EX-99.1 4 b311973_ex99-1.txt COMPUTATIONAL MATERIALS This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the Issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the proposed transaction. This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement. Preliminary Term Sheet Date Prepared: May 30, 2001 Delta Home Equity Loan Trust 2001-1 Home Equity Loan Asset-Backed Certificates, Series 2001-1 $[165,000,000] (Approximate) Publicly Offered Certificates Fixed and Adjustable Rate Mortgage Loans [FSA LOGO] (Senior Certificate Insurer)

(1) The Certificates are backed primarily by the cash flow from a pool of fixed rate and adjustable rate mortgage loans as of the Cut-off Date (the "Mortgage Loans"). The Class A-1F Certificates are backed by fixed rate mortgage loans and the Class A-2F Certificates are backed by adjustable rate mortgage loans. The Certificate Principal Balances shown in the table above are based on the aggregate principal balance of the Mortgage Loans as of May 1, 2001 or the related origination date, plus the Pre-Funded Amount and are subject to a +/-10% variance. (2) The Class IO Certificates will not receive any principal payments, but will accrue interest on its notional balance, which initially equals $[55,800,000] and reduces to $0.00 from month 2 through month 37, pursuant to the Class IO Notional Balance Schedule herein and remains at $0.00 thereafter. (3) All Certificates, other than the Class IO Certificates, are subject to an available funds cap. (4) The coupon on the Class A Certificates will increase by 0.50% after the first date on which the Clean-up Call is exercisable. (5) The Class M-1V Certificates will accrue interest at a variable rate equal to the least of (i) One-Month LIBOR plus __ bps (__ bps after the first date on which the Clean-up Call is exercisable); (ii) [14%]; and (iii) the available funds cap. (6) The Class M-2V Certificates will accrue interest at a variable rate equal to the least of (i) One-Month LIBOR plus __ bps (__ bps after the first date on which the Clean-up Call is exercisable); (ii) [14%]; and (iii) the available funds cap. (7) The Class B-V Certificates will accrue interest at a variable rate equal to the least of (i) One-Month LIBOR plus __ bps (__ bps after the first date on which the Clean-up Call is exercisable); (ii) [14%]; and (iii) the available funds cap. (8) See "Pricing Prepayment Speed" herein. (9) The Seller contemplates only S&P and Fitch will rate the Class M-1V, Class M-2V and Class B-V Certificates. GREENWICH CAPITAL 1 Seller: Delta Funding Corporation ("Delta"). Servicer: Ocwen Federal Bank, FSB ("Ocwen"). Underwriter: Greenwich Capital Markets, Inc. Custodian: [Bank One, N.A. ("Bank One").] Trustee: Wells Fargo Bank Minnesota, N.A. ("Wells Fargo"). Senior Certificate Insurer: Financial Security Assurance Corporation ("FSA," or the "Insurer"). Rating Agencies: S&P, Fitch and Moody's (Moody's rates only the Senior Certificates). Cut-off Date: The close of business on May 1, 2001 or the origination date of a Mortgage Loan, if such date is after May 1, 2001. Pricing Date: On or about May [30], 2001. Closing Date: On or about June [12], 2001. Settlement Date: On or about June [12], 2001, through DTC and upon request through Euroclear or Clearstream, Luxembourg. Distribution Date: The 15th day of each month (or the next succeeding business day) commencing on June 15, 2001. Certificates Offered: The "Senior Certificates" will consist of (i) the Class A-1F, Class A-2F (together the "Class A Certificates") and (ii) Class IO Certificates. The "Subordinate Certificates" will consist of the Class M-1V, Class M-2V and Class B-V Certificates. The Senior Certificates and the Subordinate Certificates are collectively referred to herein as the "Certificates." Accrued Interest: The Senior Certificates will settle with accrued interest. The price to be paid by investors for the Senior Certificates will include accrued interest from May 1, 2001 up to, but not including, the Settlement Date ([41] days). The Subordinate Certificates will settle flat. Interest Accrual Period: The interest accrual period for the Senior Certificates with respect to any Distribution Date will be the calendar month preceding such Distribution Date (based on a 360-day year consisting of twelve 30-day months). The interest accrual period with respect to the Subordinate Certificates for a given Distribution Date will be the period beginning with the previous Distribution Date (or, in the case of the first Distribution Date, the Closing Date) and ending on the day prior to such Distribution Date (on an Actual/360 basis). Federal Tax Status: It is anticipated that the Certificates will be treated as REMIC regular interests for tax purposes. Registration: The Certificates will be available in book-entry form through DTC, and upon request, through Clearstream, Luxembourg and the Euroclear system. ERISA Eligibility: The Certificates are expected to be ERISA eligible. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 2 SMMEA Eligibility: The Certificates will NOT constitute "mortgage related securities" for purposes of SMMEA. Mortgage Loans: As of the Cut-Off Date, the aggregate principal balance of the Mortgage Loans described herein was approximately $132,183,501.75, (the "Statistic Calculation Mortgage Loans"). See attached collateral descriptions for more information. On or prior to the Closing Date, additional mortgage loans having similar characteristics to the Statistic Calculation Mortgage Loans will be added to the trust (the "Additional Mortgage Loans", and together with the Statistic Calculation Mortgage Loans, the "Initial Mortgage Loans"). A deposit (the initial "Pre-Funded Amount") will be made to a pre-funding account on the Closing Date. On or prior to [July 15, 2001], (the "Pre-Funding Period"), the Pre-Funded Amount on deposit in the pre-funding account will be used to purchase subsequent Mortgage Loans (to the extent funds are available) having similar characteristics to the Initial Mortgage Loans and together with the Initial Mortgage Loans, the "Mortgage Loans" (with any unused portion of such deposit amount to be distributed as principal on the Certificates). Fixed Rate Mortgage Loans: Approximately $98,355,851.88 of the Statistic Calculation Mortgage Loans consists of fixed rate mortgage loans. Approximately 75% of the Mortgage Loans will be Fixed Rate Mortgage Loans. Adjustable Rate Mortgage Loans: Approximately $33,827,649.87 of the Statistic Calculation Mortgage Loans consists of adjustable rate mortgage loans which adjust based on the Six-Month LIBOR index. The Statistic Calculation Mortgage Loans that are adjustable mortgage loans consist of approximately $33,695,349.87 of 3/27 adjustable rate mortgage loans and approximately $132,300.00 of 2/28 adjustable rate mortgage loans. Approximately 25% of the Mortgage Loans will be Adjustable Rate Mortgage Loans. Pricing Prepayment Speed: The Certificates were priced based on the following prepayment assumptions: Fixed rate Mortgage Loans: 115% of PPC-F (100% PPC-F is equal to 4% - 20% CPR over 12 months). Adjustable rate Mortgage Loans: 100% of PPC-A (100% PPC-A is equal to 4% - 35% CPR over 30 months). Optional Termination: The terms of the transaction allow for a clean-up call (the "Clean-up Call") which may be exercised once the current aggregate principal balance of the Mortgage Loans is less than or equal to [10]% of the sum of the initial aggregate principal balance of Mortgage Loans. Available Funds Cap: As to any Distribution Date, a per annum rate equal to: (i) the weighted average gross rate of the Mortgage Loans less servicing and trustee fee rates; minus (ii) the insurer premium rate with respect to the Senior Certificates; minus (iii) the certificate rate on the Class IO Certificates multiplied by a fraction equal to: (a) the notional balance of the Class IO Certificates prior to such Distribution Date, divided by (b) the current aggregate principal balance of the Mortgage Loans. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 3 Net Rate Cap Carryover: As to any Distribution Date and the Class A and Subordinate Certificates, the sum of: (i) the excess, if any, of interest due such Certificates (calculated without regard to the Available Funds Cap) over interest due such Certificates at a rate equal to the Available Funds Cap; (ii) any Net Rate Cap Carryover remaining unpaid from prior Distribution Dates; and (iii) interest on the amount in clause (ii) at the related certificate rate (without regard to the Available Funds Cap). Credit Enhancement: Credit enhancement for the Certificates will consist of (i) for the Senior Certificates only, a Monoline Insurance Policy (the "Policy"), (ii) Excess Interest Collections (defined below), (iii) overcollateralization and (iv) the subordination of Certificates with lower payment priorities. Credit Enhancement Percentages: Target Credit Enh. ------------------ Initial Credit Enh. After Stepdown Date (1) ------------------- ----------------------- Rating Percent Rating Percent ------ ------- ------ ------- AAA [14.75]% AAA [35.00]% AA [8.75]% AA [23.00]% A [4.00]% A [13.50]% BBB 0.00% BBB [5.50]% (1) Includes overcollateralization target, assuming a Cumulative Loss or Delinquency Event is not in effect. Insurance Policy: The Policy will guarantee the timely payment of interest and ultimate payment of principal on the Senior Certificates. The Policy does not cover the Class M-1V, Class M-2V or Class B-V Certificates. Excess Interest Collections: For each Distribution Date, the interest collections from the Mortgage Loans minus the sum of (i) the interest paid on the Certificates; (ii) the servicing and trustee fees paid in respect of the Mortgage Loans; (iii) the insurer premium paid and (iv) any unreimbursed draws on the Policy. Overcollateralization Amount: The Certificateholders will be entitled to receive distributions of Excess Interest Collections as principal until the Overcollateralization Amount equals the Required Overcollateralization Amount. This distribution of interest as principal will have the effect of accelerating the Certificates relative to the underlying Mortgage Loans. On any Distribution Date, the Overcollateralization Amount will be the amount by which the balance of the Mortgage Loans (the "Mortgage Loan Balance") exceeds the balance of the Certificates (the "Certificate Principal Balance"). On any Distribution Date on which the Mortgage Loan Balance does not exceed the Certificate Principal Balance by the Required Overcollateralization Amount, Excess Interest Collections will be distributed as principal to the Certificateholders to increase the Overcollateralization Amount to the Required Overcollateralization Amount. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 4 Required Overcollateralization Amount: On any Distribution Date on which a Cumulative Loss Event or a Delinquency Event has not occurred, the Required Overcollateralization Amount is equal to: (i) prior to the Stepdown Date, [2.75]% of the initial balance of the Certificates. (ii) on or after the Stepdown Date, the greater of: (a) the lesser of: (x) [2.75]% of the initial balance of the Certificates; and (y) [5.50]% of the current balance of the Mortgage Loans; (b) 0.50% of the initial balance of the Certificates (the "OC Floor"). On any Distribution Date on which a Cumulative Loss Event has occurred, the Required Overcollateralization Amount is equal to the lesser of (a) [11.00]% of the current balance of the Mortgage Loans and (b) [2.75]% of the initial balance of the Certificates. On any Distribution Date on which a Delinquency Event has occurred, the Required Overcollateralization Amount is equal to the Required Overcollateralization Amount as of the preceding Distribution date. Subordination Required Overcollateralization Amount: On any Distribution Date on which a Delinquency Event has not occurred, the Subordination Required Overcollateralization Amount is equal to the Required Overcollateralization Amount exclusive of the OC Floor calculation, otherwise the Subordination Required Overcollateralization Amount is equal to the Required Overcollateralization Amount. Cumulative Loss Event: A Cumulative Loss Event will have occurred if the cumulative net loss rates exceed the applicable percentage of the aggregate initial balance of the Certificates during applicable periods of time as follows: Distribution Dates Percentages ------------------ ----------- 37-48 [2.50]% 49-60 [2.90]% 61-72 [3.40]% 73-84 [3.80]% 85 and thereafter [4.00]% Delinquency Event: The three-month rolling average of the percentage of Mortgage Loans 60+ days delinquent exceeds [40]% of the percentage equal to the credit enhancement provided to the Senior Certificates. Stepdown Date: The later to occur of: (i) the earlier to occur of: (a) the Distribution Date occurring in [June] 2004; and (b) the Distribution Date on which the aggregate balance of the Class A Certificates is reduced to zero; and (ii) the first Distribution Date on which the credit enhancement provided to the Senior Certificates is at least equal to [35.00]%. Subordination Increase Amount: As to any Distribution Date, the lesser of the Subordination Deficiency and Excess Interest Collections. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 5 Subordination Deficiency: As to any Distribution Date, the excess, if any, of the Required Overcollateralization Amount over the Overcollateralization Amount after giving effect to the distribution of principal from the Mortgage Loans (but prior to the distribution of any Subordination Increase Amount). Excess OC Amount: As to any Distribution Date, the lesser of (i) the principal payments received on the Mortgage Loans and (ii) the excess, if any, of the Overcollateralization Amount over the Required Overcollateralization Amount (assuming 100% of the distribution of principal payments received on the Mortgage Loans is distributed to the Certificates). Priority of Distributions: Available Funds will be distributed in the following order of priority, in each case, to the extent of funds remaining: 1. To the Custodian and Trustee, the related fees and to the Insurer, the premium payable on the Senior Certificates; 2. To the Senior Certificates, the related interest due, plus any related interest carryover shortfall; 3. Sequentially, to the Class M-1V, Class M-2V and Class B-V Certificates, the related interest due; 4. Concurrently, to the Class A-1F and Class A-2F Certificates, from the Fixed Rate and Adjustable Rate Mortgage Loans, respectively, the related Principal Distribution Amount for such Distribution Date, excluding any Subordination Increase Amount; 5. To the Insurer, any reimbursement amounts due for prior draws on the Policy; 6. Sequentially, to the Class M-1V, Class M-2V and Class B-V Certificates, the related principal distribution amount due, excluding any Subordination Increase Amounts; 7. To the Certificates, the related Subordination Increase Amount, distributed as in priorities 4 and 6 above; 8. Sequentially, to the Class M-1V, Class M-2V and Class B-V Certificates, any interest and principal shortfalls; 9. Sequentially, to the Class A, Class M-1V, Class M-2V and Class B-V Certificates, the related Net Rate Cap Carryover; 10. To the Trustee, reimbursement for any expenses incurred by a servicing transfer related to the resignation or termination of the Servicer; 11. To the residual certificates, any remaining amounts. Principal Distribution Amount: As to any Distribution Date, the lesser of: (i) the balance of the Certificates prior to such Distribution Date and (ii) the sum of (a) principal from the Mortgage Loans less any Excess OC Amount and (b) the Subordination Increase Amount. Senior Principal Distribution Amount: As to any Distribution Date prior to the Stepdown Date or during the continuation of a Delinquency Event, the lesser of (i) 100% of the Principal Distribution Amount and (ii) the balance of the Class A Certificates. As to any other Distribution Date, an amount equal to the excess, if any, of (i) the balance of the Class A Certificates prior to such Distribution Date over (ii) the lesser of (a) [70.50]% of the balance of the Mortgage Loans as of the end of the related due period less the Subordination Required Overcollateralization Amount for that distribution date and (b) the balance of the Mortgage Loans as of such Distribution Date less the OC Floor. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 6 Class A-1F Principal Distribution Amount: The product of the Senior Principal Distribution Amount and the related Principal Allocation Percentage. Class A-2F Principal Distribution Amount: The product of the Senior Principal Distribution Amount and the related Principal Allocation Percentage. Principal Allocation Percentage: For the Class A-1F and Class A-2F Certificates, respectively, a fraction, which equals: (x) the total amount of principal received or advanced with respect to the related Mortgage Loans, divided by (y) the total amount of principal received with respect to all Mortgage Loans. Class M-1V Principal Distribution Amount: As to any Distribution Date on or after the Stepdown Date, (x) 100% of the Principal Distribution Amount if the balance of the Class A Certificates has been reduced to zero and a Delinquency Event exists, or (y) if a Delinquency Event is not in effect, the excess of: (a) the sum of: (i) the aggregate class principal balance of the Class A Certificates, after taking into account distributions of the Senior Principal Distribution Amount for the applicable Distribution Date, and (ii) the class principal balance of the Class M-1V Certificates immediately prior to the applicable Distribution Date; over (b) the lesser of: (i) [82.50%] of the balance of the Mortgage Loans as of the last day of the related due period less the Subordination Required Overcollateralization Amount for that Distribution Date, and (ii) the balance of the Mortgage Loans as of the last day of the related due period, minus the OC Floor. Class M-2V Principal Distribution Amount: As to any Distribution Date on or after the Stepdown Date, (x) 100% of the Principal Distribution Amount if the aggregate balance of the Class A Certificates and Class M-1V Certificates has been reduced to zero and a Delinquency Event exists, or (y) if a Delinquency Event is not in effect, the excess of: (a) the sum of: (i) the aggregate class principal balance of the Class A Certificates, after taking into account distributions of the Senior Principal Distribution Amount for the applicable Distribution Date, (ii) the aggregate class principal balance of the Class M-1V Certificates, after taking into account distributions of the Class M-1V Principal Distribution Amount for the applicable Distribution Date, and (iii) the class principal balance of the Class M-2V Certificates immediately prior to the applicable Distribution Date; over (b) the lesser of: (i) [92.00%] of the balance of the Mortgage Loans as of the last day of the related due period less the Subordination Required Overcollateralization Amount for that Distribution Date, and (ii) the balance of the Mortgage Loans as of the last day of the related due period minus the OC Floor. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 7 Class B-V Principal Distribution Amount: As to any Distribution Date on or after the Stepdown Date, (x) 100% of the Principal Distribution Amount if the aggregate balance of the Class A, Class M-1V and Class M-2V Certificates has been reduced to zero and a Delinquency Event exists, or (y) if a Delinquency Event is not in effect, the excess of: (a) the sum of: (i) the aggregate class principal balance of the Class A Certificates, after taking into account distributions of the Senior Principal Distribution Amount for the applicable Distribution Date, (ii) the aggregate class principal balance of the Class M-1V Certificates, after taking into account distributions of the Class M-1V Principal Distribution Amount for the applicable Distribution Date, (iii) the aggregate class principal balance of the Class M-2V Certificates, after taking into account distributions of the Class M-2V Principal Distribution Amount for the applicable Distribution Date, and (iv) the class principal balance of the Class B-V Certificates immediately prior to the applicable Distribution Date; over (b) the lesser of: (i) 100.00% of the balance of the Mortgage Loans as of the last day of the related due period less the Subordination Required Overcollateralization Amount for that Distribution Date, and (ii) the balance of the Mortgage Loans as of the last day of the related due period minus the OC Floor. Allocation of Losses: Losses not covered by the available credit enhancement will be allocated in the reverse order of payment priority (first to the Class B-V, then the Class M-2V and then the Class M-1V Certificates). Class IO Notional Balance Schedule: The notional balance of the Class IO Certificates will be equal to the lesser of (a) the balance of the Mortgage Loans and (b) the balance indicated in the schedule provided below. Distribution Month Notional Balance ------------------ ---------------- 1 to 3 $[55,800,000] 4 to 6 [52,650,000] 7 to 9 [48,150,000] 10 to 12 [41,850,000] 13 to 15 [37,350,000] 16 to 18 [32,850,000] 19 to 21 [28,350,000] 22 to 24 [23,850,000] 25 to 27 [20,250,000] 28 to 30 [16,650,000] 31 to 33 [13,950,000] 34 to 36 [12,150,000] 37 and after 0 See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 8 Available Funds Cap Schedule(*)

(*) The Available Funds Cap is calculated assuming current 6 month LIBOR and is run at the pricing speed to call. Although the Available Funds Cap may increase above [14%], the Certificates can only accrue interest up to [14%]. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 9 COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 10 This information is provided to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates. GCM is acting as underwriter and not as agent for its affiliates in connection with the proposed transaction. These Computational Materials should be accompanied by a one page disclaimer which must be read in its entirety by the addressee of this communication. If such disclaimer is not attached hereto, please contact your Greenwich Capital sales representative. Price-Yield Tables (%)

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 11 This information is provided to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates. GCM is acting as underwriter and not as agent for its affiliates in connection with the proposed transaction. These Computational Materials should be accompanied by a one page disclaimer which must be read in its entirety by the addressee of this communication. If such disclaimer is not attached hereto, please contact your Greenwich Capital sales representative. Discount-Margin Tables (%)

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 12 This information is provided to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates. GCM is acting as underwriter and not as agent for its affiliates in connection with the proposed transaction. These Computational Materials should be accompanied by a one page disclaimer which must be read in its entirety by the addressee of this communication. If such disclaimer is not attached hereto, please contact your Greenwich Capital sales representative. Discount-Margin Tables (%)

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 13 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. Statistic Calculation Mortgage Loan Statistics As of the Cut-Off Date ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET Actual Balance 05/01/01 PRODUCT: 2/28 ARMs, 3/27 ARMs & Fixed Rate TOTAL CURRENT BALANCE: 132,183,501.75 NUMBER OF LOANS: 1,715 Minimum Maximum ------- ------- AVG CURRENT BALANCE: $77,074.93 $5,000.00 $420,596.29 WAVG GROSS COUPON: 11.44736 % 6.99000 16.09000 % WAVG GROSS MARGIN: 6.3740 % 3.7000 9.3900 % WAVG PERIOD RATE CAP: 1.0000 % 1.0000 1.0000 % WAVG MIN INT RATE: 11.0629 % 6.9900 15.0900 % WAVG MAX INT RATE: 18.0629 % 13.9900 22.0900 % WAVG NEXT RESET: 34 Months 22 36 months WAVG COMB LTV: 72.06 % 9.52 90.16 % WAVG DTI RATIO: 39.85 % 0.01 54.99 % WAVG FICO SCORE: 584 427 793 WAVG ORIGINAL TERM: 329.34 Months 60.00 360.00 months WAVG REMAINING TERM: 327.37 Months 57.00 360.00 months WAVG SEASONING: 1.98 Months 0.00 6.00 months TOP PREPAYMENT CONCENTRATIONS ($): 81.74 % Prepayment Penalty, 18.26 % No Prepayment Penalty WAVG PREPAY TERM: 33 Months 12 60 months TOP STATE CONCENTRATIONS ($): 23.96 % New York, 14.71 % Ohio, 9.90 % Pennsylvania MAXIMUM ZIP CODE CONCENTRATION ($): 0.70 % 11233 (Brooklyn, NY) FIRST PAY DATE: Dec 01, 2000 Jul 09, 2001 NEXT RATE ADJ DATE: Mar 30, 2003 Jun 09, 2004 MATURE DATE: Feb 22, 2006 Jun 09, 2031

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 14 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 15 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 16 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 17 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 18 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 19 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 20 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 FIXED RATE Actual Balance 05/01/01 ~~PRODUCT: Fixed Rate TOTAL CURRENT BALANCE: 98,355,851.88 NUMBER OF LOANS: 1,290~~

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 21 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 22 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 23 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 24 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 25 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 26 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 ARMS Actual Balance 05/01/01 PRODUCT: 2/28 Arms & 3/27 Arms TOTAL CURRENT BALANCE: 33,827,649.87 NUMBER OF LOANS: 425 Minimum Maximum ------- ------- AVG CURRENT BALANCE: $79,594.47 $14,988.17 $280,000.00 WAVG GROSS COUPON: 11.06292 % 6.99000 15.09000 % WAVG GROSS MARGIN: 6.3740 % 3.7000 9.3900 % WAVG PERIOD RATE CAP: 1.0000 % 1.0000 1.0000 % WAVG MIN INT RATE: 11.0629 % 6.9900 15.0900 % WAVG MAX INT RATE: 18.0629 % 13.9900 22.0900 % WAVG NEXT RESET: 34 months 22 36 months WAVG DTI RATIO: 40.11 % 3.58 54.99 % WAVG COMB LTV: 75.95 % 21.16 90.00 % WAVG FICO SCORE: 560 429 759 WAVG ORIGINAL TERM: 354.53 months 180.00 360.00 months WAVG REMAINING TERM: 352.61 months 174.00 360.00 months WAVG SEASONING: 1.92 months 0.00 6.00 months TOP PREPAYMENT CONCENTRATIONS ($): 98.04 % Prepayment Penalty 1.96 % No Prepayment Penalty WAVG PREPAY TERM: 36 months 24 60 months TOP STATE CONCENTRATIONS ($): 31.09 % Ohio, 12.91 % Pennsylvania, 9.85 % Illinois MAXIMUM ZIP CODE CONCENTRATION ($): 1.14 % 43230 (Gahanna, OH) FIRST PAY DATE: Dec 01, 2000 Jul 09, 2001 NEXT RATE CHANGE DATE: Mar 30, 2003 Jun 09, 2004 MATURE DATE: Nov 20, 2015 Jun 09, 2031

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 27 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 28 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 29 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 30 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 31 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 32 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. GREENWICH CAPITAL 33 This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the Issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the proposed transaction. This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement. Preliminary Term Sheet Date Prepared: May 24, 2001 Delta Home Equity Loan Trust 2001-1 Home Equity Loan Asset-Backed Certificates, Series 2001-1 $[165,000,000] (Approximate) Publicly Offered Certificates Fixed and Adjustable Rate Mortgage Loans [FSA Logo] (Senior Certificate Insurer)

(1) The Certificates are backed primarily by the cash flow from a pool of fixed rate and adjustable rate mortgage loans as of the Cut-off Date (the "Mortgage Loans"). The Class A-1F Certificates are backed by fixed rate mortgage loans and the Class A-2F Certificates are backed by adjustable rate mortgage loans. The Certificate Principal Balances shown in the table above are based on the aggregate principal balance of the Mortgage Loans as of May 1, 2001 or the related origination date, plus the Pre-Funded Amount and are subject to a +/-10% variance. (2) The Class IO Certificates will not receive any principal payments, but will accrue interest on its notional balance, which initially equals $[63,000,000] and reduces to $0.00 from month 2 through month 37, pursuant to the Class IO Notional Balance Schedule herein and remains at $0.00 thereafter. (3) All Certificates, other than the Class IO Certificates, are subject to an available funds cap. The coupon on the Class A Certificates will increase by 0.50% after the first date on which the Clean-up Call is exercisable. (4) The Class M1-V Certificates will accrue interest at a variable rate equal to the least of (i) One-Month LIBOR plus __ bps (__ bps after the first date on which the Clean-up Call is exercisable); (ii) [14%]; and (iii) the available funds cap (5) Class M2-V Certificates will accrue interest at a variable rate equal to the least of (i) One-Month LIBOR plus __ bps (__ bps after the first date on which the Clean-up Call is exercisable); (ii) [14%]; and (iii) the available funds cap (6) Class B-V Certificates will accrue interest at a variable rate equal to the least of (i) One-Month LIBOR plus __ bps (__ bps after the first date on which the Clean-up Call is exercisable); (ii) [14%]; and (iii) the available funds cap. (7) See "Pricing Prepayment Speed" herein. (8) The Seller contemplates only S&P and Fitch will rate the Class M-1, Class M-2 and Class B Certificates. GREENWICH CAPITAL 1 -------------------------------------------------------------------------------- Seller: Delta Funding Corporation ("Delta"). Servicer: Ocwen Federal Bank, FSB ("Ocwen"). Underwriter: Greenwich Capital Markets, Inc. Custodian: Bank One, N.A. ("Bank One"). Trustee: Wells Fargo Bank Minnesota, N.A. ("Wells Fargo"). Senior Certificate Insurer: Financial Security Assurance Corporation ("FSA," or the "Insurer"). Rating Agencies: S&P, Fitch and Moody's (Moody's rates only the Senior Certificates). Cut-off Date: The close of business on May 1, 2001 or the origination date of a Mortgage Loan, if such date is after May 1, 2001. Pricing Date: On or about May [30], 2001. Closing Date: On or about June [12], 2001. Settlement Date: On or about June [12], 2001, through DTC and upon request through Euroclear or Clearstream, Luxembourg. Distribution Date: The 15th day of each month (or the next succeeding business day) commencing on June 15, 2001. Certificates Offered: The "Senior Certificates" will consist of (i) the Class A-1F, Class A-2F (together the "Class A Certificates") and Class IO Certificates. The "Subordinate Certificates" will consist of the Class M-1, Class M-2 and Class B Certificates. The Senior Certificates and the Subordinate Certificates are collectively referred to herein as the "Certificates." Accrued Interest: The Senior Certificates will settle with accrued interest. The price to be paid by investors for the Senior Certificates will include accrued interest from May 1, 2001 up to, but not including, the Settlement Date ([42] days). The Subordinate Certificates will settle flat. Interest Accrual Period: The interest accrual period for the Senior Certificates with respect to any Distribution Date will be the calendar month preceding such Distribution Date (based on a 360-day year consisting of twelve 30-day months). The interest accrual period with respect to the Subordinate Certificates for a given Distribution Date will be the period beginning with the previous Distribution Date (or, in the case of the first Distribution Date, the Closing Date) and ending on the day prior to such Distribution Date (on an Actual/360 basis). Federal Tax Status: It is anticipated that the Certificates will be treated as REMIC regular interests for tax purposes. Registration: The Certificates will be available in book-entry form through DTC, and upon request, through Clearstream, Luxembourg and the Euroclear system. See Disclaimer on Page 1 of this Preliminary Term Sheet. 2 GREENWICH CAPITAL -------------------------------------------------------------------------------- ERISA Eligibility: The Certificates are expected to be ERISA eligible. SMMEA Eligibility: The Certificates will NOT constitute "mortgage related securities" for purposes of SMMEA. Mortgage Loans: As of the Cut-Off Date, the aggregate principal balance of the Mortgage Loans described herein was approximately $132,183,501.75, (the "Statistic Calculation Mortgage Loans"). See attached collateral descriptions for more information. On or prior to the Closing Date, additional mortgage loans having similar characteristics to the Statistic Calculation Mortgage Loans will be added to the trust (the "Additional Mortgage Loans", and together with the Statistic Calculation Mortgage Loans, the "Initial Mortgage Loans"). A deposit (the initial "Pre-Funded Amount") will be made to a pre-funding account on the Closing Date. On or prior to [July 15, 2001], (the "Pre-Funding Period"), the Pre-Funded Amount on deposit in the pre-funding account will be used to purchase subsequent Mortgage Loans (to the extent funds are available) having similar characteristics to the Initial Mortgage Loans and together with the Initial Mortgage Loans, the "Mortgage Loans" (with any unused portion of such deposit amount to be distributed as principal on the Certificates). Fixed Rate Mortgage Loans: Approximately $[98,355,851.88] of the Statistic Calculation Mortgage Loans consists of fixed rate mortgage loans. Approximately [__]% of the initial Pre-Funded Amount will be used to purchase subsequent Fixed Rate Mortgage Loans. Adjustable Rate Mortgage Loans: Approximately $[33,827,649.87] of the Statistic Calculation Mortgage Loans consists of adjustable rate mortgage loans which adjust based on the Six-Month LIBOR index. The Statistic Calculation Mortgage Loans that are adjustable mortgage loans consist of approximately $[33,695,349.87] of 3/27 adjustable rate mortgage loans and approximately $[132,300.00] of 2/28 adjustable rate mortgage loans. Approximately [__]% of the initial Pre-Funded Amount will be used to purchase subsequent Adjustable Rate Mortgage Loans. Pricing Prepayment Speed: The Certificates were priced based on the following prepayment assumptions: Fixed rate Mortgage Loans: 115% of PPC-F (100% PPC-F is equal to 4% - 20% CPR over 12 months). Adjustable rate Mortgage Loans: 100% of PPC-A (100% PPC-A is equal to 4% - 35% CPR over 30 months). Optional Termination: The terms of the transaction allow for a clean-up call (the "Clean-up Call") which may be exercised once the current aggregate principal balance of the Mortgage Loans is less than or equal to [10]% of the sum of the initial aggregate principal balance of Mortgage Loans. Available Funds Cap: As to any Distribution Date, a per annum rate equal to: (i) the weighted average gross rate of the Mortgage Loans less servicing and trustee fee rates; minus (ii) the insurer premium rate with respect to the Senior Certificates; minus (iii) the certificate rate on the Class IO Certificates multiplied by a fraction equal to: (a) the notional balance of the Class IO Certificates prior to such Distribution Date, divided by (b) the current aggregate principal balance of the Mortgage Loans. See Disclaimer on Page 1 of this Preliminary Term Sheet. 3 GREENWICH CAPITAL -------------------------------------------------------------------------------- Net Rate Cap Carryover: As to any Distribution Date and the Class A and Subordinate Certificates, the sum of: (i) the excess, if any, of interest due such Certificates (calculated without regard to the Available Funds Cap) over interest due such Certificates at a rate equal to the Available Funds Cap; (ii) any Net Rate Cap Carryover remaining unpaid from prior Distribution Dates; and (iii) interest on the amount in clause (ii) at the related certificate rate (without regard to the Available Funds Cap). Credit Enhancement: Credit enhancement for the Certificates will consist of (I) for the Senior Certificates only, a Monoline Insurance Policy (the "Policy"), (ii) Excess Interest Collections (defined below), (iii) overcollateralization and (iv) the subordination of Certificates with lower payment priorities. Credit Enhancement Percentages: Target Credit Enh. ------------------ Initial Credit Enh. After Stepdown Date (1) ------------------- ----------------------- Rating Percent Rating Percent ------ ------- ------ ------- AAA [14.75]% AAA [35.00]% AA [8.75]% AA [23.00]% A [4.00]% A [13.50]% BBB 0.00% BBB [5.50]% A. Includes overcollateralization target, assuming a Cumulative Loss or Delinquency Event is not in effect. Insurance Policy: The Policy will guarantee the timely payment of interest and ultimate payment of principal on the Senior Certificates. The Policy does not cover the Class M-1, Class M-2 or Class B Certificates. Excess Interest Collections: For each Distribution Date, the interest collections from the Mortgage Loans minus the sum of (I) the interest paid on the Certificates; (ii) the servicing and trustee fees paid in respect of the Mortgage Loans; (iii) the insurer premium paid and any unreimbursed draws on the Policy. Overcollateralization Amount: The Certificateholders will be entitled to receive distributions of Excess Interest Collections as principal until the Overcollateralization Amount equals the Required Overcollateralization Amount. This distribution of interest as principal will have the effect of accelerating the Certificates relative to the underlying Mortgage Loans. On any Distribution Date, the Overcollateralization Amount will be the amount by which the balance of the Mortgage Loans (the "Mortgage Loan Balance") exceeds the balance of the Certificates (the "Certificate Principal Balance"). On any Distribution Date on which the Mortgage Loan Balance does not exceed the Certificate Principal Balance by the Required Overcollateralization Amount, Excess Interest Collections will be distributed as principal to the Certificateholders to increase the Overcollateralization Amount to the Required Overcollateralization Amount. See Disclaimer on Page 1 of this Preliminary Term Sheet. 4 GREENWICH CAPITAL -------------------------------------------------------------------------------- Required Overcollateralization Amount: On any Distribution Date on which a Cumulative Loss Event or a Delinquency Event has not occurred, the Required Overcollateralization Amount is equal to: (i) prior to the Stepdown Date, [2.75]% of the initial balance of the Certificates. (ii) on or after the Stepdown Date, the greater of: (a) the lesser of: (x) [2.75]% of the initial balance of the Certificates; and (y) [5.50]% of the current balance of the Mortgage Loans; B. 0.50% of the initial balance of the Certificates (the "OC Floor"). On any Distribution Date on which a Cumulative Loss Event has occurred, the Required Overcollateralization Amount is equal to the lesser of (a) [11.00]% of the current balance of the Mortgage Loans and (b) [2.75]% of the initial balance of the Certificates. On any Distribution Date on which a Delinquency Event has occurred, the Required Overcollateralization Amount is equal to the Required Overcollateralization Amount as of the preceding Distribution date. Subordination Required Overcollateralization Amount: On any Distribution Date on which a Delinquency Event has not occurred, the Subordination Required Overcollateralization Amount is equal to the Required Overcollateralization Amount exclusive of the OC Floor calculation, otherwise the Subordination Required Overcollateralization Amount is equal to the Required Overcollateralization Amount. Cumulative Loss Event: A Cumulative Loss Event will have occurred if the cumulative net loss rates exceed the applicable percentage of the aggregate initial balance of the Certificates during applicable periods of time as follows: Distribution Dates Percentages ------------------ ----------- 37-48 [2.50]% 49-60 [2.90]% 61-72 [3.40]% 73-84 [3.80]% 85 and thereafter [4.00]% Delinquency Event: The three-month rolling average of the percentage of Mortgage Loans 60+ days delinquent exceeds 40% of the percentage equal to the credit enhancement provided to the Senior Certificates. Stepdown Date: The later to occur of: (i) the earlier to occur of: (a) the Distribution Date occurring in [June] 2004; and (b) the Distribution Date on which the aggregate balance of the Class A Certificates is reduced to zero; and C. the first Distribution Date on which the credit enhancement provided to the Senior Certificates is at least equal to [35.00]%. Subordination Increase Amount: As to any Distribution Date, the lesser of the Subordination Deficiency and Excess Interest Collections. See Disclaimer on Page 1 of this Preliminary Term Sheet. 5 GREENWICH CAPITAL -------------------------------------------------------------------------------- Subordination Deficiency: As to any Distribution Date, the excess, if any, of the Required Overcollateralization Amount over the Overcollateralization Amount after giving effect to the distribution of principal from the Mortgage Loans (but prior to the distribution of any Subordination Increase Amount). Excess OC Amount: As to any Distribution Date, the lesser of (I) the principal payments received on the Mortgage Loans and (ii) the excess, if any, of the Overcollateralization Amount over the Required Overcollateralization Amount (assuming 100% of the distribution of principal payments received on the Mortgage Loans is distributed to the Certificates). Priority of Distributions: Available Funds will be distributed in the following order of priority, in each case, to the extent of funds remaining: 1. To the Custodian and Trustee, the related fees and to the Insurer, the premium payable on the Senior Certificates; 2. To the Senior Certificates, the related interest due, plus any related interest carryover shortfall; 3. Sequentially, to the Class M-1, Class M-2 and Class B Certificates, the related interest due; 4. Concurrently, to the Class A-1F and Class A-2F Certificates, from the Fixed Rate and Adjustable Rate Mortgage Loans, respectively, the related Principal Distribution Amount for such Distribution Date, excluding any Subordination Increase Amount; 5. To the Insurer, any reimbursement amounts due for prior draws on the Policy; 6. Sequentially, to the Class M-1, Class M-2 and Class B Certificates, the related principal distribution amount due, excluding any Subordination Increase Amounts; 7. To the Certificates, the related Subordination Increase Amount, distributed as in priorities 4 and 6 above; 8. Sequentially, to the Class M-1, Class M-2 and Class B Certificates, any interest and principal shortfalls; 9. Sequentially, to the Class A, Class M-1, Class M-2 and Class B Certificates, the related Net Rate Cap Carryover; 10. To the Trustee, reimbursement for any expenses incurred by a servicing transfer related to the resignation or termination of the Servicer; 11. To the residual certificates, any remaining amounts. Principal Distribution Amount: As to any Distribution Date, the lesser of: (I) the balance of the Certificates prior to such Distribution Date and (ii) the sum of (a) principal from the Mortgage Loans less any Excess OC Amount and (b) the Subordination Increase Amount. Senior Principal Distribution Amount: As to any Distribution Date prior to the Stepdown Date or during the continuation of a Delinquency Event, the lesser of (I) 100% of the Principal Distribution Amount and (ii) the balance of the Class A Certificates. As to any other Distribution Date, an amount equal to the excess, if any, of (I) the balance of the Class A Certificates prior to such Distribution Date over (ii) the lesser of (a) [__.__]% of the balance of the Mortgage Loans as of the end of the related due period less the Subordination Required Overcollateralization Amount for that distribution date and (b) the balance of the Mortgage Loans as of such Distribution Date less the OC Floor. See Disclaimer on Page 1 of this Preliminary Term Sheet. 6 GREENWICH CAPITAL -------------------------------------------------------------------------------- Class A-1F Principal Distribution Amount: The product of the Senior Principal Distribution Amount and the related Principal Allocation Percentage. Class A-2F Principal Distribution Amount: The product of the Senior Principal Distribution Amount and the related Principal Allocation Percentage. Principal Allocation Percentage: For the Class A-1F and Class A-2F Certificates, respectively, a fraction, which equals: (x) the total amount of principal received or advanced with respect to the related Mortgage Loans, divided by (y) the total amount of principal received with respect to all Mortgage Loans. Class M-1 Principal Distribution Amount: As to any Distribution Date on or after the Stepdown Date, (x) 100% of the Principal Distribution Amount if the balance of the Class A Certificates has been reduced to zero and a Delinquency Event exists, or (y) if a Delinquency Event is not in effect, the excess of: A. the sum of: (i) the aggregate class principal balance of the Class A Certificates, after taking into account distributions of the Senior Principal Distribution Amount for the applicable Distribution Date, and (ii) the class principal balance of the Class M-1 Certificates immediately prior to the applicable Distribution Date; over D. the lesser of: (i) [__.__%] of the balance of the Mortgage Loans as of the last day of the related due period less the Subordination Required Overcollateralization Amount for that Distribution Date, and (ii) the balance of the Mortgage Loans as of the last day of the related due period, minus the OC Floor. Class M-2 Principal Distribution Amount: As to any Distribution Date on or after the Stepdown Date, (x) 100% of the Principal Distribution Amount if the aggregate balance of the Class A Certificates and Class M-1 Certificates has been reduced to zero and a Delinquency Event exists, or (y) if a Delinquency Event is not in effect, the excess of: A. the sum of (i) the aggregate class principal balance of the Class A Certificates, after taking into account distributions of the Senior Principal Distribution Amount for the applicable Distribution Date, (ii) the aggregate class principal balance of the Class M-1 Certificates, after taking into account distributions of the Class M-1 Principal Distribution Amount for the applicable Distribution Date, and (iii) the class principal balance of the Class M-2 Certificates immediately prior to the applicable Distribution Date; over E. the lesser of: (i) [__.__%] of the balance of the Mortgage Loans as of the last day of the related due period less the Subordination Required Overcollateralization Amount for that Distribution Date, and (ii) the balance of the Mortgage Loans as of the last day of the related due period minus the OC Floor. See Disclaimer on Page 1 of this Preliminary Term Sheet. 7 GREENWICH CAPITAL -------------------------------------------------------------------------------- Class B Principal Distribution Amount: As to any Distribution Date on or after the Stepdown Date, (x) 100% of the Principal Distribution Amount if the aggregate balance of the Class A, Class M-1 and Class M-2 Certificates has been reduced to zero and a Delinquency Event exists, or (y) if a Delinquency Event is not in effect, the excess of: F. the sum of: (i) the aggregate class principal balance of the Class A Certificates, after taking into account distributions of the Senior Principal Distribution Amount for the applicable Distribution Date, (ii) the aggregate class principal balance of the Class M-1 Certificates, after taking into account distributions of the Class M-1 Principal Distribution Amount for the applicable Distribution Date, (iii) the aggregate class principal balance of the Class M-2 Certificates, after taking into account distributions of the Class M-2 Principal Distribution Amount for the applicable Distribution Date, and (iv) the class principal balance of the Class B Certificates immediately prior to the applicable Distribution Date; over G. the lesser of: (i) 100.00% of the balance of the Mortgage Loans as of the last day of the related due period less the Subordination Required Overcollateralization Amount for that Distribution Date, and (ii) the balance of the Mortgage Loans as of the last day of the related due period minus the OC Floor. Allocation of Losses: Losses not covered by the available credit enhancement will be allocated in the reverse order of payment priority (first to the Class B, then the Class M-2 and then the Class M-1 Certificates). Class IO Notional Balance Schedule: The notional balance of the Class IO Certificates will be equal to the lesser of (a) the balance of the Mortgage Loans and (b) the balance indicated in the schedule provided below. Distribution Month Notional Balance ------------------ ---------------- 1 to 3 $[63,000,000] 4 to 6 [58,500,000] 7 to 9 [53,500,000] 10 to 12 [46,500,000] 13 to 15 [41,500,000] 16 to 18 [36,500,000] 19 to 21 [31,500,000] 22 to 24 [26,500,000] 25 to 27 [22,500,000] 28 to 30 [18,500,000] 31 to 33 [15,500,000] 34 to 36 [13,500,000] 37 and after 0 See Disclaimer on Page 1 of this Preliminary Term Sheet. 8 GREENWICH CAPITAL -------------------------------------------------------------------------------- COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. See Disclaimer on Page 1 of this Preliminary Term Sheet. 9 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. Statistic Calculation Mortgage Loan Statistics As of the Cut-Off Date ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/21/2001 Actual Balance 05/01/01

See Disclaimer on Page 1 of this Preliminary Term Sheet. 10 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 11 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 12 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 13 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 14 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 15 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 16 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/24/2001 DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 FIXED RATE Actual Balance 05/01/01

See Disclaimer on Page 1 of this Preliminary Term Sheet. 17 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 18 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 19 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 20 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 21 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 22 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/24/2001 DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 ARMS Actual Balance 05/01/01 PRODUCT: 2/28 Arms & 3/27 Arms TOTAL CURRENT BALANCE: 33,827,649.87 NUMBER OF LOANS: 425 Minimum Maximum ------- ------- AVG CURRENT BALANCE: $79,594.47 $14,988.17 $280,000.00 WAVG GROSS COUPON: 11.06292 % 6.99000 15.09000 % WAVG GROSS MARGIN: 6.3740 % 3.7000 9.3900 % WAVG PERIOD RATE CAP: 1.0000 % 1.0000 1.0000 % WAVG MIN INT RATE: 11.0629 % 6.9900 15.0900 % WAVG MAX INT RATE: 18.0629 % 13.9900 22.0900 % WAVG NEXT RESET: 34 months 22 36 months WAVG DTI RATIO: 40.11 % 3.58 54.99 % WAVG COMB LTV: 75.95 % 21.16 90.00 % WAVG FICO SCORE: 560 429 759 WAVG ORIGINAL TERM: 354.53 months 180.00 360.00 months WAVG REMAINING TERM: 352.61 months 174.00 360.00 months WAVG SEASONING: 1.92 months 0.00 6.00 months TOP PREPAYMENT CONCENTRATIONS ($): 98.04 % Prepayment Penalty 1.96 % No Prepayment Penalty WAVG PREPAY TERM: 36 months 24 60 months TOP STATE CONCENTRATIONS ($): 31.09 % Ohio, 12.91 % Pennsylvania, 9.85 % Illinois MAXIMUM ZIP CODE CONCENTRATION ($): 1.14 % 43230 (Gahanna, OH) FIRST PAY DATE: Dec 01, 2000 Jul 09, 2001 NEXT RATE CHANGE DATE: Mar 30, 2003 Jun 09, 2004 MATURE DATE: Nov 20, 2015 Jun 09, 2031

See Disclaimer on Page 1 of this Preliminary Term Sheet. 23 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 24 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 25 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 26 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 27 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 28 GREENWICH CAPITAL -------------------------------------------------------------------------------- The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.

See Disclaimer on Page 1 of this Preliminary Term Sheet. 29 GREENWICH CAPITAL -------------------------------------------------------------------------------- COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials have been prepared by Greenwich Capital Markets, Inc. in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. Delta Home Equity Loan Trust, Series 2001-1 CLASS A-1F Price-Yield Sensitivity Report Settlement 06/12/01 Class Balance $105,413,000 Coupon 6.336% Cut-off Date 05/01/01 Next Payment Date 06/15/01 Accrued Interest Days 41 Cleanup Call No FRM PPC: 4%-20% CPR over 12 Months ARM PPC: 4%-35% CPR over 30 Months

"Full Price" = "Flat Price" + Accrued Interest. Duration and related sensitivities are calculated at midpoint price. Maturity and Last Principal Pay Dates may be distorted by the use of collateral pool WAMs. This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates or the guarantor. GCM is acting as underwriter and not as agent for the issuer or its affiliates or the guarantor in connection with the proposed transaction. GREENWICH CAPITAL 25-May-01 12:55 PM [rks] COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials have been prepared by Greenwich Capital Markets, Inc. in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. Delta 2001-1 Prepay Penalties

The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/10/2001 DELTA SECURITIZATION 2001 FIXED RATE Actual Balance 05/01/01

Principal Balance % of Aggregate Principal Number of Outstanding as of Balance Outstanding STATE: Mortgage Loans the Cut-off Date as of the Cut-off Date ------ -------------- ---------------- ---------------------- Arkansas 13 540,640.04 0.58 California 5 273,564.04 0.29 Colorado 5 381,286.56 0.41 Connecticut 39 3,200,712.38 3.41 Delaware 6 269,207.83 0.29 District of Columbia 3 205,855.54 0.22 Florida 12 561,513.72 0.60 Georgia 35 2,360,744.49 2.52 Illinois 78 7,157,161.57 7.62 Indiana 37 2,013,779.19 2.15 Kansas 1 76,705.79 0.08 Kentucky 7 216,261.42 0.23 Louisiana 23 1,354,964.12 1.44 Maine 4 214,773.40 0.23 Maryland 43 2,612,168.19 2.78 Massachusetts 41 3,476,681.83 3.70 Michigan 24 1,238,774.41 1.32 Minnesota 1 69,937.16 0.07 Mississippi 43 1,917,192.66 2.04 Missouri 32 2,118,998.15 2.26 New Hampshire 6 361,073.93 0.38 New Jersey 73 7,557,482.17 8.05 New Mexico 1 20,984.50 0.02 New York 293 29,818,706.63 31.77 North Carolina 52 3,845,272.72 4.10 Ohio 114 8,375,943.56 8.92 Oklahoma 3 74,192.97 0.08 Pennsylvania 174 8,216,577.25 8.75 Rhode Island 18 1,351,898.37 1.44 South Carolina 11 751,495.80 0.80 Tennessee 27 1,690,491.61 1.80 Virginia 12 909,314.13 0.97 Washington 1 64,956.28 0.07 West Virginia 10 482,102.85 0.51 Wisconsin 1 84,979.16 0.09 --------- ----- ------------- ------ TOTAL 1,248 93,866,394.42 100.00 ===== ===== ============= ======

ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/10/2001 DELTA SECURITIZATION 2001 ARMS Actual Balance 05/01/01

May 10, 2001 Delta Funding Home Equity Loan Trust 2001-1 Home Equity Loan Asset-Backed Certificates, Series 2001-1 This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the Issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the proposed transaction. The attached preliminary information is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior information for this transaction. In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement. The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/09/2001 DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 Actual Balance 05/01/01

May 24, 2001 Delta Funding Home Equity Loan Trust 2001-1 Home Equity Loan Asset-Backed Certificates, Series 2001-1 This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the Issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the proposed transaction. The attached preliminary information is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior information for this transaction. In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement. The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/24/2001 DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 FIXED RATE Actual Balance 05/01/01 PRODUCT: Fixed Rate TOTAL CURRENT BALANCE: 98,355,851.88 NUMBER OF LOANS: 1,290 Minimum Maximum AVG CURRENT BALANCE: $76,244.85 $5,000.00 $420,596.29 WAVG GROSS COUPON: 11.57958 % 7.74000 16.09000 % WAVG COMB LTV: 70.73 % 9.52 90.16 % WAVG FICO SCORE: 592 427 793 WAVG ORIGINAL TERM: 320.68 months 60.00 360.00 months WAVG REMAINING TERM: 318.68 months 57.00 360.00 months WAVG SEASONING: 2.00 months 0.00 6.00 months WAVG DTI RATIO: 39.75 % 0.01 54.99 %

May 17, 2001 Delta Funding Home Equity Loan Trust 2001-1 Home Equity Loan Asset-Backed Certificates, Series 2001-1 This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the Issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the proposed transaction. The attached preliminary information is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior information for this transaction. In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement. The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/10/2001 DELTA SECURITIZATION 2001 FIXED RATE Actual Balance 05/01/01 ~~PRODUCT: Fixed Rate TOTAL CURRENT BALANCE: 93,866,394.42 NUMBER OF LOANS: 1,248~~

TOP PREPAYMENT CONCENTRATIONS ($): 75.87% Prepayment Penalty, 24.13% No Prepayment Penalty WAVG PREPAY TERM: 31 months 0 60 months TOP STATE CONCENTRATIONS ($): 31.77% New York, 8.92% Ohio, 8.75% Pennsylvania MAXIMUM ZIP CODE CONCENTRATION ($): 0.99% 11233 (Brooklyn, NY) FIRST PAY DATE: Dec 07, 2000 Jun 15, 2001 MATURE DATE: Dec 05, 2005 May 02, 2031

ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/10/2001 DELTA SECURITIZATION 2001 ARMS Actual Balance 05/01/01 PRODUCT: 2/28 Arms & 3/28 Arms TOTAL CURRENT BALANCE: 34,326,610.94 NUMBER OF LOANS: 430

COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. ALL AMOUNTS SUBJECT TO CHANGE PRELIMINARY INFORMATION SHEET 05/29/2001 DELTA FUNDING HOME EQUITY LOAN TRUST 2001-1 FRM Actual Balance 05/01/01

The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. ("GCM") and has not been independently verified by GCM. Accordingly, GCM makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. GCM assumes no responsibility for the accuracy of any material contained herein. COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. Delta Home Equity Loan Trust, Series 2001-1 Senior-Subordinate O/C Structure To Maturity

DELTA FUNDING CORP /DE/ 8-K