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Previous: FARALLON CAPITAL MANAGEMENT LLC /ADV, SC 13D/A, 1998-10-09 |
Next: AMERICAN MATERIALS & TECHNOLOGIES CORP, 15-12B, 1998-10-09 |
UNITED STATES
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): September 25, 1998
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
Mortgage Pass-Through Certificates, Series 1998-B Trust
North Carolina (governing law of 333-03574 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, Maryland (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 25, 1998 a distribution was made to holders of First Union
Residential Securitization Transactions, Inc., Mortgage Pass-Through
Certificates, Series 1998-B Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-B Trust,
relating to the September 25, 1998 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
Mortgage Pass-Through Certificates, Series 1998-B Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 9/1/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-B Trust, relating to the September 25,
1998 distribution.
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS
Series 1998-B
Statement to Certificateholder
Record Date: 8/31/98
Distribution Date: 9/25/98
Prior Period: 9/25/98
<TABLE>
<CAPTION>
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C> <C>
1A-1 337403BH1 6.75% 23,175,000.00 21,493,852.40 120,903.30 1,863,992.91
Factors per Thousand 5.21697087 80.43119353
1A-2 337403BJ7 6.75% 5,000,000.00 4,857,567.90 27,323.91 157,923.33
Factors per Thousand 5.46478200 31.58466600
1A-3 337403BK4 6.75% 124,054,000.00 120,994,915.52 680,598.56 3,391,797.24
Factors per Thousand 5.48630887 27.34129685
1A-4 337403BL2 6.75% 45,000,000.00 45,000,000.00 253,125.80 0.00
Factors per Thousand 5.62501778 0.00000000
1A-5 337403BM0 6.75% 15,145,000.00 14,839,495.96 83,472.43 338,731.33
Factors per Thousand 5.51155035 22.36588511
1A-6 337403BN8 6.75% 100,000,000.00 98,205,888.16 552,409.87 1,989,243.39
Factors per Thousand 5.52409870 19.89243390
1A-7 337403BP3 6.75% 776,000.00 776,000.00 4,365.01 0.00
Factors per Thousand 5.62501289 0.00000000
1A-8 337403BQ1 6.75% 6,589,000.00 6,589,000.00 37,063.24 0.00
Factors per Thousand 5.62501745 0.00000000
1A-9 337403BR9 6.75% 18,048,000.00 18,048,000.00 101,520.32 0.00
Factors per Thousand 5.62501773 0.00000000
1A-10 337403BS7 6.75% 41,194,000.00 41,194,000.00 231,716.98 0.00
Factors per Thousand 5.62501772 0.00000000
1A-11 337403BT5 6.51% 11,155,764.00 11,155,764.00 60,485.35 0.00
Factors per Thousand 5.42189222 0.00000000
1A-12 337403BU2 7.69% 2,892,236.00 2,892,236.00 18,534.90 0.00
Factors per Thousand 6.40850193 0.00000000
1A-PO 337403BV0 0.00% 372,518.00 372,132.30 0.00 344.17
Factors per Thousand 0.00000000 0.92390166
<FN>
First Union National Bank
Structured Finance Trust Services
230 South Tryon Street, 9th Floor
Charlotte, North Carolina 28288-1179
Robert Ashbaugh
Vice President
Phone: 704-383-9568
Fax: 704-383-6039
*Notional Balance
</FN>
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
1A-1 337403BH1 0.00 1,984,896.21 19,629,859.49
Factors per Thousand 85.64816440 847.02737821
1A-2 337403BJ7 0.00 185,247.24 4,699,644.57
Factors per Thousand 37.04944800 939.92891400
1A-3 337403BK4 0.00 4,072,395.80 117,603,118.28
Factors per Thousand 32.82760572 947.99940574
1A-4 337403BL2 0.00 253,125.80 45,000,000.00
Factors per Thousand 5.62501778 1000.00000000
1A-5 337403BM0 0.00 422,203.76 14,500,764.63
Factors per Thousand 27.87743546 957.46217431
1A-6 337403BN8 0.00 2,541,653.26 96,216,644.77
Factors per Thousand 25.41653260 962.16644770
1A-7 337403BP3 0.00 4,365.01 776,000.00
Factors per Thousand 5.62501289 1000.00000000
1A-8 337403BQ1 0.00 37,063.24 6,589,000.00
Factors per Thousand 5.62501745 1000.00000000
1A-9 337403BR9 0.00 101,520.32 18,048,000.00
Factors per Thousand 5.62501773 1000.00000000
1A-10 337403BS7 0.00 231,716.98 41,194,000.00
Factors per Thousand 5.62501772 1000.00000000
1A-11 337403BT5 0.00 60,485.35 11,155,764.00
Factors per Thousand 5.42189222 1000.00000000
1A-12 337403BU2 0.00 18,534.90 2,892,236.00
Factors per Thousand 6.40850193 1000.00000000
1A-PO 337403BV0 0.00 344.17 371,788.13
Factors per Thousand 0.92390166 998.04071213
</TABLE>
<TABLE>
<CAPTION>
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C> <C>
1A-WIO* 337403BW8 0.00% 378,009,974.00 371,047,211.09 141,616.35 0.00
Factors per Thousand 0.37463654 0.00000000
A-R 337403BX6 6.75% 100.00 0.00 0.00 0.00
Factors per Thousand 0.00000000 0.00000000
1M 337403BY4 6.75% 6,180,000.00 6,175,212.73 34,735.46 4,928.23
Factors per Thousand 5.62062460 0.79744822
1B-1 337403BZ1 6.75% 5,149,000.00 5,145,011.38 28,940.78 4,106.06
Factors per Thousand 5.62066032 0.79744805
1B-2 337403CA5 6.75% 2,060,000.00 2,058,404.24 11,578.56 1,642.74
Factors per Thousand 5.62066019 0.79744660
1B-3 337403CF4 6.75% 3,295,000.00 3,292,447.56 18,520.08 2,627.59
Factors per Thousand 5.62066161 0.79744765
1B-4 337403CG2 6.75% 824,000.00 823,361.70 4,631.42 657.10
Factors per Thousand 5.62065534 0.79745146
1B-5 337403CH0 6.75% 1,030,643.44 1,029,845.06 5,792.90 821.89
Factors per Thousand 5.62066353 0.79745329
2A 337403CB3 7.07% 64,361,000.00 63,626,818.96 374,742.56 2,192,412.69
Factors per Thousand 5.82250991 34.06430431
2M 337403CC1 7.07% 832,000.00 830,835.19 4,893.37 1,173.13
Factors per Thousand 5.88145433 1.41001202
2B-1 337403CD9 7.07% 332,000.00 331,535.20 1,952.64 468.13
Factors per Thousand 5.88144578 1.41003012
2B-2 337403CE7 7.07% 566,000.00 565,207.60 3,328.90 798.07
Factors per Thousand 5.88144876 1.41001767
2B-3 337403CJ6 7.07% 166,000.00 165,767.60 976.32 234.06
Factors per Thousand 5.88144578 1.41000000
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
1A-WIO* 337403BW8 0.00 141,616.35 363,570,812.13
Factors per Thousand 0.37463654 0.00000000
A-R 337403BX6 0.00 0.00 0.00
Factors per Thousand 0.00000000 0.00000000
1M 337403BY4 0.00 39,663.69 6,170,284.50
Factors per Thousand 6.41807282 998.42791262
1B-1 337403BZ1 0.00 33,046.84 5,140,905.32
Factors per Thousand 6.41810837 998.42791222
1B-2 337403CA5 0.00 13,221.30 2,056,761.50
Factors per Thousand 6.41810680 998.42791262
1B-3 337403CF4 0.00 21,147.67 3,289,819.97
Factors per Thousand 6.41810926 998.42791199
1B-4 337403CG2 0.00 5,288.52 822,704.60
Factors per Thousand 6.41810680 998.42791262
1B-5 337403CH0 0.00 6,614.79 1,029,023.17
Factors per Thousand 6.41811682 998.42790442
2A 337403CB3 0.00 2,567,155.25 61,434,406.27
Factors per Thousand 39.88681422 954.52846087
2M 337403CC1 0.00 6,066.50 829,662.06
Factors per Thousand 7.29146635 997.18997596
2B-1 337403CD9 0.00 2,420.77 331,067.07
Factors per Thousand 7.29147590 997.18996988
2B-2 337403CE7 0.00 4,126.97 564,409.53
Factors per Thousand 7.29146643 997.18998233
2B-3 337403CJ6 0.00 1,210.38 165,533.54
Factors per Thousand 7.29144578 997.19000000
</TABLE>
<TABLE>
<CAPTION>
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C> <C>
2B-4 337403CK3 7.07% 133,000.00 132,813.80 782.23 187.53
Factors per Thousand 5.88142857 0.00000000
2B-5 337403CL1 7.07% 133,650.91 133,463.80 786.06 188.45
Factors per Thousand 5.88144144 1.41001659
Totals 478,463,912.35 470,729,577.06 2,804,797.30 9,952,278.04
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
2B-4 337403CK3 0.00 969.76 132,626.27
Factors per Thousand 5.88142857 0.00000000
2B-5 337403CL1 0.00 974.51 133,275.35
Factors per Thousand 7.29145802 997.18999295
Totals 0.00 12,757,075.34 460,777,299.02
</TABLE>
<TABLE>
<CAPTION>
POOL 1
Schedule of Remittance
<S> <C>
Scheduled Principal 322,855.32
Prepayments 7,433,945.85
Total Principal Distribution 7,756,801.17
Interest 2,512,214.16
Prepay Penalty -
(Master Servicing Fee) 6,749.05
(Subservicing Fee) 84,363.16
(Trust Administration Fee) 2,868.35
(Trustee Fee) 843.63
Total Interest Distribution 2,417,389.97
Total Available Funds 10,174,191.14
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 18 5,278,544.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 1 222,597.00
Loans in Foreclosure 0 0.00
REO Property 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Information
<S> <C>
Weighted Average to Maturity 345
Weighted Average Loan Rate 7.163787%
Agg. Beginning Principal Balance of Loans 404,943,148.98
Agg. Ending Principal Balance of Loans 397,186,347.81
Agg. Schd. Principal Balance of Discount Pool 1 Loans 33,645,978.68
Previous Scheduled Principle Payments 318,816.76
Previous Prepayments 6,678,295.85
Prior Weighted Average to Maturity 354
Prior Weighted Average Loan Rate 7.173032%
Realized Losses -
Adjusted Pool Amount 397,186,347.81
Adjusted Pool Amount (PO) 363,941,456.93
Class 1A-PO Deferred Amount -
Book Value of Real Estate acquired -
Pool1 Distribution Amount 10,174,191.14
LIBOR 5.656250%
</TABLE>
<TABLE>
<CAPTION>
Pool 1
Certificate Information
Beginning Upaid Ending Unpaid
Interest Shortfall Interest Shortfall
<S> <C> <C>
Class 1A-1 0.00 0.00
Class 1A-2 0.00 0.00
Class 1A-3 0.00 0.00
Class 1A-4 0.00 0.00
Class 1A-5 0.00 0.00
Class 1A-6 0.00 0.00
Class 1A-7 0.00 0.00
Class 1A-8 0.00 0.00
Class 1A-9 0.00 0.00
Class 1A-10 0.00 0.00
Class 1A-11 0.00 0.00
Class 1A-12 0.00 0.00
Class 1A-WIO 0.00 0.00
Class 1M 0.00 0.00
Class 1B-1 0.00 0.00
Class 1B-2 0.00 0.00
Class 1B-3 0.00 0.00
Class 1B-4 0.00 0.00
Class 1B-5 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Class
Percentage
<S> <C>
Class A Percentage 95.421000%
Class M Percentage 1.526500%
Class 1B-1 Percentage 1.271800%
Class 1B-2 Percentage 0.508800%
Class 1B-3 Percentage 0.813900%
Class 1B-4 Percentage 0.203500%
Class 1B-5 Percentage 0.254600%
</TABLE>
<TABLE>
<CAPTION>
POOL 2
Schedule of Remittance
<S> <C>
Scheduled Principal 92,890.01
Prepayments 2,102,572.05
Total Principal Distribution 2,195,462.06
Interest 397,110.85
Prepay Penalty -
(Master Servicing Fee) 2,192.88
(Subservicing Fee) 6,852.75
(Trust Administration Fee) 465.99
(Trustee Fee) 137.06
Total Net Interest Distribution 387,462.17
Total Available Funds 2,582,924.23
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 1 353,442.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
Loans in Foreclosure 0 0.00
REO Property 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Information
<S> <C>
Weighted Average to Maturity 282
Weighted Average Mortgage Rate 7.067634%
Agg. Beginning Principal Balance of Loans 65,786,442.14
Agg. Ending Principal Balance of Loans 63,590,980.08
Previous Scheduled Principle Payments 93,133.60
Previous Prepayments 644,075.17
Prior Weighted Average to Maturity 284
Prior Weighted Average Loan Rate 7.065746%
Realized Losses -
Adjusted Pool Amount 63,590,980.08
Book Value of Real Estate acquired -
Pool2 Distribution Amount 2,582,924.23
</TABLE>
<TABLE>
<CAPTION>
POOL 2
Certificate Information
Beginning Unpaid Ending Unpaid
Interest Shortfall Interest Shortfall
<S> <C> <C>
Class 2A 0.00 0.00
Class 2M 0.00 0.00
Class 2B-1 0.00 0.00
Class 2B-2 0.00 0.00
Class 2B-3 0.00 0.00
Class 2B-4 0.00 0.00
Class 2B-5 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Class
Percentage
<S> <C>
Class A Percentage 96.717200%
Class M Percentage 1.262900%
Class 2B-1 Percentage 0.504000%
Class 2B-2 Percentage 0.859200%
Class 2B-3 Percentage 0.252000%
Class 2B-4 Percentage 0.201900%
Class 2B-5 Percentage 0.202900%
</TABLE>
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