--------------------------------------------------------------------------------
                         C H A S E S E C U R I T I E S I
                                      N C.
--------------------------------------------------------------------------------
October 1998

                             HOMESIDE LENDING, INC.


                                                  U.S.$1,500,000,000


RATINGS1                                                       


                                     Commercial Paper    Senior Secured Debt
Standard & Poor's Ratings Services         A-1                    A+
Moody's Investors Service, Inc.            P-1                    A1
Fitch IBCA                          F-1+ (neg. Watch)      AA- (neg. Watch)


                   SUMMARY OF TERMS

ISSUER:            HomeSide Lending, Inc. ("HomeSide Lending" or the "Company").

OFFERING:          Commercial  paper  notes  offered  pursuant  to  the  
                   exemption  from registration  under the  Securities  Act, as
                   amended,  provided by Section 3(a)(3) thereof.

AMOUNT:             Up to $1,500,000,000.

MATURITY:           Up to 270 days from the date of issue, as agreed upon from 
                    time to time.

DENOMINATIONS:      The  Notes  will be  issued  in  minimum  denominations  of 
                    $100,000  with  integral increments  of $1,000  in excess
                    thereof  and will be  issued  in  book-entry  form.  
                    Settlement will be made in immediately available funds.

INTEREST:           The  Notes  will  be sold  at a  discount  with
                    payment  of  the  face   amount  at   maturity;
                    interest  will be  calculated  using a  360-day
                    year  based  on  the  actual   number  of  days
                    elapsed.

USE OF PROCEEDS:    The  proceeds of the notes will be used to meet  working  
                    capital  requirements.  The proceeds  may be used to  repay
                    indebtedness  to Chase  Securities  Inc.  ("CSI")  -
                    affiliated lenders.

ISSUING & PAYING
   AGENT:           The Chase Manhattan Bank.

BANK LINES:         The Company has  available a backup credit  facility  from 
                    various banks  aggregating $1.5 billion.  The Chase
                    Manhattan Bank is a participant in this facility.

FORM OF ISSUANCE:   The Notes will be issued and purchases  will be recorded 
                    only through the  book-entry system of the Depository  Trust
                    Company ("DTC").  Beneficial  owners will not receive
                    certificates  representing  their  ownership  interest in
                    the Notes.  The face amount of each Note will be paid upon 
                    maturity in  immediately  available  funds to DTC. The
                    Issuer has been  advised by DTC that upon  receipt of such  
                    payment DTC will  credit,
                    on its book-entry  records and transfer system,  the 
                    accounts of the DTC participants through  whom  Notes  are  
                    directly  or  indirectly  owned.  Payments  by  DTC to its
                    participants   and  by  such   participants   to   owners 
                    of  the  Notes  or  their representatives  will be governed 
                    by customary  practices  and standing  instructions
                    and  will  be  the  sole  responsibility  of  DTC,  such
                    DTC  participants  or  such representatives, respectively.

MISCELLANEOUS:      The Notes are not  redeemable  or  subject to  voluntary 
                    prepayment  by the  Company prior to  maturity.  No  
                    indenture  of trust will be entered into with respect to the
                    Notes.

Homeside Lending, Inc.                                                         
-------------------------------------------------------------------------------
                        C H A S E S E C U R I T I E S I
                                      N C.
--------------------------------------------------------------------------------
                                [GRAPHIC OMITTED]          U.S. Commercial Paper
                                                           Offering Memorandum



The  information  set forth  herein was obtained  from sources  which we believe
reliable, but we do not represent or guarantee its accuracy or completeness. The
information  contained  herein will not typically be distributed or updated upon
each new sale of commercial paper notes.  Further, the information herein is not
intended  as  a   substitution   for  the   investor's   own  inquiry  into  the
creditworthiness  of the Issuer  and, if  applicable,  another  party  providing
credit support for the commercial paper notes.

                                    BUSINESS

HomeSide Lending is one of the largest full-service residential mortgage banking
companies in the United States. It was formed in 1996 through the acquisition of
BancBoston  Mortgage  Corporation  from The First  National  Bank of Boston  and
Barnett Mortgage Company from Barnett Banks,  Inc. HomeSide  Lending's  strategy
emphasizes variable cost mortgage  origination and low cost servicing.  HomeSide
Lending's mortgage loan production volume,  excluding bulk purchases,  was $20.5
billion for the period from March 1, 1997  through  February  10, 1998 and $20.9
billion for the period from March 16, 1996 to February 28, 1997.  Its  servicing
portfolio  was $98.9 billion on February 10, 1998 and $ 89.2 billion on February
28, 1997.  HomeSide Lending ranks as the 5th largest  originator and 6th largest
servicer in the United States for calendar year 1997 based on data  published by
Inside  Mortgage  Finance.  As of June 30, 1998,  HomeSide  Lending's  servicing
portfolio has grown to $114.8 billion.

On  October  27,  1997,  National  Australia  Bank Ltd.,  ("NAB")  agreed to buy
HomeSide  Inc.   ("Holdings"),   the  parent  of  HomeSide   Lending  for  total
consideration of $1.23 billion. NAB, headquartered in Melbourne, Australia, is a
bank with  reported  assets of  US$149.8  billion as of  December  31,  1997 and
operations spanning the United States, England,  Scotland,  Ireland,  Australia,
New Zealand and Asia.  HomeSide  operates as a subsidiary of NAB while remaining
an active borrower under its own name.



                INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The following  documents are hereby incorporated by reference in this Memorandum
and deemed to be a part hereof:  the Annual Report of HomeSide Lending,  Inc. on
Form 10-K for the year ended  February 10, 1998, the most recent 10-Q dated June
30, 1998 and all documents filed by HomeSide  Lending,  Inc. pursuant to Section
13 or Section  15(d) of the  Securities  Exchange Act of 1934  subsequent to the
date thereof,  hereof and prior to termination of the offering of the Notes. Any
statement  contained  herein  or in a  document  incorporated  or  deemed  to be
incorporated  by reference  herein shall be deemed to be modified or  superseded
for  purposes  of  this  Offering  Memorandum  to the  extent  that a  statement
contained herein or in any other subsequently filed document which also is or is
deemed to be  incorporated  by  reference  herein  modifies or  supersedes  such
statement. Any such statement modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of the Offering Memorandum.


                      CHASE SECURITIES INC. AND AFFILIATES

CSI is an affiliate of The Chase Manhattan Bank, which is a lender to the Issuer
and certain of its  affiliates.  In addition,  The Chase  Manhattan Bank, or its
affiliates,  participates  on a regular basis in various  general  financing and
banking transactions for the Issuer and its affiliates.  Proceeds from the sales
of the  Notes  may be used to repay  indebtedness  of the  Company  to The Chase
Manhattan Bank or other lending affiliates of CSI.

                             ADDITIONAL INFORMATION

If you require additional information or have any questions, please contact:

                  Investor Marketing
                  Money Market Division
                  Chase Securities Inc.
                  270 Park Avenue, 8th Floor
                  New York, NY  10017
                  Phone:  (212) 834-3435
                  Fax:      (212) 834-6945

CSI, a wholly-owned subsidiary of The Chase Manhattan Corporation, is a separate
entity  from The Chase  Manhattan  Bank and  other  lending  affiliates.  Unless
expressly disclosed otherwise to you, securities sold, offered or recommended by
CSI  are  not  deposits,  are  not  insured  by the  Federal  Deposit  Insurance
Corporation,  are  not  guaranteed  by  an  affiliated  bank  or  other  lending
affiliate,  and  are  not  otherwise  an  obligation  or  responsibility  of any
affiliated bank or other lending affiliate.

The  information  contained  herein has been  obtained  from  sources  which CSI
believes to be reliable;  however,  CSI makes no representation as to either the
completeness or accuracy of this information.

The  information in the sections  "Chase  Securities  Inc. and  Affiliates"  and
"Additional  Information"  is  particular  to Chase  Securities  Inc.  All other
information contained in this memorandum has been provided by and agreed upon by
the Company.

Offering Memorandum Approval:

Approved:                                                     

By:      /s/James Krakau                                                     

Title:                                                        

Date:                                                         




--------
1 As of the date hereof,  Standard & Poor's Ratings Services,  Moody's Investors
Service,  and Fitch IBCA  continually  monitor  the credit of the  Company.  The
ratings may be changed, superseded or withdrawn, and therefore prospective
purchasers should check the current ratings before purchasing the Notes.