by the Tax Matters Person under the Code, including, but not limited to, the representation of each of the Upper-Tier REMIC and the Lower-Tier REMIC in any tax audit (including any administrative or judicial proceedings with respect thereto that involve the Internal Revenue Service or state tax authorities). The Owners of the Class RL and Class RU Certificates hereby designate the Trustee, acting as their respective agent, to be the Tax Matters Person for the Lower-Tier REMIC and the Upper-Tier REMIC Section 11.18. The Certificate Insurer. The Certificate Insurer is a third-party beneficiary of this Agreement. Any right conferred to the Certificate Insurer shall be suspended during occurrence and continuance of a Certificate Insurer Default. During any period of suspension the Certificate Insurer's rights hereunder shall vest in the Owners of the Class A Certificates and shall be exercisable by the Owners of at least a majority in Percentage Interest of the Class A Certificates then Outstanding or if there are no Class A 120 Certificates then Outstanding, by such Percentage Interest represented by the Class B Certificates then Outstanding. At such time as the Class A Certificates are no longer Outstanding hereunder and the Certificate Insurer has been reimbursed for all Insured Payments to which it is entitled hereunder, the Certificate Insurer's rights hereunder shall terminate. Section 11.19. Notices. All notices hereunder shall be given as follows, until any superseding instructions are given to all other Persons listed below: The Trustee: Norwest Bank Minnesota, National Association Sixth Street & Marquette Avenue Minneapolis, Minnesota 55479-0070 Attention: Corporate Trust Services Asset-Backed Administration Re: EquiVantage Home Equity Loan Trust 1997-1 Tel: (612) 667-7167 Fax: (612) 667-3539 with a copy to: Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, Maryland 21044 Attention: Corporate Trust Services Re: EquiVantage Home Equity Loan Trust 1997-1 Tel: (410) 884-2000 Fax: (410) 884-2363 The Sponsor: EquiVantage Acceptance Corp. 13111 Northwest Freeway, Suite 301 Houston, Texas 77040 Attention: Chief Financial Officer Tel: (713) 895-1957 Fax: (713) 895-1999 with a copy addressed to the attention of the General Counsel at the same address. 121 The Servicer: EquiVantage Inc. 13111 Northwest Freeway, Suite 300 Houston, Texas 77040 Attention: Chief Financial Officer Tel: (713) 895-1900 Fax: (713) 895-3870 with a copy addressed to the attention of the General Counsel at the same address. The Certificate Insurer: Financial Guaranty Insurance Company 115 Broadway New York, NY 10006 Attention: Research and Risk Management Department Re: EquiVantage Home Equity Loan Trust 1997-1 Confirmation: (212) 312-3000 Fax: (212) 312-3093 Moody's: Moody's Investors Service 99 Church Street New York, New York 10007 Attention: The Mortgage Monitoring Department S&P: Standard & Poor's Ratings Services 26 Broadway 15th Floor New York, New York 10004 Attention: Surveillance Dept. Underwriter: Prudential Securities Incorporated One New York Plaza New York, New York 10292 Attention: Asset Backed Securities Group 122 IN WITNESS WHEREOF, the Sponsor, the Servicer and the Trustee have caused this Pooling and Servicing Agreement to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written. EQUIVANTAGE ACCEPTANCE CORP., as Sponsor By: ----------------------------- Name: Elizabeth Folk Title: Senior Vice President EQUIVANTAGE INC., as Servicer By: ----------------------------- Name: Karen S. Crawford Title: Senior Vice President NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ----------------------------- Name: Michael L. Mayer Title: Vice President [Pooling and Servicing Agreement] 123 SCHEDULE I SCHEDULE OF MORTGAGE LOANS S-1 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 289876 ARM STACK FELICE 262 A SEABREEZE COURT 289914 ARM SKIBITCKY MICHAEL F 63 DANIELE DRIVE 301676 BLLN SLAUGHTER KENNETH 1431 CUMBERLAND AVE 302945 FR HARDIMAN KENNETH 2924 N. LASALLE 303358 FR WESLEY HENRY L 725 BERNARD 303701 FR WOOD KAREN 2320 EAST FIFTH AVE. 304019 FR DAVIDSON HOBERT E 814 E. LINCOLN ST 304420 FR VISICARO FRANK 7713 GARDNER RD 305726 BLLN SWINT CHARLIE 2460 HARVEL DR N.W. 306223 FR JOHNSON DOROTHY 106 HILLVALE DRIVE 306347 BLLN HENDERSON JYREL W 203 WEBSTER ROAD 306487 FR H ELAM WILMATIN 1711 KNOWLES STREET 306565 FR EVANS THOMAS R 228 S.DARLINGTON 306653 FR SLOOP TIMOTHY W 117 WOODSHIRE DR 307142 FR WILKINS JERRY D 217 LINCOLN DRIVE 307998 FR ANDERSON WILLIAM J. 127 WASHINGTON STREET 308743 FR IANNELLA LIBERO 414E UNIVERSITY 309484 ARM SULLIVAN MARY 1708 DARROW 309510 ARM2-28 JORDAN WILLIAM 105 MAPLE STREET 309665 ARM2-28 MCGILL DONNA C. 2041 SPRUCE HILL ROA 309715 ARM HARRIS KEVIN LE 3959 ADAMSVILLE DRIV 309762 ARM MILLER DAVID A. 18612 PARKMOUNT AVE S 309907 ARM2-28 FRASER MICHAEL 5433 SOUTH BOULEVARD 309918 FR FORD JAMES 2208 ONTARIO STREET 309937 ARM LIBURDI SAMUEL A 995 LEBLANC 309942 ARM MCCANDLESS SHERRIE 2253 WILKINS STREET 309966 ARM2-28 KURTZ JAMES M. 412 S. D STREET 309985 ARM STEVENS LINDA J. 16875 NORMANDY 309995 ARM2-28 MILLER LINDA 12707 MELGROVE AVENUE 310052 ARM2-28 SHEPARD DONNETTA 3016 CAPPS DRIVE 310108 ARM2-28 RIDGEWAY BRUCE A. 3421 TOWNE VILLAGE R 310243 ARM2-28 LINARES MIGUEL 1159 SHEPHERDS LANE 310363 ARM2-28 LISIAK ROBERT M 1645 GLEN FOREST S.E 310434 FR PARISH C P 516 RIDGELAND AVE 310703 ARM2-28 FILIPOWICZ GARY L. 1544 11TH STREET 310761 ARM2-28 SMITH JACQUES 1275 SOUTHPORT ROAD 310859 BLLN HALLIBURTON JOE A 19418 MANSFIELD 310865 FR WILLIAMS W J 3392 ELK POINT DR 310874 ARM2-28 SEWELL HOMER S. 1193 UPPER SALEM CHU 310875 ARM MARCHANT DUANE H. 339 NORTH 2450 EAST 310900 FR PANNELL THOMAS M 4855 VANGUARD AVENUE 310953 ARM2-28 BRANCHE THEODORE 8446 DOLL DRIVE 310966 FR WHITEHEAD GARY 1302 S. SHEFFIELD AV 310985 ARM2-28 SCHOENBERGER JEFFERY 6222 BRIERLY CREEK R 311019 FR BOWMAN ROBERT 257W NIMISILA ROAD 311022 ARM2-28 WITHERSPOON DONALD 7403 DIGBY ROAD 311064 FR DONNARUMMA DANIEL V 6228 HARRISON 311074 ARM2-28 JAMES RUSSELL 3601 LADYWOOD COURT 311101 ARM2-28 HYNICK GARY 2322 8TH AVENUE EAST 311132 FR CURETON ROBERT L 4696 RIVERWOOD CIR 311134 BLLN ALEXANDER ROYCE C. 3911 NE 123RD AVENUE 311136 FR WHITE YOLANDA G 4216 HAPSBURG COURT 311180 ARM2-28 JOHNSON EDWARD L 912 WEST 60TH STREE 311200 FR BENSON MICHAEL E 2426N CATHERWOOD AVE 311210 ARM HOUSTON JOHN B 3706 BEACON TREE DR 311230 FR VERDIN CLAUDE 728 NATALIE DRIVE 311245 BLLN SCHMIDT JOEL R 21515 MARGARETA 311247 ARM2-28 OZAN PHILIP 4988 EDSAL DRIVE 311252 FR ROBINSON CHARLES M 105S CEDAR BLUFF CIR 311264 FR HAUSER WILLIAM R 329 HOPEWELL ROAD 311265 BLLN SARASWAT SANJIV 143 STARWOOD DRIVE 311269 FR ASHWORTH BOBBY R 413 LAKEHURST DRIVE 311283 ARM2-28 HAINES KAREN R. 5092 SOUTH COUNTY RO 311284 BLLN GRIMES KENNETH 11485E 9000 NORTH RD 311285 FR BLACKSTON CLIFTON L 101 JACOB BROOK CT 311287 ARM2-28 SEGOVIA LUIS R 2321S 10TH AVE 311288 ARM LIPPY LEONARD 2349 PINE STREET 311292 BLLN OWENS ISADORA 17415 WAYNE DRIVE 311294 ARM2-28 TEDERINGTON RONALD 11077 OWOSSO ROAD 311295 FR SCOTT CAROL J 839 MARVIN STREET 311296 FR FARRAR JR JAMES M 1500 VIOSCA 311299 FR BROCKINGTON GRACE M 918N STREEPER 311300 FR CLARK DAVID M 1995 KNIGHT LANE 311305 BLLN MCFARLAND JR CHARLES A 4211N OXFORD STREET LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- ---------------------- ----------- --------- ----------------------- ----------- --------- --------------- 289876 NORTH WILDWOOD NJ 08260 CAPE MAY 72,000.00 71,231.29 71,231.29 289914 OCEAN NJ 07712 MONMOUTH 121,755.00 118,913.03 118,844.71 301676 EVANSVILLE IN 47712 VANDERBURGH 53,250.00 52,980.51 52,980.51 302945 INDIANAPOLIS IN 46218 MARION 24,000.00 23,574.68 23,574.68 303358 SHREVEPORT LA 71106 CADDO 26,000.00 25,191.44 25,191.44 303701 KNOXVILLE TN 37917 KNOX 18,750.00 17,559.66 17,559.66 304019 INDIANAPOLIS IN 46203 Marion 41,600.00 41,385.15 41,385.15 304420 TAMPA FL 33625 HILLSBOROUGH 80,000.00 78,129.20 78,129.20 305726 ATLANTA GA 30318 FULTON 53,600.00 53,414.94 53,414.94 306223 COLUMBIA SC 29203 Richland 39,000.00 38,839.79 38,839.79 306347 GREENVILLE SC 29607 GREENVILLE 51,000.00 50,786.48 50,786.48 306487 NASHVILLE TN 37218 DAVIDSON 50,400.00 50,238.95 50,238.95 306565 LAMAR SC 29069 DARLINGTON 25,125.00 24,616.88 24,616.88 306653 INMAN SC 29349 SPARTANBURG 81,600.00 81,377.88 81,377.88 307142 GAFFNEY SC 29341 CHEROKEE 50,400.00 50,293.64 50,293.64 307998 FAYETTEVILLE GA 30214 FAYETTE 28,000.00 28,000.00 28,000.00 308743 ROYAL OAK MI 48067 MACOMB 54,900.00 54,775.32 54,775.32 309484 EVANSTON IL 60201 COOK 93,380.00 93,184.12 93,184.12 309510 CHAGRIN FALLS OH 44022 CUYAHOGA 130,500.00 130,289.36 130,289.36 309665 LOUISVILLE TN 37777 BLOUNT 80,580.00 80,468.92 80,468.92 309715 ATLANTA GA 30331 FULTON 64,000.00 63,891.29 63,891.29 309762 CLEVELAND OH 44135 CUYAHOGA 48,000.00 47,918.44 47,918.44 309907 MAPLE HEIGHTS OH 44137 CUYAHOGA 68,000.00 67,918.06 67,918.06 309918 COLUMBUS OH 43211 FRANKLIN 53,500.00 53,417.47 53,417.47 309937 LINCOLN PARK MI 48146 WAYNE 70,200.00 70,128.22 70,128.22 309942 BURLINGTON NC 27217 ALAMANCE 52,800.00 52,694.88 52,721.47 309966 HAMILTON OH 45013 BUTLER 157,250.00 157,060.49 157,060.49 309985 DETROIT MI 48221 WAYNE 73,800.00 73,690.23 73,690.23 309995 GARFIELD HEIGHTS OH 44105 CUYAHOGA 41,500.00 41,455.11 41,455.11 310052 NASHVILLE TN 37207 DAVIDSON 66,150.00 66,089.41 66,089.41 310108 ANTIOCH TN 37013 DAVIDSON 79,650.00 79,577.04 79,577.04 310243 ATLANTA GA 30324 DEKALB 52,000.00 51,959.56 51,959.56 310363 ADA MI 49301 KENT 232,000.00 231,749.55 231,749.55 310434 MICHIGAN CITY IN 46360 LA PORTE 37,600.00 37,553.81 37,553.81 310703 CUYAHOGA FALLS OH 44221 SUMMIT 91,800.00 91,689.38 91,689.38 310761 MT. PLEASANT TN 38474 MAURY 68,934.00 68,850.92 68,850.92 310859 DETROIT MI 48235 WAYNE 30,800.00 30,800.00 30,800.00 310865 MEMPHIS TN 38128 SHELBY 11,000.00 10,956.74 10,956.74 310874 JASPER GA 30143 PICKENS 88,601.00 87,997.27 87,997.27 310875 SAINT GEORGE UT 84790 WASHINGTON 92,000.00 90,915.33 90,915.33 310900 DAYTON OH 45418 MONTGOMERY 42,400.00 42,202.85 42,202.85 310953 GARFIELD HEIGHTS OH 44125 CUYAHOGA 105,300.00 105,159.09 105,159.09 310966 INDIANAPOLIS IN 46221 MARION 22,500.00 22,386.06 22,386.06 310985 CINCINNATI OH 45247 HAMILTON 51,200.00 51,152.97 51,152.97 311019 AKRON OH 44319 SUMMIT 82,000.00 81,926.37 81,926.37 311022 BALTIMORE MD 21207 BALTIMORE COUNTY 93,000.00 92,893.79 92,893.79 311064 GARDEN CITY MI 48135 WAYNE 72,900.00 70,912.56 70,912.56 311074 RALEIGH NC 27616 WAKE 85,000.00 84,930.11 84,930.11 311101 OSKALOOSA IA 52577 MAHASKA 37,600.00 37,567.92 37,567.92 311132 DECATUR GA 30035 DE KALB 130,500.00 130,195.10 130,195.10 311134 VANCOUVER WA 98682 CLARK 103,500.00 102,316.92 102,316.92 311136 DECATUR GA 30034 DE KALB 106,000.00 105,973.48 105,973.48 311180 ASHTABULA OH 44004 ASHTABULA 56,000.00 55,928.93 55,928.93 311200 INDIANAPOLIS IN 46219 MARION 48,000.00 47,453.88 47,453.88 311210 COLUMBUS OH 43224 FRANKLIN 76,500.00 76,437.26 76,437.26 311230 HOUMA LA 70364 TERREBONNE 100,000.00 99,593.88 99,593.88 311245 DETROIT MI 48219 WAYNE 19,600.00 19,591.74 19,591.74 311247 LYNDHURST OH 44052 Cuyahoga 104,000.00 103,887.49 103,887.49 311252 SOUTHPORT FL 32409 BAY 36,375.00 36,111.91 36,111.91 311264 FORSYTH GA 31029 MONROE 63,000.00 62,562.72 62,562.72 311265 BOLINGBROOK IL 60440 WILL 142,650.00 142,569.58 142,569.58 311269 NASHVILLE TN 37206 DAVIDSON 48,000.00 47,947.62 47,947.62 311283 ANDERSON IN 46013 MADISON 62,000.00 61,916.84 61,916.84 311284 GRANT PARK IL 60940 KANKAKEE 41,200.00 41,172.95 41,172.95 311285 MAULDIN SC 29662 GREENVILLE 135,000.00 134,933.44 134,933.44 311287 BROADVIEW IL 60153 COOK 104,000.00 103,868.03 103,868.03 311288 OVIEDO FL 32765 SEMINOLE 95,200.00 95,065.66 95,065.66 311292 CLEVELAND OH 44128 CUYAHOGA 56,950.00 56,904.22 56,904.22 311294 FOWLERVILLE MI 48836 LIVINGSTON 107,600.00 107,504.20 107,504.20 311295 SOUTH BELOIT IL 61080 WINNEBAGO 31,000.00 30,765.39 30,765.39 311296 BOSSIER CITY LA 71111 BOSSIER 40,000.00 39,908.49 39,908.49 311299 BALTIMORE MD 21205 BALTIMORE CITY 44,000.00 43,955.99 43,955.99 311300 LEXINGTON KY 40511 FAYETTE 56,100.00 56,059.76 56,059.76 311305 INDIANAPOLIS IN 46205 MARION 54,800.00 54,770.59 54,770.59 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 289876 760.31 12.3750 360 0.6000 289914 1,084.04 10.2500 360 0.7000 301676 558.00 12.2500 180 0.7500 302945 243.65 10.7500 240 0.8000 303358 308.71 11.8000 180 0.6500 303701 257.75 10.9500 120 0.7500 304019 375.87 10.3500 360 0.8000 304420 954.48 11.8900 180 1.1268 305726 503.57 10.8300 180 0.8000 306223 342.54 10.0100 360 0.7358 306347 515.58 11.7700 180 0.7500 306487 496.80 11.4400 360 0.7000 306565 288.26 11.1700 180 0.7500 306653 821.80 11.7200 360 0.8000 307142 486.46 11.1700 360 0.8000 307998 351.33 12.8400 180 0.7000 308743 525.32 11.0600 360 0.8459 309484 768.21 9.2500 360 0.8120 309510 1,192.76 10.4900 360 0.8419 309665 797.36 11.4900 360 0.8500 309715 573.50 10.2500 360 0.8000 309762 430.13 10.2500 360 0.8000 309907 621.51 10.4900 360 0.8500 309918 497.40 10.7000 360 0.8492 309937 681.83 11.2500 360 0.9000 309942 443.97 9.5000 360 0.8000 309966 1,437.25 10.4900 360 0.8500 309985 620.55 9.5000 360 0.9000 309995 394.90 10.9900 360 0.6917 310052 667.72 11.7500 360 0.9000 310108 803.99 11.7500 360 0.9000 310243 554.57 12.4900 360 0.8000 310363 2,209.39 11.0000 360 0.8958 310434 341.13 10.4000 360 0.8000 310703 839.04 10.4900 360 0.8500 310761 630.05 10.4900 360 0.8628 310859 284.04 10.6000 180 0.8000 310865 133.72 12.2400 180 0.6766 310874 993.17 10.7500 180 0.7704 310875 911.07 11.5000 360 0.7077 310900 467.38 10.4500 180 0.8000 310953 924.08 10.0000 360 0.9000 310966 297.98 13.8900 180 0.5000 310985 516.43 11.7400 360 0.8000 311019 716.58 9.9500 360 0.8000 311022 867.44 10.7400 360 0.8455 311064 684.29 9.6000 240 0.8526 311074 890.06 12.2400 360 0.8500 311101 336.65 10.2400 360 0.8000 311132 1,342.57 10.9500 240 0.9000 311134 973.94 10.8500 180 0.9000 311136 1,139.52 12.6000 360 0.7970 311180 501.82 10.2500 360 0.8000 311200 401.86 9.4500 360 0.7869 311210 801.64 12.2500 360 0.8500 311230 955.10 9.8500 240 0.8000 311245 222.81 13.3900 180 0.8000 311247 989.63 10.9900 360 0.7820 311252 393.12 10.1000 180 0.7500 311264 698.36 10.5500 180 0.4846 311265 1,477.21 12.0900 180 0.9000 311269 455.30 10.9500 360 0.8000 311283 543.64 9.9900 360 0.7209 311284 404.86 11.4000 180 0.8000 311285 1,460.73 12.6900 360 0.8182 311287 931.95 10.2500 360 0.8889 311288 817.92 9.7500 360 0.8500 311292 600.74 12.3400 180 0.8500 311294 943.47 9.9900 360 0.6725 311295 325.58 9.6000 180 0.4769 311296 501.48 14.1400 240 0.8000 311299 430.70 11.3500 360 0.8000 311300 614.01 12.8500 360 0.8500 311305 576.79 12.3100 180 0.8000
Page 1 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- ---------- ---------- ----------- ----------- 289876 330 360 0.00 120000.00 29-Jul-94 01-Sep-94 01-Aug-24 01-Mar-97 289914 325 360 173937.00 177000.00 25-Feb-96 01-Apr-94 01-Mar-24 01-Mar-97 301676 163 360 0.00 71000.00 04-Aug-95 01-Oct-95 01-Sep-10 01-Mar-97 302945 226 240 0.00 30000.00 07-Nov-95 01-Jan-96 01-Dec-15 01-Mar-97 303358 166 180 0.00 40000.00 05-Dec-95 01-Jan-96 01-Dec-10 01-Mar-97 303701 107 120 0.00 25000.00 23-Dec-95 01-Feb-96 01-Jan-06 01-Mar-97 304019 348 360 0.00 52000.00 17-Jan-96 01-Mar-96 01-Feb-26 01-Mar-97 304420 169 180 0.00 71000.00 12-Feb-96 01-Apr-96 01-Mar-11 01-Mar-97 305726 171 360 0.00 67000.00 09-Apr-96 01-Jun-96 01-May-11 01-Mar-97 306223 351 360 0.00 53000.00 26-Apr-96 01-Jun-96 01-May-26 01-Mar-97 306347 172 360 0.00 68000.00 02-May-96 01-Jul-96 01-Jun-11 01-Mar-97 306487 352 360 0.00 72000.00 13-May-96 01-Jul-96 01-Jun-26 01-Mar-97 306565 171 180 0.00 33500.00 14-May-96 01-Jul-96 01-Jun-11 01-Apr-97 306653 352 360 0.00 102000.00 20-May-96 01-Jul-96 01-Jun-26 01-Mar-97 307142 354 360 0.00 63000.00 07-Jun-96 01-Aug-96 01-Jul-26 01-Feb-97 307998 180 180 0.00 40000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 308743 355 360 64900.00 64900.00 15-Aug-96 01-Oct-96 01-Sep-26 01-Mar-97 309484 356 360 0.00 115000.00 19-Sep-96 15-Nov-96 15-Oct-26 15-Mar-97 309510 356 360 0.00 155000.00 20-Sep-96 01-Nov-96 01-Oct-26 01-Mar-97 309665 356 360 94800.00 94800.00 26-Sep-96 01-Nov-96 01-Oct-26 01-Mar-97 309715 356 360 80000.00 80000.00 27-Sep-96 01-Nov-96 01-Oct-26 01-Mar-97 309762 356 360 0.00 60000.00 02-Oct-96 01-Nov-96 01-Oct-26 01-Mar-97 309907 357 360 0.00 80000.00 07-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 309918 356 360 0.00 63000.00 08-Oct-96 15-Nov-96 15-Oct-26 15-Mar-97 309937 357 360 0.00 78000.00 16-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 309942 356 360 66000.00 66000.00 09-Oct-96 15-Nov-96 15-Oct-26 15-Mar-97 309966 357 360 0.00 185000.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 309985 357 360 0.00 82000.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 309995 357 360 0.00 60000.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310052 357 360 0.00 73500.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310108 357 360 0.00 88500.00 11-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310243 357 360 65000.00 65000.00 17-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310363 357 360 0.00 259000.00 15-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310434 357 360 0.00 47000.00 04-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97 310703 357 360 0.00 108000.00 18-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310761 357 360 79900.00 79900.00 16-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310859 180 360 0.00 38500.00 05-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 310865 178 180 0.00 44000.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 310874 177 180 0.00 115000.00 18-Oct-96 01-Dec-96 01-Nov-11 01-Mar-97 310875 356 360 0.00 130000.00 17-Oct-96 01-Dec-96 01-Nov-26 01-Apr-97 310900 178 180 0.00 53000.00 18-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 310953 357 360 0.00 117000.00 22-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 310966 177 180 0.00 45000.00 24-Oct-96 15-Dec-96 15-Nov-11 15-Mar-97 310985 357 360 64000.00 64000.00 23-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311019 358 360 0.00 102500.00 13-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311022 357 360 0.00 110000.00 23-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311064 237 240 0.00 85500.00 05-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311074 357 360 0.00 100000.00 24-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311101 358 360 47000.00 47000.00 25-Oct-96 01-Dec-96 01-Nov-26 01-Feb-97 311132 238 240 0.00 145000.00 06-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311134 179 360 0.00 115000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97 311136 359 360 0.00 133000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97 311180 357 360 0.00 70000.00 25-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311200 357 360 0.00 61000.00 30-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311210 357 360 0.00 90000.00 29-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311230 237 240 0.00 125000.00 29-Oct-96 01-Dec-96 01-Nov-16 01-Mar-97 311245 178 360 25000.00 24500.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311247 357 360 0.00 133000.00 31-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311252 177 180 0.00 48500.00 30-Oct-96 15-Dec-96 15-Nov-11 15-Mar-97 311264 177 180 0.00 130000.00 31-Oct-96 01-Dec-96 01-Nov-11 01-Mar-97 311265 178 360 0.00 158500.00 02-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311269 357 360 0.00 60000.00 05-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311283 357 360 0.00 86000.00 31-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311284 178 360 0.00 51500.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311285 358 360 0.00 165000.00 01-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311287 357 360 0.00 117000.00 04-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97 311288 357 360 0.00 112000.00 01-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97 311292 177 360 0.00 67000.00 21-Jan-97 15-Dec-96 15-Nov-11 15-Mar-97 311294 358 360 0.00 160000.00 01-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311295 177 180 0.00 65000.00 04-Nov-96 01-Dec-96 01-Nov-11 01-Mar-97 311296 237 240 0.00 50000.00 18-Oct-96 24-Nov-96 24-Oct-16 24-Feb-97 311299 357 360 0.00 55000.00 31-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311300 357 360 0.00 66000.00 25-Oct-96 01-Dec-96 01-Nov-26 01-Mar-97 311305 178 360 0.00 68500.00 01-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 NEXT PMT AS OF LOAN NO 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ---------- ----------------- ------------- --------------- ----- ------------- ----------------- 289876 01-Mar-97 3 1 3 18 0 3 289914 01-Apr-97 3 1 3 18 0 1 301676 01-Mar-97 5 2 1 18 0 1 302945 01-Mar-97 1 1 1 18 0 3 303358 01-Mar-97 1 1 1 18 0 3 303701 01-Mar-97 1 1 1 18 0 3 304019 01-Mar-97 1 1 1 18 0 3 304420 01-Mar-97 8 1 1 18 0 3 305726 01-Mar-97 1 1 1 18 0 4 306223 01-Mar-97 1 1 1 18 0 3 306347 01-Mar-97 1 1 1 18 0 3 306487 01-Mar-97 2 2 3 18 0 2 306565 01-Apr-97 8 1 1 18 0 3 306653 01-Mar-97 1 1 1 18 0 3 307142 01-Feb-97 1 1 1 18 0 3 307998 01-Mar-97 5 2 3 18 0 3 308743 01-Mar-97 1 1 1 18 0 1 309484 15-Mar-97 5 2 1 18 0 4 309510 01-Mar-97 1 1 1 18 0 4 309665 01-Mar-97 8 1 1 18 0 1 309715 01-Mar-97 1 1 3 18 0 1 309762 01-Mar-97 1 1 1 18 0 3 309907 01-Mar-97 1 1 1 18 0 3 309918 15-Mar-97 1 1 1 18 0 2 309937 01-Mar-97 1 1 1 18 0 4 309942 15-Feb-97 1 1 1 18 0 1 309966 01-Mar-97 1 1 1 18 0 4 309985 01-Mar-97 1 1 1 18 0 4 309995 01-Mar-97 1 1 1 18 0 3 310052 01-Mar-97 1 1 1 18 0 4 310108 01-Mar-97 1 1 1 18 0 4 310243 01-Mar-97 1 1 1 18 0 1 310363 01-Mar-97 1 1 1 18 0 4 310434 01-Mar-97 5 2 1 18 0 3 310703 01-Mar-97 1 1 1 18 0 4 310761 01-Mar-97 1 1 1 18 0 1 310859 15-Mar-97 1 1 3 18 0 4 310865 01-Mar-97 1 1 1 38 18771 3 310874 01-Mar-97 1 1 1 18 0 3 310875 01-Apr-97 1 1 3 18 0 4 310900 15-Mar-97 1 1 1 18 0 3 310953 01-Mar-97 1 1 1 18 0 4 310966 15-Mar-97 1 1 1 18 0 4 310985 01-Mar-97 1 1 1 18 0 1 311019 01-Mar-97 1 1 1 18 0 3 311022 01-Mar-97 1 1 1 18 0 4 311064 15-Mar-97 1 1 1 18 0 4 311074 01-Mar-97 1 1 1 18 0 3 311101 01-Feb-97 1 1 1 18 0 1 311132 01-Mar-97 1 1 1 18 0 3 311134 01-Feb-97 1 1 1 18 0 4 311136 01-Feb-97 1 1 1 18 0 4 311180 01-Mar-97 1 1 1 18 0 4 311200 01-Mar-97 1 1 1 18 0 3 311210 01-Mar-97 1 1 1 18 0 3 311230 01-Mar-97 1 1 1 18 0 3 311245 01-Mar-97 1 1 3 18 0 1 311247 01-Mar-97 1 1 1 18 0 3 311252 15-Mar-97 8 1 1 18 0 3 311264 01-Mar-97 1 1 1 18 0 3 311265 01-Mar-97 1 1 1 18 0 4 311269 15-Mar-97 1 1 1 18 0 3 311283 01-Mar-97 1 1 1 18 0 3 311284 01-Mar-97 1 1 1 18 0 4 311285 01-Mar-97 1 1 1 18 0 4 311287 01-Mar-97 1 1 1 18 0 4 311288 01-Mar-97 1 1 1 18 0 3 311292 15-Mar-97 1 1 1 18 0 2 311294 01-Mar-97 1 1 1 18 0 4 311295 01-Mar-97 1 1 1 18 0 3 311296 24-Feb-97 1 1 1 18 0 4 311299 01-Mar-97 2 1 1 18 0 3 311300 01-Mar-97 1 1 1 18 0 4 311305 01-Mar-97 1 1 1 18 0 4 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ --------------- ------------- --------- ---------- --------------- --------- 289876 C -- F 6.75 6MOLIB 01-Sep-97 1 6 289914 B -- F 4.38 6MOLIB 01-Oct-97 1 6 301676 C -- F 0 -- 0 0 302945 B 01-Nov-87 F 0 -- 0 0 0 303358 B 01-Apr-93 F 0 -- 0 0 0 303701 B 01-Dec-89 F 0 -- 0 0 0 304019 B -- F 0 -- 0 0 0 304420 B -- F 0 -- 0 0 0 305726 B -- F 0 -- 0 0 0 306223 A -- F 0 -- 0 0 0 306347 B -- F 0 -- 0 0 0 306487 A -- F 0 -- 0 0 0 306565 A -- F 0 -- 0 0 0 306653 B -- F 0 -- 0 0 0 307142 A -- F 0 -- 0 0 0 307998 B 01-May-89 F 0 -- 0 0 0 308743 A -- F 0 -- 0 0 0 309484 A -- F 5.5 6MOLIB 15-Apr-97 1.5 7 309510 B -- F 6.25 6MOLIB 01-Oct-98 1.5 7 309665 B -- F 7.25 6MOLIB 01-Oct-98 1.5 7 309715 B -- F 6.75 6MOLIB 01-Apr-97 1.5 7 309762 B 20-Feb-91 F 6.75 6MOLIB 01-Apr-97 1.5 7 309907 A -- F 6.25 6MOLIB 01-Nov-98 1.5 7 309918 A 30-Dec-93 F 0 -- 0 0 0 309937 A -- F 7.5 6MOLIB 01-May-97 1.5 7 309942 B -- F 6 6MOLIB 15-Apr-97 1.5 7 309966 B -- F 6.25 6MOLIB 01-Nov-98 1.5 7 309985 A -- F 5.75 6MOLIB 01-May-97 1.5 7 309995 C -- F 6.75 6MOLIB 01-Nov-98 1.5 7 310052 A -- F 7.5 6MOLIB 01-Nov-98 1.5 7 310108 A -- F 7.5 6MOLIB 01-Nov-98 1.5 7 310243 B -- F 8.25 6MOLIB 01-Nov-98 1.5 7 310363 B -- F 6.75 6MOLIB 01-Nov-98 1.5 7 310434 A -- F 0 -- 0 0 0 310703 B 01-Jan-90 F 5.75 6MOLIB 01-Nov-98 1.5 7 310761 B 01-Apr-93 F 6.25 6MOLIB 01-Nov-98 1.5 7 310859 A -- F 0 -- 0 0 0 310865 B -- F 0 -- 0 0 0 310874 A -- F 6.5 6MOLIB 01-Nov-98 1.5 7 310875 B -- F 8 6MOLIB 01-May-97 1.5 7 310900 A -- F 0 -- 0 0 0 310953 A -- F 5.75 6MOLIB 01-Nov-98 1.5 7 310966 C 01-Jan-91 T 0 -- 0 0 0 310985 B -- F 7.5 6MOLIB 01-Nov-98 1.5 7 311019 A 01-Jun-88 F 0 -- 0 0 0 311022 B -- F 6.5 6MOLIB 01-Nov-98 1.5 7 311064 A+ -- F 0 -- 0 0 0 311074 B 15-May-89 F 3.8 6MOLIB 01-Nov-98 1.5 7 311101 B -- F 6 6MOLIB 01-Nov-98 1.5 7 311132 A -- F 0 -- 0 0 0 311134 A 04-Jun-92 F 0 -- 0 0 0 311136 B -- F 0 -- 0 0 0 311180 A 01-Apr-88 F 6.5 6MOLIB 01-Nov-98 1.5 7 311200 A -- F 0 -- 0 0 0 311210 B -- F 8.75 6MOLIB 01-May-97 1.5 7 311230 A -- F 0 -- 0 0 0 311245 B -- F 0 -- 0 0 0 311247 B -- F 6.75 6MOLIB 01-Nov-98 1.5 7 311252 A -- F 0 -- 0 0 0 311264 A -- F 0 -- 0 0 0 311265 A -- F 0 -- 0 0 0 311269 A -- F 0 -- 0 0 0 311283 B -- F 5.75 6MOLIB 01-Nov-98 1.5 7 311284 A -- F 0 -- 0 0 0 311285 B 01-Jul-93 F 0 -- 0 0 0 311287 A -- F 6 6MOLIB 01-Nov-98 1.5 7 311288 B 01-Mar-88 F 6.25 6MOLIB 01-May-97 1.5 7 311292 B -- F 0 -- 0 0 0 311294 B -- F 5.75 6MOLIB 01-Dec-98 1.5 7 311295 A -- F 0 -- 0 0 0 311296 C 17-Apr-90 F 0 -- 0 0 0 311299 B -- F 0 -- 0 0 0 311300 B -- T 0 -- 0 0 0 311305 B -- F 0 -- 0 0 0
Page 2 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ----------- --------------- ------------------- 289876 0 16.2 P F 289914 0 12.625 F 301676 0 0 P F 302945 0 0 P F 303358 0 0 P F 303701 0 0 F 304019 0 0 P F 304420 0 0 P F 305726 0 0 F 306223 0 0 F 306347 0 0 F 306487 0 0 F 306565 0 0 F 306653 0 0 F 307142 0 0 F 307998 0 0 P F 308743 0 0 F 309484 0 16.25 F 309510 0 17.49 P F 309665 0 18.49 F 309715 0 17.25 F 309762 0 17.25 P F 309907 0 17.49 P F 309918 0 0 P F 309937 0 18.25 F 309942 0 16.5 F 309966 0 17.49 P F 309985 0 16.5 P F 309995 0 17.99 P F 310052 0 18.75 F 310108 0 18.75 F 310243 0 19.49 P F 310363 0 18 P F 310434 0 0 F 310703 0 17.49 P F 310761 0 17.49 F 310859 0 0 P F 310865 0 0 F 310874 0 17.75 F 310875 0 18.5 P F 310900 0 0 P F 310953 0 17 P F 310966 0 0 F 310985 0 18.74 F 311019 0 0 P F 311022 0 17.74 F 311064 0 0 F 311074 0 19.24 F 311101 0 17.24 F 311132 0 0 P F 311134 0 0 P F 311136 0 0 P F 311180 0 17.25 P F 311200 0 0 P F 311210 0 19.25 P F 311230 0 0 P F 311245 0 0 P F 311247 0 17.99 P F 311252 0 0 P F 311264 0 0 P F 311265 0 0 F 311269 0 0 F 311283 0 16.99 P F 311284 0 0 F 311285 0 0 F 311287 0 17.25 F 311288 0 16.75 P F 311292 0 0 P F 311294 0 16.99 P F 311295 0 0 F 311296 0 0 P F 311299 0 0 F 311300 0 0 P F 311305 0 0 P F
Page 3 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- ------------------ ------------------ ------------------------------------------------ 311308 BLLN WYNN JOSEPH R 1848 KING CHARLES RD 311309 BLLN ROZIER MARY 12470 MCKAY 311313 FR FISK BRUCE A 9710SE222ND DRIVE 311317 BLLN TYUS SR ROBERT T 18657 GEORGE WASHINGT 311319 FR WILLIS JR HAROLD E 1520 TAYLOR-BLAIR RD 311320 FR STEWART MICKEY R 306 MARGINAL STREET 311323 FR NELSON FRANKIE S 749 EMILE AVENUE 311326 FR MANN JR ANTHONY W 6417 DIAMOND ST 311327 FR MCSWAIN THOMAS E 3513 FISH POND ROAD 311328 BLLN ELLENS JAMES L 8098 SPRAGUE 311330 FR MILLS WILLIAM R 2552 WINCHESTER HWY 311332 FR EDINGTON DAVID L 4718 WOODLAND DRIVE 311336 FR A GOODWIN FRANKLIN 4537 ROBIE ROAD 311337 ARM2_28 CALDWELL WILLIE D 10008 ELLARD DRIVE 311339 BLLN ORTEGA OCTAVIO M 325W 21ST ST 311340 FR DRAKE FRANK F 3948 HYDESDALE LANE 311341 FR BRISKER LAURA 26800S RIVER PARK DR 311342 BLLN ASHLEY, JR HARRY T. 678 HOLIDAY DRIVE 311344 FR PICKARD KEITH S 21648 WALTHAM 311345 FR KINCAID JOHNNY L 3321 PINEY ROAD 311346 FR HOWELL JANET B 354 MAIN STREET 311347 BLLN O'CONNOR JUNE 575 HILLIARD ROAD 311349 FR THOMPSON ETHEL H 3510 LANCASTER ST 311355 FR MCDANIEL SCOTT 3717 STERLING 311359 FR MIDDLETON MAE T J 1414/1416 PORT ST 311363 FR WALKER WANDA 4312 SOUTH OHIO STRE 311366 BLLN SMITH PEGGY C 1202 CHURCH STREET 311367 FR WORLEY PERRY R 411 WOODLAWN AVE 311372 FR LADSON JR DAN 1210 MEYERS STREET 311374 FR WHITFIELD ROOSEVELT 1117 HUEY STREET 311375 FR PRESSLEY JERRY K 625 AUSTIN STREET 311376 FR BASHAM ROBERT B 1400W 53RD STREET 311377 BLLN BURNELL EDITH 20120 ARDMORE 311378 FR MCDONALD MARY A 31514 HARTFORD 311380 FR HARRIS CONNIE RT 5 BOX 214 PALM ST 311384 FR STROUD GARY R 207 REDDEN COURT 311385 FR HOLBROOK MICHAEL C 15329 COYLE 311386 FR EVANCHO JOHN E 325 WEST 7TH STREET 311388 FR YOUNG ALPHONSE 17 FOXWORTH STREET 311389 FR SEXTON WILLIAM C 363 SHADOWTOWN ROAD 311393 BLLN FOULKS GLEN A 127 SPRINGBROOK RD 311395 BLLN A DAVIS MARGARET 3120 W LEXINGTON 311396 FR NOHR KEVIN M 1800 HORATIO-HAGOOD 311397 FR SCHOEFFLER STACEY S 201 NORTH VIVIAN ST 311399 FR M CAMPBELL JR NATHANIAL 2806 GAMMA LANE 311402 BLLN WHITENACK PAUL V 1827N B STREET 311403 ARM GILMORE WILLIE A 10800 APPLE WAY 311404 BLLN MULFORD RAYMOND E 2164 ARKANSAS STREET 311406 FR FINNEY MARK A 14717 EDGEHILL 311407 FR CROSLAN JR EMANUEL 8115 LOWELL VLY DR 311408 BLLN HUNTER WILLIE R 8731 HOSMER 311410 FR CAPORALE EUGENE F 838 KING ROAD 311412 FR TAYLOR LEONARD J 6478 SCENIC COURT 311413 FR RAMIREZ JESSE 6347 HATCHERY ROAD 311414 FR HALTER DONALD R 348 LOCUST N.W. 311415 FR SIMEUNG POTE 558N CRYSTAL AVE 311416 BLLN DAMON LOUISE C 3848 SHAW STREET 311418 FR BELL THOMAS 193 WARD ROAD 311421 FR PEREZ GERARDO 8640S BALTIMORE AVE 311424 BLLN SPAULDING DIANE I 2655 BARTHAS PLACE 311426 BLLN GUNNELS DEAN A 11490 ELMS ROAD 311427 BLLN HARRIS STANLEY J 4336 JOHN WESLEY DR 311429 FR MITCHELL RICHARD 1710 NORTH WASHINGTO 311430 FR FUNDERBURK THOMAS F 109 OLGA DRIVE 311433 ARM2_28 HILLER BRADLEY 60 LODEWYCK AVENUE 311434 FR WALKER JOHN W 3049 ARROW ROAD 311435 FR CORBIN JOHN H 345 BLUFFSIDE POINT 311437 FR CAGLE MARY S 1677 CHERRY LANE 311439 FR FREEMAN JOSEPH L 128E OAK STREET 311440 BLLN BAKER CYNTHIA L 1093 PATTERSON DRIVE 311444 FR WIDEMAN JOEL 119 CRYSTAL LANE 311447 FR SCOTT JR THOMAS 735 MEADOW BEND 311449 FR HARRIS HELON 413 SHANNON COURT 311454 FR HOOKS ELLA M 114 VANNOGDEN NE DR 311457 FR MILLER CHARLIE C 678 CHALMERS 311459 BLLN DAVIS ROBERT T 213 EAST MAIN ST 311465 FR R HOY RICHARD 7031 151ST AVENUE NE 311466 FR SKEEL RONALD T 1744 EVERETT STREET LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 311308 ATLANTA GA 30331 FULTON 75,500.00 75,456.48 75,456.48 311309 DETROIT MI 48212 WAYNE 27,000.00 26,978.45 26,978.45 311313 GRESHAM OR 97080 CLACKAMAS 75,000.00 74,804.20 74,804.20 311317 SOUTHFIELD MI 48075 OAKLAND 252,300.00 252,100.31 252,100.31 311319 WEST JEFFERSON OH 43162 MADISON 170,000.00 169,876.40 169,876.40 311320 SYLVESTER GA 31791 WORTH 64,000.00 63,742.02 63,742.02 311323 WESTWEGO LA 70094 JEFFERSON 32,000.00 31,947.99 31,947.99 311326 TAMPA FL 33619 HILLSBOROUGH 30,000.00 26,685.81 26,685.81 311327 CHERRYVILLE NC 28021 LINCOLN 111,350.00 111,263.00 111,263.00 311328 DETROIT MI 48214 WAYNE 18,750.00 18,742.36 18,742.36 311330 KELSO TN 37348 LINCOLN 50,000.00 49,770.65 49,770.65 311332 INDIANAPOLIS IN 46254 MARION 37,000.00 36,659.39 36,659.39 311336 LILBURN GA 30247 GWINNETT 139,500.00 139,347.78 139,347.78 311337 LANHAM MD 20706 PRINCE GEORGE'S 243,950.00 243,765.10 243,765.10 311339 NEWTON NC 28658 CATAWBA 30,295.00 30,263.28 30,263.28 311340 NASHVILLE TN 37218 DAVIDSON 89,600.00 88,995.05 88,995.05 311341 INKSTER MI 48141 WAYNE 30,000.00 29,938.45 29,876.30 311342 FORTVILLE IN 46040 HANCOCK 58,000.00 57,940.58 57,940.58 311344 WARREN MI 48089 MACOMB 15,000.00 14,935.78 14,935.78 311345 MORGANTON NC 28655 Burke 40,000.00 39,888.62 39,888.62 311346 WHITE BLUFF TN 37187 DICKSON 32,800.00 32,487.64 32,487.64 311347 ELYRIA OH 44035 LORAIN 30,780.00 30,748.64 30,748.64 311349 NEW ORLEANS LA 70131 ORLEANS PARISH 41,600.00 41,447.68 41,447.68 311355 FLINT MI 48504 GENESEE 15,000.00 14,812.41 14,812.41 311359 NEW ORLEANS LA 70117 ORLEANS 38,400.00 38,383.09 38,383.09 311363 MICHIGAN CITY IN 46360 LA PORTE 25,000.00 24,810.78 24,810.78 311366 GREENBRIER TN 37073 ROBERTSON 56,950.00 56,921.29 56,921.29 311367 MT. HOLLY NC 28120 GASTON 48,000.00 47,781.91 47,781.91 311372 SAVANNAH GA 31405 CHATHAM 40,040.00 39,932.04 39,932.04 311374 CLEVELAND MS 38732 BOLIVAR 30,375.00 30,292.93 30,292.93 311375 ALBEMARLE NC 28001 STANLY 28,500.00 28,368.10 28,368.10 311376 CHATTANOOGA TN 37409 HAMILTON 35,275.00 35,043.37 35,043.37 311377 DETROIT MI 48235 WAYNE 46,100.00 46,070.98 46,070.98 311378 WARREN MI 48093 MACOMB 45,600.00 45,254.90 45,254.90 311380 HAZLEHURST GA 31539 JEFF DAVIS 49,500.00 49,407.76 49,407.76 311384 CLARKSVILLE IN 47129 CLARK 63,200.00 62,928.94 62,928.94 311385 DETROIT MI 48227 WAYNE 40,000.00 39,704.04 39,704.04 311386 SALEM OH 44460 COLUMBIANA 55,250.00 55,206.37 55,206.37 311388 SUMTER SC 29150 SUMTER 36,000.00 35,929.18 35,929.18 311389 BLOUNTVILLE TN 37617 SULLIVAN 42,300.00 41,893.47 41,893.47 311393 AFTON TN 37616 GREENE 56,250.00 56,201.13 56,201.13 311395 CHICAGO IL 60612 COOK 68,500.00 68,459.40 68,459.40 311396 REMBERT SC 29128 SUMTER 37,600.00 37,363.01 37,363.01 311397 EUNICE LA 70535 SAINT LANDRY 77,000.00 76,480.14 76,480.14 311399 FLINT MI 48506 GENESEE 29,470.00 29,269.00 29,269.00 311402 ELWOOD IN 46036 MADISON 66,300.00 66,217.66 66,217.66 311403 CLINTON MD 20735 PRINCE GEORGE'S 170,000.00 169,848.97 169,848.97 311404 OREGON OH 43616 LUCAS 49,600.00 49,510.10 49,510.10 311406 NEWBURY OH 44065 GEAUGA 46,400.00 46,381.75 46,381.75 311407 BAHAMA NC 27503 DURHAM 52,200.00 52,118.63 52,118.63 311408 DETROIT MI 48201 WAYNE 14,000.00 13,992.44 13,992.44 311410 WINLOCK WA 98596 LEWIS 57,265.00 57,063.38 57,063.38 311412 INDIANAPOLIS IN 46260 MARION 79,050.00 79,012.92 79,012.92 311413 WATERFORD MI 48329 OAKLAND 93,500.00 93,428.52 93,428.52 311414 CANAL FULTON OH 44614 STARK 44,500.00 44,216.89 44,216.89 311415 ELGIN IL 60123 KANE 42,050.00 41,956.80 41,956.80 311416 COLUMBIA SC 29203 RICHLAND 60,000.00 59,974.46 59,974.46 311418 LUGOFF SC 29078 KERSHAW 53,400.00 53,363.79 53,363.79 311421 CHICAGO IL 60617 COOK 40,600.00 40,328.38 40,328.38 311424 CINCINNATI OH 45239 HAMILTON 54,750.00 54,715.52 54,715.52 311426 BIRCH RUN MI 48415 SAGINAW 85,000.00 84,926.09 84,926.09 311427 DECATUR GA 30035 DE KALB 68,000.00 67,957.19 67,957.19 311429 KOKOMO IN 46901 HOWARD 48,000.00 47,644.87 47,644.87 311430 KINGS MOUNTAIN NC 28086 CLEVELAND 72,000.00 71,826.17 71,826.17 311433 MOUNT CLEMENS MI 48043 MACOMB 99,450.00 99,384.26 99,384.26 311434 CARROLLTON OH 44615 CARROLLTON 36,040.00 35,939.64 35,939.64 311435 CORDOVA TN 38018 SHELBY 349,000.00 348,805.44 348,805.44 311437 HAW RIVER NC 27258 ALAMANCE 10,000.00 9,956.85 9,956.85 311439 VILLE PLATTE LA 70586 EVANGELINE 22,500.00 22,450.28 22,450.28 311440 KINGSTON SPRINGS TN 37082 CHEATHAM 50,200.00 50,156.28 50,156.28 311444 ANDERSON SC 29621 ANDERSON 46,400.00 46,192.09 46,192.09 311447 BATON ROUGE LA 70820 EAST BATON ROUGE 62,050.00 62,002.41 62,002.41 311449 FREDERICK MD 21701 FREDERICK 55,500.00 55,463.57 55,463.57 311454 MILLEDGEVILLE GA 31061 BALDWIN 42,000.00 41,869.65 41,869.65 311457 DETROIT MI 48215 WAYNE 55,200.00 54,928.83 54,928.83 311459 KITZMILLER MD 21538 GARRETT 53,000.00 52,975.30 52,975.30 311465 REDMOND WA 98052 75,000.00 74,792.36 74,792.36 311466 LAFAYETTE IN 47905 TIPPECANOE 34,450.00 34,276.89 34,276.89 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 311308 776.02 11.9900 180 0.7550 311309 246.98 10.5000 180 0.6279 311313 728.74 10.1000 240 0.5172 311317 2,675.08 12.4100 180 0.8700 311319 1,852.68 12.7900 360 0.7798 311320 767.28 11.9800 180 0.8000 311323 389.59 13.6400 240 0.7442 311326 331.43 10.4900 180 0.7500 311327 1,026.90 10.6000 360 0.7575 311328 215.36 13.5400 180 0.7500 311330 558.92 10.7000 180 0.7692 311332 511.77 11.1000 120 0.8123 311336 1,323.22 10.9500 360 0.8885 311337 2,275.39 10.7400 360 0.8500 311339 291.95 11.1500 180 0.8300 311340 1,009.97 10.8500 180 0.8000 311341 355.05 11.7400 180 0.5455 311342 562.89 11.2400 180 0.7532 311344 173.71 11.3400 180 0.2727 311345 375.47 9.6000 240 0.6299 311346 442.77 10.5100 120 0.8000 311347 255.45 9.3500 180 0.3800 311349 526.07 12.9900 180 0.8000 311355 222.99 12.8900 120 0.4545 311359 430.49 13.1900 360 0.8000 311363 262.57 9.6000 180 0.4902 311366 611.78 12.5900 180 0.8500 311367 536.56 10.7000 180 0.8000 311372 382.42 9.8500 240 0.7700 311374 355.43 12.9800 240 0.7500 311375 315.04 10.5000 180 0.7917 311376 404.26 11.1500 180 0.8500 311377 459.69 11.5900 180 0.7260 311378 478.92 9.6000 180 0.4471 311380 567.28 12.6400 240 0.7615 311384 731.08 11.3200 180 0.8000 311385 426.18 9.8500 180 0.7843 311386 507.46 10.5500 360 0.8500 311388 402.43 12.2400 240 0.8000 311389 567.23 10.3500 120 0.6934 311393 578.16 11.9900 180 0.8654 311395 711.99 12.1400 180 0.7611 311396 441.39 11.5900 180 0.8000 311397 867.94 10.8500 180 0.8750 311399 330.16 10.7400 180 0.7000 311402 599.05 10.3500 180 0.8500 311403 1,491.87 10.0000 360 0.8500 311404 509.81 11.9900 180 0.8000 311406 538.42 13.6900 360 0.8000 311407 646.84 13.9400 240 0.6636 311408 147.14 12.2900 180 0.7000 311410 589.14 10.9500 240 0.8500 311412 868.89 12.9100 360 0.8500 311413 869.29 10.7000 360 0.8500 311414 519.56 11.4900 180 0.6642 311415 444.10 11.3500 240 0.8496 311416 679.70 13.3400 180 0.8000 311418 518.65 11.2500 360 0.8476 311421 495.13 12.3000 180 0.7000 311424 545.95 11.5900 180 0.7500 311426 752.22 10.1000 180 0.8500 311427 678.07 11.5900 180 0.8000 311429 511.41 9.8500 180 0.8000 311430 728.53 10.7000 240 0.8000 311433 1,100.12 13.0000 360 0.8500 311434 338.30 9.6000 240 0.5300 311435 3,627.51 12.1400 360 0.6345 311437 115.87 11.3500 180 0.0833 311439 286.19 14.3900 240 0.7031 311440 515.59 11.9800 180 0.6972 311444 523.02 10.8500 180 0.8000 311447 664.64 12.5500 360 0.8500 311449 545.38 11.4000 360 0.5904 311454 578.93 14.6900 180 0.7925 311457 588.13 9.8500 180 0.8000 311459 583.80 12.9400 180 0.6463 311465 865.36 12.7500 240 0.6469 311466 352.08 10.8500 240 0.8460
Page 4 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- ----------- 311308 178 360 0.00 100000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311309 178 360 0.00 43000.00 30-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311313 238 240 0.00 145000.00 07-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311317 177 360 0.00 290000.00 01-Nov-96 01-Dec-96 01-Nov-11 01-Mar-97 311319 357 360 0.00 218000.00 02-Nov-96 01-Dec-96 01-Nov-26 01-Mar-97 311320 178 180 0.00 80000.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311323 238 240 0.00 43000.00 04-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311326 177 180 0.00 40000.00 04-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311327 358 360 0.00 147000.00 15-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97 311328 178 360 0.00 25000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311330 178 180 0.00 65000.00 04-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311332 118 120 0.00 110000.00 06-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311336 357 360 0.00 157000.00 05-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311337 358 360 0.00 287000.00 04-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311339 177 360 0.00 36500.00 05-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311340 177 180 0.00 112000.00 05-Nov-96 01-Dec-96 01-Nov-11 01-Mar-97 311341 179 180 0.00 55000.00 07-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97 311342 177 360 0.00 77000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311344 178 180 0.00 55000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311345 238 240 0.00 63500.00 05-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311346 118 120 0.00 41000.00 05-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311347 178 360 0.00 81000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311349 178 180 0.00 52000.00 05-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311355 117 120 0.00 33000.00 14-Nov-96 15-Dec-96 15-Nov-06 15-Mar-97 311359 358 360 0.00 48000.00 05-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311363 177 180 0.00 51000.00 06-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311366 178 360 0.00 67000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311367 178 180 0.00 60000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311372 238 240 0.00 52000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311374 237 240 0.00 40500.00 19-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311375 178 180 0.00 36000.00 06-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311376 177 180 0.00 41500.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311377 178 360 0.00 63500.00 07-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311378 177 180 0.00 102000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311380 238 240 0.00 65000.00 06-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311384 178 180 0.00 79000.00 09-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311385 177 180 0.00 51000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311386 358 360 0.00 65000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311388 238 240 0.00 45000.00 06-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311389 118 120 0.00 61000.00 27-Dec-96 01-Jan-97 01-Dec-06 01-Mar-97 311393 177 360 0.00 65000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311395 178 360 0.00 90000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Feb-97 311396 177 180 0.00 47000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311397 177 180 0.00 88000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311399 177 180 0.00 42100.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311402 177 360 0.00 78000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311403 358 360 0.00 200000.00 13-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311404 177 360 0.00 62000.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311406 358 360 0.00 58000.00 07-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311407 238 240 0.00 135000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311408 178 360 0.00 20000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311410 237 240 0.00 195000.00 07-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311412 358 360 0.00 93000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311413 358 360 0.00 110000.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311414 177 180 0.00 67000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311415 238 240 0.00 137000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311416 178 360 0.00 75000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311418 358 360 0.00 63000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311421 177 180 0.00 58000.00 07-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311424 178 360 0.00 73000.00 11-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311426 178 360 0.00 100000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311427 178 360 0.00 85000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311429 177 180 0.00 60000.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311430 238 240 0.00 90000.00 08-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311433 358 360 0.00 117000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311434 238 240 0.00 68000.00 12-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311435 358 360 0.00 550000.00 08-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311437 178 180 0.00 120000.00 08-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311439 237 240 0.00 32000.00 08-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311440 177 360 0.00 72000.00 08-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311444 178 180 0.00 58000.00 11-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311447 357 360 0.00 73000.00 08-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311449 358 360 0.00 94000.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311454 178 180 0.00 53000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311457 178 180 0.00 69000.00 12-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311459 178 360 0.00 82000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311465 237 240 0.00 190000.00 11-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311466 237 240 0.00 77000.00 11-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 311308 01-Mar-97 1 1 1 18 0 3 311309 01-Mar-97 5 2 1 18 0 3 311313 01-Mar-97 8 1 1 18 0 4 311317 01-Mar-97 1 1 1 18 0 3 311319 01-Mar-97 1 1 1 18 0 4 311320 01-Mar-97 1 1 1 18 0 4 311323 01-Mar-97 1 1 1 18 0 3 311326 15-Mar-97 1 1 1 18 0 3 311327 15-Feb-97 1 1 1 18 0 4 311328 01-Mar-97 1 1 3 18 0 3 311330 01-Mar-97 1 1 1 18 0 3 311332 01-Mar-97 1 1 1 38 52353 3 311336 15-Mar-97 1 1 1 18 0 3 311337 01-Mar-97 1 1 1 18 0 4 311339 15-Mar-97 1 1 1 18 0 2 311340 01-Mar-97 1 1 1 18 0 3 311341 01-Mar-97 1 1 1 18 0 3 311342 15-Mar-97 1 1 1 18 0 3 311344 01-Mar-97 1 1 1 18 0 2 311345 01-Mar-97 1 1 1 18 0 3 311346 01-Mar-97 1 1 1 18 0 4 311347 01-Mar-97 1 1 1 18 0 3 311349 01-Mar-97 1 1 1 18 0 3 311355 15-Mar-97 1 1 1 18 0 3 311359 01-Mar-97 5 2 1 18 0 3 311363 15-Mar-97 1 1 1 18 0 4 311366 01-Mar-97 1 1 1 18 0 3 311367 01-Mar-97 1 1 1 18 0 3 311372 01-Mar-97 1 1 1 18 0 3 311374 15-Mar-97 1 1 1 18 0 3 311375 01-Mar-97 1 1 1 18 0 3 311376 15-Mar-97 1 1 1 18 0 3 311377 01-Mar-97 1 1 1 18 0 3 311378 15-Mar-97 1 1 1 18 0 3 311380 01-Mar-97 1 1 1 18 0 3 311384 01-Mar-97 1 1 1 18 0 4 311385 15-Mar-97 1 1 1 18 0 3 311386 01-Mar-97 1 1 1 18 0 3 311388 01-Mar-97 1 1 1 18 0 3 311389 01-Mar-97 1 1 1 18 0 2 311393 15-Mar-97 1 1 1 18 0 4 311395 15-Feb-97 5 2 1 18 0 3 311396 15-Mar-97 1 1 1 18 0 3 311397 15-Mar-97 1 1 1 18 0 3 311399 15-Mar-97 1 1 1 18 0 3 311402 15-Mar-97 1 1 1 18 0 4 311403 01-Mar-97 1 1 1 18 0 4 311404 15-Mar-97 1 1 1 18 0 3 311406 01-Mar-97 1 1 1 18 0 3 311407 01-Mar-97 1 1 1 38 37390 3 311408 01-Mar-97 1 1 1 18 0 3 311410 15-Mar-97 1 1 1 38 108485 3 311412 01-Mar-97 1 1 1 18 0 2 311413 01-Mar-97 1 1 1 18 0 3 311414 15-Mar-97 1 1 1 18 0 4 311415 01-Mar-97 1 1 1 38 74351 3 311416 01-Mar-97 1 1 1 18 0 3 311418 01-Mar-97 1 1 1 18 0 2 311421 15-Mar-97 5 2 3 18 0 4 311424 01-Mar-97 1 1 1 18 0 3 311426 01-Mar-97 1 1 1 18 0 3 311427 01-Mar-97 1 1 1 18 0 3 311429 15-Mar-97 1 1 1 18 0 3 311430 01-Mar-97 1 1 1 18 0 3 311433 01-Mar-97 1 1 1 18 0 3 311434 01-Mar-97 1 1 1 18 0 3 311435 01-Mar-97 1 1 1 18 0 3 311437 01-Mar-97 1 1 1 18 0 3 311439 15-Mar-97 1 1 1 18 0 3 311440 15-Mar-97 1 1 1 18 0 3 311444 01-Mar-97 8 1 1 18 0 4 311447 15-Mar-97 1 1 1 18 0 2 311449 01-Mar-97 6 1 1 18 0 3 311454 01-Mar-97 1 1 1 18 0 3 311457 01-Mar-97 1 1 1 18 0 3 311459 01-Mar-97 1 1 1 18 0 3 311465 15-Mar-97 1 1 1 38 47920 3 311466 15-Mar-97 1 1 3 38 30691 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- ----- 311308 C -- F 0 -- 0 0 311309 B -- F 0 -- 0 0 311313 A -- F 0 -- 0 0 311317 B -- F 0 -- 0 0 311319 B -- F 0 -- 0 0 311320 B -- F 0 -- 0 0 311323 C -- T 0 -- 0 0 311326 B -- F 0 -- 0 0 311327 B -- F 0 -- 0 0 311328 B -- F 0 -- 0 0 311330 A -- F 0 -- 0 0 311332 A 01-May-91 F 0 -- 0 0 311336 A -- F 0 -- 0 0 311337 B -- F 6.5 6MOLIB 01-Dec-98 1.5 7 311339 A -- F 0 -- 0 0 311340 A 01-Jun-92 F 0 -- 0 0 311341 B 21-Jul-95 T 0 -- 0 0 311342 B 28-Oct-86 F 0 -- 0 0 311344 B -- T 0 -- 0 0 311345 A -- F 0 -- 0 0 311346 A -- F 0 -- 0 0 311347 A 01-Mar-90 F 0 -- 0 0 311349 B -- F 0 -- 0 0 311355 B -- F 0 -- 0 0 311359 B -- F 0 -- 0 0 311363 A -- T 0 -- 0 0 311366 B -- F 0 -- 0 0 311367 A -- F 0 -- 0 0 311372 B 19-Nov-92 F 0 -- 0 0 311374 C -- T 0 -- 0 0 311375 A -- F 0 -- 0 0 311376 A 11-Jul-91 T 0 -- 0 0 311377 B 28-Dec-92 F 0 -- 0 0 311378 A -- T 0 -- 0 0 311380 B -- F 0 -- 0 0 311384 C -- F 0 -- 0 0 311385 A -- F 0 -- 0 0 311386 A -- F 0 -- 0 0 311388 B 22-Jun-90 F 0 -- 0 0 311389 A 10-Aug-92 F 0 -- 0 0 311393 B -- F 0 -- 0 0 311395 B 27-Feb-92 F 0 -- 0 0 311396 A -- F 0 -- 0 0 311397 A 01-Dec-90 F 0 -- 0 0 311399 B -- F 0 -- 0 0 311402 A -- F 0 -- 0 0 311403 B -- F 6.5 6MOLIB 01-Jun-97 1.5 7 311404 B 01-Jun-93 F 0 -- 0 0 311406 B 14-Jun-93 F 0 -- 0 0 311407 C -- F 0 -- 0 0 311408 B -- F 0 -- 0 0 311410 A -- F 0 -- 0 0 311412 B 01-Feb-91 F 0 -- 0 0 311413 A -- F 0 -- 0 0 311414 C -- F 0 -- 0 0 311415 A -- F 0 -- 0 0 311416 C -- F 0 -- 0 0 311418 B -- F 0 -- 0 0 311421 A -- F 0 -- 0 0 311424 B -- F 0 -- 0 0 311426 A -- F 0 -- 0 0 311427 B -- F 0 -- 0 0 311429 A 15-Jul-93 F 0 -- 0 0 311430 A 01-Dec-89 F 0 -- 0 0 311433 B 04-May-94 F 8.76 6MOLIB 01-Dec-98 1.5 7 311434 A 01-Jan-88 T 0 -- 0 0 311435 A -- F 0 -- 0 0 311437 B -- F 0 -- 0 0 311439 C -- F 0 -- 0 0 311440 C -- F 0 -- 0 0 311444 A -- F 0 -- 0 0 311447 B -- F 0 -- 0 0 311449 A -- F 0 -- 0 0 311454 C 01-Oct-95 F 0 -- 0 0 311457 A -- F 0 -- 0 0 311459 C -- F 0 -- 0 0 311465 C -- F 0 -- 0 0 311466 A -- F 0 -- 0 0
Page 5 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 311308 0 0 P F 311309 0 0 P F 311313 0 0 P F 311317 0 0 P F 311319 0 0 P F 311320 0 0 P F 311323 0 0 F 311326 0 0 P F 311327 0 0 F 311328 0 0 F 311330 0 0 F 311332 0 0 P F 311336 0 0 P F 311337 0 17.74 F 311339 0 0 F 311340 0 0 F 311341 0 0 F 311342 0 0 F 311344 0 0 F 311345 0 0 F 311346 0 0 F 311347 0 0 P F 311349 0 0 P F 311355 0 0 P F 311359 0 0 P F 311363 0 0 F 311366 0 0 F 311367 0 0 F 311372 0 0 P F 311374 0 0 F 311375 0 0 F 311376 0 0 F 311377 0 0 P F 311378 0 0 F 311380 0 0 P F 311384 0 0 P F 311385 0 0 P F 311386 0 0 P F 311388 0 0 F 311389 0 0 F 311393 0 0 F 311395 0 0 F 311396 0 0 F 311397 0 0 P F 311399 0 0 F 311402 0 0 F 311403 11 17 F 311404 0 0 P F 311406 0 0 P F 311407 0 0 F 311408 0 0 P F 311410 0 0 F 311412 0 0 P F 311413 0 0 P F 311414 0 0 P F 311415 0 0 F 311416 0 0 F 311418 0 0 F 311421 0 0 F 311424 0 0 P F 311426 0 0 P F 311427 0 0 P F 311429 0 0 P F 311430 0 0 F 311433 0 20 P F 311434 0 0 F 311435 0 0 L 311437 0 0 F 311439 0 0 P F 311440 0 0 F 311444 0 0 F 311447 0 0 P F 311449 0 0 F 311454 0 0 P F 311457 0 0 P F 311459 0 0 F 311465 0 0 F 311466 0 0 P F
Page 6 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- ------------------ ------------------ ------------------------------------------------ 311468 FR REYNOLDS LOURDES C 293 THUNDERBIRD TRL 311469 FR MINOR SR ROBERT E 15827 S TRUMBULL AVE 311472 BLLN FAJARDO LUIS M. 103 EAST BERKLEY LA 311474 FR MILLER JR CHARLES J 42 WILLARD PLACE 311475 FR JOHNSON ROY L. 187 DYKES ROAD 311477 FR SHEPHERD RONALD L 7853 SEHALTON STREET 311478 BLLN CARTER GARY 3733 MOBLEYS CUT RD 311479 FR STEPHENS JOSEPH 1400S 10TH AVE 311480 ARM2 28 DEAN EDWIN 133 CAVALCADE DRIVE 311482 BLLN ALLEN HUGH E 431 HAYTER DRIVE 311483 BLLN BURGESS DAVE H 1407 DEVENS DRIVE 311484 FR GATES JOHN 1706 NORTH MEADE 311485 FR CURTIS KENNETH 7964B COUNTY LINE RD 311486 FR CROLEY DOUGLAS E 17208 WALDEN AVENUE 311487 BLLN AMBROSE MARCELO 320 33RD AVENUE NOR 311488 BLLN AMBROSE MARCELO 314 33RD AVENUE NOR 311489 BLLN DEPUGH LINDA AN 12210 OLD COLONY DRIV 311490 FR WILSON WILLIE M 8237S LOOMIS BLVD 311493 FR FRIEDRICH MARK 2596 MC HENRY ROAD 311496 BLLN MCCORD CAROLYN H 1304 BRYAN STREET 311497 BLLN SPECK DERRELL D 191 OLD MT JULIET R 311498 FR HANNA RAYMOND M 3177 W 165TH 311499 BLLN BROOKS JACK R 239 LAKESHORE DRIVE 311502 BLLN SCRANTON JAMES C 4605 BAYONNE AVENUE 311503 FR KIRKPATRICK RALPH C 12400 LANHAM SEVERN R 311506 ARM2 28 MENDOZA PATRICK 7020 TERRACE DRIVE 311508 BLLN TAYLOR MARVIN 1649 EMERALD AVENUE 311510 BLLN TAYLOR MELVIN 7312S SAINT LAWRENCE 311514 FR BARLOW TERRY 3759 BARLOW WAY 311515 BLLN TAPP DENTON 3404 E 108TH STREET 311516 FR BRINKLEY YANCY 17339 MARX 311517 FR JONES DAVID V 4132E 100TH ST 311518 BLLN MCMILLAN STEVE 102 CARLTON DRIVE 311520 FR LAWSON BILLY R RT 1 BOX 541 311522 FR TURNER SAM 5750W SUPERIOR STREET 311524 FR DOUCET SR BOBBY 1503 CLEMENT/PO BOX 311525 BLLN SIMMONS MARY 7146 S MICHIGAN AVE 311526 BLLN AUSBROOKS MICHAEL D 875 PARKLAND WAY 311527 BLLN RAMEY JR HAROLD T 402 BORDERS ROAD 311528 FR CANTRELL DARRELL A 3051 BILBREY ROAD 311529 FR LOVETERE THOMAS F 4617 LIGHTKEEPERS WA 311532 ARM2 28 TRUSNIK/ PAYTOSH LEONARD TRUSNIK 729 NAVAJO TRAIL 311534 FR SMITH MOSES E 1294 EAST AVENUE 311535 BLLN SMITH SHIRLEY 1826 STARK AVENUE SW 311536 FR SIPES MELISSA O 3860 WHITEWATER ROAD 311539 FR MURDIE SCOTT 880 HANFORD DRIVE 311540 FR BENNETT NORMAN G 203 HOPEWELL 311542 BLLN GIBBS WILLIE M 4816 BRENTHAVEN ROAD 311544 FR BOLEWARE JR TALMADGE 37 EARL BRASHIER 311545 FR HUDSON RANDY L RURAL RT 10 BOX 67C 311546 FR BOMER CHERYL 19746 ST. MARY'S 311547 FR LAUGHLIN SUE A. 1527 SOUTHEAST BLVD 311549 ARM2 28 HORVATH RONALD D. 1038 LOUISE 311550 FR YANCER DENNIS R 2635 N ALAMANDO 311551 FR LANE DAVID 113 FEASTER STREET 311554 FR LAMBROS KAREN A 14240 DELAWARE AVENUE 311555 FR WILSON DENNIS 327 PRINCESS AVENUE 311556 FR PORTER THOMAS W 5063 BROADWAY STREET 311557 BLLN FEARS MARY D 608N 2ND STREET 311558 BLLN CAIN MICHAEL W 302 POPLAR SPGS RD 311559 FR BARNETTE ARTHUR L 5030 ATHENS STREET 311561 BLLN MCKENZIE DONALD R 100 DICKERSON STREE 311562 FR BOLTIN EARL B 1228 HICKORY HILL RD 311565 BLLN SCARLATTA III CHARLES A 602 HYSON STREET 311566 BLLN CROCKETT JOHN M 2764 AZIZA 311567 FR SURRATT JAMES L 832 LOMBARDY DRIVE 311569 BLLN WORRILL LORENZO 2905 ARROWOOD DRIVE 311574 FR THORPE JOE A Y J 302 VAN BOKLEN ST 311576 BLLN BARNES VALORI 5730 GARFIELD AVENUE 311577 FR YOUNG TYRONE R 33N JULIA ST 311578 BLLN NICHOLS JOHN K 644 WEAVER CREEK RD 311580 FR JOHNSON WALTER P RT 6 BOX198 DAVE BUC 311582 FR HARDISON BETTY 928 CAROLYN AVENUE 311584 FR HARDISON BETTY 608 26TH AVENUE N 311585 FR HARDISON BETTY D 2128 OTAY STREET 311586 FR HARDISON CALVIN 411 CHURCH STREET 311588 BLLN SHELBY SHEILA 8821 SOUTH STATE STR 311589 FR COBB PAMELA P LOT 9 TAYLORWOOD CIR LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 311468 CAROL STREAM IL 60188 DU PAGE 79,000.00 78,911.88 78,911.88 311469 MARKHAM IL 60426 COOK 72,000.00 71,970.72 71,970.72 311472 HOFFMAN ESTATES IL 60194 COOK 144,500.00 144,425.65 144,425.65 311474 WAGGAMAN LA 70094 JEFFERSON PARISH 12,600.00 12,558.32 12,558.32 311475 SOSO MS 39480 JONES 15,000.00 14,951.33 14,951.33 311477 WAYNESBURG OH 44688 STARK 66,150.00 66,099.43 66,099.43 311478 THOMPSONS STATION TN 37179 WILLIAMSON 100,000.00 99,861.84 99,861.84 311479 MAYWOOD IL 60153 COOK 36,000.00 35,918.52 35,918.52 311480 FRANKLIN TN 37064 WILLIAMSON 144,000.00 143,896.83 143,896.83 311482 MORRISTOWN TN 37813 HAMBLEN 53,000.00 52,940.90 52,940.90 311483 BRENTWOOD TN 37027 WILLIAMSON 216,750.00 216,633.91 216,633.91 311484 CHICAGO IL 60639 COOK 25,272.00 25,132.59 25,132.59 311485 LIBERTY NC 27298 ALAMANCE 39,750.00 39,590.82 39,590.82 311486 CLEVELAND OH 44128 CUYAHOGA 43,600.00 43,531.51 43,531.51 311487 NASHVILLE TN 37209 DAVIDSON 30,780.00 30,749.22 30,749.22 311488 NASHVILLE TN 37209 DAVIDSON 55,900.00 55,844.10 55,844.10 311489 UPPER MARLBORO MD 20772 PRINCE GEORGE'S 135,200.00 135,143.21 135,143.21 311490 CHICAGO IL 60620 COOK 54,500.00 54,210.83 54,210.83 311493 GOSHEN OH 45122 CLERMONT 83,960.00 83,880.31 83,880.31 311496 OLD HICKORY TN 37138 DAVIDSON 67,124.00 67,096.38 67,096.38 311497 MOUNT JULIET TN 37122 WILSON 71,100.00 71,047.37 71,047.37 311498 CLEVELAND OH 44111 CUYAHOGA 122,400.00 122,273.93 122,273.93 311499 MOORESVILLE NC 28115 IREDELL 148,750.00 148,629.96 148,629.96 311502 BALTIMORE MD 21206 BALTIMORE CITY 96,050.00 95,974.64 95,974.64 311503 BOWIE MD 20715 PRINCE GEORGES 90,000.00 89,526.81 89,526.81 311506 DOWNERS GROVE IL 60516 DU PAGE 165,600.00 165,499.35 165,499.35 311508 ATLANTA GA 30310 FULTON 52,000.00 51,955.73 51,955.73 311510 CHICAGO IL 60619 COOK 93,750.00 93,703.77 93,703.77 311514 KODAK TN 37764 SEVIER 31,150.00 31,067.78 31,067.78 311515 CLEVELAND OH 44104 CUYAHOGA 32,500.00 32,489.99 32,489.99 311516 DETROIT MI 48203 WAYNE 16,500.00 16,427.03 16,427.03 311517 CLEVELAND OH 44105 CUYAHOGA 47,700.00 47,652.39 47,652.39 311518 JONESBORO GA 30236 CLAYTON 53,550.00 53,480.50 53,480.50 311520 PINNACLE NC 27043 STOKES 108,000.00 107,907.61 107,907.61 311522 CHICAGO IL 60644 COOK 20,000.00 19,854.03 19,854.03 311524 VILLE PLATTE LA 70586 EVANGELINE 18,950.00 18,876.24 18,876.24 311525 CHICAGO IL 60619 COOK 40,000.00 39,965.24 39,965.24 311526 BOWLING GREEN KY 42101 WARREN 68,000.00 67,937.69 67,937.69 311527 SHELBY NC 28150 CLEVELAND 100,000.00 99,935.07 99,935.07 311528 COOKEVILLE TN 38501 PUTNAM 59,500.00 59,235.86 59,235.86 311529 LITTLE RIVER SC 29566 HORRY 91,686.00 91,617.40 91,617.40 311532 MACEDONIA OH 44056 SUMMIT 135,000.00 134,897.89 134,897.89 311534 AKRON OH 44307 SUMMIT 49,300.00 49,273.48 49,273.48 311535 CANTON OH 44706 STARK 25,600.00 25,587.93 25,587.93 311536 VALDOSTA GA 31601 LOWNDES 80,000.00 79,959.57 79,959.57 311539 DELTONA FL 32738 VOLUSIA 66,400.00 66,321.01 66,321.01 311540 MADISONVILLE KY 42431 HOPKINS 30,000.00 29,737.72 29,737.72 311542 COLUMBIA SC 29206 RICHLAND 80,750.00 80,686.24 80,686.24 311544 SEMINARY MS 39479 JONES 25,500.00 25,404.28 25,404.28 311545 DECATUR IL 62522 MACON 45,000.00 44,906.08 44,906.08 311546 DETROIT MI 48235 WAYNE 40,000.00 39,823.08 39,823.08 311547 SALEM OH 44460 COLUMBIANA 51,200.00 51,162.91 51,162.91 311549 YPSILANTI MI 48197 WASHTENAW 128,700.00 128,607.80 128,607.80 311550 COLEMAN MI 48618 Midland 89,000.00 88,920.09 88,920.09 311551 WHITMIRE SC 29178 NEWBERRY 30,400.00 30,262.51 30,262.51 311554 LAKEWOOD OH 44107 CUYAHOGA 86,800.00 86,717.81 86,717.81 311555 WOODSTOCK GA 30189 CHEROKEE 30,900.00 30,757.88 30,757.88 311556 COATESVILLE IN 46121 HENDRICKS 63,750.00 63,710.81 63,710.81 311557 NASHVILLE TN 37207 DAVIDSON 53,550.00 53,484.38 53,484.38 311558 BROWNSVILLE KY 42210 EDMONSON 48,875.00 48,857.50 48,857.50 311559 KANNAPOLIS NC 28081 CABARRUS 48,000.00 47,969.85 47,969.85 311561 YORK SC 29745 YORK 35,000.00 34,974.89 34,974.89 311562 CORDOVA SC 29039 ORANGEBURG 15,120.00 14,996.15 14,996.15 311565 BALTIMORE MD 21230 BALTIMORE CITY 80,000.00 79,952.95 79,952.95 311566 ROCK HILL SC 29732 YORK 68,800.00 68,749.48 68,749.48 311567 ROCK HILL SC 29730 YORK 85,850.00 85,642.74 85,642.74 311569 EAST POINT GA 30331 Fulton 70,400.00 70,383.91 70,383.91 311574 EASTOVER SC 29044 RICHLAND 50,000.00 49,980.76 49,980.76 311576 MAPLE HEIGHTS OH 44137 CUYAHOGA 80,000.00 79,966.01 79,966.01 311577 HENDERSON KY 42420 HENDERSON 52,200.00 52,061.95 52,061.95 311578 BLUFF CITY TN 37618 SULLIVAN 46,400.00 46,350.98 46,350.98 311580 JOHNSON CITY TN 37601 CARTER 36,000.00 35,873.78 35,873.78 311582 NASHVILLE TN 37216 DAVIDSON 67,400.00 67,350.22 67,350.22 311584 NASHVILLE TN 37209 DAVIDSON 32,800.00 32,778.27 32,778.27 311585 NASHVILLE TN 37216 DAVIDSON 39,200.00 39,174.04 39,174.04 311586 COLUMBIA TN 38401 MAURY 53,200.00 53,168.43 53,168.43 311588 CHICAGO IL 60619 COOK 74,400.00 74,352.35 74,352.35 311589 SHARPSBURG NC 27878 NASH 49,200.00 49,144.55 49,144.55 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 311468 743.40 10.8500 360 0.6371 311469 826.96 13.5400 360 0.8000 311472 1,542.19 12.5000 180 0.8500 311474 168.14 14.0400 180 0.8079 311475 202.19 14.2400 180 0.5357 311477 615.01 10.7000 360 0.9000 311478 866.51 9.8500 180 0.8000 311479 376.25 11.1900 240 0.4390 311480 1,371.35 11.0000 360 0.9000 311482 498.73 10.8500 180 0.7681 311483 2,283.05 12.3200 180 0.8500 311484 319.75 13.0000 180 0.7500 311485 478.35 12.0500 180 0.7500 311486 365.02 9.4500 360 0.5383 311487 301.29 11.3500 180 0.8100 311488 547.18 11.3500 180 0.8600 311489 1,537.97 13.4000 180 0.8000 311490 592.35 10.2000 180 0.6124 311493 837.22 11.5900 360 0.7996 311496 768.32 13.4900 180 0.8391 311497 669.06 10.8500 180 0.8365 311498 1,011.39 9.3000 360 0.9000 311499 1,355.12 10.4500 180 0.8490 311502 1,021.38 12.4500 180 0.8500 311503 918.20 9.1000 180 0.6923 311506 1,671.58 11.7500 360 0.9000 311508 464.04 10.2000 180 0.7647 311510 1,014.40 12.6900 180 0.7500 311514 301.64 10.0500 240 0.5990 311515 326.07 11.6700 180 0.6500 311516 187.43 10.9900 180 0.7500 311517 399.35 9.4500 360 0.8224 311518 458.11 9.7000 180 0.8500 311520 963.78 10.2000 360 0.8000 311522 214.92 10.0000 180 0.1835 311524 231.72 12.3500 180 0.8498 311525 411.14 11.9900 180 0.4706 311526 686.40 11.7500 180 0.7907 311527 986.48 11.4500 180 0.7874 311528 674.41 10.9500 180 0.8500 311529 859.32 10.8000 360 0.7400 311532 1,260.20 10.7500 360 0.9000 311534 518.52 12.3000 360 0.8500 311535 219.00 9.7000 180 0.8000 311536 858.78 12.5800 360 0.3970 311539 609.87 10.5500 360 0.8000 311540 430.24 11.9900 120 0.7500 311542 741.67 10.5500 180 0.8500 311544 318.12 12.7300 180 0.6375 311545 489.23 11.8000 240 0.6818 311546 454.39 10.9900 180 0.7921 311547 485.66 10.9500 360 0.8000 311549 1,225.64 11.0000 360 0.9000 311550 777.75 9.9500 360 0.8091 311551 340.77 10.7500 180 0.8000 311554 742.56 9.7000 360 0.8000 311555 353.15 11.1000 180 0.8500 311556 641.06 11.7000 360 0.8500 311557 540.95 11.7600 180 0.8500 311558 582.98 14.1000 180 0.8500 311559 486.36 11.8000 360 0.8000 311561 383.07 12.8500 180 0.7000 311562 226.65 13.1000 120 0.4447 311565 816.74 11.9000 180 0.6905 311566 691.84 11.7000 180 0.8000 311567 868.67 10.7000 240 0.8500 311569 778.76 13.0000 180 0.8000 311574 462.99 10.6500 360 0.7353 311576 906.90 13.3500 180 0.9412 311577 503.74 10.0000 240 0.9000 311578 445.39 11.1000 180 0.7864 311580 465.96 13.4400 180 0.8000 311582 634.75 10.8600 360 0.8220 311584 321.32 11.3600 360 0.8000 311585 384.01 11.3600 360 0.7396 311586 541.50 11.8600 360 0.7000 311588 843.41 13.3500 180 0.8000 311589 461.12 10.8000 360 0.8000
Page 7 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- ----------- 311468 357 360 0.00 124000.00 13-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311469 358 360 0.00 90000.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311472 178 360 0.00 170000.00 18-Nov-96 15-Dec-96 15-Nov-11 15-Feb-97 311474 178 180 0.00 65000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311475 178 180 0.00 28000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311477 358 360 0.00 73500.00 12-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311478 177 360 0.00 125000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311479 238 240 0.00 82000.00 02-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 311480 358 360 0.00 160000.00 11-Nov-96 15-Dec-96 15-Nov-26 16-Feb-97 311482 177 360 0.00 69000.00 11-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311483 178 360 0.00 255000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Feb-97 311484 177 180 0.00 128000.00 13-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311485 178 180 0.00 53000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311486 357 360 0.00 81000.00 15-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311487 177 360 0.00 38000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311488 177 360 0.00 65000.00 12-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311489 178 360 0.00 169000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311490 178 180 0.00 89000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311493 357 360 0.00 105000.00 13-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311496 178 360 0.00 80000.00 14-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311497 178 360 0.00 85000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311498 358 360 0.00 135000.00 14-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311499 178 360 0.00 175200.00 14-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311502 177 360 0.00 113000.00 19-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311503 178 180 0.00 130000.00 14-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311506 358 360 0.00 184000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311508 178 360 0.00 68000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311510 178 360 0.00 125000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311514 238 240 0.00 52000.00 14-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311515 179 360 0.00 50000.00 14-Nov-96 15-Dec-96 15-Nov-11 15-Jan-97 311516 178 180 0.00 22000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311517 358 360 0.00 58000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311518 178 360 0.00 63000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311520 358 360 0.00 135000.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311522 177 180 0.00 109000.00 20-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311524 178 180 0.00 85000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311525 177 360 0.00 85000.00 14-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311526 177 360 0.00 86000.00 15-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311527 178 360 0.00 127000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311528 178 180 0.00 70000.00 14-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311529 358 360 123900.00 123900.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311532 358 360 0.00 150000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311534 358 360 0.00 58000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311535 179 360 0.00 32000.00 19-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97 311536 358 360 0.00 201500.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311539 357 360 0.00 83000.00 20-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311540 118 120 0.00 40000.00 15-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311542 178 360 0.00 95000.00 19-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311544 178 180 0.00 40000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311545 238 240 0.00 66000.00 18-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311546 178 180 0.00 50500.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311547 358 360 0.00 64000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311549 358 360 0.00 143000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311550 358 360 0.00 110000.00 19-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97 311551 178 180 0.00 38000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311554 358 360 108500.00 108500.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311555 178 180 0.00 110000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311556 358 360 0.00 75000.00 15-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311557 178 360 0.00 63000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311558 178 360 0.00 57500.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311559 358 360 0.00 60000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311561 177 360 0.00 50000.00 18-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311562 118 120 0.00 34000.00 18-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311565 178 360 0.00 115850.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311566 178 360 0.00 86000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311567 238 240 0.00 101000.00 18-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311569 179 360 0.00 88000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311574 359 360 0.00 68000.00 18-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97 311576 178 360 0.00 85000.00 19-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311577 238 240 0.00 58000.00 19-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311578 177 360 0.00 59000.00 20-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311580 178 180 0.00 45000.00 20-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311582 358 360 0.00 82000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311584 358 360 0.00 41000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311585 358 360 0.00 53000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311586 358 360 0.00 76000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311588 177 360 0.00 93000.00 20-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311589 357 360 0.00 61500.00 19-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 311468 15-Mar-97 1 1 1 18 0 3 311469 01-Mar-97 1 1 1 18 0 3 311472 15-Feb-97 1 1 1 18 0 3 311474 01-Mar-97 1 1 1 38 40723 3 311475 01-Mar-97 1 1 1 18 0 3 311477 01-Mar-97 1 1 1 18 0 3 311478 15-Mar-97 1 1 1 18 0 3 311479 15-Mar-97 1 1 3 18 0 3 311480 15-Feb-97 1 1 1 18 0 4 311482 15-Mar-97 1 1 1 18 0 4 311483 15-Feb-97 1 1 1 18 0 2 311484 15-Mar-97 5 2 1 38 70728 3 311485 01-Mar-97 8 1 1 18 0 4 311486 15-Mar-97 1 1 1 18 0 3 311487 15-Mar-97 1 1 3 18 0 3 311488 15-Mar-97 8 1 1 18 0 2 311489 01-Mar-97 1 1 1 18 0 3 311490 01-Mar-97 1 1 1 18 0 3 311493 15-Mar-97 1 1 1 18 0 3 311496 01-Mar-97 1 1 1 18 0 4 311497 01-Mar-97 1 1 1 18 0 3 311498 01-Mar-97 1 1 1 18 0 4 311499 01-Mar-97 1 1 1 18 0 3 311502 15-Mar-97 1 1 1 18 0 3 311503 01-Mar-97 1 1 1 18 0 2 311506 01-Mar-97 1 1 1 18 0 3 311508 01-Mar-97 1 1 3 18 0 3 311510 01-Mar-97 5 2 1 18 0 4 311514 01-Mar-97 1 1 1 18 0 3 311515 15-Jan-97 1 1 3 18 0 4 311516 01-Mar-97 1 1 1 18 0 3 311517 01-Mar-97 1 1 1 18 0 2 311518 01-Mar-97 1 1 1 18 0 3 311520 01-Mar-97 1 1 1 18 0 3 311522 15-Mar-97 1 1 1 18 0 3 311524 01-Mar-97 1 1 1 38 53282 4 311525 15-Mar-97 1 1 1 18 0 3 311526 15-Mar-97 1 1 1 18 0 4 311527 01-Mar-97 1 1 1 18 0 3 311528 15-Mar-97 8 1 1 18 0 3 311529 01-Mar-97 3 1 2 18 0 1 311532 01-Mar-97 1 1 1 18 0 4 311534 01-Mar-97 1 1 1 18 0 3 311535 01-Feb-97 1 1 1 18 0 3 311536 01-Mar-97 1 3 1 18 0 3 311539 15-Mar-97 1 1 1 18 0 3 311540 01-Mar-97 1 1 1 18 0 4 311542 01-Mar-97 1 1 1 18 0 4 311544 01-Mar-97 1 1 1 18 0 4 311545 01-Mar-97 1 1 1 18 0 3 311546 01-Mar-97 1 1 1 18 0 3 311547 01-Mar-97 1 1 1 18 0 3 311549 01-Mar-97 1 1 1 18 0 3 311550 15-Feb-97 8 1 1 18 0 2 311551 01-Mar-97 1 1 1 18 0 3 311554 01-Mar-97 1 1 1 18 0 1 311555 01-Mar-97 1 1 1 38 62597 3 311556 01-Mar-97 1 1 1 18 0 3 311557 01-Mar-97 1 1 1 18 0 4 311558 01-Mar-97 1 1 1 18 0 4 311559 01-Mar-97 1 1 1 18 0 3 311561 15-Mar-97 1 1 1 18 0 3 311562 01-Mar-97 1 1 1 18 0 3 311565 01-Mar-97 2 1 3 18 0 3 311566 01-Mar-97 1 1 1 18 0 2 311567 01-Mar-97 1 1 1 18 0 2 311569 01-Mar-97 1 1 1 18 0 3 311574 01-Feb-97 1 1 1 18 0 3 311576 15-Mar-97 1 1 1 18 0 4 311577 01-Mar-97 1 1 1 18 0 4 311578 15-Mar-97 1 1 1 18 0 3 311580 15-Mar-97 1 1 1 18 0 3 311582 01-Mar-97 1 1 1 18 0 2 311584 01-Mar-97 1 1 3 18 0 3 311585 01-Mar-97 1 1 3 18 0 3 311586 01-Mar-97 5 2 3 18 0 3 311588 15-Mar-97 1 1 1 18 0 3 311589 15-Mar-97 8 1 1 18 0 4 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP ----------- ----------- ------------ --------------- ------------- --------- ----------- --------------- ----- 311468 B -- F 0 -- 0 0 311469 B 29-Oct-95 F 0 -- 0 0 311472 B -- F 0 -- 0 0 311474 B 27-Jan-94 T 0 -- 0 0 311475 C -- T 0 -- 0 0 311477 A 01-Sep-89 F 0 -- 0 0 311478 A -- F 0 -- 0 0 311479 A -- F 0 -- 0 0 311480 A 01-Dec-88 F 6.75 6MOLIB 15-Nov-98 1.5 7 311482 A -- F 0 -- 0 0 311483 B -- F 0 -- 0 0 311484 C -- F 0 -- 0 0 311485 A -- F 0 -- 0 0 311486 A -- F 0 -- 0 0 311487 A 01-Dec-88 F 0 -- 0 0 311488 A 01-Dec-88 F 0 -- 0 0 311489 C -- F 0 -- 0 0 311490 A -- F 0 -- 0 0 311493 B 01-Nov-89 F 0 -- 0 0 311496 B -- F 0 -- 0 0 311497 A -- F 0 -- 0 0 311498 A+ -- F 0 -- 0 0 311499 A 06-Mar-91 F 0 -- 0 0 311502 B -- F 0 -- 0 0 311503 A -- F 0 -- 0 0 311506 A -- F 7.5 6MLIB 01-Dec-98 1.5 7 311508 A -- F 0 -- 0 0 311510 B 19-Dec-91 F 0 -- 0 0 311514 A -- F 0 -- 0 0 311515 A -- F 0 -- 0 0 311516 B -- F 0 -- 0 0 311517 A+ -- F 0 -- 0 0 311518 A 01-Sep-91 F 0 -- 0 0 311520 A -- F 0 -- 0 0 311522 A -- F 0 -- 0 0 311524 A -- F 0 -- 0 0 311525 C -- F 0 -- 0 0 311526 B -- F 0 -- 0 0 311527 B -- F 0 -- 0 0 311528 B 01-Mar-87 F 0 -- 0 0 311529 A -- F 0 -- 0 0 311532 A -- F 6.5 6MLIB 01-Dec-98 1.5 7 311534 A -- F 0 -- 0 0 311535 A 01-Jun-87 T 0 -- 0 0 311536 B -- F 0 -- 0 0 311539 A -- F 0 -- 0 0 311540 C 01-Jun-90 F 0 -- 0 0 311542 A -- F 0 -- 0 0 311544 B -- T 0 -- 0 0 311545 A -- F 0 -- 0 0 311546 B -- F 0 -- 0 0 311547 B -- F 0 -- 0 0 311549 A -- F 6.75 6MLIB 01-Dec-98 1.5 7 311550 A -- F 0 -- 0 0 311551 A -- F 0 -- 0 0 311554 A -- F 0 -- 0 0 311555 A -- F 0 -- 0 0 311556 B -- F 0 -- 0 0 311557 A -- F 0 -- 0 0 311558 B 01-Dec-93 F 0 -- 0 0 311559 B -- F 0 -- 0 0 311561 C -- F 0 -- 0 0 311562 C 01-Mar-94 F 0 -- 0 0 311565 B -- F 0 -- 0 0 311566 B -- F 0 -- 0 0 311567 A -- F 0 -- 0 0 311569 C -- F 0 -- 0 0 311574 A -- F 0 -- 0 0 311576 C -- F 0 -- 0 0 311577 A -- F 0 -- 0 0 311578 A -- F 0 -- 0 0 311580 B 01-Nov-95 F 0 -- 0 0 311582 A -- F 0 -- 0 0 311584 A -- F 0 -- 0 0 311585 A -- F 0 -- 0 0 311586 A -- F 0 -- 0 0 311588 C -- F 0 -- 0 0 311589 A -- F 0 -- 0 0
Page 8 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 311468 0 0 F 311469 0 0 F 311472 0 0 F 311474 0 0 F 311475 0 0 F 311477 0 0 P F 311478 0 0 P F 311479 0 0 F 311480 0 18 P F 311482 0 0 F 311483 0 0 F 311484 0 0 F 311485 0 0 F 311486 0 0 P F 311487 0 0 F 311488 0 0 F 311489 0 0 F 311490 0 0 F 311493 0 0 P F 311496 0 0 F 311497 0 0 F 311498 0 0 P F 311499 0 0 P F 311502 0 0 F 311503 0 0 F 311506 0 18.75 F 311508 0 0 P F 311510 0 0 F 311514 0 0 F 311515 0 0 P F 311516 0 0 P F 311517 0 0 P F 311518 0 0 P F 311520 0 0 F 311522 0 0 F 311524 0 0 P F 311525 0 0 F 311526 0 0 P F 311527 0 0 P F 311528 0 0 F 311529 0 0 F 311532 0 17.75 P F 311534 0 0 P F 311535 0 0 F 311536 0 0 P F 311539 0 0 P F 311540 0 0 P F 311542 0 0 F 311544 0 0 F 311545 0 0 F 311546 0 0 P F 311547 0 0 P F 311549 0 18 P F 311550 0 0 P F 311551 0 0 F 311554 0 0 P F 311555 0 0 P F 311556 0 0 P F 311557 0 0 F 311558 0 0 P F 311559 0 0 F 311561 0 0 F 311562 0 0 F 311565 0 0 F 311566 0 0 F 311567 0 0 F 311569 0 0 F 311574 0 0 F 311576 0 0 P F 311577 0 0 P F 311578 0 0 F 311580 0 0 F 311582 0 0 F 311584 0 0 F 311585 0 0 F 311586 0 0 F 311588 0 0 F 311589 0 0 F
Page 9 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 311592 FR RHODES PHILLIP 1109 JACKSON STREET 311594 FR HENDON APRIL P 258 ARAGON ROAD 311595 FR SCURLOCK LOYMAN J 217 A ADAMS STREET 311596 FR MARKER PAUL L 312E SYCAMORE ST 311597 FR DAVIS BELINDA 9283 PETOSKEY 311598 FR CAMPBELL GARY 106 VICTORIA COURT 311599 FR LEWIS VERA 108 PINE STREET 311602 FR REINHART MICHAEL C 306 EATON AVENUE 311603 FR MILES JANNIE B 741N HOMAN AVE 311604 FR COUGHLIN MICHAEL R 785 STARK STREET 311605 FR PARKER LULA M 2225 DESLONDE STREET 311606 FR BOLDEN WILLIE L 1021 NEELY FERRY ROA 311607 BLLN LYNCH JANIE P 2518 COVE CREEK ROAD 311609 FR DURRETT DENNIS M 229 CARNEGIE AVENUE 311610 BLLN WILKERSON BARBARA 14616 SOUTH MYRTLE 311615 FR TEMPLET GARY J. 13390 J B TEMPLET 311617 FR V BISHOP JACQUELIN 11055 TEACHOUT ROAD 311619 BLLN FAIL JOHN W 114 HENDERSON LANE 311620 FR ALMON, JR WOODROW 4412 RUSTIC WOODS DR 311621 BLLN BERGMAN GARY E 3045 CIMARRON TRAIL 311622 FR MIDDLETON RUBY T 5406 SALTERS HILL RD 311626 BLLN JOHNSON TIMMY D 109 OAK LANE 311627 BLLN OLIVER MARK A 714 PORTER ROAD 311628 FR CROTHERS WILLIAM D 3N 31 TIMBERLINE R 311629 FR HURLESS ROBERT L 125 BROOKLYN AVENUE 311630 BLLN VROMAN FRANK A 34648 SHERIDAN 311632 FR KISER JOHN R 5624 INDIAN BROOK DR 311636 FR WATTS JACK D 913 HICKORY HILL DR 311637 FR GLEPKO THOMAS J 12318 CARRINGTON AVE 311639 FR WALLACE JR EDWARD 1005 BRIARWOOD DRIVE 311642 FR ALEXANDER ELLEN A 11131 SE 166TH PLACE 311644 BLLN DUNN RAMONA 1627 COLLINS ROAD 311645 BLLN HENDERSON HELEN M 91 WAYNESBURG RD 311646 FR STYNDL DALE P 329-31W JACKSON ST 311647 FR BELL, JR JOHN W. 1299 BENTEEN WAY SE 311649 FR LANGSTON LESTER D. 6335 NORTH FREE ROAD 311650 BLLN MANUEL RUSSELL P 6349S BAYOU BLACK DR 311652 FR CRAWFORD JR JAMIE R 14 PEEKSVILLE ROAD 311654 BLLN HARRISON JULIE L 3421 OAK KNOLL DRIVE 311655 FR RUSHLOW BARBARA 104 AUBURN 311656 FR BLAIR JANNET R 320N PARK AVE 311657 FR LUSK DONALD T 1025 BAYFIELD 311659 FR E NEIL BARBARA 2575 77 SOUTH 6TH ST 311662 FR HATCHER ELLEN J 932 SILVERDENE PL 311665 FR AUSTIN RHONDA V 148 WEST 155TH PLAC 311666 FR KREBS HAROLD L 1339 SARGEANT STREET 311667 BLLN LARRY CATHERINE 802S 3RD AVE 311668 FR ALLING ANDREW F 1072 HAMPTON 311669 FR TATE LURA L 1100 DOUGLAS AVE S 311670 BLLN SPENCER KELVIN 3574 BINKLEY ROAD 311671 BLLN CAMPEAU STEPHEN E 6909 FOX LANE 311676 BLLN HOWARD DORIS M 153 PRESTON STREET 311677 FR BAKER THOMAS J 860 FAIRWAY DRIVE 311679 FR BURNS LLOYD C 157 COUNTY ROAD 311684 FR WARSTLER GUY 308 NORTH MAIN STRE 311685 BLLN LAMBERT DOUGLAS A 25319 STATE ROUTE 772 311686 FR DUNKER VICKIE A 5707 MENDOTA DRIVE 311687 BLLN GRANBERRY SANDRA F 394 THIRD STREET 311689 FR RODRIGUEZ JUAN 2630 NORTH PARKSIDE 311695 BLLN MCCOY EDWARD K RT 3W BOX 433 VINEYAR 311696 FR SCICLUNA GEORGE J 5065 NORTHLAWN 311697 FR SMITH HALLET P 1045 BELLE TERRE 311699 FR RIVERS LOVURN B 4535 POST STREET 311703 BLLN EDER DENISE R 10345 ASHTON CIRCLE 311704 FR PISANI TONY D 222 LESLIE STREET 311706 BLLN TAYLOR DELLA M 131 TAYLOR ROAD 311707 FR DESSELLE EDWIN H. 2178 WEST BRYANT ROA 311708 FR TOUVELL SR WILLIAM E 1223 PUTNAM AVENUE 311709 FR STITTS MELVIN D 4710 JAMERSON FRST C 311713 BLLN L STOUT JR LAWRENCE 3274SELINCOLN ST 311714 FR HUMES ROSALIND 13994 RUTLAND 311715 BLLN MOODY ERNEST C 8 BELLE FRST AVE 311716 FR JACKSON HOUSTON L 340 EWING DRIVE 311717 FR CONEY DOROTHY A 215 WEST DRIVE 311719 FR HENSON IRENE 8631 LAKEWOOD HWY 311720 FR JENKINS JESSE 15530 JENKINS ROAD 311721 FR REYNOLDS MICHAEL G 1496 DOOLEY TOWN DR 311722 ARM2-28 STAKER JAMES A 10684N ALPINE HIGHWAY LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 311592 CINCINNATI OH 45215 HAMILTON 52,000.00 51,946.31 51,946.31 311594 MONTEGUT LA 70377 TERREBONNE 32,250.00 32,182.23 32,182.23 311595 RACELAND LA 70394 LAFOURCHE 29,032.00 28,936.66 28,936.66 311596 MIAMISBURG OH 45342 MONTGOMERY 55,250.00 55,129.18 55,129.18 311597 DETROIT MI 48204 WAYNE 7,800.00 7,732.80 7,732.80 311598 FRANKLIN TN 37064 Williamson 39,249.00 39,085.03 39,085.03 311599 SALUDA SC 29138 SALUDA 44,690.00 44,675.08 44,675.08 311602 ROMEOVILLE IL 60446 WILL 102,600.00 102,077.35 102,077.35 311603 CHICAGO IL 60624 COOK 52,000.00 51,958.15 51,958.15 311604 SHEFFIELD LAKE OH 44054 LORAIN 40,000.00 39,809.69 39,809.69 311605 NEW ORLEANS LA 70117 ORLEANS 25,000.00 24,907.94 24,907.94 311606 SIMPSONVILLE SC 29681 GREENVILLE 92,000.00 91,582.01 91,582.01 311607 GASTONIA NC 28056 Gaston 107,100.00 107,044.27 107,044.27 311609 YOUNGSTOWN OH 44515 Mahoning 47,200.00 47,165.82 47,165.82 311610 HARVEY IL 60426 COOK 53,300.00 53,284.24 53,284.24 311615 GONZALES LA 70737 ASCENSION 102,000.00 101,923.29 101,923.29 311617 COLORADO SPRINGS CO 80908 EL PASO 113,000.00 112,900.51 112,900.51 311619 LAURENS SC 29360 LAURENS 57,970.00 57,937.59 57,937.59 311620 STONE MOUNTAIN GA 30083 DE KALB 78,400.00 78,351.72 78,351.72 311621 MURFREESBORO TN 37129 RUTHERFORD 68,000.00 67,987.90 67,987.90 311622 HOLLYWOOD SC 29449 CHARLESTON 22,000.00 21,714.21 21,714.21 311626 KINGSTON TN 37763 ROANE 84,000.00 83,972.26 83,972.26 311627 BIDWELL OH 45614 GALLIA 30,000.00 29,979.65 29,979.65 311628 WEST CHICAGO IL 60185 DUPAGE 24,375.00 24,302.07 24,302.07 311629 CANTON OH 44710 STARK 66,600.00 66,533.53 66,533.53 311630 WESTLAND MI 48185 WAYNE 66,700.00 66,624.17 66,624.17 311632 MATTHEWS NC 28105 UNION 22,500.00 22,381.71 22,381.71 311636 NICHOLASVILLE KY 40356 JESSAMINE 24,400.00 24,353.58 24,353.58 311637 CLEVELAND OH 44135 CUYAHOGA 48,450.00 48,438.49 48,438.49 311639 DALLAS NC 28034 GASTON 49,300.00 49,183.28 49,183.28 311642 RENTON WA 98055 KING 20,000.00 19,791.56 19,791.56 311644 VANLEER TN 37181 DICKSON 17,000.00 16,991.73 16,991.73 311645 CARROLLTON OH 44615 CARROLL 51,500.00 51,457.34 51,457.34 311646 PAINESVILLE OH 44077 LAKE 55,600.00 55,555.13 55,555.13 311647 ATLANTA GA 30315 FULTON 52,000.00 51,945.67 51,945.67 311649 PIQUA OH 45356 MIAMI 29,000.00 28,751.59 28,751.59 311650 GIBSON LA 70356 TERREBONNE 76,500.00 76,396.34 76,396.34 311652 LOCUST GROVE GA 30248 HENRY 49,600.00 49,567.71 49,567.71 311654 BRIGHTON MI 48116 LIVINGSTON 50,000.00 49,974.85 49,962.08 311655 INKSTER MI 48141 WAYNE 53,550.00 53,528.94 53,528.94 311656 ALLIANCE OH 44601 STARK 42,500.00 42,474.73 42,474.73 311657 LAKE ORION MI 48382 OAKLAND 96,700.00 96,643.01 96,643.01 311659 COLUMBUS OH 43207 FRANKLIN 32,000.00 31,870.40 31,870.40 311662 NASHVILLE TN 37206 DAVIDSON 69,150.00 69,092.37 69,092.37 311665 HARVEY IL 60426 COOK 60,000.00 59,960.09 59,960.09 311666 BALTIMORE MD 21223 BALTIMORE CITY 32,000.00 31,916.57 31,916.57 311667 MAYWOOD IL 60153 COOK 85,000.00 84,923.67 84,923.67 311668 LYMAN SC 29365 SPARTANBURG 53,125.00 52,996.73 52,996.73 311669 NASHVILLE TN 37204 DAVIDSON 84,100.00 83,996.65 83,996.65 311670 JOELTON TN 37080 DAVIDSON 76,800.00 76,765.66 76,765.66 311671 WATERFORD MI 48327 OAKLAND 126,500.00 126,409.21 126,409.21 311676 JACKSON TN 38301 MADISON 26,250.00 26,222.59 26,222.59 311677 LONGS SC 29568 HORRY 42,835.00 42,662.49 42,662.49 311679 ATHENS TN 37303 MCMINN 48,000.00 47,776.83 47,776.83 311684 NAVARRE OH 44662 STARK 64,000.00 63,940.68 63,940.68 311685 WAVERLY OH 45690 PIKE 101,250.00 101,196.13 101,196.13 311686 KOKOMO IN 46902 HOWARD 48,800.00 48,449.84 48,449.84 311687 PONTIAC MI 48322 OAKLAND 71,680.00 71,609.85 71,609.85 311689 CHICAGO IL 60639 COOK 32,000.00 31,853.27 31,853.27 311695 HAYESVILLE NC 28904 CLAY 43,400.00 43,382.56 43,382.56 311696 STERLING HEIGHTS MI 48310 MACOMB 124,000.00 122,073.96 122,073.96 311697 ST. MARTINVILLE LA 70582 ST. MARTIN 44,000.00 43,976.18 43,976.18 311699 JACKSONVILLE FL 32205 DUVAL 21,450.00 21,322.92 21,322.92 311703 WILSONVILLE OR 97070 CLACKAMAS 157,250.00 157,108.80 157,108.80 311704 HOUMA LA 70363 TERREBONNE 18,265.00 18,101.66 18,101.66 311706 JONESBOROUGH TN 37659 WASHINGTON 84,000.00 83,947.23 83,947.23 311707 CENTER POINT LA 71323 AVOYELLES 22,500.00 22,375.76 22,375.76 311708 ZANESVILLE OH 43701 MUSKINGUM 25,000.00 24,886.31 24,886.31 311709 MARIETTA GA 30066 COBB 78,100.00 78,060.59 78,060.59 311713 PORTLAND OR 97214 MULTNOMAH 106,250.00 106,162.19 106,162.19 311714 DETROIT MI 48227 WAYNE 35,600.00 35,484.07 35,484.07 311715 NASHVILLE TN 37206 Davidson 54,000.00 53,962.23 53,962.23 311716 NASHVILLE TN 37207 DAVIDSON 106,250.00 105,778.32 105,778.32 311717 DUBLIN GA 31021 LAURENS 70,400.00 70,054.91 70,054.91 311719 MINERAL BLUFF GA 30559 FANNIN 54,400.00 54,344.86 54,344.86 311720 WIMAUMA FL 33598 HILLSBOROUGH 68,000.00 67,983.32 67,983.32 311721 STATHAM GA 30666 BARROW 117,725.00 117,685.13 117,685.13 311722 HIGHLAND UT 84003 UTAH 89,600.00 89,532.23 89,532.23 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 311592 559.42 12.6100 360 0.8000 311594 349.50 11.7500 240 0.7500 311595 322.51 12.1400 240 0.6311 311596 587.30 11.4500 240 0.8500 311597 112.99 12.2400 120 0.5200 311598 461.00 11.6000 180 0.8456 311599 435.75 11.3000 360 0.8200 311602 1,068.28 9.4500 180 0.9000 311603 477.61 10.5500 360 0.8000 311604 434.75 10.2000 180 0.7273 311605 315.16 12.9300 180 0.6757 311606 1,028.40 10.7000 180 0.7965 311607 1,138.88 12.4500 180 0.8500 311609 447.71 10.9500 360 0.8000 311610 542.10 11.8500 180 0.8200 311615 1,099.70 12.6400 360 0.8430 311617 995.83 10.0500 360 0.6807 311619 686.41 13.9900 180 0.8500 311620 787.77 11.6900 360 0.8000 311621 811.10 14.1000 180 0.8000 311622 318.70 12.2400 120 0.5238 311626 822.24 11.3500 180 0.7850 311627 291.38 11.2500 180 0.5455 311628 276.93 12.5000 240 0.7500 311629 557.58 9.4500 360 0.9000 311630 663.07 11.5500 180 0.8497 311632 258.71 11.2100 180 0.8138 311636 277.05 12.4900 240 0.7989 311637 529.52 12.8300 360 0.8500 311639 503.85 10.8500 240 0.8427 311642 226.69 10.9500 180 0.7993 311644 208.85 14.5500 180 0.4250 311645 464.94 10.3400 180 0.7254 311646 506.52 10.4500 360 0.8000 311647 501.11 11.1500 360 0.8000 311649 421.79 12.3400 120 0.3053 311650 771.61 11.7400 180 0.8500 311652 488.92 11.4400 360 0.8000 311654 537.51 12.6000 180 0.3623 311655 491.85 10.5500 360 0.8500 311656 432.26 11.8500 360 0.7589 311657 986.49 11.8900 360 0.7614 311659 382.61 11.9300 180 0.7442 311662 622.23 10.3000 360 0.8753 311665 586.86 11.3400 360 0.7500 311666 311.14 10.1100 240 0.6312 311667 742.80 9.9500 180 0.7589 311668 537.55 10.7000 240 0.8500 311669 763.02 10.4000 360 0.8495 311670 671.14 9.9500 180 0.7178 311671 1,205.65 11.0100 180 0.7906 311676 252.96 11.1500 180 0.7500 311677 513.82 11.9900 180 0.6500 311679 529.10 10.4500 180 0.8000 311684 552.21 9.8000 360 0.8000 311685 1,068.83 12.3500 180 0.7500 311686 421.06 9.8000 360 0.8000 311687 707.11 11.4500 180 0.8000 311689 355.71 10.6000 180 0.7920 311695 500.18 13.5900 180 0.7000 311696 1,577.50 9.1000 120 0.8000 311697 461.75 12.2700 360 0.8000 311699 260.90 12.2500 180 0.6500 311703 1,374.17 9.9500 180 0.8500 311704 257.84 11.6000 120 0.3321 311706 838.26 11.6000 180 0.7304 311707 284.53 12.9900 180 0.7500 311708 279.30 10.6900 180 0.7143 311709 838.99 12.5900 360 0.8135 311713 967.94 10.4500 180 0.8500 311714 478.89 14.2000 180 0.4450 311715 518.75 11.1100 180 0.7826 311716 1,204.30 10.9500 180 0.8500 311717 895.37 13.1000 180 0.8000 311719 530.02 11.2900 360 0.8000 311720 735.78 12.6900 360 0.8500 311721 1,426.63 14.3400 360 0.8500 311722 836.40 10.7500 360 0.8000
Page 10 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 311592 358 360 0.00 65000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311594 238 240 0.00 43000.00 19-Nov-96 15-Dec-96 15-Nov-16 15-Feb-97 311595 237 240 0.00 46000.00 19-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311596 238 240 0.00 65000.00 06-Jan-97 01-Jan-97 01-Dec-16 01-Mar-97 311597 118 120 0.00 15000.00 20-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311598 178 180 0.00 160000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311599 359 360 0.00 54500.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97 311602 178 180 0.00 114000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311603 358 360 0.00 65000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311604 178 180 0.00 55000.00 19-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311605 178 180 0.00 37000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311606 178 180 0.00 115500.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311607 178 360 0.00 126000.00 20-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311609 358 360 0.00 59000.00 21-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97 311610 179 360 0.00 65000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311615 357 360 0.00 121000.00 14-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311617 358 360 0.00 166000.00 13-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97 311619 177 360 68200.00 68200.00 15-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311620 358 360 0.00 98000.00 13-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311621 179 360 0.00 85000.00 13-Nov-96 15-Dec-96 15-Nov-11 15-Jan-97 311622 117 120 0.00 42000.00 14-Nov-96 15-Dec-96 15-Nov-06 15-Mar-97 311626 179 360 0.00 107000.00 13-Nov-96 15-Dec-96 15-Nov-11 15-Jan-97 311627 178 360 0.00 55000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311628 237 240 0.00 187000.00 13-Nov-96 15-Dec-96 15-Nov-16 15-Mar-97 311629 358 360 0.00 74000.00 14-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311630 178 360 0.00 78500.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311632 178 180 0.00 94000.00 13-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311636 238 240 0.00 72300.00 14-Nov-96 15-Dec-96 15-Nov-16 15-Feb-97 311637 359 360 0.00 57000.00 14-Nov-96 15-Dec-96 15-Nov-26 15-Jan-97 311639 238 240 0.00 58500.00 15-Nov-96 15-Dec-96 15-Nov-16 15-Feb-97 311642 177 180 0.00 130000.00 15-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311644 177 360 0.00 40000.00 14-Nov-96 15-Dec-96 15-Nov-11 15-Mar-97 311645 178 360 0.00 71000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311646 358 360 0.00 69500.00 11-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311647 357 360 0.00 65000.00 14-Nov-96 15-Dec-96 15-Nov-26 15-Mar-97 311649 118 120 0.00 95000.00 21-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311650 178 360 0.00 90000.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311652 358 360 0.00 62000.00 20-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311654 178 360 0.00 138000.00 20-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311655 359 360 0.00 63000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97 311656 358 360 0.00 56000.00 20-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311657 358 360 0.00 127000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311659 178 180 0.00 43000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311662 358 360 0.00 79000.00 19-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311665 358 360 0.00 80000.00 22-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97 311666 238 240 0.00 50700.00 20-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97 311667 178 360 0.00 112000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311668 238 240 0.00 62500.00 20-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311669 357 360 0.00 99000.00 20-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311670 179 360 0.00 107000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97 311671 178 360 0.00 160000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311676 177 360 0.00 35000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311677 178 180 65900.00 65900.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311679 178 180 0.00 60000.00 30-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311684 358 360 0.00 80000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311685 178 360 0.00 135000.00 23-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311686 358 360 0.00 61000.00 23-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311687 177 360 89600.00 89600.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311689 178 180 0.00 130000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311695 178 360 0.00 62000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311696 117 120 0.00 155000.00 21-Nov-96 01-Jan-97 01-Dec-06 01-Apr-97 311697 358 360 0.00 55000.00 21-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97 311699 177 180 0.00 33000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311703 178 360 0.00 185000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311704 118 120 0.00 55000.00 21-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311706 178 360 0.00 115000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311707 177 180 0.00 30000.00 06-Nov-96 11-Dec-96 11-Nov-11 11-Mar-97 311708 178 180 0.00 35000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311709 358 360 0.00 96000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311713 178 360 0.00 125000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311714 178 180 0.00 80000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311715 178 360 0.00 69000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311716 178 180 0.00 125000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311717 178 180 0.00 88000.00 21-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311719 357 360 0.00 68000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311720 359 360 0.00 80000.00 10-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 311721 358 360 138500.00 138500.00 22-Nov-96 15-Dec-96 15-Nov-26 15-Feb-97 311722 358 360 0.00 112000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ----------- ----------------- 311592 01-Mar-97 1 1 1 18 0 3 311594 15-Feb-97 8 1 1 18 0 3 311595 15-Mar-97 1 1 1 18 0 3 311596 01-Mar-97 1 1 1 18 0 3 311597 01-Mar-97 1 1 1 18 0 3 311598 01-Mar-97 1 1 1 38 96049 3 311599 01-Feb-97 1 1 1 18 0 2 311602 01-Mar-97 1 1 1 18 0 4 311603 01-Mar-97 1 1 1 18 0 3 311604 01-Mar-97 1 1 3 18 0 3 311605 15-Mar-97 1 1 1 18 0 3 311606 01-Mar-97 1 1 1 18 0 3 311607 15-Mar-97 1 1 1 18 0 3 311609 15-Feb-97 1 1 1 18 0 3 311610 01-Mar-97 1 1 1 18 0 4 311615 15-Mar-97 1 1 1 18 0 2 311617 15-Mar-97 1 1 1 18 0 3 311619 15-Mar-97 1 1 1 18 0 1 311620 01-Mar-97 1 1 1 18 0 3 311621 15-Jan-97 1 1 1 18 0 4 311622 15-Mar-97 1 1 1 18 0 3 311626 15-Jan-97 1 1 1 18 0 3 311627 01-Mar-97 1 1 1 18 0 3 311628 15-Mar-97 1 1 1 38 115876 3 311629 01-Mar-97 1 1 1 18 0 2 311630 01-Mar-97 1 1 1 18 0 3 311632 01-Mar-97 1 1 1 38 54000 3 311636 15-Feb-97 1 1 1 38 33361 3 311637 15-Jan-97 1 1 1 18 0 4 311639 15-Feb-97 1 1 1 18 0 4 311642 15-Mar-97 8 1 1 38 83913 3 311644 15-Mar-97 1 1 1 18 0 3 311645 01-Mar-97 1 1 1 18 0 2 311646 01-Mar-97 1 1 1 18 0 3 311647 15-Mar-97 1 1 1 18 0 3 311649 01-Mar-97 1 1 1 18 0 3 311650 01-Mar-97 1 1 1 18 0 4 311652 01-Mar-97 1 1 3 18 0 4 311654 01-Apr-97 1 1 1 18 0 3 311655 01-Feb-97 1 1 1 18 0 3 311656 01-Mar-97 1 1 1 18 0 3 311657 01-Mar-97 1 1 1 18 0 3 311659 01-Mar-97 5 2 1 18 0 3 311662 01-Mar-97 1 1 1 18 0 3 311665 15-Mar-97 1 1 1 18 0 3 311666 15-Mar-97 2 1 1 18 0 4 311667 01-Mar-97 1 1 1 18 0 3 311668 01-Mar-97 1 1 1 18 0 3 311669 01-Apr-97 1 1 1 18 0 4 311670 01-Feb-97 1 1 1 18 0 2 311671 01-Mar-97 4 1 1 18 0 4 311676 01-Apr-97 1 1 1 18 0 3 311677 01-Mar-97 3 1 2 18 0 1 311679 01-Mar-97 8 1 1 18 0 2 311684 01-Mar-97 1 1 1 18 0 3 311685 01-Mar-97 1 1 1 18 0 3 311686 01-Mar-97 1 1 1 18 0 3 311687 01-Apr-97 1 1 1 18 0 1 311689 15-Mar-97 1 1 1 38 70961 3 311695 15-Mar-97 1 1 1 18 0 3 311696 01-Apr-97 1 1 1 18 0 3 311697 15-Feb-97 1 1 1 18 0 3 311699 01-Apr-97 1 1 3 18 0 3 311703 01-Mar-97 1 1 1 18 0 4 311704 01-Mar-97 1 1 1 18 0 3 311706 01-Mar-97 1 1 1 18 0 3 311707 11-Mar-97 1 1 1 18 0 4 311708 01-Mar-97 1 1 1 18 0 3 311709 01-Mar-97 1 1 1 18 0 3 311713 01-Mar-97 1 1 1 18 0 4 311714 01-Mar-97 1 1 1 18 0 3 311715 01-Mar-97 1 1 3 18 0 3 311716 01-Mar-97 1 1 1 18 0 4 311717 01-Mar-97 1 1 1 18 0 4 311719 01-Apr-97 1 1 1 18 0 3 311720 01-Mar-97 1 1 1 18 0 3 311721 15-Feb-97 1 1 1 18 0 1 311722 01-Mar-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 311592 B 01-May-92 F 0 -- 0 0 311594 A -- F 0 -- 0 0 311595 B -- F 0 -- 0 0 311596 A -- F 0 -- 0 0 311597 C -- T 0 -- 0 0 311598 B -- F 0 -- 0 0 311599 B -- F 0 -- 0 0 311602 A+ 13-Aug-92 F 0 -- 0 0 311603 A 29-Aug-94 T 0 -- 0 0 311604 A 01-Jul-92 F 0 -- 0 0 311605 C 22-Feb-95 T 0 -- 0 0 311606 A -- F 0 -- 0 0 311607 B -- F 0 -- 0 0 311609 B -- F 0 -- 0 0 311610 B -- F 0 -- 0 0 311615 B -- F 0 -- 0 0 311617 B -- F 0 -- 0 0 311619 B 13-Nov-95 F 0 -- 0 0 311620 B -- F 0 -- 0 0 311621 C 01-Nov-89 F 0 -- 0 0 311622 B 26-Jan-94 F 0 -- 0 0 311626 B 26-Apr-94 F 0 -- 0 0 311627 B 17-Oct-92 F 0 -- 0 0 311628 B -- F 0 -- 0 0 311629 A+ 01-Jun-90 F 0 -- 0 0 311630 A -- F 0 -- 0 0 311632 A 01-Sep-90 F 0 -- 0 0 311636 B 05-Dec-95 F 0 -- 0 0 311637 B -- F 0 -- 0 0 311639 A -- F 0 -- 0 0 311642 A -- F 0 -- 0 0 311644 C -- F 0 -- 0 0 311645 A -- F 0 -- 0 0 311646 A -- F 0 -- 0 0 311647 A 23-Dec-91 F 0 -- 0 0 311649 B -- F 0 -- 0 0 311650 B -- F 0 -- 0 0 311652 A -- F 0 -- 0 0 311654 C -- F 0 -- 0 0 311655 A -- F 0 -- 0 0 311656 B 30-Apr-91 F 0 -- 0 0 311657 B -- F 0 -- 0 0 311659 B -- T 0 -- 0 0 311662 A -- F 0 -- 0 0 311665 B -- T 0 -- 0 0 311666 A -- F 0 -- 0 0 311667 A -- F 0 -- 0 0 311668 A -- F 0 -- 0 0 311669 A -- F 0 -- 0 0 311670 A -- F 0 -- 0 0 311671 A -- F 0 -- 0 0 311676 A -- F 0 -- 0 0 311677 B -- F 0 -- 0 0 311679 A -- F 0 -- 0 0 311684 A -- F 0 -- 0 0 311685 C -- F 0 -- 0 0 311686 A -- F 0 -- 0 0 311687 B -- F 0 -- 0 0 311689 A -- F 0 -- 0 0 311695 C -- F 0 -- 0 0 311696 A -- F 0 -- 0 0 311697 B -- F 0 -- 0 0 311699 A -- F 0 -- 0 0 311703 A -- F 0 -- 0 0 311704 A -- F 0 -- 0 0 311706 B -- F 0 -- 0 0 311707 B -- F 0 -- 0 0 311708 A -- F 0 -- 0 0 311709 B 01-Feb-95 F 0 -- 0 0 311713 A 01-Jan-92 F 0 -- 0 0 311714 C 10-Jun-96 T 0 -- 0 0 311715 A -- F 0 -- 0 0 311716 A -- F 0 -- 0 0 311717 C -- F 0 -- 0 0 311719 A -- F 0 -- 0 0 311720 B -- F 0 -- 0 0 311721 B -- F 0 -- 0 0 311722 A -- F 7.75 6MOLIB 01-Dec-98 1.5 7
Page 11 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ------------------- 311592 0 0 P F 311594 0 0 P F 311595 0 0 P F 311596 0 0 P F 311597 0 0 F 311598 0 0 F 311599 0 0 F 311602 0 0 F 311603 0 0 F 311604 0 0 P F 311605 0 0 F 311606 0 0 F 311607 0 0 F 311609 0 0 P F 311610 0 0 F 311615 0 0 P F 311617 0 0 F 311619 0 0 F 311620 0 0 P F 311621 0 0 F 311622 0 0 F 311626 0 0 P F 311627 0 0 P F 311628 0 0 F 311629 0 0 P F 311630 0 0 F 311632 0 0 F 311636 0 0 P F 311637 0 0 P F 311639 0 0 F 311642 0 0 F 311644 0 0 F 311645 0 0 P F 311646 0 0 P F 311647 0 0 P F 311649 0 0 P F 311650 0 0 P F 311652 0 0 P F 311654 0 0 P F 311655 0 0 P F 311656 0 0 P F 311657 0 0 P F 311659 0 0 F 311662 0 0 P F 311665 0 0 F 311666 0 0 F 311667 0 0 F 311668 0 0 F 311669 0 0 P F 311670 0 0 P F 311671 0 0 F 311676 0 0 F 311677 0 0 F 311679 0 0 F 311684 0 0 P F 311685 0 0 P F 311686 0 0 P F 311687 0 0 P F 311689 0 0 F 311695 0 0 F 311696 0 0 P F 311697 0 0 P F 311699 0 0 F 311703 0 0 P F 311704 0 0 P F 311706 0 0 P F 311707 0 0 P F 311708 0 0 P F 311709 0 0 P F 311713 0 0 F 311714 0 0 F 311715 0 0 F 311716 0 0 P F 311717 0 0 P F 311719 0 0 P F 311720 0 0 P F 311721 0 0 P F 311722 10.75 17.75 P F
Page 12 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- ------------------ ------------------ ------------------------------------------------ 311724 FR TESTERMAN GEORGE E 516 KERNODLE DRIVE 311725 FR OATES JOSIEPHIN 15081 SARATOGA 311726 BLLN ALLEN DAVID 3347 22ND STREET 311727 FR MANNING LEE 424 PECAN STREET 311728 BLLN B FRICKS MARGARET 220 WALTER STREET 311729 FR STEVIC JEANE L 1075 MURRAY AVENUE 311730 FR HUMAN TIMOTHY W 916 BARBER LANE 311732 FR MCGUIRE ROBERT 218 PRNC COLLINS ST 311733 FR MEEKS GERALD W 205 SKYLINE DRIVE 311734 FR WRIGHT DAN ETHE 907 SOUTH STREET 311735 FR SCHAFFER PAUL D. 175 NORTH BUCKEYE S 311737 BLLN COSTON STANLEY R 17514 ARLINGTON 311738 BLLN BROWN JERRY D 1309S HIGHWAY 14 311739 BLLN NEAL KIRK 244 WEST LEWISTON 311742 FR SHEEHAN JAMES S 228 DELLROSE DRIVE 311743 BLLN MAGOVICH RICHARD 17058 RACCOON TRAIL 311744 FR ROCHE JR EARL T 3208 LOYOLA DRIVE 311745 FR THOMPSON SHARON 683 NOME AVENUE 311746 FR RICKETSON MICHAEL L 1007 LACROIX AVENUE 311747 FR GRIFFEA CHARLES A 6751S CARPENTER ST 311749 FR WARREN LYNN A 3441S PRAIRIE AVE 311751 BLLN COATES MICHAEL K 3376 MARKDALE COURT 311753 BLLN LAWSON MICHELLE 109 COLDBROOK DRIVE 311754 BLLN GLASS IOLA 1434 SYLVAN ROAD 311755 FR BOWEN CLARA H. R . 1 BOX 86 311756 FR DOLL MICHAEL A 213S ELM STREET 311757 FR BEEDY WILLIAM C 2234 SUNNYLAND BLVD 311758 FR PARTON RETA K P 1517E NORTHFIELD BLVD 311761 FR DEMAHY JOSEPH 2465 IRISH BEND ROAD 311762 BLLN BROCK BRIAN W 13 WALKER CIRCLE 311764 FR YOUNG HARRY L 210 GROVE PARK ROAD 311765 FR DANIEL CHARLEY R 3110 JERSEY MONROE R 311767 FR PEARSON JR JOHN E 2348 NW MESENA ROAD 311769 FR EVERETT VICKIE M 986 LEMONS ROAD 311770 FR LAHMON JAMES S 6440 COLLINWOOD DR 311776 FR ELSTEN NELLIE 235 E ALLEN 311777 FR M ROBINSON KATHLEEN 4552 SCHL SECT RD 311778 FR POLLARD BESSIE 4948 WEST WABANSIA 311779 FR BILLMAN RICHARD L 4377 CENTRAL ROAD 311782 BLLN MYERS JOHN E 510W HARRISON ST 311784 BLLN PRIDE NATHANIEL 2890 HUNTERS POINT 311785 FR SMITH JAMES M 9853 CLEARCREEK FRAN 311786 FR POSEY HUNTER M 11725 FAUST 311787 FR THOMPSON KATIE M 421 EAST 115TH ST 311789 FR DE JARNETTE MARY J. 8245 FIREHALL ROAD 311792 FR BAILEY-ORGAN YVONNE 19115 WICKFIELD AVE 311793 FR HOPKINS JR ROBERT L 1409 CENTRAL AVENUE 311796 FR CALVIN TOMMY 5075 CRAIGMONT DRIVE 311797 FR M ROMANO PHILLIP 3347 WEST 94TH STREE 311799 FR SHULTZ ROBERT S 135S SPRING ST 311802 BLLN WINGO WALTER 5610 CHERRYCREST LN 311804 BLLN BLAYLOCK DONALD G 831 HILL STREET 311805 FR HOYT JR HOMER C 25190 DENVER 311806 FR KIDDER WILLIAM B 5480 OAK STREET 311807 BLLN JOHNSTON SHAWN P 29520 34 MILE ROAD 311808 FR NELSON JAMES R 1913 OAKRIDGE DRIVE 311809 BLLN GALLANT WADYE T 18151 RAMSGATE DRIVE 311810 FR RAYFORD AARON C 2210 BAKER 311812 BLLN STEPHENS MICHAEL R 3345 S 5TH STREET 311813 FR RICHARDSON BETTYE R 611 SOUTH STREET 311814 FR DAVIS G T 2215 OLD BAY SPGS RD 311815 FR MCINTYRE MICHAEL 131 ST. ANDREWS DRI 311816 FR PRENTISS KENNETH 194 MORGAN WAY 311818 FR HYATT JAMES F 709 CONIFER CIRCLE 311819 BLLN GIRTON DOUGLAS 252 AUBURN 311822 FR DYE FRANK S 5702 63RD AVENUE 311825 FR BLACK STEVIN B 513 HURRICANE CRK R 311826 FR MCCORMICK WALTER E 10803 WHITEHILL 311827 FR VINSON RONALD P 1801W CLOVERDALE RD 311829 BLLN DUNAWAY MERVIN A 3113 ROUNDWOOD FRST 311830 FR NUCHOLS DAVID E 4414 BEAUS BEND ROAD 311832 BLLN NIX SANDRA D 149 KEOWEE LANE 311833 FR TROSCLAIR JERRY 506 MIDDLEWOOD DR 311834 BLLN MARTINEZ EZEQUIEL 109 MAIN STREET 311835 FR GROVES RALPH F 185 BALDWIN 311836 FR MEDLEY RONNIE J 620 MARION STREET 311837 FR VASQUEZ JUAN 332 WEST YPSILANTI 311839 FR EFIRD CHARLES D 439 NEISLER ROAD LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 311724 GRAHAM NC 27253 ALAMANCE 49,000.00 48,901.64 48,901.64 311725 DETROIT MI 48205 Wayne 17,500.00 17,368.13 17,368.13 311726 WYANDOTTE MI 48192 WAYNE 85,000.00 84,934.06 84,934.06 311727 POULAN GA 31781 WORTH 41,500.00 41,327.44 41,327.44 311728 EASLEY SC 29642 PICKENS 96,000.00 95,945.89 95,945.89 311729 AKRON OH 44310 SUMMIT 60,800.00 60,760.61 60,760.61 311730 JOLIET IL 60435 WILL 105,000.00 104,921.45 104,921.45 311732 HOUMA LA 70364 TERREBONNE 33,849.00 33,788.93 33,788.93 311733 PRINCETON KY 42445 CALDWELL 25,400.00 25,276.93 25,276.93 311734 OAKDALE LA 71463 ALLEN 27,200.00 27,100.40 27,100.40 311735 BELLEVUE OH 44811 HURON 73,950.00 73,864.75 73,864.75 311737 DETROIT MI 48212 WAYNE 21,350.00 21,337.30 21,337.30 311738 GREER SC 29651 GREENVILLE 115,000.00 114,907.22 114,907.22 311739 FERNDALE MI 48220 OAKLAND 159,800.00 159,668.27 159,601.55 311742 NASHVILLE TN 37214 DAVIDSON 33,000.00 32,853.51 32,853.51 311743 STRONGSVILLE OH 44136 CUYAHOGA 221,000.00 220,900.64 220,900.64 311744 KENNER LA 70065 JEFFERSON 43,000.00 42,924.63 42,924.63 311745 AKRON OH 44320 SUMMIT 73,600.00 73,522.60 73,522.60 311746 AKRON OH 44307 SUMMIT 52,000.00 51,763.75 51,763.75 311747 CHICAGO IL 60621 COOK 64,175.00 64,020.07 64,020.07 311749 CHICAGO IL 60616 Cook 20,000.00 19,919.08 19,919.08 311751 CINCINNATI OH 45248 Hamilton 157,250.00 157,052.59 157,052.59 311753 SPARTANBURG SC 29306 SPARTANBURG 47,120.00 47,099.77 47,099.77 311754 ATLANTA GA 30310 FULTON 52,500.00 52,465.92 52,465.92 311755 CEDAR BLUFF MS 39741 CLAY 28,800.00 28,611.59 28,611.59 311756 TROY OH 45373 MIAMI 46,800.00 46,768.59 46,768.59 311757 SPRINGFIELD OH 45506 CLARK 73,720.00 73,539.67 73,539.67 311758 MURFREESBORO TN 37130 RUTHERFORD 130,000.00 129,671.45 129,671.45 311761 FRANKLIN LA 70538 SAINT MARY 44,300.00 44,265.95 44,265.95 311762 CLARKSVILLE TN 37042 MONTGOMERY 86,275.00 86,215.83 86,215.83 311764 BALTIMORE MD 21225 Anne Arundel 73,100.00 73,044.11 73,044.11 311765 COVINGTON GA 30209 WALTON 83,700.00 83,190.39 83,190.39 311767 THOMSON GA 30824 MCDUFFIE 156,250.00 156,250.00 156,250.00 311769 STOKESDALE NC 27357 ROCKINGHAM 45,600.00 45,387.68 45,387.68 311770 HORN LAKE MS 38637 DE SOTO 54,500.00 54,474.07 54,474.07 311776 ALEXANDRIA IN 46001 MADISON 38,400.00 38,104.99 38,104.99 311777 CINCINNATI OH 45211 HAMILTON 56,000.00 55,723.64 55,723.64 311778 CHICAGO IL 60639 COOK 67,500.00 67,465.28 67,465.28 311779 COLUMBIAVILLE MI 48421 LAPEER 67,500.00 67,337.03 67,337.03 311782 ALLIANCE OH 44601 STARK 43,350.00 43,313.88 43,313.88 311784 LEBANON TN 37087 WILSON 47,400.00 47,376.11 47,376.11 311785 MIAMISBURG OH 45342 WARREN 116,800.00 115,834.49 115,834.49 311786 DETROIT MI 48228 Wayne 36,000.00 35,859.88 35,859.88 311787 CLEVELAND OH 44108 CUYAHOGA 54,120.00 54,079.06 54,079.06 311789 GRAND RONDE OR 97347 POLK 91,500.00 91,371.61 91,371.61 311792 WARRENSVILLE OH 44122 CUYAHOGA 18,935.00 18,900.01 18,900.01 311793 ZANESVILLE OH 43701 MUSKINGUM 36,000.00 35,901.04 35,901.04 311796 FLORISSANT MO 63033 SAINT LOUIS 70,500.00 70,360.19 70,360.19 311797 CLEVELAND OH 44102 CUYAHOGA 28,250.00 28,227.20 28,227.20 311799 LOUDONVILLE OH 44842 Ashland 52,275.00 52,242.87 52,242.87 311802 CHARLOTTE NC 28217 MECKLENBURG 86,700.00 86,654.89 86,654.89 311804 BRISTOL TN 37620 SULLIVAN 34,000.00 33,967.79 33,967.79 311805 DENHAM SPRINGS LA 70726 LIVINGSTON PARISH 37,000.00 36,836.35 36,836.35 311806 KINGSMILL OH 45034 WARREN 70,000.00 69,626.96 69,626.96 311807 RICHMOND MI 48062 MACOMB 68,000.00 67,963.41 67,963.41 311808 DAYTON OH 45417 MONTGOMERY 58,650.00 58,500.80 58,500.80 311809 LATHRUP VILLAGE MI 48076 OAKLAND 160,200.00 160,040.11 160,040.11 311810 AURORA IL 60506 KANE 52,164.00 51,943.74 51,943.74 311812 TERRE HAUTE IN 47802 VIGO 48,000.00 47,983.20 47,983.20 311813 AMITE LA 70422 TANGIPAHOA 26,300.00 26,203.80 26,203.80 311814 LAUREL MS 39440 JONES 97,750.00 97,481.02 97,481.02 311815 FRANKLIN TN 37069 WILLIAMSON 58,250.00 58,216.21 58,216.21 311816 DRUMMONDS TN 38023 TIPTON 100,215.00 100,102.02 100,102.02 311818 SPARTANBURG SC 29303 SPARTANBURG 68,000.00 67,669.00 67,669.00 311819 PONTIAC MI 48342 OAKLAND 31,500.00 31,494.05 31,494.05 311822 RIVERDALE MD 20737 PRINCE GEORGES 24,000.00 23,756.22 23,640.88 311825 PIEDMONT SC 29673 ANDERSON 34,060.00 33,986.48 33,986.48 311826 DETROIT MI 48224 WAYNE 47,200.00 47,171.00 47,171.00 311827 CHILLICOTHE IL 61523 PEORIA 55,250.00 55,187.70 55,187.70 311829 ANTIOCH TN 37013 DAVIDSON 116,450.00 116,383.26 116,383.26 311830 LOUISVILLE TN 37777 BLOUNT 71,250.00 71,215.74 71,215.74 311832 PICKENS SC 29671 PICKENS 64,800.00 64,783.78 64,783.78 311833 HOUMA LA 70363 TERREBONNE 72,450.00 71,925.49 71,925.49 311834 BARLOW OR 97013 CLACKAMAS 72,000.00 71,924.27 71,924.27 311835 PONTIAC MI 48342 Oakland 24,750.00 24,641.66 24,641.66 311836 BADIN NC 28009 STANLY 93,500.00 93,432.29 93,432.29 311837 PONTIAC MI 48340 OAKLAND 27,200.00 27,061.44 27,061.44 311839 CONCORD NC 28025 CABARRUS 22,100.00 22,006.36 22,006.36 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 311724 542.61 12.0900 240 0.7206 311725 277.00 14.5000 120 0.7000 311726 907.17 12.5000 180 0.8500 311727 488.76 11.6500 180 0.8137 311728 994.12 12.0900 180 0.7500 311729 618.39 11.8500 360 0.8000 311730 984.10 10.8000 360 0.8140 311732 396.57 13.0000 240 0.5460 311733 272.95 10.0000 180 0.4456 311734 343.97 12.9900 180 0.8000 311735 651.70 10.0500 360 0.8500 311737 217.15 11.8500 180 0.7000 311738 1,047.65 10.4500 180 0.7931 311739 1,443.86 10.3500 180 0.8500 311742 374.04 10.9500 180 0.3793 311743 2,461.99 13.1000 180 0.8500 311744 506.54 13.0900 240 0.6615 311745 602.82 9.2000 360 0.8000 311746 581.27 10.7000 180 0.8000 311747 649.35 10.7000 240 0.8500 311749 239.26 11.9400 180 0.2667 311751 1,414.97 10.3000 180 0.8500 311753 532.31 13.3000 180 0.8000 311754 517.90 11.4500 180 0.7292 311755 330.78 11.1900 180 0.8000 311756 456.33 11.3000 360 0.9000 311757 740.96 10.6000 240 0.8882 311758 1,284.82 10.3500 240 0.7784 311761 550.88 14.0000 240 0.5868 311762 834.68 11.2000 180 0.8500 311764 679.63 10.7000 360 0.8500 311765 935.62 10.7000 180 0.9000 311767 1,936.00 12.6000 180 0.7267 311769 492.59 11.7000 240 0.8000 311770 596.50 12.8500 360 0.7786 311776 441.34 9.2000 144 0.4712 311777 594.95 9.8000 180 0.7000 311778 720.40 12.5000 360 0.6750 311779 683.00 10.7000 240 0.9000 311782 390.07 10.3000 180 0.8500 311784 509.19 12.5900 180 0.8172 311785 1,209.10 9.3500 180 0.8000 311786 440.20 12.3500 180 0.8000 311787 505.20 10.7500 360 0.8200 311789 931.33 11.8600 360 0.7500 311792 217.80 12.7000 240 0.2428 311793 340.28 9.7000 240 0.7500 311796 785.13 12.1800 240 0.7306 311797 257.36 10.4500 360 0.4154 311799 525.67 11.7000 360 0.8500 311802 921.95 12.4500 180 0.8500 311804 339.30 11.6000 180 0.8500 311805 420.31 10.9900 180 0.5367 311806 707.91 8.9500 180 0.7778 311807 715.20 12.3000 180 0.8000 311808 577.69 10.3000 240 0.8500 311809 1,341.21 9.4500 180 0.9000 311810 612.69 11.6000 180 0.8500 311812 576.35 14.2000 180 0.8000 311813 332.76 13.0000 180 0.5844 311814 1,005.64 10.9500 240 0.8500 311815 597.37 11.9600 360 0.8500 311816 939.26 10.8000 360 0.8528 311818 728.65 9.9500 180 0.7556 311819 369.25 13.8400 180 0.7000 311822 325.19 10.6000 120 0.7717 311825 391.41 11.2000 180 0.7817 311826 474.63 11.7000 360 0.8000 311827 517.83 10.8000 360 0.8500 311829 1,365.05 13.8400 180 0.8500 311830 777.04 12.8000 360 0.7500 311832 696.62 12.6000 180 0.8000 311833 867.93 10.0500 144 0.8625 311834 589.72 9.2000 180 0.9000 311835 282.86 11.1000 180 0.7500 311836 886.89 10.9500 360 0.8500 311837 283.21 9.4500 180 0.6476 311839 257.47 11.4500 180 0.6882
Page 13 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- ----------- 311724 238 240 0.00 68000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311725 118 120 0.00 25000.00 22-Nov-96 15-Jan-97 15-Dec-06 15-Mar-97 311726 177 360 0.00 100000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311727 178 180 0.00 51000.00 25-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311728 178 360 0.00 128000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311729 358 360 0.00 76000.00 21-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311730 358 360 0.00 129000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311732 238 240 0.00 62000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311733 178 180 0.00 57000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311734 178 180 0.00 34000.00 12-Nov-96 18-Dec-96 18-Nov-11 18-Feb-97 311735 358 360 0.00 87000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311737 178 360 0.00 30500.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311738 178 360 0.00 145000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311739 178 360 0.00 188000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311742 178 180 0.00 87000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311743 178 360 0.00 260000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311744 238 240 0.00 65000.00 25-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311745 358 360 0.00 92000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311746 178 180 0.00 65000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311747 238 240 0.00 75500.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311749 178 180 0.00 75000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311751 177 360 0.00 185000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311753 178 360 0.00 58900.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311754 178 360 0.00 72000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311755 177 180 0.00 36000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311756 358 360 0.00 52000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311757 238 240 0.00 83000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311758 238 240 0.00 167000.00 21-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311761 239 240 0.00 75500.00 22-Nov-96 15-Jan-97 15-Dec-16 15-Feb-97 311762 178 360 0.00 101500.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311764 358 360 0.00 86000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311765 178 180 0.00 93000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311767 180 180 0.00 215000.00 22-Nov-96 15-Jan-97 15-Dec-11 15-Jan-97 311769 238 240 0.00 57000.00 22-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97 311770 358 360 0.00 70000.00 22-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311776 142 144 0.00 81500.00 25-Nov-96 01-Jan-97 01-Dec-08 01-Mar-97 311777 178 180 0.00 80000.00 05-Feb-97 01-Jan-97 01-Dec-11 01-Mar-97 311778 358 360 0.00 100000.00 26-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97 311779 238 240 0.00 75000.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97 311782 178 360 0.00 51000.00 23-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311784 178 360 0.00 58000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311785 177 180 0.00 146000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311786 178 180 0.00 45000.00 25-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311787 358 360 0.00 66000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311789 357 360 122000.00 122000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311792 238 240 0.00 78000.00 23-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97 311793 238 240 0.00 48000.00 28-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311796 238 240 0.00 96500.00 26-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311797 358 360 0.00 68000.00 14-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 311799 358 360 0.00 61500.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311802 178 360 0.00 102000.00 23-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311804 177 360 40000.00 40000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311805 178 180 0.00 145000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311806 178 180 0.00 90000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311807 178 360 0.00 85000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311808 238 240 0.00 69000.00 25-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311809 178 360 178000.00 178000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311810 178 180 0.00 110000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311812 178 360 0.00 60000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311813 178 180 0.00 45000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311814 238 240 0.00 115000.00 25-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311815 358 360 0.00 205000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311816 357 360 117500.00 117900.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311818 178 180 0.00 90000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311819 179 360 45000.00 45000.00 06-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97 311822 118 120 0.00 125000.00 25-Nov-96 01-Jan-97 01-Dec-06 01-Mar-97 311825 179 180 0.00 112000.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311826 358 360 0.00 59000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311827 357 360 0.00 65000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311829 177 360 0.00 137000.00 25-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311830 358 360 0.00 95000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311832 179 360 0.00 81000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311833 142 144 0.00 84000.00 29-Nov-96 01-Jan-97 01-Dec-08 01-Mar-97 311834 178 360 80000.00 80000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311835 178 180 0.00 33000.00 29-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311836 358 360 0.00 110000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311837 178 180 0.00 42000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311839 178 180 0.00 51000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 311724 01-Mar-97 1 1 1 18 0 3 311725 15-Mar-97 1 1 1 18 0 3 311726 01-Apr-97 1 1 1 18 0 3 311727 15-Mar-97 8 1 1 18 0 4 311728 01-Mar-97 1 1 1 18 0 3 311729 01-Mar-97 1 1 1 18 0 4 311730 01-Mar-97 1 1 1 18 0 4 311732 01-Mar-97 1 1 1 18 0 3 311733 01-Mar-97 1 1 1 18 0 3 311734 18-Feb-97 1 1 1 18 0 2 311735 01-Mar-97 1 1 1 18 0 3 311737 01-Mar-97 1 1 1 18 0 3 311738 15-Mar-97 1 1 1 18 0 3 311739 01-Apr-97 1 1 1 18 0 4 311742 01-Mar-97 1 1 1 18 0 3 311743 01-Mar-97 1 1 1 18 0 4 311744 01-Mar-97 1 1 1 18 0 3 311745 01-Mar-97 1 1 1 18 0 4 311746 01-Mar-97 1 2 3 18 0 3 311747 01-Mar-97 1 1 1 18 0 3 311749 01-Mar-97 1 1 1 18 0 3 311751 01-Apr-97 1 1 1 18 0 3 311753 01-Mar-97 1 1 1 18 0 2 311754 01-Mar-97 1 1 1 18 0 3 311755 01-Apr-97 1 1 1 18 0 3 311756 01-Mar-97 1 1 1 18 0 3 311757 01-Mar-97 1 1 1 18 0 3 311758 01-Mar-97 1 1 1 18 0 3 311761 15-Feb-97 1 1 1 18 0 3 311762 01-Mar-97 1 1 1 18 0 4 311764 01-Mar-97 1 1 1 18 0 2 311765 01-Mar-97 1 1 1 18 0 3 311767 15-Jan-97 1 1 1 18 0 4 311769 15-Mar-97 8 1 1 18 0 3 311770 01-Mar-97 1 1 1 18 0 3 311776 01-Mar-97 1 1 1 18 0 3 311777 01-Mar-97 1 1 1 18 0 3 311778 15-Mar-97 5 2 1 18 0 3 311779 01-Mar-97 1 1 1 18 0 4 311782 01-Mar-97 1 1 1 18 0 4 311784 01-Mar-97 1 1 1 18 0 2 311785 01-Apr-97 1 1 1 18 0 4 311786 15-Mar-97 1 1 1 18 0 3 311787 01-Mar-97 5 2 1 18 0 3 311789 01-Apr-97 8 1 1 18 0 1 311792 15-Mar-97 1 1 1 18 0 3 311793 01-Mar-97 1 1 1 18 0 3 311796 01-Mar-97 1 1 1 18 0 3 311797 15-Mar-97 1 1 1 18 0 4 311799 01-Mar-97 1 1 1 18 0 3 311802 01-Mar-97 1 1 1 18 0 3 311804 01-Apr-97 1 1 1 18 0 1 311805 01-Mar-97 1 1 1 38 40823 3 311806 01-Mar-97 1 1 1 18 0 2 311807 01-Mar-97 1 1 1 18 0 4 311808 01-Mar-97 1 1 1 18 0 3 311809 01-Mar-97 1 1 1 18 0 1 311810 01-Mar-97 1 1 1 38 41336 4 311812 01-Mar-97 1 1 1 18 0 3 311813 01-Mar-97 1 1 3 18 0 3 311814 01-Mar-97 1 1 1 18 0 4 311815 01-Mar-97 1 1 1 38 115995 4 311816 01-Apr-97 1 1 1 18 0 1 311818 01-Mar-97 1 1 1 18 0 3 311819 01-Feb-97 5 2 3 18 0 1 311822 01-Apr-97 1 1 1 38 72468 4 311825 01-Mar-97 1 1 1 38 53490 3 311826 01-Mar-97 1 1 1 18 0 3 311827 01-Apr-97 1 1 1 18 0 3 311829 01-Apr-97 1 1 1 18 0 3 311830 01-Mar-97 1 1 1 18 0 3 311832 01-Mar-97 1 1 1 18 0 3 311833 01-Mar-97 1 1 1 18 0 4 311834 01-Mar-97 1 1 1 18 0 1 311835 01-Mar-97 1 1 1 18 0 3 311836 01-Mar-97 1 1 1 18 0 3 311837 01-Mar-97 1 1 1 18 0 3 311839 01-Mar-97 1 1 1 38 13000 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- ----- 311724 B -- F 0 -- 0 0 311725 C -- T 0 -- 0 0 311726 B -- F 0 -- 0 0 311727 A -- F 0 -- 0 0 311728 B -- F 0 -- 0 0 311729 B -- F 0 -- 0 0 311730 A -- F 0 -- 0 0 311732 C -- F 0 -- 0 0 311733 A -- T 0 -- 0 0 311734 B -- F 0 -- 0 0 311735 A -- F 0 -- 0 0 311737 C -- F 0 -- 0 0 311738 A -- F 0 -- 0 0 311739 B -- F 0 -- 0 0 311742 B -- F 0 -- 0 0 311743 B -- F 0 -- 0 0 311744 C -- T 0 -- 0 0 311745 A -- F 0 -- 0 0 311746 A 06-Feb-92 F 0 -- 0 0 311747 A -- F 0 -- 0 0 311749 B -- F 0 -- 0 0 311751 A -- F 0 -- 0 0 311753 A 01-Jan-95 F 0 -- 0 0 311754 B -- F 0 -- 0 0 311755 A -- F 0 -- 0 0 311756 A 01-Jun-92 F 0 -- 0 0 311757 A 01-Oct-92 F 0 -- 0 0 311758 A -- F 0 -- 0 0 311761 C 02-Mar-95 F 0 -- 0 0 311762 B -- F 0 -- 0 0 311764 A 28-Oct-94 F 0 -- 0 0 311765 A -- F 0 -- 0 0 311767 C -- F 0 -- 0 0 311769 B -- F 0 -- 0 0 311770 B 01-Jul-88 F 0 -- 0 0 311776 A 01-May-93 F 0 -- 0 0 311777 A -- F 0 -- 0 0 311778 B -- F 0 -- 0 0 311779 A -- F 0 -- 0 0 311782 A -- F 0 -- 0 0 311784 C -- F 0 -- 0 0 311785 A+ -- F 0 -- 0 0 311786 A -- T 0 -- 0 0 311787 A -- F 0 -- 0 0 311789 A -- F 0 -- 0 0 311792 C -- F 0 -- 0 0 311793 A 01-Jun-92 F 0 -- 0 0 311796 C -- F 0 -- 0 0 311797 B -- F 0 -- 0 0 311799 B -- F 0 -- 0 0 311802 B -- F 0 -- 0 0 311804 B -- F 0 -- 0 0 311805 B -- F 0 -- 0 0 311806 A+ -- F 0 -- 0 0 311807 B -- F 0 -- 0 0 311808 A -- F 0 -- 0 0 311809 A+ -- F 0 -- 0 0 311810 B -- F 0 -- 0 0 311812 B 01-Apr-94 T 0 -- 0 0 311813 B 01-Feb-88 F 0 -- 0 0 311814 A -- F 0 -- 0 0 311815 A -- F 0 -- 0 0 311816 A 18-Mar-94 F 0 -- 0 0 311818 A -- F 0 -- 0 0 311819 B -- F 0 -- 0 0 311822 A -- F 0 -- 0 0 311825 B -- F 0 -- 0 0 311826 B 21-Aug-89 F 0 -- 0 0 311827 A 01-Dec-92 F 0 -- 0 0 311829 B 07-Dec-94 F 0 -- 0 0 311830 B -- F 0 -- 0 0 311832 C -- F 0 -- 0 0 311833 A -- F 0 -- 0 0 311834 A+ -- F 0 -- 0 0 311835 B -- F 0 -- 0 0 311836 A -- F 0 -- 0 0 311837 A -- T 0 -- 0 0 311839 A -- F 0 -- 0 0
Page 14 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 311724 0 0 F 311725 0 0 F 311726 0 0 P F 311727 0 0 P F 311728 0 0 F 311729 0 0 P F 311730 0 0 F 311732 0 0 P F 311733 0 0 P F 311734 0 0 P F 311735 0 0 P F 311737 0 0 P F 311738 0 0 P F 311739 0 0 P F 311742 0 0 F 311743 0 0 F 311744 0 0 F 311745 0 0 P F 311746 0 0 P F 311747 0 0 F 311749 0 0 F 311751 0 0 P F 311753 0 0 F 311754 0 0 P F 311755 0 0 P F 311756 0 0 P F 311757 0 0 P F 311758 0 0 L 311761 0 0 P F 311762 0 0 F 311764 0 0 F 311765 0 0 P F 311767 0 0 F 311769 0 0 F 311770 0 0 F 311776 0 0 P F 311777 0 0 P F 311778 0 0 F 311779 0 0 P F 311782 0 0 P F 311784 0 0 F 311785 0 0 P F 311786 0 0 F 311787 0 0 P F 311789 0 0 P F 311792 0 0 F 311793 0 0 P F 311796 0 0 P F 311797 0 0 P F 311799 0 0 P F 311802 0 0 F 311804 0 0 P F 311805 0 0 P L 311806 0 0 P F 311807 0 0 P F 311808 0 0 P F 311809 0 0 F 311810 0 0 F 311812 0 0 F 311813 0 0 P F 311814 0 0 P F 311815 0 0 P F 311816 0 0 F 311818 0 0 F 311819 0 0 P F 311822 0 0 F 311825 0 0 F 311826 0 0 P F 311827 0 0 F 311829 0 0 F 311830 0 0 P L 311832 0 0 F 311833 0 0 P F 311834 0 0 P F 311835 0 0 F 311836 0 0 F 311837 0 0 F 311839 0 0 F
Page 15 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- -------------------- --------------- --------------------------------------------------- 311840 FR CREASMAN JAMES A 1547 BRAYTON MTN RD 311842 FR WEBBER THOMAS W 711 DEARBORN 311844 FR PATTERSON CHARLES R 110N CEDAR ST 311845 BLLN DOCOS STEPHEN J 4716 CAMPBELL ROAD 311846 BLLN TEMROWSKI DANIEL M 1654 NEWCASTLE 311847 FR CUMMINGS CYNTHIA F 719 INDIGO LANE 311851 FR TOMASELLI PAUL L 4812 PEARL ROAD 311852 FR FOUST MARY E 3348 OWENS MEADOW RU 311855 FR CARPENTER DOUGLAS 458 LIVE OAK TRAIL 311857 FR KIMBROUGH LORA K 2419 EUGENIA AVENUE 311859 FR COLE WILLIAM 2282 JACKSON AVENUE 311862 BLLN DAVIS TERESA G 4224 MAPLEWOOD ST 311863 FR BONVILLIAN EUGENE M 125 LEBOUEF STREET 311864 BLLN BARNEY CARL E 17322 VAUGHAN 311865 FR FRAZIER DONNA Y. 2401 HUNT CLUB ROAD 311866 FR FORNEY CAROLYN M 5201 ELDERBANK DRIVE 311869 FR BOYD AUGUSTUS 112 LEE ROAD 311871 FR SPEIGHT GARY L 3309 ARDISIA ROAD 311872 FR AMOS REBECCA J 6904 WOODLAKE CIR SW 311874 FR WALKER TERRI J 498 HILLTOP DRIVE 311875 FR KIRK RICHARD 145 OLD U.S. RD #60 311876 FR BURKE TORRE S 4551 EBONY STREET 311877 FR HUTTO TERRY E 114 WESTWOOD 311879 BLLN A EVANS ELIZABETH 402 S FLANNER ST 311880 FR YEAGER JULIE R 108 TAYLOR STREET 311881 FR LEE ALBERT J 17231 A.J. LEE ROAD 311882 FR MAXWELL TALMAGE W 2420 HICKORY XING 311883 BLLN SMILEY HARRY L. 133 MAPLE WOOD DRIV 311884 FR SHANNON DOLORES 273 DUMAS BAILEY RO 311885 FR GAINES RONALD E 3218 HILLCREST ROAD 311887 BLLN ANDRUS ADRIANNE 1307W MORNING VIS DR 311888 FR BANFORD DENNIS W 2725 WOODS RIDGE DR 311889 BLLN MARTIN O T 165 ROY MOORE ROAD 311890 FR WEST MICHAEL P 34W WOODSDALE AVE 311892 FR HARP LOUIS 956 SNOW AVENUE 311893 FR TERRIO LESLYN 207 STERLING DRIVE 311894 FR BREHM VERA I 753SWWHIPPLE AVENUE 311895 BLLN DEAL LILLIE 6637S HARTWELL AVE 311896 BLLN DEAL LILLIE 7200S DAMEN AVE 311906 FR FUGATE L B 310 OLD UNION ROAD 311907 BLLN VANLIER JOE T 4389 ENCHANTED CIR 311909 FR FAVORS SHIRLEY 1378 WILLOW TRAIL 311913 FR HENDERSON MARY A 3941 STILLWOOD DRIVE 311914 FR ORANGE STEVEN 205 CHESTNUT STREET 311915 FR GRISSOM CLIFTON 607 DELAWARE AVENUE 311916 FR TRAHAN VICTOR M 1236 MISSISSIPPI STR 311917 BLLN WALLACE MELVIN 4470 VICTORIA DRIVE 311923 BLLN HUNT JIMMY L 605 WAUGH STREET 311924 ARM2-28 ALBRECHT CLIFFORD 740 ORCHARD AVENUE, 311925 FR LOMBARDI BRADLEY 13825 LIBERTY AVENUE 311927 BLLN PARKS THOMAS R 1103 GORDON ROAD 311928 FR CHANEY JUANITA L 502 NORTH WEBSTER 311929 FR HEARN JR HARRY J 7280NWDUNCOURTNEY DR 311932 FR SMITH SHIRLEY R UTE 4 BOX 63A M 311933 BLLN HOUSE JAMES 606 MCMURRAY DRIVE 311934 FR PRINCE ROBERT E 1110E CALHOUN ROAD 311935 FR WADE BILL J 7087 CORN CRIB LOOP 311936 BLLN BARFIELD CARLISLE R UTE 1 BOX 490 311937 FR DALY BETTY L 3340 TAHOE RD 311938 FR LONG FREDDIE P 2924 MILLTOWN COURT 311939 FR BARNES CARL 1143 BENTON STREET 311942 FR BUNN WILLIAM H 2548 ARDSLEY DRIVE 311944 FR REED SR JOE L 1524 EDGEWOOD AVENUE 311945 ARM SCHOLPA CARLOS A 962 SUNNYBROOK DRIV 311946 BLLN BRANDT SHEROLYN 5137 AVENUE D STRE 311947 BLLN CANTRELL JAMES E 6395 HYDE PARK 311948 FR BONNETT JAMES L 142 WOODVALE CIRCLE 311949 FR ROBINSON JAMES H 3145 IVAN HILL DR 311950 BLLN HARTSOCK CAROLYN B 171 VIRGINIA STREET 311952 FR C MCBRIDE CLEVELAND 381 OLD HICKORY BLV 311953 BLLN WISE CRAIG D 1001 WOODALL DRIVE 311954 BLLN POSEY MICHAEL O D BUTLER ROAD 311956 FR JOHNSON/LONGMI EULA RUS 312 ROTUNDA DRIVE 311957 BLLN ZIRBES MICHAEL L 849 EAST HILLSIDE 311958 FR CROTTS JR WILLIE R 26 TENTH STREET 311959 FR CARO JAMES P 504 NEDERLAND DRIVE 311960 BLLN CRAWFORD LOREN D 3108 CLEARBROOK CT 311962 ARM KELLEY BRIAN E. 27043 CHARLES DRIVE LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- ----------------------- ----------- --------- ---------------------- ----------- --------- --------------- 311840 GRAYSVILLE TN 37338 RHEA 46,100.00 46,069.35 46,069.35 311842 VALPARAISO IN 46383 PORTER 34,150.00 34,025.21 34,025.21 311844 NILES OH 44446 TRUMBULL 65,960.00 65,797.59 65,797.59 311845 CROSS PLAINS TN 37049 ROBERTSON 117,075.00 117,046.35 117,046.35 311846 GROSSE POINTE WOODS MI 48236 WAYNE 189,000.00 188,946.50 188,946.50 311847 ATLANTA GA 30318 FULTON 63,000.00 62,955.34 62,955.34 311851 CLEVELAND OH 44109 CUYAHOGA 60,000.00 59,681.93 59,681.93 311852 KENNESAW GA 30144 COBB 79,200.00 79,131.11 79,131.11 311855 CLEVELAND TN 37323 BRADLEY 86,400.00 86,350.31 86,325.09 311857 NASHVILLE TN 37211 DAVIDSON 44,800.00 44,686.04 44,686.04 311859 MASSILLON OH 44646 STARK 74,000.00 73,939.64 73,939.64 311862 KINGSPORT TN 37664 SULLIVAN 30,750.00 30,741.39 30,741.39 311863 HOUMA LA 70363 TERREBONNE 48,630.00 48,522.23 48,522.23 311864 DETROIT MI 48219 WAYNE 26,600.00 26,573.46 26,573.46 311865 SUMTER SC 29154 SUMTER 56,250.00 56,200.56 56,200.56 311866 CHARLOTTE NC 28216 Mecklenburg 40,000.00 39,973.17 39,973.17 311869 CHESTER MD 21619 QUEEN ANNES 64,400.00 64,126.88 64,126.88 311871 JACKSONVILLE FL 32209 DUVAL 34,400.00 34,228.69 34,228.69 311872 NAVARRE OH 44662 STARK 71,000.00 70,930.36 70,930.36 311874 FOREST PARK GA 30050 CLAYTON 52,700.00 52,666.43 52,666.43 311875 FRANKFORT KY 40601 FRANKLIN 53,840.00 53,709.50 53,709.50 311876 ORLANDO FL 32811 ORANGE 43,200.00 43,148.58 43,148.58 311877 FILLMORE IN 46128 PUTNAM 69,600.00 69,476.65 69,476.65 311879 BURLINGTON NC 27215 ALAMANCE 36,750.00 36,726.95 36,726.95 311880 GILBERT SC 29054 LEXINGTON 51,040.00 50,983.91 50,983.91 311881 LIVINGSTON LA 70754 LIVINGSTON 66,300.00 66,267.37 66,267.37 311882 HARTWELL GA 30643 HART 27,000.00 26,890.20 26,890.20 311883 GAFFNEY SC 29340 CHEROKEE 57,600.00 57,451.79 57,451.79 311884 PICAYUNE MS 39466 PEARL RIVER 45,000.00 44,783.79 44,783.79 311885 VINCENNES IN 47591 KNOX 28,572.00 28,504.32 28,504.32 311887 SALT LAKE CITY UT 84123 Salt Lake 136,000.00 135,915.50 135,915.50 311888 ALPHARETTA GA 30202 FULTON 56,450.00 56,338.35 56,338.35 311889 UNIONVILLE TN 37180 BEDFORD 56,250.00 56,207.25 56,207.25 311890 AKRON OH 44301 SUMMIT 72,250.00 72,198.69 72,198.69 311892 MADISON TN 37115 DAVIDSON 52,000.00 51,680.12 51,680.12 311893 HOUMA LA 70363 TERREBONNE 30,400.00 30,376.64 30,376.64 311894 CANTON OH 44710 STARK 52,900.00 52,827.70 52,827.70 311895 CHICAGO IL 60636 COOK 33,000.00 32,987.35 32,987.35 311896 CHICAGO IL 60636 COOK 54,000.00 53,964.99 53,964.99 311906 CHURCH HILL TN 37642 HAWKINS 31,000.00 30,879.34 30,879.34 311907 NASHVILLE TN 37218 DAVIDSON 129,600.00 129,558.12 129,558.12 311909 ATLANTA GA 30311 FULTON 63,835.00 63,784.60 63,784.60 311913 MEMPHIS TN 38128 Shelby 51,850.00 51,614.43 51,614.43 311914 HUNTINGBURG, IN 47542 DUBOIS 49,725.00 49,616.26 49,561.11 311915 MADISON TN 37115 DAVIDSON 63,750.00 63,671.66 63,671.66 311916 DONALDSONVILLE LA 70346 ASCENSION 125,500.00 125,449.04 125,449.04 311917 BATON ROUGE LA 70812 EAST BATON ROUGE 64,000.00 63,972.81 63,972.81 311923 ALLIANCE OH 44601 STARK 38,400.00 38,371.57 38,371.57 311924 MASSILLON OH 44646 STARK 71,900.00 71,830.16 71,830.16 311925 CLEVELAND OH 44135 CUYAHOGA 57,600.00 57,313.17 57,313.17 311927 LYNDHURST OH 44124 CUYAHOGA 93,500.00 93,396.40 93,396.40 311928 KOKOMO IN 46901 HOWARD 24,000.00 23,900.20 23,900.20 311929 ATLANTA GA 30328 FULTON 32,000.00 31,870.64 31,870.64 311932 AMITE LA 70422 ST. HELENA 38,500.00 38,440.06 38,440.06 311933 NASHVILLE TN 37211 DAVIDSON 91,392.00 91,366.43 91,366.43 311934 GREENWOOD SC 29646 GREENWOOD 99,000.00 98,752.64 98,752.64 311935 DOUGLASVILLE GA 30134 DOUGLAS 30,750.00 30,607.02 30,607.02 311936 LAKE CITY SC 29560 CLARENDON 39,600.00 39,521.66 39,521.66 311937 LEXINGTON KY 40515 FAYETTE 56,100.00 56,065.53 56,065.53 311938 BUFORD GA 30519 GWINNETT 28,200.00 28,167.21 28,167.21 311939 GARY IN 46403 LAKE 29,600.00 29,456.66 29,456.66 311942 DURHAM NC 27704 DURHAM 73,600.00 73,544.55 73,544.55 311944 KNOXVILLE TN 37919 KNOX 46,000.00 45,894.63 45,894.63 311945 NORCROSS GA 30093 GWINNETT 85,850.00 85,814.00 85,814.00 311946 SAINT AUGUSTINE FL 32095 SAINT JOHNS 67,200.00 67,161.27 67,161.27 311947 ROMULUS MI 48174 WAYNE 56,100.00 56,024.10 56,024.10 311948 COLUMBIA SC 29203 RICHLAND 30,000.00 29,866.70 29,866.70 311949 ATLANTA GA 30311 FULTON 35,000.00 34,863.66 34,863.66 311950 KINGSPORT TN 37665 SULLIVAN 36,000.00 35,985.54 35,985.54 311952 JACKSON TN 38305 MADISON 56,000.00 55,937.50 55,937.50 311953 ALTAMONTE SPRINGS FL 32714 SEMINOLE 82,450.00 82,422.16 82,422.16 311954 REYNOLDS GA 31076 TAYLOR 34,800.00 34,790.26 34,790.26 311956 AVONDALE LA 70094 JEFFERSON 28,000.00 27,973.87 27,973.87 311957 NAPERVILLE IL 60540 DUPAGE 121,500.00 121,404.06 121,404.06 311958 GREENVILLE SC 29611 GREENVILLE 42,400.00 42,193.60 42,193.60 311959 HOUMA LA 70360 TERREBONNE 37,345.00 37,199.64 37,199.64 311960 NEWBERG OR 97132 YAMHILL 133,000.00 132,892.69 132,892.69 311962 SOUTHFIELD MI 48076 OAKLAND 120,000.00 119,881.47 119,881.47 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 311840 450.90 11.3400 360 0.8088 311842 432.30 13.0100 180 0.6500 311844 660.75 10.5500 240 0.8500 311845 1,267.69 12.7000 180 0.7227 311846 1,973.22 12.2000 180 0.9000 311847 602.35 11.0500 360 0.6702 311851 652.12 10.2000 180 0.7500 311852 700.90 10.1000 360 0.9000 311855 888.72 12.0000 360 0.8000 311857 441.27 10.3000 240 0.8000 311859 671.38 10.4000 360 0.7957 311862 318.67 12.1000 180 0.7500 311863 513.59 11.3500 240 0.7972 311864 301.54 13.3500 180 0.7000 311865 495.71 10.0500 360 0.7500 311866 390.02 11.3000 360 0.6154 311869 749.86 11.4400 180 0.8000 311871 363.38 9.7000 180 0.8000 311872 644.16 10.4000 360 0.7320 311874 523.89 11.5500 360 0.8500 311875 576.92 9.9500 180 0.8000 311876 391.94 10.4000 360 0.8000 311877 680.90 10.2000 240 0.8000 311879 416.32 13.3400 180 0.7500 311880 523.04 11.9500 360 0.8000 311881 717.90 12.7000 360 0.8500 311882 322.66 11.9200 180 0.7500 311883 611.17 12.4200 180 0.8000 311884 516.85 11.1900 180 0.7235 311885 310.54 10.2000 180 0.8388 311887 1,362.38 11.6500 180 0.8000 311888 629.45 12.2000 240 0.8500 311889 604.26 12.5900 180 0.7500 311890 690.24 11.0400 360 0.8500 311892 619.08 11.8500 180 0.6500 311893 378.03 14.0000 240 0.8000 311894 460.33 9.9000 360 0.6381 311895 385.79 13.8000 180 0.6000 311896 610.04 13.3000 180 0.7500 311906 379.06 12.3500 180 0.5849 311907 1,278.48 11.4500 180 0.8000 311909 586.31 10.5500 360 0.8500 311913 579.59 10.7000 180 0.8500 311914 528.57 11.4500 240 0.8500 311915 578.39 10.4000 360 0.8500 311916 1,138.63 10.4000 360 0.8367 311917 725.52 13.3500 180 0.8000 311923 361.35 10.8500 180 0.8000 311924 608.78 9.5800 360 0.8866 311925 608.44 9.7000 180 0.8000 311927 748.96 8.9500 180 0.8500 311928 282.66 11.6500 180 0.6877 311929 383.03 11.9500 180 0.6692 311932 477.36 13.9500 240 0.7000 311933 947.11 12.1000 180 0.8541 311934 1,001.73 10.7000 240 0.7984 311935 338.96 10.4500 180 0.7500 311936 469.21 14.0000 180 0.6000 311937 564.13 11.7000 360 0.8500 311938 290.12 10.9500 240 0.8468 311939 401.18 14.3500 180 0.8000 311942 689.81 10.8000 360 0.8000 311944 477.94 11.1000 240 0.7188 311945 769.30 10.2500 360 0.8500 311946 690.71 11.9900 180 0.8000 311947 490.25 9.9500 180 0.8500 311948 339.85 10.9400 180 0.6452 311949 427.74 12.3400 180 0.7925 311950 327.96 10.4500 180 0.8000 311952 587.97 11.2600 240 0.6292 311953 800.81 11.2500 180 0.8500 311954 360.64 12.1000 180 0.8000 311956 319.90 12.5900 240 0.6829 311957 1,115.95 10.5500 180 0.7839 311958 454.34 9.9500 180 0.8000 311959 456.65 12.3500 180 0.8477 311960 1,211.63 10.4500 180 0.8471 311962 1,009.03 9.5000 360 0.7900
Page 16 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 311840 358 360 0.00 57000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311842 178 180 0.00 75000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311844 238 240 0.00 77600.00 26-Nov-96 15-Jan-97 15-Dec-16 15-Mar-97 311845 179 360 0.00 162000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97 311846 179 360 0.00 210000.00 02-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311847 358 360 0.00 94000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311851 178 180 0.00 80000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311852 358 360 88000.00 88000.00 26-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311855 358 360 0.00 108000.00 02-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97 311857 238 240 0.00 56000.00 26-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311859 358 360 0.00 93000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311862 179 360 0.00 41000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97 311863 238 240 0.00 61000.00 26-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311864 178 360 0.00 38000.00 27-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311865 358 360 0.00 75000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311866 358 360 0.00 65000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311869 178 180 0.00 80500.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311871 178 180 0.00 43000.00 26-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311872 358 360 0.00 97000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311874 358 360 0.00 62000.00 29-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311875 179 180 0.00 67300.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311876 358 360 54000.00 54000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311877 239 240 0.00 87000.00 27-Nov-96 15-Jan-97 15-Dec-16 15-Feb-97 311879 178 360 0.00 49000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311880 358 360 0.00 63800.00 27-Nov-96 15-Jan-97 15-Dec-26 15-Mar-97 311881 358 360 0.00 78000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311882 178 180 0.00 36000.00 15-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311883 178 360 0.00 72000.00 18-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311884 178 180 0.00 62200.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311885 179 180 0.00 73000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311887 178 360 0.00 170000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311888 238 240 0.00 260000.00 27-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311889 177 360 0.00 75000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311890 358 360 0.00 85000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311892 177 180 0.00 80000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311893 239 240 0.00 38000.00 04-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311894 357 360 82900.00 82900.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311895 178 360 0.00 55000.00 30-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311896 177 360 0.00 72000.00 30-Nov-96 01-Jan-97 01-Dec-11 01-Apr-97 311906 178 180 0.00 53000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311907 179 360 0.00 162000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Feb-97 311909 358 360 0.00 75100.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 311913 178 180 0.00 61000.00 29-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311914 238 240 58500.00 58500.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97 311915 357 360 0.00 75000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Apr-97 311916 359 360 0.00 150000.00 27-Nov-96 01-Jan-97 01-Dec-26 01-Feb-97 311917 178 360 0.00 80000.00 27-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311923 178 360 0.00 48000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311924 358 360 0.00 81100.00 02-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97 311925 178 180 0.00 72000.00 29-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311927 178 360 110000.00 110000.00 29-Nov-96 15-Jan-97 15-Dec-11 15-Mar-97 311928 178 180 0.00 34900.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311929 178 180 0.00 260000.00 29-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311932 238 240 0.00 55000.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97 311933 179 360 0.00 107000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Feb-97 311934 238 240 0.00 124000.00 22-Nov-96 01-Jan-97 01-Dec-16 01-Mar-97 311935 178 180 0.00 41000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311936 178 360 0.00 66000.00 22-Nov-96 01-Jan-97 01-Dec-11 01-Mar-97 311937 358 360 0.00 66000.00 25-Nov-96 01-Jan-97 01-Dec-26 01-Mar-97 311938 239 240 0.00 112000.00 03-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311939 177 180 0.00 37000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Apr-97 311942 358 360 0.00 92000.00 04-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 311944 238 240 0.00 64000.00 02-Dec-96 01-Jan-97 01-Dec-16 01-Mar-97 311945 359 360 101000.00 101000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 311946 178 360 0.00 84000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311947 177 360 0.00 66000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Apr-97 311948 178 180 0.00 46500.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311949 178 180 0.00 159000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311950 179 360 0.00 45000.00 02-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311952 239 240 0.00 89000.00 02-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311953 179 360 0.00 97000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311954 179 360 0.00 43500.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311956 239 240 0.00 41000.00 04-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311957 178 360 0.00 155000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311958 178 180 0.00 53000.00 03-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311959 178 180 0.00 112000.00 03-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311960 178 360 0.00 157000.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311962 358 360 151900.00 151900.00 03-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ----------- ----------------- 311840 01-Mar-97 8 1 1 18 0 2 311842 01-Mar-97 1 1 1 38 14600 4 311844 15-Mar-97 1 1 1 18 0 4 311845 01-Feb-97 1 1 1 18 0 2 311846 01-Mar-97 1 1 1 18 0 4 311847 01-Mar-97 1 1 1 18 0 3 311851 01-Mar-97 1 1 3 18 0 4 311852 01-Mar-97 1 1 1 18 0 1 311855 01-Apr-97 1 1 1 18 0 3 311857 01-Mar-97 1 1 1 18 0 4 311859 01-Mar-97 1 1 1 18 0 3 311862 01-Feb-97 1 1 1 18 0 3 311863 01-Mar-97 1 1 1 18 0 4 311864 15-Mar-97 1 1 3 18 0 3 311865 01-Mar-97 1 1 1 18 0 2 311866 01-Mar-97 1 1 1 18 0 3 311869 01-Mar-97 1 1 3 18 0 2 311871 01-Mar-97 1 1 1 18 0 3 311872 01-Mar-97 1 1 1 18 0 3 311874 01-Mar-97 1 1 1 18 0 3 311875 01-Mar-97 1 1 1 18 0 3 311876 01-Mar-97 1 1 1 18 0 1 311877 15-Feb-97 1 1 1 18 0 3 311879 15-Mar-97 1 1 1 18 0 3 311880 15-Mar-97 8 1 1 18 0 3 311881 01-Mar-97 1 1 1 18 0 3 311882 01-Mar-97 8 1 1 18 0 3 311883 01-Mar-97 1 1 1 18 0 3 311884 01-Mar-97 1 1 1 18 0 3 311885 01-Mar-97 1 1 1 38 32659 3 311887 01-Mar-97 1 1 3 18 0 3 311888 01-Mar-97 1 1 1 38 164549 3 311889 01-Apr-97 1 1 1 18 0 3 311890 01-Mar-97 1 1 1 18 0 4 311892 01-Apr-97 1 1 1 18 0 3 311893 01-Mar-97 1 1 1 18 0 3 311894 01-Apr-97 1 1 1 18 0 1 311895 01-Mar-97 1 1 3 18 0 3 311896 01-Apr-97 1 1 1 18 0 4 311906 01-Mar-97 1 1 1 18 0 4 311907 01-Feb-97 1 1 1 18 0 2 311909 01-Apr-97 1 1 1 18 0 2 311913 01-Mar-97 1 1 1 18 0 3 311914 01-Apr-97 1 1 1 18 0 1 311915 01-Apr-97 1 1 1 18 0 3 311916 01-Feb-97 1 1 1 18 0 3 311917 01-Mar-97 1 1 1 18 0 4 311923 01-Mar-97 1 1 1 18 0 3 311924 01-Mar-97 1 1 1 18 0 3 311925 15-Mar-97 4 1 1 18 0 3 311927 15-Mar-97 1 1 1 18 0 1 311928 01-Mar-97 5 2 1 18 0 3 311929 01-Mar-97 1 1 1 38 142000 3 311932 01-Mar-97 1 1 1 18 0 4 311933 01-Feb-97 1 1 1 18 0 2 311934 01-Mar-97 1 1 1 18 0 3 311935 01-Mar-97 8 1 3 18 0 4 311936 01-Mar-97 1 1 1 18 0 3 311937 01-Mar-97 1 1 1 18 0 3 311938 01-Mar-97 1 1 1 38 66640 3 311939 01-Apr-97 1 1 1 18 0 3 311942 01-Apr-97 1 1 1 18 0 3 311944 01-Mar-97 1 1 1 18 0 3 311945 01-Mar-97 1 1 1 18 0 1 311946 01-Mar-97 1 1 1 18 0 3 311947 01-Apr-97 1 1 1 18 0 3 311948 01-Mar-97 1 1 1 18 0 3 311949 01-Mar-97 1 1 1 38 91000 3 311950 01-Mar-97 1 1 1 18 0 3 311952 01-Mar-97 1 1 1 18 0 3 311953 01-Mar-97 1 1 1 18 0 3 311954 01-Mar-97 1 1 1 18 0 4 311956 01-Mar-97 1 1 1 18 0 3 311957 01-Mar-97 1 1 1 18 0 3 311958 15-Mar-97 1 1 1 18 0 4 311959 01-Mar-97 1 1 1 38 57598 3 311960 01-Mar-97 1 1 1 18 0 3 311962 01-Apr-97 1 1 1 18 0 1 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ --------------- ------------- --------- ----------- --------------- ----- 311840 B -- F 0 -- 0 0 311842 C -- F 0 -- 0 0 311844 A -- F 0 -- 0 0 311845 B -- F 0 -- 0 0 311846 A -- F 0 -- 0 0 311847 B 01-Jun-92 F 0 -- 0 0 311851 A -- F 0 -- 0 0 311852 A+ -- F 0 -- 0 0 311855 B -- F 0 -- 0 0 311857 A 10-Apr-91 F 0 -- 0 0 311859 A -- F 0 -- 0 0 311862 C -- F 0 -- 0 0 311863 A -- F 0 -- 0 0 311864 C -- F 0 -- 0 0 311865 A -- F 0 -- 0 0 311866 B -- F 0 -- 0 0 311869 A -- F 0 -- 0 0 311871 A 01-Sep-89 F 0 -- 0 0 311872 A 01-Dec-93 F 0 -- 0 0 311874 A -- F 0 -- 0 0 311875 A 01-Nov-92 T 0 -- 0 0 311876 A -- F 0 -- 0 0 311877 A -- F 0 -- 0 0 311879 C -- F 0 -- 0 0 311880 B -- F 0 -- 0 0 311881 B -- F 0 -- 0 0 311882 A -- F 0 -- 0 0 311883 B -- F 0 -- 0 0 311884 A -- F 0 -- 0 0 311885 A -- T 0 -- 0 0 311887 A -- F 0 -- 0 0 311888 A -- F 0 -- 0 0 311889 B -- F 0 -- 0 0 311890 A -- F 0 -- 0 0 311892 B -- F 0 -- 0 0 311893 C -- F 0 -- 0 0 311894 A -- F 0 -- 0 0 311895 C -- F 0 -- 0 0 311896 C -- F 0 -- 0 0 311906 C -- F 0 -- 0 0 311907 B -- F 0 -- 0 0 311909 B -- F 0 -- 0 0 311913 A -- F 0 -- 0 0 311914 A -- F 0 -- 0 0 311915 A -- F 0 -- 0 0 311916 A -- F 0 -- 0 0 311917 C -- F 0 -- 0 0 311923 B -- F 0 -- 0 0 311924 A 01-Apr-91 F 6.25 6MLIB 01-Dec-98 1.5 7 311925 A 01-Sep-88 F 0 -- 0 0 311927 A+ -- F 0 -- 0 0 311928 A 01-Feb-93 T 0 -- 0 0 311929 B 03-Nov-93 F 0 -- 0 0 311932 C -- F 0 -- 0 0 311933 C -- F 0 -- 0 0 311934 A -- F 0 -- 0 0 311935 A 01-Feb-92 F 0 -- 0 0 311936 C -- F 0 -- 0 0 311937 A -- F 0 -- 0 0 311938 A -- F 0 -- 0 0 311939 C -- T 0 -- 0 0 311942 A -- F 0 -- 0 0 311944 B -- F 0 -- 0 0 311945 B 01-Aug-90 F 7.75 6MLIB 01-Jul-97 1.5 7 311946 C 01-Oct-95 F 0 -- 0 0 311947 A -- F 0 -- 0 0 311948 A -- F 0 -- 0 0 311949 B -- F 0 -- 0 0 311950 A -- F 0 -- 0 0 311952 B -- F 0 -- 0 0 311953 B -- F 0 -- 0 0 311954 B 10-Mar-95 F 0 -- 0 0 311956 C -- T 0 -- 0 0 311957 A -- F 0 -- 0 0 311958 A -- F 0 -- 0 0 311959 A -- F 0 -- 0 0 311960 B -- F 0 -- 0 0 311962 B -- F 7 6MLIB 01-Jul-97 1.5 7
Page 17 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ------------------- 311840 0 0 P F 311842 0 0 F 311844 0 0 P F 311845 0 0 P L 311846 0 0 P F 311847 0 0 P F 311851 0 0 P F 311852 0 0 P F 311855 0 0 F 311857 0 0 P F 311859 0 0 P F 311862 0 0 F 311863 0 0 P F 311864 0 0 P F 311865 0 0 F 311866 0 0 F 311869 0 0 F 311871 0 0 P F 311872 0 0 P F 311874 0 0 P F 311875 0 0 F 311876 0 0 P F 311877 0 0 P F 311879 0 0 F 311880 0 0 F 311881 0 0 P F 311882 0 0 F 311883 0 0 F 311884 0 0 P F 311885 0 0 F 311887 0 0 F 311888 0 0 P F 311889 0 0 F 311890 0 0 P F 311892 0 0 F 311893 0 0 P F 311894 0 0 P F 311895 0 0 F 311896 0 0 F 311906 0 0 F 311907 0 0 P F 311909 0 0 P F 311913 0 0 F 311914 0 0 P F 311915 0 0 P F 311916 0 0 P F 311917 0 0 F 311923 0 0 P F 311924 9.58 16.58 P F 311925 0 0 P F 311927 0 0 P F 311928 0 0 F 311929 0 0 P F 311932 0 0 P F 311933 0 0 F 311934 0 0 F 311935 0 0 P F 311936 0 0 L 311937 0 0 P F 311938 0 0 P F 311939 0 0 F 311942 0 0 F 311944 0 0 F 311945 0 17.25 P F 311946 0 0 P F 311947 0 0 P F 311948 0 0 F 311949 0 0 P F 311950 0 0 F 311952 0 0 F 311953 0 0 P F 311954 0 0 F 311956 0 0 F 311957 0 0 F 311958 0 0 F 311959 0 0 P F 311960 0 0 F 311962 0 16.5 F
Page 18 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 311964 FR JOHNSTON KURT A. 44222 SHERIDAN 311966 FR FORTNEY LINDA F. 17 BISCAYNE EAST 311967 BLLN MOORE LAURA E 207 30TH STREET 311969 BLLN CAMPBELL JAMES S 6186 MEADOWLARK DR 311970 BLLN ROBERTS BESSIE B 1006 BATTLEFIELD DR 311972 BLLN OLSEN ROGER P 1233NE 72ND AVENUE 311974 FR TURNER BRYAN R. R 14 BOX 1026 311975 BLLN HARPER RICHARD 4204 THOMASVILLE RD 311976 FR JOHNSON JR ADAM 628 S MORRIS AVE 311978 FR THORNSBERRY JAMES P 1322 ANDERSON STREET 311980 FR LAWSON STANLEY 390 COMMANDER COURT 311982 FR CRUM VICKIE L 1886 FAIRVIEW COURT 311983 FR SCALES MARY A 1806 LISCHEY AVENUE 311984 FR CONNER ALFONZO 1534W 119TH STREET 311985 FR MANKIN WILLIAM D 202 WASHINGTON ST 311986 FR LENOIR RICKEY 6150 BLACKBERRY ST 311987 FR HADDOCK HERSHEL 561 ROXANNE DRIVE 311989 FR MCNABB KAREN A 2129 2133 POPLAR STR 311991 ARM2-28 CLOVESKO VERNELL 492 CLEVELAND ROAD 311992 BLLN HEATHERLY MICHAEL L 853 LEE ROAD 311994 FR SPAULDING MARIAN 7850 CANDLEFLOWER CI 311995 BLLN DUGAN JAMES R. 4314 MAIN STREET 311997 FR COURTER WILLIAM K 7110 BURLWOOD 311998 BLLN CRIHFIELD MICHAEL W 32 SILVER LANE 311999 FR CRAIG ROBERT 4386 CRESTKNOLL DR 312000 FR PETERS THOMAS L 9168SESTAYTON ROAD 312003 FR HAMMONDS JR VACIE 915 RAMSEY STREET 312004 FR PERRY NANCY 152 FULLER ROAD 312005 FR GANAWAY JOHN S 1504 ECKART STREET 312006 FR JOHNSTON TERESA 5965 SINGLETON ROAD 312007 FR REYNOLDS JOHN S. 2425 ELM SWAMP ROAD 312008 FR JACKSON DWAYNE K 4051 BUDDS CREEK RD 312009 FR ROGERS FAYE C 775 SHANNON LANE 312010 FR BOWES ROBERT L 103 THOMAS ROAD 312012 FR LLOYD SR ROGER D RT 3 BOX 659-G 312013 FR RICHARD JUDE JAM 124 WINDSOR STREET 312014 FR WALLS MARION 48 LANNON AVENUE 312015 FR BEARD FREDDIE L 241 EASTERN STAR RD 312016 FR REL JR LORENZO A 5361 GRND CAILLOU RD 312017 BLLN GRAVES DENNIS W 40 HILLSIDE PLACE 312022 FR HUNT RANDY L 1909 LARSON WAY 312023 FR JEFFERSON PAULA 512 HOWLAND 312024 BLLN HAYNES GENEVA D 14384 ASBURY PARK 312025 BLLN LAWSON CLARISSA 13828 EASTBURN 312027 BLLN FEDRAW KATHLEEN 1858 AUBURNDALE 312028 FR TARWATER RICHARD 3109 SOUTH 12TH STRE 312029 FR ABBOTT SHARON 2111 ARLENE AVENUE 312031 BLLN PITTS SONDRA P 816 WESTWOOD AVENUE 312034 BLLN THURMAN RONALD D 1949W 64TH STREET 312035 BLLN YOUNG LENA L 3410N AVON AVE 312036 BLLN YOUNG LENA L 3402 NORTH AVON AVE 312037 BLLN GRIFFIN DAISY T 2206 COOK ROAD 312043 BLLN V MEADOWS DIANE 4464 VICTOR AVENUE 312044 FR JOHNSON IDA 1187 LINE STREET 312045 BLLN SMITH WILLISH 15278 MEADOW 312046 FR KING JR ROBERT N 8032 DEVONSHIRE DR 312047 BLLN WESTFALL KENT E. 168 N. TANGLEWOOD D 312048 FR TALENT CRAIG K 235N 8TH STREET 312050 FR WASHINGTON ROY L 20505 SHAFTSBURY 312052 ARM ROBINSON KENNETH P 25286 COLE 312056 BLLN HATCHER SUZANNE C 38800 ELMITE 312057 BLLN BROCK KAREN G. 528 ELLIOTT AVENUE 312062 FR ACKOLS DIADRA B 1264 BRETT COURT 312064 BLLN MCCORMICK VIOLA 329 PLEASANT GROVE 312065 BLLN NOFFSINGER MARK A 16481 NORTH 60TH AVE 312066 FR BEASLEY DOUGLAS 129 PERRY DRIVE 312068 FR CRAPPS FAYE 194 CHRISTIAN ROAD 312069 FR ELLIS STEPHEN 993 SWAN POND ROAD 312071 FR STRAIN ISABELL 1306 PENNOCK AVENUE 312072 BLLN POLACK JOCELYN M 1653 N ADAMS 312074 BLLN DILDILIAN GREGORY 621 LAWSON 312075 FR CARTER MILDRED 1855 WOODSBORO DRIVE 312076 FR KENNEDY BOBBY M. 1326 ANDERSON STREET 312078 FR LANE JAMES 2279SW17TH STREET 312079 FR SCOTT SABRINA 3117 CEDARCROFT DR 312080 FR CLINE WILLIAM M 425 FAITH ROAD 312082 FR COCHRAN JR JILES A 110 COCHRAN FARM LA 312084 FR BARTON JOHN W. 1107 FRANKLIN AVENUE LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 311964 CANTON MI 48187 WAYNE 38,300.00 38,254.87 38,254.87 311966 MEMPHIS TN 38109 SHELBY 25,000.00 24,944.67 24,944.67 311967 OLD HICKORY TN 37138 DAVIDSON 41,600.00 41,583.64 41,583.64 311969 INDIANAPOLIS IN 46226 MARION 68,000.00 67,967.94 67,967.94 311970 NASHVILLE TN 37204 DAVIDSON 44,000.00 43,928.24 43,928.24 311972 PORTLAND OR 97213 MULTNOMAH 85,000.00 84,856.27 84,856.27 311974 BEDFORD IN 47421 LAWRENCE 56,000.00 55,903.31 55,903.31 311975 CHAPMANSBORO TN 37035 CHEATHAM 63,126.00 63,091.27 63,091.27 311976 BELLWOOD IL 60104 COOK 17,250.00 17,162.90 17,118.75 311978 BRISTOL TN 37620 SULLIVAN 29,600.00 29,484.25 29,484.25 311980 SUMTER SC 29153 SUMTER 40,800.00 40,750.97 40,750.97 311982 SALEM OH 44460 COLUMBIANA 71,000.00 70,630.05 70,630.05 311983 NASHVILLE TN 37207 DAVIDSON 78,200.00 77,839.74 77,839.74 311984 CHICAGO IL 60643 COOK 72,480.00 72,459.03 72,459.03 311985 BARNESVILLE OH 43713 BELMONT 24,200.00 24,103.55 24,103.55 311986 BATON ROUGE LA 70806 EAST BATON ROUGE 31,200.00 31,170.52 31,170.52 311987 ANTIOCH TN 37013 DAVIDSON 15,000.00 14,941.07 14,941.07 311989 ANDERSON IN 46012 MADISON 46,000.00 45,918.94 45,918.94 311991 CLEVELAND OH 44108 CUYAHOGA 48,650.00 48,613.20 48,613.20 311992 JONESVILLE SC 29353 UNION 53,900.00 53,790.90 53,790.90 311994 COLORADO SPRINGS CO 80920 EL PASO 36,800.00 36,623.00 36,623.00 311995 PERRY OH 44081 LAKE 96,350.00 96,268.85 96,268.85 311997 CHARLOTTE NC 28211 MECKLENBURG 176,500.00 176,276.47 176,051.02 311998 CARRIERE MS 39426 PEARL RIVER 155,550.00 155,505.00 155,505.00 311999 GRAND BLANC MI 48439 GENESEE 100,000.00 99,749.32 99,749.32 312000 AUMSVILLE OR 97325 MARION 172,500.00 172,383.99 172,383.99 312003 NASHVILLE TN 37206 DAVIDSON 56,000.00 55,742.01 55,742.01 312004 CARSON WA 98610 SKAMANIA 21,000.00 20,975.58 20,975.58 312005 FORT WAYNE IN 46806 ALLEN 31,500.00 30,955.25 30,955.25 312006 NORCROSS GA 30071 GWINNETT 61,600.00 61,470.12 61,470.12 312007 LEBANON IN 46052 BOONE 93,500.00 93,139.52 93,139.52 312008 CUNNINGHAM TN 37052 MONTGOMERY 60,000.00 59,777.13 59,777.13 312009 WOODSTOCK GA 30189 CHEROKEE 82,950.00 82,884.49 82,884.49 312010 ROXBORO NC 27573 PERSON 46,000.00 45,982.87 45,982.87 312012 ERWIN TN 37650 UNICOI 47,200.00 47,066.01 47,066.01 312013 LAFAYETTE LA 70507 LAFAYETTE 16,585.00 16,521.62 16,521.62 312014 ATLANTA GA 30317 DEKALB 39,750.00 39,750.00 39,750.00 312015 KINGSPORT TN 37663 WASHINGTON 34,000.00 33,867.68 33,867.68 312016 HOUMA LA 70363 TERREBONNE 40,640.00 40,567.83 40,567.83 312017 LAFAYETTE IN 47905 TIPPECANOE 52,000.00 52,000.00 52,000.00 312022 VANCOUVER WA 98661 CLARK 28,500.00 28,412.61 28,412.61 312023 PONTIAC MI 48341 OAKLAND 34,800.00 34,710.78 34,710.78 312024 DETROIT MI 48227 WAYNE 45,400.00 45,376.22 45,376.22 312025 DETROIT MI 48205 WAYNE 32,000.00 31,973.42 31,973.42 312027 WEST BLOOMFIELD MI 48324 OAKLAND 59,000.00 58,323.83 58,298.85 312028 TERRE HAUTE IN 47802 VIGO 38,640.00 38,321.13 38,321.13 312029 DAYTON OH 45406 MONTGOMERY 32,800.00 32,723.37 32,723.37 312031 DAYTON OH 45407 MONTGOMERY 35,200.00 35,181.23 35,181.23 312034 INDIANAPOLIS IN 46260 MARION 46,750.00 46,716.13 46,716.13 312035 TAMPA FL 33603 HILLSBOROUGH 48,800.00 48,763.11 48,763.11 312036 TAMPA FL 33603 HILLSBOROUGH 49,600.00 49,557.57 49,557.57 312037 DURHAM NC 27713 DURHAM 57,375.00 57,347.66 57,347.66 312043 CINCINNATI OH 45242 HAMILTON 33,200.00 33,177.92 33,177.92 312044 JACKSONVILLE FL 32209 DUVAL 32,000.00 31,922.74 31,922.74 312045 ROMULUS MI 48174 WAYNE 70,550.00 70,531.54 70,531.54 312046 JONESBORO GA 30236 CLAYTON 22,147.00 22,062.82 22,062.82 312047 OZARK MO 65721 CHRISTIAN 98,175.00 98,149.01 98,149.01 312048 SAINT HELENS OR 97051 COLUMBIA 117,300.00 116,963.60 116,963.60 312050 DETROIT MI 48219 WAYNE 21,800.00 21,667.67 21,667.67 312052 ROSEVILLE MI 48066 MACOMB 68,000.00 67,969.59 67,969.59 312056 HARRISON TOWNSHIP MI 48045 MACOMB 106,350.00 106,301.10 106,301.10 312057 CINCINNATI OH 45215 HAMILTON 48,100.00 48,086.09 48,086.09 312062 RIVERDALE GA 30296 CLAYTON 113,400.00 113,286.83 113,286.83 312064 COLUMBUS IN 47201 BARTHOLOMEW 46,750.00 46,733.07 46,733.07 312065 GLENDALE AZ 85306 MARICOPA 90,320.00 90,283.75 90,283.75 312066 NEW AUGUSTA MS 39462 PERRY 50,000.00 49,825.71 49,825.71 312068 MORTON MS 39117 SCOTT 35,600.00 35,527.78 35,527.78 312069 HARRIMAN TN 37748 ROANE 52,000.00 51,889.86 51,889.86 312071 NASHVILLE TN 37207 DAVIDSON 51,850.00 51,837.32 51,837.32 312072 SOUTH BEND IN 46628 St Joseph 34,400.00 34,385.88 34,385.88 312074 ROYAL OAK MI 48067 OAKLAND 149,600.00 149,539.91 149,539.91 312075 COLUMBIA SC 29210 RICHLAND 62,050.00 62,026.89 62,026.89 312076 BRISTOL TN 37620 SULLIVAN 24,000.00 23,936.94 23,936.94 312078 MASSILLON OH 44646 STARK 73,600.00 73,531.78 73,531.78 312079 ANTIOCH TN 37013 DAVIDSON 74,900.00 74,697.56 74,697.56 312080 MOORESVILLE NC 28115 IREDELL 40,000.00 39,746.16 39,746.16 312082 CLEVELAND NC 27013 IREDELL 62,400.00 62,226.26 62,226.26 312084 HOUMA LA 70364 TERREBONNE 31,550.00 31,382.33 31,382.33 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 311964 391.43 10.8500 240 0.3678 311966 313.03 12.8000 180 0.5435 311967 382.09 10.5500 180 0.8000 311969 581.73 9.7000 180 0.8000 311970 439.09 11.6000 180 0.3946 311972 907.17 12.5000 180 0.7391 311974 664.08 13.2000 240 0.8000 311975 659.06 12.2000 180 0.8145 311976 202.19 11.0500 168 0.6874 311978 360.98 12.3000 180 0.8000 311980 412.83 10.7000 240 0.8000 311982 728.60 9.2000 180 0.8765 311983 866.85 10.5500 180 0.8500 311984 742.75 11.9500 360 0.8000 311985 292.00 12.1000 180 0.6722 311986 354.48 12.5000 240 0.8000 311987 182.44 12.2500 180 0.7875 311989 540.56 13.0500 240 0.8000 311991 454.14 10.7500 360 0.7000 311992 571.07 12.4000 180 0.7000 311994 413.66 10.8000 180 0.8150 311995 863.39 10.2500 180 0.8680 311997 1,738.49 10.3000 240 0.7915 311998 1,594.02 11.9500 180 0.8500 311999 896.51 8.9500 240 0.8000 312000 1,680.67 11.2900 360 0.7500 312003 620.76 10.5500 180 0.8000 312004 216.05 10.9500 240 0.7636 312005 445.19 10.1000 108 0.7915 312006 717.65 11.4500 180 0.7847 312007 1,149.37 12.4500 180 0.8500 312008 752.84 12.8400 180 0.8000 312009 761.88 10.5500 360 0.8132 312010 431.13 10.8000 360 0.8364 312012 438.43 9.4500 240 0.8000 312013 204.95 12.5500 180 0.8473 312014 432.58 12.7700 360 0.7500 312015 415.74 12.3500 180 0.8000 312016 520.90 13.2500 180 0.8128 312017 528.88 11.8500 180 0.7429 312022 278.82 10.2000 240 0.7702 312023 341.38 10.2400 240 0.6960 312024 371.85 9.2000 180 0.5095 312025 333.84 12.1900 180 0.5926 312027 588.78 11.6000 180 0.6556 312028 375.30 11.2500 360 0.8000 312029 337.44 10.9500 240 0.8200 312031 371.31 12.3400 180 0.8000 312034 443.45 10.9500 180 0.8500 312035 459.58 10.8600 180 0.8000 312036 467.11 10.8600 180 0.8000 312037 627.51 12.8400 180 0.8500 312043 324.73 11.3400 180 0.4000 312044 323.79 10.7000 240 0.8000 312045 747.48 12.4000 180 0.8500 312046 274.41 12.6000 180 0.8500 312047 1,036.37 12.3500 180 0.8500 312048 1,055.49 10.3000 360 0.8500 312050 362.14 12.6500 96 0.5883 312052 594.24 9.9500 360 0.8500 312056 1,176.44 13.0000 180 0.7500 312057 492.91 11.9500 180 0.6500 312062 949.39 9.4500 360 0.9000 312064 555.78 14.0500 180 0.8500 312065 1,041.65 13.6000 180 0.8000 312066 649.16 13.5000 180 0.6098 312068 392.23 12.0100 240 0.7495 312069 561.37 11.6900 240 0.8000 312071 561.43 12.7000 360 0.8500 312072 310.82 10.3500 180 0.8000 312074 1,362.86 10.4500 180 0.8500 312075 581.56 10.8000 360 0.8500 312076 232.40 10.0500 240 0.4000 312078 635.04 9.8000 360 0.8000 312079 748.59 8.7500 180 0.7000 312080 387.29 11.2100 360 0.6400 312082 625.09 10.5500 240 0.8000 312084 358.22 10.4500 168 0.8500
Page 19 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 311964 239 240 0.00 179000.00 03-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311966 179 180 0.00 46000.00 03-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311967 179 360 0.00 52000.00 03-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311969 179 360 0.00 85000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311970 178 360 0.00 111500.00 04-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311972 178 360 0.00 115000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311974 238 240 0.00 70000.00 04-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 311975 178 360 0.00 77500.00 02-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311976 166 168 0.00 118000.00 06-Dec-96 01-Jan-97 01-Dec-10 01-Mar-97 311978 178 180 0.00 37000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311980 239 240 0.00 51000.00 12-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311982 178 180 0.00 81000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 311983 178 180 0.00 92000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311984 359 360 0.00 90600.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 311985 178 180 0.00 36000.00 04-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 311986 239 240 0.00 39000.00 04-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311987 178 180 0.00 92000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 311989 238 240 0.00 57500.00 04-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 311991 358 360 0.00 69500.00 05-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97 311992 179 360 0.00 77000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311994 178 180 0.00 148000.00 04-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 311995 178 360 0.00 111000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 311997 239 240 0.00 223000.00 05-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 311998 179 360 0.00 183000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 311999 239 240 125000.00 125000.00 12-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312000 358 360 0.00 230000.00 13-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312003 178 180 0.00 70000.00 05-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312004 239 240 0.00 110000.00 05-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312005 105 108 0.00 39800.00 05-Dec-96 01-Jan-97 01-Dec-05 01-Apr-97 312006 179 180 0.00 78500.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312007 178 180 0.00 110000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312008 178 180 0.00 75000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 312009 358 360 0.00 102000.00 05-Dec-96 01-Jan-97 01-Dec-26 01-Mar-97 312010 359 360 0.00 55000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312012 238 240 0.00 59000.00 05-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312013 178 180 0.00 56000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 312014 360 360 0.00 53000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Feb-97 312015 178 180 42500.00 42500.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312016 179 180 0.00 50000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312017 180 360 0.00 70000.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Feb-97 312022 238 240 0.00 90000.00 06-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312023 238 240 0.00 50000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312024 179 360 0.00 89100.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312025 177 360 54000.00 54000.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Apr-97 312027 179 360 0.00 90000.00 05-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312028 358 360 0.00 48300.00 06-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312029 238 240 0.00 40000.00 12-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312031 178 360 0.00 44000.00 09-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312034 178 360 0.00 55000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312035 178 360 0.00 61000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312036 178 360 0.00 62000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312037 178 360 67500.00 67500.00 05-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 312043 178 360 0.00 83000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312044 238 240 0.00 40000.00 06-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312045 179 360 0.00 83000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312046 178 180 0.00 80000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312047 179 360 0.00 115500.00 09-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97 312048 359 360 0.00 138000.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312050 95 96 0.00 75000.00 11-Dec-96 01-Feb-97 01-Jan-05 01-Mar-97 312052 359 360 0.00 80000.00 06-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312056 178 360 0.00 141800.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312057 179 360 0.00 74000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312062 358 360 0.00 126000.00 06-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312064 178 360 0.00 55000.00 06-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312065 178 360 112900.00 112900.00 10-Dec-96 01-Jan-97 01-Dec-11 01-Mar-97 312066 178 180 0.00 82000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312068 238 240 0.00 47500.00 06-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312069 238 240 0.00 65000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312071 359 360 0.00 61000.00 09-Dec-96 15-Jan-97 15-Dec-26 15-Feb-97 312072 179 360 43000.00 43000.00 06-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312074 179 360 0.00 176000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312075 359 360 0.00 73000.00 09-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312076 238 240 0.00 60000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312078 358 360 0.00 92000.00 09-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312079 179 180 0.00 107000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312080 358 360 0.00 62500.00 09-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312082 238 240 0.00 78000.00 09-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312084 166 168 0.00 103000.00 09-Dec-96 15-Jan-97 15-Dec-10 15-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 311964 01-Mar-97 1 1 1 38 27530 3 311966 01-Mar-97 1 1 1 18 0 3 311967 01-Mar-97 1 1 1 18 0 3 311969 01-Mar-97 1 1 1 18 0 2 311970 15-Mar-97 1 1 1 18 0 4 311972 15-Mar-97 1 1 1 18 0 3 311974 15-Mar-97 1 1 1 18 0 4 311975 01-Mar-97 8 1 1 18 0 2 311976 01-Apr-97 1 1 1 38 63868 3 311978 15-Mar-97 1 1 1 18 0 4 311980 01-Mar-97 8 1 1 18 0 3 311982 01-Apr-97 1 1 1 18 0 4 311983 15-Mar-97 1 1 1 18 0 4 311984 01-Mar-97 1 1 1 18 0 3 311985 01-Mar-97 1 1 1 18 0 3 311986 01-Mar-97 1 1 1 18 0 2 311987 15-Mar-97 1 1 1 38 57453 3 311989 15-Mar-97 5 2 1 18 0 4 311991 01-Mar-97 5 2 3 18 0 3 311992 01-Mar-97 1 1 1 18 0 3 311994 01-Apr-97 1 1 1 38 83816 3 311995 01-Apr-97 1 1 1 18 0 4 311997 01-Apr-97 1 1 1 18 0 4 311998 01-Mar-97 4 2 1 18 0 2 311999 01-Mar-97 1 1 1 18 0 1 312000 15-Mar-97 1 1 1 18 0 3 312003 15-Mar-97 1 1 1 18 0 4 312004 01-Mar-97 8 1 1 38 63000 3 312005 01-Apr-97 1 1 1 18 0 3 312006 01-Mar-97 1 1 1 18 0 4 312007 15-Mar-97 1 1 1 18 0 4 312008 01-Mar-97 1 1 1 18 0 4 312009 01-Mar-97 1 1 1 18 0 4 312010 01-Mar-97 1 1 1 18 0 3 312012 15-Mar-97 1 1 1 18 0 3 312013 01-Mar-97 1 1 1 38 30862 3 312014 01-Feb-97 1 1 3 18 0 3 312015 01-Apr-97 8 1 1 18 0 1 312016 01-Mar-97 1 1 1 18 0 4 312017 01-Feb-97 1 1 1 18 0 4 312022 15-Mar-97 1 1 1 38 40822 3 312023 15-Mar-97 1 1 1 18 0 3 312024 01-Mar-97 1 1 1 18 0 3 312025 01-Apr-97 1 1 1 18 0 1 312027 01-Apr-97 1 1 1 18 0 4 312028 15-Mar-97 1 1 1 18 0 4 312029 15-Mar-97 1 1 1 18 0 4 312031 15-Mar-97 1 1 1 18 0 2 312034 15-Mar-97 1 1 1 18 0 3 312035 15-Mar-97 1 1 3 18 0 3 312036 15-Mar-97 1 1 3 18 0 4 312037 01-Mar-97 1 1 1 18 0 1 312043 01-Apr-97 1 1 1 18 0 3 312044 15-Mar-97 1 1 1 18 0 4 312045 01-Mar-97 1 1 1 18 0 2 312046 15-Mar-97 1 1 1 38 45853 3 312047 15-Feb-97 1 1 1 18 0 4 312048 01-Mar-97 1 1 1 18 0 3 312050 01-Mar-97 1 1 1 38 22319 3 312052 01-Mar-97 1 1 1 18 0 4 312056 01-Apr-97 1 1 1 18 0 3 312057 01-Mar-97 1 1 1 18 0 3 312062 15-Mar-97 1 1 1 18 0 4 312064 15-Mar-97 1 1 1 18 0 4 312065 01-Mar-97 1 1 1 18 0 1 312066 15-Mar-97 1 1 1 18 0 3 312068 15-Mar-97 1 1 1 18 0 3 312069 15-Mar-97 8 1 1 18 0 3 312071 15-Feb-97 1 1 1 18 0 4 312072 01-Mar-97 1 1 3 18 0 1 312074 01-Mar-97 1 1 1 18 0 4 312075 01-Mar-97 1 1 1 18 0 3 312076 15-Mar-97 1 1 1 18 0 3 312078 15-Mar-97 1 1 1 18 0 3 312079 01-Mar-97 1 1 1 18 0 2 312080 15-Mar-97 8 1 3 18 0 3 312082 15-Mar-97 8 1 1 18 0 3 312084 15-Mar-97 1 1 1 38 56000 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 311964 C -- F 0 -- 0 0 311966 B 25-Jan-95 F 0 -- 0 0 311967 A -- F 0 -- 0 0 311969 A 01-May-93 F 0 -- 0 0 311970 C -- F 0 -- 0 0 311972 C -- F 0 -- 0 0 311974 C -- F 0 -- 0 0 311975 B 01-Jul-92 F 0 -- 0 0 311976 A -- T 0 -- 0 0 311978 B -- T 0 -- 0 0 311980 A -- F 0 -- 0 0 311982 A+ -- F 0 -- 0 0 311983 A -- F 0 -- 0 0 311984 B -- F 0 -- 0 0 311985 C 01-Nov-94 T 0 -- 0 0 311986 B -- F 0 -- 0 0 311987 B -- F 0 -- 0 0 311989 B -- F 0 -- 0 0 311991 A -- F 7.25 6MLIB 01-Dec-98 1.5 7 311992 A 01-Jul-94 F 0 -- 0 0 311994 A -- F 0 -- 0 0 311995 A+ -- F 0 -- 0 0 311997 A -- F 0 -- 0 0 311998 B -- F 0 -- 0 0 311999 A -- F 0 -- 0 0 312000 A -- F 0 -- 0 0 312003 A -- F 0 -- 0 0 312004 B -- F 0 -- 0 0 312005 A -- F 0 -- 0 0 312006 B -- F 0 -- 0 0 312007 B -- F 0 -- 0 0 312008 C -- F 0 -- 0 0 312009 A -- F 0 -- 0 0 312010 A -- F 0 -- 0 0 312012 A -- F 0 -- 0 0 312013 B -- F 0 -- 0 0 312014 B -- F 0 -- 0 0 312015 B 01-Nov-89 F 0 -- 0 0 312016 B -- F 0 -- 0 0 312017 C -- F 0 -- 0 0 312022 A -- F 0 -- 0 0 312023 B -- F 0 -- 0 0 312024 A -- F 0 -- 0 0 312025 B 28-Feb-91 F 0 -- 0 0 312027 C -- F 0 -- 0 0 312028 A -- F 0 -- 0 0 312029 A -- F 0 -- 0 0 312031 B 01-Dec-94 F 0 -- 0 0 312034 A -- F 0 -- 0 0 312035 A -- F 0 -- 0 0 312036 A -- F 0 -- 0 0 312037 B -- F 0 -- 0 0 312043 B -- F 0 -- 0 0 312044 A -- F 0 -- 0 0 312045 B 01-Jan-92 F 0 -- 0 0 312046 A -- F 0 -- 0 0 312047 B -- F 0 -- 0 0 312048 A -- F 0 -- 0 0 312050 B 30-Jun-95 F 0 -- 0 0 312052 A -- F 7.45 6MOLIB 01-Jul-97 1.5 7 312056 C -- F 0 -- 0 0 312057 C -- F 0 -- 0 0 312062 A+ -- F 0 -- 0 0 312064 B 07-Mar-95 F 0 -- 0 0 312065 C 01-Jul-93 F 0 -- 0 0 312066 C -- F 0 -- 0 0 312068 B 04-Dec-91 F 0 -- 0 0 312069 A 06-Oct-93 F 0 -- 0 0 312071 B 01-May-92 F 0 -- 0 0 312072 A -- F 0 -- 0 0 312074 A -- F 0 -- 0 0 312075 A 20-Sep-88 F 0 -- 0 0 312076 A 18-Jun-93 F 0 -- 0 0 312078 B 01-Jul-95 F 0 -- 0 0 312079 A -- F 0 -- 0 0 312080 A -- F 0 -- 0 0 312082 A -- F 0 -- 0 0 312084 A 01-Apr-89 F 0 -- 0 0
Page 20 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 311964 0 0 P F 311966 0 0 F 311967 0 0 F 311969 0 0 P F 311970 0 0 F 311972 0 0 F 311974 0 0 F 311975 0 0 F 311976 0 0 F 311978 0 0 F 311980 0 0 F 311982 0 0 P F 311983 0 0 F 311984 0 0 F 311985 0 0 F 311986 0 0 P F 311987 0 0 P F 311989 0 0 P F 311991 0 17.75 P F 311992 0 0 L 311994 0 0 F 311995 0 0 P F 311997 0 0 P F 311998 0 0 F 311999 0 0 P F 312000 0 0 P F 312003 0 0 F 312004 0 0 P F 312005 0 0 P F 312006 0 0 P F 312007 0 0 F 312008 0 0 F 312009 0 0 P F 312010 0 0 F 312012 0 0 P F 312013 0 0 P F 312014 0 0 P F 312015 0 0 F 312016 0 0 P F 312017 0 0 F 312022 0 0 F 312023 0 0 P F 312024 0 0 P F 312025 0 0 F 312027 0 0 P F 312028 0 0 P F 312029 0 0 P F 312031 0 0 P F 312034 0 0 P F 312035 0 0 P F 312036 0 0 P F 312036 0 0 P F 312037 0 0 F 312043 0 0 P F 312044 0 0 P F 312045 0 0 P F 312046 0 0 P F 312047 0 0 P F 312048 0 0 P F 312050 0 0 P F 312052 10.95 16.95 P F 312056 0 0 F 312057 0 0 P F 312062 0 0 P F 312064 0 0 F 312065 0 0 F 312066 0 0 P F 312068 0 0 P F 312069 0 0 F 312071 0 0 F 312072 0 0 P F 312074 0 0 P F 312075 0 0 F 312076 0 0 F 312078 0 0 P F 312079 0 0 P F 312080 0 0 F 312082 0 0 F 312084 0 0 F
Page 21 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 312085 FR WEATHERS LUCILLE 359 LUCY AVENUE 312086 FR HAMILL MARY ALICE 3353 SE SCHILLER STREET 312087 FR OVERSTREET GEORGE T 139 IKE SHOEMAKE DR 312088 FR PRUETT ELLEN R 5025 COLEMONT DRIVE 312089 BLLN KIOVANNI AMOS 23640 BRANDYWYNNE 312092 BLLN FAISON MILLER 148 P.W. MOORE ROAD 312093 FR JOHNSON GLORESTI 112 HOOKS STREET 312094 FR GAINES JOHNATHA 5023 EAST BROOKSTOWN 312095 BLLN KOCK GERHARD H 2103 GARFIELD 312096 BLLN MCFARLAND FLORIA L 11501 LARDET AVENUE 312099 BLLN NITSCHE WAYNE A 904S 4TH STREET 312100 BLLN DALTON CHARLENE 4225 VIRGINIA AVENUE 312104 FR MCCOY CORBET 502 SUNSET ROAD 312106 BLLN R FORSLUND FREDERICK 406 WEST PEARL 312107 BLLN VELLECA JOYCE A 327 NEWELL STREET 312109 BLLN GARRETT JASON RT 2 178 S RAILROAD 312110 FR ADKINS THOMAS C 816 WESGAR AVENUE 312112 BLLN PENNINGTON/ GAR MILDRED 512 DODGE STREET 312114 FR PICHOFF PATRICK 323 AVENUE I 312115 FR NEWSON PERCY 5321 SOUTH HONORE 312116 FR CHAVIS LINDA C 7214 VALLEY HAVEN DR 312118 FR BRODEN LAWRENCE 121 SOUTH MULBERRY 312119 BLLN ROWE JAMES E. RR. 1 BOX 244 312120 BLLN EDWARDS RITA F 151W OLD WELLHOUSE R 312122 FR NOWAKOWSKI JOHN F 233 LAKEVIEW DRIVE 312123 BLLN PERRY EUGENE 438 STATE ROUTE 420 312124 BLLN PHILLIPS DOROTHY 915 ELLISTON STREET 312125 FR WELCOME SHIRLEY 319 FIELD STREET 312126 FR HEARD BILLY W 56 TYLER LANE 312127 FR HOLMES WILLIAM J 772 KEITH DRIVE 312128 BLLN EASON SUE M 2115 JERRY JONES DR 312129 FR THOMAS HALFORD ROUTE 1, BOX 17 312130 FR SWARTZ LUCEN 407 OAK AVENUE 312132 FR SMITH MATTHEW 101 SOUTH MICKLEY A 312133 BLLN SMITH ROY 1342 BILL DEDMAN ROA 312134 FR MILLS DALE LYN 2740 HERRON STREET 312135 BLLN DUIGUID KAREN 18824 LAMONT 312136 BLLN WILSON DONALD O 840 BLAINE 312137 ARM2-28 YOUNG MARION 100 WILSON STREET 312139 FR POLLARD MAGGIE J 385 DESCHAMPS ROAD 312142 FR BAILEY VINCENT D 9112 GOLDAMBER GARTH 312143 FR ISOM ROBERT L 1849 WILDCAT CREEK R 312144 FR SMITH JOSEPH P 807 SUGAR HOLW RD 312145 BLLN GRAHAM ROBERT M 113 PHEASANT WOODS 312147 FR KING OTHO L 7542 S WENTWORTH AVE 312149 FR ZURBRUGG WILLIAM E 6611 MIDFIELD DRIVE 312152 FR WILSON STANLEY 453 HIAWATHA CIRCLE 312154 FR MCNABB GLADYS K 3253 ERIE STREET 312155 BLLN MATTHEWS JR FRANK 988-990 E 18TH AVE 312156 FR LANTAGNE JAMES M 23785 WAGNER 312157 ARM2-28 DUNGEY STEVEN E 2955 LANDSDOWNE 312159 ARM2-28 CAMPO PAMELA A 15198 OLD FARMS ROAD 312164 FR DRUCKENBROAD ALLEN 123 N. SYCAMORE STR 312165 ARM2-28 HALL RONALD L 1868 PARKER ROAD 312166 FR LARKIN MICHAEL 2701 HORTON DRIVE 312167 FR A DIVINCENTIS SALVADOR 1500W ESPLANADE AVE 312172 ARM2-28 KUJAWA EUGENE N 39589 BAROQUE BLVD 312175 FR MEERTINS CONRAD 4008 RIVERMIST CT 312176 FR MCWILLIAMS TERRY 1823 118TH AVENUE 312177 FR WOMACK JUANITA 13703 S PARKWAY DR 312178 FR ADDINGTON MARK E. 42 SANDERS DRIVE 312179 FR BEELES MIKE S. 467 PARK DR 312180 BLLN WILLIAMS LUCILLE E 16406 CLEARVIEW AVE 312183 FR REED EMMA 157 EMMA DRIVE 312184 FR HANNAH ROY D 157 SOUTH FRANCIS 312185 FR MAZZOLA JACQUELIN 1911 ALGONQUIN AVE 312186 FR KING JR GEORGE W 630 BALDWIN COURT 312187 FR G LEE GERALDINE 4115 ARCOT CIRCLE 312188 FR DOWDY HERBERT 505W MELODY DRIVE 312189 BLLN KAHLON KARNAIL S 24100 MEADOWLARK 312190 FR PASOUR JASON E 106 HILLSIDE DRIVE 312192 ARM MAXEY JERRY 10715 TOULON DRIVE 312193 FR ROETTKER JAMES D. 8829 IROQUOIS AVENUE 312194 FR WEBB JAMES K 105 BLUE MIST COURT 312195 BLLN WOOD DAVID 2640 SOUTH LYON 312196 BLLN FIELDS HARLEY H 6832 BUICK DRIVE 312197 FR MCCONNELL CHRISTINA 829 MILL STREET WES 312199 FR WYRICK INGRID R 28059 VALLEY DRIVE LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312085 CONCORD NC 28025 CABARRUS 51,000.00 50,947.40 50,947.40 312086 PORTLAND OR 97202 MULTNOMAH 142,800.00 142,800.00 142,751.47 312087 LAUREL MS 39440 WAYNE 40,600.00 40,571.60 40,571.60 312088 ANTIOCH TN 37013 DAVIDSON 35,000.00 34,815.98 34,815.98 312089 SOUTHFIELD MI 48034 OAKLAND 96,800.00 96,764.73 96,764.73 312092 FAISON NC 28541 Duplin 36,000.00 35,988.87 35,988.87 312093 GORDON GA 31031 WILKINSON 11,400.00 11,347.50 11,347.50 312094 BATON ROUGE LA 70805 EBR PARISH 25,000.00 24,956.46 24,956.46 312095 CLINTON IA 52732 CLINTON 30,000.00 29,986.67 29,986.67 312096 CLEVELAND OH 44104 CUYAHOGA 45,600.00 45,586.98 45,586.98 312099 COLLINS MS 39428 COVINGTON 27,375.00 27,366.07 27,366.07 312100 CINCINNATI OH 45223 HAMILTON 32,000.00 31,989.41 31,989.41 312104 BALTIMORE MD 21223 BALTIMORE CITY 45,320.00 45,202.38 45,202.38 312106 HAZEL PARK MI 48030 OAKLAND 61,625.00 61,597.61 61,597.61 312107 BARBERTON OH 44203 SUMMIT 72,800.00 72,776.47 72,776.47 312109 CARLTON GA 30627 MADISON 28,500.00 28,492.79 28,492.79 312110 EUTAWVILLE SC 29048 ORANGEBURG 29,400.00 29,193.07 29,193.07 312112 KANNAPOLIS NC 28081 CABARRUS 37,500.00 37,273.16 37,273.16 312114 BOGALUSA LA 70427 WASHINGTON 24,000.00 23,955.92 23,955.92 312115 CHICAGO IL 60609 COOK 60,987.00 60,950.02 60,950.02 312116 CHARLOTTE NC 28211 MECKLENBURG 74,500.00 74,158.36 74,158.36 312118 GRAMERCY LA 70052 SAINT JAMES 13,000.00 12,943.89 12,943.89 312119 EVANSTON IN 47531 SPENCER 41,250.00 41,231.55 41,231.55 312120 STATESVILLE NC 28677 IREDELL 62,800.00 62,761.41 62,761.41 312122 HUDSON MI 49247 LENAWEE 124,950.00 124,660.14 124,660.14 312123 HUMBOLDT TN 38343 GIBSON 18,000.00 18,000.00 18,000.00 312124 OLD HICKORY TN 37138 DAVIDSON 59,500.00 59,450.43 59,450.43 312125 NEW IBERIA LA 70560 IBERIA PARISH 16,100.00 16,060.06 16,060.06 312126 CARROLLTON GA 30117 CARROLL 24,200.00 24,117.65 24,117.65 312127 DALTON GA 30721 WHITFIELD 70,000.00 69,364.83 69,364.83 312128 VALDOSTA GA 31602 LOWNDES 80,000.00 79,971.16 79,971.16 312129 TROY NC 27371 MONTGOMERY 43,000.00 42,902.75 42,902.75 312130 TRENTON OH 45067 BUTLER 63,500.00 63,161.61 63,161.61 312132 BESSEMER CITY NC 28016 GASTON 36,000.00 35,840.03 35,840.03 312133 BOWLING GREEN KY 42101 WARREN 25,000.00 24,996.17 24,996.17 312134 GASTONIA NC 28052 GASTON 49,600.00 49,495.09 49,495.09 312135 DETROIT MI 48234 WAYNE 24,750.00 24,735.36 24,735.36 312136 DETROIT MI 48202 WAYNE 44,000.00 43,983.79 43,983.79 312137 UNION SC 29379 UNION 52,113.00 52,093.16 52,093.16 312139 SUMTER SC 29154 SUMTER 48,750.00 48,713.52 48,713.52 312142 COLUMBIA MD 21045 HOWARD 107,650.00 107,609.91 107,609.91 312143 ROCK HILL SC 29713 YORK 42,000.00 41,903.68 41,903.68 312144 PINEY FLATS TN 37686 SULLIVAN 37,750.00 37,379.68 37,379.68 312145 LOVELAND OH 45140 HAMILTON 321,000.00 320,732.52 320,732.52 312147 CHICAGO IL 60620 COOK 84,800.00 84,760.13 84,760.13 312149 FORT WAYNE IN 46815 ALLEN 58,050.00 56,788.92 56,788.92 312152 CHICKAMAUGA GA 30707 WALKER 26,000.00 25,946.36 25,946.36 312154 BATON ROUGE LA 70805 EAST BATON ROUGE 34,000.00 33,935.42 33,935.42 312155 COLUMBUS OH 43211 FRANKLIN 52,000.00 51,866.79 51,866.79 312156 WARREN MI 48089 Macomb 129,750.00 129,384.72 129,384.72 312157 WATERFORD MI 48329 OAKLAND 156,800.00 156,729.89 156,729.89 312159 FOLSOM LA 70437 SAINT TAMMANY PARI 102,000.00 101,957.68 101,957.68 312164 SPRINGFIELD OH 45503 CLARK 28,000.00 27,937.84 27,937.84 312165 GOSHEN OH 45122 CLERMONT 34,500.00 34,484.96 34,484.96 312166 ANDERSON IN 46011 MADISON 31,300.00 31,225.86 31,225.86 312167 KENNER LA 70065 JEFFERSON 18,550.00 18,484.70 18,484.70 312172 CLINTON TOWNSHIP MI 48038 MACOMB 122,320.00 122,268.71 122,268.71 312175 LITHONIA GA 30038 DEKALB 112,050.00 111,860.72 111,860.72 312176 ALLEGAN MI 49010 ALLEGAN 25,000.00 24,880.39 24,880.39 312177 GARFIELD HEIGHTS OH 44105 CUYAHOGA 54,825.00 53,923.00 53,923.00 312178 FLORENCE KY 41042 BOONE 60,000.00 59,976.16 59,976.16 312179 GREENWOOD IN 46227 JOHNSON 20,000.00 19,901.67 19,901.67 312180 CLEVELAND OH 44128 CUYAHOGA 54,000.00 53,958.72 53,958.72 312183 SPRINGFIELD SC 29146 ORANGEBURG 25,000.00 24,957.92 24,957.92 312184 PONTIAC MI 48341 OAKLAND 22,000.00 21,957.61 21,957.61 312185 DELTONA FL 32725 VOLUSIA 65,250.00 65,200.64 65,200.64 312186 NASHVILLE TN 37207 DAVIDSON 60,000.00 59,935.23 59,935.23 312187 JACKSONVILLE FL 32210 DUVAL 52,000.00 51,984.28 51,984.28 312188 HOLLY SPRINGS MS 38635 MARSHALL 35,200.00 35,133.14 35,133.14 312189 OAK PARK MI 48237 OAKLAND 49,900.00 49,878.85 49,878.85 312190 DALLAS NC 28034 GASTON 60,800.00 60,725.47 60,725.47 312192 CINCINNATI OH 45240 HAMILTON 89,250.00 89,182.50 89,182.50 312193 WAYNESBURG OH 44688 STARK 57,200.00 57,178.92 57,178.92 312194 NASHVILLE TN 37217 DAVIDSON 130,000.00 129,367.20 129,367.20 312195 INDIANAPOLIS IN 46241 MARION 18,000.00 17,996.91 17,996.91 312196 INDIANAPOLIS IN 46214 MARION 71,380.00 71,350.39 71,350.39 312197 ALLIANCE OH 44601 STARK 30,000.00 29,939.09 29,939.09 312199 ALBEMARLE NC 28001 STANLY 18,500.00 18,459.50 18,459.50 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312085 556.23 11.8500 240 0.8500 312086 1,383.71 11.2200 360 0.8500 312087 524.74 14.6700 240 0.7000 312088 357.08 9.1000 180 0.4268 312089 914.54 10.9000 180 0.8000 312092 360.63 11.6500 180 0.6923 312093 178.03 14.1500 120 0.5302 312094 323.75 13.4500 180 0.7143 312095 335.38 13.1500 180 0.6383 312096 469.40 12.0100 180 0.8000 312099 335.22 14.5000 180 0.7500 312100 312.99 11.3400 180 0.6809 312104 465.07 9.2000 180 0.8240 312106 688.93 13.1500 180 0.8500 312107 718.16 11.4500 180 0.8000 312109 305.27 12.5500 180 0.7500 312110 359.04 10.4500 144 0.4900 312112 394.41 12.3000 180 0.7700 312114 302.08 12.9000 180 0.7500 312115 613.28 11.7000 360 0.8500 312116 828.15 10.6000 180 0.7304 312118 149.80 11.2500 180 0.5909 312119 360.48 9.9500 180 0.7500 312120 631.50 11.7000 180 0.8000 312122 1,377.33 10.4500 180 0.8500 312123 211.85 13.9000 180 0.4865 312124 535.39 10.3000 180 0.8500 312125 201.06 12.7500 180 0.7000 312126 318.23 13.7500 180 0.7457 312127 978.17 11.3500 120 0.6352 312128 758.84 10.9500 180 0.5096 312129 480.67 10.7000 180 0.7679 312130 642.17 8.9500 180 0.7471 312132 407.82 10.9400 180 0.7347 312133 311.12 14.7500 180 0.3185 312134 535.80 11.7000 240 0.8000 312135 261.27 12.3500 180 0.7500 312136 414.04 10.8500 180 0.8000 312137 484.51 10.7000 360 0.8700 312139 456.91 10.8000 360 0.7500 312142 1,008.94 10.8000 360 0.7974 312143 465.57 10.5500 180 0.8000 312144 498.66 9.9900 120 0.6302 312145 2,888.42 10.3000 180 0.8106 312147 931.43 12.9000 360 0.8000 312149 503.01 9.8500 360 0.9000 312152 306.71 11.6800 180 0.5039 312154 420.16 12.5500 180 0.6800 312155 526.89 11.8000 180 0.8000 312156 1,269.36 10.2000 240 0.7500 312157 1,370.24 9.9500 360 0.8000 312159 917.82 10.3000 360 0.4322 312164 316.49 10.9000 180 0.8000 312165 304.55 10.0700 360 0.6389 312166 340.19 10.2000 180 0.7920 312167 239.61 13.4000 180 0.7089 312172 1,096.11 10.2500 360 0.8000 312175 958.57 9.7000 360 0.8623 312176 335.24 10.3500 120 0.3030 312177 545.52 10.4500 240 0.8500 312178 548.84 10.5000 360 0.8571 312179 241.32 12.1000 180 0.7952 312180 502.05 10.7000 180 0.9000 312183 329.58 13.8000 180 0.6250 312184 269.72 12.4000 180 0.6667 312185 609.10 10.7500 360 0.7500 312186 640.27 11.5100 240 0.8000 312187 524.89 11.7500 360 0.8000 312188 434.99 12.5500 180 0.7822 312189 445.30 10.2000 180 0.7448 312190 609.06 10.5500 240 0.8000 312192 833.13 10.7500 360 0.8500 312193 538.26 10.8500 360 0.8000 312194 1,393.01 9.9500 180 0.8387 312195 216.84 14.2500 180 0.6000 312196 642.29 10.3000 180 0.8300 312197 357.16 11.8500 180 0.6522 312199 210.85 11.0500 180 0.7635
Page 22 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 312085 239 240 0.00 60000.00 10-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312086 360 360 0.00 168000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312087 239 240 0.00 58000.00 10-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312088 178 180 0.00 82000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312089 179 360 0.00 121000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312092 179 360 0.00 52000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312093 119 120 0.00 21500.00 06-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97 312094 179 180 0.00 35000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312095 178 360 0.00 47000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312096 179 360 0.00 57000.00 10-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312099 178 360 0.00 36500.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312100 179 360 0.00 47000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312104 179 180 0.00 55000.00 27-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97 312106 178 360 0.00 72500.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312107 179 360 0.00 91000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312109 179 360 0.00 38000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312110 142 144 0.00 60000.00 10-Dec-96 15-Jan-97 15-Dec-08 15-Mar-97 312112 178 360 0.00 48700.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312114 179 180 0.00 32000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97 312115 358 360 0.00 71750.00 11-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312116 178 180 0.00 102000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312118 178 180 0.00 22000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312119 179 360 0.00 55000.00 10-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312120 178 360 0.00 78500.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312122 179 180 0.00 147000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312123 180 360 0.00 37000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Jan-97 312124 178 360 0.00 70000.00 10-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312125 179 180 0.00 23000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312126 178 180 0.00 71000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312127 118 120 0.00 110200.00 11-Dec096 15-Jan-97 15-Dec-06 15-Mar-07 312128 179 360 0.00 157000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312129 179 180 0.00 56000.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312130 178 180 0.00 85000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312132 178 180 0.00 49000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312133 179 360 0.00 78500.00 11-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312134 238 240 0.00 62000.00 11-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312135 178 360 0.00 33000.00 12-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312136 179 360 0.00 55000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312137 359 360 0.00 59900.00 11-Dec-96 15-Jan-97 15-Dec-26 15-Feb-97 312139 358 360 0.00 65000.00 11-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312142 359 360 0.00 135000.00 14-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312143 179 180 0.00 52500.00 12-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97 312144 118 120 0.00 59900.00 11-Dec-96 15-Jan-97 15-Dec-06 15-Mar-97 312145 178 360 0.00 396000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312147 358 360 0.00 106000.00 12-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312149 358 360 0.00 64500.00 11-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312152 179 180 0.00 51600.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312154 179 180 0.00 50000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312155 178 360 0.00 65000.00 11-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312156 238 240 0.00 173000.00 17-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312157 359 360 0.00 196000.00 16-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312159 359 360 0.00 236000.00 16-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312164 179 180 0.00 35000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312165 359 360 0.00 54000.00 16-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312166 179 180 0.00 50000.00 12-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312167 178 180 0.00 85000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312172 359 360 152900.00 152900.00 18-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312175 358 360 0.00 129950.00 13-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312176 119 120 0.00 82500.00 16-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97 312177 238 240 0.00 64500.00 13-Dec-96 15-Jan-97 15-Dec-16 15-Mar-97 312178 359 360 0.00 70000.00 12-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312179 178 180 0.00 76000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312180 178 360 0.00 60000.00 12-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312183 179 180 0.00 40000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97 312184 179 180 0.00 33000.00 12-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312185 358 360 87000.00 87000.00 13-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312186 239 240 0.00 75000.00 12-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312187 359 360 0.00 65000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312188 179 180 0.00 45000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312189 179 360 67000.00 67000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312190 239 240 0.00 76000.00 13-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97 312192 358 360 0.00 105000.00 12-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312193 359 360 0.00 71500.00 13-Dec-96 15-Jan-97 15-Dec-26 15-Feb-97 312194 178 180 0.00 155000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312195 179 360 0.00 30000.00 17-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312196 179 360 0.00 86000.00 16-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312197 179 180 0.00 46000.00 13-Dec-96 15-Jan-97 15-Dec-11 15-Feb-97 312199 179 180 0.00 110000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 312085 01-Mar-97 1 1 1 18 0 2 312086 01-Apr-97 1 1 1 18 0 4 312087 01-Mar-97 1 1 1 18 0 3 312088 01-Apr-97 1 1 1 18 0 3 312089 01-Mar-97 1 1 1 18 0 3 312092 01-Mar-97 1 1 1 18 0 3 312093 15-Mar-97 1 1 1 18 0 3 312094 01-Mar-97 1 1 1 18 0 3 312095 01-Apr-97 1 1 1 18 0 3 312096 15-Mar-97 2 2 1 18 0 3 312099 01-Apr-97 1 1 1 18 0 3 312100 01-Mar-97 1 1 1 18 0 3 312104 01-Mar-97 1 1 1 18 0 4 312106 15-Mar-97 1 1 1 18 0 4 312107 01-Mar-97 1 1 1 18 0 3 312109 01-Mar-97 1 1 1 18 0 3 312110 15-Mar-97 1 1 1 18 0 3 312112 15-Mar-97 1 1 1 18 0 2 312114 15-Feb-97 1 1 1 18 0 3 312115 15-Mar-97 1 1 1 18 0 3 312116 15-Mar-97 1 1 1 18 0 4 312118 15-Mar-97 1 1 1 18 0 3 312119 01-Mar-97 8 1 1 18 0 2 312120 15-Mar-97 8 1 1 18 0 4 312122 01-Mar-97 8 1 1 18 0 3 312123 15-Jan-97 1 1 1 18 0 4 312124 15-Mar-97 1 1 1 18 0 4 312125 01-Mar-97 1 1 1 18 0 3 312126 15-Mar-97 1 1 1 38 28746 3 312127 15-Mar-97 1 1 1 18 0 3 312128 01-Mar-97 1 1 1 18 0 3 312129 01-Mar-97 1 1 1 18 0 2 312130 15-Mar-97 1 1 1 18 0 4 312132 15-Mar-97 1 1 1 18 0 3 312133 01-Mar-97 1 1 1 18 0 3 312134 15-Mar-97 1 1 1 18 0 3 312135 15-Mar-97 1 1 1 18 0 3 312136 01-Mar-97 1 1 1 18 0 3 312137 15-Feb-97 1 1 1 18 0 3 312139 15-Mar-97 1 1 1 18 0 3 312142 01-Mar-97 1 1 1 18 0 4 312143 15-Feb-97 1 1 1 18 0 3 312144 15-Mar-97 1 1 1 18 0 3 312145 15-Mar-97 1 1 1 18 0 3 312147 01-Apr-97 2 2 1 18 0 3 312149 01-Apr-97 1 1 1 18 0 2 312152 01-Mar-97 1 1 1 18 0 3 312154 01-Mar-97 1 1 1 18 0 4 312155 15-Mar-97 5 2 1 18 0 3 312156 15-Mar-97 1 3 3 18 0 3 312157 01-Mar-97 1 1 1 18 0 4 312159 01-Mar-97 1 1 1 18 0 3 312164 01-Mar-97 1 1 1 18 0 3 312165 01-Mar-97 1 1 1 18 0 4 312166 15-Mar-97 1 1 1 38 8300 3 312167 15-Mar-97 3 1 1 38 41703 3 312172 01-Mar-97 1 1 1 18 0 1 312175 01-Apr-97 1 1 1 18 0 2 312176 01-Mar-97 1 1 1 18 0 3 312177 15-Mar-97 1 1 1 18 0 2 312178 01-Mar-97 1 1 1 18 0 3 312179 15-Mar-97 1 1 1 38 40438 3 312180 15-Mar-97 1 1 1 18 0 3 312183 15-Feb-97 1 1 1 18 0 3 312184 01-Mar-97 1 1 1 18 0 3 312185 15-Mar-97 1 1 1 18 0 1 312186 01-Mar-97 1 1 1 18 0 3 312187 01-Mar-97 1 1 1 18 0 2 312188 01-Mar-97 1 1 1 18 0 3 312189 01-Mar-97 1 1 3 18 0 1 312190 15-Mar-97 8 1 1 18 0 4 312192 15-Mar-97 1 1 1 18 0 3 312193 15-Feb-97 1 1 1 18 0 3 312194 15-Mar-97 1 1 1 18 0 3 312195 01-Mar-97 1 1 1 18 0 3 312196 15-Mar-97 1 1 1 18 0 3 312197 15-Feb-97 1 1 1 18 0 3 312199 01-Mar-97 1 1 1 38 65490 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 312085 B -- F 0 -- 0 0 312086 B -- F 0 -- 0 0 312087 C 01-Oct-95 F 0 -- 0 0 312088 A -- F 0 -- 0 0 312089 A 01-May-93 F 0 -- 0 0 312092 A -- F 0 -- 0 0 312093 C 01-Apr-95 F 0 -- 0 0 312094 C -- F 0 -- 0 0 312095 B -- F 0 -- 0 0 312096 B -- F 0 -- 0 0 312099 C 06-Jun-95 F 0 -- 0 0 312100 B -- F 0 -- 0 0 312104 A -- T 0 -- 0 0 312106 A -- F 0 -- 0 0 312107 B -- F 0 -- 0 0 312109 B -- F 0 -- 0 0 312110 A -- F 0 -- 0 0 312112 B -- F 0 -- 0 0 312114 B -- F 0 -- 0 0 312115 B 12-Aug-93 F 0 -- 0 0 312116 B -- F 0 -- 0 0 312118 B 01-Jul-88 T 0 -- 0 0 312119 A -- F 0 -- 0 0 312120 B 01-Sep-92 F 0 -- 0 0 312122 A -- F 0 -- 0 0 312123 C -- F 0 -- 0 0 312124 A -- F 0 -- 0 0 312125 B -- F 0 -- 0 0 312126 B -- F 0 -- 0 0 312127 B 27-Sep-95 F 0 -- 0 0 312128 B -- F 0 -- 0 0 312129 A -- F 0 -- 0 0 312130 A+ -- F 0 -- 0 0 312132 A -- F 0 -- 0 0 312133 C -- F 0 -- 0 0 312134 B -- F 0 -- 0 0 312135 C 01-May-94 F 0 -- 0 0 312136 B -- F 0 -- 0 0 312137 A -- F 7.2 6MOLIB 15-Dec-98 1.5 7 312139 B -- F 0 -- 0 0 312142 A -- F 0 -- 0 0 312143 A -- F 0 -- 0 0 312144 A -- F 0 -- 0 0 312145 A -- F 0 -- 0 0 312147 B -- F 0 -- 0 0 312149 A+ -- F 0 -- 0 0 312152 C -- F 0 -- 0 0 312154 C -- F 0 -- 0 0 312155 A -- F 0 -- 0 0 312156 A -- F 0 -- 0 0 312157 B -- F 6.95 6MOLIB 01-Jan-99 1.5 7 312159 B -- F 7.3 6MOLIB 01-Jan-99 1.5 7 312164 A -- F 0 -- 0 0 312165 B 01-Jun-89 F 7.07 6MLIB 01-Jan-99 1.5 7 312166 A -- F 0 -- 0 0 312167 B -- F 0 -- 0 0 312172 B -- F 7.25 6MOLIB 01-Jan-99 1.5 7 312175 A+ -- F 0 -- 0 0 312176 A -- F 0 -- 0 0 312177 A -- F 0 -- 0 0 312178 A -- F 0 -- 0 0 312179 B -- F 0 -- 0 0 312180 A -- F 0 -- 0 0 312183 C -- F 0 -- 0 0 312184 B -- T 0 -- 0 0 312185 A 03-Oct-91 F 0 -- 0 0 312186 B -- F 0 -- 0 0 312187 A -- F 0 -- 0 0 312188 B 21-Mar-94 F 0 -- 0 0 312189 A -- F 0 -- 0 0 312190 A -- F 0 -- 0 0 312192 B -- F 8.25 6MLIB 15-Jun-97 1.5 7 312193 A -- F 0 -- 0 0 312194 A -- F 0 -- 0 0 312195 C -- F 0 -- 0 0 312196 A -- F 0 -- 0 0 312197 C 01-May-91 F 0 -- 0 0 312199 A -- F 0 -- 0 0
Page 23 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 312085 0 0 F 312086 0 0 P F 312087 0 0 P F 312088 0 0 P F 312089 0 0 P F 312092 0 0 F 312093 0 0 P F 312094 0 0 P F 312095 0 0 L 312096 0 0 P F 312099 0 0 P F 312100 0 0 P F 312104 0 0 F 312106 0 0 P F 312107 0 0 P F 312109 0 0 P F 312110 0 0 F 312112 0 0 F 312114 0 0 F 312115 0 0 F 312116 0 0 F 312118 0 0 F 312119 0 0 P F 312120 0 0 F 312122 0 0 P F 312123 0 0 F 312124 0 0 P F 312125 0 0 P F 312126 0 0 P F 312127 0 0 P F 312128 0 0 P F 312129 0 0 F 312130 0 0 P F 312132 0 0 F 312133 0 0 P F 312134 0 0 F 312135 0 0 P F 312136 0 0 P F 312137 10.7 17.7 F 312139 0 0 F 312142 0 0 F 312143 0 0 F 312144 0 0 F 312145 0 0 P F 312147 0 0 F 312149 0 0 P F 312152 0 0 P F 312154 0 0 P F 312155 0 0 P F 312156 0 0 P F 312157 9.95 16.95 P F 312159 10.3 17.3 P F 312164 0 0 P F 312165 10.07 17.07 P F 312166 0 0 P F 312167 0 0 F 312172 10.25 17.25 F 312175 0 0 P F 312176 0 0 P F 312177 0 0 P F 312178 0 0 P F 312179 0 0 P F 312180 0 0 P F 312183 0 0 F 312184 0 0 F 312185 0 0 P L 312186 0 0 P F 312187 0 0 P F 312188 0 0 P F 312189 0 0 P F 312190 0 0 F 312192 0 17.75 P F 312193 0 0 F 312194 0 0 P F 312195 0 0 P F 312196 0 0 P F 312197 0 0 P F 312199 0 0 F
Page 24 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- ------------------ ------------------ ------------------------------------------------ 312200 BLLN MCFARLAND ROY M 6822 FAIRVIEW ROAD 312202 BLLN SHOOK WALTER 512 SHOOK ROAD 312203 BLLN SNYDER WILLIAM D 610 NORTH MAIN 312204 FR SOUTHALL MARVA R 725 REVELS DRIVE 312205 FR FLECK LOUIS J 600W NATIONAL HWY 312206 BLLN WILLIAMS NORRIS S 1808 RUSSELL STREET 312207 BLLN BYRD JOHN K 317 OWEN STREET 312208 BLLN ERICKSON LINDA P 1156 GEORGE BASON RD 312209 FR REED CLINT M. 1504 MONTICELLO COUR 312210 BLLN FELDMEYER SCOT W 1129 AVALON DRIVE 312213 BLLN BANNERMAN MARSHA L 1043 N MOUNT STREET 312214 ARM2-28 BOYCHI MIKE 5540 BRIDGEPORT 312215 FR DAVIDSON VIRGINIA 3631 KINSER PIKE 312216 FR DYSON LARRY 198 KELLUM 312218 ARM2-28 SHIVERS MARYLOU 30805 BARTON 312219 ARM SHELLEY THOMAS A 1401 COUNTY ROAD EF 312222 BLLN COMPTON BETTY A 168 VISTAVIEW DRIVE 312224 FR GIBSON ETHELDRE 816 149TH STREET CO 312225 BLLN SLONE JERRY 6723 METTETAL 312226 FR S WHITE KATHLEEN 2745 MARY AVENUE 312227 BLLN SAXER ROBERT F 401 BANK STREET 312229 FR TAYLOR DIANE 211 BONNARIDGE DR 312230 BLLN LOWRY LISA 29 LYNE COVE COURT 312232 FR CRABTREE JR UAIL S 1321 JAHNZ AVENUE 312233 FR SWARTZ ROBERT L 54313 MYSTIQUE CT 312235 FR BENNETT MARY 6759S THROOP ST 312239 FR COOPER JAMES P. 865 TIEASHA LANE 312240 FR FERGUSON ROY H 262 BANK ROAD 312242 ARM2-28 WILLIAMS JEFFREY 3317 52ND PLACE N.E. 312243 BLLN WALKER JAMES 6 NEAL STREET 312244 BLLN NEAL DENNIS 6711 FLAT CREEK RD 312245 FR DOCKERY CHARLES E 706 FORESTVIEW ROAD 312246 BLLN OLIVER JOHN R 4330 KENTUCKY STREET 312247 FR RUSSELL THELMA K 109 JR. HILL ROAD 312248 BLLN HUTTON NORMA 12310 CLOVERLAWN 312249 BLLN SALMON JOHN A 2900 PEARSON AVENUE 312250 BLLN ALLEN REBA W 1043 GEN GEORGE PATT 312251 BLLN MINNICK ROBERT W 3424W STROUDSVILLE RD 312255 FR DOWELL BETTY A 1458 AKRON STREET 312256 ARM2-28 KOCHANSKI KEVIN J 3893 SANDBAR COURT 312257 ARM2-28 BAETIONG ANGELITA 701 EAST LINCOLN 312260 BLLN SHECKARD EDWARD 62 SWEDEN CIRCLE 312264 BLLN WYATT JAMES C. 326 WILD GOOSE LAKE 312265 BLLN HOLMES HERBERT 756 ST PAUL'S CHURC 312266 FR EMINIAN BARBARA 2303 HOLMDEN AVENUE 312267 FR BANDY CLAUDINE 3218 LYNCHBURG 312269 FR WATSON JOHN H 1515 LANDEVEIS END 312270 FR FORDER REGINALD 4854 ASTER DRIVE 312272 ARM2-28 MILLS BETTY J 1681 SMELTZER ROAD 312274 FR WADE ANNETTE 2ND & LEXINGTON AVE 312275 BLLN COTTRILL EDWARD C 1015 NWORRVILLE STREET 312276 FR WILLIAMS JULIA M. 2492 MONTEREY 312279 FR WILLIAMS VON MARK 6043 GUYNELL DRIVE 312280 FR PIRTLE JOHNNY A 23 CARRUTHERS DR. 312283 BLLN LUSTER ALONZO R 359 BEECHWOOD DRIVE 312284 FR WEAVER ADRIA 9809 SANDUSKY AVENUE 312285 BLLN GULLEY ALLEN M 62 W BEVERLY 312286 BLLN WEINBERG SCOTT E 1389 MONOMOY STREET 312287 FR TRYNER ROBERT F 14212 N. 100 WEST 312294 FR JONES JERRY D 29W 110 WOODLAND AV 312295 FR REX MICHAEL A 908 NE 109TH AVE 312297 BLLN CHURCH DAVID AR 181 COUTANT STREET 312298 FR BROTHERTON THOMAS H 234 WILLOW WOOD DR 312299 FR CHILLIS MARY 3452 W HIRSH ST 312300 FR CHEEK ETHEL LE 109 WEBBER LANE 312302 FR SAMS MARCELLA 5121 VERMONT STREET 312303 FR CASSIDY LEEANNE 121 FERN AVENUE 312304 FR COMBS LARRY W 4814 CLIFF AVENUE 312305 BLLN ALDERSON GLORIA 605 VESTER AVENUE 312306 BLLN WOODARD JERRY G. 1009 SHILOH DRIVE 312307 FR GARCIA JESUS E 1453 SHELL STREET 312310 FR FAILE ROBERT R 1762 NAZARETH ROAD 312312 FR PANTHER JR WILLIAM A 2214 MONTEREY PARK D 312314 FR PANTHER JR WILLIAM A 2825 MONTEREY PARK 312315 BLLN HOLBERT JAMES M 3306 WILLOW TREE RD 312317 BLLN MARKAHN PAUL 5109 HUNTERS POINT L 312318 FR GEORGE GERALDINE 545 BRYAN ROAD 312319 FR HARRISON JAMES A 304 GREENMEADOW CIR LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312200 CORRYTON TN 37721 KNOX 66,300.00 66,231.00 66,231.00 312202 SENECA SC 29672 OCONEE 34,700.00 34,534.90 34,534.90 312203 GASTON IN 47342 DELAWARE 35,200.00 35,190.69 35,190.69 312204 NASHVILLE TN 37207 DAVIDSON 68,000.00 67,741.55 67,741.55 312205 WASHINGTON IN 47501 DAVIESS 32,000.00 31,856.62 31,856.62 312206 NASHVILLE TN 37206 DAVIDSON 77,400.00 77,375.80 77,375.80 312207 GIBSONVILLE NC 27249 ALAMANCE 51,000.00 50,988.57 50,988.57 312208 GRAHAM NC 27253 ALAMANCE 144,500.00 144,500.00 144,500.00 312209 MURFREESBORO TN 37129 RUTHERFORD 119,000.00 118,849.29 118,697.28 312210 MAINEVILLE OH 45039 WARREN 172,000.00 171,944.43 171,888.33 312213 BALTIMORE MD 21217 BALTIMORE CITY 30,000.00 29,967.83 29,967.83 312214 CANAL FULTON OH 44614 STARK 85,000.00 84,955.94 84,955.94 312215 BLOOMINGTON IN 47404 MONROE 78,300.00 78,272.38 78,272.38 312216 SALTILLO MS 38866 LEE 21,500.00 21,500.00 21,500.00 312218 GARDEN CITY MI 48135 WAYNE 68,850.00 68,826.76 68,826.76 312219 SWANTON OH 43558 FULTON 93,500.00 93,456.38 93,456.38 312222 ELGIN SC 29045 KERSHAW 50,000.00 49,985.37 49,985.37 312224 TACOMA WA 98445 PIERCE 109,600.00 109,497.32 109,497.32 312225 DETROIT MI 48228 WAYNE 34,400.00 34,389.37 34,378.63 312226 GASTONIA NC 28052 GASTON 29,500.00 29,442.07 29,442.07 312227 LODI OH 44254 MEDINA 56,000.00 55,981.90 55,981.90 312229 HERMITAGE TN 37076 DAVIDSON 25,900.00 25,781.78 25,781.78 312230 IRMO SC 29063 RICHLAND 73,950.00 73,920.92 73,920.92 312232 SUMMERVILLE SC 29485 DORCHESTER 77,350.00 77,164.24 77,164.24 312233 MISHAWAKA IN 46545 ST. JOSEPH 103,600.00 103,552.68 103,552.68 312235 CHICAGO IL 60636 COOK 54,400.00 54,373.24 54,373.24 312239 GABLE SC 29051 SUMTER 34,900.00 34,835.53 34,835.53 312240 FALL BRANCH TN 37656 WASHINGTON 30,000.00 29,855.22 29,855.22 312242 TACOMA WA 98442 PIERCE 156,825.00 156,772.05 156,772.05 312243 SUMTER SC 29150 SUMTER 64,600.00 64,600.00 64,600.00 312244 COLLEGE GROVE TN 37046 WILLIAMSON 67,900.00 67,872.06 67,872.06 312245 KNOXVILLE TN 37919 KNOX 71,825.00 71,654.51 71,654.51 312246 GARY IN 46409 LAKE 41,250.00 41,216.80 41,216.80 312247 MILLEDGEVILLE GA 31061 BALDWIN 23,100.00 22,825.77 22,825.77 312248 DETROIT MI 48204 WAYNE 20,000.00 19,995.00 19,995.00 312249 MARYVILLE TN 37804 BLOUNT 70,400.00 70,358.56 70,358.56 312250 NASHVILLE TN 37221 DAVIDSON 25,000.00 24,981.50 24,981.50 312251 CEDAR HILL TN 37032 ROBERTSON 41,650.00 41,615.35 41,615.35 312255 TOLEDO OH 43605 LUCAS 55,250.00 55,233.11 55,233.11 312256 OXFORD MI 48371 OAKLAND 213,300.00 213,210.36 213,210.36 312257 MADISON HEIGHTS MI 48071 OAKLAND 68,670.00 68,642.41 68,642.41 312260 SILVERTON OR 97381 MARION COUNTY 170,000.00 169,929.48 169,929.48 312264 GREGORY MI 48137 WASHTENAW 58,200.00 58,186.55 58,186.55 312265 SUMTER SC 29154 SUMTER 17,250.00 17,246.14 17,246.14 312266 CLEVELAND OH 44109 CUYAHOGA 42,500.00 42,401.62 42,401.62 312267 MEMPHIS TN 38134 SHELBY 57,500.00 57,358.70 57,358.70 312269 MARIETTA GA 30068 COBB 55,000.00 54,790.77 54,790.77 312270 NASHVILLE TN 37211 DAVIDSON 82,125.00 82,092.36 82,092.36 312272 MARION OH 43302 MARION 39,500.00 39,476.80 39,476.80 312274 NORWAY SC 29113 ORANGEBURG 59,500.00 59,428.49 59,428.49 312275 MASSILLON OH 44647 STARK 59,200.00 59,172.08 59,172.08 312276 DETROIT MI 48206 WAYNE 16,000.00 15,918.25 15,918.25 312279 BATON ROUGE LA 70811 EAST BATON ROUGE 40,500.00 39,899.38 39,899.38 312280 JACKSON TN 38305 MADISON 32,000.00 31,934.47 31,934.47 312283 AKRON OH 44320 SUMMIT 62,250.00 62,237.32 62,237.32 312284 CLEVELAND OH 44105 CUYAHOGA 40,550.00 40,400.18 40,400.18 312285 PONTIAC MI 48340 OAKLAND 46,750.00 46,731.22 46,731.22 312286 AURORA IL 60506 KANE 16,500.00 16,492.66 16,492.66 312287 SUMMITVILLE IN 46035 MADISON 20,000.00 19,918.38 19,918.38 312294 WEST CHICAGO IL 60185 DUPAGE 58,000.00 57,748.43 57,748.43 312295 PORTLAND OR 97220 MULTNOMAH 84,000.00 83,946.64 83,946.64 312297 FLUSHING MI 48433 GENESEE 88,315.00 88,279.53 88,279.53 312298 CHIPPEWA LAKE OH 44215 MEDINA 90,000.00 89,972.48 89,972.48 312299 CHICAGO IL 60651 COOK 55,000.00 54,866.69 54,866.69 312300 UNION SC 29379 UNION 22,000.00 21,953.62 21,953.62 312302 GARY IN 46409 LAKE 56,250.00 56,229.05 56,229.05 312303 NASHVILLE TN 37207 DAVIDSON 55,165.00 55,139.53 55,139.53 312304 LOUISVILLE KY 40215 JEFFERSON 31,135.00 31,101.07 31,101.07 312305 NASHVILLE TN 37207 DAVIDSON 50,400.00 50,383.35 50,383.35 312306 SPRINGFIELD TN 37073 Robertson 84,800.00 84,774.07 84,774.07 312307 HAMMOND IN 46320 LAKE 40,000.00 39,817.08 39,817.08 312310 LEXINGTON SC 29073 LEXINGTON 12,584.00 12,569.56 12,569.56 312312 GASTONIA NC 28054 GASTON 46,900.00 46,885.31 46,885.31 312314 GASTONIA NC 28054 GASTON 63,425.00 63,380.44 63,380.44 312315 SEVIERVILLE TN 37862 SEVIER 43,500.00 43,477.75 43,477.75 312317 HERMITAGE TN 37076 DAVIDSON 52,875.00 52,761.88 52,761.88 312318 CLARKSVILLE TN 37043 MONTGOMERY 25,000.00 24,816.45 24,816.45 312319 ANDERSON SC 29624 ANDERSON 48,500.00 48,264.09 48,264.09 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312200 545.43 9.2500 180 0.8500 312202 309.66 10.2000 180 0.5783 312203 371.58 12.3500 180 0.8000 312204 842.55 12.6000 180 0.8500 312205 360.70 10.8500 180 0.8000 312206 772.40 11.6000 180 0.9000 312207 567.75 13.0900 180 0.7500 312208 1,525.39 12.3500 180 0.8500 312209 1,172.13 10.3000 240 0.7727 312210 1,696.74 11.4500 180 0.7478 312213 276.67 10.6000 180 0.7143 312214 699.27 9.2500 360 0.8500 312215 748.63 11.0500 360 0.9000 312216 330.60 13.7500 120 0.5000 312218 668.71 11.2500 360 0.8500 312219 803.31 9.7500 360 0.8500 312222 510.46 11.9000 180 0.7692 312224 941.63 9.7500 360 0.8000 312225 344.60 11.6500 180 0.8000 312226 357.85 12.2000 180 0.5086 312227 552.43 11.4500 180 0.8000 312229 288.71 10.6500 180 0.3278 312230 679.22 10.5500 180 0.8500 312232 833.57 10.0500 180 0.8500 312233 897.70 9.8500 360 0.8000 312235 589.04 12.7000 360 0.8500 312239 437.90 12.8400 180 0.6712 312240 399.78 10.2000 120 0.4839 312242 1,523.18 11.2500 360 0.8500 312243 624.49 11.1900 180 0.8500 312244 777.20 13.4900 180 0.8083 312245 780.65 10.2000 180 0.8500 312246 435.45 12.3500 180 0.7500 312247 527.37 13.1500 60 0.5133 312248 215.00 12.6000 180 0.7407 312249 774.91 12.9300 180 0.8000 312250 235.25 10.8500 180 0.1852 312251 375.09 10.3100 180 0.8500 312255 555.58 11.7000 360 0.8500 312256 1,909.80 10.2400 360 0.9000 312257 625.59 10.4500 360 0.9000 312260 1,529.69 10.3000 180 0.8500 312264 641.53 12.9500 180 0.6000 312265 192.17 13.1000 180 0.7500 312266 468.48 10.4500 180 0.8500 312267 610.88 9.8000 180 0.6845 312269 681.11 12.5900 180 0.7922 312270 751.23 10.5000 360 0.9000 312272 307.93 8.6500 360 0.6475 312274 602.05 10.7000 240 0.8500 312275 506.45 9.7000 180 0.8000 312276 204.42 9.2000 120 0.4923 312279 471.57 11.4400 180 0.7500 312280 379.13 11.7600 180 0.8000 312283 713.51 13.5100 180 0.7500 312284 477.60 9.7000 144 0.8110 312285 425.89 10.4500 180 0.8500 312286 184.46 13.1500 180 0.7500 312287 238.11 11.8500 180 0.7755 312294 666.53 11.2000 180 0.4143 312295 835.05 11.5500 360 0.8000 312297 804.55 10.4500 180 0.8500 312298 905.02 11.7000 360 0.7317 312299 589.35 9.9500 180 0.6322 312300 256.30 11.4500 180 0.8000 312302 527.20 10.8000 360 0.9000 312303 475.98 9.8000 360 0.8500 312304 330.75 11.4400 240 0.8500 312305 493.35 11.3500 180 0.9000 312306 852.73 11.7000 180 0.8000 312307 445.39 10.6300 180 0.7143 312310 130.32 11.0500 240 0.8500 312312 467.67 11.5900 360 0.7949 312314 608.33 11.0900 360 0.8457 312315 467.64 12.6000 180 0.7250 312317 557.76 12.3400 180 0.7500 312318 296.61 9.8500 144 0.2551 312319 537.62 10.5500 180 0.6818
Page 25 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 312200 178 360 0.00 78000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312202 178 360 0.00 60000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312203 179 360 0.00 44000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312204 178 180 0.00 80000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312205 178 180 0.00 40000.00 16-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312206 179 360 0.00 86000.00 13-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312207 179 360 0.00 68000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312208 180 360 0.00 170000.00 16-Dec-96 15-Feb-97 15-Jan-12 15-Feb-97 312209 239 240 0.00 154000.00 13-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312210 179 360 0.00 230000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312213 179 360 0.00 42000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312214 359 360 0.00 100000.00 14-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312215 359 360 0.00 87000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312216 120 120 0.00 43000.00 17-Dec-96 01-Feb-97 01-Jan-07 01-Feb-97 312218 359 360 0.00 81000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312219 359 360 0.00 110000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312222 179 360 0.00 65000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312224 358 360 0.00 137000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312225 179 360 0.00 43000.00 07-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97 312226 179 180 0.00 58000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312227 179 360 0.00 70000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312229 178 180 0.00 79000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312230 179 360 0.00 87000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312232 179 180 0.00 91000.00 16-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312233 359 360 0.00 129500.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312235 358 360 0.00 64000.00 18-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312239 179 180 0.00 52000.00 17-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312240 119 120 0.00 62000.00 17-Dec-96 15-Feb-97 15-Jan-07 15-Mar-97 312242 359 360 184500.00 184500.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312243 180 360 0.00 76000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Feb-97 312244 178 360 0.00 84000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312245 179 180 0.00 84500.00 17-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312246 178 360 0.00 55000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312247 59 60 0.00 45000.00 18-Dec-96 01-Feb-97 01-Jan-02 01-Mar-97 312248 179 360 0.00 27000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312249 179 360 0.00 88000.00 17-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312250 178 360 0.00 135000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312251 178 360 0.00 49000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312255 359 360 0.00 65000.00 19-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312256 359 360 0.00 237000.00 17-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312257 359 360 0.00 76300.00 18-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312260 179 360 0.00 200000.00 27-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312264 179 360 0.00 97000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312265 179 360 0.00 23000.00 18-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312266 179 180 0.00 50000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312267 179 180 0.00 84000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312269 178 180 0.00 198000.00 17-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312270 359 360 91250.00 91250.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312272 359 360 0.00 61000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312274 239 240 0.00 70000.00 18-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312275 179 360 0.00 74000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312276 119 120 0.00 32500.00 19-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97 312279 178 180 0.00 54000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312280 179 180 0.00 40000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312283 179 360 0.00 83000.00 18-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312284 143 144 0.00 50000.00 19-Dec-96 01-Feb-97 01-Jan-09 01-Mar-97 312285 179 360 0.00 55000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312286 178 360 25500.00 22000.00 18-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312287 178 180 0.00 103000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312294 178 180 0.00 140000.00 18-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312295 358 360 0.00 105000.00 19-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312297 179 360 0.00 103900.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312298 359 360 0.00 123000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312299 179 180 0.00 87000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312300 179 180 0.00 27500.00 18-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312302 359 360 0.00 62500.00 18-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312303 359 360 64900.00 64900.00 18-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312304 239 240 0.00 80000.00 19-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312305 179 360 0.00 56000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312306 179 360 0.00 106000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312307 178 180 0.00 56000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312310 239 240 0.00 82000.00 18-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97 312312 359 360 0.00 59000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312314 358 360 0.00 75000.00 20-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312315 178 360 0.00 60000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312317 178 360 0.00 70500.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312318 142 144 0.00 98000.00 19-Dec-96 15-Jan-97 15-Dec-08 15-Mar-97 312319 178 180 0.00 99000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ----------- ----------------- 312200 15-Mar-97 1 1 1 18 0 4 312202 01-Apr-97 1 1 1 18 0 3 312203 01-Mar-97 1 1 1 18 0 3 312204 15-Mar-97 1 1 1 18 0 3 312205 15-Mar-97 1 1 1 18 0 2 312206 01-Mar-97 1 1 1 18 0 3 312207 01-Mar-97 1 1 1 18 0 3 312208 15-Feb-97 1 1 1 18 0 3 312209 01-Apr-97 3 1 1 18 0 4 312210 01-Apr-97 1 1 1 18 0 3 312213 15-Mar-97 6 1 1 18 0 3 312214 01-Mar-97 1 1 1 18 0 3 312215 01-Mar-97 1 1 1 18 0 4 312216 01-Feb-97 1 1 1 18 0 3 312218 01-Mar-97 1 1 1 18 0 4 312219 01-Mar-97 1 1 1 18 0 4 312222 01-Mar-97 8 1 1 18 0 2 312224 01-Apr-97 1 1 1 18 0 4 312225 01-Apr-97 1 1 1 18 0 4 312226 01-Mar-97 1 1 1 18 0 3 312227 01-Mar-97 1 1 1 18 0 3 312229 01-Apr-97 1 1 1 18 0 2 312230 01-Mar-97 1 1 1 18 0 3 312232 01-Mar-97 1 1 1 18 0 3 312233 01-Mar-97 1 1 1 18 0 4 312235 15-Mar-97 1 1 1 18 0 3 312239 01-Mar-97 8 1 1 18 0 3 312240 15-Mar-97 1 1 1 18 0 3 312242 01-Mar-97 1 1 1 18 0 1 312243 01-Feb-97 1 1 1 18 0 3 312244 01-Apr-97 1 1 1 18 0 4 312245 15-Mar-97 1 1 1 18 0 4 312246 15-Mar-97 1 1 1 18 0 3 312247 01-Mar-97 1 1 1 18 0 3 312248 01-Mar-97 1 1 1 18 0 3 312249 01-Mar-97 1 1 1 18 0 4 312250 15-Mar-97 3 1 1 18 0 3 312251 15-Mar-97 1 1 1 18 0 4 312255 15-Mar-97 1 1 1 18 0 4 312256 01-Mar-97 1 1 1 18 0 4 312257 01-Mar-97 1 1 1 18 0 4 312260 15-Mar-97 1 1 1 18 0 3 312264 01-Mar-97 1 1 1 18 0 3 312265 15-Mar-97 1 1 3 18 0 3 312266 01-Mar-97 1 1 1 18 0 4 312267 01-Mar-97 1 1 1 18 0 4 312269 15-Mar-97 1 1 1 38 101863 3 312270 01-Mar-97 1 1 1 18 0 1 312272 01-Mar-97 1 1 1 18 0 3 312274 01-Mar-97 1 1 1 18 0 2 312275 01-Mar-97 1 1 1 18 0 3 312276 01-Mar-97 1 1 1 18 0 4 312279 15-Mar-97 1 1 3 18 0 3 312280 01-Mar-97 1 1 1 18 0 4 312283 15-Mar-97 1 1 1 18 0 4 312284 01-Mar-97 1 1 3 18 0 3 312285 01-Mar-97 1 1 1 18 0 4 312286 15-Mar-97 3 1 1 18 0 1 312287 01-Apr-97 1 1 1 38 59873 3 312294 15-Mar-97 1 1 1 18 0 3 312295 15-Mar-97 1 1 1 18 0 3 312297 01-Mar-97 1 1 1 18 0 4 312298 01-Mar-97 1 1 1 18 0 3 312299 01-Mar-97 1 1 1 18 0 3 312300 15-Mar-97 1 1 1 18 0 3 312302 15-Mar-97 1 1 1 18 0 4 312303 15-Mar-97 1 1 1 18 0 1 312304 01-Mar-97 1 1 1 38 36865 3 312305 01-Mar-97 1 1 1 18 0 2 312306 01-Mar-97 1 1 1 18 0 4 312307 01-Apr-97 1 1 1 18 0 3 312310 15-Mar-97 8 1 1 38 57116 3 312312 01-Mar-97 1 1 3 18 0 2 312314 15-Mar-97 1 1 1 18 0 2 312315 15-Mar-97 1 1 1 18 0 3 312317 01-Apr-97 1 1 1 18 0 3 312318 15-Mar-97 1 1 1 18 0 3 312319 01-Apr-97 1 1 1 38 19000 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 312200 A -- F 0 -- 0 0 312202 A -- F 0 -- 0 0 312203 C -- F 0 -- 0 0 312204 B -- F 0 -- 0 0 312205 B -- F 0 -- 0 0 312206 B 01-Dec-90 F 0 -- 0 0 312207 C -- F 0 -- 0 0 312208 B -- F 0 -- 0 0 312209 A -- F 0 -- 0 0 312210 B -- F 0 -- 0 0 312213 B -- T 0 -- 0 0 312214 B -- F 6.25 6MLIB 01-Jan-99 1.5 7 312215 A -- F 0 -- 0 0 312216 C -- F 0 -- 0 0 312218 B -- F 8.25 6MOLIB 01-Jan-99 1.5 7 312219 A -- F 7 6MOLIB 01-Jul-97 1.5 7 312222 A 01-Jun-92 F 0 -- 0 0 312224 B -- F 0 -- 0 0 312225 B -- T 0 -- 0 0 312226 C -- F 0 -- 0 0 312227 B -- F 0 -- 0 0 312229 A -- F 0 -- 0 0 312230 A -- F 0 -- 0 0 312232 A -- F 0 -- 0 0 312233 B -- F 0 -- 0 0 312235 A -- T 0 -- 0 0 312239 B -- F 0 -- 0 312240 A -- F 0 -- 0 0 312242 B -- F 8.25 6MLIB 01-Jan-99 1.5 7 312243 A -- F 0 -- 0 0 312244 B -- F 0 -- 0 0 312245 A -- F 0 -- 0 0 312246 C 24-Jan-92 F 0 -- 0 0 312247 C -- F 0 -- 0 0 312248 B -- T 0 -- 0 0 312249 C -- F 0 -- 0 0 312250 A -- F 0 -- 0 0 312251 A 01-Jan-94 F 0 -- 0 0 312255 B -- F 0 -- 0 0 312256 A -- F 6.74 6MOLIB 01-Jan-99 1.5 7 312257 A -- F 6.95 6MLIB 01-Jan-99 1.5 7 312260 A -- F 0 -- 0 0 312264 B 10-Mar-88 F 0 -- 0 0 312265 B -- F 0 -- 0 0 312266 A -- F 0 -- 0 0 312267 A -- F 0 -- 0 0 312269 B -- F 0 -- 0 0 312270 A+ -- F 0 -- 0 0 312272 B -- F 5.65 6MOLIB 01-Jan-99 1.5 7 312274 A -- F 0 -- 0 0 312275 A 01-Dec-87 F 0 -- 0 0 312276 A -- F 0 -- 0 0 312279 A -- F 0 -- 0 0 312280 B -- F 0 -- 0 0 312283 C 01-Jan-96 F 0 -- 0 0 312284 A -- F 0 -- 0 0 312285 A -- F 0 -- 0 0 312286 B -- F 0 -- 0 0 312287 B -- F 0 -- 0 0 312294 B -- F 0 -- 0 0 312295 B -- F 0 -- 0 0 312297 B -- F 0 -- 0 0 312298 B 02-Apr-92 F 0 -- 0 0 312299 A -- F 0 -- 0 0 312300 A -- F 0 -- 0 0 312302 A -- F 0 -- 0 0 312303 A -- F 0 -- 0 0 312304 A -- F 0 -- 0 0 312305 A -- F 0 -- 0 0 312306 B -- F 0 -- 0 0 312307 B -- F 0 -- 0 0 312310 A -- F 0 -- 0 0 312312 B -- F 0 -- 0 0 312314 B -- F 0 -- 0 0 312315 C 03-Jun-96 F 0 -- 0 0 312317 B -- F 0 -- 0 0 312318 A -- F 0 -- 0 0 312319 A -- F 0 -- 0 0
Page 26 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 312200 0 0 P F 312202 0 0 F 312203 0 0 P F 312204 0 0 F 312205 0 0 P F 312206 0 0 P F 312207 0 0 F 312208 0 0 F 312209 0 0 F 312210 0 0 P F 312213 0 0 F 312214 9.25 16.25 P F 312215 0 0 P F 312216 0 0 P F 312218 11.25 18.25 P F 312219 10.75 16.75 P F 312222 0 0 F 312224 0 0 F 312225 0 0 F 312226 0 0 F 312227 0 0 P F 312229 0 0 P L 312230 0 0 F 312232 0 0 F 312233 0 0 P F 312235 0 0 F 312239 0 0 F 312240 0 0 F 312242 11.25 18.25 F 312243 0 0 F 312244 0 0 F 312245 0 0 F 312246 0 0 P F 312247 0 0 P F 312248 0 0 F 312249 0 0 F 312250 0 0 P F 312251 0 0 P F 312255 0 0 P F 312256 10.24 17.24 P F 312257 10.45 17.45 F 312260 0 0 P F 312264 0 0 P F 312265 0 0 F 312266 0 0 P F 312267 0 0 P F 312269 0 0 F 312270 0 0 F 312272 8.65 15.65 P F 312274 0 0 F 312275 0 0 P F 312276 0 0 P F 312279 0 0 F 312280 0 0 F 312283 0 0 P F 312284 0 0 P F 312285 0 0 P F 312286 0 0 F 312287 0 0 P F 312294 0 0 F 312295 0 0 P F 312297 0 0 P F 312298 0 0 P F 312299 0 0 F 312300 0 0 F 312302 0 0 P F 312303 0 0 P F 312304 0 0 F 312305 0 0 P F 312306 0 0 F 312307 0 0 F 312310 0 0 F 312312 0 0 F 312314 0 0 F 312315 0 0 F 312317 0 0 F 312318 0 0 P F 312319 0 0 F
Page 27 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- ------------------ ------------------ ---------------------------------------------------------------- 312320 BLLN COODE III CHARLES D 4821 BARCLAY SQ DR 312322 ARM2-28 CRENSHAW PAMELA K 226 HENNING 312324 FR ANDERSON WAYNE 608 WITHROW 312326 ARM2-28 HOSANGADI ASHOK B 10410 ONEIDA 312328 FR GRIFFIN NELLIE L 108 JASMINE DR 312331 BLLN CLARK RENA 944 ANSEL ROAD 312332 BLLN R MITCHELL LAWRENCE 9138 N NICHOLSON 312333 BLLN A HARDISON CHARLENE 735 GEN GEORGE PATT 312334 BLLN JACKSON DARRELL E 102E 2ND AVENUE 312336 FR JORDAN ROGER 2778 FLANNAGAN ROAD 312337 FR BARTON ROBERT 535 KITTI WAKE 312340 BLLN OGLETREE DEBORAH J 1716 TENNYSON AVENUE 312342 FR LUKE DOUGLAS 213 DWAYNE STREET 312344 BLLN GARRETT DERRICK E 2409 HARMONY WAY 312346 BLLN BRONER HOWARD F 9665 PINEHURST 312347 ARM2-28 FLOOD MARK A 233 BATH STREET 312349 ARM2-28 CHAFE JOHN E. 1945 SPRINGFIELD LAK 312354 FR MCKAY DANNY E. 5215 INDIANA AVENUE 312355 FR HOWARD JR SIDNEY 1278 AVONDALE CIRCLE 312356 FR WINGATE WILLIE L 805 BUTLER LANE 312359 FR HALEY FANNIE 324 ROYAL AVENUE 312363 FR POTIER WHITNEY 5029 BRIDGE STREET H 312364 BLLN ADAMS CHARLES E 3288W 54TH ST 312366 BLLN SUTTON DAISY L 1610N 22ND AVENUE 312367 FR DAVIDSON TIMOTHY E 1272 PIROS DRIVE 312369 BLLN A EVETTS CHRISTOPH 3143 CROSSWOOD DR 312374 BLLN BEASLEY TERRY JO 2009 COLLEGE VIEW RO 312377 BLLN JOHNSON BRENDA M 819 S KENWOOD AVE 312378 FR TOLER JR ARNOLD G 122 ASHDOWN DRIVE 312379 FR FODEY JOE 4573 MOUNT RUSHMORE 312380 ARM2-28 STROTHER HARRISON 14111 OAK PARK BLVD 312383 ARM2-28 RICHARDSON HENRY W 417 OLD SAYBROOK DR 312384 BLLN THOMPSON ESTELENE 1304 CEDARBEND COURT 312385 ARM STATHAM MICHAEL 10209 NEW FOREST CT 312386 FR FOSTER EVELYN 10014 LITTLEFIELD 312387 FR CANLAS JOSEPH J 3621 DELILLE STREET 312389 FR J CRAWFORD JR BRANTLEY 6400 FULTON DRIVE 312390 FR TWYMAN MICHAEL 1206 NASHVILLE CIRCL 312392 FR TURNER LAURA 9719 SOUTH DOBSON 312393 FR FARJOODI ABOLGHAS 2817 HIGHLAND PLACE 312394 FR MILLER HERBERT VANEMET 14551 DUANE ROAD 312395 BLLN SEYMORE RICHARD C 1143NW SCHNEIDER XING 312396 FR HOOVER ANDREA L 8142 CASTLE ROCK DR. 312398 FR BASS JOYCE G. 106 ESTELLE AVENUE] 312399 FR FIELDER JR CONNIE L 610 RUSSELL STREET 312402 FR BATCHELOR LARRY 2914 S NEBRASKA ST 312404 ARM2-28 ANNICK WILLIAM J 1629 UNION AVENUE 312406 FR THOMAS BEVERLY 218 HOLSTON VIEW DR 312407 FR NIEDZWIECKI DAVID S 9744 SILVERCREEK RD 312408 FR CALHOUN DOROTHY 1411 WEST 110TH STRE 312409 ARM O'CAMPO ALFRED 911 GARNOA DRIVE 312410 FR HOLMES SERESA 4701 WINDMERE CHASE 312412 FR GOODE III EZEKIEL 6601 HWY 702 312413 BLLN COX DEBORAH 107 ROSE LEA AVENUE 312414 FR WILLIS MARY L 10006 S WENTWORTH AVE 312415 ARM2-28 WAKELEE DONALD D 15416 RAMAGE AVENUE 312417 BLLN S HARRIS WILLIE A 601 EAST COOPER ST 312418 BLLN CLINARD DAVID M. 1170 HARRISTOWN ROAD 312420 ARM2-28 SWEENEY ROGER L 516 E LINCOLN WAY 312422 BLLN NELSON JUNE B. 249 DISTON LANE 312423 FR DIAZ DOMINGO 2485 CADILLAC DRIVE 312425 FR MOORE ROBERT C 7 BRIARWOOD LANE 312426 FR GALLOWAY ROBERT W 4840 ALLISON DRIVE 312427 FR CARROUTHERS DEWEY N 868 WHITEHAVEN LANE 312428 FR HILLMAN\SMITH NINA B. P BOX 276 312429 FR MARTIN DELLA H. 5097 CRESSER 312433 FR THIGPEN MARIA 141 SOUTH FIRST STR 312434 BLLN JORDAN SHARON K 14063 COLLINGHAM 312435 ARM HENDERSON BOBBY N 866 WOODLAND TRCE L 312436 FR SYLVESTER LEROY JA 1023 STEPHANIE DRIVE 312439 FR HOWLAND JOHN D 125 SMITH STREET 312441 BLLN MAYHUGH BRUCE S 1034 WALLER ROAD 312442 FR HUNTER EDGAR S. 313 KINGVIEW DRIVE 312444 FR JOHNSON ANGELO 865 WARRINGTON ROAD 312445 BLLN FOSTER J S 404 CHEROKEE STREET 312446 BLLN MORRIS JO A 8126 QUEENS AVENUE 312448 BLLN DIONISIO ROLAND 27866 OSMUN 312449 ARM2-28 BERCHEM DANIEL P 34731 RHONSWOOD LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312320 NASHVILLE TN 37013 DAVIDSON 64,600.00 64,580.90 64,580.90 312322 NOVI MI 48377 OAKLAND 40,000.00 39,982.57 39,982.57 312324 CENTRAL CITY KY 42330 MUHLENBERG 31,000.00 31,000.00 30,855.89 312326 OAK PARK MI 48237 OAKLAND 117,300.00 116,342.30 116,342.30 312328 GREENVILLE SC 29611 GREENVILLE 20,000.00 19,898.12 19,898.12 312331 CLEVELAND OH 44103 CUYAHOGA 29,600.00 29,583.67 29,583.67 312332 FOWLERVILLE MI 48836 LIVINGSTON 96,350.00 96,319.88 96,319.88 312333 NASHVILLE TN 37221 DAVIDSON 42,000.00 41,984.83 41,984.83 312334 CENTRAL CITY KY 42330 MUHLENBERG 36,000.00 35,980.84 35,980.84 312336 GREENVILLE MS 38701 WASHINGTON 47,600.00 47,600.00 47,600.00 312337 WEST COLUMBIA SC 29170 LEXINGTON 85,662.00 85,626.10 85,626.10 312340 DAYTON OH 45406 MONTGOMERY 54,400.00 54,387.84 54,387.84 312342 CHAUVIN LA 70344 TERREBONNE 48,731.00 48,633.46 48,633.46 312344 EVANSVILLE IN 47720 VANDERBURGH 53,550.00 53,531.32 53,531.32 312346 DETROIT MI 48204 WAYNE 19,875.00 19,865.67 19,865.67 312347 ELYRIA OH 44035 LORAIN 50,000.00 49,971.23 49,971.23 312349 AKRON OH 44312 SUMMIT 75,600.00 75,498.50 75,498.50 312354 NASHVILLE TN 37209 DAVIDSON 46,000.00 45,764.97 45,764.97 312355 NASHVILLE TN 37207 DAVIDSON 53,125.00 53,096.42 53,096.42 312356 FLORENCE SC 29501 FLORENCE 49,300.00 49,239.59 49,179.80 312359 ROCKFORD IL 61101 WINNEBAGO 28,000.00 27,967.40 27,967.40 312363 SAINT MARTINVILLE LA 70582 SAINT MARTIN 25,200.00 25,151.90 25,151.90 312364 CLEVELAND OH 44102 CUYAHOGA 47,250.00 47,232.59 47,232.59 312366 NASHVILLE TN 37208 DAVIDSON 36,000.00 35,985.54 35,985.54 312367 COLORADO SPRINGS CO 80922 EL PASO 22,200.00 22,138.75 22,138.75 312369 NASHVILLE TN 37214 Davidson 69,600.00 69,583.50 69,583.50 312374 MURFREESBORO TN 37130 RUTHERFORD 112,000.00 111,956.44 111,956.44 312377 INDIANAPOLIS IN 46225 MARION 18,320.00 18,314.88 18,314.88 312378 SIMPSONVILLE SC 29681 GREENVILLE 62,900.00 62,827.81 62,827.81 312379 GAHANNA OH 43230 FRANKLIN 107,000.00 107,000.00 107,000.00 312380 OAK PARK MI 48237 OAKLAND 110,400.00 110,343.44 110,343.44 312383 COLUMBIA SC 29210 LEXINGTON 112,200.00 112,154.92 112,154.92 312384 MOUNT JULIET TN 37122 WILSON 85,850.00 85,782.21 85,782.21 312385 ELLICOTT CITY MD 21042 HOWARD 301,543.00 301,403.80 301,403.80 312386 DETROIT MI 48227 WAYNE 40,000.00 39,920.69 39,920.69 312387 CHALMETTE LA 70043 SAINT BERNARD 29,000.00 28,970.69 28,970.69 312389 LIZELLA GA 31052 BIBB 88,825.00 88,797.83 88,797.83 312390 INDIANAPOLIS IN 46229 MARION 27,562.00 27,509.64 27,509.64 312392 CHICAGO IL 60628 COOK 68,000.00 67,976.79 67,976.79 312393 INDIANAPOLIS IN 46208 MARION 18,000.00 17,909.33 17,909.33 312394 NEW ORLEANS LA 70128 ORLEANS 23,000.00 23,000.00 23,000.00 312395 DOVER OH 44622 TUSCARAWAS 77,775.00 77,743.76 77,743.76 312396 WARREN OH 44484 TRUMBULL 42,000.00 41,984.29 41,984.29 312398 ATHENS GA 30606 CLARKE 59,500.00 59,425.63 59,425.63 312399 NASHVILLE TN 37206 DAVIDSON 89,000.00 88,908.33 88,908.33 312402 MARION IN 46953 GRANT 34,800.00 34,764.10 34,764.10 312404 ASHTABULA OH 44004 ASHTABULA 84,000.00 83,951.67 83,951.67 312406 ROGERSVILLE TN 37857 HAWKINS 117,500.00 116,352.64 116,352.64 312407 WADSWORTH OH 44281 MEDINA 88,000.00 87,959.38 87,959.38 312408 CHICAGO IL 60643 COOK 56,000.00 55,983.80 55,983.80 312409 CINCINNATI OH 45231 HAMILTON 86,000.00 85,955.32 85,910.30 312410 RALEIGH NC 27604 WAKE 141,100.00 141,042.71 141,042.71 312412 NINETY SIX SC 29666 GREENWOOD 16,250.00 16,165.25 16,165.25 312413 HAMILTON OH 45011 BUTLER 40,800.00 40,786.99 40,786.99 312414 CHICAGO IL 60628 COOK 57,000.00 56,976.35 56,976.35 312415 MAPLE HEIGHTS OH 44137 CUYAHOGA 79,050.00 79,050.00 79,050.00 312417 BROWNSVILLE TN 38012 HAYWOOD 38,200.00 38,190.74 38,190.74 312418 ASHLAND CITY TN 37015 CHEATHAM 56,000.00 55,982.88 55,982.88 312420 LISBON OH 44432 COLUMBIANA 71,400.00 71,366.69 71,366.69 312422 CINCINNATI OH 45246 HAMILTON 43,000.00 42,981.38 42,981.38 312423 ATLANTA GA 30345 DEKALB 80,000.00 79,908.20 79,908.20 312425 JACKSON TN 38301 MADISON 57,800.00 57,785.05 57,785.05 312426 SUGAR HILL GA 30518 GWINNETT 33,770.00 33,703.04 33,703.04 312427 MEMPHIS TN 38116 SHELBY 65,400.00 65,245.08 65,245.08 312428 NEELY MS 39461 GREENE 26,068.00 26,023.21 26,023.21 312429 MEMPHIS TN 38116 SHELBY 50,568.00 50,445.43 50,445.43 312433 DREW MS 38737 SUNFLOWER 45,000.00 44,944.44 44,944.44 312434 DETROIT MI 48205 WAYNE 46,500.00 46,455.69 46,455.69 312435 CORDOVA TN 38108 SHELBY 286,000.00 285,851.73 285,851.73 312436 BREAUX BRIDGE LA 70517 SAINT MARTIN 21,000.00 20,962.82 20,962.82 312439 GREENFIELD OH 45123 HIGHLAND 28,000.00 27,985.79 27,985.79 312441 BRENTWOOD TN 37027 WILLIAMSON 200,000.00 199,917.03 199,917.03 312442 NASHVILLE TN 37218 DAVIDSON 62,400.00 62,105.84 62,105.84 312444 AKRON OH 44320 SUMMIT 48,000.00 47,939.21 47,939.21 312445 WAYNESVILLE NC 28786 HAYWOOD 36,400.00 36,373.58 36,373.58 312446 CINCINNATI OH 45236 HAMILTON 64,000.00 63,973.44 63,973.44 312448 MADISON HEIGHTS MI 48071 OAKLAND 85,000.00 84,972.53 84,972.53 312449 FARMINGTON MI 48335 OAKLAND 136,000.00 135,946.76 135,946.76 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312320 657.03 11.8500 180 0.8500 312322 353.10 10.0700 360 0.4762 312324 424.40 10.8500 120 0.7209 312326 1,079.13 10.5700 360 0.8500 312328 208.24 9.4500 180 0.4132 312331 308.81 12.1900 180 0.8000 312332 961.50 11.6000 180 0.7963 312333 398.07 10.9400 180 0.3360 312334 380.03 12.3500 180 0.8000 312336 692.31 12.3400 120 0.8000 312337 802.86 10.8000 360 0.8609 312340 606.03 13.1000 180 0.8000 312342 584.85 12.0000 180 0.6666 312344 514.02 11.1000 180 0.8500 312346 218.30 12.9000 180 0.7500 312347 393.35 8.7500 360 0.7937 312349 635.69 9.5000 360 0.7000 312354 587.70 9.2000 120 0.6571 312355 558.75 12.3000 360 0.8500 312356 498.84 10.7000 240 0.8500 312359 287.87 10.9400 240 0.6364 312363 310.60 12.5000 180 0.8000 312364 444.63 10.8500 180 0.7500 312366 327.96 10.4500 180 0.8000 312367 253.02 11.0500 180 0.8475 312369 761.22 12.8400 180 0.8000 312374 1,032.89 10.6000 180 0.8000 312377 189.85 12.1000 180 0.6543 312378 651.39 11.0500 240 0.8500 312379 990.79 10.6500 360 0.8492 312380 954.19 9.8200 360 0.8000 312383 1,022.15 10.4500 360 0.8500 312384 788.51 10.5500 180 0.8500 312385 2,601.80 9.8000 360 0.8690 312386 482.64 12.1000 180 0.8000 312387 319.31 12.0000 240 0.5686 312389 893.21 11.7000 360 0.8500 312390 340.61 12.5500 180 0.8500 312392 657.88 11.2000 360 0.8000 312393 232.42 9.4500 120 0.3750 312394 286.63 12.7100 180 0.8140 312395 708.53 10.4500 180 0.8500 312396 393.01 10.7800 360 0.4565 312398 590.04 10.4000 240 0.8500 312399 735.41 9.3000 360 0.5779 312402 379.55 11.8500 240 0.7733 312404 660.83 8.7500 360 0.8000 312406 1,101.26 10.8000 360 0.6912 312407 759.29 9.8000 360 0.8000 312408 573.87 11.9500 360 0.8000 312409 706.88 9.2400 360 0.6880 312410 1,280.16 10.4000 360 0.8500 312412 187.77 11.3000 180 0.4392 312413 404.35 11.5100 180 0.8000 312414 512.90 10.3000 360 0.6706 312415 650.32 9.2500 360 0.8500 312417 414.82 12.7400 180 0.8489 312418 563.12 11.7000 180 0.8000 312420 613.44 9.7500 360 0.8500 312422 380.54 10.1000 180 0.4599 312423 828.47 11.0500 240 0.7257 312425 614.63 12.4500 360 0.8500 312426 407.47 12.1000 180 0.8500 312427 710.82 10.2000 180 0.8494 312428 340.01 13.5900 180 0.6860 312429 541.86 9.9500 180 0.7901 312433 389.93 9.8500 360 0.9000 312434 516.20 13.0500 180 0.7500 312435 2,352.85 9.2500 360 0.9533 312436 269.58 13.2800 180 0.2471 312439 232.38 9.3500 360 0.7179 312441 1,799.64 10.3000 180 0.8000 312442 682.05 10.3000 180 0.8000 312444 472.79 10.3000 240 0.8000 312445 345.00 10.9400 180 0.8000 312446 575.89 10.3000 180 0.8205 312448 838.51 11.4500 180 0.8500 312449 1,251.17 10.5700 360 0.8500
Page 28 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- ----------- 312320 179 360 0.00 76000.00 18-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312322 359 360 0.00 84000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312324 120 120 0.00 43000.00 02-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 312326 359 360 0.00 138000.00 19-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312328 178 180 0.00 48400.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312331 178 360 0.00 37000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312332 179 360 0.00 121000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312333 179 360 0.00 125000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312334 178 360 0.00 45000.00 19-Dec-96 15-Jan-97 15-Dec-11 15-Mar-97 312336 120 120 0.00 59500.00 20-Dec-96 01-Feb-97 01-Jan-07 01-Feb-97 312337 359 360 0.00 99500.00 18-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312340 179 360 0.00 68000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312342 179 180 0.00 73100.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312344 179 360 0.00 63000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312346 178 360 0.00 26500.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312347 359 360 0.00 63000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312349 359 360 0.00 108000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312354 119 120 0.00 70000.00 20-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97 312355 358 360 0.00 62500.00 19-Dec-96 15-Jan-97 15-Dec-26 15-Mar-97 312356 239 240 0.00 58000.00 19-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312359 239 240 0.00 44000.00 20-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312363 179 180 0.00 31500.00 20-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312364 179 360 0.00 63000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312366 179 360 0.00 45000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312367 179 180 0.00 115000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312369 179 360 0.00 87000.00 19-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312374 179 360 0.00 140000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312377 179 360 0.00 28000.00 20-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312378 239 240 0.00 74000.00 20-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312379 360 360 0.00 126000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Feb-97 312380 359 360 0.00 138000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312383 359 360 0.00 132000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312384 178 360 0.00 101000.00 20-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312385 359 360 0.00 347000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312386 179 180 0.00 50000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312387 239 240 0.00 51000.00 23-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312389 359 360 0.00 104500.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312390 179 180 0.00 140000.00 20-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312392 359 360 0.00 85000.00 23-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312393 119 120 0.00 48000.00 23-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97 312394 180 180 0.00 43000.00 22-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312395 179 360 0.00 91500.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312396 359 360 92000.00 92000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312398 239 240 0.00 70000.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312399 358 360 0.00 154000.00 20-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312402 239 240 0.00 45000.00 21-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312404 359 360 0.00 105000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312406 358 360 0.00 170000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312407 359 360 0.00 110000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312408 359 360 0.00 70000.00 20-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312409 359 360 0.00 125000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312410 359 360 166492.00 166000.00 23-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312412 179 180 0.00 37000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312413 179 360 0.00 51000.00 23-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312414 359 360 0.00 85000.00 21-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312415 360 360 0.00 93000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312417 179 360 0.00 45000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312418 179 360 0.00 70000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312420 359 360 0.00 84000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312422 179 360 0.00 93500.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312423 239 240 0.00 385000.00 23-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312425 359 360 0.00 68000.00 23-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312426 179 180 0.00 185000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312427 179 180 0.00 77000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312428 179 180 0.00 38000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312429 179 180 0.00 64000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312433 359 360 0.00 50000.00 30-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312434 179 360 0.00 62000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312435 359 360 0.00 300000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312436 179 180 0.00 85000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312439 359 360 0.00 39000.00 24-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312441 179 360 0.00 250000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312442 178 180 0.00 78000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312444 239 240 0.00 60000.00 27-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97 312445 178 360 0.00 45500.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312446 179 360 0.00 78000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312448 179 360 0.00 100000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312449 359 360 0.00 160000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 312320 01-Mar-97 1 1 1 18 0 4 312322 01-Mar-97 1 1 1 18 0 3 312324 01-Apr-97 1 1 1 18 0 4 312326 01-Mar-97 1 1 1 18 0 3 312328 01-Apr-97 1 1 1 18 0 3 312331 15-Mar-97 1 1 1 18 0 4 312332 01-Mar-97 1 1 1 18 0 3 312333 01-Mar-97 3 1 3 18 0 3 312334 15-Mar-97 1 1 1 18 0 3 312336 01-Feb-97 1 1 1 18 0 4 312337 01-Mar-97 1 1 1 18 0 4 312340 01-Mar-97 1 1 1 18 0 3 312342 01-Mar-97 1 1 1 18 0 3 312344 01-Mar-97 1 1 1 18 0 3 312346 01-Apr-97 1 1 1 18 0 3 312347 01-Mar-97 1 1 1 18 0 3 312349 01-Mar-97 1 1 3 18 0 4 312354 01-Mar-97 1 1 1 18 0 3 312355 15-Mar-97 1 1 1 18 0 2 312356 01-Apr-97 1 1 1 18 0 4 312359 01-Mar-97 1 1 1 18 0 4 312363 15-Mar-97 1 1 1 18 0 4 312364 01-Mar-97 1 1 1 18 0 4 312366 01-Mar-97 1 1 1 18 0 2 312367 15-Mar-97 1 1 1 38 75266 4 312369 01-Mar-97 1 1 1 18 0 3 312374 01-Mar-97 1 1 1 18 0 3 312377 15-Mar-97 1 1 1 18 0 3 312378 01-Mar-97 1 1 1 18 0 3 312379 01-Feb-97 1 1 1 18 0 4 312380 01-Mar-97 1 1 1 18 0 3 312383 01-Mar-97 1 1 1 18 0 3 312384 01-Apr-97 1 1 1 18 0 4 312385 01-Mar-97 1 1 1 18 0 4 312386 15-Mar-97 1 1 1 18 0 4 312387 01-Mar-97 1 1 1 18 0 3 312389 01-Mar-97 1 1 1 18 0 3 312390 15-Mar-97 1 1 1 38 91438 3 312392 15-Mar-97 1 1 1 18 0 3 312393 01-Mar-97 1 1 1 18 0 3 312394 15-Mar-97 1 1 1 38 12000 3 312395 01-Mar-97 1 1 1 18 0 3 312396 01-Mar-97 1 1 1 18 0 1 312398 01-Mar-97 1 1 1 18 0 3 312399 01-Apr-97 1 1 1 18 0 3 312402 01-Mar-97 1 1 3 18 0 4 312404 01-Mar-97 1 1 1 18 0 3 312406 01-Apr-97 1 1 1 18 0 3 312407 01-Mar-97 1 1 1 18 0 3 312408 15-Mar-97 1 1 1 18 0 4 312409 01-Apr-97 1 1 1 18 0 3 312410 15-Mar-97 4 1 1 18 0 1 312412 01-Mar-97 8 1 3 18 0 3 312413 15-Mar-97 1 1 1 18 0 4 312414 01-Mar-97 1 1 1 18 0 4 312415 01-Mar-97 1 1 1 18 0 3 312417 01-Mar-97 1 1 1 18 0 2 312418 01-Mar-97 1 1 1 18 0 3 312420 01-Mar-97 1 1 1 18 0 4 312422 01-Mar-97 1 1 1 18 0 3 312423 01-Mar-97 1 1 1 38 199387 3 312425 01-Mar-97 1 1 1 18 0 4 312426 01-Mar-97 1 1 1 38 123488 3 312427 01-Mar-97 1 1 1 18 0 4 312428 01-Mar-97 1 1 1 18 0 3 312429 01-Mar-97 1 1 1 18 0 4 312433 15-Mar-97 1 1 1 18 0 2 312434 01-Mar-97 1 1 1 18 0 3 312435 01-Mar-97 1 1 1 18 0 3 312436 01-Mar-97 1 1 1 18 0 3 312439 15-Mar-97 1 1 1 18 0 2 312441 01-Mar-97 1 1 1 18 0 3 312442 01-Apr-97 1 1 1 18 0 4 312444 15-Mar-97 1 1 1 18 0 3 312445 01-Apr-97 1 1 1 18 0 3 312446 01-Mar-97 4 1 1 18 0 3 312448 01-Mar-97 1 1 1 18 0 4 312449 01-Mar-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- ----- 312320 B -- F 0 -- 0 0 312322 B -- F 7.07 6MOLIB 01-Jan-99 1.5 7 312324 B -- F 0 -- 0 0 312326 B -- F 7.57 6MOLIB 01-Jan-99 1.5 7 312328 A -- F 0 -- 0 0 312331 A 30-Nov-94 T 0 -- 0 0 312332 B -- F 0 -- 0 0 312333 A 26-Apr-90 F 0 -- 0 0 312334 C -- F 0 -- 0 0 312336 B -- F 0 -- 0 0 312337 A 01-May-90 F 0 -- 0 0 312340 C -- F 0 -- 0 0 312342 B -- F 0 -- 0 0 312344 B -- F 0 -- 0 0 312346 B -- T 0 -- 0 0 312347 B -- F 5.75 6MOLIB 01-Jan-99 1.5 7 312349 B -- F 6.5 6MOLIB 01-Jan-99 1.5 7 312354 A 19-Jun-92 T 0 -- 0 0 312355 B -- F 0 -- 0 0 312356 A -- F 0 -- 0 0 312359 A -- F 0 -- 0 0 312363 B -- F 0 -- 0 0 312364 B -- F 0 -- 0 0 312366 A -- F 0 -- 0 0 312367 A -- F 0 -- 0 0 312369 B 01-Mar-95 F 0 -- 0 0 312374 A 01-Oct-91 F 0 -- 0 0 312377 B -- F 0 -- 0 0 312378 B -- F 0 -- 0 0 312379 A -- F 0 -- 0 0 312380 A 01-Mar-93 F 6.32 6MOLIB 01-Jan-99 1.5 7 312383 B -- F 7.45 6MOLIB 01-Jan-99 1.5 7 312384 A 01-Sep-93 F 0 -- 0 0 312385 B -- F 7.3 6MOLIB 01-Jul-97 1.5 7 312386 A -- F 0 -- 0 0 312387 C -- T 0 -- 0 0 312389 B 01-Apr-93 F 0 -- 0 0 312390 B -- F 0 -- 0 0 312392 A -- T 0 -- 0 0 312393 B -- T 0 -- 0 0 312394 B -- T 0 -- 0 0 312395 A 06-Jul-94 F 0 -- 0 0 312396 B -- F 0 -- 0 0 312398 A -- F 0 -- 0 0 312399 A -- F 0 -- 0 0 312402 B -- F 0 -- 0 0 312404 B 01-Mar-90 F 5.75 6MOLIB 01-Jan-99 1.5 7 312406 A -- F 0 -- 0 0 312407 A -- F 0 -- 0 0 312408 B -- F 0 -- 0 0 312409 B -- F 6.74 6MOLIB 01-Jul-97 1.5 7 312410 A -- F 0 -- 0 0 312412 A -- F 0 -- 0 0 312413 B -- F 0 -- 0 0 312414 A -- F 0 -- 0 0 312415 B -- F 6.25 6MOLIB 01-Feb-99 1.5 7 312417 C -- F 0 -- 0 0 312418 B 20-Jan-94 F 0 -- 0 0 312420 B -- F 6.75 6MOLIB 01-Jan-99 1.5 7 312422 B -- F 0 -- 0 0 312423 B -- F 0 -- 0 0 312425 B 01-Apr-92 F 0 -- 0 0 312426 B -- F 0 -- 0 0 312427 A -- F 0 -- 0 0 312428 C 01-Nov-93 T 0 -- 0 0 312429 A -- F 0 -- 0 0 312433 A+ 24-Jan-89 F 0 -- 0 0 312434 C -- F 0 -- 0 0 312435 A -- F 6 6MOLIB 01-Jul-97 1.5 7 312436 A -- F 0 -- 0 0 312439 A -- F 0 -- 0 0 312441 A -- F 0 -- 0 0 312442 A -- F 0 -- 0 0 312444 A -- F 0 -- 0 0 312445 A -- F 0 -- 0 0 312446 A -- F 0 -- 0 0 312448 A -- F 0 -- 0 0 312449 B -- F 7.57 6MOLIB 01-Jan-99 1.5 7
Page 29 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ------------------- 312320 0 0 F 312322 10.07 17.07 P F 312324 0 0 P F 312326 10.57 17.57 P F 312328 0 0 F 312331 0 0 P F 312332 0 0 P F 312333 0 0 P F 312334 0 0 P F 312336 0 0 P F 312337 0 0 F 312340 0 0 P F 312342 0 0 P F 312344 0 0 P F 312346 0 0 F 312347 8.75 15.75 P F 312349 9.5 16.5 P F 312354 0 0 F 312355 0 0 P F 312356 0 0 F 312359 0 0 F 312363 0 0 P F 312364 0 0 P F 312366 0 0 P F 312367 0 0 F 312369 0 0 F 312374 0 0 F 312377 0 0 F 312378 0 0 F 312379 0 0 F 312380 9.82 16.82 P F 312383 10.75 17.75 P F 312384 0 0 F 312385 10.8 16.8 F 312386 0 0 P F 312387 0 0 F 312389 0 0 P F 312390 0 0 P F 312392 0 0 F 312393 0 0 F 312394 0 0 F 312395 0 0 P F 312396 0 0 P F 312398 0 0 P F 312399 0 0 P F 312402 0 0 P F 312404 8.75 15.75 P F 312406 0 0 F 312407 0 0 P F 312408 0 0 F 312409 10.24 16.24 P F 312410 0 0 P F 312412 0 0 F 312413 0 0 P F 312414 0 0 F 312415 9.25 16.25 P F 312417 0 0 F 312418 0 0 F 312420 9.75 16.75 P F 312422 0 0 P F 312423 0 0 P L 312425 0 0 F 312426 0 0 P F 312427 0 0 F 312428 0 0 F 312429 0 0 F 312433 0 0 P F 312434 0 0 P F 312435 10.25 16.25 F 312436 0 0 P L 312439 0 0 P F 312441 0 0 P F 312442 0 0 P F 312444 0 0 P F 312445 0 0 F 312446 0 0 P F 312448 0 0 P F 312449 10.57 17.57 P F
Page 30 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- ------------------- ------------------ ------------------------------------------------ 312450 ARM2_28 MCGLOTHAN ROYCE R. 20651 DONNYBROOK ROAD 312451 BLLN WOODARD ROBERT 1308 SCHOOL STREET 312452 BLLN AUFDENKAMPE GARY A. 1510 LEXINGTON DRIVE 312455 FR WILEY IDELL R 3112 USH AVENUE 312456 ARM2_28 OTWELL STEVEN D 12724 WALTHAM CLOSE 312457 ARM2_28 MADDOX VELMA S 826 ASHBY STREET 312459 ARM2_28 SCOTT ROGER D 667 WAGON WHEEL DR 312460 BLLN THRASHER/OWENS VELPO LE 211 A & B CURTIS C 312461 FR CORBITT EARL T. 4520 XAVIER DRIVE 312463 BLLN MERCER JOHN H. 3100 LEBANON ROAD 312464 FR GOODRICH ANDRE LA 329 E 37TH STREET 312465 FR WATSON SYLVIA A 305 EAST GARFIELD 312466 BLLN TROTTER JOE E 4198 FARM VIEW DRIVE 312467 BLLN JONES/JARACKAS LARRY V. 149 DARWIN 312469 FR KING KENNETH E 2470 GALVIN AVENUE 312470 ARM2_28 PEDERSON JAMES P 4514 SHORE ACRES RD 312474 FR THRASHER JAMES 29915 L LANE 312475 ARM2_28 GILLUM SR. HERMON 3163 NORTH TREZEVANT 312476 FR FERGUSON BRUCE D 9302 FRANKFORT ROAD 312477 ARM2_28 VENTURINO/WHIT FREDRICK 14289 DUFFIELD ROAD 312478 ARM BRYANT KEVIN J. 1107 COUNTRY CLUB RO 312479 BLLN LINK KENNETH 6 416 BARTON DRI 312480 FR PARKER MARK S. 6713 ASSET DRIVE 312481 FR TALLANT DAVID W. 25 HOPEWELL ESTATE 312483 FR HOLSTEN JEFF D. 10440 N DELAWARE STRE 312484 FR WOODS KEITH B 509 HANOVER ROAD 312485 FR PRATER JAMES H. 10425 PARADISE LANE 312486 ARM SAVAS HARRY 1446 NANCYWOOD 312487 BLLN RILEY GLEN C. 15 OAKLEY PLACE 312488 BLLN HAMMOND BARBARA 18 MAID LYNN COURT 312489 ARM2_28 GRAYBEAL HOWARD P 633 INA AVENUE 312491 FR COWLES JAMES A. 8461 ROCKWOOD DRIVE 312492 BLLN GISSENDANNER TERRY M 42353 STANBERRY 312493 FR KELLER KENNETH 19606 HEARTLAND STREE 312494 FR L WILBER VICTORIA 110 EAST ANDREWS 312495 FR LANE JORDAN 12819 SUMMERLAND AVE 312496 BLLN EVANS JOYCE 533W FRANKLIN ST 312499 FR PETERSON/LIPOV JEFFREY 3200 S.E. 4TH COURT 312500 BLLN MATTFIELD STEPHEN R 522 GARFIELD STREET 312504 FR PATTERSON JAMES RA 5807 ELAM ROAD 312505 ARM2_28 BRICKLEY BRUCE A 51 N HAYDEN PKY 312506 FR OGLETREE DOROTHY 22500 AVON 312507 BLLN ROBERTS BERNICE 873 DRUMMOND STREET 312508 FR DIGNEY RICHARD M 94 SAUGATUCK ROAD 312512 BLLN NOGUERAS SAMUEL 181 WEST PRINCETON 312513 FR LIGHTNER DENNIS J 2400 DOGWOOD DRIVE 312514 FR CHURCH KAREN 904 PEACH FESTIVAL 312516 FR OHLER JOYCE A. 5018 RIDGE AVENUE SE 312518 FR HARRIS ROBERT C 986 OFFUTT RD & 932 312524 FR WOLFF ROBERT L 244 WILSON STREET 312525 FR HARRIS LAURA L 1477 RAVEN AVENUE 312526 ARM2_28 STAFFNE ERWIN R. 931 EAST ROSE 312527 FR SHUFFLER JUDITH D 508 MORGAN STREET 312529 FR LOPEZ/PEREZ ROMAN LO 1829 SOUTH CALIFORNI 312533 ARM2_28 AMATA THEODORE 2447 LEE ROAD 312534 FR WILSON\GALES CHARLOTT 10097 OLD PLANK ROAD 312535 FR MONAGHAN THOMAS M 846 LYNN AVENUE 312536 FR HOLMES DEANNA R 609 LEE AVENUE 312537 FR TEFFETELLER ROBERT W 334 MARTIN VALLEY R 312538 FR PERRIN PATRICK T 17 SOUTH 3RD ST 312539 ARM2_28 MASKER KEVIN E. 3255 WEST GILFORD RO 312540 FR C SWINGER JACQUELIN 3021 WELDON PLACE 312541 BLLN TROTTER MICHAEL J. 216 SAVELY DRIVE 312543 FR HARRIS RONALD W 305 BUCHANAN STREET 312544 ARM2_28 JEFFCOAT LARRY 591 SUMMERS STREET 312545 FR LONG ALAN E. 1025 INMAN STREET 312546 FR ALFORD JERRY 103 EAST MARYLAND A 312547 FR LANDRUM MARY E 2378 PORTER PIKE 312548 FR SCIBERRAS EDMUND J 24706 HASS 312549 FR PARKER ERNESTIN 593 CORN MILL ROAD 312550 FR WILKINSON JAMES O 1709 N 23RD ST 312551 FR TONAUS STEVEN M 149 MOORELAND ROAD 312552 FR MORRIS VINCENT 18019 EAST PARK 312553 FR SNOW ROBERT A 2634 LAKEWOOD DRIVE 312555 FR ROBINSON\AVERY RICHARD 707 COOL SPRINGS RD 312556 FR AMMANN DAVID D. 301 E. BOWYER 312557 FR LINDSAY HENRY PH 1301 WESTERLY HILLS 312558 FR GRIDDINE HOWARD E 13 DRESDEN CIRCLE LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312450 MAPLE HEIGHTS OH 44137 CUYAHOGA 74,800.00 74,766.27 74,766.27 312451 SPRINGFIELD TN 37172 ROBERTSON 36,100.00 36,090.12 36,090.12 312452 VERMILION OH 44089 ERIE 162,000.00 161,953.13 161,953.13 312455 CHARLOTTE NC 28208 MECKLENBURG 41,200.00 41,187.67 41,187.67 312456 ROSCOE IL 61073 WINNEBAGO 94,500.00 94,451.01 94,451.01 312457 ATLANTA GA 30310 FULTON 67,500.00 67,465.00 67,465.00 312459 DAYTON OH 45431 MONTGOMERY 89,250.00 89,212.49 89,212.49 312460 HENDERSONVILLE TN 37075 SUMNER 80,475.00 80,456.55 80,456.55 312461 ANTIOCH TN 37013 DAVIDSON 63,750.00 63,605.82 63,605.82 312463 HERMITAGE TN 37214 DAVIDSON 225,250.00 225,149.29 225,149.29 312464 INDIANAPOLIS IN 46205 MARION 59,850.00 59,714.64 59,714.64 312465 CISSNA PARK IL 60924 IROQUOIS 54,000.00 50,384.90 50,384.90 312466 NASHVILLE TN 37218 DAVIDSON 56,800.00 56,788.00 56,788.00 312467 WESTLAND MI 48185 WAYNE 79,000.00 78,968.27 78,968.27 312469 CINCINNATI OH 45204 HAMILTON 17,200.00 17,120.39 17,120.39 312470 MONONA WI 53716 DANE 96,400.00 96,363.70 96,363.70 312474 OCEAN PARK WA 98640 PACIFIC 68,000.00 67,979.21 67,979.21 312475 MEMPHIS TN 38127 SHELBY 93,500.00 93,451.53 93,451.53 312476 HOLLAND OH 43528 LUCAS 69,200.00 69,007.31 69,007.31 312477 MONTROSE MI 48457 GENESEE 60,000.00 59,976.16 59,976.16 312478 COLUMBUS OH 43227 FRANKLIN 60,000.00 59,977.41 59,977.41 312479 SAINT CHARLES IL 60175 KANE 69,110.00 69,085.09 69,085.09 312480 LANDOVER MD 20785 PRINCE GEORGE'S 172,000.00 171,918.90 171,918.90 312481 CORBIN KY 40701 LAUREL 74,000.00 73,906.28 73,906.28 312483 INDIANAPOLIS IN 46280 HAMILTON 18,320.00 18,250.38 18,250.38 312484 EVANSVILLE IN 47710 VANDERBURGH 41,000.00 40,981.07 40,981.07 312485 BAY SAINT LOUIS MS 39520 HANCOCK 50,000.00 49,970.86 49,970.86 312486 WATERFORD MI 48327 OAKLAND 99,270.00 99,176.00 99,176.00 312487 DAYTON OH 45405 Montgomery 40,500.00 40,489.52 40,489.52 312488 IRMO SC 29063 RICHLAND 70,000.00 69,982.87 69,982.87 312489 AKRON OH 44306 SUMMIT 49,980.00 49,960.44 49,960.44 312491 COLUMBUS IN 47203 BARTHOLOMEW 46,442.00 46,165.60 46,165.60 312492 STERLING HEIGHTS MI 48313 MACOMB 102,000.00 101,954.39 101,954.39 312493 CORNELIUS NC 28031 MECKLENBURG 106,250.00 106,209.28 106,209.28 312494 MACON IL 62544 MACON 63,750.00 63,684.24 63,684.24 312495 CLEVELAND OH 44111 CUYAHOGA 47,175.00 47,156.46 47,156.46 312496 TROY OH 45373 MIAMI 42,000.00 41,989.65 41,989.65 312499 DES MOINES IA 50315 POLK 64,975.00 64,957.38 64,957.38 312500 MIDDLETOWN OH 45044 BUTLER 46,500.00 46,484.09 46,484.09 312504 MURFREESBORO TN 37130 RUTHERFORD 54,525.00 54,407.31 54,407.31 312505 HUDSON OH 44236 SUMMIT 164,500.00 164,500.00 164,500.00 312506 SOUTHFIELD MI 48075 OAKLAND 69,000.00 68,972.58 68,972.58 312507 ATLANTA GA 30314 FULTON 53,600.00 53,582.95 53,582.95 312508 MONTGOMERY IL 60538 KENDALL 88,800.00 88,758.13 88,758.13 312512 PONTIAC MI 48340 OAKLAND 47,200.00 47,188.83 47,188.83 312513 YOUNGSTOWN OH 44511 MAHONING 74,800.00 74,800.00 74,800.00 312514 GILBERT SC 29054 LEXINGTON 20,000.00 19,950.49 19,950.49 312516 CANTON OH 44707 STARK 37,000.00 36,909.08 36,909.08 312518 CLINTON TN 37716 ANDERSON 116,500.00 115,417.43 115,417.43 312524 NORTHWOOD OH 43619 WOOD 63,750.00 63,731.55 63,731.55 312525 MEMPHIS TN 38106 SHELBY 49,300.00 49,076.01 49,076.01 312526 HOLLY MI 48442 OAKLAND 95,200.00 95,200.00 95,200.00 312527 HOUMA LA 70360 TERREBONNE 28,740.00 28,684.81 28,684.81 312529 CHICAGO IL 60608 COOK 118,000.00 117,958.38 117,958.38 312533 CLEVELAND HEIGHTS OH 44118 CUYAHOGA 96,000.00 95,950.23 95,950.23 312534 CLINTON LA 70722 EAST FELICIANA 54,800.00 54,758.87 54,758.87 312535 CLARKSDALE MS 38614 COAHOMA 19,500.00 19,430.36 19,430.36 312536 YOUNGSTOWN OH 44502 MAHONING 14,000.00 13,947.54 13,947.54 312537 WALLAND TN 37886 BLOUNT 54,000.00 53,978.77 53,978.77 312538 RITTMAN OH 44270 WAYNE 57,600.00 57,329.96 57,329.96 312539 CARO MI 48723 TUSCOLA 51,300.00 51,277.55 51,277.55 312540 CONYERS GA 30208 ROCKDALE 166,000.00 165,934.74 165,934.74 312541 HENDERSONVILLE TN 37075 SUMNER 117,725.00 117,725.00 117,725.00 312543 NASHVILLE TN 37208 DAVIDSON 26,000.00 25,903.15 25,903.15 312544 ORANGEBURG SC 29115 ORANGEBURG 56,100.00 56,100.00 56,100.00 312545 AKRON OH 44306 SUMMIT 52,800.00 52,755.99 52,755.99 312546 BESSEMER CITY NC 28016 GASTON 37,121.00 37,121.00 37,121.00 312547 BOWLING GREEN KY 42103 WARREN 50,000.00 49,984.02 49,984.02 312548 DEARBORN HEIGHTS MI 48127 WAYNE 80,000.00 79,968.55 79,968.55 312549 BEULAVILLE NC 28518 DUPLIN 48,000.00 47,961.11 47,961.11 312550 NEW CASTLE IN 47362 HENRY 57,800.00 57,776.53 57,776.53 312551 MOORESVILLE NC 28115 IREDELL 142,650.00 141,737.10 141,737.10 312552 CLEVELAND OH 44119 CUYAHOGA 38,600.00 38,600.00 38,600.00 312553 GASTONIA NC 28052 GASTON 85,000.00 84,805.06 84,805.06 312555 STATESVILLE NC 28677 IREDELL 51,000.00 50,974.91 50,974.91 312556 BEMENT IL 61813 PIATT 28,243.00 28,183.67 28,183.67 312557 GASTONIA NC 28052 GASTON 56,000.00 56,000.00 56,000.00 312558 COLUMBIA SC 29203 RICHLAND 51,200.00 51,147.19 51,147.19 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312450 651.45 9.9100 360 0.8500 312451 376.90 12.2000 180 0.6017 312452 1,660.12 11.9500 180 0.7364 312455 417.46 11.8000 360 0.8000 312456 777.43 9.2500 360 0.9000 312457 555.31 9.2500 360 0.9000 312459 799.11 10.2400 360 0.8500 312460 889.59 12.9900 180 0.8471 312461 712.62 10.7000 180 0.8500 312463 1,968.41 9.9500 180 0.8500 312464 669.02 10.7000 180 0.9000 312465 598.59 10.5500 180 0.8438 312466 643.90 13.3500 180 0.8000 312467 719.69 10.4500 180 0.8495 312469 190.13 10.5000 180 0.8000 312470 899.88 10.7500 360 0.8456 312474 683.79 11.7000 360 0.8000 312475 769.20 9.2500 360 0.8500 312476 649.56 9.6000 240 0.7689 312477 548.84 10.5000 360 0.8000 312478 560.09 10.7500 360 0.8000 312479 655.54 10.9500 180 0.8000 312480 1,471.43 9.7000 360 0.9000 312481 728.89 10.3000 240 0.8000 312483 226.99 12.6000 180 0.7500 312484 353.76 9.8000 360 0.7736 312485 512.00 11.9400 360 0.6024 312486 849.24 9.7000 360 0.9000 312487 430.67 12.4500 180 0.7500 312488 757.96 12.7000 180 0.7368 312489 459.80 10.5700 360 0.8400 312491 509.75 11.9500 240 0.8500 312492 891.36 9.9500 180 0.8500 312493 988.63 10.7100 360 0.8500 312494 695.29 11.8500 240 0.8500 312495 433.29 10.5500 360 0.8500 312496 453.80 12.6700 180 0.7500 312499 680.37 12.2400 360 0.7219 312500 449.52 11.1900 180 0.7500 312504 626.59 11.2000 180 0.6427 312505 1,294.12 8.7500 360 0.6854 312506 631.17 10.5000 360 0.5542 312507 531.61 11.5200 180 0.8000 312508 759.67 9.7000 360 0.8000 312512 516.60 12.8500 180 0.8000 312513 795.41 12.4500 360 0.8000 312514 192.34 9.9500 240 0.5797 312516 393.09 9.8000 180 0.6607 312518 1,213.01 9.4500 180 0.5601 312524 653.29 11.9500 360 0.8500 312525 551.09 10.7000 180 0.8500 312526 817.22 9.7400 360 0.6849 312527 324.91 12.4200 240 0.7983 312529 1,128.20 11.0500 360 0.8138 312533 789.77 9.2500 360 0.8000 312534 688.23 14.1700 240 0.7307 312535 249.94 13.2500 180 0.7500 312536 174.84 12.7500 180 0.7000 312537 495.98 10.5500 360 0.7500 312538 631.72 10.3600 180 0.7385 312539 452.09 10.0500 360 0.7773 312540 1,524.68 10.5500 360 0.8384 312541 1,265.57 12.6000 180 0.8500 312543 412.97 14.5900 120 0.5778 312544 513.17 10.5000 360 0.8500 312545 475.11 10.3000 360 0.8000 312546 344.81 9.4500 240 0.6749 312547 495.15 11.5000 360 0.5814 312548 734.78 10.5500 360 0.8000 312549 491.89 11.9500 360 0.8000 312550 524.40 10.4000 360 0.8500 312551 1,563.61 10.3500 180 0.9000 312552 463.02 11.9900 180 0.5848 312553 942.23 10.5500 180 0.8500 312555 552.23 12.7000 360 0.7500 312556 317.90 12.3500 240 0.8500 312557 615.56 10.4000 180 0.8615 312558 558.41 11.8500 240 0.7758
Page 31 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- ----------------- ----------- --------- --------- ----------- ----------- 312450 359 360 0.00 88000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312451 179 360 0.00 60000.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312452 179 360 0.00 220000.00 24-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312455 359 360 0.00 51500.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312456 359 360 0.00 105000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312457 359 360 75000.00 75000.00 24-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312459 359 360 0.00 105000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312460 179 360 0.00 95000.00 23-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312461 179 180 0.00 75000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312463 179 360 0.00 265000.00 24-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312464 179 180 0.00 66500.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312465 179 180 0.00 64000.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312466 179 360 0.00 71000.00 26-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312467 179 360 0.00 93000.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312469 178 180 0.00 21500.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312470 359 360 0.00 114000.00 27-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312474 359 360 0.00 85000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312475 359 360 0.00 110000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312476 238 240 0.00 90000.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Apr-97 312477 359 360 0.00 75000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312478 359 360 0.00 75000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312479 179 360 0.00 215000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312480 359 360 191121.00 191121.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312481 239 240 0.00 92500.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312483 178 180 0.00 110000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312484 359 360 0.00 53000.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312485 358 360 0.00 83000.00 27-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312486 358 360 0.00 110300.00 26-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312487 179 360 0.00 54000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312488 179 360 0.00 95000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312489 359 360 0.00 59500.00 27-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312491 238 240 0.00 91000.00 27-Dec-96 01-Feb-97 01-Jan-17 01-Apr-97 312492 179 360 0.00 120000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312493 359 360 0.00 125000.00 27-Dec-96 15-Feb-97 15-Jan-27 15-Mar-97 312494 239 240 0.00 75000.00 26-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312495 359 360 0.00 55500.00 04-Feb-97 01-Feb-97 01-Jan-27 01-Mar-97 312496 179 360 0.00 56000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312499 359 360 0.00 90000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312500 179 360 0.00 62000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312504 179 180 0.00 350000.00 27-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312505 360 360 0.00 240000.00 28-Dec-96 15-Feb-97 15-Jan-27 15-Feb-97 312506 359 360 0.00 124500.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312507 179 360 0.00 67000.00 30-Dec-96 15-Feb-97 15-Jan-12 15-Mar-97 312508 359 360 111000.00 111000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312512 179 360 0.00 59000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312513 360 360 0.00 93500.00 30-Dec-96 15-Feb-97 15-Jan-27 15-Feb-97 312514 239 240 0.00 34500.00 31-Dec-96 15-Feb-97 15-Jan-17 15-Mar-97 312516 179 180 0.00 56000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312518 179 180 0.00 208000.00 28-Dec-96 01-Feb-97 01-Jan-12 01-Mar-97 312524 359 360 0.00 75000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312525 178 180 0.00 58000.00 30-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312526 360 360 0.00 139000.00 30-Dec-96 01-Feb-97 01-Jan-27 01-Feb-97 312527 238 240 0.00 36000.00 30-Dec-96 01-Feb-97 01-Jan-17 01-Apr-97 312529 359 360 0.00 145000.00 08-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312533 359 360 0.00 120000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312534 239 240 0.00 75000.00 30-Dec-96 01-Feb-97 01-Jan-17 01-Mar-97 312535 178 180 0.00 26000.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312536 178 180 0.00 20000.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312537 359 360 0.00 72000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312538 178 180 0.00 78000.00 02-Jan-97 01-Feb-97 01-Jan-12 01-Apr-97 312539 359 360 0.00 66000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312540 359 360 198000.00 198000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312541 180 360 0.00 138500.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312543 119 120 0.00 45000.00 31-Dec-96 01-Feb-97 01-Jan-07 01-Mar-97 312544 360 360 0.00 66000.00 03-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312545 358 360 0.00 66000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312546 240 240 0.00 55000.00 02-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312547 359 360 0.00 86000.00 02-Jan-97 01-Feb-97 01-Jan-27 01-Mar-97 312548 359 360 0.00 100000.00 06-Jan-97 01-Feb-97 01-Jan-27 01-Mar-97 312549 359 360 0.00 60000.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312550 359 360 0.00 68000.00 02-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312551 178 180 0.00 158500.00 31-Dec-96 01-Feb-97 01-Jan-12 01-Apr-97 312552 180 180 0.00 66000.00 02-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312553 179 180 0.00 100000.00 02-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312555 358 360 0.00 68000.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Apr-97 312556 239 240 0.00 75000.00 06-Jan-97 01-Feb-97 01-Jan-17 01-Mar-97 312557 180 180 0.00 65000.00 02-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312558 239 240 0.00 66000.00 03-Jan-97 01-Feb-97 01-Jan-17 01-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 312450 01-Mar-97 1 1 1 18 0 4 312451 01-Mar-97 1 1 1 18 0 3 312452 15-Mar-97 1 1 1 18 0 4 312455 01-Mar-97 1 1 1 18 0 4 312456 01-Mar-97 1 1 1 18 0 4 312457 01-Mar-97 1 1 1 18 0 1 312459 01-Mar-97 1 1 1 18 0 2 312460 01-Mar-97 2 2 1 18 0 4 312461 01-Mar-97 1 1 1 18 0 4 312463 01-Mar-97 1 1 1 18 0 4 312464 01-Mar-97 1 1 1 18 0 2 312465 01-Mar-97 1 1 1 18 0 4 312466 01-Mar-97 1 1 1 18 0 3 312467 01-Mar-97 1 1 1 18 0 4 312469 01-Apr-97 1 1 1 18 0 3 312470 01-Mar-97 1 1 1 18 0 4 312474 01-Mar-97 8 1 1 18 0 4 312475 01-Mar-97 1 1 1 18 0 3 312476 01-Apr-97 1 1 1 18 0 4 312477 01-Mar-97 1 1 1 18 0 4 312478 01-Mar-97 1 1 1 18 0 3 312479 01-Mar-97 1 1 1 38 102890 3 312480 01-Mar-97 1 1 1 18 0 1 312481 01-Mar-97 1 1 1 18 0 3 312483 01-Apr-97 1 1 1 38 64180 3 312484 01-Mar-97 1 1 1 18 0 3 312485 01-Apr-97 1 1 1 18 0 4 312486 01-Apr-97 1 1 1 18 0 4 312487 01-Mar-97 1 1 1 18 0 2 312488 01-Mar-97 1 1 1 18 0 4 312489 01-Mar-97 1 1 1 18 0 4 312491 01-Apr-97 1 1 1 38 30908 3 312492 01-Mar-97 1 1 1 18 0 3 312493 15-Mar-97 4 1 1 18 0 4 312494 01-Mar-97 1 1 1 18 0 3 312495 01-Mar-97 1 1 1 18 0 3 312496 01-Mar-97 1 1 3 18 0 3 312499 01-Mar-97 1 1 1 18 0 2 312500 01-Mar-97 1 1 3 18 0 3 312504 01-Mar-97 1 1 1 38 170414 3 312505 15-Feb-97 1 1 1 18 0 3 312506 01-Mar-97 1 1 1 18 0 3 312507 15-Mar-97 1 1 3 18 0 4 312508 01-Mar-97 1 1 1 18 0 1 312512 01-Mar-97 1 1 1 18 0 4 312513 15-Feb-97 1 1 1 18 0 3 312514 15-Mar-97 1 1 1 18 0 3 312516 01-Mar-97 1 1 1 18 0 3 312518 01-Mar-97 1 2 1 18 0 2 312524 01-Mar-97 1 1 1 18 0 3 312525 01-Apr-97 1 1 1 18 0 3 312526 01-Feb-97 1 1 1 18 0 3 312527 01-Apr-97 1 1 1 18 0 3 312529 15-Mar-97 5 2 1 18 0 3 312533 01-Mar-97 5 2 1 18 0 3 312534 01-Mar-97 1 1 1 18 0 3 312535 01-Apr-97 1 1 1 18 0 3 312536 01-Apr-97 1 1 1 18 0 3 312537 01-Mar-97 8 1 1 18 0 3 312538 01-Apr-97 1 1 1 18 0 3 312539 01-Mar-97 1 1 1 18 0 4 312540 01-Mar-97 1 1 1 18 0 1 312541 01-Mar-97 1 1 1 18 0 4 312543 01-Mar-97 1 1 3 18 0 3 312544 01-Mar-97 1 1 1 18 0 4 312545 01-Apr-97 1 1 1 18 0 3 312546 01-Mar-97 1 1 1 18 0 3 312547 01-Mar-97 1 1 1 18 0 3 312548 01-Mar-97 1 1 1 18 0 3 312549 01-Apr-97 1 1 1 18 0 4 312550 15-Mar-97 8 1 1 18 0 4 312551 01-Apr-97 1 1 1 18 0 4 312552 01-Mar-97 1 1 1 18 0 4 312553 15-Mar-97 1 1 1 18 0 3 312555 01-Apr-97 8 1 1 18 0 4 312556 01-Mar-97 1 1 1 38 35507 3 312557 01-Mar-97 1 1 1 18 0 2 312558 01-Mar-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ------------- ------------ --------------- ------------- --------- ----------- --------------- ----- 312450 B -- F 6.91 6MOLIB 01-Jan-99 1.5 7 312451 C -- F 0 -- 0 0 312452 C 15-Sep-92 F 0 -- 0 0 312455 B -- F 0 -- 0 0 312456 A 01-Aug-92 F 5.75 6MOLIB 01-Jan-99 1.5 7 312457 A -- F 5.75 6MOLIB 01-Jan-99 1.5 7 312459 B -- F 7.24 6MOLIB 01-Jan-99 1.5 7 312460 B 01-Jul-95 F 0 -- 0 0 312461 A -- F 0 -- 0 0 312463 A -- F 0 -- 0 0 312464 A -- F 0 -- 0 0 312465 A 11-Jun-93 F 0 -- 0 0 312466 C -- F 0 -- 0 0 312467 A -- F 0 -- 0 0 312469 B 01-Aug-93 F 0 -- 0 0 312470 B -- F 7.75 6MOLIB 01-Jan-99 1.5 7 312474 B -- F 0 -- 0 0 0.8500 312475 B -- F 6.25 6MOLIB 01-Jan-99 1.5 7 312476 A -- F 0 -- 0 0 312477 A -- F 7 6MOLIB 01-Jan-99 1.5 7 312478 B -- F 8.25 6MOLIB 01-Jul-97 1.5 7 312479 A -- F 0 -- 0 0 312480 A+ -- F 0 -- 0 0 312481 A 30-Dec-92 F 0 -- 0 0 312483 C -- T 0 -- 0 0 312484 A -- F 0 -- 0 0 312485 B -- F 0 -- 0 0 312486 A -- F 6.95 6MOLIB 01-Jul-97 1.5 7 312487 C 19-Nov-91 F 0 -- 0 0 312488 C -- F 0 -- 0 0 312489 B -- F 7.57 6MOLIB 01-Jan-99 1.5 7 312491 B -- F 0 -- 0 0 312492 A -- F 0 -- 0 0 312493 A -- F 0 -- 0 0 312494 B -- F 0 -- 0 0 312495 A -- F 0 -- 0 0 312496 B -- F 0 -- 0 0 312499 C -- F 0 -- 0 0 312500 A -- F 0 -- 0 0 312504 A -- F 0 -- 0 0 312505 B -- F 5.75 6MOLIB 15-Jan-99 1.5 7 312506 A -- F 0 -- 0 0 312507 A -- F 0 -- 0 0 312508 A+ -- F 0 -- 0 0 312512 C -- F 0 -- 0 0 312513 B 30-May-95 F 0 -- 0 0 312514 A -- F 0 -- 0 0 312516 A -- F 0 -- 0 0 312518 A -- F 0 -- 0 0 312524 B -- F 0 -- 0 0 312525 A -- F 0 -- 0 0 312526 B -- F 6.74 6MOLIB 01-Jan-99 1.5 7 312527 B -- T 0 -- 0 0 312529 A 01-Sep-90 F 0 -- 0 0 312533 B -- F 6.25 6MOLIB 01-Jan-99 1.5 7 312534 C 01-Jul-91 F 0 -- 0 0 312535 B 01-Jun-91 F 0 -- 0 0 312536 B -- F 0 -- 0 0 312537 A -- F 0 -- 0 0 312538 A -- F 0 -- 0 0 312539 A -- F 6.55 6MOLIB 01-Jan-99 1.5 7 312540 A -- F 0 -- 0 0 312541 B 01-May-93 F 0 -- 0 0 312543 C 01-Mar-95 F 0 -- 0 0 312544 B -- F 7.5 6MOLIB 01-Feb-99 1.5 7 312545 A 27-Jun-91 F 0 -- 0 0 312546 B -- F 0 -- 0 0 312547 A 01-Sep-91 F 0 -- 0 0 312548 A -- F 0 -- 0 0 312549 B -- F 0 -- 0 0 312550 A -- F 0 -- 0 0 312551 A 07-Sep-93 F 0 -- 0 0 312552 C 25-Sep-87 F 0 -- 0 0 312553 A -- F 0 -- 0 0 312555 C -- F 0 -- 0 0 312556 B -- T 0 -- 0 0 312557 A+ -- F 0 -- 0 0 312558 B -- F 0 -- 0 0
Page 32 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ------------------- 312450 9.91 16.91 P F 312451 0 0 F 312452 0 0 P F 312455 0 0 F 312456 9.25 16.25 F 312457 9.25 16.25 P F 312459 10.24 17.24 P F 312460 0 0 P F 312461 0 0 F 312463 0 0 F 312464 0 0 P F 312465 0 0 F 312466 0 0 P F 312467 0 0 P F 312469 0 0 P F 312470 10.75 17.75 F 312474 0 0 P F 312475 9.25 16.25 P F 312476 0 0 P F 312477 10.5 17.5 P F 312478 11.75 17.75 P F 312479 0 0 F 312480 0 0 F 312481 0 0 P F 312483 0 0 F 312484 0 0 P F 312485 0 0 P F 312486 10.7 16.7 F 312487 0 0 P F 312488 0 0 F 312489 10.57 17.57 P F 312491 0 0 P F 312492 0 0 P F 312493 0 0 P F 312494 0 0 F 312495 0 0 P F 312496 0 0 P F 312499 0 0 F 312500 0 0 P F 312504 0 0 F 312505 8.75 15.75 P F 312506 0 0 P F 312507 0 0 P F 312508 0 0 F 312512 0 0 P F 312513 0 0 P F 312514 0 0 F 312516 0 0 P F 312518 0 0 F 312524 0 0 P F 312525 0 0 F 312526 9.74 16.74 P F 312527 0 0 F 312529 0 0 F 312533 9.25 16.25 P F 312534 0 0 P F 312535 0 0 P F 312536 0 0 P F 312537 0 0 P F 312538 0 0 P F 312539 10.05 17.05 P F 312540 0 0 P F 312541 0 0 P F 312543 0 0 F 312544 10.5 17.5 F 312545 0 0 P F 312546 0 0 F 312547 0 0 P F 312548 0 0 P F 312549 0 0 F 312550 0 0 P F 312551 0 0 P F 312552 0 0 P F 312553 0 0 F 312555 0 0 F 312556 0 0 P F 312557 0 0 F 312558 0 0 F
Page 33 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 312559 FR SMITH WILLIAM 5081 SOUTHVIEW DRIVE 312563 ARM2-28 BARTON LYNNETTE 880 NORWALK DRIVE 312564 FR HEDRICK ALAN R 4265 KENT STREET 312565 FR LOTH JOHN D. 2232 WARD STREET 312566 FR HAMILTON CHARLES E. 1776 LEXINGTON 312567 FR LAMB WILLIAM 1082 BULEN AVENUE 312568 FR CHATMAN ADDIE 3935 WEST FILLMORE 312570 ARM2-28 TURNER MARVIN 1512 E. FAIRCHILD 312574 FR BLAKE LEROY F. 568 BULGER AVENUE 312575 FR SEED STEPHEN 3127 HAZELWOOD COURT 312576 FR JURINEK HELEN R 10910 HARDING AVENUE 312577 FR SHOWERS RICHARD 11334 SOUTH HOMEWOOD 312578 FR JOHNSON/ DRAYTO MARY ANN 1408 NE MADISON AVEN 312579 BLLN KELLY STEPHEN 7516 E 1100 N ROAD 312580 FR HALFHILL JOHN C. 308 ERIE ROAD 312583 FR BURRISS THOMAS N 418 DAVIDSON PLANTA 312584 FR OSBORNE JAMES T. 1522 9TH N.E. 312585 BLLN MCDONALD MARY LOU 1034 MONROE STREET 312586 BLLN SMAY BRIAN N. 14 LAKESHORE DRIVE 312587 FR LONGWELL ARLENE M 2910NECOVENTRY BLVD 312589 FR SCHOECKERT MARK C. W10808 EAST HARMONY DRIVE 312590 ARM2-28 SMITH MAVIS D. 2042 LAKE ROAD 312592 BLLN LAWRENCE ROBERT 31029 NOCATEE TRAIL 312593 FR KIMBRO RODNEY E 100 VALLEY DRIVE 312595 BLLN YOUNG MARK D. 16170 MCCRAE ROAD 312599 ARM BUTLER/LESANE LENA L. 13955 NORTHLAWN 312600 BLLN HAYNES ROBERT 145 ASTER CIRCLE 312602 ARM PICCININI/GRIE PATRICIA 35526 SUNSET DRIVE 312603 FR DILWORTH CHARLIE R 1 BOX 69-M (SO 312604 BLLN COLLINS RANDY M. 1737 LAUREL AVENUE 312606 FR SLUSS CLAUDE T 3062 MEADOW LARK LAN 312607 FR SALTER TIMOTHY 1880 EDISON STREET N 312608 BLLN COX/GRADY MILDRED 326 AQUARIUS CONCOU 312609 BLLN JOHNSON ELLA 980 MAUDE AVENUE 312610 FR MOORE ROBERT 352 EAST COUNTY RD 312612 FR BUSH ROBERT C 1915 ROSE STREET 312614 BLLN KIRBY JEWELL M 171 LAKESIDE PARK D 312615 BLLN RUSSELL DONALD 4054 NORTH SAWYER AV 312616 FR CARNOHAN DAVID A. 124 SOUTH GRAND AVE 312619 FR LEHMAN RICHARD 9617 DIXON AVENUE 312620 FR DADE TONY 1158 WALLEY STREET 312622 BLLN MONROE JAMES L. 135 WEST ANDERSON A 312623 FR BROUSSARD MICHAEL 102 DUKE STREET 312624 FR HAYNES BARBARA 12791 GRAFTON ROAD 312625 BLLN GROSE JOE L. 849 EAST 149TH STRE 312626 BLLN HALL DONALD R 3421 TARRAGON DRIVE 312627 BLLN MONDROSKI NANCY J. 909 WESTERN AVENUE 312628 ARM2-28 SCHULZ VIRGINIA 21312 DEXTER 312633 BLLN MORRISON SAMUEL 312 CHESTNUT STREET 312634 BLLN HUDSON HAZEL P. 112 BLUEFIELD SQUAR 312639 FR RUSSELL JOHN W. 3134 ASBURY STRET 312642 FR SUTHERLAND DARRIN E 535 FIDALGO STREET 312644 FR TRIPLETT HOWARD 609 SOUTH JENISON AVENUE 312645 FR CORDES ROGER L. 9225 CUSTAR ROAD 312646 FR FRANCIS KATHRYN 27 KENILWORTH AVEN 312647 ARM2-28 MILLER GLEN M. 4144 BROOKMYRA DRIVE 312649 BLLN POWERS JOHN A. 10543 BROOKWOOD 312650 BLLN LOFTON FREDDIE 5497 N.W. 53RD STREE 312653 FR SEARS DONNA 423 GORE ROAD 312654 FR SIMPSON DAVID R. 2549 BRIDWELL STREET 312655 BLLN MUNSON LINDA F. 4112 OLD HICKORY BOU 312656 FR RAMSEY MICHAEL 3007 DON DEE DRIVE 312658 FR AMBROIGGIO PATRICIA 1321 S. FINLEY ROAD 312659 ARM2-28 MAYNARD BERNARD 25612 NEW YORK 312661 FR FRAPPIER LUC N. 7989 STONE RD 312662 FR BOWLING JERRY L. 1070 MCMAKIN MCMULLE 312664 FR MCGARITY LEMIE B. 7318 OLD MCGARITY PL 312665 BLLN TODD WAYNE 4126 SEMINOLE 312667 FR WERTZ/BEARD MYRTLE D 5040 PHEASANT LANE S 312669 BLLN MORRISON MELVIN 2512 17TH AVENUE EAS 312670 BLLN GODWIN JAMES ROUTE 11 BOX 290 312672 BLLN JOHNSON LINDA M. 4175 COUNTY ROAD 98 312673 ARM2-28 PALMER WILLIAM 27349 MARSHALL AVENUE 312675 BLLN DEARSTONE COREEN 758 CONKLIN ROAD 312677 FR LABOY JOSE A. LABOY-R 3909 TROTTER ROAD 312679 BLLN ARNOLD JANIE B. 1170 SHADOWLINE 312681 FR CURRY MAMIE 118 PRESSWOOD STREE 312682 FR LYLES DONNIE E 9808 QUEBEC AVENUE LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312559 FAIRFIELD OH 45014 BUTLER 29,300.00 29,228.00 29,228.00 312563 NASHVILLE TN 37214 DAVIDSON 83,866.00 83,826.41 83,826.41 312564 MAIDEN NC 28650 LINCOLN 62,050.00 61,905.52 61,905.52 312565 TOLEDO OH 43609 LUCAS 44,000.00 44,000.00 44,000.00 312566 INKSTER MI 48141 WAYNE 48,000.00 47,985.48 47,985.48 312567 COLUMBUS OH 43206 FRANKLIN 63,750.00 63,617.47 63,617.47 312568 CHICAGO IL 60624 COOK 59,250.00 59,236.14 59,236.14 312570 DANVILLE IL 61832 VERMILION 44,800.00 44,800.00 44,800.00 312574 FOSTORIA OH 44830 SENECA 14,250.00 14,182.21 14,182.21 312575 WATERFORD MI 48329 OAKLAND 56,162.00 56,162.00 56,162.00 312576 CHICAGO IL 60655 COOK 60,000.00 59,977.41 59,977.41 312577 CHICAGO IL 60643 COOK 56,000.00 55,870.38 55,870.38 312578 PEORIA IL 61603 PEORIA 9,000.00 8,965.07 8,965.07 312579 FAIRMOUNT IL 61841 VERMILION 30,550.00 30,550.00 30,550.00 312580 VERMILION OH 44089 LORAIN 73,200.00 73,200.00 73,200.00 312583 HINESVILLE GA 31313 LIBERTY 26,577.00 26,547.69 26,547.69 312584 CANTON OH 44705 STARK 40,000.00 39,903.75 39,903.75 312585 NASHVILLE TN 37208 DAVIDSON 37,200.00 37,185.84 37,185.84 312586 DULUTH GA 30136 GWINNETT 172,000.00 172,000.00 172,000.00 312587 CANTON OH 44705 STARK 44,220.00 44,116.21 44,116.21 312589 LODI WI 53555 COLUMBIA 32,000.00 31,962.79 31,962.79 312590 MEDWAY OH 45341 CLARK 99,550.00 99,550.00 99,550.00 312592 SORRENTO FL 32776 LAKE 65,000.00 64,973.89 64,973.89 312593 HENDERSONVILLE TN 37075 SUMNER 77,775.00 77,775.00 77,775.00 312595 EAST LIVERPOOL OH 43920 COLUMBIANA 84,000.00 83,965.15 83,965.15 312599 DETROIT MI 48238 WAYNE 44,200.00 41,861.17 41,861.17 312600 COLUMBIA SC 29201 RICHLAND 38,250.00 38,236.94 38,236.94 312602 STERLING HEIGHTS MI 48312 MACOMB 129,650.00 129,578.44 129,578.44 312603 GRETNA FL 32332 GADSDEN 27,750.00 27,750.00 27,750.00 312604 COLUMBUS OH 43223 FRANKLIN 56,000.00 55,990.04 55,990.04 312606 SOPHIA NC 27350 RANDOLPH 58,000.00 58,000.00 58,000.00 312607 UNIONTOWN OH 44685 STARK 114,750.00 114,691.13 114,691.13 312608 ORANGE PARK FL 32073 CLAY 55,000.00 54,974.06 54,974.06 312609 CLEVELAND OH 44103 CUYAHOGA 37,200.00 37,185.81 37,185.81 312610 CONNERSVILLE IN 47331 FAYETTE 40,000.00 39,980.53 39,980.53 312612 ARABI LA 70032 SAINT BERNARD 15,000.00 14,968.96 14,968.96 312614 HENDERSONVILLE TN 37075 SUMNER 60,000.00 59,983.21 59,983.21 312615 INDIANAPOLIS IN 46226 MARION 58,500.00 58,500.00 58,500.00 312616 FORT THOMAS KY 41075 CAMPBELL 38,000.00 37,957.25 37,957.25 312619 BALTIMORE MD 21234 BALTIMORE 51,500.00 51,500.00 51,500.00 312620 LAUREL MS 39440 JONES 20,000.00 20,000.00 20,000.00 312622 KNOXVILLE TN 37917 KNOX 36,000.00 36,000.00 36,000.00 312623 BROUSSARD LA 70518 LAFAYETTE 36,000.00 36,000.00 36,000.00 312624 EATON TOWNSHIP OH 44044 LORAIN 52,000.00 51,976.80 51,976.80 312625 CLEVELAND OH 44110 CUYAHOGA 36,000.00 35,984.74 35,984.74 312626 DECATUR GA 30034 DE KALB 76,500.00 76,500.00 76,500.00 312627 MOSINEE WI 54455 MARATHON 61,000.00 60,975.50 60,975.50 312628 WARREN MI 48089 MACOMB 20,000.00 20,000.00 20,000.00 312633 ALLERTON IL 61810 VERMILION 29,400.00 29,400.00 29,400.00 312634 NASHVILLE TN 37214 DAVIDSON 123,500.00 123,500.00 123,500.00 312639 INDIANAPOLIS IN 46237 MARION 44,300.00 44,233.24 44,233.24 312642 SEDRO WOOLLEY WA 98284 SKAGIT 76,000.00 75,972.60 75,972.60 312644 LANSING MI 48915 INGHAM 70,800.00 70,761.73 70,761.73 312645 CUSTAR OH 43511 WOOD 52,200.00 51,975.73 51,975.73 312646 ORMOND BEACH FL 32174 VOLUSIA 68,000.00 68,000.00 68,000.00 312647 ORLANDO FL 32837 ORANGE 167,058.00 167,058.00 167,058.00 312649 PLYMOUTH MI 48170 WAYNE 155,920.00 155,863.67 155,863.67 312650 OCALA FL 34482 MARION 81,900.00 81,854.80 81,854.80 312653 CONNEAUT OH 44030 ASHTABULA 39,000.00 39,000.00 39,000.00 312654 KINGSPORT TN 37664 SULLIVAN 38,000.00 37,921.00 37,921.00 312655 OLD HICKORY TN 37138 DAVIDSON 56,100.00 56,085.74 56,085.74 312656 LOUISVILLE KY 40220 JEFFERSON 15,100.00 14,914.86 14,914.86 312658 LOMBARD IL 60148 DU PAGE 15,000.00 14,969.55 14,969.55 312659 DEARBORN HEIGHTS MI 48125 WAYNE 64,800.00 64,800.00 64,800.00 312661 MEDINA OH 44256 MEDINA 120,000.00 120,000.00 120,000.00 312662 SHELBYVILLE KY 40065 SHELBY 69,700.00 68,208.44 68,208.44 312664 DALLAS GA 30132 PAULDING 110,000.00 109,957.50 109,957.50 312665 DETROIT MI 48214 WAYNE 31,200.00 31,186.78 31,186.78 312667 OLYMPIA WA 98513 THURSTON 50,000.00 50,000.00 50,000.00 312669 SPRINGFIELD TN 37172 ROBERTSON 70,975.00 70,960.01 70,960.01 312670 LUMBERTON NC 28358 ROBESON 54,400.00 54,387.60 54,387.60 312672 MOUNT GILEAD OH 43338 MORROW 72,750.00 72,750.00 72,750.00 312673 SOUTHFIELD MI 48076 OAKLAND 120,700.00 120,700.00 120,700.00 312675 JONESBOROUGH TN 37659 WASHINGTON 53,200.00 53,187.04 53,187.04 312677 COLUMBIA SC 29209 RICHLAND 48,000.00 48,000.00 48,000.00 312679 MEMPHIS TN 38109 SHELBY 46,000.00 46,000.00 46,000.00 312681 MILLEDGEVILLE GA 31061 BALDWIN 21,600.00 21,522.23 21,522.23 312682 CLEVELAND OH 44106 CUYAHOGA 43,200.00 43,200.00 43,200.00 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312559 311.28 9.8000 180 0.3907 312563 720.54 9.7500 360 0.8984 312564 687.82 10.5500 180 0.8500 312565 415.90 9.7000 240 0.7097 312566 484.52 11.7500 360 0.8000 312567 748.78 11.6000 180 0.8500 312568 650.80 12.9000 360 0.7500 312570 376.70 9.5000 360 0.8000 312574 191.88 10.4500 120 0.5278 312575 685.37 13.6800 240 0.7500 312576 560.09 10.7500 360 0.4412 312577 617.29 10.4500 180 0.8000 312578 122.29 14.4000 180 0.5000 312579 357.15 13.8000 180 0.6500 312580 596.90 9.1500 360 0.8000 312583 280.68 11.3500 240 0.8500 312584 430.58 10.0300 180 0.8000 312585 345.86 10.7000 180 0.8000 312586 1,465.13 9.6500 180 0.6880 312587 483.34 10.3000 180 0.7624 312589 329.21 10.9500 240 0.7065 312590 783.16 8.7500 360 0.8296 312592 592.15 10.4500 180 0.7471 312593 705.63 10.4000 360 0.8500 312595 755.85 10.3000 180 0.8000 312599 386.25 9.9500 360 0.8500 312600 370.06 11.2000 180 0.7500 312602 1,038.53 8.9500 360 0.7998 312603 297.35 9.9500 180 0.7500 312604 667.96 14.1000 180 0.8000 312606 621.50 9.9500 180 0.8000 312607 948.18 9.3000 360 0.8500 312608 470.52 9.7000 180 0.7857 312609 345.58 10.6900 180 0.8000 312610 337.80 9.5500 360 0.6667 312612 176.66 11.6500 180 0.7841 312614 621.79 12.1000 180 0.7500 312615 515.54 10.0500 180 0.8478 312616 397.42 11.2000 240 0.7236 312619 498.69 10.0500 240 0.5000 312620 250.89 14.1500 240 0.8000 312622 345.56 11.1000 180 0.8000 312623 451.70 12.8400 180 0.7500 312624 454.80 9.9600 360 0.5306 312625 321.26 10.2000 180 0.7059 312626 688.36 10.3000 180 0.8500 312627 555.71 10.4500 180 0.7531 312628 183.70 10.5500 360 0.4598 312633 332.13 13.3000 180 0.7000 312634 1,374.85 13.0900 180 0.8459 312639 397.16 8.9500 240 0.7383 312642 720.90 10.9500 360 0.7835 312644 572.22 9.0500 360 0.8429 312645 754.97 12.2000 120 0.8700 312646 683.79 11.7000 360 0.8500 312647 1,363.46 9.1600 360 0.8080 312649 1,477.80 10.9400 180 0.8000 312650 656.04 8.9500 180 0.9000 312653 453.86 11.4300 180 0.7500 312654 446.33 11.6000 180 0.7917 312655 614.01 12.8500 180 0.8500 312656 335.51 11.9500 60 0.5900 312658 178.58 11.8500 180 0.7647 312659 572.02 10.0700 360 0.8000 312661 1,120.18 10.7500 360 0.7500 312662 614.24 10.0500 360 0.8500 312664 1,016.92 10.6300 360 0.7801 312665 278.42 10.2000 180 0.5887 312667 452.89 10.3800 360 0.4808 312669 804.59 13.3500 180 0.8500 312670 603.90 13.0500 180 0.8500 312672 742.72 11.9000 180 0.7500 312673 1,006.12 9.4000 360 0.8500 312675 576.88 12.7200 180 0.8378 312677 509.95 9.8000 180 0.7619 312679 494.51 12.6000 180 0.7667 312681 350.47 15.1500 120 0.6000 312682 383.27 10.1300 360 0.8000
Page 34 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 312559 179 180 0.00 75000.00 02-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312563 359 360 93350.00 93350.00 31-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312564 179 180 0.00 73000.00 02-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97 312565 240 240 0.00 62000.00 03-Jan-97 15-Feb-97 15-Jan-17 15-Feb-97 312566 359 360 0.00 60000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312567 179 180 0.00 75000.00 03-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97 312568 359 360 0.00 79000.00 06-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312570 360 360 0.00 56000.00 06-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312574 119 120 0.00 27000.00 03-Jan-97 01-Feb-97 01-Jan-07 01-Mar-97 312575 240 240 0.00 298000.00 03-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312576 359 360 0.00 136000.00 03-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312577 179 180 0.00 70000.00 08-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97 312578 178 180 0.00 18000.00 06-Jan-97 01-Feb-97 01-Jan-12 01-Apr-97 312579 180 360 0.00 47000.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312580 360 360 0.00 91500.00 17-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312583 239 240 0.00 128000.00 06-Jan-97 01-Feb-97 01-Jan-17 01-Mar-97 312584 179 180 0.00 50000.00 16-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312585 179 360 0.00 46500.00 03-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312586 180 360 0.00 250000.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312587 179 180 0.00 58000.00 06-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312589 239 240 0.00 122000.00 06-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97 312590 360 360 0.00 120000.00 08-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312592 179 360 0.00 87000.00 03-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312593 360 360 0.00 91500.00 06-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312595 179 360 0.00 105000.00 08-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312599 359 360 0.00 52000.00 14-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312600 179 360 0.00 51000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312602 359 360 0.00 162100.00 07-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312603 180 180 0.00 37000.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312604 179 360 0.00 70000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312606 180 180 0.00 72500.00 07-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312607 359 360 0.00 135000.00 15-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312608 179 360 0.00 70000.00 06-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312609 179 360 0.00 46500.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312610 359 360 0.00 60000.00 08-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312612 179 180 0.00 79000.00 06-Jan-97 01-Feb-97 01-Jan-12 01-Mar-97 312614 179 360 0.00 80000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312615 180 360 0.00 69000.00 13-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312616 239 240 0.00 155000.00 08-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97 312619 240 240 0.00 103000.00 08-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312620 240 240 0.00 25000.00 29-Jan-97 15-Mar-97 15-Feb-17 15-Mar-97 312622 180 360 0.00 45000.00 07-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312623 180 180 0.00 48000.00 11-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312624 359 360 0.00 98000.00 09-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312625 179 360 0.00 51000.00 08-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312626 180 360 0.00 90000.00 08-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312627 179 360 0.00 81000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312628 360 360 0.00 43500.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312633 180 360 0.00 42000.00 09-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312634 180 360 0.00 146000.00 08-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312639 239 240 0.00 60000.00 10-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97 312642 359 360 0.00 97000.00 10-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312644 359 360 0.00 84000.00 20-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312645 119 120 0.00 60000.00 10-Jan-97 01-Mar-97 01-Feb-07 01-Apr-97 312646 360 360 0.00 80000.00 10-Jan-97 15-Feb-97 15-Jan-27 15-Feb-97 312647 360 360 206756.00 206756.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312649 179 360 194900.00 194900.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312650 179 360 0.00 91000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312653 180 180 0.00 52000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312654 179 180 0.00 48000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312655 179 360 0.00 66000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312656 59 60 0.00 100000.00 09-Jan-97 15-Feb-97 15-Jan-02 15-Mar-97 312658 179 180 0.00 85000.00 09-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312659 360 360 0.00 81000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312661 360 360 0.00 160000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312662 360 360 0.00 82000.00 13-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312664 359 360 0.00 141000.00 13-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312665 179 360 0.00 53000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312667 360 360 0.00 104000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312669 179 360 0.00 83500.00 13-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312670 179 360 0.00 64000.00 10-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312672 180 360 0.00 97000.00 10-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312673 360 360 0.00 142000.00 14-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312675 179 360 0.00 63500.00 14-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312677 180 180 0.00 63000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312679 180 360 0.00 60000.00 15-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312681 119 120 0.00 36000.00 10-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97 312682 360 360 0.00 54000.00 11-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 312559 15-Mar-97 1 1 1 18 0 3 312563 01-Mar-97 1 1 1 18 0 1 312564 01-Mar-97 8 1 1 18 0 4 312565 15-Feb-97 1 1 1 18 0 3 312566 01-Apr-97 1 1 1 18 0 3 312567 01-Mar-97 1 1 1 18 0 2 312568 15-Mar-97 5 2 1 18 0 3 312570 01-Mar-97 1 1 1 18 0 4 312574 01-Mar-97 1 1 3 18 0 4 312575 01-Mar-97 1 1 1 38 167338 3 312576 01-Apr-97 1 1 1 18 0 3 312577 01-Mar-97 1 1 3 18 0 3 312578 01-Apr-97 1 1 3 18 0 3 312579 01-Mar-97 1 1 1 18 0 4 312580 15-Mar-97 1 1 1 18 0 3 312583 01-Mar-97 1 1 1 38 82223 3 312584 15-Mar-97 1 1 1 18 0 3 312585 15-Mar-97 1 1 1 18 0 2 312586 01-Mar-97 1 1 1 18 0 4 312587 15-Mar-97 1 1 1 18 0 4 312589 15-Mar-97 1 1 1 38 54193 3 312590 01-Mar-97 1 1 1 18 0 4 312592 15-Mar-97 8 1 1 18 0 3 312593 01-Mar-97 1 1 1 18 0 4 312595 15-Mar-97 1 1 1 18 0 4 312599 15-Mar-97 1 1 1 18 0 3 312600 15-Mar-97 1 1 1 18 0 3 312602 01-Apr-97 1 1 1 18 0 3 312603 01-Mar-97 8 1 1 18 0 4 312604 15-Mar-97 1 1 1 18 0 4 312606 01-Mar-97 1 1 1 18 0 3 312607 15-Mar-97 1 1 1 18 0 4 312608 15-Mar-97 1 1 1 18 0 3 312609 15-Mar-97 1 1 1 18 0 3 312610 01-Apr-97 1 1 1 18 0 3 312612 01-Mar-97 1 1 1 38 46944 3 312614 15-Mar-97 1 1 1 18 0 3 312615 15-Feb-97 1 1 1 18 0 2 312616 15-Mar-97 1 1 1 38 74165 3 312619 01-Mar-97 1 1 1 18 0 3 312620 15-Mar-97 1 1 1 18 0 4 312622 15-Feb-97 1 1 1 18 0 2 312623 15-Feb-97 1 1 1 18 0 4 312624 15-Mar-97 1 1 1 18 0 3 312625 15-Mar-97 5 2 1 18 0 4 312626 01-Mar-97 1 1 1 18 0 3 312627 15-Mar-97 1 1 1 18 0 2 312628 01-Mar-97 1 1 1 18 0 3 312633 01-Mar-97 1 1 1 18 0 3 312634 15-Feb-97 1 1 1 18 0 4 312639 15-Mar-97 1 1 1 18 0 2 312642 15-Mar-97 1 1 1 18 0 3 312644 15-Mar-97 1 1 1 18 0 4 312645 01-Apr-97 1 1 1 18 0 3 312646 15-Feb-97 1 1 1 18 0 3 312647 01-Mar-97 1 1 3 18 0 1 312649 15-Mar-97 1 1 1 18 0 1 312650 15-Mar-97 1 1 1 18 0 4 312653 01-Mar-97 1 1 1 18 0 3 312654 15-Mar-97 1 1 1 18 0 3 312655 15-Mar-97 1 1 1 18 0 4 312656 15-Mar-97 1 1 1 38 43897 3 312658 15-Mar-97 3 1 1 38 50000 3 312659 01-Mar-97 1 1 1 18 0 3 312661 01-Mar-97 1 1 1 18 0 2 312662 01-Mar-97 1 1 1 18 0 3 312664 01-Apr-97 1 1 1 18 0 3 312665 15-Mar-97 1 1 3 18 0 3 312667 01-Mar-97 1 1 1 18 0 3 312669 01-Apr-97 1 1 1 18 0 2 312670 15-Mar-97 1 1 1 18 0 4 312672 01-Mar-97 8 1 1 18 0 4 312673 01-Mar-97 1 1 1 18 0 4 312675 15-Mar-97 8 1 1 18 0 4 312677 01-Mar-97 1 1 1 18 0 3 312679 01-Mar-97 1 1 1 18 0 2 312681 15-Mar-97 8 1 1 18 0 3 312682 01-Mar-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 312559 A 01-Jul-92 F 0 -- 0 0 312563 A 07-Feb-92 F 5.75 6MOLIB 01-Jan-99 1.5 7 312564 A -- F 0 -- 0 0 312565 A 08-Mar-93 F 0 -- 0 0 312566 B -- F 0 -- 0 0 312567 B -- F 0 -- 0 0 312568 B -- T 0 -- 0 0 312570 B 24-Jul-91 F 6.5 6MOLIB 01-Feb-99 1.5 7 312574 A -- F 0 -- 0 0 312575 C 01-Sep-96 F 0 -- 0 0 312576 A -- F 0 -- 0 0 312577 A -- F 0 -- 0 0 312578 C -- F 0 -- 0 0 312579 C -- F 0 -- 0 0 312580 B -- F 0 -- 0 0 312583 B -- F 0 -- 0 0 312584 A -- F 0 -- 0 0 312585 A -- F 0 -- 0 0 312586 A 15-Dec-94 F 0 -- 0 0 312587 A -- F 0 -- 0 0 312589 A -- F 0 -- 0 0 312590 A -- F 5.25 6MOLIB 01-Feb-99 1.5 7 312592 A 01-Mar-89 F 0 -- 0 0 312593 A -- F 0 -- 0 0 312595 A -- F 0 -- 0 0 312599 B -- T 7.45 6MOLIB 15-Jul-97 1.5 7 312600 B -- F 0 -- 0 0 312602 A -- F 6.2 6MOLIB 01-Aug-97 1.5 7 312603 A -- F 0 -- 0 0 312604 C -- F 0 -- 0 0 312606 A -- F 0 -- 0 0 312607 A -- F 0 -- 0 0 312608 A 01-Apr-94 F 0 -- 0 0 312609 A -- F 0 -- 0 0 312610 A -- F 0 -- 0 0 312612 A -- F 0 -- 0 0 312614 B 26-Sep-95 F 0 -- 0 0 312615 A 01-Nov-91 F 0 -- 0 0 312616 A -- F 0 -- 0 0 312619 A -- F 0 -- 0 0 312620 B -- F 0 -- 0 0 312622 B -- F 0 -- 0 0 312623 C -- F 0 -- 0 0 312624 A -- F 0 -- 0 0 312625 A -- F 0 -- 0 0 312626 A -- F 0 -- 0 0 312627 A -- F 0 -- 0 0 312628 B -- T 7.55 6MOLIB 01-Feb-99 1.5 7 312633 C -- T 0 -- 0 0 312634 B 22-Oct-94 F 0 -- 0 0 312639 A+ 01-Jan-89 F 0 -- 0 0 312642 B -- F 0 -- 0 0 312644 A+ -- F 0 -- 0 0 312645 A -- F 0 -- 0 0 312646 B -- F 0 -- 0 0 312647 A -- F 5.66 6MOLIB 01-Feb-99 1.5 7 312649 A -- F 0 -- 0 0 312650 A+ -- F 0 -- 0 0 312653 B -- T 0 -- 0 0 312654 B 01-Sep-91 F 0 -- 0 0 312655 B 17-Oct-91 F 0 -- 0 0 312656 B -- F 0 -- 0 0 312658 B -- F 0 -- 0 0 312659 B -- F 7.07 6MOLIB 01-Feb-99 1.5 7 312661 A 13-Aug-91 F 0 -- 0 0 312662 A 01-Jul-90 F 0 -- 0 0 312664 A -- F 0 -- 0 0 312665 A -- F 0 -- 0 0 312667 A -- F 0 -- 0 0 312669 B -- F 0 -- 0 0 312670 B -- F 0 -- 0 0 312672 B -- F 0 -- 0 0 312673 A -- F 5.9 6MOLIB 01-Feb-99 1.5 7 312675 B -- F 0 -- 0 0 312677 A -- F 0 -- 0 0 312679 C 12-Jun-90 T 0 -- 0 0 312681 C -- F 0 -- 0 0 312682 A -- F 0 -- 0 0
Page 35 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 312559 0 0 P F 312563 9.75 16.75 P F 312564 0 0 F 312565 0 0 P F 312566 0 0 P F 312567 0 0 P F 312568 0 0 F 312570 9.5 16.5 F 312574 0 0 F 312575 0 0 P F 312576 0 0 F 312577 0 0 F 312578 0 0 F 312579 0 0 F 312580 0 0 P F 312583 0 0 P F 312584 0 0 P F 312585 0 0 F 312586 0 0 P F 312587 0 0 P F 312589 0 0 F 312590 8.75 15.75 P F 312592 0 0 P F 312593 0 0 P F 312595 0 0 P F 312599 10.95 16.95 F 312600 0 0 F 312602 9.95 15.95 P F 312603 0 0 P F 312604 0 0 F 312606 0 0 F 312607 0 0 P F 312608 0 0 P F 312609 0 0 P F 312610 0 0 F 312612 0 0 F 312614 0 0 F 312615 0 0 P F 312616 0 0 P F 312619 0 0 F 312620 0 0 P F 312622 0 0 F 312623 0 0 P F 312624 0 0 P F 312625 0 0 P F 312626 0 0 P F 312627 0 0 P F 312628 10.55 17.55 F 312633 0 0 F 312634 0 0 P F 312639 0 0 P F 312642 0 0 P F 312644 0 0 P F 312645 0 0 P F 312646 0 0 P F 312647 9.16 16.16 F 312649 0 0 F 312650 0 0 P F 312653 0 0 F 312654 0 0 P F 312655 0 0 F 312656 0 0 P F 312658 0 0 P F 312659 10.07 17.07 P F 312661 0 0 P L 312662 0 0 P F 312664 0 0 P F 312665 0 0 P F 312667 0 0 P F 312669 0 0 F 312670 0 0 F 312672 0 0 P F 312673 9.4 16.4 P F 312675 0 0 F 312677 0 0 F 312679 0 0 F 312681 0 0 P F 312682 0 0 P F
Page 36 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 312683 FR MILLS JAMES K. 1189 EVERETT HULL RO 312684 FR DENMARK JOSEPH C ROUTE 1 BOX 236 312685 BLLN RAMIREZ SALVADOR 282 LINDSAY STREET 312687 FR SALSBURY JOHN W. 580 CANTERBURY ROAD 312689 ARM MACK MICHAEL 437 WEST 43RD STREE 312690 FR TOWNES GUSLEY 1026 SOUTH 10TH AVENUE 312692 BLLN DAVIS GOLIATH 135 LEXINGTON DRIVE 312693 FR CHANCEY JOHN M. 1318 BRISTOL COURT 312694 BLLN SCHOEPSER/DYMENT MARK A. SCHOEPF 5706 S. SHERIDAN AVENUE 312695 FR GOINS XIMENA 2738 CRESCENT LANE 312698 FR WILLIAMS VON MARK 9175 SHARON HILLS 312699 FR PATRICK CHRISTOP 10262 BARBERVILL ROAD 312701 FR WILLIS MARGIT L 8220 SOUTH ADA STREE 312702 FR MCDONALD JOSEPH D. 27725 DARTMOUTH 312703 FR CIULLA JAMES 1355 EAST 346TH STRE 312704 FR ANDERSON EDDIE F. 11712 DOVE AVENUE 312705 BLLN MCLEOD CURTIS 9366 STOEPEL 312706 FR HOLLOWAY RUSSELL 12571 TANGI AVENUE 312707 FR ROBINSON LAVERNE 6962 CORONET 312709 FR MARTOIA DENNIS C 15065 FAIRWAY 312713 FR MORRISON THEODORE 2206 11TH AVENUE SOU 312714 BLLN KATEMAN DAWN L. 207 HENDERSON STREET 312715 FR PARR MICHAEL 516 PEGASUS 312716 FR SERGEANT CHARLES 903 NORTH FIFTH AVE 312717 ARM2-28 TOUCHTON WILLIAM 2850 RIVERFRONT TRAI 312719 FR NORRIS EBBIN ARNOLD 172 H. RUSH ROAD 312722 FR JONES CECILE D 7609 CALUMET 312723 FR GONZALES ALBERT 225 LINCOLN STREET 312724 BLLN BRUNELLE JOHN 2196 SPRING RAIN DRI 312726 BLLN CLARK LEON U. 403 PENARTH DRIVE 312727 FR HICKLEN BILLY WA 720 23RD STREET 312728 FR GREER TERRY M. 2512 CARTER AVENUE 312729 BLLN SMOOT JOHNNIE D. 2326 WEBB 312732 BLLN DURHAM ROBERT M 107 RIVER DRIVE 312734 BLLN THOMAS RACHEL A 2306 GREEN POND ROAD 312736 BLLN RHONE CHARLES 2216 LINDELL AVENUE 312738 FR MCINTOSH KENNETH 3342 W 48TH ST 312739 BLLN BUCHANAN LAWRENCE 813 AVERY VALLEY DR 312741 BLLN WARD WAITES J. 310 OLD SOCASTEE HIGHWAY 312742 BLLN ANCRUM BARBARA 850 TRIPE STREET 312743 FR MOORE BEATRICE 13201 SVEC AVE 312744 BLLN GILLESPIE IDA M. 12237 WASHBURN 312745 BLLN COLE ERNEST J 2124 LAKE ROAD 312746 BLLN HOOKER MICHAEL 3056 AND 3058 LEE RO 312749 FR COBERLY DAVID L. 7880 CHINOOK COURT 312752 FR BINKS CRAIG C. 125 EAST 7615 SOUTH 312753 FR BINKS CRAIG C. 3326 WEST DANUBE DRI 312754 FR BINKS CRAIG C. 4778 WEST 5865 SOUTH 312755 FR BINKS CRAIG C. 7740 WEST 3210 SOUTH 312756 FR BINKS CRAIG C. 7758 WEST CONSILINE 312759 FR VINES DANIEL W ROUTE 8 BOX 535 B 312763 FR KISEREU TIBERIUS 1004 OAK RIDGE DRIVE 312765 FR BROWN GEORGE HUIE 330 TRIVET ROAD 312767 FR FELTE CHARLETTE A. 2943 SOUTHMOOR DR 312770 BLLN BROWN JENNY CA 115 WINTERBERRY DRI 312772 ARM FARIS VICKI N5383 BROOKLYN G ROAD 312773 FR BLENNER JOHN P. 981 GLENSIDE COURT 312774 FR CARNEY WILLIAM R. 808 EAST BALDWIN ROAD 312775 ARM2-28 BOTTIAUX DAVID S. 3512 HERBEY 312776 ARM2-28 VERSTRAETE DONALD D. 25756 BILLETTE 312777 FR BRANDON LORENZO 7311 SEAWOOD COURT 312778 FR MERCER GEORGE 106 MANNS ROAD 312779 FR GAMBOL RALPH M. 20 BAYBERRY DRIVE 312780 ARM2-28 WOODS MARGIE L. 1839 REYBURN ROAD 312783 FR BURNS DEVONA 372 ROGERS RIDGE ROAD 312784 ARM2-28 BENINATO SAM D. 1692 ELM PLACE 312785 FR LAST JURGEN E 411 SUNCREST BLVD 312786 FR RAMOS CYNTHIA M. 1402 LATHAM PLACE 312787 FR LAUBACH DONNA ANN 1909 NEVILL ROAD 312788 FR LOCKETT LINDA M. 436 BERRY AVENUE 312789 ARM2-28 IDEMOTO JOHN S. 3437 WEST 130TH STREET 312791 ARM2-28 HERRING DONALD R. 154 SUGARLOAF DRIVE 312792 FR BARNES THOMAS R. 421 MURDOCK CIRCLE 312793 FR TERRY/TERRY DIANE TERRY 2756 EAST 79TH STREET 312794 FR TAYLOR-GIBSON VIRGINA N. 134 W. BRIDGE 312797 BLLN OLIVER LARRY J. 9007 LA. HIGHWAY 418 312798 BLLN SIMS DIANE L. 1008 DELRIDGE AVENUE 312799 BLLN DICKERSON JIMMY ROGER 9336 GOTT HYDRO ROAD LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312683 CORTLAND OH 44410 TRUMBULL 59,200.00 59,174.09 59,174.09 312684 LEAKESVILLE MS 39451 GREENE 43,400.00 43,400.00 43,400.00 312685 ALCOA TN 37701 BLOUNT 54,900.00 54,900.00 54,900.00 312687 BAY VILLAGE OH 44140 CUYAHOGA 105,500.00 105,341.03 105,341.03 312689 SHADYSIDE OH 43947 BELMONT 47,800.00 47,800.00 47,800.00 312690 MAYWOOD IL 60153 COOK 80,750.00 80,750.00 80,750.00 312692 CLARKSVILLE TN 37042 MONTGOMERY 62,050.00 62,050.00 62,050.00 312693 CIRCLEVILLE OH 43113 PICKAWAY 93,500.00 93,462.03 93,462.03 312694 TACOMA WA 98408 PIERCE 96,300.00 96,300.00 96,300.00 312695 GASTONIA NC 28052 GASTON 46,400.00 46,386.27 46,386.27 312698 BATON ROUGE LA 70811 EAST BATON ROUGE 36,750.00 36,750.00 36,750.00 312699 FORT MILL SC 29715 LANCASTER 64,414.00 64,390.02 64,390.02 312701 CHICAGO IL 60620 COOK 52,000.00 51,987.84 51,987.84 312702 MADISON HEIGHTS MI 48071 OAKLAND 60,350.00 60,350.00 60,350.00 312703 EASTLAKE OH 44095 LAKE 75,000.00 74,805.35 74,805.35 312704 CLEVELAND OH 44105 CUYAHOGA 50,300.00 50,257.70 50,257.70 312705 DETROIT MI 48204 WAYNE 30,000.00 30,000.00 30,000.00 312706 ROSELAND LA 70456 TANGIPAHOA 30,500.00 30,421.20 30,421.20 312707 BATON ROUGE LA 70812 EAST BATON ROUGE 48,000.00 48,000.00 48,000.00 312709 LIVONIA MI 48154 WAYNE 106,300.00 106,262.83 106,262.83 312713 NASHVILLE TN 37204 DAVIDSON 69,300.00 69,276.86 69,276.86 312714 GREENVILLE SC 29611 GREENVILLE 20,000.00 20,000.00 20,000.00 312715 MOLALLA OR 97038 CLACKAMAS 109,600.00 109,565.28 109,565.28 312716 MAYWOOD IL 60153 COOK 123,300.00 123,252.57 123,252.57 312717 GENEVA FL 32732 SEMINOLE 119,850.00 119,850.00 119,850.00 312719 DEVILLE LA 71328 RAPIDES 34,500.00 34,500.00 34,500.00 312722 CHICAGO IL 60619 COOK 22,500.00 22,450.28 22,450.28 312723 HOUMA LA 70364 TERREBONNE 34,642.00 34,491.41 34,491.41 312724 CLEARWATER FL 34623 PINELLAS 57,750.00 57,750.00 57,750.00 312726 GREENVILLE SC 29611 GREENVILLE 82,450.00 82,417.58 82,417.58 312727 NASHVILLE TN 37209 DAVIDSON 25,000.00 24,889.72 24,889.72 312728 NASHVILLE TN 37206 DAVIDSON 72,000.00 72,000.00 72,000.00 312729 DETROIT MI 48206 WAYNE 33,700.00 33,700.00 33,700.00 312732 WILLIAMSTON SC 29697 ANDERSON 100,000.00 100,000.00 100,000.00 312734 WOODRUFF SC 29388 SPARTANBURG 34,703.00 34,589.06 34,589.06 312736 NASHVILLE TN 37204 DAVIDSON 43,000.00 43,000.00 43,000.00 312738 CLEVELAND OH 44102 CUYAHOGA 32,000.00 31,966.32 31,966.32 312739 SMYRNA TN 37167 RUTHERFORD 86,700.00 86,674.92 86,674.92 312741 MYRTLE BEACH SC 29577 HORRY 25,000.00 25,000.00 25,000.00 312742 CHARLESTON SC 29407 CHARLESTON 41,200.00 41,200.00 41,200.00 312743 CLEVELAND OH 44120 CUYAHOGA 45,050.00 45,050.00 45,050.00 312744 DETROIT MI 48204 WAYNE 23,200.00 23,200.00 23,200.00 312745 AKRON OH 44312 SUMMIT 44,800.00 44,800.00 44,800.00 312746 GASTONIA NC 28054 GASTON 91,300.00 91,300.00 91,300.00 312749 COLORADO SPRINGS CO 80920 EL PASO 40,000.00 39,333.43 39,333.43 312752 MIDVALE UT 84047 SALT LAKE 59,300.00 59,300.00 59,300.00 312753 SALT LAKE CITY UT 84118 SALT LAKE 59,200.00 59,200.00 59,200.00 312754 SALT LAKE CITY UT 84118 SALT LAKE 56,000.00 56,000.00 56,000.00 312755 MAGNA UT 84044 SALT LAKE 44,000.00 44,000.00 44,000.00 312756 MAGNA UT 84044 SALT LAKE 54,300.00 54,300.00 54,300.00 312759 ELIZABETHTON TN 37643 CARTER 49,200.00 49,077.99 49,077.99 312763 STREAMWOOD IL 60107 COOK 21,000.00 20,962.17 20,962.17 312765 HARMONY NC 28634 IREDELL 60,000.00 59,977.46 59,977.46 312767 FORT COLLINS CO 80525 LARIMER 115,600.00 115,600.00 115,600.00 312770 ATHENS GA 30606 CLARKE 92,000.00 91,968.53 91,968.53 312772 RIPON WI 54971 GREEN LAKE 131,250.00 131,250.00 131,250.00 312773 HANOVER PARK IL 60103 COOK 28,752.00 28,752.00 28,752.00 312774 PALATINE IL 60067 COOK 150,400.00 150,400.00 150,400.00 312775 CANTON MI 48187 WAYNE 201,234.00 201,234.00 201,234.00 312776 WARREN MI 48091 MACOMB 102,000.00 102,000.00 102,000.00 312777 CLINTON MD 20735 PRINCE GEORGES 205,000.00 204,948.12 204,948.12 312778 SEVERNA PARK MD 21146 ANNE ARUNDEL 100,000.00 99,956.70 99,956.70 312779 JACKSON TN 38305 MADISON 56,000.00 56,000.00 56,000.00 312780 CLEVELAND OH 44112 CUYAHOGA 55,250.00 55,250.00 55,250.00 312783 KINGSTON TN 37763 ROANE 60,000.00 60,000.00 60,000.00 312784 CLEARWATER FL 34615 PINELLAS 79,800.00 79,800.00 79,800.00 312785 SAVANNAH GA 31410 CHATHAM 500,000.00 499,764.25 499,764.25 312786 ROCKFORD IL 61103 WINNEBAGO 16,788.00 16,708.14 16,708.14 312787 BALTIMORE MD 21222 BALTIMORE 23,590.00 23,590.00 23,590.00 312788 AKRON OH 44307 SUMMIT 54,000.00 54,000.00 54,000.00 312789 CLEVELAND OH 44111 CUYAHOGA 55,250.00 55,250.00 55,250.00 312791 TROY NC 27371 MONTGOMERY 144,000.00 144,000.00 144,000.00 312792 SHELBY NC 28150 CLEVELAND 46,400.00 46,400.00 46,400.00 312793 CLEVELAND OH 44104 CUYAHOGA 18,200.00 18,200.00 18,200.00 312794 ELYRIA OH 44035 LORAIN 64,000.00 64,000.00 64,000.00 312797 INNIS LA 70747 POINTE COUPEE 71,400.00 71,400.00 71,400.00 312798 ORLANDO FL 32804 ORANGE 85,000.00 84,958.63 84,958.63 312799 SMITHS GROVE KY 42171 WARREN 48,000.00 47,982.12 47,982.12 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312683 521.71 10.0500 360 0.8000 312684 514.23 14.0000 360 0.7000 312685 583.80 12.4500 180 0.9000 312687 945.82 8.9500 240 0.8440 312689 387.36 9.0800 360 0.8386 312690 874.36 12.7000 360 0.8500 312692 558.34 10.3000 180 0.8500 312693 848.30 10.4000 360 0.7540 312694 827.37 9.7500 180 0.9000 312695 471.93 11.8500 360 0.8000 312698 427.91 11.4400 180 0.7500 312699 603.71 10.8000 360 0.8500 312701 571.16 12.9000 360 0.8000 312702 547.54 10.4000 360 0.8500 312703 769.65 9.2000 180 0.6818 312704 601.89 13.3500 240 0.7984 312705 344.80 13.5500 180 0.6522 312706 313.90 9.2500 180 0.8026 312707 442.67 10.6000 360 0.8000 312709 1,019.56 11.0900 360 0.8053 312713 675.72 11.3000 360 0.9000 312714 202.65 11.8000 180 0.5556 312715 1,088.71 11.5400 360 0.8000 312716 1,141.72 10.6500 360 0.7682 312717 1,091.84 10.4500 360 0.8500 312719 449.96 14.8300 240 0.7500 312722 255.03 10.9500 180 0.8176 312723 497.01 12.0000 120 0.6662 312724 523.95 10.4000 180 0.5453 312726 757.29 10.5500 180 0.8500 312727 355.07 11.7500 120 0.8002 312728 653.24 10.4000 360 0.8229 312729 333.47 11.4900 180 0.4956 312732 1,133.62 13.3500 180 0.8000 312734 316.15 10.4500 180 0.8263 312736 473.99 12.9500 180 0.7818 312738 345.68 11.7000 240 0.7442 312739 888.47 11.9500 180 0.8500 312741 220.32 10.0500 180 0.3846 312742 442.91 12.6000 180 0.8000 312743 397.01 10.0500 360 0.8500 312744 222.69 11.1000 180 0.8000 312745 447.07 11.6000 180 0.8000 312746 848.84 10.7000 180 0.8300 312749 455.90 11.0500 180 0.8335 312752 515.15 9.8800 360 0.5648 312753 514.28 9.8800 360 0.5861 312754 486.48 9.8800 360 0.7009 312755 382.24 9.8800 360 0.4632 312756 471.71 9.8800 360 0.6788 312759 519.71 9.7000 180 0.7343 312763 267.08 13.1000 180 0.7065 312765 560.54 10.7600 360 0.8000 312767 1,550.16 10.3500 120 0.8500 312770 889.37 11.1900 180 0.8000 312772 1,132.46 9.8000 360 0.7500 312773 405.89 11.6000 120 0.8476 312774 1,506.62 10.5500 240 0.8000 312775 1,803.26 10.2500 360 0.8420 312776 929.22 10.4500 360 0.8500 312777 2,195.84 12.5500 360 0.8333 312778 884.97 10.1000 360 0.4762 312779 570.00 11.8600 360 0.7467 312780 503.33 10.4500 360 0.8500 312783 613.61 10.8600 240 0.8000 312784 642.09 9.0000 360 0.7125 312785 4,277.42 9.7000 360 0.7937 312786 226.06 10.4500 120 0.8500 312787 284.64 12.1000 180 0.8500 312788 590.83 11.9000 240 0.9000 312789 508.29 10.5700 360 0.8500 312791 1,184.65 9.2500 360 0.8000 312792 518.67 10.7000 180 0.8000 312793 219.02 12.0500 180 0.6500 312794 639.16 11.6100 360 0.8000 312797 827.38 13.6700 180 0.7000 312798 717.83 9.5500 180 0.8500 312799 449.88 10.8000 180 0.6575
Page 37 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 312683 359 360 0.00 74000.00 11-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312684 360 360 0.00 62000.00 10-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312685 180 360 61000.00 61000.00 16-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312687 239 240 0.00 125000.00 13-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97 312689 360 360 0.00 57000.00 11-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312690 360 360 0.00 95000.00 22-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312692 180 360 0.00 73000.00 14-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312693 359 360 0.00 124000.00 13-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312694 180 360 0.00 107000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312695 359 360 0.00 58000.00 13-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312698 180 180 0.00 49000.00 14-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312699 359 360 0.00 75782.00 15-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312701 359 360 0.00 65000.00 13-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312702 360 360 0.00 71000.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312703 179 180 0.00 110000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312704 239 240 0.00 63000.00 15-Jan-97 01-Mar-97 01-Feb-17 01-Apr-97 312705 180 360 0.00 46000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312706 179 180 0.00 38000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312707 360 360 0.00 60000.00 14-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312709 359 360 0.00 132000.00 16-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312713 359 360 0.00 77000.00 15-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312714 180 360 0.00 36000.00 27-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312715 359 360 0.00 137000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312715 359 360 0.00 137000.00 05-Dec-96 01-Feb-97 01-Jan-27 01-Mar-97 312716 359 360 0.00 160500.00 16-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312717 360 360 0.00 141000.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312719 240 240 0.00 46000.00 17-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312722 179 180 0.00 100000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312723 119 120 0.00 52000.00 15-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97 312724 180 360 0.00 105900.00 15-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312726 179 360 0.00 97000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312727 119 120 0.00 85000.00 15-Jan-97 01-Mar-97 01-Feb-07 01-Apr-97 312728 360 360 0.00 87500.00 15-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312729 180 360 0.00 68000.00 24-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312732 180 360 0.00 125000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312734 179 360 0.00 42000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312736 180 360 0.00 55000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312738 239 240 0.00 43000.00 16-Jan-97 15-Feb-97 15-Jan-17 15-Mar-97 312739 179 360 0.00 102000.00 15-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312741 180 360 0.00 65000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312742 180 360 0.00 51500.00 15-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312743 360 360 0.00 53000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312744 180 360 0.00 29000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312745 180 360 0.00 56000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312746 180 360 0.00 110000.00 16-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312749 179 180 0.00 136000.00 17-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312752 360 360 0.00 105000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312753 360 360 0.00 101000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312754 360 360 0.00 79900.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312755 360 360 0.00 95000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312756 360 360 0.00 80000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312759 179 180 0.00 67000.00 16-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312763 179 180 0.00 153000.00 17-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312765 359 360 0.00 75000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312767 120 120 0.00 136000.00 17-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 312770 179 360 0.00 115000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312772 360 360 0.00 175000.00 16-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312773 120 120 0.00 136000.00 17-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 312774 240 240 0.00 188000.00 17-Jan-97 15-Feb-97 15-Jan-17 15-Feb-97 312775 360 360 239000.00 239000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312776 360 360 0.00 120000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312777 359 360 0.00 246000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312778 359 360 0.00 210000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312779 360 360 0.00 75000.00 17-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312780 360 360 0.00 65000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312783 240 240 0.00 75000.00 17-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312784 360 360 112000.00 112000.00 18-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312785 359 360 630000.00 630000.00 17-Jan-97 15-Feb-97 15-Jan-27 15-Mar-97 312786 119 120 0.00 48000.00 20-Jan-97 15-Feb-97 15-Jan-07 15-Mar-97 312787 180 180 0.00 87000.00 20-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312788 240 240 0.00 60000.00 17-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312789 360 360 0.00 65000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312791 360 360 0.00 180000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312792 180 180 0.00 58000.00 17-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312793 180 180 0.00 28000.00 17-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312794 360 360 0.00 80000.00 17-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312797 180 360 0.00 102000.00 23-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312798 179 360 0.00 100000.00 17-Jan-97 15-Feb-97 15-Jan-12 15-Mar-97 312799 179 360 0.00 73000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 312683 15-Mar-97 1 1 1 18 0 3 312684 01-Mar-97 1 1 1 18 0 4 312685 15-Feb-97 1 1 1 18 0 1 312687 15-Mar-97 1 1 1 18 0 2 312689 01-Mar-97 1 1 1 18 0 3 312690 15-Mar-97 1 1 1 18 0 3 312692 01-Mar-97 1 1 1 18 0 3 312693 01-Apr-97 1 1 1 18 0 4 312694 01-Mar-97 1 1 1 18 0 2 312695 15-Mar-97 1 1 1 18 0 3 312698 15-Feb-97 1 1 3 18 0 3 312699 15-Mar-97 8 1 1 18 0 4 312701 15-Mar-97 1 1 3 18 0 3 312702 01-Mar-97 1 1 1 18 0 4 312703 15-Mar-97 1 1 1 18 0 3 312704 01-Apr-97 1 1 1 18 0 3 312705 01-Mar-97 1 1 1 18 0 3 312706 15-Mar-97 1 1 1 18 0 2 312707 15-Mar-97 1 1 1 18 0 3 312709 15-Mar-97 1 1 1 18 0 2 312713 15-Mar-97 1 1 1 18 0 4 312714 15-Mar-97 1 1 1 18 0 3 312715 01-Mar-97 1 1 3 18 0 4 312715 01-Mar-97 1 1 3 18 0 4 312716 15-Mar-97 1 1 1 18 0 3 312717 01-Mar-97 1 1 1 18 0 3 312719 01-Mar-97 1 1 1 18 0 4 312722 15-Mar-97 5 2 1 38 59259 3 312723 15-Mar-97 1 1 1 18 0 3 312724 01-Mar-97 1 1 1 18 0 3 312726 15-Mar-97 1 1 1 18 0 3 312727 01-Apr-97 1 1 3 38 43017 3 312728 01-Mar-97 1 1 1 18 0 4 312729 15-Mar-97 1 1 1 18 0 4 312732 01-Mar-97 1 1 1 18 0 3 312734 01-Apr-97 1 1 1 18 0 4 312736 15-Feb-97 1 1 1 18 0 3 312738 15-Mar-97 1 1 1 18 0 4 312739 15-Mar-97 1 1 1 18 0 4 312741 01-Mar-97 1 1 1 18 0 4 312742 15-Mar-97 1 1 1 18 0 4 312743 01-Mar-97 1 1 1 18 0 2 312744 01-Mar-97 1 1 1 18 0 4 312745 01-Mar-97 1 1 1 18 0 3 312746 01-Mar-97 8 2 1 18 0 3 312749 15-Mar-97 1 1 1 38 73353 3 312752 01-Mar-97 1 1 3 18 0 2 312753 01-Mar-97 1 1 3 18 0 2 312754 01-Mar-97 1 1 3 18 0 3 312755 01-Mar-97 1 1 3 18 0 4 312756 01-Mar-97 1 1 3 18 0 2 312759 15-Mar-97 1 1 1 18 0 3 312763 15-Mar-97 2 1 1 38 87101 3 312765 15-Mar-97 8 1 1 18 0 4 312767 01-Mar-97 1 1 1 18 0 4 312770 01-Apr-97 1 1 3 18 0 3 312772 15-Mar-97 1 1 1 18 0 3 312773 01-Mar-97 1 1 1 38 86520 3 312774 15-Feb-97 1 1 1 18 0 4 312775 01-Mar-97 1 1 1 18 0 1 312776 01-Mar-97 1 1 1 18 0 3 312777 15-Mar-97 1 1 1 18 0 4 312778 15-Mar-97 1 1 1 18 0 3 312779 01-Mar-97 1 1 1 18 0 4 312780 01-Mar-97 1 1 1 18 0 3 312783 01-Mar-97 1 1 1 18 0 4 312784 01-Mar-97 1 1 1 18 0 1 312785 15-Mar-97 1 1 1 18 0 1 312786 15-Mar-97 1 1 1 38 24012 4 312787 15-Mar-97 2 1 1 38 50360 3 312788 01-Mar-97 1 1 1 18 0 3 312789 01-Mar-97 1 1 1 18 0 4 312791 01-Mar-97 1 1 1 18 0 2 312792 15-Mar-97 1 1 1 18 0 3 312793 15-Mar-97 1 1 1 18 0 4 312794 15-Mar-97 5 2 1 18 0 3 312797 15-Mar-97 1 1 1 18 0 4 312798 15-Mar-97 1 1 1 18 0 3 312799 01-Apr-97 1 1 1 18 0 4 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 312683 A 26-Jan-95 F 0 -- 0 0 312684 C -- F 0 -- 0 0 312685 A 01-Dec-94 F 0 -- 0 0 312687 A -- F 0 -- 0 0 312689 B -- F 6.58 6MOLIB 01-Aug-97 1.5 7 312690 B -- F 0 -- 0 0 312692 A -- F 0 -- 0 0 312693 A -- F 0 -- 0 0 312694 A+ -- F 0 -- 0 0 312695 B -- F 0 -- 0 0 312698 A -- F 0 -- 0 0 312699 A -- F 0 -- 0 0 312701 B 01-Oct-91 F 0 -- 0 0 312702 A -- F 0 -- 0 0 312703 A 01-Feb-94 F 0 -- 0 0 312704 C 28-Oct-96 F 0 -- 0 0 312705 C 24-Mar-95 F 0 -- 0 0 312706 A -- F 0 -- 0 0 312707 A -- F 0 -- 0 0 312709 B 03-Sep-93 F 0 -- 0 0 312713 B -- F 0 -- 0 0 312714 B -- F 0 -- 0 0 312715 A -- F 0 -- 0 0 312715 A -- F 0 -- 0 0 312716 A -- F 0 -- 0 0 312717 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7 312719 C -- F 0 -- 0 0 312722 A -- F 0 -- 0 0 312723 C 01-Mar-91 F 0 -- 0 0 312724 A -- F 0 -- 0 0 312726 A -- F 0 -- 0 0 312727 A -- F 0 -- 0 0 312728 A -- F 0 -- 0 0 312729 C -- F 0 -- 0 0 312732 C -- F 0 -- 0 0 312734 A 20-Jul-94 F 0 -- 0 0 312736 C -- F 0 -- 0 0 312738 B -- F 0 -- 0 0 312739 B -- F 0 -- 0 0 312741 A -- F 0 -- 0 0 312742 C -- F 0 -- 0 0 312743 A -- F 0 -- 0 0 312744 B -- F 0 -- 0 0 312745 B -- F 0 -- 0 0 312746 A -- F 0 -- 0 0 312749 A 01-Jun-93 F 0 -- 0 0 312752 A -- F 0 -- 0 0 312753 A -- F 0 -- 0 0 312754 A -- F 0 -- 0 0 312755 A -- F 0 -- 0 0 312756 A -- F 0 -- 0 0 312759 A 01-Jan-90 F 0 -- 0 0 312763 B -- F 0 -- 0 0 312765 A -- F 0 -- 0 0 312767 A -- F 0 -- 0 0 312770 A -- F 0 -- 0 0 312772 B -- F 7.3 6MOLIB 15-Aug-97 1.5 7 312773 B -- F 0 -- 0 0 312774 A -- F 0 -- 0 0 312775 A -- F 6.75 6MOLIB 01-Feb-99 1.5 7 312776 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7 312777 B -- F 0 -- 0 0 312778 B -- F 0 -- 0 0 312779 B 01-Aug-87 F 0 -- 0 0 312780 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7 312783 A -- F 0 -- 0 0 312784 A -- F 5.5 6MOLIB 01-Feb-99 1.5 7 312785 B -- F 0 -- 0 0 312786 A -- F 0 -- 0 0 312787 B 14-Jun-94 F 0 -- 0 0 312788 A -- F 0 -- 0 0 312789 B -- F 7.57 6MOLIB 01-Feb-99 1.5 7 312791 B -- F 6.25 6MOLIB 01-Feb-99 1.5 7 312792 A -- F 0 -- 0 0 312793 B -- F 0 -- 0 0 312794 B -- F 0 -- 0 0 312797 C -- F 0 -- 0 0 312798 A -- F 0 -- 0 0 312799 A -- F 0 -- 0 0
Page 38 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ----------------- 312683 0 0 P F 312684 0 0 P F 312685 0 0 F 312687 0 0 P F 312689 10.08 16.08 P F 312690 0 0 F 312692 0 0 P F 312693 0 0 P F 312694 0 0 P F 312695 0 0 F 312698 0 0 F 312699 0 0 F 312701 0 0 F 312702 0 0 P F 312703 0 0 P F 312704 0 0 P F 312705 0 0 F 312706 0 0 P F 312707 0 0 P F 312709 0 0 P F 312713 0 0 P F 312714 0 0 F 312715 0 0 F 312715 0 0 F 312716 0 0 F 312717 10.45 17.45 P F 312719 0 0 P F 312722 0 0 F 312723 0 0 P F 312724 0 0 P F 312726 0 0 F 312727 0 0 F 312728 0 0 F 312729 0 0 P F 312732 0 0 F 312734 0 0 F 312736 0 0 P F 312738 0 0 P L 312739 0 0 F 312741 0 0 F 312742 0 0 F 312743 0 0 P F 312744 0 0 P F 312745 0 0 P F 312746 0 0 F 312749 0 0 F 312752 0 0 P F 312753 0 0 P F 312754 0 0 P F 312755 0 0 P F 312756 0 0 P F 312759 0 0 F 312763 0 0 P F 312765 0 0 F 312767 0 0 F 312770 0 0 P F 312772 10.8 16.8 F 312773 0 0 F 312774 0 0 F 312775 10.25 17.25 P F 312776 10.45 17.45 P F 312777 0 0 F 312778 0 0 F 312779 0 0 F 312780 10.45 17.45 P F 312783 0 0 P F 312784 9 16 P F 312785 0 0 P L 312786 0 0 F 312787 0 0 P F 312788 0 0 P F 312789 10.57 17.57 P F 312791 9.25 16.25 P F 312792 0 0 F 312793 0 0 P F 312794 0 0 P F 312797 0 0 P F 312798 0 0 P F 312799 0 0 P F
Page 39 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- --------------------- -------------------- ------------------------------------------------ 312800 ARM2_28 CHARLESWORTH DAVID 10380 CALKINS 312802 BLLN BEVERLEY LEGIA S. 703 HOLT STREET 312803 BLLN JARRETT CHARLES L. 323 BRINKLEY LANE 312804 BLLN LEBO DOUGLAS 5371 ANTLER DRIVE 312805 BLLN STEWART CHARLES E. 221 N MAIN ST AND 231 N MAIN ST 312806 BLLN BAYLESS MILTON ALAN 5106 OVERTON ROAD 312807 FR DAVIS CHRISTINE 1872 WALL HILL ROAD 312809 FR JOHNSON HARRY 514 & 514 1/2 6TH STREET 312810 BLLN WILLARD GLEN D. 309 3RD STREET 312813 FR SULLIVAN WILLIAM 160 UPCHURCH ROAD 312814 FR TAYLOR RANDALL P RT 1 BOX 187 312815 FR HOUSTON WILLIAM D 239 DAVIDSON HWY 312817 BLLN WILSON MICHAEL A. 895 FAIRWOOD AVENUE 312819 BLLN BLACK ERNEST 7206 MELROSE AVENUE 312820 FR PITT DIXIE L. 5095 RIDGELEY TRACT ROAD, S.E. 312821 FR BAKER GLORIA J. 4226 CHIPPEWA 312823 FR MERCER YVETTE J. 2633 FOREST VIEW DRIVE 312824 FR WIEBKING JOSEPH C. 3000 HURON STREET 312825 ARM2_28 CHAMBERS JOAN KATHERINE 27640 SPRING VALLEY 312826 FR WILLIAMS DARWENT 4521 CLARKSDALE COURT 312827 ARM BROOME DAVID J. 1932 TURES LANE 312830 FR KELLEY GARY D. 109 PAXTON STREET 312834 FR DUNCAN LANE 1099 WELTON AVENUE 312836 FR MCCUIN WILLIAM G. 2155 SHANNON AVENUE 312837 BLLN JAMISON GARY WILLIAM 35 DAYTON ROAD 312838 BLLN JAMISON GARY WILLIAM 230 PENNSYLVANIA AVENUE 312839 ARM PHILLIPS SIMON WENDY J. 633 HAMLET ROAD 312840 ARM2_28 LASKY DARYL C. 443 SOUTH UNION AVENUE 312845 BLLN JAMES/JAMES CONCHITA JAMES 2148 BARCELONA DRIVE 312846 ARM MCCARRY RICHARD A. 3817 TERM 312849 FR CHAMBERS WILLIE E. 623 SAXON AVENUE 312853 ARM2_28 STEWART BILL 4443 KENTUCKY 312854 FR ROBINSON EDWARD 1205 CEDAR LANE 312855 FR ISOM JAMES EDWARD 324 PEGUES STREET 312856 FR CREEL CAROL A. 10800 PARKVIEW AVENUE 312857 BLLN JONES VIRGINIA 125 ALPHA DRIVE 312859 BLLN MOGBOLU CEDRIC 1504 GRACE MEADOWS L 312862 FR TABUTEAU A.ERIC 116 SEABREEZE CIRCLE 312863 FR ROMANS JOHN S. 7045 COUPERIN BOULEVARD 312864 FR ROMANS JOHN S. 3807 WILTS STREET 312865 FR TISDALE/SAULS OLA E. RT 2 BOX 161 312866 ARM2_28 BOMAN CHARLES 10396 ANDERSONVILLE 312867 FR TRAINER CAROLYN DENISE 154 MIMOSA LANE 312868 FR BARTHOLOMEW ANN HUTCHESON 2808 ROSE DRIVE 312869 BLLN CREASEY DAVID W. 3504 PLEASANT GROVE ROAD 312872 FR YOUNG FANNIE MAE 5 LINDBERG AVENUE 312874 BLLN JOSMA CHERYL A. 564 EVERGREEN LANE 312876 FR BREWINGTON BRENDA 1175 LOUIS BREEDEN BLVD 312877 BLLN BARNELLA DARLENE 613 16TH STREET 312878 FR D ROBINSON VAUGHNESS 18518 CHERRYLAWN 312879 FR SMITH NEDDIE J. 4128 WESTCHESTER ROAD 312880 FR THOMAS HARRIET 1104 GARWOOD ST 312882 BLLN OGLESBY MELVIN A. 7032 MARSH CREEK DRIVE 312884 BLLN MULLINS GARY 1148 HOLMDEN AVENUE 312885 ARM2_28 HENDERSON JERRY L. 240 W. GRAMERCY AVENUE 312886 FR DUNBAR MICHELE MARIE 905 BUENA VISTA DRIVE 312887 FR TROWBRIDGE AUDREY L 4423 MEADOW LANE 312889 FR GRAY RICHARD T 110 BROOKDALE DRIVE 312892 FR LEHIGH GREGORY DEAN 602 ARMORY 312894 FR CARROLL WILLIAM R. 1207 WESTCHESTER DRIVE 312897 FR CRENSHAW DARLENE D. 7518 NORTH SECOND STREET 312898 BLLN THOMPSON\KRINER MICHAEL JAMES T 6317 MONTROSE 312899 FR PLEASANT LAMONT 835 NORTH 24TH 312902 FR KEMP LILLIE 12727 WILSHIRE 312903 FR COLYER WAYNE C. 1406 SOUTH GRANT AVENUE 312904 FR JOHNSON JAMES W. 921 GEORGIA AVENUE 312907 FR GOOTEE PAUL 5004 EAST NEW YORK STREET 312908 FR GERARD ROSEMARIE A. 846 BROCKBANK ROAD 312909 ARM2_28 STAFFORD PAMELA J. 11505 OAK DRIVE 312911 FR BRYANT HAROLD D. 105 LESLIE STREET 312914 FR OLIVER JOHNNY L 1880 COOPER ROAD 312915 BLLN ADAMS CHRISTOPHER 1661 BELLEMEADE 312916 FR MOORE JAMES W. ROUTE 2 BOX 21-A 312917 ARM2_28 BREWER ROY 2605 SCOTT DRIVE 312920 BLLN GRANDBERRY THOMAS 1889 POMONA AVENUE 312921 FR BRIMM JOHN W. 4096 MURFREESBORO PIKE 312922 ARM JONES WILLIAM J. 6620 ROSEBURY DRIVE 312923 BLLN ANELLO ANTHONY 1071 BUENA VISTA DR LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- ---------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312800 CARLETON MI 48117 MONROE 80,000.00 80,000.00 80,000.00 312802 RAYNE LA 70578 ACADIA 13,500.00 13,500.00 13,500.00 312803 WHITE HOUSE TN 37188 SUMNER 61,000.00 61,000.00 61,000.00 312804 IRON STATION NC 28080 LINCOLN 44,800.00 44,786.30 44,786.30 312805 INMAN SC 29349 SPARTANBURG 62,400.00 62,400.00 62,400.00 312806 NASHVILLE TN 37220 DAVIDSON 60,000.00 60,000.00 60,000.00 312807 BYHALIA MS 38611 MARSHALL 36,400.00 36,400.00 36,400.00 312809 FRANKLIN LA 70245 ST MARY 20,874.00 20,615.66 20,615.66 312810 PHOENIX OR 97535 JACKSON 62,400.00 62,400.00 62,400.00 312813 MC DONOUGH GA 30253 HENRY 111,000.00 111,000.00 111,000.00 312814 MILLER MO 65707 LAWRENCE 49,500.00 49,500.00 49,500.00 312815 CONCORD NC 28027 CABARRUS 38,400.00 38,400.00 38,332.14 312817 MARION OH 43302 MARION 49,600.00 49,600.00 49,600.00 312819 CLEVELAND OH 44103 CUYAHOGA 21,750.00 21,750.00 21,750.00 312820 NEWARK OH 43055 LICKING 86,700.00 86,700.00 86,700.00 312821 MEMPHIS TN 38118 SHELBY 56,525.00 56,525.00 56,525.00 312823 ANTIOCH TN 37013 DAVIDSON 78,500.00 78,500.00 78,500.00 312824 BALTIMORE MD 21230 BALTIMORE CITY 45,500.00 45,500.00 45,500.00 312825 FARMINGTON HILLS MI 48336 OAKLAND 126,000.00 126,000.00 126,000.00 312826 ORLANDO FL 32812 ORANGE 81,600.00 81,600.00 81,600.00 312827 DES PLAINES IL 60018 COOK 171,000.00 171,000.00 171,000.00 312830 MAULDIN SC 29662 GREENVILLE 31,100.00 31,100.00 31,100.00 312834 AKRON OH 44306 SUMMIT 69,275.00 69,275.00 69,275.00 312836 MEMPHIS TN 38108 SHELBY 29,482.00 29,482.00 29,482.00 312837 ASHEVILLE NC 28804 BUNCOMBE 68,000.00 67,974.12 67,974.12 312838 ASHEVILLE NC 28806 BUNCOMBE 59,000.00 58,978.27 58,978.27 312839 AUBURN HILLS MI 48326 OAKLAND 114,665.00 114,665.00 114,665.00 312840 SALEM OH 44460 COLUMBIANA 51,000.00 51,000.00 51,000.00 312845 CLEARWATER FL 34624 PINELLAS 56,545.00 56,545.00 56,545.00 312846 FLINT MI 48506 GENESEE 32,000.00 32,000.00 32,000.00 312849 SPARTANBURG SC 29301 SPARTANBURG 53,850.00 53,850.00 53,850.00 312853 GARY IN 46409 LAKE 50,575.00 50,575.00 50,575.00 312854 NASHVILLE TN 37212 DAVIDSON 96,500.00 96,500.00 96,500.00 312855 HOLLY SPRINGS MS 38635 MARSHALL 46,000.00 45,910.51 45,910.51 312856 CLEVELAND OH 44104 CUYAHOGA 45,150.00 45,150.00 45,150.00 312857 GREENVILLE SC 29605 GREENVILLE 51,000.00 51,000.00 51,000.00 312859 SMYRNA GA 30082 COBB 139,500.00 139,500.00 139,500.00 312862 KISSIMMEE FL 34743 OSCEOLA 21,100.00 21,100.00 21,100.00 312863 ORLANDO FL 32818 ORANGE 78,200.00 78,200.00 78,200.00 312864 ORLANDO FL 32805 ORANGE 64,800.00 64,800.00 64,800.00 312865 GREELEYVILLE SC 29056 WILLIAMSBURG 28,000.00 28,000.00 28,000.00 312866 SPRINGFIELD TWP MI 48350 OAKLAND 200,000.00 200,000.00 200,000.00 312867 PORT SULPHUR LA 70083 PLAQUEMINES 19,600.00 19,600.00 19,600.00 312868 GRETNA LA 70053 JEFFERSON 36,000.00 36,000.00 36,000.00 312869 WHITE HOUSE TN 37188 ROBERTSON 69,660.00 69,644.39 69,644.39 312872 GREENVILLE SC 29601 GREENVILLE 16,000.00 15,873.93 15,873.93 312874 BRADLEY IL 60915 KANKAKEE 88,700.00 88,700.00 88,700.00 312876 HAMLET NC 28345 RICHMOND 47,127.00 47,127.00 47,127.00 312877 BAY CITY MI 48708 BAY 24,000.00 23,992.07 23,992.07 312878 DETROIT MI 48221 WAYNE 67,200.00 67,200.00 67,200.00 312879 BALTIMORE MD 21216 BALTIMORE CITY 72,000.00 72,000.00 72,000.00 312880 ALLIANCE OH 44601 STARK 49,000.00 49,000.00 49,000.00 312882 TROTWOOD OH 45426 MONTGOMERY 50,400.00 50,400.00 50,400.00 312884 CLEVELAND OH 44109 CUYAHOGA 45,000.00 45,000.00 45,000.00 312885 TOLEDO OH 43612 LUCAS 58,460.00 58,460.00 58,460.00 312886 AKRON OH 44319 SUMMIT 66,000.00 66,000.00 66,000.00 312887 SOUTH BEND IN 46619 ST. JOSEPH 22,000.00 22,000.00 22,000.00 312889 LYMAN SC 29365 SPARTANBURG 110,500.00 110,500.00 110,500.00 312892 CHARITON IA 50049 LUCAS 49,300.00 49,281.04 49,281.04 312894 NASHVILLE TN 37207 DAVIDSON 15,427.00 15,427.00 15,427.00 312897 MACHESNEY PARK IL 61115 WINNEBAGO 26,000.00 26,000.00 26,000.00 312898 DETROIT MI 48228 WAYNE 44,000.00 44,000.00 44,000.00 312899 EAST ST. LOUIS IL 62205 SAINT CLAIR 30,250.00 30,250.00 30,250.00 312902 DETROIT MI 48213 WAYNE 42,400.00 42,400.00 42,400.00 312903 TACOMA WA 98405 PIERCE 65,000.00 65,000.00 65,000.00 312904 AKRON OH 44306 SUMMIT 45,000.00 45,000.00 44,987.88 312907 INDIANAPOLIS IN 46201 MARION 66,300.00 66,300.00 66,300.00 312908 CHARLOTTE NC 28209 MECKLENBURG 42,000.00 42,000.00 42,000.00 312909 NEWBURY OH 44065 GEAUGA 65,000.00 65,000.00 65,000.00 312911 ATLANTA GA 30317 DEKALB 41,725.00 41,725.00 41,725.00 312914 SALISBURY NC 28144 ROWAN 78,000.00 77,889.00 77,889.00 312915 EVANSVILLE IN 47714 VANDERBURGH 39,700.00 39,435.65 39,435.65 312916 RUTLEDGE TN 37861 GRAINGER 25,000.00 24,762.50 24,762.50 312917 CLARKSVILLE TN 37042 MONTGOMERY 58,500.00 58,500.00 58,500.00 312920 MEMPHIS TN 38116 SHELBY 71,200.00 71,200.00 71,200.00 312921 ANTIOCH TN 37013 DAVIDSON 66,300.00 66,300.00 66,300.00 312922 HOBER HEIGHTS OH 45424 MONTGOMERY 73,800.00 73,800.00 73,800.00 312923 AKRON OH 44319 SUMMIT 170,000.00 170,000.00 170,000.00 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312800 746.79 10.7500 360 0.6452 312802 127.04 10.8500 180 0.7500 312803 587.84 11.1500 180 0.8133 312804 450.50 11.7000 180 0.8000 312805 580.15 10.7000 180 0.8000 312806 661.38 12.9500 180 0.5217 312807 551.03 13.3500 120 0.8000 312809 460.12 11.6000 60 0.6231 312810 533.82 9.7000 180 0.8000 312813 1,052.05 10.9400 360 0.6938 312814 611.71 12.5500 180 0.7500 312815 493.46 13.3000 180 0.8000 312817 523.59 12.3500 180 0.8000 312819 206.97 10.9900 180 0.7500 312820 825.66 11.0000 360 0.8500 312821 616.49 11.8500 240 0.8500 312823 691.80 10.0500 360 0.6782 312824 412.13 10.3800 360 0.7222 312825 1,138.47 10.3500 360 0.5040 312826 820.55 11.7000 360 0.8500 312827 1,532.33 10.2500 360 0.9000 312830 372.25 11.9500 180 0.8533 312834 728.61 12.3000 360 0.8500 312836 420.26 11.8400 120 0.7371 312837 632.21 10.7000 180 0.8000 312838 555.19 10.8500 180 0.7284 312839 984.31 9.7400 360 0.8500 312840 456.63 10.2400 360 0.8500 312845 564.28 11.6000 180 0.7539 312846 286.75 10.2500 360 0.8000 312849 524.66 11.2900 360 0.8285 312853 416.07 9.2500 360 0.8500 312854 879.84 10.4600 360 0.5546 312855 560.99 12.3000 180 0.8000 312856 419.77 10.7000 360 0.7000 312857 568.15 13.1000 180 0.7286 312859 1,229.37 10.0500 180 0.9000 312862 253.24 12.0000 180 0.8467 312863 709.49 10.4000 360 0.8500 312864 631.35 11.2900 360 0.8000 312865 328.88 11.6000 180 0.7000 312866 1,807.09 10.3500 360 0.5208 312867 249.93 13.1500 180 0.5297 312868 417.93 12.8500 240 0.8000 312869 775.48 13.0900 180 0.8100 312872 276.07 11.2500 84 0.4000 312874 726.50 9.2000 180 0.9051 312876 397.99 9.5500 360 0.6732 312877 234.93 11.3500 180 0.7500 312878 637.42 10.9500 360 0.8000 312879 626.54 9.9000 360 0.8000 312880 459.25 10.8000 360 0.8750 312882 532.04 12.3500 180 0.8000 312884 475.03 12.3500 180 0.7895 312885 459.91 8.7500 360 0.7900 312886 593.39 10.2900 360 0.5841 312887 265.45 12.1000 180 0.4889 312889 1,232.14 12.2000 240 0.7950 312892 456.50 10.6500 360 0.8500 312894 191.15 12.6000 180 0.8000 312897 315.40 12.2000 180 0.7472 312898 481.57 12.8500 180 0.8000 312899 356.34 13.0900 240 0.6576 312902 442.34 12.1900 360 0.8000 312903 597.01 10.5500 360 0.7647 312904 472.25 12.2700 360 0.7500 312907 747.33 10.8500 180 0.8500 312908 411.44 11.3600 360 0.5060 312909 566.10 9.9100 360 0.8497 312911 387.93 10.7000 360 0.8515 312914 783.98 10.6000 240 0.7222 312915 363.15 10.5000 180 0.7284 312916 309.76 12.6000 180 0.5102 312917 491.90 9.5000 360 0.9000 312920 670.00 10.8500 180 0.7911 312921 601.52 10.4000 360 0.8500 312922 675.08 10.5000 360 0.9000 312923 1,361.75 8.9500 180 0.8500
Page 40 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- ---------- ---------- ----------- ----------- 312800 360 360 0.00 124000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312802 180 360 0.00 18000.00 20-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312803 180 360 0.00 75000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312804 179 360 56000.00 56000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312805 180 360 0.00 78000.00 20-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312806 180 360 0.00 115000.00 17-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312807 120 120 0.00 45500.00 20-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 312809 59 60 0.00 33500.00 20-Jan-97 15-Feb-97 15-Jan-02 15-Mar-97 312810 180 360 0.00 78000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312813 360 360 0.00 160000.00 20-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312814 180 180 0.00 66000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312815 180 180 0.00 48000.00 20-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312817 180 360 0.00 62000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312819 180 360 0.00 29000.00 20-Jan-97 15-Feb-97 15-Jan-12 15-Feb-97 312820 360 360 0.00 102000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312821 240 240 0.00 66500.00 21-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312823 360 360 0.00 115750.00 20-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312824 360 360 0.00 63000.00 20-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312825 360 360 0.00 250000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312826 360 360 0.00 96000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312827 360 360 0.00 190000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312830 180 180 0.00 122000.00 20-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312834 360 360 0.00 81500.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312836 120 120 0.00 40000.00 24-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 312837 179 360 0.00 85000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312838 179 360 0.00 81000.00 21-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312839 360 360 0.00 134900.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312840 360 360 0.00 60000.00 21-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312845 180 360 0.00 75000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312846 360 360 0.00 40000.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312849 360 360 0.00 65000.00 22-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312853 360 360 0.00 59500.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312854 360 360 0.00 174000.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312855 179 180 0.00 57500.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312856 360 360 0.00 64500.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312857 180 360 0.00 70000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312859 180 360 155000.00 155000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312862 180 180 0.00 86000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312863 360 360 0.00 92000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312864 360 360 0.00 81000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312865 180 180 0.00 40000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312866 360 360 0.00 384000.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312867 180 180 0.00 37000.00 22-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312868 240 240 0.00 45000.00 22-Jan-97 15-Mar-97 15-Feb-17 15-Mar-97 312869 179 360 0.00 86000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312872 83 84 0.00 40000.00 22-Jan-97 01-Mar-97 01-Feb-04 01-Apr-97 312874 180 360 0.00 98000.00 24-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312876 360 360 0.00 70000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312877 179 360 0.00 32000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312878 360 360 0.00 84000.00 22-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312879 360 360 0.00 90000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312880 360 360 0.00 56000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312882 180 360 0.00 63000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312884 180 360 0.00 57000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312885 360 360 0.00 74000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312886 360 360 0.00 113000.00 23-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 312887 180 180 0.00 45000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312889 240 240 0.00 139000.00 23-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312892 359 360 0.00 58000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312894 180 180 0.00 107000.00 22-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312897 180 180 0.00 90000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312898 180 360 0.00 55000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312899 240 240 0.00 46000.00 24-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312902 360 360 0.00 53000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312903 360 360 0.00 85000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312904 360 360 0.00 60000.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312907 180 180 0.00 78000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312908 360 360 0.00 83000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312909 360 360 0.00 76500.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312911 360 360 0.00 49000.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312914 239 240 0.00 108000.00 29-Jan-97 01-Mar-97 01-Feb-17 01-Apr-97 312915 180 360 0.00 54500.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312916 179 180 0.00 49000.00 23-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312917 360 360 0.00 65000.00 23-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312920 180 360 0.00 90000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312921 360 360 0.00 78000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312922 360 360 0.00 82000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312923 180 360 0.00 200000.00 03-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 NEXT PMT AS OF LOAN NO 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ---------- ----------------- ------------- --------------- ----- ------------- ----------------- 312800 01-Mar-97 1 1 1 18 0 4 312802 01-Mar-97 1 1 1 18 0 3 312803 01-Mar-97 1 1 1 18 0 4 312804 01-Apr-97 8 1 1 18 0 1 312805 01-Mar-97 1 2 3 18 0 3 312806 01-Mar-97 1 1 1 18 0 3 312807 01-Mar-97 1 1 1 18 0 3 312809 15-Mar-97 1 1 1 18 0 3 312810 01-Mar-97 1 1 1 18 0 4 312813 15-Mar-97 1 1 1 18 0 3 312814 01-Mar-97 1 1 1 18 0 3 312815 01-Apr-97 1 1 1 18 0 4 312817 01-Mar-97 1 1 1 18 0 3 312819 15-Feb-97 1 1 1 18 0 3 312820 01-Mar-97 1 1 1 18 0 4 312821 01-Mar-97 1 1 1 18 0 4 312823 15-Mar-97 1 1 1 18 0 2 312824 01-Mar-97 2 1 1 18 0 4 312825 01-Mar-97 1 1 1 18 0 3 312826 01-Mar-97 4 1 1 18 0 4 312827 15-Mar-97 1 1 1 18 0 3 312830 15-Mar-97 1 1 1 38 73000 4 312834 01-Mar-97 1 1 1 18 0 4 312836 01-Mar-97 1 1 1 18 0 3 312837 01-Apr-97 1 1 1 18 0 4 312838 01-Apr-97 1 1 3 18 0 3 312839 01-Mar-97 1 1 1 18 0 4 312840 01-Mar-97 1 1 1 18 0 3 312845 01-Mar-97 1 1 1 18 0 3 312846 01-Mar-97 1 1 1 18 0 3 312849 15-Mar-97 1 1 1 18 0 3 312853 01-Mar-97 1 1 1 18 0 3 312854 01-Mar-97 1 1 1 18 0 3 312855 01-Apr-97 1 1 1 18 0 4 312856 01-Mar-97 5 3 3 18 0 3 312857 01-Mar-97 1 1 1 18 0 4 312859 01-Mar-97 4 1 1 18 0 1 312862 01-Mar-97 1 1 1 38 51718 3 312863 01-Mar-97 1 1 1 18 0 4 312864 01-Mar-97 1 1 3 18 0 4 312865 01-Mar-97 1 1 1 18 0 3 312866 01-Mar-97 1 1 1 18 0 3 312867 15-Mar-97 1 1 1 18 0 3 312868 15-Mar-97 1 1 1 18 0 3 312869 01-Apr-97 1 1 1 18 0 3 312872 01-Apr-97 1 1 1 18 0 3 312874 15-Mar-97 1 1 1 18 0 2 312876 15-Mar-97 1 1 1 18 0 3 312877 01-Apr-97 1 1 1 18 0 3 312878 01-Mar-97 1 1 1 18 0 4 312879 01-Mar-97 1 1 1 18 0 4 312880 15-Mar-97 1 1 1 18 0 4 312882 01-Mar-97 1 1 1 18 0 4 312884 01-Mar-97 1 1 1 18 0 3 312885 01-Mar-97 1 1 1 18 0 3 312886 15-Mar-97 1 1 1 18 0 3 312887 01-Mar-97 1 1 1 18 0 3 312889 01-Mar-97 1 1 1 18 0 3 312892 01-Apr-97 1 1 1 18 0 4 312894 01-Mar-97 1 1 1 38 70173 3 312897 01-Mar-97 1 1 1 38 41252 3 312898 01-Mar-97 1 1 1 18 0 3 312899 01-Mar-97 1 1 1 18 0 3 312902 01-Mar-97 1 1 1 18 0 3 312903 01-Mar-97 1 1 1 18 0 3 312904 01-Apr-97 1 1 1 18 0 3 312907 01-Mar-97 1 1 1 18 0 3 312908 01-Mar-97 1 1 1 18 0 4 312909 01-Mar-97 1 1 1 18 0 4 312911 01-Mar-97 1 1 3 18 0 4 312914 01-Apr-97 1 1 1 18 0 3 312915 01-Mar-97 1 1 1 18 0 2 312916 01-Apr-97 1 1 3 18 0 3 312917 01-Mar-97 1 1 1 18 0 3 312920 01-Mar-97 1 1 1 18 0 3 312921 01-Mar-97 8 1 1 18 0 4 312922 01-Mar-97 1 1 1 18 0 4 312923 15-Mar-97 1 1 1 18 0 4 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ---------- --------------- ----- 312800 A -- F 7.25 6MOLIB 01-Feb-99 1.5 7 312802 B -- F 0 -- 0 0 312803 A -- F 0 -- 0 0 312804 B -- F 0 -- 0 0 312805 A -- F 0 -- 0 0 312806 B 01-Jan-95 F 0 -- 0 0 312807 C 29-Oct-93 F 0 -- 0 0 312809 B -- F 0 -- 0 0 312810 A -- F 0 -- 0 0 312813 B -- F 0 -- 0 0 312814 B -- F 0 -- 0 0 312815 B 21-Mar-95 F 0 -- 0 0 312817 C -- F 0 -- 0 0 312819 B -- F 0 -- 0 0 312820 A -- F 0 -- 0 0 312821 B -- F 0 -- 0 0 312823 A -- F 0 -- 0 0 312824 A -- F 0 -- 0 0 312825 B -- F 7.35 6MOLIB 01-Feb-99 1.5 7 312826 B -- F 0 -- 0 0 312827 A -- F 7.5 6MOLIB 15-Aug-97 1.5 7 312830 B -- F 0 -- 0 0 312834 B -- F 0 -- 0 0 312836 B 18-Sep-91 T 0 -- 0 0 312837 A -- F 0 -- 0 0 312838 A -- F 0 -- 0 0 312839 B -- F 7.24 6MOLIB 01-Aug-97 1.5 7 312840 B 01-Nov-89 F 7.24 6MOLIB 01-Feb-99 1.5 7 312845 C -- F 0 -- 0 0 312846 B -- F 7.75 6MOLIB 01-Aug-97 1.5 7 312849 A -- F 0 -- 0 0 312853 B -- F 6.25 6MOLIB 01-Feb-99 1.5 7 312854 A 13-Jan-95 F 0 -- 0 0 312855 B -- F 0 -- 0 0 312856 A -- F 0 -- 0 0 312857 C 01-Apr-95 F 0 -- 0 0 312859 A -- F 0 -- 0 0 312862 A -- F 0 -- 0 0 312863 A 01-Oct-90 F 0 -- 0 0 312864 A 01-Oct-90 F 0 -- 0 0 312865 A -- F 0 -- 0 0 312866 B -- F 7.35 6MOLIB 01-Feb-99 1.5 7 312867 C -- F 0 -- 0 0 312868 B -- F 0 -- 0 0 312869 B 31-Aug-95 F 0 -- 0 0 312872 A -- F 0 -- 0 0 312874 A+ 28-Feb-95 T 0 -- 0 0 312876 A -- F 0 -- 0 0 312877 B -- F 0 -- 0 0 312878 B -- F 0 -- 0 0 312879 A -- F 0 -- 0 0 312880 A -- F 0 -- 0 0 312882 C -- F 0 -- 0 0 312884 C -- F 0 -- 0 0 312885 B 29-Jan-90 F 5.75 6MOLIB 01-Feb-99 1.5 7 312886 A 01-Aug-93 F 0 -- 0 0 312887 C 01-Aug-93 T 0 -- 0 0 312889 B -- F 0 -- 0 0 312892 A -- F 0 -- 0 0 312894 B 23-May-95 F 0 -- 0 0 312897 B -- F 0 -- 0 0 312898 B -- F 0 -- 0 0 312899 C 01-Jan-91 F 0 -- 0 0 312902 B -- T 0 -- 0 0 312903 A 14-Jul-92 F 0 -- 0 0 312904 B -- F 0 -- 0 0 312907 B -- F 0 -- 0 0 312908 B -- F 0 -- 0 0 312909 B -- F 6.91 6MOLIB 01-Feb-99 1.5 7 312911 A -- F 0 -- 0 0 312914 B -- F 0 -- 0 0 312915 B 01-Jun-94 T 0 -- 0 0 312916 C 01-May-92 F 0 -- 0 0 312917 B -- F 6 6MOLIB 01-Feb-99 1.5 7 312920 A 01-Dec-92 F 0 -- 0 0 312921 A -- F 0 -- 0 0 312922 A -- F 7.35 6MOLIB 01-Aug-97 1.5 7 312923 A -- F 0 -- 0 0
Page 41 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ----------------- 312800 10.75 17.75 P F 312802 0 0 P F 312803 0 0 P L 312804 0 0 F 312805 0 0 F 312806 0 0 L 312807 0 0 P F 312809 0 0 P F 312810 0 0 P F 312813 0 0 P F 312814 0 0 P F 312815 0 0 F 312817 0 0 P F 312819 0 0 P F 312820 0 0 P F 312821 0 0 F 312823 0 0 F 312824 0 0 F 312825 10.35 17.35 P F 312826 0 0 P F 312827 11.25 17.25 F 312830 0 0 F 312834 0 0 P F 312836 0 0 F 312837 0 0 F 312838 0 0 F 312839 10.74 16.74 P F 312840 10.24 17.24 P F 312845 0 0 P F 312846 11.25 17.25 P F 312849 0 0 F 312853 9.25 16.25 P F 312854 0 0 F 312855 0 0 F 312856 0 0 P F 312857 0 0 F 312859 0 0 P F 312862 0 0 P F 312863 0 0 P F 312864 0 0 P F 312865 0 0 F 312866 10.35 17.35 P F 312867 0 0 P F 312868 0 0 P F 312869 0 0 F 312872 0 0 F 312874 0 0 F 312876 0 0 F 312877 0 0 P F 312878 0 0 P F 312879 0 0 F 312880 0 0 P F 312882 0 0 P F 312884 0 0 P F 312885 8.75 15.75 F 312886 0 0 P F 312887 0 0 F 312889 0 0 P F 312892 0 0 F 312894 0 0 F 312897 0 0 P F 312898 0 0 P F 312899 0 0 F 312902 0 0 F 312903 0 0 P F 312904 0 0 P F 312907 0 0 P F 312908 0 0 F 312909 9.91 16.91 P F 312911 0 0 P F 312914 0 0 F 312915 0 0 F 312916 0 0 F 312917 9.5 16.5 P F 312920 0 0 P F 312921 0 0 P F 312922 11.5 17.5 P F 312923 0 0 P F
Page 42 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 312924 BLLN ANELLO ANTHONY 2956 HAYNE ROAD 312925 BLLN ANELLO ANTHONY 665 FRUIT DRIVE 312926 BLLN ANELLO ANTHONY 592 PEAR DRIVE 312927 BLLN ANELLO ANTHONY 617 FRUIT DRIVE 312928 ARM FRANK GARY P. \3021 RIO BRAZOS DRIVE 312929 FR GAMBRELL WANDA LEE 328 RANDY ROAD 312930 FR SMITH SHERMAN HENRY 130 LEONARD AVENUE 312932 BLLN WALTERS WANDA C 6664 HESTER ROAD 312933 ARM2-28 HUMES DEE ANN 106 HILLSIDE DRIVE 312935 BLLN DELONG MARK V 701 S PRINCE 312936 FR TUFTS DANISE 4151 EAST 114TH STREET 312937 FR GORDON IVAN L. 753 SEWARD AVENUE 312939 ARM2-28 METZ RANDY L. 4657 18TH STREET NORTH WEST 312942 ARM2-28 KINNEY RAYMOND E. 39 W. SANDUSKY STREET 312943 BLLN TUCKER SANTFORD G. 1 CHOCTAW COURT 312944 BLLN JOHNSON LARRY 5176 ALFORD STREET 312945 BLLN HAGAN ROBERT A. 2403 W. 7TH STREET 312946 ARM2-28 HIRE SUSAN G. 9314 E. DOSWELL BLVD. 312947 FR ALLEN ADAM 4158N ST ROUTE 123 312948 ARM2-28 ATHA CHARLES L 10800 SURFWOOD LANE 312949 BLLN MACKLIN LORETTA 3361 EAST 139TH STREET 312950 ARM STRASBERGER MICHAEL H. 6988 MEADOWFIELD STREET 312953 BLLN DAVIS MARK W. 8222 NORTH EAST WYGANT 312954 FR COX OSCAR E. 29204 BRETTON 312955 ARM2-28 THOMPSON RUSSEL 4916 BROADWAY 312956 FR FISHER RUBY B. 218 SHARPE AVENUE 312957 ARM2-28 KISER THOMAS H. 4132 PAXTON WOODS DRIVE 312959 FR LEWIS DOROTHY L. 1744 EASTHAM AVENUE 312960 FR NIXON IRMA M. 6539 S. BELL AVENUE 312962 ARM DAUGHERITY DALE A. 615 DELAWARE LANE 312963 FR JOHNSON WILLIE KING 3059 WOODBINE AVENUE 312964 FR PALMER DOUGLAS 428 EAST MARSHALL S 312965 FR CALDWELL FRETA 8194 QUEENS DRIVE 312966 FR WELCH BARRETT C. 406 WEST BRAYTON ROAD 312968 BLLN BLACKMON RICHARD A. 309 FIDDLERS BRANCH ROAD 312969 BLLN HENDERSON LARRIE D. 38 KINGSGATE DRIVE 312977 FR HUFFMAN JOE L. 6614 HOMESTEAD ROAD 312978 FR LIPSCOMB JOAN E 27125 SHOREVIEW 312979 FR BAILEY SANDRA J. 5 HILLCREST DRIVE 312982 FR COLE TILLMAN 113 CAMP AGAPE 312983 ARM2-28 HERNANDEZ JOSE C. 8437 S LOCKWOOD AVENUE 312984 FR HILL CECIL J 403S ST. MARKS AVE 312985 FR BOWLING TERRY L 7510 NORTH HANNA 312986 FR CLINE KENNETH C. 821 CHILHOWEE STREET 312987 FR TUCKER J.C. 2892 MAPLE GROVE DRIVE 312988 FR FORESTER INEZ 5428 OLD THOMASVILLE ROAD 312995 FR GEORGE DARRYL E. 5010 OAKLAN AVENUE 312996 FR GUENTHER KENNETH 8258 FARNUM 312998 FR VENTURA NORMA J 17158 W 130TH STREET 312999 FR LOCKRIDGE BILLY R. 326 STEEL ROAD 313002 FR WHITE ROBERT E 4206 DELAWARE STREET 313003 FR KOKINOS STEVE 307 PENDLETON DRIVE 313004 BLLN HUBBARD CHARLOTT 9660 WINTHROP 313005 FR LACKEY LOIS A 110N LAUREL AVE 313006 FR BELL EILEEN R 503N SWEET WATER BLV 313007 FR WHITE SHEILA H 17156 BRUSHY FORK ROA 313008 FR QUICK BILLY JO 350 SOUTH ENOCH GRO 313009 ARM2-28 WILLIAMS DAVID G 3835E 154TH STREET 313013 FR JOHNSON THOMAS 2960- 62 CORTLAND 313014 FR PUGH PATSY W 8000 LINDA LAKE DR 313015 FR B NICHOLS HARRINGTO 263 CROSS GATES BLV 313016 FR ADAMS LANNY 89 LAKEWOOD DRIVE 313017 FR CAMUS LINDA G 26 CLIPPER PLACE 313019 ARM2-28 THORPE MARY E 4361 CATALINA AVENUE 313020 BLLN WHEELER RAMONA P 504 S. STROMONT 313022 ARM2-28 WADE JAMES L 3511 SEABROOK AVENUE 313025 ARM ZEHNPFENNIG JENNIE L 38402 SANTA ANNA 313026 FR WOFFORD ANN 4729 WEST MONROE 313027 ARM2-28 SMITH TODD L 95 LOGAN STREET 313029 FR PORTIER L J 1917E LIBERTY AVE 313030 BLLN WHITE BOYD C. 14036 STAHELIN 313033 BLLN ANDERSON WANDA O. 204 ROSENBERRY STREET 313034 ARM2-28 ATCHISON JR JACK L 4915 NEBRECKENRIDGE DR 313035 BLLN EDWARDS ANNA L. 2944 POST STREET 313036 BLLN PHILLIPS REXIE R 5108 FENNELL ROAD 313039 BLLN BYRD JAMES E. 1505 OAK VILLAGE DRI 313040 ARM2-28 A KOOIKER KATHLEEN 1665 SEBURTON STREET 313044 FR MARAGAS ARISTOTL 1051 WEST EXCHANGE S LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 312924 AKRON OH 44312 SUMMIT 33,750.00 33,750.00 33,750.00 312925 AKRON OH 44319 SUMMIT 75,000.00 75,000.00 75,000.00 312926 AKRON OH 44319 SUMMIT 55,500.00 55,500.00 55,500.00 312927 COVENTRY TOWNSHIP OH 44319 SUMMIT 41,250.00 41,250.00 41,250.00 312928 SARDINIA OH 45171 BROWN 127,500.00 127,500.00 127,500.00 312929 MADISON TN 37115 DAVIDSON 47,500.00 47,500.00 47,500.00 312930 ALBEMARLE NC 28001 STANLY 30,600.00 30,600.00 30,600.00 312932 GREENBRIER TN 37073 ROBERTSON 61,000.00 61,000.00 61,000.00 312933 OLD HICKORY TN 37138 WILSON 102,850.00 102,850.00 102,850.00 312935 PRINCETON IN 47670 GIBSON 45,900.00 45,900.00 45,900.00 312936 CLEVELAND OH 44105 CUYAHOGA 42,000.00 42,000.00 42,000.00 312937 AKRON OH 44320 SUMMIT 55,250.00 55,250.00 55,250.00 312939 CANTON OH 44708 STARK 78,965.00 78,965.00 78,965.00 312942 FREDERICKTOWN OH 43019 KNOX 44,000.00 44,000.00 44,000.00 312943 TAYLORS SC 29687 GREENVILLE 80,750.00 80,750.00 80,750.00 312944 MEMPHIS TN 38109 SHELBY 46,400.00 46,400.00 46,400.00 312945 OWENSBORO KY 42301 DAVIESS 40,800.00 40,800.00 40,800.00 312946 CROMWELL IN 46732 KOSCIUSKO 71,550.00 71,550.00 71,550.00 312947 FRANKLIN OH 45005 WARREN 69,280.00 69,280.00 69,280.00 312948 CINCINNATI OH 45241 HAMILTON 112,000.00 112,000.00 112,000.00 312949 CLEVELAND OH 44120 CUYAHOGA 36,000.00 36,000.00 36,000.00 312950 WEST BLOOMFIELD MI 48324 OAKLAND 96,300.00 96,245.17 96,245.17 312953 PORTLAND OR 97220 MULTNOMAH 72,800.00 72,800.00 72,769.14 312954 LIVONIA MI 48152 WAYNE 73,600.00 73,600.00 73,600.00 312955 COMMERCE TOWNSHIP MI 48382 OAKLAND 159,800.00 159,800.00 159,800.00 312956 KANNAPOLIS NC 28081 CABARRUS 27,000.00 27,000.00 27,000.00 312957 CINCINNATI OH 45209 HAMILTON 108,000.00 108,000.00 108,000.00 312959 EAST CLEVELAND OH 44112 CUYAHOGA 42,000.00 42,000.00 42,000.00 312960 CHICAGO IL 60636 COOK 40,000.00 40,000.00 40,000.00 312962 ELK GROVE VILLAGE IL 60007 COOK 200,600.00 200,600.00 200,600.00 312963 KNOXVILLE TN 37914 KNOX 44,000.00 44,000.00 44,000.00 312964 HASTINGS MI 49058 BARRY 52,650.00 52,650.00 52,650.00 312965 JONESBORO GA 30236 CLAYTON 53,000.00 52,977.78 52,977.78 312966 MOUNT MORRIS IL 61054 OGLE 70,531.00 70,531.00 70,531.00 312968 HAMPTON TN 37658 CARTER 82,400.00 82,400.00 82,400.00 312969 COLUMBIA SC 29205 RICHLAND 28,000.00 28,000.00 28,000.00 312977 REX GA 30273 CLAYTON 28,000.00 28,000.00 28,000.00 312978 EUCLID OH 44132 CUYAHOGA 54,000.00 53,873.26 53,873.26 312979 YORK SC 29745 YORK 123,000.00 123,000.00 123,000.00 312982 BLYTHEWOOD SC 29016 RICHLAND 34,000.00 34,000.00 34,000.00 312983 BURBANK IL 60459 COOK 107,950.00 107,950.00 107,950.00 312984 CHATTANOOGA TN 37412 HAMILTON 38,000.00 38,000.00 38,000.00 312985 MCCORDSVILLE IN 46055 HANCOCK 46,500.00 46,500.00 46,500.00 312986 HARRIMAN TN 37748 ROANE 27,500.00 27,500.00 27,500.00 312987 REX GA 30273 CLAYTON 66,600.00 65,107.48 65,107.48 312988 ARCHDALE NC 27263 RANDOLPH 54,000.00 54,000.00 54,000.00 312995 BATON ROUGE LA 70811 EAST BATON ROUGE 34,400.00 34,400.00 34,400.00 312996 ROMULUS MI 48174 WAYNE 31,000.00 30,960.17 30,960.17 312998 STRONGSVILLE OH 44136 CUYAHOGA 47,900.00 47,900.00 47,900.00 312999 MILNER GA 30257 LAMAR 49,332.00 49,332.00 49,332.00 313002 GARY IN 46409 LAKE 41,340.00 41,340.00 41,340.00 313003 HOUMA LA 70360 TERREBONNE 143,910.00 143,910.00 143,910.00 313004 DETROIT MI 48227 WAYNE 30,000.00 30,000.00 30,000.00 313005 LANDRUM SC 29356 SPARTANBURG 51,750.00 51,750.00 51,750.00 313006 LONGWOOD FL 32779 SEMINOLE 35,500.00 35,500.00 35,500.00 313007 NEWARK OH 43056 LICKING 34,500.00 34,500.00 34,500.00 313008 FLORENCE MS 39073 RANKIN 70,000.00 70,000.00 70,000.00 313009 CLEVELAND OH 44128 CUYAHOGA 64,800.00 64,800.00 64,800.00 313013 DETROIT MI 48206 WAYNE 38,400.00 38,400.00 38,400.00 313014 CHARLOTTE NC 28215 MECKLENBURG 44,000.00 44,000.00 44,000.00 313015 SLIDELL LA 70461 SAINT TAMMANY PARISH 108,800.00 108,800.00 108,800.00 313016 NEWNAN GA 30263 COWETA 78,750.00 78,750.00 78,750.00 313017 ABITA SPRINGS LA 70420 SAINT TAMMANY 51,800.00 51,800.00 51,800.00 313019 DAYTON OH 45416 MONTGOMERY 43,350.00 43,350.00 43,350.00 313020 PRINCETON IN 47670 GIBSON 42,500.00 42,500.00 42,500.00 313022 COLUMBUS OH 43227 FRANKLIN 72,800.00 72,800.00 72,800.00 313025 CLINTON TOWNSHIP MI 48036 MACOMB 157,000.00 156,921.30 156,921.30 313026 CHICAGO IL 60624 COOK 94,500.00 94,500.00 94,500.00 313027 BATTLE CREEK MI 49015 CALHOUN 44,800.00 44,800.00 44,800.00 313029 SPOKANE WA 99207 SPOKANE 50,340.00 49,615.13 49,615.13 313030 DETROIT MI 48223 WAYNE 86,200.00 86,200.00 86,200.00 313033 ALLIANCE OH 44601 STARK 33,500.00 33,500.00 33,500.00 313034 GRAND RAPIDS MI 49505 KENT 109,000.00 109,000.00 109,000.00 313035 JACKSONVILLE FL 32205 DUVAL 31,850.00 31,850.00 31,850.00 313036 KNOXVILLE TN 37912 KNOX 51,000.00 51,000.00 51,000.00 313039 LARGO FL 33778 PINELLAS 57,600.00 57,600.00 57,600.00 313040 GRAND RAPIDS MI 49506 KENT 92,500.00 92,500.00 92,500.00 313044 AKRON OH 44302 SUMMIT 45,000.00 45,000.00 45,000.00 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 312924 294.93 9.9500 180 0.7500 312925 655.41 9.9500 180 0.7500 312926 485.00 9.9500 180 0.7500 312927 360.48 9.9500 180 0.7500 312928 1,114.20 9.9500 360 0.8500 312929 565.32 13.2600 240 0.5588 312930 336.36 10.4000 180 0.7650 312932 578.15 10.9400 180 0.7821 312933 956.22 10.7000 360 0.8500 312935 399.42 9.9000 180 0.7914 312936 387.33 10.6000 360 0.7500 312937 581.10 12.3000 360 0.8500 312939 719.37 10.4500 360 0.8500 312942 358.79 9.1500 360 0.8000 312943 741.67 10.5500 180 0.8500 312944 436.63 10.8500 180 0.8000 312945 388.24 10.9900 180 0.8870 312946 654.50 10.5000 360 0.7777 312947 806.64 13.7400 360 0.8056 312948 978.74 9.9500 360 0.8000 312949 294.86 9.2000 180 0.6000 312950 761.03 8.8000 360 0.9000 312953 649.66 10.2000 180 0.8000 312954 728.85 11.5000 360 0.8000 312955 1,426.03 10.2000 360 0.8500 312956 325.78 12.1000 180 0.6000 312957 927.09 9.7400 360 0.8000 312959 393.64 10.8000 360 0.7000 312960 489.11 12.3500 180 0.5714 312962 1,716.10 9.7000 360 0.8500 312963 499.83 10.9900 180 0.7333 312964 489.50 10.7000 360 0.9000 312965 474.93 10.2500 360 0.8154 312966 735.82 12.1900 360 0.7881 312968 950.31 13.6000 180 0.8000 312969 265.38 10.9400 180 0.8000 312977 314.74 10.8000 180 0.4916 312978 590.24 10.3000 180 0.7714 312979 1,344.43 10.3000 180 0.8723 312982 480.95 11.6500 120 0.2698 312983 927.46 9.7500 360 0.8500 312984 370.23 11.2900 360 0.6230 312985 527.06 10.9500 180 0.7500 312986 296.36 10.0500 180 0.5093 312987 759.07 11.0500 180 0.9000 312988 612.07 10.9500 180 0.9000 312995 352.73 10.9000 240 0.8000 312996 303.07 10.1900 240 0.5636 312998 436.37 10.4500 360 0.4042 312999 664.28 10.4500 120 0.7150 313002 496.15 12.0000 180 0.7800 313003 1,163.11 9.0500 360 0.9000 313004 315.53 12.3000 180 0.8000 313005 658.17 13.1000 180 0.7500 313006 367.64 11.0500 240 0.8005 313007 380.29 10.4500 180 0.7500 313008 682.01 11.2900 360 0.7778 313009 564.36 9.9100 360 0.9000 313013 414.55 11.6900 240 0.8000 313014 478.22 10.2000 180 0.5087 313015 1,102.41 11.8000 360 0.8500 313016 688.18 9.9500 360 0.9000 313017 613.38 11.7500 180 0.5692 313019 388.14 10.2400 360 0.8500 313020 432.26 11.8500 180 0.8500 313022 622.79 9.7000 360 0.8000 313025 1,309.84 9.4100 360 0.8263 313026 990.26 12.2500 360 0.7000 313027 406.46 10.4000 360 0.8000 313029 421.45 9.4500 360 0.7745 313030 926.67 12.6000 180 0.7183 313033 298.95 10.2000 180 0.6979 313034 935.68 9.7400 360 0.7171 313035 293.73 10.6000 180 0.6500 313036 472.25 10.6500 180 0.8500 313039 652.97 13.3500 180 0.8000 313040 794.04 9.7400 360 0.7520 313044 455.61 11.7900 360 0.6000
Page 43 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 312924 180 360 0.00 45000.00 03-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 312925 180 360 0.00 100000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 312926 180 360 0.00 74000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 312927 180 360 0.00 55000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 312928 360 360 0.00 150000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312929 240 240 0.00 85000.00 24-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312930 180 180 0.00 40000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312932 180 360 0.00 78000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312933 360 360 0.00 121000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312935 180 360 0.00 58000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312936 360 360 0.00 56000.00 24-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312937 360 360 0.00 65000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312939 360 360 0.00 92900.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312942 360 360 0.00 55000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312943 180 360 0.00 95000.00 24-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312944 180 360 0.00 58000.00 25-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312945 180 360 0.00 46000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312946 360 360 0.00 92000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312947 360 360 0.00 86000.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312948 360 360 0.00 140000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312949 180 360 0.00 60000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312950 359 360 107000.00 107000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312953 180 360 0.00 91000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312954 360 360 0.00 92000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312955 360 360 0.00 188000.00 25-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312956 180 180 0.00 45000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312957 360 360 0.00 135000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312959 360 360 0.00 60000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312960 180 180 0.00 70000.00 27-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312962 360 360 0.00 236000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312963 180 180 0.00 60000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312964 360 360 0.00 58500.00 05-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 312965 359 360 0.00 65000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 312966 360 360 0.00 89500.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312968 180 360 0.00 103000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312969 180 360 0.00 35000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312977 180 180 0.00 77000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312978 179 180 0.00 70000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312979 180 180 0.00 141000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312982 120 120 0.00 126000.00 28-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 312983 360 360 0.00 127000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312984 360 360 0.00 61000.00 27-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312985 180 180 0.00 62000.00 28-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312986 180 180 0.00 54000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 312987 179 180 0.00 74000.00 27-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 312988 180 180 0.00 60000.00 27-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 312995 240 240 0.00 43000.00 27-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 312996 239 240 0.00 55000.00 31-Jan-97 01-Mar-97 01-Feb-17 01-Apr-97 312998 360 360 0.00 118500.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 312999 120 120 0.00 69000.00 30-Jan-97 01-Mar-97 01-Feb-07 01-Mar-97 313002 180 180 0.00 53000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313003 360 360 159900.00 159900.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313004 180 360 0.00 37500.00 04-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313005 180 180 0.00 69000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313006 240 240 0.00 140000.00 28-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 313007 180 180 0.00 46000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313008 360 360 0.00 90000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313009 360 360 0.00 72000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313013 240 240 0.00 48000.00 30-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 313014 180 180 0.00 86500.00 30-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 313015 360 360 0.00 128000.00 28-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313016 360 360 87500.00 88000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313017 180 180 0.00 91000.00 28-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313019 360 360 0.00 51000.00 29-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313020 180 360 0.00 50000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313022 360 360 0.00 91000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313025 359 360 0.00 190000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Apr-97 313026 360 360 0.00 135000.00 30-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 313029 360 360 0.00 65000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313030 180 360 0.00 120000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313033 180 360 0.00 48000.00 30-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 313034 360 360 0.00 152000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313035 180 360 0.00 49000.00 30-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313036 180 360 0.00 60000.00 30-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313039 180 360 0.00 72000.00 30-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313040 360 360 0.00 123000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313044 360 360 0.00 75000.00 31-Jan-97 15-Mar-97 15-Feb-27 15-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 312924 15-Mar-97 1 1 3 18 0 4 312925 01-Mar-97 1 1 3 18 0 4 312926 01-Mar-97 1 1 3 18 0 2 312927 01-Mar-97 1 1 3 18 0 3 312928 01-Mar-97 1 1 1 18 0 4 312929 01-Mar-97 1 1 1 18 0 3 312930 01-Mar-97 1 1 1 18 0 4 312932 01-Mar-97 1 1 1 18 0 3 312933 01-Mar-97 1 1 1 18 0 3 312935 01-Mar-97 1 1 1 18 0 4 312936 01-Mar-97 1 1 1 18 0 3 312937 01-Mar-97 1 1 1 18 0 3 312939 01-Mar-97 1 1 1 18 0 4 312942 01-Mar-97 1 1 1 18 0 3 312943 01-Mar-97 1 1 1 18 0 3 312944 01-Mar-97 1 1 3 18 0 4 312945 01-Mar-97 1 1 1 18 0 4 312946 01-Mar-97 8 1 1 18 0 4 312947 01-Mar-97 1 1 1 18 0 2 312948 01-Mar-97 1 1 1 18 0 2 312949 01-Mar-97 1 1 1 18 0 3 312950 01-Apr-97 1 1 1 18 0 1 312953 01-Apr-97 1 1 3 18 0 4 312954 01-Mar-97 1 1 1 18 0 4 312955 01-Mar-97 1 1 1 18 0 3 312956 01-Mar-97 1 1 1 18 0 4 312957 01-Mar-97 1 1 1 18 0 4 312959 01-Mar-97 5 2 3 18 0 3 312960 15-Mar-97 1 1 1 18 0 3 312962 01-Mar-97 1 1 1 18 0 4 312963 01-Mar-97 1 1 1 18 0 3 312964 01-Apr-97 1 1 1 18 0 3 312965 01-Apr-97 1 1 1 18 0 3 312966 01-Mar-97 1 1 1 18 0 4 312968 01-Mar-97 1 1 1 18 0 3 312969 01-Mar-97 1 1 1 18 0 3 312977 01-Mar-97 1 1 1 38 9853 3 312978 01-Apr-97 1 1 1 18 0 4 312979 01-Mar-97 1 1 1 18 0 3 312982 01-Mar-97 1 1 1 18 0 3 312983 01-Mar-97 1 1 1 18 0 3 312984 01-Mar-97 1 1 1 18 0 4 312985 15-Mar-97 1 1 1 18 0 3 312986 01-Mar-97 1 1 1 18 0 3 312987 01-Apr-97 1 1 1 18 0 3 312988 15-Mar-97 1 1 1 18 0 4 312995 01-Mar-97 1 1 1 18 0 4 312996 01-Apr-97 1 1 1 18 0 3 312998 01-Mar-97 1 1 1 18 0 3 312999 01-Mar-97 8 1 1 18 0 4 313002 01-Mar-97 1 1 1 18 0 3 313003 01-Mar-97 1 1 1 18 0 1 313004 01-Mar-97 1 1 1 18 0 3 313005 01-Mar-97 1 1 1 18 0 3 313006 01-Mar-97 1 1 1 38 76570 3 313007 01-Mar-97 8 1 1 18 0 4 313008 01-Mar-97 1 1 1 18 0 4 313009 01-Mar-97 1 1 1 18 0 3 313013 01-Mar-97 5 2 3 18 0 3 313014 15-Mar-97 1 1 1 18 0 3 313015 01-Mar-97 1 1 1 18 0 3 313016 01-Mar-97 1 1 1 18 0 1 313017 01-Mar-97 1 1 1 18 0 3 313019 01-Mar-97 1 1 1 18 0 4 313020 01-Mar-97 1 1 1 18 0 4 313022 01-Mar-97 1 1 1 18 0 2 313025 01-Apr-97 1 1 1 18 0 3 313026 15-Mar-97 5 2 3 18 0 3 313029 01-Mar-97 1 1 1 18 0 2 313030 01-Mar-97 1 1 1 18 0 3 313033 15-Mar-97 1 1 3 18 0 4 313034 01-Mar-97 1 1 1 18 0 3 313035 01-Mar-97 1 1 3 18 0 2 313036 01-Mar-97 1 1 1 18 0 3 313039 01-Mar-97 1 1 1 18 0 3 313040 01-Mar-97 1 1 1 18 0 4 313044 15-Mar-97 5 2 3 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 312924 A -- F 0 -- 0 0 312925 A -- F 0 -- 0 0 312926 A -- F 0 -- 0 0 312927 A -- F 0 -- 0 0 312928 B -- F 7.45 6MOLIB 01-Aug-97 1.5 7 312929 C 01-Aug-95 F 0 -- 0 0 312930 B -- F 0 -- 0 0 312932 A 01-Oct-92 F 0 -- 0 0 312933 B -- F 7.7 6MOLIB 01-Feb-99 1.5 7 312935 A -- T 0 -- 0 0 312936 A -- F 0 -- 0 0 312937 B -- F 0 -- 0 0 312939 B -- F 7.45 6MOLIB 01-Feb-99 1.5 7 312942 B -- F 6.15 6MOLIB 01-Feb-99 1.5 7 312943 A 01-Apr-93 F 0 -- 0 0 312944 A -- F 0 -- 0 0 312945 B -- F 0 -- 0 0 312946 B -- F 7.5 6MOLIB 01-Feb-99 1.5 7 312947 B -- F 0 -- 0 0 312948 B 04-Oct-93 F 6.95 6MOLIB 01-Feb-99 1.5 7 312949 A 23-Oct-91 F 0 -- 0 0 312950 A -- F 6.05 6MOLIB 01-Aug-97 1.5 7 312953 A -- F 0 -- 0 0 312954 A 06-Jan-95 F 0 -- 0 0 312955 A -- F 6.7 6MOLIB 01-Feb-99 1.5 7 312956 C -- F 0 -- 0 0 312957 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7 312959 A -- F 0 -- 0 0 312960 C -- T 0 -- 0 0 312962 A -- F 6.95 6MOLIB 01-Aug-97 1.5 7 312963 B -- F 0 -- 0 0 312964 A -- F 0 -- 0 0 312965 C -- F 0 -- 0 0 312966 B -- F 0 -- 0 0 312968 C 01-Jan-96 F 0 -- 0 0 312969 A -- F 0 -- 0 0 312977 A -- F 0 -- 0 0 312978 A -- F 0 -- 0 0 312979 A -- F 0 -- 0 0 312982 B -- T 0 -- 0 0 312983 A -- F 6.25 6MOLIB 01-Feb-99 1.5 7 312984 A 09-Feb-95 F 0 -- 0 0 312985 B -- F 0 -- 0 0 312986 A -- F 0 -- 0 0 312987 A+ 30-Jan-95 F 0 -- 0 0 312988 A -- F 0 -- 0 0 312995 A -- F 0 -- 0 0 312996 A -- F 0 -- 0 0 312998 B -- F 0 -- 0 0 312999 A -- F 0 -- 0 0 313002 B -- F 0 -- 0 0 313003 A -- F 0 -- 0 0 313004 B -- T 0 -- 0 0 313005 C 08-May-96 F 0 -- 0 0 313006 A -- F 0 -- 0 0 313007 A -- F 0 -- 0 0 313008 A -- F 0 -- 0 0 313009 A 14-Nov-91 F 6.41 6MOLIB 01-Feb-99 1.5 7 313013 A -- F 0 -- 0 0 313014 A -- F 0 -- 0 0 313015 A -- F 0 -- 0 0 313016 A -- F 0 -- 0 0 313017 A -- F 0 -- 0 0 313019 B -- F 7.24 6MOLIB 01-Feb-99 1.5 7 313020 B -- T 0 -- 0 0 313022 A 04-Mar-92 F 6.2 6MOLIB 01-Feb-99 1.5 7 313025 B -- F 6.91 6MOLIB 01-Aug-97 1.5 7 313026 A -- F 0 -- 0 0 313029 A+ -- F 0 -- 0 0 313030 C -- F 0 -- 0 0 313033 A -- F 0 -- 0 0 313034 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7 313035 A -- F 0 -- 0 0 313036 B -- F 0 -- 0 0 313039 C -- F 0 -- 0 0 313040 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7 313044 A -- F 0 -- 0 0
Page 44 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ----------------- 312924 0 0 P F 312925 0 0 P F 312926 0 0 P F 312927 0 0 P F 312928 10.95 16.95 P F 312929 0 0 F 312930 0 0 F 312932 0 0 F 312933 10.7 17.7 F 312935 0 0 F 312936 0 0 P F 312937 0 0 P F 312939 10.45 17.45 F 312942 9.15 16.15 P F 312943 0 0 F 312944 0 0 P F 312945 0 0 P F 312946 10.5 17.5 F 312947 0 0 P F 312948 9.95 16.95 P F 312949 0 0 P F 312950 9.8 15.8 P F 312953 0 0 P F 312954 0 0 P F 312955 10.2 17.2 P F 312956 0 0 F 312957 9.74 16.74 P F 312959 0 0 P F 312960 0 0 F 312962 10.7 16.7 F 312963 0 0 F 312964 0 0 P F 312965 0 0 P F 312966 0 0 F 312968 0 0 F 312969 0 0 F 312977 0 0 P F 312978 0 0 P F 312979 0 0 P F 312982 0 0 F 312983 9.75 16.75 F 312984 0 0 P F 312985 0 0 P F 312986 0 0 F 312987 0 0 P F 312988 0 0 F 312995 0 0 P F 312996 0 0 P F 312998 0 0 P F 312999 0 0 F 313002 0 0 P F 313003 0 0 P F 313004 0 0 F 313005 0 0 F 313006 0 0 F 313007 0 0 P F 313008 0 0 P F 313009 9.91 16.91 P F 313013 0 0 P F 313014 0 0 F 313015 0 0 F 313016 0 0 P F 313017 0 0 P L 313019 10.24 17.24 P F 313020 0 0 F 313022 9.7 16.7 P F 313025 10.41 16.41 P F 313026 0 0 F 313027 10.41 16.74 P F 313029 0 0 P F 313033 0 0 P F 313034 9.74 16.74 P F 313035 0 0 P F 313036 0 0 F 313039 0 0 F 313040 9.74 16.74 P F 313044 0 0 P F
Page 45 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- -------------------- ------------------ ------------------------------------------------ 313045 ARM WILSON ROCHELLE 492 BRUNSWICK DRIVE 313046 FR RUSHING FATIMA 1002 CATAWBA AVENUE 313048 FR MCELROY JULIA M 823 S KEELER 313049 FR HARRISON MARK C. 5497 HIGHWAY 81 N. 313050 BLLN BARNES DOROTHY 2158 EAST EDEN COURT 313053 ARM2-28 TACOMA MICHAEL L 30065 BRENTWOOD ST 313054 BLLN FLEMING MARLA H 5502 OAKMONT CIRCLE 313055 FR HAYES PATRICIA 12201 SOUTH UNION 313056 ARM2-28 SMITH CLAUDE D 515 ELM TREE LANE 313057 BLLN RAWSON WILLIAM 344 BARDON STREET 313059 FR HALEY JEFFERY L 4223 N GLENWOOD DR 313061 ARM2-28 VAUGHN BEVERLY D 4039 SHENANDOAH DR 313062 ARM2-28 COX FRANCES 1197 HUMMINGBIRD DRI 313063 BLLN DWYER JOHN J 14856 ALGER ROAD 313064 ARM2-28 CLEARY SHARON K. 1106 WALLER ROAD 313066 BLLN ENGLAND MATTHEW 5962 LICKTON PIKE 313067 ARM2-28 MARZOLF PAUL 16680 QUINCY STREET 313069 FR KANIPE RAYMOND L 461 RAINBOW CIRCLE 313071 FR JARRARD MICHAEL A 2504 GUELAT AVENUE 313072 ARM2-28 HOLMES SR RICHARD C 628 CRAWFORD AVENUE 313074 BLLN NORWOOD NATALIE C 1111 SCOTTIE LANE 313075 BLLN HOUSER SCOTT W. 2540 CATALPA DRIVE 313076 BLLN TALIFER TYRONE 18050 OAKFIELD 313078 FR WALKER LEON RAY 2722 POLLACK AVENUE 313079 BLLN GELIL JAMES 11901 E THIRTEEN MILE 313081 FR STAUCH LAWRENCE 780 DUNN RIDGE LANE 313083 ARM2-28 NIXON SHERI L 10348 BRITAIN 313084 ARM2-28 FOSTER ALBERT 1445 PHILADELPHIA DR 313085 BLLN YEE RICHARD G 6427N VERNON STREET 313086 FR ROWE DUANE M. 584 GOLDMOOR DRIVE 313087 BLLN JORDAN ERNEST 3606 MADISON STREET 313088 BLLN KESSELL ROBERT P 1839 10TH STREET 313089 FR BROWN VERNON R 1626 THIRD STREET 313093 FR HILL/CHAMPION JESSIE H 2276 FOREST GLEN DRI 313094 BLLN VUJNOV LYNDA G 727 WASHINGTON AVE 313095 FR THORNTON PHYLLIS 4530 KNOLLCROFT ROAD 313096 BLLN DAVIS BARBARA J 8363 INDIANA 313097 BLLN BOEING RICHARD D 7415 WYNNE PL 313098 FR RHODES JONATHAN 1667 BELMONT AVENUE 313099 FR MCWILLIAMS ARVONIA 8912 MCMILLIAN DRIVE 313100 BLLN RATLIFF STEVEN W 31193 BOBRICH 313101 FR WOODEN DENNIS R 36208 EMERALDA AVENUE 313102 FR KEENER MARVIN S 1772 MOONLIGHT DRIVE 313103 FR MOUTZ LARRY A. 2972 FARMDALE ROAD 313104 FR ETHERTON LARRY 2952 CHESTNUT HILL R 313105 FR KING MARK 2486 HAMETOWN ROAD 313108 BLLN EARL PAULINE 109 DREW ST 313112 FR FREEMAN RICHARD 808 CHARLOTTE STREE 313113 FR MITCHELL MICHAEL D 9758S MARYLAND AVE 313114 FR ALGERIA\GONZAL MARCO AL 953 NORTH HARDING A 313115 FR SHENBERGER EDWARD 10137 SOUTH SPRINGFIE 313120 FR DORSEY RICHARD 3035 WOODTOP DRIVE 313127 FR HAMPTON ERNESTIN 8618 S.CARPENTER STR 313128 BLLN HOLLOWAY JAMES L. 105 RIDGECREST DRIV 313129 FR ARMSTRONG FREDERIC 895 BLOSSOM DRIVE 313130 BLLN HINES ROBIN D. 5512 DUNN ROAD 313131 BLLN LOWERY LELAND V 101 TRINITY DRIVE 313132 BLLN SHERIDAN ELIZABET 842 PARADISE BLVD 313134 BLLN NIX JOHN R. 52 POPLAR 313135 BLLN BALLARD TIMOTHY 244 FLAMINGO DRIVE 313136 ARM2-28 BITTEL THOMAS P 1350 ANDREWS AVENUE 313137 FR SPENCER KELVIN L 653 JAMES AVENUE 313138 FR HOWELL WILLIAM 321 FAIRFIELD AVENU 313140 FR NATZKE WILLIAM 5126 TAHQUAMENON TRA 313141 FR WILLIAMS CHRISTOP 6434 WATERLOO ROAD 313142 BLLN F HARDARSON STEINDOR 2315 268TH AVE NE 313146 FR DUPLANTIS NELSON 309 SWAN AVE. 313148 FR JOHNSON JOHN 602 BOBBITT DRIVE 313149 BLLN CHARLES RALPH D. 4607 MARSHALL DRIVE 313153 FR WILLIAMS LARRY MI 203 DEVROW COURT 313154 FR FOWLER BENNIE W 21857 SHEFFIELD DRIVE 313155 FR KIRK BILLY G. 127 CLEARVIEW STREE 313156 FR PICOU GREGORY 30 MARJORIE STREET 313157 BLLN MONROE GILBERT 3780 FOX HALL DRIVE 313158 FR PEARSON MARY R. 861 TRAILMORE CIRCL 313159 FR BAILEY RAY F. 406 MOHICAN STREET 313162 BLLN BROUSSARD CALVIN P 517 S. GRANGER ST 313164 FR ATKINSON JOHN H. 13 HARBY AVENUE LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- --------------------- ----------- --------- ----------------------- ----------- --------- --------------- 313045 FOREST PARK OH 45240 HAMILTON 78,200.00 78,200.00 78,200.00 313046 MONROE NC 28112 UNION 27,500.00 27,500.00 27,500.00 313048 CHICAGO IL 60624 COOK 45,100.00 45,100.00 45,100.00 313049 LOGANVILLE GA 30249 WALTON 133,000.00 133,000.00 133,000.00 313050 ANN ARBOR MI 48108 WASHTENAW 76,000.00 76,000.00 76,000.00 313053 SOUTHFIELD MI 48076 OAKLAND 67,200.00 67,200.00 67,200.00 313054 NASHVILLE TN 37209 DAVIDSON 67,500.00 67,500.00 67,500.00 313055 CHICAGO IL 60628 COOK 40,250.00 40,250.00 40,250.00 313056 LEXINGTON KY 40508 FAYETTE 42,900.00 42,900.00 42,900.00 313057 WOOSTER OH 44691 WAYNE 30,328.00 30,328.00 30,328.00 313059 INDIANAPOLIS IN 46205 MARION 57,600.00 57,600.00 57,600.00 313061 DAYTON OH 45417 MONTGOMERY 49,300.00 49,300.00 49,300.00 313062 WEST COLUMBIA SC 29169 LEXINGTON 77,000.00 77,000.00 77,000.00 313063 CLEVELAND OH 44111 CUYAHOGA 100,000.00 100,000.00 100,000.00 313064 BRENTWOOD TN 37027 WILLIAMSON 150,550.00 150,550.00 150,550.00 313066 GOODLETTSVILLE TN 37072 DAVIDSON 94,300.00 94,300.00 94,300.00 313067 HOLLAND MI 49424 OTTAWA 121,500.00 121,500.00 121,500.00 313069 KINGSPORT TN 37660 SULLIVAN 43,500.00 43,500.00 43,500.00 313071 LOUISVILLE KY 40216 JEFFERSON 16,000.00 16,000.00 16,000.00 313072 DOVER DE 19901 KENT 85,000.00 85,000.00 85,000.00 313074 KNOXVILLE TN 37919 KNOX 73,100.00 73,100.00 73,100.00 313075 DAYTON OH 45406 MONTGOMERY 60,000.00 60,000.00 60,000.00 313076 DETROIT MI 48235 WAYNE 34,000.00 34,000.00 34,000.00 313078 EVANSVILLE IN 47714 VANDERBURGH 61,200.00 61,200.00 61,200.00 313079 WARREN MI 48093 MACOMB 75,200.00 75,183.38 75,183.38 313081 LENOIR CITY TN 37772 LOUDON 22,500.00 22,500.00 22,500.00 313083 DETROIT MI 48224 WAYNE 47,000.00 47,000.00 47,000.00 313084 DAYTON OH 45406 MONTGOMERY 67,150.00 67,150.00 67,150.00 313085 DEARBORN HEIGHTS MI 48127 WAYNE 108,630.00 108,630.00 108,630.00 313086 CONCORD NC 28025 CABARRUS 76,000.00 76,000.00 76,000.00 313087 BELLWOOD IL 60104 COOK 85,000.00 85,000.00 85,000.00 313088 CUYAHOGA FALLS OH 44221 SUMMIT 66,375.00 66,375.00 66,375.00 313089 MACON GA 31201 BIBB 17,600.00 17,600.00 17,600.00 313093 JACKSON MS 39213 HINDS 37,600.00 37,528.24 37,528.24 313094 ALGONAC MI 48001 SAINT CLAIR 71,795.00 71,795.00 71,776.00 313095 DAYTON OH 45426 MONTGOMERY 83,250.00 83,250.00 83,250.00 313096 DETROIT MI 48204 WAYNE 33,000.00 33,000.00 33,000.00 313097 CINCINNATI OH 45233 HAMILTON 50,000.00 50,000.00 50,000.00 313098 TOLEDO OH 43608 LUCAS 18,500.00 18,500.00 18,500.00 313099 HARRISBURG NC 28075 CABARRUS 87,200.00 87,200.00 87,200.00 313100 LIVONIA MI 48154 WAYNE 150,060.00 150,060.00 150,060.00 313101 LEESBURG FL 34788 LAKE 37,600.00 37,600.00 37,600.00 313102 AKRON OH 44312 SUMMIT 63,000.00 63,000.00 63,000.00 313103 SPRINGFIELD TWP. OH 44312 SUMMIT 69,300.00 69,300.00 69,300.00 313104 DANDRIDGE TN 37725 JEFFERSON 59,000.00 59,000.00 59,000.00 313105 COPLEY OH 44203 SUMMIT 42,480.00 42,480.00 42,480.00 313108 BELTON SC 29627 ANDERSON 40,000.00 40,000.00 40,000.00 313112 PEKIN IL 61554 TAZEWELL 30,100.00 30,100.00 30,100.00 313113 CHICAGO IL 60628 COOK 76,000.00 76,000.00 76,000.00 313114 CHICAGO IL 60651 COOK 20,000.00 20,000.00 20,000.00 313115 CHICAGO IL 60655 COOK 102,552.00 102,552.00 102,552.00 313120 JACKSONVILLE FL 32277 DUVAL 45,000.00 45,000.00 45,000.00 313127 CHICAGO IL 60620 COOK 20,000.00 20,000.00 20,000.00 313128 HENDERSONVILLE TN 37075 SUMNER 52,000.00 52,000.00 52,000.00 313129 AKRON OH 44319 SUMMIT 124,500.00 124,500.00 124,500.00 313130 KNIGHTDALE NC 27545 WAKE 67,000.00 67,000.00 67,000.00 313131 SUMMERVILLE SC 29483 DORCHESTER 56,250.00 56,250.00 56,250.00 313132 TARPON SPRINGS FL 34689 PINELLAS 36,000.00 36,000.00 36,000.00 313134 PONTIAC MI 48341 OAKLAND 30,000.00 30,000.00 30,000.00 313135 LOUISVILLE KY 40218 JEFFERSON 53,550.00 53,550.00 53,550.00 313136 LAKEWOOD OH 44107 CUYAHOGA 70,000.00 70,000.00 70,000.00 313137 NASHVILLE TN 37209 DAVIDSON 40,200.00 40,200.00 40,200.00 313138 MICHIGAN CITY IN 46360 LA PORTE 15,000.00 15,000.00 15,000.00 313140 FLUSHING MI 48433 GENESEE 52,000.00 52,000.00 52,000.00 313141 ATWATER OH 44201 PORTAGE 84,800.00 84,800.00 84,800.00 313142 REDMOND WA 98053 KING 156,000.00 156,000.00 156,000.00 313146 HOUMA LA 70360 TERREBONNE 52,751.00 52,751.00 52,751.00 313148 ALBANY GA 31705 DOUGHERTY 34,400.00 34,400.00 34,400.00 313149 KNOXVILLE TN 37931 KNOX 85,600.00 85,600.00 85,600.00 313153 FRANKLIN TN 37064 WILLIAMSON 137,600.00 137,600.00 137,600.00 313154 FARMINGTON HILLS MI 48335 OAKLAND 301,710.00 301,710.00 301,710.00 313155 GRAY TN 37615 WASHINGTON 21,000.00 21,000.00 21,000.00 313156 DULAC LA 70353 TERREBONNE 20,670.00 20,670.00 20,670.00 313157 DOUGLASVILLE GA 30134 DOUGLAS 68,000.00 68,000.00 68,000.00 313158 SUMTER SC 29154 SUMTER 65,000.00 65,000.00 65,000.00 313159 BREWSTER OH 44613 STARK 40,000.00 40,000.00 40,000.00 313162 ERATH LA 70533 VERMILION 30,000.00 30,000.00 30,000.00 313164 SUMTER SC 29150 SUMTER 12,000.00 12,000.00 12,000.00 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 313045 729.98 10.7500 360 0.8500 313046 328.08 13.3000 240 0.7432 313048 469.59 9.4500 180 0.6013 313049 1,364.84 9.2000 180 0.7000 313050 784.67 12.0500 180 0.7600 313053 564.56 9.4900 360 0.8000 313054 577.45 9.7000 180 0.8438 313055 485.66 12.1000 180 0.5546 313056 376.16 9.9900 360 0.6500 313057 289.05 11.0100 180 0.6893 313059 539.85 10.8000 360 0.9000 313061 441.41 10.2400 360 0.8500 313062 733.29 11.0000 360 0.7000 313063 1,055.63 12.3500 180 0.8000 313064 1,265.91 9.5000 360 0.8482 313066 1,106.15 13.8500 180 0.8200 313067 1,042.98 9.7400 360 0.7788 313069 472.79 10.2000 180 0.7838 313071 191.51 11.9500 180 0.8356 313072 758.53 10.2000 360 0.8500 313074 671.41 10.5500 180 0.8500 313075 751.47 14.8500 180 0.8000 313076 303.41 10.2000 180 0.8000 313078 618.91 8.9500 180 0.9000 313079 840.69 13.1500 180 0.8000 313081 309.30 10.9500 120 0.5966 313083 386.66 9.2500 360 0.8656 313084 601.23 10.2400 360 0.8500 313085 989.62 10.4500 180 0.8500 313086 861.55 13.3500 360 0.8000 313087 758.53 10.2000 180 0.8500 313088 725.95 12.8400 180 0.7500 313089 191.29 10.2000 180 0.8000 313093 463.43 12.5000 180 0.8000 313094 757.89 12.3500 180 0.8300 313095 853.12 11.9500 360 0.8083 313096 352.20 12.5000 180 0.7333 313097 531.69 12.4500 180 0.6410 313098 202.78 10.3500 180 0.4602 313099 934.39 9.9500 180 0.8000 313100 1,602.69 12.5100 180 0.8200 313101 325.81 9.8500 360 0.8000 313102 595.49 9.7000 240 0.7975 313103 560.10 9.0500 360 0.9000 313104 596.99 10.7000 240 0.8429 313105 415.59 10.2000 240 0.8000 313108 368.89 10.6000 180 0.8000 313112 363.19 12.1000 180 0.7432 313113 909.41 13.3500 240 0.7917 313114 226.69 10.9500 180 0.8398 313115 1,260.39 13.8000 240 0.7500 313120 478.08 9.8000 180 0.5960 313127 368.20 13.4000 84 0.2105 313128 578.88 13.0900 180 0.6500 313129 1,097.18 10.0500 360 0.8300 313130 627.95 10.8000 180 0.8481 313131 536.96 11.0300 180 0.7500 313132 330.65 10.5500 180 0.7826 313134 348.35 13.7000 180 0.7500 313135 467.96 9.9500 180 0.8500 313136 570.81 9.1500 360 0.6087 313137 455.65 10.9500 180 0.7731 313138 214.77 11.9500 120 0.8121 313140 459.53 8.7500 240 0.5200 313141 788.41 10.7000 360 0.8000 313142 1,421.17 10.4500 180 0.8000 313146 566.19 11.6000 240 0.8440 313148 416.18 12.1500 180 0.8000 313149 805.50 10.8500 180 0.8000 313153 1,162.04 9.5500 360 0.8999 313154 2,732.83 10.3800 360 0.8900 313155 231.48 10.4500 180 0.7516 313156 264.93 13.2500 180 0.7382 313157 672.88 11.4900 180 0.7816 313158 548.93 9.5500 360 0.7647 313159 354.88 10.1300 360 0.8000 313162 282.30 10.8500 180 0.3797 313164 147.12 12.4000 180 0.2791
Page 46 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 313045 360 360 0.00 92000.00 30-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313046 240 240 0.00 37000.00 30-Jan-97 01-Mar-97 01-Feb-17 01-Mar-97 313048 180 180 0.00 75000.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313049 180 180 0.00 190000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313050 180 360 0.00 100000.00 03-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313053 360 360 0.00 84000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313054 180 360 0.00 80000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313055 180 180 0.00 92000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313056 360 360 0.00 66000.00 03-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97 313057 180 360 0.00 44000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313059 360 360 0.00 64000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313061 360 360 0.00 58000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313062 360 360 0.00 110000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313063 180 360 0.00 125000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313064 360 360 177500.00 177500.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313066 180 360 0.00 115000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313067 360 360 0.00 156000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313069 180 180 0.00 55500.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313071 180 180 0.00 68000.00 31-Jan-97 15-Mar-97 15-Feb-12 15-Mar-97 313072 360 360 0.00 100000.00 31-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313074 180 360 0.00 86000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Mar-97 313075 180 360 0.00 75000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313076 180 360 42500.00 42500.00 03-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313078 180 180 0.00 68000.00 04-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313079 179 360 94000.00 94000.00 31-Jan-97 01-Mar-97 01-Feb-12 01-Apr-97 313081 120 120 0.00 180000.00 01-Feb-97 15-Mar-97 15-Feb-07 15-Mar-97 313083 360 360 0.00 54300.00 03-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97 313084 360 360 0.00 79000.00 03-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97 313085 180 360 0.00 127800.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313086 360 360 0.00 95000.00 03-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313087 180 360 0.00 100000.00 04-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313088 180 360 0.00 88500.00 04-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313089 180 180 0.00 22000.00 04-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313093 179 180 0.00 47000.00 03-Feb-97 01-Mar-97 01-Feb-12 01-Apr-97 313094 180 360 0.00 86500.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313095 360 360 0.00 103000.00 05-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97 313096 180 360 0.00 45000.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313097 180 360 0.00 78000.00 03-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313098 180 180 0.00 40200.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313099 180 180 0.00 109000.00 04-Feb-97 15-Mar-97 15-Feb-12 16-Mar-97 313100 180 360 0.00 183000.00 04-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313101 360 360 0.00 47000.00 07-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313102 240 240 0.00 79000.00 04-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313103 360 360 0.00 77000.00 06-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313104 240 240 0.00 70000.00 04-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313105 240 240 53100.00 53100.00 15-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313108 180 360 0.00 50000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313112 180 180 0.00 40500.00 10-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313113 240 240 0.00 96000.00 05-Feb-97 01-Mar-97 01-Feb-17 01-Mar-97 313114 180 180 0.00 90000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313115 240 240 0.00 212000.00 10-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313120 180 180 0.00 75500.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313127 84 84 0.00 95000.00 04-Feb-97 15-Mar-97 15-Feb-04 15-Mar-97 313128 180 360 0.00 80000.00 05-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313129 360 360 0.00 150000.00 05-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313130 180 360 0.00 79000.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313131 180 360 0.00 75000.00 05-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313132 180 360 0.00 46000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313134 180 360 0.00 40000.00 10-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313135 180 360 0.00 63000.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313136 360 360 0.00 115000.00 05-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97 313137 180 180 0.00 52000.00 05-Feb-97 01-Mar-97 01-Feb-12 01-Mar-97 313138 120 120 0.00 64500.00 08-Feb-97 15-Mar-97 15-Feb-07 15-Mar-97 313140 240 240 0.00 100000.00 11-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313141 360 360 0.00 106000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313142 180 360 0.00 195000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313146 240 240 0.00 62500.00 05-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313148 180 180 43000.00 43000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313149 180 360 107000.00 107000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313153 360 360 152900.00 152900.00 06-Feb-97 01-Mar-97 01-Feb-27 01-Mar-97 313154 360 360 0.00 339000.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313155 180 180 0.00 109000.00 06-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313156 180 180 0.00 28000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313157 180 360 0.00 87000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313158 360 360 0.00 85000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313159 360 360 0.00 50000.00 12-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313162 180 360 0.00 79000.00 06-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313164 180 180 0.00 43000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 313045 01-Mar-97 1 1 1 18 0 4 313046 01-Mar-97 1 1 1 18 0 4 313048 01-Mar-97 1 1 1 18 0 2 313049 01-Apr-97 1 1 1 18 0 4 313050 15-Mar-97 1 1 1 18 0 4 313053 01-Mar-97 1 1 1 18 0 4 313054 01-Mar-97 1 1 1 18 0 2 313055 01-Mar-97 1 1 1 38 10770 3 313056 01-Mar-97 5 2 1 18 0 3 313057 01-Mar-97 1 1 1 18 0 3 313059 01-Mar-97 1 1 1 18 0 4 313061 01-Mar-97 1 1 1 18 0 4 313062 01-Mar-97 1 1 1 18 0 3 313063 01-Mar-97 1 1 1 18 0 3 313064 01-Mar-97 1 1 1 18 0 1 313066 01-Mar-97 1 1 1 18 0 3 313067 01-Mar-97 1 1 1 18 0 3 313069 01-Mar-97 1 1 1 18 0 3 313071 15-Mar-97 1 1 1 38 40823 4 313072 01-Mar-97 1 1 1 18 0 4 313074 01-Mar-97 1 1 1 18 0 3 313075 01-Mar-97 1 1 1 18 0 4 313076 01-Apr-97 1 1 3 18 0 1 313078 01-Apr-97 1 1 1 18 0 2 313079 01-Apr-97 1 1 1 18 0 1 313081 15-Mar-97 1 1 1 38 84894 3 313083 01-Mar-97 1 1 1 18 0 3 313084 01-Mar-97 1 1 1 18 0 3 313085 01-Apr-97 1 1 1 18 0 3 313086 01-Apr-97 1 1 1 18 0 4 313087 15-Mar-97 1 1 1 18 0 3 313088 01-Mar-97 1 1 1 18 0 4 313089 01-Mar-97 1 1 3 18 0 4 313093 01-Apr-97 1 1 1 18 0 3 313094 01-Apr-97 1 1 1 18 0 4 313095 01-Mar-97 1 1 1 18 0 4 313096 01-Apr-97 1 1 1 18 0 3 313097 01-Apr-97 1 1 1 18 0 3 313098 01-Mar-97 1 1 3 18 0 3 313099 15-Mar-97 1 1 1 18 0 4 313100 01-Apr-97 1 1 1 18 0 4 313101 01-Apr-97 1 1 1 18 0 4 313102 15-Mar-97 1 1 1 18 0 4 313103 01-Apr-97 1 1 1 18 0 2 313104 15-Mar-97 8 1 1 18 0 3 313105 01-Apr-97 1 1 3 18 0 1 313108 01-Apr-97 1 1 1 18 0 3 313112 15-Mar-97 1 1 1 18 0 3 313113 01-Mar-97 1 1 1 18 0 3 313114 01-Apr-97 5 2 1 38 55583 3 313115 01-Apr-97 1 1 1 38 56448 3 313120 01-Apr-97 1 1 1 18 0 3 313127 15-Mar-97 5 2 1 18 0 3 313128 15-Mar-97 1 1 1 18 0 3 313129 15-Mar-97 1 1 1 18 0 4 313130 01-Apr-97 1 1 1 18 0 3 313131 01-Apr-97 8 1 1 18 0 3 313132 01-Apr-97 1 1 1 18 0 2 313134 01-Apr-97 1 1 1 18 0 3 313135 01-Mar-97 1 1 1 18 0 3 313136 01-Mar-97 1 1 1 18 0 3 313137 01-Mar-97 1 1 3 18 0 3 313138 15-Mar-97 1 1 1 38 37382 3 313140 15-Mar-97 1 1 1 18 0 4 313141 01-Apr-97 1 1 1 18 0 4 313142 01-Apr-97 1 1 1 18 0 3 313146 15-Mar-97 1 1 1 18 0 3 313148 01-Apr-97 1 1 1 18 0 1 313149 15-Mar-97 1 1 1 18 0 1 313153 01-Mar-97 1 1 1 18 0 1 313154 01-Apr-97 1 1 1 18 0 4 313155 01-Apr-97 1 1 1 38 60920 3 313156 15-Mar-97 1 1 1 18 0 4 313157 01-Apr-97 1 1 1 18 0 4 313158 01-Apr-97 1 1 1 18 0 3 313159 01-Apr-97 1 1 1 18 0 3 313162 15-Mar-97 1 1 1 18 0 3 313164 15-Mar-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 313045 B -- F 7.75 6MOLIB 01-Aug-97 1.5 7 313046 C -- F 0 -- 0 0 313048 A 01-Feb-90 F 0 -- 0 0 313049 A -- F 0 -- 0 0 313050 B -- F 0 -- 0 0 313053 A -- F 5.99 6MOLIB 01-Feb-99 1.5 7 313054 A+ -- F 0 -- 0 0 313055 B -- F 0 -- 0 0 313056 A -- F 6.49 6MOLIB 01-Feb-99 1.5 7 313057 B -- F 0 -- 0 0 313059 A 01-Feb-92 F 0 -- 0 0 313061 B -- F 7.24 6MOLIB 01-Feb-99 1.5 7 313062 C -- F 8.5 6MOLIB 01-Feb-99 1.5 7 313063 C -- F 0 -- 0 0 313064 A -- F 5.5 6MOLIB 01-Feb-99 1.5 7 313066 B 21-Dec-95 F 0 -- 0 0 313067 B -- F 6.74 6MOLIB 01-Feb-99 1.5 7 313069 A 18-Jul-94 F 0 -- 0 0 313071 B -- F 0 -- 0 0 313072 A -- F 6.7 6MOLIB 01-Feb-99 1.5 7 313074 A -- F 0 -- 0 0 313075 C 11-Jan-94 F 0 -- 0 0 313076 A -- F 0 -- 0 0 313078 A+ 01-Feb-91 F 0 -- 0 0 313079 C -- F 0 -- 0 0 313081 B 13-Apr-95 F 0 -- 0 0 313083 A -- F 5.75 6MOLIB 01-Feb-99 1.5 7 313084 B 01-Sep-87 F 7.24 6MOLIB 01-Feb-99 1.5 7 313085 A -- F 0 -- 0 0 313086 C -- F 0 -- 0 0 313087 A 01-Nov-91 F 0 -- 0 0 313088 C 26-Jul-94 F 0 -- 0 0 313089 A -- F 0 -- 0 0 313093 B -- F 0 -- 0 0 313094 B 02-Jan-90 F 0 -- 0 0 313095 B -- F 0 -- 0 0 313096 B -- F 0 -- 0 0 313097 C -- F 0 -- 0 0 313098 A -- F 0 -- 0 0 313099 A -- F 0 -- 0 0 313100 B -- F 0 -- 0 0 313101 A+ -- F 0 -- 0 0 313102 A 25-Jul-91 F 0 -- 0 0 313103 A+ 14-Feb-92 F 0 -- 0 0 313104 A 07-Aug-91 F 0 -- 0 0 313105 A -- F 0 -- 0 0 313108 B -- F 0 -- 0 0 313112 C 01-Aug-93 F 0 -- 0 0 313113 C 01-Mar-93 F 0 -- 0 0 313114 A -- F 0 -- 0 0 313115 C -- F 0 -- 0 0 313120 A 07-May-93 F 0 -- 0 0 313127 B -- F 0 -- 0 0 313128 C -- F 0 -- 0 0 313129 A -- F 0 -- 0 0 313130 A 10-Aug-93 F 0 -- 0 0 313131 A 01-Oct-94 F 0 -- 0 0 313132 A -- F 0 -- 0 0 313134 C -- T 0 -- 0 0 313135 A 01-Oct-94 F 0 -- 0 0 313136 B -- F 6.15 6MOLIB 01-Feb-99 1.5 7 313137 A -- F 0 -- 0 0 313138 A -- F 0 -- 0 0 313140 A -- F 0 -- 0 0 313141 A -- F 0 -- 0 0 313142 A -- F 0 -- 0 0 313146 B -- F 0 -- 0 0 313148 B -- F 0 -- 0 0 313149 B -- F 0 -- 0 0 313153 A+ -- F 0 -- 0 0 313154 B -- F 0 -- 0 0 313155 A -- F 0 -- 0 0 313156 B -- F 0 -- 0 0 313157 C 18-May-95 F 0 -- 0 0 313158 A -- F 0 -- 0 0 313159 A -- F 0 -- 0 0 313162 B -- F 0 -- 0 0 313164 B -- F 0 -- 0 0
Page 47 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 313045 11.75 17.75 P F 313046 0 0 F 313048 0 0 F 313049 0 0 P F 313050 0 0 P F 313053 9.49 16.49 P F 313054 0 0 F 313055 0 0 P F 313056 9.99 16.99 P F 313057 0 0 P F 313059 0 0 P F 313061 10.24 17.24 P F 313062 11 18 F 313063 0 0 P F 313064 9.5 16.5 P F 313066 0 0 F 313067 9.74 16.74 P F 313069 0 0 P F 313071 0 0 P F 313072 10.2 17.2 F 313074 0 0 F 313075 0 0 P F 313076 0 0 P F 313078 0 0 P F 313079 0 0 P F 313081 0 0 F 313083 9.25 16.25 P F 313084 10.24 17.24 P F 313085 0 0 P F 313086 0 0 F 313087 0 0 F 313088 0 0 P F 313089 0 0 P F 313093 0 0 P F 313094 0 0 P F 313095 0 0 P F 313096 0 0 P F 313097 0 0 P F 313098 0 0 P F 313099 0 0 F 313100 0 0 F 313101 0 0 P F 313102 0 0 P F 313103 0 0 P F 313104 0 0 F 313105 0 0 P F 313108 0 0 F 313112 0 0 F 313113 0 0 F 313114 0 0 F 313115 0 0 F 313120 0 0 P F 313127 0 0 F 313128 0 0 F 313129 0 0 P F 313130 0 0 F 313131 0 0 F 313132 0 0 F 313134 0 0 F 313135 0 0 P F 313136 9.15 16.15 P F 313137 0 0 F 313138 0 0 P F 313140 0 0 P F 313141 0 0 P F 313142 0 0 P F 313146 0 0 P F 313148 0 0 P F 313149 0 0 P F 313153 0 0 F 313154 0 0 P F 313155 0 0 F 313156 0 0 P F 313157 0 0 P F 313158 0 0 F 313159 0 0 P F 313162 0 0 P F 313164 0 0 F
Page 48 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- --------- --------------------- -------------------- ------------------------------------------------ 313165 FR GOBLE SHERRIE 1607 MARION AVENUE 313166 BLLN ALEXANDER CHARLES 809 PORTLAND AVENUE 313167 FR RAGLAND CHESTER 1002 BROOKWOOD DRIVE 313170 FR CLARK SAMMY 1204 MARCY STREET 313172 FR GOOCH DONALD E 5420 WINCHESTER DRIV 313174 FR DYE LINDA FA 74 WALNUT AVENUE 313176 FR SMITH KEITH 1377 ROMAN POINT DRI 313177 BLLN NEIDIG RICHARD 2626 DOROTHY AVENUE, 313180 BLLN GOODNIGHT RANDALL 9907 SARDIS OAKS ROA 313181 FR TAYLOR FAYRINE 835 N. RIDGEWAY 313182 BLLN RUIZ CARMELO 1060 GEORGE STREET 313186 FR COBB DENISE 14521 SOUTH LOWE AVEN 313187 FR BRACKEN ALBERT G 3852 CAMPBELL AVENUE 313188 FR ROBERTS PAUL R UTE 3 BOX 4 WAL 313192 ARM2_28 HULTMAN MARLA BI 5636 NORTH 13TH STRE 313194 BLLN GUNTER HINTON E 1116 MCRAE DRIVE 313196 FR PAYNE ALZENIA 10831 MOGUL 313198 FR PADGETT MATTHEW 1820 QUAIL RUN DRIVE 313203 FR UMBSTAETTER NORMAN G 5254 CRESCENT COURT 313204 FR BANKS ROBERT L 217 ORCHARD ROAD 313205 FR GRAHAM ELOISE 2131 WEST 72ND STREE 313206 BLLN ROMAN CHARLES R 1 TIMBER CREEK 313207 ARM2_28 WILEY JOSEPH C 3584 PENNINGTON ROAD 313208 BLLN WILKINS CLYDE A. 418 MAIN AVENUE 313209 FR WILKINS CLYDE A. 346 NORTH COURT STR 313214 FR SIJERA GUILLERM 3801 RENTON AVE S. 313216 FR WATKINS JACQUELI 1162 ENGLEWOOD 313218 BLLN BANKS EUTHA 7408 SOUTH KENWOOD A 313219 ARM2_28 MUNTEAN CINDY AL 4505 GREENMEADOW AVE 313221 FR BROWN OLIVIA M 2561 TREADWAY DRIVE 313224 FR BROWN OLIVIA M 188 DEARBORN ST SE 313228 FR ENNIS RONALD E 1223 MULBERRY STREET 313229 FR BONAGURA MICHAEL 404 BEACON HILL DRI 313230 FR HILL ANNIE 412 W. 119TH STREET 313235 ARM2_28 BUCK GEORGE J 3715 SOLOMONS ISLAND 313237 FR ANDERSON WANDA O. 103 ROSENBERRY STRE 313239 FR ALDRIDGE ROBERT H 34136 ROCKY RIVER SPR 313240 ARM2_28 CHEGAR DANIEL T 7935 SUTTON PLACE DR 313242 FR SALAAM ABDULLAH 400 PERSIMMON DRIVE 313243 BLLN BROWN SARA 1842 LINCREST DRIVE 313246 FR MCELROY DARRYL 5926 SOUTH WINCHESTE 313248 FR HANSEN GARY S. 423 W. FLORENCE STR 313250 BLLN FRYE TIMOTHY 30 COVERT ROAD 313256 FR TRENT RUBY 1138 HARRISON AVENUE 313257 BLLN WORKMAN DELORES 24 HAZZARD STREET 313258 FR VAUGHAN GEOFFREY 1822 SETTLERS RESERV 313259 FR JOHNSTON TIMOTHY 1418 S.FT.THOMAS AVE 313263 BLLN OGLESBY ANTHONY 5120 JONES ROAD 313264 FR SNYDER QUIN P. 4231-F AMERICAN DR 313267 BLLN QUICK JODY J. 2204 DUTCHMASTER DRI 313269 BLLN CARTERON RAYMER L 1217 MENDOTA STREET 313272 FR HART REBECCA 3003 TAR RIVER ROAD 313274 ARM DAVIS SHAUN 7328 BRAMELL 313275 BLLN MARSH KENNETH 337 RAYMOND HODGES 313277 FR SCALES MELVIN M 101 ARSENAL DRIVE 313279 FR CRAIG DONALD 106 W. MAIN STREET 313282 ARM2_28 HICKS LOIS B. 4157 FEINER DRIVE 313283 FR CHILDERS SCOTT C. 735 PLEASANT HILL R 313284 ARM2_28 KREMER KEVIN F. 587 ROGERS ROAD 313285 FR HUNT JACOB JU 132 FARRIS STREET 313288 ARM2_28 WALKER FRANKLIN 633 HARBERTS COURT 313289 FR HALL JOSEPH W 2010 TOBACCO ROAD 313293 FR VANN A.M. 108 VALLEYWOOD DRIV 313294 BLLN WILLINGHAM MICHAEL 811 MCLINDEN AVENUE 313296 FR BUTLER LUCINDA 2609 HAV-A-TAMPA DRI 313300 ARM FOOS SANDRA J 28056 FELICIAN 313303 ARM GOULETTE DANIEL J 1026 ATLANTIC AVENUE 313304 FR NAYLOR HARRY LE 14605 MARYLAND AVENUE 313305 FR KELLEY GREGORY 1589 EAST 337TH STRE 313306 ARM GUYTON DOROTHY 1610 EVERGREEN ROAD 313307 FR NICHOLSON CAROLYN 110 CLINKSCALES STR 313308 FR GREENE HEIDI C. 235 GRAND OAKS DRIV 313309 ARM2_28 HARRIS DENISE 10250 BIG STONE ROAD 313310 FR WEEKS THOMAS L 611 HWY 61 SOUTH 313311 FR SOWDERS BARBARA 734 N. GRANT 313316 FR MCMILLAN FAY C. 412 BAYS COVE TRAIL 313325 FR COLWELL JAMES MA 210 MT. TABOR ROAD 313326 FR DURST HAROLD 848 PEACH FESTIVAL LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- ---------------------- ----------- --------- ----------------------- ----------- --------- --------------- 313165 LINCOLN PARK MI 48146 WAYNE 18,200.00 18,200.00 18,200.00 313166 COLUMBUS GA 31906 MUSCOGEE 29,250.00 29,250.00 29,250.00 313167 KINGS MOUNTAIN NC 28086 GASTON 24,000.00 24,000.00 24,000.00 313170 AKRON OH 44301 SUMMIT 16,000.00 16,000.00 16,000.00 313172 TROY MI 48098 OAKLAND 151,000.00 151,000.00 151,000.00 313174 GASTONIA NC 28054 GASTON 34,500.00 34,500.00 34,500.00 313176 NORCROSS GA 30093 GWINNETT 83,300.00 83,300.00 83,300.00 313177 CANTON OH 44705 STARK 28,800.00 28,800.00 28,800.00 313180 CHARLOTTE NC 28270 MECKLENBURG 107,000.00 107,000.00 107,000.00 313181 CHICAGO IL 60651 COOK 47,000.00 47,000.00 47,000.00 313182 CALUMET CITY IL 60409 COOK 100,000.00 100,000.00 100,000.00 313186 RIVERDALE IL 60627 COOK 64,000.00 64,000.00 64,000.00 313187 INDIANAPOLIS IN 46226 MARION 52,800.00 52,800.00 52,800.00 313188 LA FOLLETTE TN 37766 CAMPBELL 48,450.00 48,450.00 48,450.00 313192 PHOENIX AZ 85014 MARICOPA 168,165.00 168,165.00 168,165.00 313194 MONCKS CORNER SC 29461 BERKELEY 133,500.00 133,500.00 133,500.00 313196 DETROIT MI 48224 WAYNE 32,000.00 32,000.00 32,000.00 313198 SHELBY NC 28150 CLEVELAND 55,250.00 55,250.00 55,250.00 313203 HILLIARD OH 43026 FRANKLIN 71,300.00 71,300.00 71,300.00 313204 CLARKSVILLE TN 37042 MONTGOMERY 70,000.00 70,000.00 70,000.00 313205 CHICAGO IL 60636 COOK 68,000.00 68,000.00 68,000.00 313206 STREATOR IL 61364 LA SALLE 166,500.00 166,500.00 166,500.00 313207 SHAKER HEIGHTS OH 44120 CUYAHOGA 80,750.00 80,750.00 80,750.00 313208 GEORGETOWN KY 40324 SCOTT 36,000.00 36,000.00 36,000.00 313209 GEORGETOWN KY 40324 SCOTT 72,250.00 72,250.00 72,250.00 313214 SEATTLE WA 98108 KING 70,000.00 70,000.00 70,000.00 313216 MEMPHIS TN 38106 SHELBY 41,650.00 41,650.00 41,650.00 313218 CHICAGO IL 60619 COOK 74,400.00 74,400.00 74,400.00 313219 CANTON OH 44709 STARK 159,800.00 159,800.00 159,800.00 313221 DECATUR GA 30034 DEKALB 93,500.00 93,500.00 93,500.00 313224 DECATUR GA 30034 DEKALB 40,000.00 40,000.00 40,000.00 313228 FRANKLIN TN 37064 WILLIAMSON 72,250.00 72,250.00 72,250.00 313229 MOUNT JULIET TN 37122 WILSON 86,250.00 86,250.00 86,250.00 313230 CHICAGO IL 60628 COOK 48,000.00 48,000.00 48,000.00 313235 HUNTINGTOWN MD 20639 Calvert 136,600.00 136,600.00 136,600.00 313237 ALLIANCE OH 44601 STARK 33,200.00 33,200.00 33,200.00 313239 NORWOOD NC 28128 STANLY 45,000.00 45,000.00 45,000.00 313240 WARREN OH 44484 TRUMBULL 105,600.00 105,600.00 105,600.00 313242 ALBANY GA 31705 DOUGHERTY 62,050.00 62,050.00 62,050.00 313243 CINCINNATI OH 45240 HAMILTON 45,750.00 45,750.00 45,750.00 313246 CHICAGO IL 60636 COOK 64,000.00 64,000.00 64,000.00 313248 CAMBRIA WI 53923 COLUMBIA 68,000.00 68,000.00 68,000.00 313250 GREENEVILLE TN 37743 GREENE 32,462.00 32,462.00 32,462.00 313256 KINGSPORT TN 37665 SULLIVAN 38,500.00 38,500.00 38,500.00 313257 ASHEVILLE NC 28801 BUNCOMBE 45,600.00 45,600.00 45,600.00 313258 WESTLAKE OH 44145 CUYAHOGA 209,181.00 209,181.00 209,181.00 313259 FORT THOMAS KY 41075 CAMPBELL 123,250.00 123,250.00 123,250.00 313263 KNOXVILLE TN 37918 KNOX 56,408.00 56,408.00 56,408.00 313264 DURHAM NC 27705 DURHAM 95,920.00 95,920.00 95,920.00 313267 HAVANA FL 32333 GADSDEN 63,200.00 63,200.00 63,200.00 313269 MADISON WI 53714 DANE 80,800.00 80,800.00 80,800.00 313272 OXFORD NC 27565 GRANVILLE 51,600.00 51,600.00 51,600.00 313274 DETROIT MI 48239 WAYNE 52,740.00 52,740.00 52,740.00 313275 COTTONTOWN TN 37048 SUMNER 82,450.00 82,450.00 82,450.00 313277 FRANKLIN TN 37064 WILLIAMSON 78,000.00 78,000.00 78,000.00 313279 SCIO OH 43988 HARRISON 32,500.00 32,500.00 32,500.00 313282 CLEVELAND OH 44122 CUYAHOGA 62,050.00 62,050.00 62,050.00 313283 RANGER GA 30734 GORDON 38,400.00 38,400.00 38,400.00 313284 VILLA HILLS KY 41017 KENTON 121,800.00 121,800.00 121,800.00 313285 JACKSON TN 38301 MADISON 15,650.00 15,650.00 15,650.00 313288 ANNAPOLIS MD 21401 ANNE ARUNDEL 123,900.00 123,900.00 123,900.00 313289 HAVANA FL 32333 GADSDEN 62,000.00 62,000.00 62,000.00 313293 DICKSON TN 37055 DICKSON 44,450.00 44,450.00 44,450.00 313294 SMYRNA GA 30080 COBB 47,000.00 47,000.00 47,000.00 313296 HAVANA FL 32333 GADSDEN 58,500.00 58,500.00 58,500.00 313300 ROSEVILLE MI 48066 MACOMB 30,000.00 30,000.00 30,000.00 313303 TOLEDO OH 43609 LUCAS 39,200.00 39,200.00 39,200.00 313304 CASCADE MD 21719 WASHINGTON 89,600.00 89,600.00 89,600.00 313305 EASTLAKE OH 44095 LAKE 85,000.00 85,000.00 85,000.00 313306 COLUMBUS OH 43207 FRANKLIN 68,800.00 68,800.00 68,800.00 313307 BELTON SC 29627 ANDERSON 27,000.00 27,000.00 27,000.00 313308 ROCKWELL NC 28138 ROWAN 59,500.00 59,500.00 59,500.00 313309 MILLINGTON MD 21651 KENT 84,400.00 84,400.00 84,400.00 313310 SHAW MS 38773 BOLIVAR 9,424.00 9,424.00 9,424.00 313311 INDIANAPOLIS IN 46201 MARION 42,400.00 42,400.00 42,400.00 313316 KINGSPORT TN 37660 HAWKINS 76,000.00 76,000.00 76,000.00 313325 NEW ALBANY IN 47150 FLOYD 54,200.00 54,200.00 54,200.00 313326 GILBERT SC 29054 LEXINGTON 50,050.00 50,050.00 50,050.00 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 313165 219.60 12.1000 180 0.3640 313166 336.18 13.5500 180 0.6500 313167 522.42 11.0500 60 0.7606 313170 171.18 11.5500 240 0.6957 313172 1,302.87 9.8000 360 0.7475 313174 482.10 11.3500 120 0.6900 313176 831.27 11.6000 360 0.8500 313177 307.37 12.5000 180 0.8229 313180 962.81 10.3000 180 0.8492 313181 501.61 12.5000 360 0.6267 313182 1,114.02 13.1000 180 0.7813 313186 678.08 12.4000 360 0.8000 313187 506.82 11.1000 360 0.8000 313188 553.88 12.6000 240 0.8500 313192 1,433.70 9.6600 360 0.8203 313194 1,176.49 10.0500 180 0.7500 313196 355.71 10.6000 180 0.5926 313198 517.83 10.8000 360 0.8500 313203 612.58 9.7500 360 0.8488 313204 762.97 10.2500 180 0.8140 313205 637.32 10.8000 360 0.8000 313206 1,591.91 11.0500 180 0.7400 313207 723.00 10.2400 360 0.8500 313208 387.01 12.6000 180 0.7500 313209 796.41 12.9500 360 0.8500 313214 679.88 11.2500 360 0.8000 313216 491.86 11.7000 180 0.8500 313218 650.17 9.9500 180 0.8000 313219 1,361.21 9.6500 360 0.8500 313221 899.20 9.9500 240 0.8500 313224 389.72 11.2900 360 0.8000 313228 655.50 10.4000 360 0.8305 313229 1,031.26 11.9300 180 0.7500 313230 488.20 11.8500 360 0.8000 313235 1,188.68 9.9000 360 0.8380 313237 365.96 10.4500 180 0.7721 313239 496.04 10.4500 180 0.7500 313240 830.76 8.7500 360 0.8000 313242 617.41 10.4500 240 0.8500 313243 486.50 12.4500 180 0.7379 313246 619.18 11.2000 360 0.7529 313248 683.79 11.7000 360 0.8000 313250 347.71 12.5500 180 0.7386 313256 424.39 10.4500 180 0.7156 313257 516.93 13.3500 180 0.8000 313258 1,921.28 10.5500 360 0.7864 313259 1,267.77 12.0000 360 0.8500 313263 524.44 10.7000 180 0.8058 313264 934.55 11.2900 360 0.8000 313267 667.16 12.3500 180 0.8000 313269 900.13 13.1000 180 0.8000 313272 581.63 10.8500 180 0.8000 313274 443.08 9.4900 360 0.9000 313275 775.86 10.8500 180 0.8500 313277 852.57 10.3000 180 0.7879 313279 424.11 9.7000 120 0.6915 313282 555.57 10.2400 360 0.8500 313283 366.76 9.8500 240 0.8000 313284 1,023.27 9.4900 360 0.7613 313285 201.11 13.3000 180 0.5397 313288 974.72 8.7500 360 0.7375 313289 623.46 11.7000 360 0.8493 313293 539.21 12.2000 180 0.7000 313294 442.63 10.8600 180 0.7231 313296 588.26 11.7000 360 0.8357 313300 246.59 9.2400 360 0.5272 313303 298.92 8.4100 360 0.7000 313304 839.77 10.8000 360 0.8000 313305 986.99 13.7000 360 0.8500 313306 608.86 10.1000 360 0.8600 313307 331.03 12.4000 180 0.6750 313308 659.56 10.5500 180 0.8500 313309 725.13 9.7500 360 0.8000 313310 212.02 12.5000 60 0.8000 313311 365.84 9.8000 360 0.8000 313316 840.10 10.5000 180 0.8000 313325 478.97 8.7500 240 0.6691 313326 543.98 10.2000 180 0.7000
Page 49 EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- ---------- ---------- ----------- ----------- 313165 180 180 0.00 50000.00 10-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313166 180 360 0.00 45000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313167 60 60 0.00 86000.00 06-Feb-97 01-Apr-97 01-Mar-02 01-Apr-97 313170 240 240 0.00 23000.00 07-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313172 360 360 0.00 202000.00 07-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313174 120 120 0.00 50000.00 07-Feb-97 01-Apr-97 01-Mar-07 01-Apr-97 313176 360 360 0.00 98000.00 07-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313177 180 360 0.00 35000.00 12-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313180 180 360 0.00 126000.00 07-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313181 360 360 0.00 75000.00 07-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313182 180 360 0.00 128000.00 07-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313186 360 360 0.00 80000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313187 360 360 0.00 66000.00 10-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313188 240 240 0.00 57000.00 07-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313192 360 360 0.00 205000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313194 180 360 0.00 178000.00 12-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313196 180 180 0.00 54000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313198 360 360 0.00 65000.00 10-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313203 360 360 0.00 84000.00 11-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313204 180 180 0.00 86000.00 10-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313205 360 360 0.00 85000.00 11-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313206 180 360 0.00 225000.00 12-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313207 360 360 0.00 95000.00 11-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313208 180 360 0.00 48000.00 31-Jan-97 05-Mar-97 05-Feb-12 05-Mar-97 313209 360 360 0.00 85000.00 31-Jan-97 05-Mar-97 05-Feb-27 05-Mar-97 313214 360 360 0.00 87500.00 14-Jan-97 01-Mar-97 01-Feb-27 01-Mar-97 313216 180 180 0.00 49000.00 11-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313218 180 360 0.00 93000.00 15-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313219 360 360 0.00 188000.00 12-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313221 240 240 0.00 110000.00 12-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313224 360 360 0.00 50000.00 12-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313228 360 360 0.00 87000.00 14-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313229 180 180 0.00 115000.00 13-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313230 360 360 0.00 60000.00 12-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313235 360 360 0.00 163000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313237 180 180 0.00 43000.00 15-Feb-97 15-Mar-97 15-Feb-12 16-Mar-97 313239 180 180 0.00 60000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313240 360 360 0.00 132000.00 12-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313242 240 240 0.00 73000.00 14-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313243 180 360 0.00 62000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313246 360 360 0.00 85000.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313248 360 360 85000.00 85000.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313250 180 360 0.00 43950.00 12-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313256 180 180 0.00 53800.00 14-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313257 180 360 0.00 57000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313258 360 360 0.00 266000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313259 360 360 0.00 145000.00 13-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313263 180 360 0.00 70000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313264 360 360 119900.00 119900.00 13-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313267 180 360 0.00 79000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313269 180 360 0.00 101000.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313272 180 180 0.00 64500.00 13-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313274 360 360 0.00 58600.00 17-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313275 180 360 0.00 97000.00 14-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313277 180 180 0.00 99000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313279 120 120 0.00 47000.00 13-Feb-97 15-Mar-97 15-Feb-07 15-Mar-97 313282 360 360 0.00 73000.00 14-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313283 240 240 0.00 48000.00 14-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313284 360 360 0.00 160000.00 17-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313285 180 180 0.00 29000.00 13-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313288 360 360 0.00 168000.00 14-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313289 360 360 0.00 73000.00 14-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313293 180 180 0.00 63500.00 14-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313294 180 360 0.00 65000.00 14-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313296 360 360 0.00 70000.00 14-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313300 360 360 0.00 56900.00 15-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313303 360 360 0.00 56000.00 15-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313304 360 360 0.00 112000.00 18-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313305 360 360 0.00 100000.00 18-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313306 360 360 0.00 80000.00 17-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313307 180 180 0.00 40000.00 17-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313308 180 180 0.00 70000.00 18-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313309 360 360 0.00 105500.00 17-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313310 60 60 0.00 37000.00 19-Feb-97 01-Apr-97 01-Mar-02 01-Apr-97 313311 360 360 0.00 53000.00 17-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313316 180 180 0.00 95000.00 17-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313325 240 240 0.00 81000.00 19-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313326 180 180 0.00 71500.00 19-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 NEXT PMT AS OF LOAN NO 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ---------- ----------------- ------------- --------------- ----- ------------- ----------------- 313165 01-Apr-97 5 2 1 18 0 3 313166 01-Apr-97 1 1 3 18 0 3 313167 01-Apr-97 1 1 1 38 41408 3 313170 15-Mar-97 1 1 1 18 0 3 313172 15-Mar-97 1 1 1 18 0 4 313174 01-Apr-97 1 1 1 18 0 3 313176 01-Apr-97 1 1 1 18 0 3 313177 15-Mar-97 1 1 1 18 0 4 313180 15-Mar-97 1 1 1 18 0 3 313181 01-Apr-97 5 2 1 18 0 3 313182 01-Apr-97 1 1 1 18 0 4 313186 01-Apr-97 1 1 1 18 0 4 313187 01-Apr-97 1 1 3 18 0 3 313188 15-Mar-97 1 1 1 18 0 4 313192 15-Mar-97 1 1 1 18 0 4 313194 15-Mar-97 1 1 1 18 0 3 313196 01-Apr-97 1 1 1 18 0 3 313198 15-Mar-97 1 1 1 18 0 3 313203 01-Apr-97 1 1 1 18 0 2 313204 15-Mar-97 1 1 1 18 0 4 313205 15-Mar-97 1 1 1 18 0 3 313206 01-Apr-97 1 1 1 18 0 2 313207 15-Mar-97 1 1 1 18 0 4 313208 05-Mar-97 1 1 3 18 0 3 313209 05-Mar-97 1 1 1 18 0 2 313214 01-Mar-97 1 1 1 18 0 3 313216 01-Apr-97 1 1 1 18 0 4 313218 15-Mar-97 1 1 1 18 0 3 313219 15-Mar-97 1 1 1 18 0 4 313221 01-Apr-97 1 1 1 18 0 3 313224 01-Apr-97 1 1 3 18 0 4 313228 01-Apr-97 1 1 1 18 0 3 313229 15-Mar-97 1 1 3 18 0 3 313230 01-Apr-97 1 1 1 18 0 3 313235 15-Mar-97 1 1 1 18 0 4 313237 15-Mar-97 5 2 1 18 0 4 313239 01-Apr-97 8 1 1 18 0 3 313240 15-Mar-97 1 1 1 18 0 4 313242 01-Apr-97 1 1 1 18 0 3 313243 01-Apr-97 1 1 1 18 0 4 313246 01-Apr-97 1 1 1 18 0 3 313248 01-Apr-97 1 1 1 18 0 1 313250 15-Mar-97 8 1 1 18 0 3 313256 15-Mar-97 1 1 1 18 0 3 313257 01-Apr-97 1 1 1 18 0 3 313258 15-Mar-97 1 1 1 18 0 3 313259 15-Mar-97 5 3 1 18 0 3 313263 01-Apr-97 8 1 1 18 0 4 313264 01-Apr-97 3 1 1 18 0 1 313267 01-Apr-97 8 1 1 18 0 4 313269 01-Apr-97 1 1 1 18 0 4 313272 01-Apr-97 1 1 1 18 0 3 313274 01-Apr-97 1 1 1 18 0 4 313275 15-Mar-97 1 1 1 18 0 4 313277 01-Apr-97 1 1 1 18 0 4 313279 15-Mar-97 1 1 1 18 0 3 313282 15-Mar-97 1 1 1 18 0 4 313283 01-Apr-97 8 1 1 18 0 4 313284 15-Mar-97 1 1 1 18 0 4 313285 15-Mar-97 1 1 1 18 0 3 313288 15-Mar-97 1 1 1 18 0 2 313289 01-Apr-97 8 1 1 18 0 3 313293 15-Mar-97 1 1 1 18 0 3 313294 01-Apr-97 1 1 3 18 0 3 313296 01-Apr-97 8 1 1 18 0 4 313300 01-Apr-97 1 1 1 18 0 3 313303 01-Apr-97 1 1 1 18 0 4 313304 01-Apr-97 1 1 1 18 0 3 313305 15-Mar-97 1 1 1 18 0 4 313306 01-Apr-97 1 1 1 18 0 4 313307 01-Apr-97 1 1 3 18 0 3 313308 01-Apr-97 8 1 1 18 0 4 313309 15-Mar-97 1 1 1 18 0 3 313310 01-Apr-97 1 1 1 38 20176 3 313311 01-Apr-97 1 1 1 18 0 3 313316 01-Apr-97 1 1 1 18 0 3 313325 01-Apr-97 1 1 1 18 0 4 313326 01-Apr-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ---------- --------------- ----- 313165 B -- T 0 -- 0 0 313166 C -- F 0 -- 0 0 313167 A -- F 0 -- 0 0 313170 B -- F 0 -- 0 0 313172 A 10-Oct-91 F 0 -- 0 0 313174 B -- F 0 -- 0 0 313176 A 24-Oct-94 F 0 -- 0 0 313177 B -- F 0 -- 0 0 313180 A -- F 0 -- 0 0 313181 B -- F 0 -- 0 0 313182 C -- F 0 -- 0 0 313186 B -- F 0 -- 0 0 313187 A -- F 0 -- 0 0 313188 B -- F 0 -- 0 0 313192 A 01-Nov-93 F 6.16 6MOLIB 15-Feb-99 1.5 7 313194 A -- F 0 -- 0 0 313196 B -- T 0 -- 0 0 313198 B -- F 0 -- 0 0 313203 A -- F 0 -- 0 0 313204 B -- F 0 -- 0 0 313205 A -- F 0 -- 0 0 313206 A -- F 0 -- 0 0 313207 B -- F 7.24 6MOLIB 15-Feb-99 1.5 7 313208 B -- F 0 -- 0 0 313209 B -- F 0 -- 0 0 313214 A -- F 0 -- 0 0 313216 A 01-Jan-91 F 0 -- 0 0 313218 A 01-Apr-91 F 0 -- 0 0 313219 B -- F 6.65 6MOLIB 15-Feb-99 1.5 7 313221 A -- F 0 -- 0 0 313224 A -- F 0 -- 0 0 313228 A -- F 0 -- 0 0 313229 B -- F 0 -- 0 0 313230 B -- T 0 -- 0 0 313235 B -- F 6.9 6MOLIB 15-Feb-99 1.5 7 313237 A -- T 0 -- 0 0 313239 A -- F 0 -- 0 0 313240 B -- F 5.75 6MOLIB 15-Feb-99 1.5 7 313242 A -- F 0 -- 0 0 313243 C -- F 0 -- 0 0 313246 B -- F 0 -- 0 0 313248 B -- F 0 -- 0 0 313250 B 01-Apr-90 F 0 -- 0 0 313256 A -- F 0 -- 0 0 313257 C 01-Nov-93 F 0 -- 0 0 313258 A 04-Jan-93 F 0 -- 0 0 313259 A -- F 0 -- 0 0 313263 A -- F 0 -- 0 0 313264 A -- F 0 -- 0 0 313267 C -- F 0 -- 0 0 313269 C 01-May-89 F 0 -- 0 0 313272 A -- F 0 -- 0 0 313274 A -- F 6.74 6MOLIB 01-Sep-97 1.5 7 313275 A -- F 0 -- 0 0 313277 A -- F 0 -- 0 0 313279 A 23-May-94 F 0 -- 0 0 313282 B -- F 7.24 6MOLIB 15-Feb-99 1.5 7 313283 A 01-Feb-95 F 0 -- 0 0 313284 A -- F 5.99 6MOLIB 15-Feb-99 1.5 7 313285 C -- F 0 -- 0 0 313288 A -- F 5.25 6MOLIB 15-Feb-99 1.5 7 313289 B -- F 0 -- 0 0 313293 C -- F 0 -- 0 0 313294 A -- F 0 -- 0 0 313296 B -- F 0 -- 0 0 313300 B -- F 6.74 6MOLIB 01-Sep-97 1.5 7 313303 A -- F 5.66 6MOLIB 01-Sep-97 1.5 7 313304 A -- F 0 -- 0 0 313305 B -- F 0 -- 0 0 313306 A -- F 7.35 6MOLIB 01-Sep-97 1.5 7 313307 B -- F 0 -- 0 0 313308 A -- F 0 -- 0 0 313309 B -- F 6.75 6MOLIB 15-Feb-99 1.5 7 313310 A -- F 0 -- 0 0 313311 A -- F 0 -- 0 0 313316 B -- F 0 -- 0 0 313325 A -- F 0 -- 0 0 313326 A -- F 0 -- 0 0
Page 50 EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- ----------- ------------- --------------- ----------------- 313165 0 0 F 313166 0 0 P F 313167 0 0 F 313170 0 0 P F 313172 0 0 P F 313174 0 0 F 313176 0 0 P F 313177 0 0 P F 313180 0 0 P F 313181 0 0 F 313182 0 0 F 313186 0 0 F 313187 0 0 P F 313188 0 0 P F 313192 9.66 16.66 F 313194 0 0 P F 313196 0 0 F 313198 0 0 F 313203 0 0 P F 313204 0 0 P F 313205 0 0 F 313206 0 0 F 313207 10.24 17.24 P F 313208 0 0 P F 313209 0 0 P F 313214 0 0 F 313216 0 0 F 313218 0 0 F 313219 9.65 16.65 P F 313221 0 0 P F 313224 0 0 P F 313228 0 0 P F 313229 0 0 F 313230 0 0 F 313235 9.9 16.9 F 313237 0 0 F 313239 0 0 F 313240 8.75 15.75 P F 313242 0 0 P F 313243 0 0 P F 313246 0 0 F 313248 0 0 P F 313250 0 0 P F 313256 0 0 P F 313257 0 0 F 313258 0 0 P F 313259 0 0 F 313263 0 0 F 313264 0 0 F 313267 0 0 P F 313269 0 0 P F 313272 0 0 F 313274 10.49 16.49 P F 313275 0 0 P F 313277 0 0 P F 313279 0 0 P F 313282 10.24 17.24 P F 313283 0 0 P F 313284 9.49 16.49 F 313285 0 0 F 313288 8.75 15.75 F 313289 0 0 P F 313293 0 0 F 313294 0 0 P F 313296 0 0 P F 313300 10.24 16.24 P F 313303 8.41 15.41 P F 313304 0 0 F 313305 0 0 P F 313306 11.1 17.1 P F 313307 0 0 F 313308 0 0 F 313309 9.75 16.75 F 313310 0 0 P F 313311 0 0 P F 313316 0 0 P F 313325 0 0 P F 313326 0 0 F
Page 51 EQUIVANTAGE--1997-1 LOAN LIST
LOAN NO TYPE LASTNAME FIRSTNAME ADDRESS - ----------- ---------- ------------------ ------------------ ------------------------------------------------ 313328 ARM MOORE VANESSA 29753 SPRING HILL DRI 313335 ARM ROBBINS JAMES K. 21940 IRA BOULEVARD 313342 BLLN BRUCE MARGARET 404 EZELL PIKE 313343 FR BURRIS THOMAS G 4711 KAY DRIVE 313344 BLLN ALLISON JERRY W. 5524 BALL ROAD 313346 FR VAILES TERRY AL 545 MAIN STREET 313352 FR DAMPIER TIMOTHY 130 FOXRIDGE RUN 313353 BLLN CALWISE BERTHA P O. BOX 786 313355 ARM GARCIA RAYMON 619 ACORN STREET 313366 FR NAPIER JENA ANN 2416 BRASHER AVENUE 313375 FR BLACK MICHAEL 127 BARNHILL DRIVE 313376 FR HURST LARRY 402 JEFFERSON AVENU 313377 FR PETZOLD JOHN J. 15347 SANDALHAVEN DRI 313382 ARM WILLIAMSON MICHAEL 5239 STAFFORD DRIVE 313383 FR CANDELA GERARD 1515 SUMMERHILL DRIV 313388 BLLN GOSNELL MARIEA H 4 STEWART AVENUE 313397 FR MOORE MICHEAL 814 NORTH 13TH 1/2 313402 FR RUTHERFORD HELEN F. 2526 LARKWOOD LANE 313468 FR PEEK LARRY DO 2606 DEERFIELD CIRCL 313505 BLLN COOK EDWARD 11884 HAMDEN DRIVE 313169 ARM2-28 FINDER MARK D. 487 STONEMILL MANOR 313543 BLLN JOLLY DAVID OWEN 4802 LIBBY LANE 313575 FR LUCAS CHARLES R. 3612 N. TANSEL ROAD 313605 BLLN FORRESTAL RICHARD W. FORR 12031 NORTH LAMONT-B 313628 FR HILE DANIEL J. 1215 NORTH WALNUT STREET 313647 FR WOODS LARRY 1258 SHANNON WAY 313686 FR ELLIS ELIZABETH JANE 212 BONNAFIELD DRIVE 313719 FR BUCKLAND BARRY C. 16500 SE SALMON STREET LOAN NO CITY STATE ZIP COUNTY ORIG BAL UPB UPB AS OF 03/01 - ----------- ------------------------- ----------- --------- ----------------------- ----------- --------- --------------- 313328 SOUTHFIELD MI 48076 OAKLAND 98,000.00 98,000.00 98,000.00 313335 WARREN MI 48091 MACOMB 59,400.00 59,400.00 59,400.00 313342 NASHVILLE TN 37217 DAVIDSON 40,000.00 40,000.00 40,000.00 313343 GASTONIA NC 28054 GASTON 68,850.00 68,850.00 68,850.00 313344 KNOXVILLE TN 37931 KNOX 50,000.00 50,000.00 50,000.00 313346 MC EWEN TN 37101 HUMPHREYS 66,000.00 66,000.00 66,000.00 313352 LONGWOOD FL 32750 SEMINOLE 99,025.00 99,025.00 99,025.00 313353 GRAY COURT SC 29645 LAURENS 36,900.00 36,900.00 36,900.00 313355 ROCKFORD IL 61103 WINNEBAGO 52,200.00 52,200.00 52,200.00 313366 NASHVILLE TN 37206 DAVIDSON 46,900.00 46,900.00 46,900.00 313375 LADSON SC 29456 DORCHESTER 59,500.00 59,500.00 59,500.00 313376 NEWPORT TN 37821 COCKE 47,200.00 47,200.00 47,200.00 313377 MIDDLEBURG HEIGHTS OH 44130 CUYAHOGA 130,750.00 130,750.00 130,750.00 313382 LILBURN GA 30247 GWINNETT 54,400.00 54,400.00 54,400.00 313383 KNOXVILLE TN 37922 KNOX 43,000.00 43,000.00 43,000.00 313388 GREER SC 29651 GREENVILLE 29,250.00 29,250.00 29,250.00 313397 TERRE HAUTE IN 47807 VIGO 28,000.00 28,000.00 28,000.00 313402 KNOXVILLE TN 37921 KNOX 33,600.00 33,600.00 33,600.00 313468 MARIETTA GA 30064 COBB 68,500.00 68,500.00 68,500.00 313505 CINCINNATI OH 45240 HAMILTON 67,320.00 67,320.00 67,320.00 313169 LITHONIA GA 30058 DE KALB 84,000.00 84,000.00 84,000.00 313543 LOUISVILLE KY 40272 JEFFERSON 74,000.00 74,000.00 74,000.00 313575 INDIANAPOLIS IN 46234 MARION 35,500.00 35,500.00 35,500.00 313605 FOUNTAIN HILLS AZ 85268 MARICOPA 142,450.00 142,450.00 142,450.00 313628 DANVILLE IL 61832 VERMILION 59,500.00 59,500.00 59,500.00 313647 BOWLING GREEN KY 42101 WARREN 48,900.00 48,900.00 48,900.00 313686 HERMITAGE TN 37076 DAVIDSON 55,500.00 55,500.00 55,500.00 313719 PORTLAND OR 97233 MULTNOMAH 100,000.00 100,000.00 100,000.00 1350 85,604,337.00 85,483,792.41 LOAN NO P&I RATE ORIG TERM CLTV - ----------- --------- --------- ----------------- --------- 313328 878.18 10.2500 360 0.7481 313335 499.03 9.4900 360 0.9000 313342 398.87 11.5900 180 0.5882 313343 773.92 10.8000 180 0.8500 313344 518.16 12.1000 180 0.8333 313346 597.81 10.3800 360 0.7674 313352 898.43 10.4000 360 0.8500 313353 376.72 11.9000 180 0.6962 313355 401.37 8.5000 360 0.9000 313366 439.57 10.8000 360 0.7000 313375 557.66 10.8000 360 0.8500 313376 477.59 10.7000 240 0.8000 313377 1,200.91 10.5500 360 0.8435 313382 465.38 9.7000 360 0.8000 313383 483.35 10.8000 180 0.8059 313388 337.11 13.5900 180 0.6500 313397 300.03 9.9500 180 0.8000 313402 384.01 11.1000 180 0.8000 313468 708.45 11.0300 240 0.6749 313505 539.25 8.9500 180 0.9000 313169 715.53 9.6500 360 0.8485 313543 608.78 9.2500 180 0.8706 313575 279.28 8.7500 360 0.3944 313605 1,141.06 8.9500 180 0.9000 313628 668.82 10.8000 180 0.8500 313647 423.72 9.8500 360 0.6986 313686 600.15 10.1100 180 0.6852 313719 862.83 9.8000 360 0.8000 52
EQUIVANTAGE--1997-1 LOAN LIST
NOTE FIRST MATURITY NEXT PMT LOAN NO REM TERM AM TERM SALES PRICE APPR VAL DATE PMT DATE DATE - ----------- ----------------- --------------- -------------- ----------- --------- --------- ----------- ----------- 313328 360 360 0.00 131000.00 19-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313335 360 360 0.00 66000.00 19-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313342 180 360 0.00 68000.00 19-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313343 180 180 0.00 81000.00 18-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313344 180 360 0.00 60000.00 19-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313346 360 360 0.00 86000.00 18-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313352 360 360 0.00 116500.00 20-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313353 180 360 0.00 53000.00 20-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313355 360 360 0.00 58000.00 19-Feb-97 15-Apr-97 15-Mar-27 15-Apr-97 313366 360 360 0.00 67000.00 20-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313375 360 360 0.00 70000.00 20-Feb-97 15-Mar-97 15-Feb-27 15-Mar-97 313376 240 240 0.00 59000.00 20-Feb-97 15-Mar-97 15-Feb-17 15-Mar-97 313377 360 360 0.00 155000.00 20-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313382 360 360 68000.00 68000.00 20-Feb-97 15-Apr-97 15-Mar-27 15-Apr-97 313383 180 180 0.00 125000.00 20-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313388 180 360 0.00 45000.00 20-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313397 180 180 0.00 35000.00 20-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313402 180 180 0.00 42000.00 20-Feb-97 15-Mar-97 15-Feb-12 15-Mar-97 313468 240 240 0.00 101500.00 24-Feb-97 01-Apr-97 01-Mar-17 01-Apr-97 313505 180 360 74800.00 74800.00 25-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313169 360 360 0.00 99000.00 08-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313543 180 360 0.00 85000.00 28-Feb-97 01-Apr-97 01-Mar-12 01-Apr-97 313575 360 360 0.00 90000.00 28-Feb-97 01-Apr-97 01-Mar-27 01-Apr-97 313605 180 360 158278.00 158278.00 07-Mar-97 01-Apr-97 01-Mar-12 01-Apr-97 313628 180 180 0.00 70000.00 05-Mar-97 01-May-97 01-Apr-12 01-May-97 313647 360 360 0.00 70000.00 06-Mar-97 01-May-97 01-Apr-27 01-May-97 313686 180 180 0.00 81000.00 07-Mar-97 15-Apr-97 15-Mar-12 15-Apr-97 313719 360 360 0.00 125000.00 11-Mar-97 15-May-97 15-Apr-27 15-May-97 NEXT PMT LOAN NO AS OF 03/01 PROPTYPE UNITS OCCUP LIEN LIEN BAL PURPOSE - ----------- ----------- ----------------- ------------- --------------- ----- ------------- ----------------- 313328 01-Apr-97 1 1 1 18 0 3 313335 01-Apr-97 1 1 1 18 0 4 313342 15-Mar-97 1 1 1 18 0 3 313343 15-Mar-97 1 1 1 18 0 4 313344 15-Mar-97 1 1 1 18 0 4 313346 15-Mar-97 1 1 1 18 0 3 313352 01-Apr-97 1 1 1 18 0 2 313353 01-Apr-97 8 1 1 18 0 3 313355 15-Apr-97 1 1 1 18 0 3 313366 01-Apr-97 1 1 1 18 0 3 313375 15-Mar-97 8 1 1 18 0 4 313376 15-Mar-97 1 1 1 18 0 3 313377 01-Apr-97 1 1 1 18 0 4 313382 15-Apr-97 1 1 3 18 0 1 313383 01-Apr-97 1 1 1 38 57743 4 313388 15-Mar-97 1 1 1 18 0 3 313397 01-Apr-97 1 1 1 18 0 4 313402 15-Mar-97 1 1 1 18 0 3 313468 01-Apr-97 1 1 3 18 0 3 313505 01-Apr-97 1 1 1 18 0 1 313169 01-Apr-97 1 1 1 18 0 3 313543 01-Apr-97 1 1 1 18 0 2 313575 01-Apr-97 1 1 1 18 0 2 313605 01-Apr-97 1 1 1 18 0 1 313628 01-May-97 1 1 1 18 0 3 313647 01-May-97 1 1 1 18 0 4 313686 15-Apr-97 1 1 1 18 0 4 313719 15-May-97 1 1 1 18 0 3 BNK RUP NEXT INT PERIODIC LIFE LOAN NO GRADE DISCHARGE SECT 32 MARGIN INDEX CHANGE CAP CAP - ----------- ----------- ------------ ------------- ------------- --------- ----------- --------------- ----- 313328 B -- F 7.75 6MOLIB 01-Sep-97 1.5 7 313335 A -- F 6.74 6MOLIB 01-Sep-97 1.5 7 313342 B 04-Apr-91 F 0 -- 0 0 313343 A -- F 0 -- 0 0 313344 B 20-Nov-95 F 0 -- 0 0 313346 A -- F 0 -- 0 0 313352 B -- F 0 -- 0 0 313353 A -- F 0 -- 0 0 313355 A -- F 6 6MOLIB 15-Sep-97 1.5 7 313366 B -- F 0 -- 0 0 313375 A -- F 0 -- 0 0 313376 B 12-Mar-91 F 0 -- 0 0 313377 A -- F 0 -- 0 0 313382 A -- F 6.95 6MOLIB 15-Sep-97 1.5 7 313383 A -- F 0 -- 0 0 313388 C -- F 0 -- 0 0 313397 A -- F 0 -- 0 0 313402 B -- F 0 -- 0 0 313468 B -- F 0 -- 0 0 313505 A+ -- F 0 -- 0 0 313169 B -- F 6.65 6MOLIB 01-Sep-99 1.5 7 313543 B -- F 0 -- 0 0 313575 A 26-May-94 F 0 -- 0 0 313605 A+ -- F 0 -- 0 0 313628 A -- F 0 -- 0 0 313647 B -- F 0 -- 0 0 313686 A 12-Jul-94 F 0 -- 0 0 313719 A -- F 0 -- 0 0 53
EQUIVANTAGE--1997-1 LOAN LIST
PRE PMT LOAN NO FLOOR CEILING PEN DOC LEVEL - ----------- --------------- ------------- --------------- ------------------- 313328 11.25 17.25 P F 313335 10.49 16.49 P F 313342 0 0 F 313343 0 0 F 313344 0 0 F 313346 0 0 F 313352 0 0 P F 313353 0 0 F 313355 9.5 15.5 F 313366 0 0 P F 313375 0 0 F 313376 0 0 F 313377 0 0 P F 313382 10.7 16.7 P F 313383 0 0 F 313388 0 0 F 313397 0 0 F 313402 0 0 F 313468 0 0 P F 313505 0 0 P F 313169 9.65 16.65 P F 313543 0 0 P F 313575 0 0 P F 313605 0 0 P F 313628 0 0 F 313647 0 0 P F 313686 0 0 P F 313719 0 0 P F 54
EXHIBIT A-1 FORM OF EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS A-1 FIXED RATE CERTIFICATES (6.650% Class A-1 Certificate) Representing Certain Interests Relating to a Pool of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1 formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by EQUIVANTAGE INC. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. (This certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This certificate represents a fractional ownership interest in Class A-1 described herein, moneys in certain Accounts created pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the Trustee (i) relating to the Mortgage Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to the Certificate Insurance Policy.) No.: A-1-1 March 27, 1997 29476Y AQ 2 -------------------- ----------- Date CUSIP $29,400,000 February 25, 2012 - ------------------------- ---------------------------- Original Principal Amount Final Scheduled Payment Date CEDE & CO. ---------------- Registered Owner A-1-1 The registered Owner named above is the registered Owner of a fractional interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amounts, including Eligible Investments and the proceeds of payments under the Certificate Insurance Policy, as from time to time may be held in the related Accounts (except as otherwise provided in the Pooling and Servicing Agreement), each created pursuant to the Pooling and Servicing Agreement, (iii) any Mortgaged Property, the ownership of which has been effected in the name of the Servicer on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation Proceeds. The Original Principal Amount set forth above is equal to the product of (i) the Percentage Interest represented by this Certificate and (ii) the aggregate original principal amount of the Class A-1 Certificates on March 27, 1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was $29,400,000 (the "Original Principal Amount"). The Owner hereof is entitled to principal payments on each Payment Date, as hereinafter described, which will fully amortize such Original Principal Amount over the period from the date of initial delivery hereof to the final Payment Date of the Class A-1 Certificates. Therefore, the actual outstanding principal amount of this Certificate, on any date subsequent to April 25, 1997 (the first Payment Date) will be less than the Original Principal Amount set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. A-1-2 NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class A-1 Fixed Rate Certificates (the "Class A-1 Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are the Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class B Certificates and the Residual Certificates; all such Certificates are collectively referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date") commencing April 25, 1997, the Owners of the Class A-1 Certificates as of the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (or, with respect to the first Payment Date, the close of business on March 27, 1997) (the "Record Date") will be entitled to receive the Class A-1 Distribution Amount relating to such Payment Date. Distributions will be made in immediately available funds to such Owners, by wire transfer or otherwise, to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of Record of a Class A-1 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts distributed on such Payment Date to the Owners of the Class A-1 Certificates. The Percentage Interest of each Class A-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the Original Principal Amount set forth on such Class A-1 Certificate by $29,400,000. Pursuant to the Certificate Insurance Policy, the Certificate Insurer is required, to the extent of any insufficiency in Available Funds, to make Insured Payments available to the Trustee necessary to distribute the amount of the Insured Distribution Amount payable with respect to the Class A-1 Certificates on each Payment Date. Upon receipt of amounts under the Certificate Insurance Policy on behalf of the Owners of the Class A-1 Certificates, the Trustee shall distribute in accordance with the Pooling and Servicing A-1-3 Agreement to the Owners of the Class A-1 Certificates any portion thereof to which such Owners may be entitled. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. Neither this Certificate nor the underlying Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries and amounts on deposit in the Accounts (except as otherwise provided in the Pooling and Servicing Agreement) and payments received by the Trustee pursuant to the Certificate Insurance Policy, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms hereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement additionally provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Class A-1 Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the sum of the original aggregate Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier A-1-4 REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Class A-1 Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of a majority of the Percentage Interests represented by the Class A-1 Certificates, upon compliance with the requirements set forth in the Pooling and Servicing Agreement, have the right, with the consent of the Certificate Insurer, to exercise any trust or power set forth in the Pooling and Servicing Agreement with respect to the Certificates or the Trust Estate. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class A-1 Certificates are issuable only as registered Certificates in denominations of $1,000 original principal amount and integral multiples of $1,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class A-1 Certificates are exchangeable for new Class A-1 Certificates of authorized denominations evidencing the same aggregate principal amount. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. A-1-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------------ Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------------ Name: Title: Dated: March 27, 1997 A-1-6 EXHIBIT A-2 FORM OF EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS A-2 FIXED RATE CERTIFICATES (6.975% Class A-2 Certificate) Representing Certain Interests Relating to a Pool of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1 formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by EQUIVANTAGE INC. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. (This certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This certificate represents a fractional ownership interest in Class A-2 described herein, moneys in certain Accounts created pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the Trustee (i) relating to the Mortgage Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to the Certificate Insurance Policy.) No.: A-2-1 March 27, 1997 29476Y AR O -------------------- ----------- Date CUSIP $19,900,000 August 25, 2018 - ------------------------- ---------------------------- Original Principal Amount Final Scheduled Payment Date CEDE & CO. ---------------- Registered Owner A-2-1 The registered Owner named above is the registered Owner of a fractional interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amounts, including Eligible Investments and the proceeds of payments under the Certificate Insurance Policy, as from time to time may be held in the related Accounts (except as otherwise provided in the Pooling and Servicing Agreement), each created pursuant to the Pooling and Servicing Agreement, (iii) any Mortgaged Property, the ownership of which has been effected in the name of the Servicer on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation Proceeds. The Original Principal Amount set forth above is equal to the product of (i) the Percentage Interest represented by this Certificate and (ii) the aggregate original principal amount of the Class A-2 Certificates on March 27, 1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was $19,900,000 (the "Original Principal Amount"). The Owner hereof is entitled to principal payments on each Payment Date, as hereinafter described, which will fully amortize such Original Principal Amount over the period from the date of initial delivery hereof to the final Payment Date of the Class A-2 Certificates. Therefore, the actual outstanding principal amount of this Certificate, on any date subsequent to April 25, 1997 (the first Payment Date) will be less than the Original Principal Amount set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed cancelled for all purposes under the Pooling and Servicing Agreement. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. A-2-2 NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class A-2 Fixed Rate Certificates (the "Class A-2 Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are the Class A-1 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class B Certificates and the Residual Certificates; all such Certificates are collectively referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date") commencing April 25, 1997, the Owners of the Class A-2 Certificates as of the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (or, with respect to the first Payment Date, the close of business on March 27, 1997) (the "Record Date") will be entitled to receive the Class A-2 Distribution Amount relating to such Payment Date. Distributions will be made in immediately available funds to such Owners, by wire transfer or otherwise, to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of Record of a Class A-2 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts distributed on such Payment Date to the Owners of the Class A-2 Certificates. The Percentage Interest of each Class A-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the Original Principal Amount set forth on such Class A-2 Certificate by $19,900,000. Pursuant to the Certificate Insurance Policy, the Certificate Insurer is required, to the extent of any insufficiency in Available Funds, to make Insured Payments available to the Trustee necessary to distribute the amount of the Insured Distribution Amount payable with respect to the Class A-2 Certificates on each Payment Date. Upon receipt of amounts under the Certificate Insurance Policy on behalf of the Owners of the Class A-2 Certificates, the Trustee shall distribute in accordance with the Pooling and Servicing A-2-3 Agreement to the Owners of the Class A-2 Certificates any portion thereof to which such Owners may be entitled. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. Neither this Certificate nor the underlying Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries and amounts on deposit in the Accounts (except as otherwise provided in the Pooling and Servicing Agreement) and payments received by the Trustee pursuant to the Certificate Insurance Policy, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms hereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement additionally provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Class A-2 Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the sum of the original aggregate Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier A-2-4 REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Class A-2 Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of a majority of the Percentage Interests represented by the Class A-2 Certificates, upon compliance with the requirements set forth in the Pooling and Servicing Agreement, have the right, with the consent of the Certificate Insurer, to exercise any trust or power set forth in the Pooling and Servicing Agreement with respect to the Certificates or the Trust Estate. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class A-2 Certificates are issuable only as registered Certificates in denominations of $1,000 original principal amount and integral multiples of $1,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class A-2 Certificates are exchangeable for new Class A-2 Certificates of authorized denominations evidencing the same aggregate principal amount. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. A-2-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------------ Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------------ Name: Title: Dated: March 27, 1997 A-2-6 EXHIBIT A-3 FORM OF EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS A-3 FIXED RATE CERTIFICATES (7.550% Class A-3 Certificate) Representing Certain Interests Relating to a Pool of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1 formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by EQUIVANTAGE INC. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. (This certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This certificate represents a fractional ownership interest in Class A-3 described herein, moneys in certain Accounts created pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the Trustee (i) relating to the Mortgage Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to the Certificate Insurance Policy.) No.: A-3-1 March 27, 1997 29476Y AS 8 ------------------------ ----------- Date CUSIP $13,700,000 March 25, 2028 - ------------------------- ---------------------------- Original Principal Amount Final Scheduled Payment Date CEDE & CO. ---------------- Registered Owner A-3-1 The registered Owner named above is the registered Owner of a fractional interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amounts, including Eligible Investments and the proceeds of payments under the Certificate Insurance Policy, as from time to time may be held in the related Accounts (except as otherwise provided in the Pooling and Servicing Agreement), each created pursuant to the Pooling and Servicing Agreement, (iii) any Mortgaged Property, the ownership of which has been effected in the name of the Servicer on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation Proceeds. The Original Principal Amount set forth above is equal to the product of (i) the Percentage Interest represented by this Certificate and (ii) the aggregate original principal amount of the Class A-3 Certificates on March 27, 1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was $13,700,000 (the "Original Principal Amount"). The Owner hereof is entitled to principal payments on each Payment Date, as hereinafter described, which will fully amortize such Original Principal Amount over the period from the date of initial delivery hereof to the final Payment Date of the Class A-3 Certificates. Therefore, the actual outstanding principal amount of this Certificate, on any date subsequent to April 25, 1997 (the first Payment Date) will be less than the Original Principal Amount set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed cancelled for all purposes under the Pooling and Servicing Agreement. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. A-3-2 NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class A-3 Fixed Rate Certificates (the "Class A-3 Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are the Class A-1 Certificates, Class A-2 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class B Certificates and the Residual Certificates; all such Certificates are collectively referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date") commencing April 25, 1997, the Owners of the Class A-3 Certificates as of the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (or, with respect to the first Payment Date, the close of business on March 27, 1997) (the "Record Date") will be entitled to receive the Class A-3 Distribution Amount relating to such Payment Date. Distributions will be made in immediately available funds to such Owners, by wire transfer or otherwise, to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of Record of a Class A-3 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts distributed on such Payment Date to the Owners of the Class A-3 Certificates. The Percentage Interest of each Class A-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the Original Principal Amount set forth on such Class A-3 Certificate by $13,700,000. Pursuant to the Certificate Insurance Policy, the Certificate Insurer is required, to the extent of any insufficiency in Available Funds, to make Insured Payments available to the Trustee necessary to distribute the amount of the Insured Distribution Amount payable with respect to the Class A-3 Certificates on each Payment Date. Upon receipt of amounts under the Certificate Insurance Policy on behalf of the Owners of the Class A-3 Certificates, the Trustee shall distribute in accordance with the Pooling and Servicing A-3-3 Agreement to the Owners of the Class A-3 Certificates any portion thereof to which such Owners may be entitled. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. Neither this Certificate nor the underlying Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries and amounts on deposit in the Accounts (except as otherwise provided in the Pooling and Servicing Agreement) and payments received by the Trustee pursuant to the Certificate Insurance Policy, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms hereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement additionally provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Class A-3 Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the sum of the original aggregate Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier A-3-4 REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Class A-3 Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of a majority of the Percentage Interests represented by the Class A-3 Certificates, upon compliance with the requirements set forth in the Pooling and Servicing Agreement, have the right, with the consent of the Certificate Insurer, to exercise any trust or power set forth in the Pooling and Servicing Agreement with respect to the Certificates or the Trust Estate. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class A-3 Certificates are issuable only as registered Certificates in denominations of $1,000 original principal amount and integral multiples of $1,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class A-3 Certificates are exchangeable for new Class A-3 Certificates of authorized denominations evidencing the same aggregate principal amount. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. A-3-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: -------------------------------- Name: Title: Dated: March 27, 1997 A-3-6 EXHIBIT A-4 FORM OF EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS A-4 FIXED RATE CERTIFICATES (7.275% Class A-4 Certificate) Representing Certain Interests Relating to a Pool of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1 formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by EQUIVANTAGE INC. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. (This certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This certificate represents a fractional ownership interest in Class A-4 described herein, moneys in certain Accounts created pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the Trustee (i) relating to the Mortgage Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to the Certificate Insurance Policy.) No.: A-4-1 March 27, 1997 29476Y AT 6 ------------------------ ----------- Date CUSIP $7,000,000 March 25, 2028 - ------------------------- ---------------------------- Original Principal Amount Final Scheduled Payment Date CEDE & CO. ---------------- Registered Owner A-4-1 The registered Owner named above is the registered Owner of a fractional interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amounts, including Eligible Investments and the proceeds of payments under the Certificate Insurance Policy, as from time to time may be held in the related Accounts (except as otherwise provided in the Pooling and Servicing Agreement), each created pursuant to the Pooling and Servicing Agreement, (iii) any Mortgaged Property, the ownership of which has been effected in the name of the Servicer on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation Proceeds. The Original Principal Amount set forth above is equal to the product of (i) the Percentage Interest represented by this Certificate and (ii) the aggregate original principal amount of the Class A-4 Certificates on March 27, 1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was $7,000,000 (the "Original Principal Amount"). The Owner hereof is entitled to principal payments on each Payment Date, as hereinafter described, which will fully amortize such Original Principal Amount over the period from the date of initial delivery hereof to the final Payment Date of the Class A-4 Certificates. Therefore, the actual outstanding principal amount of this Certificate, on any date subsequent to April 25, 1997 (the first Payment Date) will be less than the Original Principal Amount set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. A-4-2 NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class A-4 Fixed Rate Certificates (the "Class A-4 Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-5 Certificates, Class B Certificates and the Residual Certificates; all such Certificates are collectively referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date") commencing April 25, 1997, the Owners of the Class A-4 Certificates as of the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (or, with respect to the first Payment Date, the close of business on March 27, 1997) (the "Record Date") will be entitled to receive the Class A-4 Distribution Amount relating to such Payment Date. Distributions will be made in immediately available funds to such Owners, by wire transfer or otherwise, to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of Record of a Class A-4 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts distributed on such Payment Date to the Owners of the Class A-4 Certificates. The Percentage Interest of each Class A-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the Original Principal Amount set forth on such Class A-4 Certificate by $7,000,000. Pursuant to the Certificate Insurance Policy, the Certificate Insurer is required, to the extent of any insufficiency in Available Funds, to make Insured Payments available to the Trustee necessary to distribute the amount of the Insured Distribution Amount payable with respect to the Class A-4 Certificates on each Payment Date. Upon receipt of amounts under the Certificate Insurance Policy on behalf of the Owners of the Class A-4 Certificates, the Trustee shall distribute in accordance with the Pooling and Servicing A-4-3 Agreement to the Owners of the Class A-4 Certificates any portion thereof to which such Owners may be entitled. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. Neither this Certificate nor the underlying Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries and amounts on deposit in the Accounts (except as otherwise provided in the Pooling and Servicing Agreement) and payments received by the Trustee pursuant to the Certificate Insurance Policy, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms hereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement additionally provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Class A-4 Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the sum of the original aggregate Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier A-4-4 REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Class A-4 Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of a majority of the Percentage Interests represented by the Class A-4 Certificates, upon compliance with the requirements set forth in the Pooling and Servicing Agreement, have the right, with the consent of the Certificate Insurer, to exercise any trust or power set forth in the Pooling and Servicing Agreement with respect to the Certificates or the Trust Estate. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class A-4 Certificates are issuable only as registered Certificates in denominations of $1,000 original principal amount and integral multiples of $1,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class A-4 Certificates are exchangeable for new Class A-4 Certificates of authorized denominations evidencing the same aggregate principal amount. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. A-4-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Dated: March 27, 1997 A-4-6 EXHIBIT A-5 FORM OF EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS A-5 ADJUSTABLE RATE CERTIFICATES (Adjustable Rate Class A-5 Certificate) Representing Certain Interests Relating to a Pool of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1 formed by EquiVantage Acceptance Corp., as Sponsor, and Serviced by EQUIVANTAGE INC. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. (This certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This certificate represents a fractional ownership interest in Class A-5 described herein, moneys in certain Accounts created pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the Trustee (i) relating to the Mortgage Loans held by the Trust, (ii) moneys held in such Accounts and (iii) pursuant to the Certificate Insurance Policy.) No.: A-5-1 March 27, 1997 29476Y AU 3 ------------------------ ----------- Date CUSIP $15,000,000 April 25, 2027 - ------------------------- ---------------------------- Original Principal Amount Final Scheduled Payment Date CEDE & CO. ---------------- Registered Owner A-5-1 The registered Owner named above is the registered Owner of a fractional interest in (i) a pool of fixed rate and adjustable rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. ("EquiVantage" or the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amounts, including Eligible Investments and the proceeds of payments under the Certificate Insurance Policy, as from time to time may be held in the related Accounts (except as otherwise provided in the Pooling and Servicing Agreement), each created pursuant to the Pooling and Servicing Agreement, (iii) any Mortgaged Property, the ownership of which has been effected in the name of the Servicer on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed in lieu of foreclosure and that has not been withdrawn from the Trust Estate, (iv) any Insurance Policies and any rights of the Sponsor in any Insurance Policies and (v) Net Liquidation Proceeds. The Original Principal Amount set forth above is equal to the product of (i) the Percentage Interest represented by this Certificate and (ii) the aggregate original principal amount of the Class A-5 Certificates on March 27, 1997 (the "Startup Date"), which aggregate amount as of March 27, 1997 was $15,000,000 (the "Original Principal Amount"). The Owner hereof is entitled to principal payments on each Payment Date, as hereinafter described, which will fully amortize such Original Principal Amount over the period from the date of initial delivery hereof to the final Payment Date of the Class A-5 Certificates. Therefore, the actual outstanding principal amount of this Certificate, on any date subsequent to April 25, 1997 (the first Payment Date) will be less than the Original Principal Amount set forth above. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. A-5-2 NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class A-5 Adjustable Rate Certificates (the "Class A-5 Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class B Certificates and the Residual Certificates; all such Certificates are collectively referred to herein as the "Certificates." Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date") commencing April 25, 1997, the Owners of the Class A-5 Certificates as of the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (or, with respect to the first Payment Date, the close of business on March 27, 1997) (the "Record Date") will be entitled to receive the Class A-5 Distribution Amount relating to such Payment Date. Distributions will be made in immediately available funds to such Owners, by wire transfer or otherwise, to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the person entitled thereto as it appears on the Register. Each Owner of Record of a Class A-5 Certificate will be entitled to receive such Owner's Percentage Interest in the amounts distributed on such Payment Date to the Owners of the Class A-5 Certificates. The Percentage Interest of each Class A-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the Original Principal Amount set forth on such Class A-5 Certificate by $15,000,000. Pursuant to the Certificate Insurance Policy, the Certificate Insurer is required, to the extent of any insufficiency in Available Funds, to make Insured Payments available to the Trustee necessary to distribute the amount of the Insured Distribution Amount payable with respect to the Class A-5 Certificates on each Payment Date. Upon receipt of amounts under the Certificate Insurance Policy on behalf of the Owners of the Class A-5 Certificates, the Trustee shall distribute in accordance with the Pooling and Servicing A-5-3 Agreement to the Owners of the Class A-5 Certificates any portion thereof to which such Owners may be entitled. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. Neither this Certificate nor the underlying Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries and amounts on deposit in the Accounts (except as otherwise provided in the Pooling and Servicing Agreement) and payments received by the Trustee pursuant to the Certificate Insurance Policy, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms hereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement additionally provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Class A-5 Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the sum of the original aggregate Loan Balance of the Mortgage Loans in the Trust Estate as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier A-5-4 REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Class A-5 Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. The Owners of a majority of the Percentage Interests represented by the Class A-5 Certificates, upon compliance with the requirements set forth in the Pooling and Servicing Agreement, have the right, with the consent of the Certificate Insurer, to exercise any trust or power set forth in the Pooling and Servicing Agreement with respect to the Certificates or the Trust Estate. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class A-5 Certificates are issuable only as registered Certificates in denominations of $1,000 original principal amount and integral multiples of $1,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class A-5 Certificates are exchangeable for new Class A-5 Certificates of authorized denominations evidencing the same aggregate principal amount. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. A-5-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Dated: March 27, 1997 A-5-6 EXHIBIT B FORM OF EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS B Representing Certain Interests Relating to a Pool of Mortgage Loans in the EquiVantage Home Equity Loan Trust 1997-1 Formed by EquiVantage Acceptance Corp. and Serviced by EQUIVANTAGE INC. THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF CERTAIN PAYMENTS TO THE CLASS A CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. DISTRIBUTIONS HEREON ARE SUBJECT TO THE PRIOR RIGHT OF THE CLASS A CERTIFICATE OWNERS. THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE IN RELIANCE UPON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATE SECURITIES LAWS. NO RESALE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE UNLESS SUCH RESALE OR TRANSFER (A) IS MADE IN ACCORDANCE WITH SECTION 5.8 OF THE POOLING AND SERVICING AGREEMENT, (B) IS MADE (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, (iii) TO THE SELLER OR (iv) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT THAT IS AWARE THAT THE RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND (C) UPON THE SATISFACTION OF CERTAIN OTHER REQUIREMENTS SPECIFIED IN THE POOLING AND SERVICING AGREEMENT. NONE OF THE SELLER, THE SERVICER, THE TRUST OR THE TRUSTEE IS OBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS. This Certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This Certificate represents a fractional ownership interest in the assets of the Trust described herein, moneys in certain Accounts created B-1 pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the Trustee relating to the Trust Estate. No: B-1 Date: March 27, 1997 Percentage Interest: 100% March 25, 2028 ---------------------------- Final Scheduled Payment Date EQUIVANTAGE ACCEPTANCE CORP. ---------------------------- Registered Owner The registered Owner named above is the registered Owner of a fractional interest in (i) a pool of fixed rate and adjustble rate, closed-end mortgage loans (the "Mortgage Loans") which will be formed by EquiVantage Acceptance Corp. (the "Sponsor"), a Delaware corporation, and sold by the Sponsor to Norwest Bank Minnesota, National Association, a national banking association, as trustee (the "Trustee") on behalf of EquiVantage Home Equity Loan Trust 1997-1 (the "Trust") pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among the Sponsor, the Trustee and EquiVantage Inc., as Servicer (the "Servicer"), (ii) such amount, including Eligible Investments, as from time to time may be held in the Accounts created pursuant to the Pooling and Servicing Agreement, (iii) any Property relating to the Mortgage Loans, the ownership of which has been effected in the name of the Servicer on behalf of the Trust as a result of foreclosure or acceptance by the Servicer of a deed-in-lieu of foreclosure and that has not been withdrawn from the Trust, (iv) Net Liquidation Proceeds relating to the Mortgage Loans and (v) any Insurance Policies relating to the Mortgage Loans and any rights of the Sponsor in any Insurance Policies relating to such Mortgage Loans. Such Mortgage Loans and other amounts and property enumerated above are hereinafter referred to as the "Trust Estate". SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF "REGULAR INTERESTS" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, B-2 THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class B Certificates (the "Class B Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are the Class A Certificates, Class RL Certificates and Class RU Certificates (together with the Class B Certificates, the "Certificates"). Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date"), commencing April 25, 1997, to the persons in whose names the Class B Certificates are registered at the close of business on the last business day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (the "Record Date"), the Trustee will distribute to each Owner of the Class B Certificates such Owner's Percentage Interest in the Class B Distribution Amount due on such Payment Date. The Class B Distribution Amount as of any date of determination will be determined as set forth in the Pooling and Servicing Agreement. Distributions will be made in immediately available funds, by wire transfer or otherwise, to the account of such Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Trustee at least five business days prior to the related record date, or by check mailed to the address of the person entitled thereto as it appears on the Register. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable state or local law by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. B-3 This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, the Sponsor, EquiVantage Inc. or any of their subsidiaries and affiliates. Neither this Certificate nor the underlying Mortgage Loans are insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association or any other governmental agency. This Certificate is limited in right of payment to certain collections and recoveries relating to the Mortgage Loans, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement. No Owner shall have the right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the earlier of (i) the payment to the Owners of all Certificates from amounts other than those available under the Certificate Insurance Policies of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement upon the later to occur of (a) the final payment or other liquidation (or any advance made with respect thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of all property acquired in respect of any Mortgage Loan remaining in the Trust Estate or (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC and the Lower-Tier REMIC is effected as described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement additionally provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the original aggregate Loan Balance of the Mortgage Loans as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. B-4 As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in the form required by the Pooling and Servicing Agreement duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of like Class, tenor and a like aggregate fractional undivided interest in the Trust Estate will be issued to the designated transferee or transferees. Notwithstanding the foregoing, no sale or other transfer of record or beneficial ownership of a Class B Certificate shall be made unless the Trustee shall have received a representation letter from the transferee of such Class B Certificate, acceptable to and in form and substance satisfactory to the Trustee, to the effect that such transferee is not an employee benefit plan subject to Section 406 of the Employee Retirement Income Security Act nor a plan nor other arrangement subject to Section 4975 of the Code (collectively, a "Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to affect such transfer. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class B Certificates are issuable only as registered Certificates in minimum denomination of 10% Percentage Interest. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class B Certificates are exchangeable for new Class B Certificates evidencing the same Percentage Interest as the Class B Certificates exchanged. No service charge will be made for any such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee nor any such agent shall be affected by notice to the contrary. B-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Trustee's Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION as Trustee By: ------------------------------- Name: Title: Dated: March 27, 1997 B-6 EXHIBIT C-1 FORM OF CLASS RL CERTIFICATE THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.8 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN THE ONLY "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G and 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. TRANSFER OF THIS CLASS RL CERTIFICATE IS RESTRICTED AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CLASS RL CERTIFICATE MAY BE MADE TO A "DISQUALIFIED ORGANIZATION" AS DEFINED IN SECTION 860E(e)(5) OF THE CODE. SUCH TERM INCLUDES THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE INSTRUMENTALITIES), ANY COOPERATIVE ORGANIZATION FURNISHING ELECTRIC ENERGY OR PROVIDING TELEPHONE SERVICE TO PERSONS IN RURAL AREAS, OR ANY ORGANIZATION (OTHER THAN A FARMERS' COOPERATIVE) THAT IS EXEMPT FROM FEDERAL INCOME TAX UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX ON UNRELATED BUSINESS INCOME. NO TRANSFER OF THIS CLASS RL CERTIFICATE WILL BE REGISTERED BY THE TRUSTEE UNLESS THE PROPOSED TRANSFEREE HAS DELIVERED AN AFFIDAVIT AFFIRMING, AMONG OTHER THINGS, THAT THE PROPOSED TRANSFEREE IS NOT A DISQUALIFIED ORGANIZATION AND IS NOT ACQUIRING THE CLASS RL CERTIFICATE FOR THE ACCOUNT OF A DISQUALIFIED ORGANIZATION. A COPY OF THE FORM OF AFFIDAVIT REQUIRED OF EACH PROPOSED TRANSFEREE IS ON FILE AND AVAILABLE FROM THE TRUSTEE. C-1-1 A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A SUBSTANTIAL TAX UPON THE TRANSFEROR OR, IN CERTAIN CASES, UPON AN AGENT ACTING FOR THE TRANSFEREE. A PASS-THRU ENTITY THAT HOLDS THIS CLASS RL CERTIFICATE AND THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY TAXABLE YEAR GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE PRODUCT OF (A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF THIS CERTIFICATE OWNED THROUGH SUCH PASS-THRU ENTITY BY SUCH DISQUALIFIED ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS. FOR PURPOSES OF THE PRECEDING SENTENCE, THE TERM "PASS-THRU" ENTITY INCLUDES REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER I OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS RL Representing Certain Interests Relating to a Pool of Mortgage Loans Formed by EquiVantage Acceptance Corp. and Serviced by EQUIVANTAGE INC. (This Certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by, EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This Certificate represents a fractional residual ownership interest in the Lower-Tier REMIC described in the Pooling and Servicing Agreement.) No: RL-1 Date: March 27, 1997 Percentage Interest: 100% March 25, 2028 ---------------------------- Final Scheduled Payment Date EQUIVANTAGE ACCEPTANCE CORP. ---------------------------- Registered Owner C-1-2 THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class RL (the "Class RL Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as the Class A Certificates, Class B Certificates, and Class RU Certificates (together with the Class RL Certificates, the "Certificates.") Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date"), commencing April 25, 1997, to the Owners of the Class RL Certificates as of the close of business on the first Business Day of the calendar month in which such Payment Date occurs (the "Record Date"), the Trustee will distribute to each Owner of the Class RL Certificates such Owner's Percentage Interest multiplied by the amounts then available to be distributed to the Owners of the Class RL Certificates. No significant distributions are anticipated to be made. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable state or local law by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. EquiVantage Inc., as Servicer, pursuant to the related Servicing Agreement will service the Mortgage Loans. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the C-1-3 servicing and administration of the Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under either Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the earlier of (i) the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement upon the later to occur of (a) the final payment or other liquidation (or any advance made with respect thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of all property acquired in respect of any Mortgage Loan remaining in the Trust Estate or (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC and the Lower-Tier REMIC is effected as described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer declines to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans in the Trust Estate is 10% or less of the original aggregate Loan Balance of the Mortgage Loans as of the Cut-Off Date and (ii) under certain circumstances relating to the qualification of the Lower-Tier REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in the form set forth in the Pooling and Servicing Agreement duly executed by, the Owner hereof or his C-1-4 attorney duly authorized in writing, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. Notwithstanding the foregoing, no sale or other transfer of record or beneficial ownership of a Class RL Certificate shall be made unless the Trustee shall have received a representation letter from the transferee of such Class RL Certificate, acceptable to and in form and substance satisfactory to the Trustee, to the effect that such transferee is not an employee benefit plan subject to Section 406 of the Employee Retirement Income Security Act nor a plan nor other arrangement subject to Section 4975 of the Code (collectively, a "Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to affect such transfer. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class RL Certificates are issuable only as registered Certificates. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class RL Certificates are exchangeable for new Class RL Certificates evidencing the same Percentage Interest as the Class RL Certificates exchanged. No service charge will be made for any such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. C-1-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Dated: March 27, 1997 C-1-6 EXHIBIT C-2 FORM OF CLASS RU CERTIFICATE THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.8 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN THE ONLY "RESIDUAL INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" ("REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G and 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE. TRANSFER OF THIS CLASS RU CERTIFICATE IS RESTRICTED AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CLASS RU CERTIFICATE MAY BE MADE TO A "DISQUALIFIED ORGANIZATION" AS DEFINED IN SECTION 860E(e)(5) OF THE CODE. SUCH TERM INCLUDES THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE INSTRUMENTALITIES), ANY COOPERATIVE ORGANIZATION FURNISHING ELECTRIC ENERGY OR PROVIDING TELEPHONE SERVICE TO PERSONS IN RURAL AREAS, OR ANY ORGANIZATION (OTHER THAN A FARMERS' COOPERATIVE) THAT IS EXEMPT FROM FEDERAL INCOME TAX UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX ON UNRELATED BUSINESS INCOME. NO TRANSFER OF THIS CLASS RU CERTIFICATE WILL BE REGISTERED BY THE TRUSTEE UNLESS THE PROPOSED TRANSFEREE HAS DELIVERED AN AFFIDAVIT AFFIRMING, AMONG OTHER THINGS, THAT THE PROPOSED TRANSFEREE IS NOT A DISQUALIFIED ORGANIZATION AND IS NOT ACQUIRING THE CLASS RU CERTIFICATE FOR THE ACCOUNT OF A DISQUALIFIED ORGANIZATION. A COPY OF THE FORM OF AFFIDAVIT REQUIRED OF EACH PROPOSED TRANSFEREE IS ON FILE AND AVAILABLE FROM THE TRUSTEE. C-2-1 A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A SUBSTANTIAL TAX UPON THE TRANSFEROR OR, IN CERTAIN CASES, UPON AN AGENT ACTING FOR THE TRANSFEREE. A PASS-THRU ENTITY THAT HOLDS THIS CLASS RU CERTIFICATE AND THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY TAXABLE YEAR GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE PRODUCT OF (A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF THIS CERTIFICATE OWNED THROUGH SUCH PASS-THRU ENTITY BY SUCH DISQUALIFIED ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS. FOR PURPOSES OF THE PRECEDING SENTENCE, THE TERM "PASS-THRU" ENTITY INCLUDES REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER I OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE CLASS RU Representing Certain Interests Relating to a Pool of Mortgage Loans Formed by EquiVantage Acceptance Corp. and Serviced by EQUIVANTAGE INC. (This Certificate does not represent an interest in, or an obligation of, nor are the underlying Mortgage Loans insured or guaranteed by EquiVantage Acceptance Corp., EquiVantage Inc., any Originator or any of their subsidiaries and affiliates. This Certificate represents a fractional residual ownership interest in the Upper-Tier REMIC described in the Pooling and Servicing Agreement.) No: RU-1 Date: March 27, 1997 Percentage Interest: 100% March 25, 2028 ---------------------------- Final Scheduled Payment Date EQUIVANTAGE ACCEPTANCE CORP. ---------------------------- Registered Owner C-2-2 THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. This Certificate is one of a Class of duly-authorized Certificates designated as EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Series 1997-1, Class RU (the "RU Certificates") and issued under and subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound. Also issued under the Pooling and Servicing Agreement are Certificates designated as the Class A Certificates, Class B Certificates and Class RL Certificates (together with the Class RU Certificates, the "Certificates.") Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a "Payment Date"), commencing April 25, 1997, to the Owners of the Class RU Certificates as of the close of business on the first Business Day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (the "Record Date"), the Trustee will distribute to each Owner of the Class RU Certificates such Owner's Percentage Interest multiplied by the amounts then available to be distributed to the Owners of the Class RU Certificates. No significant distributions are anticipated to be made. Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement. The Trustee is required to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable state or local law by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement. EquiVantage Inc., as Servicer, pursuant to the Pooling and Servicing Agreement will service the Mortgage Loans. The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the C-2-3 servicing and administration of the Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement. No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof. Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner. The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the earlier of (i) the payment to the Owners of all Certificates of all amounts held by the Trustee and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement upon the later to occur of (a) the final payment or other liquidation (or any advance made with respect thereto) of the last Mortgage Loan in the Trust Estate or (b) the disposition of all property acquired in respect of any Mortgage Loan remaining in the Trust Estate or (ii) at any time when a Qualified Liquidation of the Upper-Tier REMIC and the Lower-Tier REMIC is effected as described in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement provides that (i) the Owners of the Class RL Certificates or, if such Owners decline to exercise, the Servicer or, if the Servicer decline to exercise, the Certificate Insurer, may, at their respective options, purchase from the Trust all (but not fewer than all) remaining Mortgage Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Remittance Date when the aggregate outstanding Loan Balances of the Mortgage Loans is 10% or less of the original aggregate Loan Balance of the Mortgage Loans as of the Cut-Off Date and (ii) under certain circumstances relating to the qualifications of the Lower-Tier REMIC or Upper-Tier REMIC as a REMIC under the Code, the Mortgage Loans may be sold, thereby affecting the early retirement of the Certificates. The Trustee shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in the form set forth in the Pooling and Servicing Agreement duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees. C-2-4 Notwithstanding the foregoing, no sale or other transfer of record or beneficial ownership of a Class RU Certificate shall be made unless the Trustee shall have received a representation letter from the transferee of such Class RU Certificate, acceptable to and in form and substance satisfactory to the Trustee, to the effect that such transferee is not an employee benefit plan subject to Section 406 of the Employee Retirement Income Security Act nor a plan nor other arrangement subject to Section 4975 of the Code (collectively, a "Plan"), nor is acting on behalf of any Plan nor using the assets of any Plan to affect such transfer. The Trustee is required to furnish certain information on each Payment Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. The Class RU Certificates are issuable only as registered Certificates. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class RU Certificates are exchangeable for new Class RU Certificates evidencing the same Percentage Interest as the Class RU Certificates exchanged. No service charge will be made for any such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Trustee and any agent of the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee or any such agent shall be affected by notice to the contrary. C-2-5 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust. EQUIVANTAGE HOME EQUITY LOAN TRUST 1997-1 By: NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Trustee Authentication NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: ------------------------------- Name: Title: Dated: March 27, 1997 C-2-6 EXHIBIT D FORM OF CERTIFICATE REGARDING PREPAID LOANS I, John E. Smith, President of EquiVantage Acceptance Corp., a Delaware corporation, as sponsor (the "Sponsor"), hereby certify that between the "Cut-off Date" (as defined in the Pooling and Servicing Agreement dated as of March 1, 1997 among the Sponsor, EquiVantage Inc., a Delaware corporation, as servicer, and Norwest Bank Minnesota, National Association, as trustee) and the date hereof the following schedule of "Mortgage Loans" (as defined in such Pooling and Servicing Agreement) has been prepaid in full. Dated: March 27, 1997 By: ----------------------------- John E. Smith President D-1 EXHIBIT E FORM OF TRUSTEE'S ACKNOWLEDGMENT OF RECEIPT Norwest Bank Minnesota, National Association, a national banking corporation, in its capacity as trustee (the "Trustee") under that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among EquiVantage Acceptance Corp., a Delaware corporation, as sponsor (the "Sponsor"), EquiVantage Inc., a Delaware corporation, as servicer, and the Trustee, hereby acknowledges receipt of the items delivered to it by the Sponsor with respect to the Mortgage Loans of the Pooling and Servicing Agreement. The Schedule of Mortgage Loans is deemed attached to this Receipt. The Trustee hereby additionally acknowledges that it shall review such items as required by Section 3.6(a) of the Pooling and Servicing Agreement and shall otherwise comply with Section 3.6(b) of the Pooling and Servicing Agreement as required thereby. NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: --------------------------------- Name: Title: Dated: March 27, 1997 E-1 [SEE SCHEDULE I - SCHEDULE OF MORTGAGE LOANS] E-2 EXHIBIT F FORM OF POOL CERTIFICATION WHEREAS, the undersigned is an Authorized Officer of Norwest Bank Minnesota, National Association, a national banking association, acting in its capacity as trustee (the "Trustee") of a certain pool of mortgage loans (the "Pool") heretofore conveyed in trust to the Trustee pursuant to that certain Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among EquiVantage Acceptance Corp., a Delaware corporation, as sponsor (the "Sponsor"), EquiVantage Inc., a Delaware corporation, as Servicer, and the Trustee; WHEREAS, the Trustee is required, pursuant to Section 3.6(a) of the Pooling and Servicing Agreement, to review the Files relating to the Pool within a specified period following the Startup Day and to notify the Sponsor promptly of any defects with respect to the Pool, and the Sponsor is required to remedy such defects or take certain other action, all as set forth in Section 3.6(b) of the Pooling and Servicing Agreement; and WHEREAS, Section 3.6(a) of the Pooling and Servicing Agreement requires the Trustee to deliver this Pool Certification upon the satisfaction of certain conditions set forth therein. NOW, THEREFORE, the Trustee hereby certifies that it has determined that all required documents (or certified copies of documents listed in Section 3.5 of the Pooling and Servicing Agreement) have been executed or received, and that such documents relate to the Mortgage Loans identified in the Schedule of Mortgage Loans pursuant to Section 3.5(a) of the Pooling and Servicing Agreement or, in the event that such documents have not been executed and received or do not so relate to such Mortgage Loans, any remedial action by the Sponsor pursuant to Section 3.6(b) of the Pooling and Servicing Agreement has been completed, except as noted in the list of exceptions attached. The Trustee makes no certification hereby, however, with respect to any intervening assignments or assumption and modification agreements. NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee By: --------------------------------- Name: Title: Dated: March 27, 1997 F-1 EXHIBIT G FORM OF DELIVERY ORDER March 27, 1997 Norwest Bank Minnesota, National Association Norwest Center Sixth Street & Marquette Avenue Minneapolis, Minnesota 55479-0070 Attention: Corporate Trust Services Ladies and Gentlemen: Pursuant to Article IV of the Pooling and Servicing Agreement dated as of March 1, 1997 (the "Pooling and Servicing Agreement") by and among EquiVantage Acceptance Corp., a Delaware corporation, as sponsor (the "Sponsor"), EquiVantage Inc., a Delaware corporation, as servicer, and Norwest Bank Minnesota, National Association, as trustee, the Sponsor hereby certifies that all conditions precedent to the issuance of EquiVantage Home Equity Loan Trust 1997-1, Home Equity Loan Asset-Backed Certificates, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class B and the Residual Certificates (collectively, the "Certificates"), have been satisfied and hereby requests you to authenticate and deliver said Certificates, and to release said Certificates to the Owners thereof, or otherwise upon their order. Very truly yours, EQUIVANTAGE ACCEPTANCE CORP. By: ------------------------------------- Name: John E. Smith Title: President G-1 EXHIBIT H FORM OF CLASS R TAX MATTERS TRANSFER CERTIFICATE AFFIDAVIT PURSUANT TO SECTION 860E(e) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED STATE OF ) ) ss: COUNTY OF ) [NAME OF OFFICER], being first duly sworn, deposes and says: 1. That [s/he] is [Title of Officer] of [Name of Investor] (the "Investor"), a [savings institution] [corporation] duly organized and existing under the laws of [the State of __________] [the United States], on behalf of which [s/he] makes this affidavit. 2. That (i) the Investor is not a "disqualified organization" and will not be a "disqualified organization" as of [date of transfer] (For this purpose, a "disqualified organization" means the United States, any state or political subdivision thereof, any foreign government, any international organization, any agency or instrumentality of any of the foregoing (other than certain taxable instrumentalities), any cooperative organization furnishing electric energy or providing telephone service to persons in rural areas, or any organization (other than a farmers' cooperative) that is exempt from federal income tax unless such organization is subject to the tax on unrelated business income); (ii) it is not acquiring the Class R Certificates for the account of a disqualified organization; (iii) it consents to any amendment of the Pooling and Servicing Agreement that shall be deemed necessary by the Trustee (upon advice of counsel) to constitute a reasonable arrangement to ensure that the Class R Certificates will not be owned directly or indirectly by a disqualified organization; and (iv) it will not transfer any such Class R Certificate unless (a) it has received from the transferee an affidavit in substantially the same form as this affidavit containing these same four representations and (b) as of the time of the transfer, it does not have actual knowledge that such affidavit is false. H-1 IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its [Title of Officer] and its corporate seal to be hereunto attached, attested by its [Assistant] Secretary, this __ day of __________, ____. [NAME OF INVESTOR] By: ------------------------------------- [Name of Officer] [Title of Officer] [Corporate Seal] Attest: - ------------------------------- [Assistant] Secretary Personally appeared before me the above-named [Name of Officer], known or proved to be the same person who executed the foregoing instrument and to be the [Title of Officer] of the Investor, and acknowledged to me that he executed the same as his free act and deed and the free act and deed of the Investor. Subscribed and sworn before me this ____ day of _______, ____. - --------------------------- NOTARY PUBLIC COUNTY OF ___________________________ STATE OF ___________________________ My commission expires the ____ day of _______________, ____. H-2 EXHIBIT I Form of Monthly Report EquiVantage Acceptance Corp. Home Equity Loan Asset-Backed Certificates Series 1997-1 Statement to Owners
INTEREST ORIGINAL BEGINNING INTEREST TOTAL CARRY ENDING CERTIFICATE CERTIFICATE PRINCIPAL DISTRI- DISTRI- FORWARD CERTIFICATE CLASS FACE VALUE BALANCE DISTRIBUTION BUTION BUTION AMOUNT BALANCE - ----- ---------- ------- ------------ ------ ------ ------ ------- A-1 $29,400,000 A-2 $19,900,000 A-3 $13,700,000 A-4 $ 7,000,000 A-5 $15,000,000 B $__________ RU TOTAL AMOUNT PER $1,000 UNIT BEGINNING INTEREST TOTAL CURRENT ENDING CERTIFICATE PRINCIPAL DISTRI- DISTRI- PRINCIPAL CERTIFICATE CLASS CUSIP BALANCE DISTRIBUTION BUTION BUTION BALANCE BALANCE - ----- ----- ------- ------------ ------ ------ ------- ------- A-1 29476Y AQ 2 A-2 29476Y AR 0 A-3 29476Y AS 8 A-4 29476Y AT 6 A-5 29476Y AU 3 B RU
I-1 PASS THROUGH RATES ORIGINAL PASS- CURRENT PASS CLASS THROUGH RATE THROUGH RATE CLASS RECORD DATE ----- ------------ ------------ ----- ----------- A-1 6.650% % A-1 A-2 6.975% % A-2 A-3 7.550% % A-3 A-4 7.275% % A-4 A-5 Adjustable Rate % A-5 B % B RU % SPONSOR: EquiVantage Acceptance Corp. SERVICER: EquiVantage Inc. SUB-SERVICER: Transworld Mortgage Corporation LEAD UNDERWRITER: Prudential Securities Incorporated RECORD DATE: DISTRIBUTION DATE: FACTOR INFORMATION:________________ PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR: Trust Administrator Norwest Bank Minnesota, National Association Sixth Street & Marquette Avenue Minneapolis, Minnesota 55479-0070 Attention: Corporate Trust Services (612) 667-5786 I-2 Distribution Period: Information pursuant to Section 7.8(a) of the Pooling and Servicing Agreement dated as of March 1, 1997 i) Distribution to each Class of Certificates ii) Principal Distributions to the Certificates: Scheduled Principal Prepayments Paid-in-Full Loans Other Unscheduled Recoveries of Principal Substitution Amounts Loan Repurchases Principal Portion of Liquidation Proceeds Subordination Increase Amount Total Principal iii) Interest distributions to the Certificate Owners iv) Monthly Remittance Amount for each Mortgage Loan Group Principal Interest v) Certificate Principal Balances vi) Amounts described in Sections 7.5(b)(iii), (iv) and (xii) vii) Insured Payment included in distributions to the Owners Aggregate unreimbursed Insured Payments since the Closing Date viii) Information furnished by the Sponsor pursuant to Section 6049(d)(7)(c) ix) Substitution Amounts and Loan Purchase Price Amounts included in the distribution x) Subordination Reduction Amount xi) Realized Losses [Cumulative Loss Amount] [Rolling Three Month Delinquency Rate] xii) Certificate Factors xiii) Insurance Proceeds xiv) Specified Subordinated Amount (aggregate and for each Morgtgage Loan Group) xv) Weighted average Coupon Rate and weighted average maturity of Mortgage Loans for each Mortgage Loan Group xvi) Aggregate Loan Balances for each Mortgage Loan Group I-3 Distribution Period: As to all Mortgage Loans Delinquency Advances Made Paid-In-Full Compensating Interest Accrued Servicing Fees Servicing Fees Retained Trustee Fees Premium Amount Current Next Distribution Distribution Date Date ------------ ------------ Available Funds Available Funds Available Funds Shortfall Amortized Subordinated Amount Requirement Excess Subordinated Amount Specified Subordinated Amount Subordinated Amount Subordination Deficiency Amount Subordination Deficit Subordination Increase Amount Subordination Reduction Amount Principal Carry Forward Amount Principal Distribution Amount Reimbursement Amount Balance of Largest Loan I-4 EquiVantage Inc. Transworld Mortgage Corporation Monthly Delinquency Summary Report EquiVantage Mortgage Loan Trust 1997-1 Dates as of ___________________
Class A Certificates Ending Number of Loans: Ending Principal Balance: DELINQUENT LOANS Count Percent Principal Bal. Percent GROSS Delinquent Loans - Status 1. 30 - 59 Days Delinquent 2. 60 - 89 Days Delinquent 3. 90 or More Days Delinquent GROSS Total Delinquencies Foreclosure Loans - Status Count Percent Principal Bal. Percent 1. Current 2. 30 - 59 Days Delinquent 3. 60 - 89 Days Delinquent 4. 90 or More Days Delinquent Total Foreclosures Bankruptcy Loans - Status Count Percent Principal Bal. Percent 1. Current 2. 30 - 59 Days Delinquent 3. 60 - 89 Days Delinquent 4. 90 or More Days Delinquent Total Bankruptcies REO Loans - Status from Foreclosure Count Percent Principal Bal. Percent Book Value 1. 30 - 59 Days 2. 60 - 89 Days 3. 90 or More Days Total REO NET DELINQUENCY (Gross Delinquent less Foreclosure, Bankruptcy, REO) Count Percent Principal Bal. Percent 1. 30 - 59 Days Delinquent 2. 60 - 89 Days Delinquent 3. 90 or More Days Delinquent NET DELINQUENCY TOTALS
I-5 EXHIBIT J FORM OF SERVICER'S TRUST RECEIPT To: Norwest Bank Minnesota, National Association Sixth Street & Marquette Avenue Minneapolis, Minnesota 55479-0070 Attn: Corporate Trust Services Date:____________________ In connection with the administration of the mortgage loans held by you, as Trustee under a certain Pooling and Servicing Agreement dated as of March 1, 1997 by and among EquiVantage Acceptance Corp., as sponsor, EquiVantage Inc., as servicer (the "Servicer"), and you, as Trustee (the "Agreement"), the Servicer hereby requests a release of the File held by you as Trustee with respect to the following described Mortgage Loan for the reason indicated below: Mortgagor's Name: Loan No.: Reason for requesting file: _______ 1. Mortgage Loan paid in full. (The Servicer hereby certifies that all amounts received in connection with the loan have been or will be credited to the Certificate Account (whichever is applicable) pursuant to the Agreement.) _______ 2. Mortgage Loan repurchased pursuant to the Agreement. (The Servicer hereby certifies that the Loan Purchase Price has been or will be paid to the Certificate Account pursuant to the Agreement.) J-1 _______ 3. Mortgage Loan substituted. (The Servicer hereby certifies that a Qualified Replacement Mortgage has been or will be assigned and delivered to you along with the related File pursuant to the Agreement.) _______ 4. The Mortgage Loan is being foreclosed. _______ 5. Other. (Describe) Total Number of Mortgage Loans currently held under the Agreement: ____________ Total Number of Files now held by the Servicer: _______________________________ The undersigned (i) acknowledges that the above File will be held by the undersigned in accordance with the provisions of the Agreement and will be returned to you, except if the Mortgage Loan has been paid in full, foreclosed, repurchased or substituted for by a Qualified Replacement Mortgage (in which case the File will be retained by us permanently), and (ii) certifies that all conditions precedent for delivery of the File requested by this Trust Receipt have been satisfied. Capitalized terms used herein shall have the meanings ascribed to them in the Agreement. EQUIVANTAGE INC. By: ------------------------------------- Name: Title: J-2 EXHIBIT K FORM OF LIQUIDATION REPORT 1. Type of Liquidation (REO disposition/charge-off/short pay-off) - Date last paid - Date of foreclosure - Date of REO - Date of REO disposition - Property sale price/estimated market value at disposition 2. Liquidation Proceeds Principal Prepayment $ ________ Property Sale Proceeds ________ Insurance Proceeds ________ Other (itemize) ________ 3. Liquidation expenses Servicing Advances $ ________ Delinquency Advances ________ Contingency Fees ________ Servicing Fees ________ Annual Expense Escrow Amount ________ Supplemental Fee (if any) ________ Additional Interest (if any) ________ 4. Net Liquidation Proceeds $ ________ (Item 2 minus item 3) 5. Principal Balance of Mortgage Loan $ ________ K-1 EXHIBIT L SPECIAL POWER OF ATTORNEY KNOWN ALL MEN BY THESE PRESENTS, that I, ____________, ____________ of EquiVantage Inc. (the "Originator"), do hereby constitute and appoint Norwest Bank Minnesota, National Association, as the true and lawful attorney for the Originator and its name, place and stead, to record the assignments of mortgage with respect to the Mortgage Loans transferred to the Norwest Bank Minnesota, National Association, as trustee (the "Trustee"), under that Pooling and Servicing Agreement dated as of March 1, 1997 by and among EquiVantage Acceptance Corp., as Sponsor, the Originator, as Servicer, and the Trustee, and to do and perform all other things and acts relating to such assignments of mortgage as may be necessary to effectuate the transfer of such Mortgage Loans to the Trustee, including the execution and delivery of new assignments of mortgage where necessary to comply with applicable real estate recording laws at the time of recordation. This power of attorney is irrevocable and is coupled with an interest in the Mortgage Loans, and it may at all times be relied upon by any person, firm or corporation dealing with the attorney named herein as remaining in full force and effect, and such person, firm or corporation shall have no liability to the Originator with respect thereto. WITNESS the following signature this ___ day of _______, 19__. EQUIVANTAGE INC. By: ----------------------------- Name: Title: STATE OF NEW YORK COUNTY OF NEW YORK, to-wit: I, ______________, a Notary Public in and for the jurisdiction aforesaid, do hereby certify that _______________, who acknowledged himself to be the __________________ of EquiVantage Inc., a Delaware corporation, personally appeared before me in the jurisdiction aforesaid and that he as such ________________ executed the foregoing instrument on behalf of said corporation for the purposes therein contained. Witness my hand and official seal this ____ day of _______, 19__. (SEAL) ------------------------------- Notary Public My Commission Expires: L-1 EX-4.2 5 EX-4.2 Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 (212) 312-3000 (800) 352-0001 Surety Bond Issuer: EquiVantage Home Equity Policy Number: 97010145 Loan Trust 1997-1 Control Number: 0010001 Insured Obligations: $85,000,000 in aggregate principal amount of Home Equity Loan Backed Certificates, Series 1997-1, Class A (the "Certificates") Trustee: Norwest Bank Minnesota, National Association Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock insurance company, in consideration of its receipt of the Deposit Premium and subject to the terms of this Surety Bond, hereby unconditionally and irrevocably agrees to pay each Insured Payment to the Trustee named above or its successor, as trustee for the Certificates, to the extent set forth in the Pooling and Servicing Agreement. Financial Guaranty will make an Insured Payment (other than that portion of an Insured Payment constituting a Preference Amount) out of its own funds by 11:00 A.M. (New York City Time) in immediately available funds to the Trustee on the later of (i) the Business Day next following the day on which Financial Guaranty shall have received Notice that an Insured Payment is due and (ii) the Payment Date on which the Insured Payment is distributable to Certificateholders pursuant to the Pooling and Servicing Agreement, for disbursement to such Certificateholders in the same manner as other payments with respect to the Certificates are required to be made. Any Notice received by Financial Guaranty after 2:00 p.m. New York City time on a given Business Day or on any day that is not a Business Day shall be deemed to have been received by Financial Guaranty on the next succeeding Business Day. Upon such payment, Financial Guaranty shall be fully subrogated to the rights of the Certificateholders to receive the amount so paid. Financial Guaranty's obligations hereunder with respect to each Payment Date shall be discharged to the extent funds comprising the Insured Payment are received by the Trustee on behalf of the Certificateholders for distribution to such holders, Form 9109 Page 1 of 4 Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 (212) 312-3000 (800) 352-0001 Surety Bond as provided in the Pooling and Servicing Agreement and herein, whether or not such funds are properly applied by the Trustee. If the payment of any portion or all of any amount that is insured hereunder is voided pursuant to a final order of a court exercising proper jurisdiction in an insolvency proceeding to the effect that the Trustee or the Certificateholder, as the case may be, is required to return any such payment or portion thereof prior to the expiration date of this Surety Bond because such payment was voided under the U. S. Bankruptcy Code, with respect to which order the appeal period has expired without an appeal having been filed (a "Final Order"), and, as a result, the Trustee or any Certificateholder is required to return such voided payment, or any portion of such voided payment made in respect of the Certificates (a "Preference Amount"), Financial Guaranty will pay on the guarantee described in the first paragraph hereof, an amount equal to each such Preference Amount, on the second Business Day following receipt by Financial Guaranty of (x) a certified copy of the Final Order, (y) an assignment, in form reasonably satisfactory to Financial Guaranty, irrevocably assigning to Financial Guaranty all rights and claims of the Trustee and/or such Certificateholder relating to or arising under such Preference Amount and appointing Financial Guaranty as the agent of the Trustee and/or such Certificateholder in respect of such Preference Amount, and (z) a Notice appropriately completed and executed by the Trustee or such Certificateholder, as the case may be. Such payment shall be made to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Final Order and not to the Trustee or Certificateholder directly (unless a Certificateholder has previously paid such amount to such receiver, conservator, debtor-in-possession or trustee named in such Final Order in which case payment shall be made to the Trustee for distribution to the Certificateholder upon proof of such payment reasonably satisfactory to Financial Guaranty). Notwithstanding the foregoing, in no event shall Financial Guaranty be (i) required to make any payment under this Surety Bond in respect of any Preference Amount to the extent such Preference Amount is comprised of amounts previously paid by Financial Guaranty hereunder, or (ii) obligated to make any payment in respect of any Preference Amount, which payment represents a payment of the principal amount of the Certificates, prior to the time Financial Guaranty otherwise would have been required to make a payment in respect of such principal. Financial Guaranty shall make payments due in respect of Preference Amounts prior to 2:00 p.m. New York City time on the second Business Day following Financial Guaranty's receipt of the documents required under clauses (x) through (z) of the second preceding paragraph. Any such Form 9109 Page 2 of 4 Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 (212) 312-3000 (800) 352-0001 Surety Bond documents received by Financial Guaranty after 2:00 p.m. New York City time on a given Business Day or on any day that is not a Business Day shall be deemed to have been received by Financial Guaranty on the next succeeding Business Day. All payments made by Financial Guaranty hereunder in respect of Preference Amounts will be made with Financial Guaranty's own funds. This Surety Bond is non-cancelable for any reason, including nonpayment of any premium. The premium on this Surety Bond is not refundable for any reason, including the payment of the Certificates prior to their respective maturities. This Surety Bond shall expire and terminate without any action on the part of Financial Guaranty or any other Person on the date that is one year and one day following the date on which the Certificates shall have been paid in full. The Deposit Premium shall be due and payable on the date hereof, and a monthly premium shall be due and payable as provided in the Pooling and Servicing Agreement. This Surety Bond is subject to and shall be governed by the laws of the State of New York. The proper venue for any action or proceeding on this Surety Bond shall be the County of New York, State of New York. The insurance provided by this Surety Bond is not covered by the New York Property/Casualty Insurance Security Fund (New York Insurance Code, Article 76). Capitalized terms used and not defined herein shall have respective meanings set forth in the Pooling and Servicing Agreement. "Notice" means written notice in the form of Exhibit A to this Surety Bond by registered or certified mail or telephonic or telegraphic notice, subsequently confirmed by written notice delivered via telecopy, telex or hand delivery from the Trustee to Financial Guaranty specifying the information set forth therein. "Certificateholder" means, as to a particular Certificate, the person, other than the Trust, the Servicer, any subservicer or Underwriter or the Sponsor who, on the applicable Payment Date is entitled under the terms of such Certificate to payment thereof. "Pooling and Servicing Agreement" means the Pooling and Servicing Agreement by and among EquiVantage Acceptance Corp., as Sponsor, EquiVantage Inc., as Servicer, and Norwest Bank Minnesota, National Association, as Trustee, dated as of March 1, 1997. In the event that payments under any Certificate is accelerated, nothing herein contained shall obligate Financial Guaranty to make any payment of principal or interest on such Certificates on Form 9109 Page 3 of 4 Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 (212) 312-3000 (800) 352-0001 Surety Bond an accelerated basis, unless such acceleration of payment by Financial Guaranty is at the sole option of Financial Guaranty. IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed with its corporate seal and to be signed by its duly authorized officer in facsimile to become effective and binding upon Financial Guaranty by virtue of the countersignature of its duly authorized representative. President Authorized Representative Effective Date: March 27, 1997 Form 9109 Page 4 of 4 EXHIBIT A NOTICE To: Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 (212) 312-3000 Attention: General Counsel Telephone: (212) 312-3000 Telecopier: (212) 312-3093 Re: EquiVantage Home Equity Loan Trust Home Equity Loan Backed Certificates, Series 1997-1, Class A Determination Date: _______________________ Payment Date: _______________________ We refer to that certain Pooling and Servicing Agreement dated as of March 1, 1997, by and among EquiVantage Acceptance Corp., as Sponsor, EquiVantage Inc., as Servicer, and Norwest Bank Minnesota, National Association, as Trustee (the "Pooling and Servicing Agreement") relating to the above referenced Certificates. All capitalized terms not otherwise defined herein or in the Surety Bond shall have the same respective meanings assigned to such terms in the Pooling and Servicing Agreement. (a) The Trustee has determined under the Pooling and Servicing Agreement that in respect of the Payment Date set forth above: (i) The Group I Interest Distribution Amount is $__________; (ii) The Group I Subordination Deficit is $__________; (iii) Preference Amounts with respect to which Owners have complied with Section 7.3(e) allocable to Group I are $__________; (iv) The Group I Total Available Funds (excluding Total Monthly Excess Cashflow) are $__________; (v) The Total Monthly Excess Cashflow allocable to Group I is $__________; (vi) The Group II Interest Distribution Amount, is $__________; (vii) The Group II Subordination Deficit is $__________; (viii) Preference Amounts with respect to which Owners have complied with Section 7.3(e) allocable to Group II are $__________; (ix) The Group II Total Available Funds (excluding Total Monthly Excess Cashflow) are $___________; (x) The Total Monthly Excess Cashflow allocable to Group II is $_________; (xi) The sum of (i), (ii) (iii), (vi), (vii) and (viii) is $_______________; (xii) The sum of (iv), (v), (ix) and (x) is $_____________; and (xiii) The amount in (xi) exceeds the amount in (xii) by $____________. Please be advised that the amount set forth in (a)(xii) above is not sufficient to pay the amount set forth in (a)(xi) above. Accordingly, pursuant to the Pooling and Servicing Agreement, this statement constitutes a notice for payment of an Insured Payment in respect of Group [I][II] in the amount of $______________ under the Surety Bond. (b) No payment claimed hereunder is in excess of the amount payable under the Surety Bond. The amount requested in this Notice should be paid to: [Payment Instructions] [Attached hereto is a copy of the Final Order (as defined in the Surety Bond) in connection with a Preference Amount in the amount set forth therein, together with an assignment of rights and appointment of agent.] Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime, and shall also be subject to a civil penalty not to exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for each such violation. IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice this _____ day of ______________________. _________________________________________, as Trustee By: ___________________________________ Title: ___________________________________ EX-4.3 6 EX-4.3 MASTER LOAN TRANSFER AGREEMENT Dated as of March 1, 1997 by and between EQUIVANTAGE ACCEPTANCE CORP., the Company and EQUIVANTAGE INC., as Originator TABLE OF CONTENTS Page Section 1. Definitions.....................................................1 Section 2. Interest Calculations...........................................5 Section 3. Transfers of Mortgage Loans.....................................5 Section 4. Representations, Warranties and Covenants Regarding the Originator and the Company......................................6 Section 5. Representations and Warranties of the Originator Regarding the Mortgage Loans.................................................11 Section 6. Covenants of the Originator to Take Certain Actions with Respect to the Mortgage Loans in Certain Situations....................21 Section 7. Term of Agreement..............................................22 Section 8. Authorized Representatives.....................................23 Section 9. Notices........................................................23 Section 10. Governing Law..................................................24 Section 11. Assignment.....................................................24 Section 12. Counterparts...................................................24 Section 13. Amendment......................................................25 Section 14. Severability of Provisions.....................................25 Section 15. No Agency; No Partnership or Joint Venture.....................25 Section 16. Further Assurances.............................................25 Section 17. The Certificate Insurer and the Trustee........................25 i EXHIBIT A....................................................................A-1 EXHIBIT B....................................................................B-1 SCHEDULE I...................................................................I-1 ii THIS MASTER LOAN TRANSFER AGREEMENT, dated as of March 1, 1997, is between EquiVantage Acceptance Corp. (the "Company") and EquiVantage Inc., in its separate capacity as an originator or purchaser of mortgage loans (the "Originator"). WHEREAS, the Originator is an originator and purchaser of mortgage loans that the Originator may, from time to time, sell to the Company; WHEREAS, the Company may, from time to time, purchase such mortgage loans from the Originator; and WHEREAS, it is the intent of the Company to include the mortgage loans so purchased by the Company in securitization transactions from time to time sponsored by the Company. NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, the parties hereto hereby agree as follows: Section 1. Definitions. Whenever used in this Agreement or in any Conveyance Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article; provided, however, that any capitalized terms used herein or in any Conveyance Agreement and not defined herein shall have their respective meanings as set forth in the related EquiVantage Pooling and Servicing Agreement. Additional Representations and Warranties: As defined in Section 5(a) hereof. Agreement: This Master Loan Transfer Agreement as it may be amended from time to time, including the exhibits and supplements hereto. Appraised Value: The appraised value of any Property based upon the appraisal or other valuation made at the time of the origination of the related Mortgage Loan or, in the case of a Mortgage Loan that is a purchase money mortgage, the sales price of the Property at such time of origination, if such sales price is less than such appraised value, in either case subject to downward adjustment by the Originator. Authorized Representative: As defined in Section 8 hereof and each Person as set forth in Exhibit B. Balloon Loan: Any Mortgage Loan that has an amortization schedule which extends beyond its maturity date, resulting in a relatively large unamortized principal balance due in a single payment at maturity. Certificate Insurance Policy: The Certificate Insurance Policy issued by the Certificate Insurer as described in the related EquiVantage Pooling and Servicing Agreement. Certificate Insurer: Financial Guaranty Insurance Company, a New York stock insurance company, or any successor thereto, issuing the Certificate Insurance Policy. Closing Date: With respect to any Pool, as defined in the related Conveyance Agreement. Code: The Internal Revenue Code of 1986, as amended and any successor statute. Conveyance Agreement: Any Conveyance Agreement relating to a Pool, in substantially the form set forth as Exhibit A hereto. Coupon Rate: The rate of interest borne by each Note. Cut-Off Date: With respect to any Pool, as defined in the related Conveyance Agreement. Delinquent: A Mortgage Loan is delinquent if any payment due thereon is not made by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is 30 days delinquent if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month. Similarly for 60 days delinquent, 90 days delinquent and so on. Due Date: As to any Mortgage Loan, the day of the month on which the monthly payment is due, excluding any days of grace. EquiVantage Pooling and Servicing Agreement: Any Pooling and Servicing Agreement entered into by and among EquiVantage Acceptance Corp., in its corporate capacity and in its capacity as Sponsor, the Servicer and the Trustee, as it may be amended and supplemented from time to time by the parties thereto. EquiVantage Trust: An investor trust created by the Company to purchase the Mortgage Loans acquired by the Company from the Originator pursuant to this Agreement and the Conveyance Agreements. EquiVantage Trust Certificates: The certificates issued by an EquiVantage Trust. FDIC: The Federal Deposit Insurance Corporation, or any successor thereto. FHLMC: The Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended, or any successor thereof. File: The documents delivered to the Trustee pursuant to the document delivery provisions of the related EquiVantage Pooling and Servicing Agreement pertaining to a particular Mortgage 2 Loan, together with any additional documents required to be added to the File pursuant to this Agreement. First Mortgage Loan: A Mortgage Loan secured by a first priority mortgage lien with respect to any Property. FNMA: The Federal National Mortgage Association, a federally-chartered and privately-owned corporation existing under the Federal National Mortgage Association Charter Act, as amended, or any successor thereof. Insured Payment: As defined in the related EquiVantage Pooling and Servicing Agreement. Initial Mortgage Loans: The Mortgage Loans delivered by the Company to the related EquiVantage Trust on the Startup Day pursuant to the related EquiVantage Pooling and Servicing Agreement. Insurance Policy: Any hazard, title or primary mortgage insurance policy relating to a Mortgage Loan. Loan Balance: With respect to each Mortgage Loan, as defined in the related EquiVantage Pooling and Servicing Agreement. Mortgage: The mortgage, deed of trust or other instrument creating a first or second lien on an estate in fee simple in real property, in accordance with applicable law, securing a Note. Mortgage Loan: Each of the mortgage loans transferred and assigned to the Company by the Originator pursuant hereto. Mortgagor: The obligor on a Note. Note: The note or other evidence of indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan. Offered Certificates: Any securities issued by an EquiVantage Trust that are not retained by the Company, any of the Company's affiliates or the Originator. Operative Documents: This Agreement, the related EquiVantage Pooling and Servicing Agreement, the related Conveyance Agreement, and other agreements described in the related EquiVantage Pooling and Servicing Agreement. Original Principal Amount: With respect to each Note, the principal amount of such Note or the mortgage note relating to a Senior Lien, as the case may be, on the date of origination thereof. 3 Originator: EquiVantage Inc., a Delaware corporation. Owner: The Person in whose name an EquiVantage Trust certificate is recorded in a register maintained by the Trustee, as defined in the related EquiVantage Pooling and Servicing Agreement. Percentage Interest: As defined in the related EquiVantage Pooling and Servicing Agreement. Person: Any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. Pool: The pool of Mortgage Loans transferred to the Company or an EquiVantage Trust pursuant to a specific Conveyance Agreement. Primary Parcel: With respect to any Property with multiple parcels, the parcel that was given primary consideration. Principal and Interest Account: Collectively, each principal and interest account created by the Servicer or any Sub-Servicer pursuant to the related EquiVantage Pooling and Servicing Agreement, or pursuant to any sub-servicing agreement as defined in the relevant EquiVantage Pooling and Servicing Agreement. Property: The property on which a lien is granted to secure a Mortgage Loan. Prospectus: Any prospectus (including any prospectus supplement) relating to the Registration Statement pursuant to which Offered Certificates are offered. Qualified Mortgage: "Qualified Mortgage" shall have the meaning set forth from time to time in the definition thereof at Section 860G(a)(3) of the Code (or any successor statute thereto) and applicable to the related EquiVantage Trust. Qualified Replacement Mortgage: A Mortgage Loan substituted for another pursuant to the relevant provisions of the related EquiVantage Pooling and Servicing Agreement. Registration Statement: The Registration Statement filed by the Company with the Securities and Exchange Commission, including all amendments thereto and including the Prospectus concerning the related EquiVantage Trust certificates constituting a part thereof. REMIC: A "real estate mortgage investment conduit" within the meaning of Section 860D of the Code. 4 Remittance Date: Any date on which the Servicer is required to remit to the Trustee moneys on deposit in the Principal and Interest Account as defined in the related EquiVantage Pooling and Servicing Agreement. Schedule of Mortgage Loans: Any of the Schedules of Mortgage Loans required to be delivered pursuant to the related EquiVantage Pooling and Servicing Agreement. Second Mortgage Loan: A Mortgage Loan secured by a second priority mortgage lien with respect to the related Property. Senior Lien: With respect to any Second Mortgage Loan, the mortgage loan relating to the corresponding Property having a first priority lien. Servicer: EquiVantage Inc., a Delaware corporation, and its permitted successors and assigns, or any other party, including the Sub-Servicer, accepting the rights and obligations of Servicer in an EquiVantage Pooling and Servicing Agreement. Startup Day: Any startup date of an EquiVantage Pooling and Servicing Agreement. Sub-Servicer: As defined in the related EquiVantage Pooling and Servicing Agreement. Trustee: Any party accepting the rights and obligations of Trustee in an EquiVantage Pooling and Servicing Agreement. Section 2. Interest Calculations. All calculations of interest hereunder, including, without limitation, calculations of interest at the Coupon Rate, which are made in respect of the Loan Balance of a Mortgage Loan shall be made on a daily basis using a 360-day year. Section 3. Transfers of Mortgage Loans. (a) From time to time in connection with the establishment of EquiVantage Trusts, the Originator intends to transfer to the Company, and the Company intends to accept the transfer from the Originator of, Mortgage Loans. Each such transfer will be evidenced by a Conveyance Agreement in substantially the form of Exhibit A hereto. (b) In connection with each such transfer under this Agreement or in connection with any prior transfer pursuant to another instrument of transfer the Company will pay or will have paid to the Originator, in cash, its pro rata portion of the consideration received by the Company for the Pool in connection with the issuance of the Offered Certificates, together with the Originator's pro rata portion of any subordinate certificates, unless otherwise agreed between the Originator and the Company. (c) In connection with each such transfer the Originator and the Company will deliver to the Trustee the documents required by the related EquiVantage Pooling and Servicing Agreement during the time periods required thereby. In the event of any document deficiencies, the Originator 5 and the Company shall take the actions required by the related EquiVantage Pooling and Servicing Agreement during the time periods required thereby. The Originator in addition hereby acknowledges that the Trustee, the Servicer and the Certificate Insurer may enforce directly against the Originator any rights granted to any of them in the related EquiVantage Pooling and Servicing Agreement, and the Originator and the Company agree to comply with their respective duties and obligations set forth in such EquiVantage Pooling and Servicing Agreement. Section 4. Representations, Warranties and Covenants Regarding the Originator and the Company. (a) The Originator hereby represents and warrants to the Company, the Trustee, the Certificate Insurer and their respective successors and assigns that, as of the date hereof: (i) The Originator is a corporation duly organized, validly existing and in good standing under the laws governing its creation and existence and is in good standing as a foreign corporation as applicable, in each jurisdiction in which the nature of its business, or the properties owned or leased by it make such qualification necessary. The Originator has all requisite organizational power and authority to own and operate its properties, to carry out its business as presently conducted and as proposed to be conducted, to enter into and discharge its obligations under this Agreement and the Conveyance Agreements. (ii) The execution and delivery of this Agreement by the Originator and its performance and compliance with the terms of this Agreement and the Conveyance Agreements to which it is a party have been duly authorized by all necessary action on the part of the Originator and will not violate the Originator's Articles of Incorporation or Bylaws or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a breach of, any material contract, agreement or other instrument to which the Originator is a party or by which the Originator is bound or violate any statute or any order, rule or regulation of any court, governmental agency or body or other tribunal having jurisdiction over the Originator or any of its properties. (iii) This Agreement and the Conveyance Agreements to which the Originator is a party, assuming due authorization, execution and delivery by the other parties hereto and thereto, each constitutes a valid, legal and binding obligation of the Originator, enforceable against it in accordance with the terms hereof, except as the enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law). (iv) The Originator is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which might have consequences that would materially and adversely affect 6 the condition (financial or other) or operations of the Originator or its properties or might have consequences that would materially and adversely affect its performance hereunder and under the Conveyance Agreements. (v) Except as described in a related EquiVantage Pooling and Servicing Agreement and as disclosed in any Prospectus, no litigation is pending or, to the best of the Originator's knowledge, threatened against the Originator which litigation is likely to have consequences that would prohibit its entering into this Agreement or any Conveyance Agreements or that is likely to materially and adversely affect the condition (financial or otherwise) or operations of the Originator or its properties or might have consequences that would materially and adversely affect its performance hereunder and under the Conveyance Agreements. (vi) No certificate of an officer, statement furnished in writing or report delivered pursuant to the terms hereof by the Originator contains any untrue statement of a material fact or omits to state any material fact necessary to make the certificate, statement or report not misleading. (vii) Upon the receipt of each Mortgage Loan and other items of the File, including the Note and Mortgage by the Trustee under this Agreement, the related Trust will have good and indefeasible title to such Mortgage Loan and such other items of the related Trust Estate free and clear of any lien (other than liens which will be simultaneously released). (viii) All actions, approvals, consents, waivers, exemptions, variances, franchises, orders, permits, authorizations, rights and licenses required to be taken, given or obtained, as the case may be, by or from any federal, state or other governmental authority or agency (other than any such actions, approvals, etc. under any state securities laws, real estate syndication or "Blue Sky" statutes, as to which the Originator makes no such representation or warranty) that are necessary in connection with the sale of the Mortgage Loans and the execution and delivery by the Originator of this Agreement and the Conveyance Agreements to which it is a party, have been duly taken, given or obtained, as the case may be, are in full force and effect on the date hereof, are not subject to any pending proceedings or appeals (administrative, judicial or otherwise), either the time within which any appeal therefrom may be taken or review thereof may be obtained has expired or no review thereof may be obtained or appeal therefrom taken and are adequate to authorize the consummation of the transactions contemplated by this Agreement and the Conveyance Agreements on the part of the Originator and the performance by the Originator of its obligations under this Agreement and the Conveyance Agreements. 7 (ix) The origination practices and the collection practices used by the Originator with respect to the Mortgage Loans have been and are, in all material respects, legal, proper, prudent and customary in the mortgage loan lending business. (x) The transactions contemplated by this Agreement are in the ordinary course of business of the Originator. (xi) The Originator will receive fair consideration and reasonably equivalent value in exchange for the sale of the interests in the Mortgage Loans. (xii) The Originator will not transfer or sell any interest in any Mortgage Loan with any intent to hinder, delay or defraud any of its respective creditors. (xiii) The Originator is solvent, and the Originator will not be rendered insolvent as a result of the sale of the Mortgage Loans to the related Trust. (xiv) The statements contained in the Registration Statement that describe the Originator or matters or activities for which the Originator is responsible in accordance with the Operative Documents or which are attributable to the Originator thereon are true and correct in all material respects, and the Registration Statement does not contain any untrue statement of a material fact with respect to the Originator or omit to state a material fact required to be stated therein or necessary in order to make the statements contained therein with respect to the Originator not misleading. (xv) The Originator will not, prior to the date that is one year and one day after the final payment of any Certificates issued by the EquiVantage Trust under the EquiVantage Pooling and Servicing Agreement, institute against the Company, or join any other Person in instituting against the Company, any bankruptcy, insolvency, liquidation, readjustment of debt, marshaling of assets or similar proceeding or acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any governmental authority for the purpose of appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Company. It is understood and agreed that the representations and warranties set forth in this paragraph (a) shall survive the sale and assignment by the Originator of the Mortgage Loans to the Company and by the Company to the related EquiVantage Trust. (b) The Company hereby represents and warrants to the Originator, the Certificate Insurer, the Trustee and the Owners that, as of the date hereof: 8 (i) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is in good standing as a foreign corporation in each jurisdiction in which the nature of its business, or the properties owned or leased by it make such qualification necessary. The Company has all requisite corporate power and authority to own and operate its properties, to carry out its business as presently conducted and as proposed to be conducted and to enter into and discharge its obligations under this Agreement and the other Operative Documents to which it is a party. (ii) The execution and delivery of this Agreement, the related Conveyance Agreement and the other Operative Documents to which the Company is a party by the Company and its performance and compliance with the terms of this Agreement, the related Conveyance Agreement and of the other Operative Documents to which it is a party have been duly authorized by all necessary corporate action on the part of the Company and will not violate the Company's articles of incorporation, bylaws or other organizational documents of the Company or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Company is a party or by which the Company is bound, or violate any statute or any order, rule or regulation of any court, governmental agency or body or other tribunal having jurisdiction over the Company or any of its properties. (iii) This Agreement, the related Conveyance Agreement and the other Operative Documents to which the Company is a party, assuming due authorization, execution and delivery by the other parties hereto and thereto, each constitutes a valid, legal and binding obligation of the Company, enforceable against it in accordance with the terms hereof and thereof, except as the enforcement hereof and there of may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law). (iv) The Company is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which might have consequences that would materially and adversely affect the condition (financial or other) or operations of the Company or its properties or might have consequences that would materially and adversely affect its performance hereunder, under the related Conveyance Agreement and under the other Operative Documents to which it is a party. (v) Except as described in the related EquiVantage Pooling and Servicing Agreement and as disclosed in any Prospectus, no litigation is pending or, to the best of the Company's knowledge, threatened against the Company which litigation might have consequences that would prohibit its entering into this Agreement, the related 9 Conveyance Agreement or any other Operative Document to which it is a party or that would materially and adversely affect the condition (financial or otherwise) or operations of the Company or its properties or might have consequences that would materially and adversely affect its performance hereunder, under the related Conveyance Agreement and under the other Operative Documents to which it is a party. (vi) No certificate of an officer, statement furnished in writing or report delivered pursuant to the terms hereof by the Company contains any untrue statement of a material fact or omits to state any material fact necessary to make the certificate, statement or report not misleading. (vii) The statements contained in the Registration Statement which describe the Company or matters or activities for which the Company is responsible in accordance with the Operative Documents or which are attributed to the Company therein are true and correct in all material respects, and the Registration Statement does not contain any untrue statement of a material fact with respect to the Company or omit to state a material fact required to be stated therein or necessary in order to make the statements contained therein with respect to the Company not misleading. To the best of the Company's knowledge and belief, the Registration Statement does not contain any untrue statement of a material fact required to be stated therein or omit to state any material fact required to be stated therein or necessary to make the statements contained therein not misleading. (viii) All actions, approvals, consents, waivers, exemptions, variances, franchises, orders, permits, authorizations, rights and licenses required to be taken, given or obtained, as the case may be, by or from any federal, state or other governmental authority or agency (other than any such actions, approvals, etc. under any state securities laws, real estate syndication or "Blue Sky" statutes, as to which the Company makes no such representation or warranty), that are necessary or advisable in connection with the purchase and sale of the related EquiVantage Trust Certificates and the execution and delivery by the Company of the Operative Documents to which it is a party, have been duly taken, given or obtained, as the case may be, are in full force and effect on the date hereof, are not subject to any pending proceedings or appeals (administrative, judicial or otherwise) and either the time within which any appeal therefrom may be taken or review thereof may be obtained has expired or no review thereof may be obtained or appeal therefrom taken, and are adequate to authorize the consummation of the transactions contemplated by this Agreement, the related Conveyance Agreement and the other Operative Documents on the part of the Company and the performance by the Company of its obligations under this Agreement, the related Conveyance Agreement and under such of the other Operative Documents to which it is a party. 10 (ix) The transactions contemplated by this Agreement are in the ordinary course of business of the Company. (x) The Company is receiving fair consideration and reasonably equivalent value in exchange for the sale of the interests in the Mortgage Loans evidenced by the related EquiVantage Trust Certificates. (xi) The Company is not selling any interest in any Mortgage Loan evidenced by the related EquiVantage Trust Certificates with any intent to hinder, delay or defraud any of its respective creditors. (xii) The Company is solvent and the Company will not be rendered insolvent as a result of the sale of the Mortgage Loans to the Trust or the sale of the related EquiVantage Trust Certificates. The representations and warranties set forth in this paragraph (b) shall survive the sale and assignment of the Mortgage Loans to the Company and the sale and assignment of the Mortgage Loans by the Company to the related EquiVantage Trust. Upon discovery of a breach of any of the foregoing representations and warranties which materially and adversely affects the interests of the Originator, the party discovering such breach shall give prompt written notice to the other. Within 30 days of its receipt of notice of breach, the Company shall cure such breach in all material respects. Section 5. Representations and Warranties of the Originator Regarding the Mortgage Loans. (a) Set forth in paragraph (b) below, are listings of representations and warranties which are hereby made by the Originator to the Company in connection with each purchase of a Pool with respect to the related Mortgage Loans in such Pool as of the related Cut-Off Date. In addition, with respect to the Mortgage Loans in the related Pool, a Conveyance Agreement may delete or modify any of such representations and warranties or may add additional representations and warranties (the Company may also modify, add or delete any such representations and warranties in the related EquiVantage Pooling and Servicing Agreement) (collectively, any such modified or additional representations and warranties, the "Additional Representations and Warranties"); provided, however, that all such deletions, additions or modifications shall have been approved by the Certificate Insurer. The representations and warranties listed in paragraphs (a) and (b), together with any Additional Representations and Warranties, constitute the representations and warranties under this Section 5. The parties hereto agree that the representations and warranties are incorporated by reference into the related EquiVantage Pooling and Servicing Agreement and that the Trustee and the Certificate Insurer may pursue all of the Company's rights and remedies hereunder with respect to any breach of a representation and warranty in the same manner as if the Trustee, or the Certificate Insurer, as the case may be, were a party to this Agreement. (b) With respect to each Mortgage Loan as of the related Cut-Off Date, the Originator hereby represents, warrants and covenants to the Company, the Certificate Insurer, Servicer and the Trustee as follows; the Originator acknowledges that the Trustee will be relying on such 11 representations, warranties and covenants in accepting the Mortgage Loans from the Company and that the Certificate Insurer will be relying thereon in issuing the Certificate Insurance Policy: (i) Such Mortgage Loan was originated or acquired by the Originator and as of the Startup Day the related Mortgage creates a valid lien on the related Property securing the amount owed by the Mortgagor under the related Note subject only to (w) the lien of current real property taxes and assessments, (x) the lien of any related Senior Lien (as to any Mortgage Loan that is not secured by a first priority lien), (y) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such exceptions appearing of record being acceptable to mortgage lending institutions generally in the area wherein the related Property is located or specifically reflected in the appraisal or title policy obtained in connection with the origination of the related Mortgage Loan by the Company and the Originator and (z) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by such Mortgage. (ii) No Property consists solely of raw land, an apartment building having more than four units or a cooperative apartment. Each Primary Parcel is improved by one or more single (one-to-four) family residential dwellings, which may include condominiums, townhouses and manufactured homes. (iii) Immediately prior to the sale, transfer, assignment and conveyance by the Originator to the Company, the Originator had good title to such Mortgage Loan, free of any interest of any other Person, and the Originator has sold, transferred, assigned and conveyed all of its right, title and interest in and to such Mortgage Loan to the Company. (iv) The Originator and, with respect to any Mortgage Loan purchased by the Originator, the seller of such Mortgage Loan to the Originator, was properly licensed or otherwise authorized, to the extent required by applicable law including, without limitation, any "doing business" laws, to originate or acquire such Mortgage Loan. Such Mortgage Loan at the time it was made complied or, if the Mortgage Loan was acquired and not originated by the Originator, to the best of the Originator's knowledge, such Mortgage Loan either (y) complied in all material respects with applicable state and federal laws and regulations, including, without limitation, the federal Truth-in-Lending Act, the Real Estate Settlement Procedures Act and other federal, state and local consumer protection, usury, equal credit opportunity, disclosure and recording laws or (z) any such lack of compliance under clause (y) has been cured such that all such Mortgage Loans acquired and not originated by the Originator are materially in compliance pursuant to clause (y). The consummation of the transactions herein 12 contemplated, including, without limitation, the sale of the Mortgage Loans to the related EquiVantage Trust, will not violate any such state or federal law or regulation. (v) The Originator has not received a notice of default on any Senior Lien secured by the related Property which has not been cured by a party other than the Originator. (vi) Except as provided in the related Conveyance Agreement, none of the Mortgage Loans are subject to Section 32 of the Federal Truth-in-Lending Act. (vii) As of its date of origination, no Mortgage Loan had a Combined Loan- to-Value Ratio in excess of the level specified in the related Conveyance Agreement. (viii) No Senior Lien or any Mortgage Loan secured by the related Property provides for negative amortization of the principal balance thereof. (ix) Each original Mortgage was recorded, or is in the process of being recorded, and all subsequent assignments of the original Mortgage have been recorded, or are in the process of being recorded, in the appropriate jurisdictions wherein such recordation is necessary to perfect the lien thereof as against creditors of the Originator and any other originator or as against creditors of the Originator's predecessors in title, except as otherwise provided for in the related EquiVantage Pooling and Servicing Agreement. (x) The related Note is not and has not been secured by any collateral, pledged account or other security except the lien of the related Mortgage. Each Senior Lien, if any, on a Property permits the granting of a junior lien similar to the related Mortgage Loan without consent, or, if consent is required, it has been obtained and is contained in the related Mortgage file. (xi) As of the related Cut-Off Date, to the best knowledge of the Originator, the Property subject to the related Mortgage is free of material damage and is in good repair, except for deferred maintenance for which sufficient funds have been escrowed. (xii) The sale, transfer, assignment and conveyance of each Mortgage Loan by the Originator to the Company is not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. (xiii) Each Mortgage Loan is being serviced by the Servicer or a Sub- Servicer in accordance with the Servicer's standard servicing procedures. 13 (xiv) Each Mortgage Loan is a mortgage loan principally secured by an interest in real property for purposes of the REMIC provisions of the Code and is secured by a first or second priority Mortgage. (xv) The credit underwriting guidelines applicable to the origination of each Mortgage Loan conformed in all material respects to the description thereof set forth in the Prospectus relating to the Offered Certificates. None of the Mortgage Loans were selected from among the Originator's or any other originator's assets in a manner which would cause them to be adversely selected as to credit risk from the pool of mortgage loans owned by the Originator. (xvi) As of the Startup Day, to the best of the Originator's knowledge, there is no valid and enforceable offset, defense, right of rescission, set-off or counterclaim to any Note or Mortgage, including the defense of usury, or the obligation of the related Mortgagor to pay the unpaid principal of or interest on such Note. (xvii) If any material improvement to the Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, a flood insurance policy in a form meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with respect to such material improvement located on such Property with a generally acceptable carrier in an amount representing coverage not less than the least of (A) the outstanding principal balance of the related Mortgage Loan (together, in the case of a Mortgage Loan that is not a first priority lien, with the outstanding principal balance of any liens that are prior to the related Mortgage Loan lien), (B) the minimum amount required to compensate for damage or loss to such improvement on a replacement cost basis or (C) the maximum amount of insurance that is available under the Flood Disaster Protection Act of 1973. (xviii) Each Mortgage Loan contains a provision for the acceleration of the payment of the unpaid principal balance of the related Mortgage Loan in the event the related Property is sold without the prior consent of the holder of the Mortgage, subject to limitations under applicable law. (xix) Except as otherwise set forth on the related Schedule of Mortgage Loans, no instrument of release or waiver has been executed in connection with any Mortgage Loan, and no Mortgagor has been released, in whole or in part, from his or her obligations thereunder, except (A) with respect to release of excess acreage, (B) where necessary to create a utility easement, (C) release of portions of land, none of which materially adversely affects the value of the relevant Property or which causes the resulting Combined Loan-to-Value Ratio to be outside of the underwriting guidelines or (D) in a manner consistent with the Originator's or Servicer's ordinary practice. 14 (xx) Each Mortgage Loan conforms, and all such Mortgage Loans in the aggregate conform, in all material respects to the description thereof set forth in the related Prospectus. (xxi) The information with respect to each Mortgage Loan set forth in the Schedules of Mortgage Loans is true and correct as of the Cut-Off Date. (xxii) All of the original or certified documentation set forth in the related EquiVantage Pooling and Servicing Agreement (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Trustee on the Startup Day or as otherwise provided in the related EquiVantage Pooling and Servicing Agreement. (xxiii) Each Mortgage Loan being transferred to the Trust is secured by a Mortgage that is a Qualified Mortgage and each Note is in a form that is acceptable to prudent mortgage lenders which make mortgage loans comparable to the Mortgage Loans. (xxiv) Each Mortgage is a valid and subsisting first or second (as shown in the related Schedule of Mortgage Loans) lien of record on the Primary Parcel of the related Property subject in all cases to the exceptions to title set forth in the title insurance policy or title opinion with respect to the related Mortgage Loan, which are exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. (xxv) Prior to the sale to the Company of Mortgage Loans by the Originator, the Originator held good and indefeasible title to, and was the sole owner of, each Mortgage Loan subject to no liens, charges, mortgages, encumbrances or rights of others except as set forth in clauses (viii), (xi) and (xiii) above or other liens which will be released simultaneously with such transfer and assignment. (xxvi) There is no delinquent tax, ground rent, water charge, sewer rent, insurance premium, leasehold payment or delinquent assessment lien, mechanics' lien or claim for work, labor or material affecting any Property which is or may have a priority over, be a lien prior to, or equal with, the lien of the related Mortgage, except those liens for which funds sufficient to discharge such liens are held in escrow by the Servicer or by an escrow agent, or which are insured against by the title insurance policy. (xxvii) With respect to each Mortgage Loan, either (A) lender's title insurance policy (or commitment therefor), issued in standard or American Land Title Association form (with modifications, if any, approved by the state in which the related 15 Property is located) by a title insurance company authorized to transact business in the state in which the related Property is situated, in an amount at least equal to the Original Principal Amount of such Mortgage Loan insuring the mortgagee's interest under the related Mortgage Loan as the holder of a valid first or second mortgage lien of record on the real property described in the related Mortgage, subject only to a survey exception and other exceptions of the character referred to in clauses (xxiv), (xxv) and (xxvi) above and (xliv) below, was effective on the date of the origination of such Mortgage Loan, and, as of the Closing Date, such policy will be valid and thereafter such policy shall continue in full force and effect, (B) in those jurisdictions in which it is customary to obtain opinions of counsel as to title matters rather than title insurance, an opinion of counsel as to the mortgagee's interest under the related Mortgage Loan as the holder of a valid first or second mortgage lien of record on the real property described in the related Mortgage, was obtained in connection with the date or origination of such Mortgage Loan. (xxviii) The material improvements upon each Property are covered by a valid and existing hazard insurance policy with a carrier licensed in the state in which the Property is located that provides for fire and extended coverage representing coverage not less than the least of (A) the outstanding principal balance of the related Mortgage Loan and, in the case of a Second Mortgage Loan, the outstanding principal balance of the related Senior Lien, (B) the minimum amount required to compensate for loss or damage on a replacement cost basis or (C) the full insurable value of the material improvements to the Property, but in any event in an amount not less than such amount as is necessary to avoid the application of any co-insurance clause contained in the related insurance policy. All individual insurance policies are the valid and binding obligation of the insurer and contain a standard mortgagee clause naming the Servicer on behalf of the Originator, its successors and assigns, as mortgagee. All premiums then due thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost and expense. (xxix) Each Mortgage and Note is genuine and constitutes the legal, valid and binding obligation of the maker thereof and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law), and to the best of the Originator's knowledge all parties to each Mortgage Loan had full legal capacity to execute all documents relating to such Mortgage Loan and to convey the estate therein purported to be conveyed and each Mortgage and Note have been duly and properly executed by such parties. 16 (xxx) The Originator has caused and will cause to be performed any and all acts required to be performed to preserve the rights and remedies of the Trustee in any Insurance Policies applicable to any of the Mortgage Loans delivered by the Originator to the Trustee including, without limitation, any necessary notifications of insurers, assignments of policies or interest therein, and establishments of co-insured, joint loss payee and mortgagee rights in favor of the Trustee. (xxxi) The terms of each Note and each Mortgage have not been impaired, altered or modified in any respect, except by a written instrument which has been recorded, if necessary, to protect the interest of the Trustee, as assignee of the Company, and which has been delivered to the Trustee. The substance of any such alteration or modification made prior to the Cut-Off Date is reflected on the related Schedule of Mortgage Loans; and any subsequent alteration or modification prior to the date hereof has been made only as permitted by the related EquiVantage Pooling and Servicing Agreement. (xxxii) The proceeds of each Mortgage Loan have been fully disbursed to the Mortgagor or into an escrow account (i) for completion of any improvements to the related Property or (ii) to establish as an escrow fund for payment of taxes and insurance related to the Property. Each Mortgage Loan is a closed-end Mortgage Loan, and there is no obligation on the part of the Servicer, the Originator or the Originator's assignees to make future advances thereunder at the option of the Mortgagor. All costs, fees and expenses incurred in making, closing or recording such Mortgage Loans have been paid or will be paid from escrowed funds. (xxxiii) No Mortgage Loan has a shared appreciation feature, or other contingent interest feature. (xxxiv) As of the Cut-Off Date, the percentage of Mortgage Loans stated in the related Conveyance Agreement were originated pursuant to a "no-income verification" program. (xxxv) Any advances made after the date of origination of a Mortgage Loan but prior to the Cut-Off Date have been consolidated with the outstanding principal amount secured by the related Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term as reflected on the Schedule of Mortgage Loans. The consolidated principal amount does not exceed the Original Principal Amount of the related Mortgage Loan. (xxxvi) To the best of the Company's knowledge, there is no proceeding pending or threatened for the total or partial condemnation of any Property, nor is such a proceeding currently occurring, and each Property is undamaged by waste, fire, 17 earthquake, earth, movement, windstorm (including a hurricane), flood, tornado or other casualty, except for damage materially covered by policies of insurance as described in clause (xxviii) above and identified in Schedule I attached hereto. (xxxvii) To the best of the Company's knowledge, all of the improvements which were included for the purposes of determining the Appraised Value of each Property lie wholly within the boundaries and building restriction lines of such Property, and no improvements on adjoining properties encroach upon such Property, except for minor encroachments and protrusions which do not materially affect the Appraised Value of the Property. (xxxviii) To the best of the Company's knowledge, no improvement located on or being part of any Property is in material violation of any applicable zoning law or regulation. To the best of Originator's knowledge, all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of each Property and, with respect to the use and occupancy of the same, have been made or obtained from the appropriate authorities. (xxxix) With respect to each Mortgage constituting a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in such Mortgage, and no fees or expenses are or will become payable by the Company to the trustee under the deed of trust, except in connection with a trustee's sale after default by the related Mortgagor. (xl) Each Mortgage contains customary and enforceable provisions which render the rights and remedies of the holder thereof adequate for the realization against the related Property of the benefits of the security, including (A) in the case of a Mortgage designated as a deed of trust, by trustee's sale and (B) otherwise by judicial foreclosure. There is no homestead or other exemption available to the related Mortgagor which would materially interfere with the right to sell the related Property at a trustee's sale or the right to foreclose the related Mortgage. (xli) To the best of the Originator's knowledge except as disclosed on the Schedules of Mortgage Loans, there is no default, breach, violation or event of acceleration existing as of the Cut-Off Date under any Mortgage or the related Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration; and neither the Servicer nor the Originator has waived any default, breach, violation or event of acceleration which would, but for such waiver, exist on the Cut-Off Date; except that the Servicer or the Originator may have heretofore waived late payments or granted extensions of payments (none of which extensions are material). 18 (xlii) An appraisal, completed by independent fee appraisers, was performed with respect to each Mortgage Loan and is contained in the File, and no appraisal was based solely on a cost approach analysis. (xliii) With respect to each Mortgaged Property subject to a ground lease (i) the current ground lessor has been identified and all ground rents which previously become due and owing have been paid; (ii) the ground lease term extends, or is automatically renewable, for a least five years beyond the maturity date of the related Mortgage Loan; (iii) the ground lease has been duly executed; (iv) the amount of the ground rent and any increases therein are clearly identified in the lease and are for predetermined amounts at predetermined times; (v) the Trust has the right to cure defaults on the ground lease; and (vi) the terms and conditions of the leasehold do not prevent the free and absolute marketability of the Mortgaged Property. As of the Cut-Off Date, the Principal Balance of Mortgage Loans with related Mortgaged Properties subject to ground leases does not exceed the percentage of the Original Principal Balance stated in the related Conveyance Agreement. (xliv) As of the Cut-Off Date, no more than the percentage of the Original Aggregate Loan Balance stated in the related Conveyance Agreement is secured by investor-owned Properties. (xlv) The Originator has no actual knowledge that there exist on any Property, any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation. For purposes of this clause, actual knowledge of the Originator means actual knowledge of an officer of the Originator involved in the servicing of the relevant Mortgage Loan. Actual knowledge of the Originator does not include knowledge imputable by virtue of the availability of or accessibility to information relating to environmental or hazardous waste sites or the locations thereof. (xlvi) To the best of the Originator's knowledge, except for payments in the nature of escrow payments, including, without limitation, taxes and insurance payments, or payments for protection and preservation of the Property; including the cost of legal proceedings against the Property, the Servicer has not advanced funds directly or indirectly, for the payment of any amount required by the Mortgage. (xlvii) Any Mortgage Loan in which the related Mortgagor is subject to a bankruptcy proceeding filed after the Mortgage Loan was originated is current under the terms of the bankruptcy payment plan. 19 (xlviii) Each Mortgage Loan is a fixed rate Mortgage Loan, except for the number of adjustable rate Mortgage Loans, if any, stated in the related Conveyance Agreement. (xlix) With respect to each Mortgage Loan which is or has been the subject of bankruptcy or insolvency proceedings, (a) as of the Cut-Off Date, the Mortgagor is not contractually delinquent more than 30 days with respect to any payment due under the related plan, (b) the current Combined Loan-to-Value Ratio is less than or equal to 85%, and (c) either (i) if the current Combined Loan-to-Value Ratio is between 70% and 85% as of the Cut-Off Date, the Mortgagor has made at least six consecutive payments under the related Plan or (ii) if the current Combined Loan-to-Value Ratio is less than 70% as of the Cut-Off Date, the Mortgagor has made at least three consecutive payments under the related plan. (l) To the best knowledge of the Originator, the proceeds of any Mortgage Loan made to a Mortgagor in bankruptcy at the time of origination of such Mortgage Loan were applied in a manner consistent with the related bankruptcy plan. (li) The maturity date of each Mortgage Loan that is a junior lien loan is at least twelve months prior to the maturity date of the related first mortgage loan if such related first mortgage loan provides for a balloon payment. (lii) The Mortgagor has not notified the Originator of and the Originator has no knowledge of any relief requested or allowed to the Mortgagor under the Soldiers and Sailors Civil Relief Act of 1940. (liii)(a) To the best of the Originator's knowledge, no action, error, omission, misrepresentation, negligence, fraud or similar occurrence with respect to a Mortgage Loan has taken place on the part of any person, including without limitation the Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination of the Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan, that would have a material adverse effect on the Mortgage Loan, except in the case of a Mortgage Loan with respect to which information contained in an appraisal, Mortgagor income verification report or other document related to the origination of the Mortgage Loan has been determined to be incorrect or incomplete and such information has been corrected or completed as of the related Cut-Off Date, and (b) the Originator has no knowledge of any action that has been taken or failed to have been taken, or of any event that has occurred, or state of facts that exists or has existed on or prior to the related Cut-Off Date (whether or not known to the Originator on or prior to such date) which occurrence described in clause (a) and clause (b) of this subsection (liii) has resulted or will result in an exclusion from, denial of, or defense to coverage under any primary insurance policy or pool policy 20 certification (including, without limitation, any exclusions, denials or defenses which would limit or reduce the availability of the timely payment of the full amount of the loss otherwise due thereunder to the insured) whether arising out of actions, representations, errors, omissions, negligence, or fraud of a seller, the Originator, the related Mortgagor or any party involved in the application for such coverage, including the appraisal, plans and specifications and other exhibits or documents submitted therewith to the insurer under such insurance policy, or for any other reason under such coverage, but not including the failure of such insurer to pay by reason of such insurer's breach of such insurance policy or such insurer's financial inability to pay. (liv) The Originator has no knowledge of any circumstance or condition with respect to the Property, Mortgagor or the Mortgagor's credit standing that can reasonably be expected to materially adversely affect the value of the Mortgage Loan. The representations and warranties of this paragraph (b) shall survive the transfer and assignment of the Mortgage Loans to the Company. The representations and warranties of this paragraph (b) shall survive the transfer and assignment of the Mortgage Loans by the Company to EquiVantage Trusts. Upon discovery by the Company of a breach of any of the representations and warranties of this paragraph (b), without regard to any limitation set forth in such representation or warranty concerning the knowledge of the Originator or the Company as to the facts stated therein, which breach, in the opinion of the Company, the Certificate Insurer or the Trustee, materially and adversely affects the interests of the Company, the Owners or of the Certificate Insurer in the related Mortgage Loan or Mortgage Loans, the party discovering such breach shall give prompt written notice to the other parties, and the Originator shall be required to take the remedial actions required by the related EquiVantage Pooling and Servicing Agreement within the time periods required thereto, which in no case shall be less than 30 days. The Originator acknowledges that a breach of any representation or warranty relating to (x) title sufficient to transfer indefeasible title to a Mortgage Loan or (y) enforceability of the Mortgage Loan against the related Mortgagor or Property constitutes breach of a representation or warranty of this Section 5 which "materially and adversely affects the interests of the Owners or of the Certificate Insurer" in such Mortgage Loan. For purposes of this Agreement the representations and warranties made in this Section 5 limited to the Originator's knowledge shall be limited to the actual knowledge of the officers executing this Agreement. Section 6. Covenants of the Originator to Take Certain Actions with Respect to the Mortgage Loans in Certain Situations. (a) Upon the earliest to occur of the Originator's discovery, its receipt of notice of breach from any one of the other parties to the related EquiVantage Pooling and Servicing Agreement or from the Certificate Insurer or such time as a breach of any representation and warranty in Section 5 hereof materially and adversely affects the interests of the Owners or of the Certificate Insurer as set forth above, the Originator hereby covenants and warrants that it shall promptly cure such breach in all material respects or it shall, subject to the further 21 requirements of this paragraph, on the second Remittance Date next succeeding such discovery, receipt of notice or such other time (i) substitute in lieu of each Mortgage Loan which has given rise to the requirement for action by the Originator a Qualified Replacement Mortgage and deliver to the Servicer for deposit in the Principal and Interest Account the Substitution Amount applicable thereto, together with the aggregate amount of all Delinquency Advances and Servicing Advances theretofore made with respect to such Mortgage Loan, to the Servicer for deposit in the Principal and Interest Account or (ii) purchase such Mortgage Loan from the Trust at a purchase price equal to the Loan Purchase Price thereof, which purchase price shall be delivered to the Servicer for deposit in the Principal and Interest Account. In connection with any such proposed purchase or substitution, the Originator at its expense, shall cause to be delivered to the Trustee and to the Certificate Insurer an opinion of counsel experienced in federal income tax matters stating whether or not such a proposed purchase or substitution would constitute a Prohibited Transaction for the Trust or would jeopardize the status of the Trust as a REMIC, and the Originator shall only be required to take either such action to the extent such action would not constitute a Prohibited Transaction for the Trust or would not jeopardize the status of the Trust as a REMIC. Any required purchase or substitution, if delayed by the absence of such opinion shall nonetheless occur upon the earlier of (i) the occurrence of a default or imminent default with respect to the Mortgage Loan or (ii) the delivery of such opinion. The obligation of the Originator to cure the defect, or substitute for, or purchase any Mortgage Loan as to which a representation or warranty is untrue in any material respect and has not been remedied shall constitute the sole remedy against the Originator with respect to such breach available to the Owners, the Trustee or the Certificate Insurer. (b) In the event that any Qualified Replacement Mortgage is delivered by the Originator, the Originator shall be obligated to take the actions described in this Section 6 with respect to such Qualified Replacement Mortgage upon the discovery by any of the Owners, the Company, the Servicer, the Certificate Insurer, or the Trustee that the representations and warranties set forth in Section 5 hereof are untrue with respect to such Qualified Replacement Mortgage in any material respect on the date such Qualified Replacement Mortgage is conveyed to the related EquiVantage Trust such that the interests of the Owners or the Certificate Insurer in the related Qualified Replacement Mortgage are materially and adversely affected; provided, however, that for the purposes of this paragraph (b) the representations and warranties in Section 5 hereof referring to items "as of the Cut-Off Date" or "as of the Startup Day" shall be deemed to refer to such items as of the date such Qualified Replacement Mortgage is conveyed to the related EquiVantage Trust. (c) The covenants set forth in this Section 6 shall survive delivery of the respective Mortgage Loans (including Qualified Replacement Mortgage Loans) to the Trustee. Section 7. Term of Agreement. This Agreement shall terminate upon (i) the final payment or other liquidation of the last Mortgage Loan required pursuant to this Agreement or included in an EquiVantage Trust under this Agreement or (ii) the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan. 22 Section 8. Authorized Representatives. The names of the officers of the Originator and of the Company who are authorized to give and receive notices, requests and instructions and to deliver certificates and documents in connection with this Agreement on behalf of the Originator and of the Company ("Authorized Representatives") are set forth in Exhibit B, along with the specimen signature of each such officer. From time to time, the Originator and the Company may, by delivering to the Trustee and the Certificate Insurer a revised exhibit, change the information previously given, but the Trustee shall be entitled to rely conclusively on the last exhibit until receipt of a superseding exhibit. Section 9. Notices. All demands, notices and communications relating to this Agreement shall be in writing and shall be deemed to have been duly given when received by the other party or parties at the address shown below, or such other address as may hereafter be furnished to the other party or parties by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date delivered to or received at the premises of the addressee. If to the Company: EquiVantage Acceptance Corp. 13111 Northwest Freeway, Suite 301 Houston, TX 77040 Attention: Chief Financial Officer Telecopy: (713) 895-1999 Telephone: (713) 895-1957 With a copy to: EquiVantage Acceptance Corp. 13111 Northwest Freeway, Suite 301 Houston, TX 77040 Attention: General Counsel Telecopy: (713) 895-1999 Telephone: (713) 895-1957 If to the Originator: EquiVantage Inc. 13111 Northwest Freeway, Suite 300 Houston, TX 77040 Attention: Chief Financial Officer Telecopy: (713) 895-3870 Telephone: (713) 895-1900 23 With a copy to: EquiVantage Inc. 13111 Northwest Freeway, Suite 300 Houston, TX 77040 Attention: General Counsel Telecopy: (713) 895-3870 Telephone: (713) 895-1900 If to the Trustee: Norwest Bank Minnesota, National Association Sixth Street & Marquette Avenue Minneapolis, Minnesota 55479-0069 Attention: Corporate Trust Servicer Asset-Backed Administration Re: EquiVantage Home Equity Loan Trust 1997-1 Telecopy: (612) 667-7167 Telephone: (612) 667-9825 If to the Certificate Insurer: Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 Attention: Surveillance Department Re: EquiVantage Acceptance Corp. Home Equity Loan Trust 1997-1 Telecopy: (212) 312-3231 Telephone: (212) 312-3000 Section 10. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflict of laws rules applied in the State of New York. Section 11. Assignment. No party to this Agreement may assign its rights or delegate its obligations under this Agreement without the express written consent of the other parties, except as otherwise set forth in this Agreement. Section 12. Counterparts. For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and together shall constitute and be one and the same instrument. 24 Section 13. Amendment. This Agreement may be amended from time to time by the Originator and the Company only by a written instrument executed by such parties and with the prior written consent of the Certificate Insurer. Section 14. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. Section 15. No Agency; No Partnership or Joint Venture. Neither the Originator nor the Company is the agent or representative of the other (except with respect to Mortgage Loans originated or acquired by the Company in its capacity as Originator), and nothing in this Agreement shall be construed to make either the Originator or the Company liable to any third party for services performed by it or for debts or claims accruing to it against the other party. Nothing contained herein nor the acts of the parties hereto shall be construed to create a partnership or joint venture between the Company and the Originator. Section 16. Further Assurances. The Originator and Company agree to cooperate reasonably and in good faith with one another in the performance of this Agreement. Section 17. The Certificate Insurer and the Trustee. The Certificate Insurer and the Trustee are third-party beneficiaries of this Agreement. The Trustee and the Certificate Insurer shall have the right to enforce the representations and warranties set forth in this Agreement through the Company or directly. Any right conferred to the Certificate Insurer shall be suspended during any period in which the Certificate Insurer is in default in its payment obligations under the Certificate Insurance Policy. During any period of suspension, the Certificate Insurer's rights hereunder shall vest in the Owners of the related Offered Certificates and shall be exercisable by the Owners of at least a majority in Percentage Interest of the related Offered Certificates then Outstanding. At such time as the related Offered Certificates are no longer Outstanding under the related EquiVantage Pooling and Servicing Agreement and the Certificate Insurer has been reimbursed for all Insured Payments to which it is entitled under the related EquiVantage Pooling and Servicing Agreement, the Certificate Insurer's rights hereunder shall terminate. 25 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers, all as of the day and year first above written. EQUIVANTAGE ACCEPTANCE CORP., the Company By:_____________________________ Name: Elizabeth Folk Title: Senior Vice President EQUIVANTAGE INC. the Originator By:_____________________________ Name: Elizabeth Folk Title: Senior Vice President 26 EXHIBIT A [Please note that the "[INSERT]" items will remain in this "Exhibit A," but that the appropriate numbers will be inserted in the Execution Copy of the Conveyance Agreement for the 1997-1 Transaction.] FORM OF CONVEYANCE AGREEMENT EquiVantage Acceptance Corp. (the "Company") and EquiVantage Inc. (the "Originator"), pursuant to the Master Loan Transfer Agreement dated as of March 1, 1997 between themselves (the "Mortgage Transfer Agreement"), hereby confirm their understanding with respect to the sale by the Originator and the purchase by the Company of those Mortgage Loans listed on the attached Schedule of Mortgage Loans (the "Transferred Mortgage Loans"). Conveyance of Transferred Mortgage Loans. The Originator, concurrently with the execution and delivery of this Conveyance Agreement, does hereby irrevocably transfer, sell, assign, set over and otherwise convey to the Company, without recourse (except as otherwise explicitly provided for herein) all of its right, title and interest in and to the Transferred Mortgage Loans being conveyed by it, including specifically, without limitation, the Mortgages, the Files and all other documents, materials and properties appurtenant thereto and the Notes, including all interest and principal received by the Originator on or with respect to such Transferred Mortgage Loans on or after the related Cut-off Date, together with all of its right, title and interest in and to the proceeds received on or after the related Cut-off Date of any related insurance policies on behalf of the Company. It is the intention of the parties hereto that the conveyance by the Originator of the Transferred Mortgage Loans to the Company shall constitute a purchase and sale of such Transferred Mortgage Loans and not a loan. If the Originator cannot deliver the original Mortgage or mortgage assignment with evidence of recording thereon concurrently with the execution and delivery of this Conveyance Agreement solely because of a delay caused by the public recording office where such original Mortgage or mortgage assignment has been delivered for recordation, the Originator shall promptly deliver to the Trustee on behalf of the Company such original Mortgage or mortgage assignment with evidence of recording indicated thereon upon receipt thereof from the public recording official, as soon as possible but in no event later than 12 months from the Startup Day, as defined in the related EquiVantage Pooling and Servicing Agreement. The costs relating to the delivery of the documents specified in this Conveyance Agreement shall be borne by the Originator. The Originator hereby makes the representations and warranties set forth in Section 5(a) of the Master Transfer Agreement with respect to the Transferred Mortgage Loans. The "Cut-Off Date" with respect to such purchased Mortgage Loans shall be the close of business on [INSERT A-1 DATE] or, if any Mortgage Loan was originated subsequent to March 1, 1997 but prior to the startup Date, the date of origination of such Mortgage Loan. Except as set forth immediately below: all terms and conditions of the Mortgage Transfer Agreement are hereby incorporated herein, provided that in the event of any conflict the provisions of this Conveyance Agreement shall control over the conflicting provisions of the Mortgage Transfer Agreement. (i) With respect to each Mortgage Loan involving property improved by a manufactured home, such manufactured home constitutes real property under applicable state law and the Servicer has taken all action necessary to create a valid and perfected first or second priority lien and security interest in such manufactured home and the related Property, including, without limitation, the filing of a Uniform Commercial Code financing statement or notations on certificates of title, if necessary under applicable state law. (ii) As of its date of origination, no Mortgage Loan had a Combined Loan-to-Value Ratio in excess of [INSERT PERCENTAGE]. (iii) No Mortgage Loan is a Third Mortgage Loan. (iv) No more than [INSERT PERCENTAGE] of the Mortgage Loans were originated under any non-income verification program. (v) The Note related to each Mortgage Loan bears a fixed Coupon Rate of at least [INSERT PERCENTAGE] per annum. (vi) Each Note for a fixed rate Mortgage Loan that is not a Balloon Loan provides for a schedule of substantially level and equal monthly scheduled payments which are sufficient to amortize fully the principal balance of such Note on or before its maturity date, which maturity date is not more than [INSERT NUMBER] years from the date of origination of such Mortgage Loan. Each Balloon Loan has an original term to stated maturity of not more than [INSERT NUMBER] years and an amortization schedule based on not more than [INSERT NUMBER] years. (vii) No more than [INSERT PERCENTAGE] of the Mortgage Loans is more than 30 days Delinquent (assuming a 30-day month). (viii) No Mortgage Loan had a Loan Balance less than [INSERT DOLLAR AMOUNT] as of the Cut-Off Date or greater than [INSERT DOLLAR AMOUNT] as of the Cut-Off Date. A-2 (ix) The Primary Parcel of each Property is located in the state identified in the Schedules of Mortgage Loans; no more than [INSERT PERCENTAGE] of the aggregate Loan Balance as of the Cut-Off Date is secured by mortgaged Properties located within any single postal zip code area; each Property consists of one or more parcels of real property with a residential dwelling erected on the Primary Parcel. (x) As of the Cut-Off Date, no more than [INSERT PERCENTAGE] of the aggregate Loan Balance is secured by condominiums; no Mortgage Loan relates to a cooperative. (xi) With respect to each Mortgaged Property subject to a ground lease (i) the current ground lessor has been identified and all ground rents which previously become due and owing have been paid; (ii) the ground lease term extends, or is automatically renewable, for a least five years beyond the maturity date of the related Mortgage Loan; (iii) the ground lease has been duly executed and recorded; (iv) the amount of the ground rent and any increases therein are clearly identified in the lease and are for predetermined amounts at predetermined times; and (v) the Trust has the right to cure defaults on the ground lease; and (vi) the terms and conditions of the leasehold do not prevent the free and absolute marketability of the Mortgaged Property. As of the Cut-Off Date, the Principal Balance of Mortgage Loans with related Mortgaged Properties subject to ground leases does not exceed [INSERT PERCENTAGE] of the Original Principal Balance. (xii) As of the Cut-Off Date, no more than [INSERT PERCENTAGE] of the Original Aggregate Loan Balance is secured by investor-owned Properties. (xiii) With respect to each Mortgage Loan which is or has been the subject of bankruptcy or insolvency proceedings, (a) as of the Cut-Off Date, the Mortgagor is not contractually delinquent more than 30 days with respect to any payment due under the related plan, (b) the current Combined Loan-to-Value Ratio is less than or equal to [INSERT PERCENTAGE], and (c) either (i) if the current Combined Loan-to-Value Ratio is between [INSERT PERCENTAGE] and [INSERT PERCENTAGE] as of the Cut-Off Date, the Mortgagor has made at least six consecutive payments under the related Plan or (ii) if the current Combined Loan-to-Value Ratio is less than [INSERT PERCENTAGE] as of the Cut-Off Date, the Mortgagor has made at least three consecutive payments under the related plan. (xiv) Not more than [INSERT PERCENTAGE] of the Mortgage Loans (as of the Cut-Off Date) were originated pursuant to a "no-income verification" program. A-3 For purposes of this Conveyance Agreement, the "related EquiVantage Pooling and Servicing Agreement" is the Pooling and Servicing Agreement for the related EquiVantage Home Equity Loan Trust [INSERT SERIES]. Terms capitalized herein and not defined herein shall have their respective meanings as set forth in the Mortgage Transfer Agreement. IN WITNESS WHEREOF, the Company and the Originator have caused this Conveyance Agreement to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written. EQUIVANTAGE ACCEPTANCE CORP., the Company By:_____________________________ Name: John E. Smith Title: President EQUIVANTAGE INC. the Originator By:________________________________ Name: Karen S. Crawford Title: Senior Vice President Dated: March 1, 1997 A-4 EXHIBIT B AUTHORIZED REPRESENTATIVES Reference is hereby made to the Master Loan Transfer Agreement, dated as of March 1, 1997 (the "Agreement"), among EquiVantage Acceptance Corp. (the "Company") and EquiVantage Inc., as Originator: The following are the Originator's Authorized Representatives for purposes of the Agreement: Specimen Name Title Signature John E. Smith President ----------------- Karen S. Crawford Senior Vice President ----------------- and Secretary IN WITNESS WHEREOF, I, ____________________, hereby certify that the above signatures are true and correct as of this ____ day of ____________________. ------------------------------------- Name: Title: B-1 The following are the Company's Authorized Representatives for purposes of the Agreement: Specimen Name Title Signature John E. Smith President ------------------ Karen S. Crawford Senior Vice President ------------------ and Secretary IN WITNESS WHEREOF, I, _____________________, hereby certify that the above signatures are true and correct as of this ____ day of _____________________. ------------------------------------ Name: Title: B-2 SCHEDULE I LOAN NO. LAST NAME ADDRESS CITY STATE ZIP CODE LOAN AMT. 312656 RAMSEY 3007 DON DEE DRIVE LOUISVILLE KY 40220 15,100.00 313285 HUNT 132 FARRIS STREET JACKSON TN 38301 15,650.00 --------- TOTAL: $30,750.00 I-1 EX-4.4 7 EX-4.4 CONVEYANCE AGREEMENT THIS CONVEYANCE Agreement dated March 27, 1997, is between EquiVantage Acceptance Corp. (the "Company") and EquiVantage Inc. (the "Originator"). Pursuant to the Master Loan Transfer Agreement dated as of March 1, 1997 between the Company and the Originator (the "Mortgage Transfer Agreement"), the parties hereto hereby confirm their understanding with respect to the sale by the Originator and the purchase by the Company of those mortgage loans identified on the Mortgage Loan Schedule attached hereto (the "Transferred Mortgage Loans"). Conveyance of Transferred Mortgage Loans. The Originator, concurrently with the execution and delivery of this Conveyance Agreement, does hereby irrevocably transfer, sell, assign, set over and otherwise convey to the Company, without recourse (except as otherwise explicitly provided for herein) all of its right, title and interest in and to the Transferred Mortgage Loans being conveyed by it, including specifically, without limitation, the Mortgages, the Files and all other documents, materials and properties appurtenant thereto and the Notes, including all interest and principal received by the Originator on or with respect to such Transferred Mortgage Loans on or after the related Cut-Off Date, together with all of its right, title and interest in and to the proceeds received on or after the related Cut-Off Date of any related insurance policies on behalf of the Company. It is the intention of the parties hereto that the conveyance by the Originator of the Transferred Mortgage Loans to the Company shall constitute a purchase and sale of such Transferred Mortgage Loans and not a loan. If the Originator cannot deliver the original Mortgage or mortgage assignment with evidence of recording thereon concurrently with the execution and delivery of this Conveyance Agreement solely because of a delay caused by the public recording office where such original Mortgage or mortgage assignment has been delivered for recordation, the Originator shall promptly deliver to the Trustee on behalf of the Company such original Mortgage or mortgage assignment with evidence of recording indicated thereon upon receipt thereof from the public recording official, as soon as possible but in no event later than 12 months from the Startup Day, as defined in the Related EquiVantage Pooling and Servicing Agreement. The costs relating to the delivery of the documents specified in this Conveyance Agreement shall be borne by the Originator. The Originator hereby makes the representations and warranties set forth in Section 5(a) of the Mortgage Transfer Agreement with respect to the Transferred Mortgage Loans. The "Cut-Off Date" with respect to such Transferred Mortgage Loans shall be the close of business on March 1, 1997. Except as set forth immediately below, all terms and conditions of the Mortgage Transfer Agreement are hereby incorporated herein; provided that in the event of any conflict the provisions of this Conveyance Agreement shall control over the conflicting provisions of the Mortgage Transfer Agreement. (i) With respect to each Transferred Mortgage Loan involving property improved by a manufactured home, such manufactured home constitutes real property under applicable state law and the Originator has taken all action necessary to create a valid and perfected first or second priority lien and security interest in such manufactured home and the related Property, including, without limitation, the filing of a Uniform Commercial Code financing statement or notations on certificates of title, if necessary under applicable state law. (ii) As of its date of origination, no Transferred Mortgage Loan had a Combined Loan-to-Value Ratio in excess of 90%, except for loan number 312874, which has a Combined Loan-to-Value Ratio of 90.51%; loan number 311576, which has a Combined Loan-to-Value Ratio of 94.12%; loan number 312435, which has a Combined Loan-to-Value Ratio of 95.33%; and loan number 304420, which has a Combined Loan-to-Value Ratio of 112.68%. (iii) No Transferred Mortgage Loan is a third mortgage loan. (iv) No more than 2.16% of the Transferred Mortgage Loans were originated under any "no-income verification" program. (v) The Note related to each Transferred Mortgage Loan bears a minimum Coupon Rate of at least 8.41% per annum. (vi) Each Note for a fixed rate Transferred Mortgage Loan that is not a Balloon Loan provides for a schedule of substantially level and equal monthly scheduled payments which are sufficient to amortize fully the principal balance of such Note on or before its maturity date, which maturity date is not more than 30 years from the date of origination of such Transferred Mortgage Loan. Each Balloon Loan has an original term to stated maturity of not more than 15 years and an amortization schedule based on not more than 30 years. (vii) No more than 0.48% of the Transferred Mortgage Loans are more than 30 days Delinquent (assuming a 30-day month). (viii) No Transferred Mortgage Loan had a Loan Balance less than $7,732.80 as of the Cut-Off Date or greater than $499,764.25 as of the Cut-Off Date. (ix) The Primary Parcel of each Property is located in the state identified in the Mortgage Loan Schedule attached hereto; no more than 0.77% of the aggregate Loan Balance as of the Cut-Off Date is secured by mortgaged Properties located within any single postal zip code area; and each Property consists of one or more parcels of real property with a residential dwelling erected on the Primary Parcel. (x) As of the Cut-Off Date, no more than 0.77% of the aggregate Loan Balance is secured by condominiums; no Transferred Mortgage Loan relates to a cooperative. 2 (xi) With respect to each Mortgaged Property subject to a ground lease (i) the current ground lessor has been identified and all ground rents that previously become due and owing have been paid; (ii) the ground lease term extends, or is automatically renewable, for at least five years beyond the maturity date of the related Transferred Mortgage Loan; (iii) the ground lease has been duly executed and recorded; (iv) the amount of the ground rent and any increases therein are clearly identified in the lease and are for predetermined amounts at predetermined times; (v) the Trust has the right to cure defaults on the ground lease; and (vi) the terms and conditions of the leasehold do not prevent the free and absolute marketability of the Mortgaged Property. As of the Cut-Off Date, the Principal Balance of Transferred Mortgage Loans with related Mortgaged Properties subject to ground leases does not exceed 0.13% of the Original Principal Balance. (xii) As of the Cut-Off Date, no more than 5.66% of the Original Aggregate Loan Balance is secured by investor-owned Properties. (xiii) As of the Cut-Off Date, there are no Transferred Mortgage Loans that are the subject of bankruptcy or insolvency proceedings. (xiv) Not more than 2.82% of the Transferred Mortgage Loans are subject to Section 32 of the Federal Truth-in-Lending Act. (xv) As of the Cut-Off Date, 81.89% of the outstanding principal balance of the Transferred Mortgage Loans are fixed rate mortgage loans and 18.11% of the outstanding principal balance of the Transferred Mortgage Loans are adjustable rate mortgage loans. (xvi) With respect to Transferred Mortgage Loans that are adjustable rate mortgage loans, as of the Cut-Off Date, all interest rate adjustments have been performed correctly in accordance with the terms of the related Mortgage. For purposes of this Conveyance Agreement, the "Related EquiVantage Pooling and Servicing Agreement" is the Pooling and Servicing Agreement relating to the EquiVantage Home Equity Loan Trust 1997-1. Terms capitalized herein and not defined herein shall have their respective meanings as set forth in the Mortgage Transfer Agreement. 3 IN WITNESS WHEREOF, the Company and the Originator have caused this Conveyance Agreement to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written. EQUIVANTAGE ACCEPTANCE CORP., the Company By: ---------------------------------- Name: Elizabeth Folk Title: Senior Vice President EQUIVANTAGE INC., the Originator By: ----------------------------------- Name: Karen S. Crawford Title: Senior Vice President [Conveyance Agreement] 4 MORTGAGE LOAN SCHEDULE [Attached as Schedule I to the Related EquiVantage Pooling and Servicing Agreement and Incorporated Herein] 5 -----END PRIVACY-ENHANCED MESSAGE-----