SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): December 28, 1998
TRANSAMERICA CONSUMER MORTGAGE RECEIVABLES CORPORATION
(as seller under a Pooling and Sericing Agreement dated
as of November 1, 1998 providing for the issuance of
the TFC Home Equity Loan Asset-Backed
Certificates, Series 1998-1
Transamerica Consumer Mortgage Receivables Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-00282 33-0688964
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1150 South Olive Street, Suite 2800
Los Angeles, CA 90015
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (213) 742-4865
Item 5. Other Events
On December 28, 1998 a scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated December 28, 1998.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy
in the area.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a
Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 28, 1998.
TFC HOME EQUITY TRUST
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 28-Dec-98
DISTRIBUTION SUMMARY
Pass
Beginning Through Remaining
Class Balance Rate Principal Interest Balance
A-1 78066000.00 6.60000% 1443284.46 429363.00 76622715.54
A-2 15794000.00 5.58891% 183891.02 83367.29 15610108.98
R 0.00 0.00000% 0.00 0.00 0.00
TOTAL: 93860000.00 1627175.48 512730.29 92232824.52
(1) For Class R, remaining amounts available.
LIBOR
Current LIBOR: 5.04891%
Beginning Remaining
Class Cusip Balance Principal Interest Balance
A-1 87238WAA8 1000.00000 18.4880032 5.5000000 981.5119968
A-2 87238WAB6 1000.00000 11.6430936 5.2784152 988.3569064
Statement to Certificateholders
Pooling and Servicing Agreement Dated November 1, 1998
(Pursuant to Section 5.02)
SEC. 5.02 (a)
Class A Principal paid
on Payment Date See page 1
SEC. 5.02 (b)
Class A Remittance Amount See page 1
Class A-2 Libor Difference 0.00
Class A-2 Libor Cumulative Difference 0.00
Class A-2 Excess 0.00
Class A-2 Excess Interest 0.00
SEC. 5.02 (c)Certificate Balance of each
Class A Certificates See page 1
Excluding
SEC. 5.02 (d) REO
Group 1 Principal Balance 67128666.49 67128666.49
Group 1Number of Loans 2,920
Group 2 Principal Balance 13050152.46 13050152.46
Group 2 Number of Loans 103
SEC. 5.02 (e)(i) , (ii) Delinquency Information for
all Mortgage Loans
The following Delinquency, Foreclosure and REO information
is not yet available from the servicer.
31-60 Days Delinquent
Count Balance % of Balance
Fixed Group 0 0.00 0.00%
Floating Group 0 0.00 0.00%
Total * 0 0.00
61-90 Days Delinquent
Count Balance % of Balance
Fixed Group 0 0.00 0.00%
Floating Group 0 0.00 0.00%
Total * 0 0.00
91 Days or More Delinquent
Count Balance % of Balance
Fixed Group 0 0.00 0.00%
Floating Group 0 0.00 0.00%
Total * 0 0.00
SEC. 5.02 (f) Loans in Foreclosure
0-30 Days Delinquent
Count Balance
Fixed Group 0 0.00
Floating Group 0 0.00
Total 0 0.00
31-60 Days Delinquent
Count Balance
Fixed Group 0 0.00
Floating Group 0 0.00
Total 0 0.00
61-90 Days Delinquent
Count Balance
Fixed Group 0 0.00
Floating Group 0 0.00
Total 0 0.00
91 Days or More Delinquent
Count Balance
Fixed Group 0 0.00
Floating Group 0 0.00
Total 0 0.00
REO Loans
Property
Count Balance Value
Fixed Group 0 0.00 0.00
Floating Group 0 0.00 0.00
Total 0 0.00 0.00
SEC. 5.02 (g) Repurchased Loans
Principal
Count Balance Book Value
Fixed Group 0 0.00 0.00
Floating Group 0 0.00 0.00
SEC. 5.02 (h)
Monthly Servicing Fee calculated
(30 Days at .50%) 33966.32
Amount Reimbursed to Master Servicer
due to Liquidation Expenses 0.00
SEC. 5.02 (i)
Insured Payments 0.00
SEC. 5.02
(j), (k), (l), (m), (n) Group 1 Group 2
Liquidated Loans Principal Balance 0.00 0.00
Liquidation Proceeds 0.00 0.00
Liquidation Expenses deducted from
Liquidation proceeds 0.00 0.00
Liquidation Expenses not deducted from
Liquidation proceeds 0.00 0.00
Net Losses 0.00 0.00
SEC. 5.02 (p) Class R Distribution Amount See page 1
SEC. 5.02 (q)
Advances of Interest (not available for 12/28/98 ) 0.00
Servicing Advances (ie. tax and insurance) 0.00
Servicing Advances Reimbursed 0.00
Nonrecoverable Advances Reimbursed 0.00
SEC. 5.02 (r)
Cumulative Losses
60 Days Delinquent 90 Days Delinquent
Group 1 0.00 0.00
Group 2 0.00 0.00
Total 0.00 0.00
SEC. 5.02 (t) Outstanding Pre-Funded Amount
Group 1 9750000.00
Group 2 3250000.00
SEC. 5.02 (u) Capitalized Interest Account Balance 28477.82
SEC. 5.02 (v) Principal Balance of Three Largest Loans
Group 1 452425.67
Group 2 1589748.65
ADDITIONAL INFORMATION Group 1 Group 2
Net Monthly Excess Cashflow (NMEC) 255147.51 31667.76
O/C Deficiency Paid out of NMEC 255147.51 31667.76
Remaining NMEC (*) 0.00 0.00
Scheduled Principal Collections 1188136.95 152223.26
including prepayments, excluding REO
Net Liquidation Proceeds 0.00 0.00
Less: O/C Reduction 0.00 0.00
Plus: O/C Deficiency Paid 255147.51 31667.76
Group Principal Allocated 1443284.46 183891.02
* NMEC distributed to other group 0.00 0.00
Total Class A payment 1443284.46 183891.02
End of Prd O/C Amount (O/C Deficit) 255950.95 690043.48
Total Monthly Excess Spread 255147.51 31667.76
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
TRANSAMERICA CONSUMER
MORTGAGE RECEIVABLES CORPORATION
By: /s/ Janice OttRotuno
Name: Janice OttRotuno
Title: Vice President
The First National Bank Of Chicago
Dated: December 31, 1998
