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Previous: FARALLON CAPITAL MANAGEMENT LLC /ADV, SC 13D/A, 1998-09-03 |
Next: E NET INC, SB-2/A, 1998-09-03 |
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): August 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.
7485 New Horizon Way 21703
Frederick, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 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 August 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 August 25,
1998 distribution.
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS
Series 1998-B
Statement to Certificateholder
Record Date: 7/31/98
Distribution Date: 8/25/98
Prior Period: 8/25/98
<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 23,175,000.00 130,359.38 1,681,147.60
Factors per Thousand 5.62500000 72.54142836
1A-2 337403BJ7 6.75% 5,000,000.00 5,000,000.00 28,125.00 142,432.10
Factors per Thousand 5.62500000 28.48642039
1A-3 337403BK4 6.75% 124,054,000.00 124,054,000.00 697,803.75 3,059,084.48
Factors per Thousand 5.62500000 24.65929743
1A-4 337403BL2 6.75% 45,000,000.00 45,000,000.00 253,125.00 0.00
Factors per Thousand 5.62500000 0.00000000
1A-5 337403BM0 6.75% 15,145,000.00 15,145,000.00 85,190.63 305,504.04
Factors per Thousand 5.62500000 20.17194030
1A-6 337403BN8 6.75% 100,000,000.00 100,000,000.00 562,500.00 1,794,111.84
Factors per Thousand 5.62500000 17.94111844
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 5.62500000 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 41,194,000.00 231,716.25 0.00
Factors per Thousand 5.62500000 0.00000000
1A-11 337403BT5 6.51% 11,155,764.00 11,155,764.00 60,485.62 0.00
Factors per Thousand 5.42191667 0.00000000
1A-12 337403BU2 7.69% 2,892,236.00 2,892,236.00 18,534.38 0.00
Factors per Thousand 6.40832083 0.00000000
1A-PO 337403BV0 0.00% 372,518.00 372,518.00 0.00 385.70
Factors per Thousand 0.00000000 1.03538621
<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 Loss Distribution Balance
<S> <C> <C> <C>
1A-1 0.00 1,811,506.98 21,493,852.40
Factors per Thousand 78.16642836 927.45857164
1A-2 0.00 170,557.10 4,857,567.90
Factors per Thousand 34.11142039 971.51357961
1A-3 0.00 3,756,888.23 120,994,915.52
Factors per Thousand 30.28429743 975.34070257
1A-4 0.00 253,125.00 45,000,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-5 0.00 390,694.66 14,839,495.96
Factors per Thousand 25.79694030 979.82805970
1A-6 0.00 2,356,611.84 98,205,888.16
Factors per Thousand 23.56611844 982.05888156
1A-7 0.00 4,365.00 776,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-8 0.00 37,063.13 6,589,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-9 0.00 101,520.00 18,048,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-11 0.00 231,716.25 41,194,000.00
Factors per Thousand 5.62500000 1000.00000000
1A-11 0.00 60,485.62 11,155,764.00
Factors per Thousand 5.4219167 1000.00000000
1A-12 0.00 18,534.38 2,892,236.00
Factors per Thousand 6.4083283 1000.00000000
1A-PO 0.00 38.70 372,132.30
Factors per Thousand 1.03538621 998.96461379
</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 0.47% 378,009,973.70 378,009,973.70 147,308.28 0.00
Factors per Thousand 0.38969417 0.00000000
A-R 337403BX6 6.75% 100.00 100.00 0.56 100.00
Factors per Thousand 5.62500000 1000.00000000
1M 337403BY4 6.75% 6,180,000.00 6,180,000.00 34,762.50 4,787.27
Factors per Thousand 5.62500000 0.77463980
1B-1 337403BZ1 6.75% 5,149,000.00 5,149,000.00 28,963.13 3,988.62
Factors per Thousand 5.62500000 0.77463980
1B-2 337403CA5 6.75% 2,060,000.00 2,060,000.00 11,587.50 1,595.76
Factors per Thousand 5.62500000 0.77463980
1B-3 337403CF4 6.75% 3,295,000.00 3,295,000.00 18,534.38 2,552.44
Factors per Thousand 5.62500000 0.77463980
1B-4 337403CG2 6.75% 824,000.00 824,000.00 4,635.00 638.30
Factors per Thousand 5.62500000 0.77463980
1B-5 337403CH0 6.75% 1,030,643.44 1,030,643.44 5,797.37 798.38
Factors per Thousand 5.62500000 0.77463980
2A 337403CB3 7.07% 64,361,000.00 64,361,000.00 378,965.40 734,181.04
Factors per Thousand 5.88812167 11.40723486
2M 337403CC1 7.07% 832,000.00 832,000.00 4,898.92 1,164.81
Factors per Thousand 5.88812167 1.40000735
2B-1 337403CD9 7.07% 332,000.00 332,000.00 1,954.86 464.80
Factors per Thousand 5.88812167 1.40000735
2B-2 337403CE7 7.07% 566,000.00 566,000.00 3,332.68 792.40
Factors per Thousand 5.88812167 1.40000735
2B-3 337403CJ6 7.07% 166,000.00 166,000.00 977.43 232.40
Factors per Thousand 5.88812167 1.40000735
Current Ending
Realized Total Certificate
Class Loss Distribution Balance
<S> <C> <C> <C>
1A-WIO 0.00 147,308.28 371,047,211.09
Factors per Thousand 0.38969417 0.00000000
A-R 0.00 100.56 0.00
Factors per Thousand 1005.62500000 0.00000000
1M 0.00 39,549.77 6,175,212.73
Factors per Thousand 6.39963980 999.22536020
1B-1 0.00 32,951.75 5,145,011.38
Factors per Thousand 6.39963980 999.22536020
1B-2 0.00 13,183.26 2,058,404.24
Factors per Thousand 6.39963980 999.22536020
1B-3 0.00 21,086.81 3,292,447.56
Factors per Thousand 6.39963980 999.22536020
1B-4 0.00 5,273.30 823,361.70
Factors per Thousand 6.39963980 999.22536020
1B-5 0.00 6,595.75 1,029,845.06
Factors per Thousand 6.39963980 999.22536020
2A 0.00 1,113,146.44 63,626,818.96
Factors per Thousand 17.29535653 988.59276514
2M 0.00 6,063.72 830,835.19
Factors per Thousand 7.28812901 998.59999265
2B-1 0.00 2,419.66 331,535.20
Factors per Thousand 7.28812901 998.59999265
2B-2 0.00 4,125.08 565,207.60
Factors per Thousand 7.28812901 998.59999265
2B-3 0.00 1,209.83 165,767.60
Factors per Thousand 7.28812902 998.59999265
</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% 133,000.00 133,000.00 783.12 186.20
Factors per Thousand 5.88812167 0.00000000
2B-5 337403CL1 7.07% 133,650.91 133,650.91 786.95 187.11
Factors per Thousand 5.88812167 1.40000735
Totals 478,463,912.35 478,463,912.35 2,854,076.19 7,734,335.31
Current Ending
Realized Total Certificate
Loss Distribution Balance
<S> <C> <C> <C>
2B-4 0.00 969.32 132,813.80
Factors per Thousand 5.88812167 0.00000000
2B-5 0.00 974.07 133,463.80
Factors per Thousand 7.28812901 998.59999265
Totals 0.00 10,588,411.50 470,729,577.04
</TABLE>
<TABLE>
<CAPTION>
POOL 1
Schedule of Remittance
<S> <C>
Scheduled Principal 318,816.76
Prepayments 6,678,295.85
Total Principal Distribution 6,997,112.61
Interest 2,558,879.93
Prepay Penalty -
(Master Servicing Fee) 6,865.67
(Subservicing Fee) 85,820.89
(Trust Administration Fee) 2,917.91
(Trustee Fee) 858.21
Total Interest Distribution 2,462,417.25
Total Available Funds 9,459,529.86
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 32 10,459,853.00
Delinquent 60-89 Days 66 22,416,523.00
Delinquent 90+ Days 2 380,056.00
Loans in Foreclosure 0 0.00
REO Property 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Information
<S> <C>
Weighted Average to Maturity 354
Weighted Average Loan Rate 7.173032%
Agg. Beginning Principal Balance of Loans 411,940,261.59
Agg. Ending Principal Balance of Loans 404,943,148.98
Agg. Schd. Principal Balance of Discount Pool 1 Loans 33,930,287.89
Previous Scheduled Principle Payments -
Previous Prepayments -
Prior Weighted Average to Maturity 354
Prior Weighted Average Loan Rate 7.173032%
Realized Losses -
Adjusted Pool Amount 404,943,148.98
Adjusted Pool Amount (PO) 371,419,343.77
Class 1A-PO Deferred Amount -
Book Value of Real Estate acquired -
Pool1 Distribution Amount 9,459,529.86
LIBOR 5.656300%
</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 95.495600%
Class M Percentage 1.501600%
Class 1B-1 Percentage 1.251100%
Class 1B-2 Percentage 0.500500%
Class 1B-3 Percentage 0.800600%
Class 1B-4 Percentage 0.200200%
Class 1B-5 Percentage 0.250400%
</TABLE>
<TABLE>
<CAPTION>
POOL 2
Schedule of Remittance
<S> <C>
Scheduled Principal 93,133.60
Prepayments 644,075.17
Total Principal Distribution 737,208.77
Interest 401,456.13
Prepay Penalty -
(Master Servicing Fee) 2,217.46
(Subservicing Fee) 6,929.55
(Trust Administration Fee) 471.21
(Trustee Fee) 138.59
Total Net Interest Distribution 391,699.33
Total Available Funds 1,128,908.10
</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>
Collateral Information
<S> <C>
Weighted Average to Maturity 284
Weighted Average Mortgage Rate 7.065746%
Agg. Beginning Principal Balance of Loans 66,523,650.91
Agg. Ending Principal Balance of Loans 65,786,442.14
Previous Scheduled Principle Payments -
Previous Prepayments -
Prior Weighted Average to Maturity 284
Prior Weighted Average Loan Rate 7.065746%
Realized Losses -
Adjusted Pool Amount 65,786,442.14
Book Value of Real Estate acquired -
Pool2 Distribution Amount 1,128,908.10
</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 96.749000%
Class M Percentage 1.250700%
Class 2B-1 Percentage 0.499100%
Class 2B-2 Percentage 0.850800%
Class 2B-3 Percentage 0.249500%
Class 2B-4 Percentage 0.199900%
Class 2B-5 Percentage 0.200900%
</TABLE>
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