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Previous: FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS INC, 8-K, 1998-11-10 |
Next: THERMO OPTEK CORP, 10-Q, 1998-11-10 |
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): October 26, 1998
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
Mortgage Pass-Through Certificates, Series 1998-B Trust
New York (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, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of FIRST UNION
RESIDENTIAL SECURITIZATION TRANSACTIONS, INC., Mortgage Pass-Through
Certificates, Series 1998-3 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 dirtributed to holders of Mortgage Pass-
Through Certificates, Series 1998-B Trust, relating
to the October 26, 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: 11/06/1998
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 October 26,
1998 distribution.
First Union Residential Securization, Inc.
Mortgage Pass-Through Certificates
Record Date: 10/31/1998
Distribution Date: 10/26/1998
Prior Period 09/25/98
FURST Series: 1998-B
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
<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 19,629,859.49 110,417.96 1,562,144.78
Factors per Thousand 4.76452902 67.40646300
1A-2 337403BJ7 6.75% 5,000,000.00 4,699,644.57 26,435.50 132,349.81
Factors per Thousand 5.28710000 26.46996200
1A-3 337403BK4 6.75% 124,054,000.00 117,603,118.28 661,517.56 2,842,542.12
Factors per Thousand 5.33249682 22.91374821
1A-4 337403BL2 6.75% 45,000,000.00 45,000,000.00 253,125.01 0.00
Factors per Thousand 5.62500022 0.00000000
1A-5 337403BM0 6.75% 15,145,000.00 14,500,764.63 81,566.80 283,878.43
Factors per Thousand 5.38572466 18.74403632
1A-6 337403BN8 6.75% 100,000,000.00 96,216,644.77 541,218.64 1,667,112.66
Factors per Thousand 5.41218640 16.67112660
1A-7 337403BP3 6.75% 776,000.00 776,000.00 4,365.00 0.00
Factors per Thousand 5.62500000 0.00000000
1A-8 337403BQ1 6.75% 6,589,000.00 6,589,000.00 37,063.13 0.00
Factors per Thousand 5.62500076 0.00000000
1A-9 337403BR9 6.75% 18,048,000.00 18,048,000.00 101,520.00 0.00
Factors per Thousand 5.62500000 0.00000000
1A-10 337403BS7 6.75% 41,194,000.00 41,194,000.00 231,716.26 0.00
Factors per Thousand 5.62500024 0.00000000
1A-11 337403BT5 6.49% 11,155,764.00 11,155,764.00 60,376.21 0.00
Factors per Thousand 5.41210893 0.00000000
1A-12 337403BU2 7.74% 2,892,236.00 2,892,236.00 18,643.80 0.00
Factors per Thousand 6.44615446 0.00000000
1A-PO 337403BV0 0.00% 372,518.00 371,788.13 0.00 362.75
Factors per Thousand 0.00000000 0.97377845
<FN>
First Union National Bank
Structured Finance Trust Services
230 South Tryon Street, 9th Floor
Charlotte, North Carolina 28288-1179
</FN>
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
1A-1 337403BH1 0.00 1,672,562.74 18,067,714.71
Factors per Thousand 72.17099202 779.62091521
1A-2 337403BJ7 0.00 158,785.31 4,567,294.76
Factors per Thousand 31.75706200 913.45895200
1A-3 337403BK4 0.00 3,504,059.68 114,760,576.16
Factors per Thousand 28.24624502 925.08565754
1A-4 337403BL2 0.00 253,125.01 45,000,000.00
Factors per Thousand 5.62500022 1000.00000000
1A-5 337403BM0 0.00 365,445.23 14,216,886.20
Factors per Thousand 24.12976098 938.71813800
1A-6 337403BN8 0.00 2,208,331.30 94,549,532.11
Factors per Thousand 22.08331300 945.49532110
1A-7 337403BP3 0.00 4,365.00 776,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-8 337403BQ1 0.00 37,063.13 6,589,000.00
Factors per Thousand 5.62500076 1000.00000000
1A-9 337403BR9 0.00 101,520.00 18,048,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-10 337403BS7 0.00 231,716.26 41,194,000.00
Factors per Thousand 5.62500024 1000.00000000
1A-11 337403BT5 0.00 60,376.21 11,155,764.00
Factors per Thousand 5.41210893 1000.00000000
1A-12 337403BU2 0.00 18,643.80 2,892,236.00
Factors per Thousand 6.44615446 1000.00000000
1A-PO 337403BV0 0.00 362.75 371,425.38
Factors per Thousand 0.97377845 997.06693368
<FN>
First Union National Bank Robert Ashbaugh
Structured Finance Trust Services Vice President
230 South Tryon Street, 9th Floor Phone: 704-383-9568
Charlotte, North Carolina 28288-1179 Fax: 704-383-6039
</FN>
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<C> <S> <S> <S> <S> <S> <S>
1A-WIO* 337403BW8 0.00% 378,009,974.00 363,570,812.13 136,975.30 0.00
Factors per Thousand 0.36235896 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 6,170,284.50 34,707.85 4,959.98
Factors per Thousand 5.61615696 0.80258576
1B-1 337403BZ1 6.75% 5,149,000.00 5,140,905.32 28,917.59 4,132.52
Factors per Thousand 5.61615654 0.80258691
1B-2 337403CA5 6.75% 2,060,000.00 2,056,761.50 11,569.28 1,653.33
Factors per Thousand 5.61615534 0.80258738
1B-3 337403CF4 6.75% 3,295,000.00 3,289,819.97 18,505.24 2,644.52
Factors per Thousand 5.61615781 0.80258574
1B-4 337403CG2 6.75% 824,000.00 822,704.60 4,627.71 661.33
Factors per Thousand 5.61615291 0.80258495
1B-5 337403CH0 6.75% 1,030,643.44 1,029,023.17 5,788.26 823.79
Factors per Thousand 5.61616149 0.79929680
2A 337403CB3 7.06% 64,361,000.00 61,434,406.27 361,212.91 1,055,498.04
Factors per Thousand 5.61229487 16.39965258
2M 337403CC1 7.06% 832,000.00 829,662.06 4,878.12 1,198.89
Factors per Thousand 5.86312500 1.44097356
2B-1 337403CD9 7.06% 332,000.00 331,067.07 1,946.56 480.16
Factors per Thousand 5.86313253 1.44626506
2B-2 337403CE7 7.06% 566,000.00 564,409.53 3,318.53 818.59
Factors per Thousand 5.86312721 1.44627208
2B-3 337403CJ6 7.06% 166,000.00 165,533.54 973.28 240.08
Factors per Thousand 5.86313253 1.44626506
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
1A-WIO* 337403BW8 0.00 136,975.30 357,101,600.76
Factors per Thousand 0.36235896 0.00000000
A-R 337403BX6 0.00 0.00 0.00
Factors per Thousand 0.00000000 0.00000000
1M 337403BY4 0.00 39,667.83 6,165,324.52
Factors per Thousand 6.41874272 997.62532686
1B-1 337403BZ1 0.00 33,050.11 5,136,772.80
Factors per Thousand 6.41874345 997.62532531
1B-2 337403CA5 0.00 13,222.61 2,055,108.17
Factors per Thousand 6.41874272 997.62532524
1B-3 337403CF4 0.00 21,149.76 3,287,175.45
Factors per Thousand 6.41874355 997.62532625
1B-4 337403CG2 0.00 5,289.04 822,043.27
Factors per Thousand 6.41873786 997.62532767
1B-5 337403CH0 0.00 6,612.05 1,028,199.38
Factors per Thousand 6.41545829 997.62860762
2A 337403CB3 0.00 1,416,710.95 60,378,908.23
Factors per Thousand 22.01194745 938.12880828
2M 337403CC1 0.00 6,077.01 828,463.17
Factors per Thousand 7.30409856 995.74900240
2B-1 337403CD9 0.00 2,426.72 330,586.91
Factors per Thousand 7.30939759 995.74370482
2B-2 337403CE7 0.00 4,137.12 563,590.94
Factors per Thousand 7.30939929 995.74371025
2B-3 337403CJ6 0.00 1,213.36 165,293.46
Factors per Thousand 7.30939759 995.74373494
<FN>
First Union National Bank Robert Ashbaugh
Structured Finance Trust Services Vice President
230 South Tryon Street, 9th Floor Phone: 704-383-9568
Charlotte, North Carolina 28288-1179 Fax:l704-383-6039
</FN>
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C> <C>
2B-4 337403CK3 7.06% 133,000.00 132,626.27 779.80 192.36
Factors per Thousand 5.86315789 0.00000000
2B-5 337403CL1 7.06% 133,650.91 133,275.35 783.61 193.30
Factors per Thousand 5.86311010 1.44630515
Totals 478,463,912.35 460,777,299.02 2,742,949.91 7,561,887.44
Current Ending
Certificate Realized Total Certificate
Class Cusip Rate Loss Distribution Balance
<S> <C> <C> <C> <C> <C>
2B-4 337403CK3 7.06% 0.00 972.16 132,433.91
Factors per Thousand 5.86315789 0.00000000
2B-5 337403CL1 7.06% 0.00 976.91 133,082.05
Factors per Thousand 7.30941525 995.74368779
Totals 0.00 10,304,837.35 453,215,411.58
</TABLE>
<TABLE>
<CAPTION>
POOL 1
Schedule of Remittance
<S> <C>
Scheduled Principal 318,974.58
Prepayments 6,184,280.51
Total Principal Distribution 6,503,255.09
Interest 2,462,019.27
Prepay Penalty -
(Master Servicing Fee) 6,619.77
(Subservicing Fee) 82,747.15
(Trust Administration Fee) 2,769.70
(Trustee Fee) 814.62
Total Interest Distribution 2,369,068.04
Total Available Funds 8,872,323.13
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 12 3,432,418.00
Delinquent 60-89 Days 2 490,311.00
Delinquent 90+ Days 1 222,597.00
Loans in Foreclosure 1 222,597.00
REO Property 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Information
<S> <C>
Weighted Average to Maturity 344
Weighted Average Loan Rate 7.157528%
Agg. Beginning Principal Balance of Loans 397,186,317.71
Agg. Ending Principal Balance of Loans 390,683,062.62
Agg. Schd. Principal Balance of Discount Pool 1 Loans 33,615,535.68
Previous Scheduled Principle Payments 322,855.32
Previous Prepayments 7,433,945.85
Prior Weighted Average to Maturity 345
Prior Weighted Average Loan Rate 7.163787%
Realized Losses -
Adjusted Pool Amount 390,683,062.62
Adjusted Pool Amount (PO) 357,471,882.81
Class 1A-PO Deferred Amount -
Book Value of Real Estate acquired -
Pool1 Distribution Amount 8,875,907.44
LIBOR 5.644530%
</TABLE>
<TABLE>
<CAPTION>
Pool 1
Certificate Information
Beginning Upaid Ending Unpaid Class
Interest Shortfall Interest Shortfall Percentage
<S> <C> <C> <S> <C>
Class 1A-1 0.00 0.00 Class A Percentage 95.335200%
Class 1A-2 0.00 0.00 Class M Percentage 1.555000%
Class 1A-3 0.00 0.00 Class 1B-1 Percentage 1.295600%
Class 1A-4 0.00 0.00 Class 1B-2 Percentage 0.518300%
Class 1A-5 0.00 0.00 Class 1B-3 Percentage 0.829100%
Class 1A-6 0.00 0.00 Class 1B-4 Percentage 0.207300%
Class 1A-7 0.00 0.00 Class 1B-5 Percentage 0.259500%
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>
POOL 2
Schedule of Remittance
<S> <C>
Scheduled Principal 92,099.30
Prepayments 966,522.12
Total Principal Distribution 1,058,621.42
Interest 383,219.42
Prepay Penalty -
(Master Servicing Fee) 2,119.70
(Subservicing Fee) 6,624.06
(Trust Administration Fee) 450.44
(Trustee Fee) 132.48
Total Net Interest Distribution 373,892.74
Total Available Funds 1,432,514.16
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 0 0.00
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>
Pool 2
Collateral Information
<S> <C>
Weighted Average to Maturity 281
Weighted Average Mortgage Rate 7.055582%
Agg. Beginning Principal Balance of Loans 63,590,980.08
Agg. Ending Principal Balance of Loans 62,532,358.66
Previous Scheduled Principle Payments 92,890.01
Previous Prepayments 2,102,572.05
Prior Weighted Average to Maturity 282
Prior Weighted Average Loan Rate 7.067634%
Realized Losses -
Adjusted Pool Amount 62,532,358.66
Book Value of Real Estate acquired -
Pool2 Distribution Amount 1,432,514.16
</TABLE>
<TABLE>
<CAPTION>
Pool 2
Certificate Information
Beginning Unpaid Ending Unpaid Class
Interest Shortfall Interest Shortfall Percentage
<S> <C> <C> <S> <C>
Class 2A 0.00 0.00 Class A Percentage 96.608700%
Class 2M 0.00 0.00 Class M Percentage 1.301700%
Class 2B-1 0.00 0.00 Class 2B-1 Percentage 0.521400%
Class 2B-2 0.00 0.00 Class 2B-2 Percentage 0.888800%
Class 2B-3 0.00 0.00 Class 2B-3 Percentage 0.260700%
Class 2B-4 0.00 0.00 Class 2B-4 Percentage 0.208900%
Class 2B-5 0.00 0.00 Class 2B-5 Percentage 0.209900%
</TABLE>
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