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): June 25, 1998
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
Mortgage Pass-Through Certificates, Series 1998-A Trust
North Carolina (governing law of 333-03574 52-101235
Pooling and Servicing Agreement) (Commission 52-201236
(State or other File Number) (IRS EIN)
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 June 25, 1998 a distribution was made to holders of FIRST UNION
RESIDENTIAL SECURITIZATION TRANSACTIONS, INC., Mortgage Pass-Through
Certificates, Series 1998-A 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-A Trust,
relating to the June 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-A Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 7/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-A Trust, relating to the June 25,
1998 distribution.
<TABLE>
<CAPTION>
First Union Residential Securitization Transac
Mortgage Pass-Through Certificates
Record Date: 5/29/1998
Distribution Date: 6/25/1998
FURST Series: 1998-A
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
SA-1 337403AK5 SEQ 7.00000% 51,412,971.78 299,909.00 1,465,089.23
SA-2 337403AL3 SEQ 6.90000% 78,772,059.25 452,939.34 2,244,727.18
SA-3 337403AM1 SEQ 7.00000% 9,700,000.00 56,583.33 0.00
SA-4 337403AN9 SEQ 7.00000% 15,230,434.74 88,844.20 22,959.50
SA-5 337403AP4 IO 7.00000% 0.00 6,564.34 0.00
SA-X 337403AQ2 IO 0.50088% 0.00 67,801.52 0.00
A-1 337403AR0 SEQ 6.87000% 126,319,673.85 723,180.13 2,258,957.70
A-2 337403AS8 SEQ 7.00000% 19,168,000.00 111,813.33 0.00
A-3 337403AT6 SEQ 7.00000% 18,130,000.00 105,758.33 0.00
A-4 337403AU3 SEQ 7.00000% 9,500,000.00 55,416.67 0.00
A-5 337403AV1 SEQ 7.00000% 2,700,000.00 15,750.00 0.00
A-6 337403AW9 IO 7.00000% 0.00 13,684.63 0.00
A-7 337403AX7 SEQ 7.50000% 2,500,000.00 15,625.00 0.00
AX 337403AY5 IO 0.37377% 0.00 58,162.25 0.00
R-I 337403BF5 R 7.00000% 0.00 0.00 0.00
R-II 337403BG3 R 7.00000% 0.00 0.00 0.00
M 337403AZ2 MEZ 7.00000% 7,693,501.93 44,878.76 8,090.75
B-1 337403BA6 SUB 7.00000% 2,972,488.95 17,339.52 3,125.97
B-2 337403BB4 SUB 7.00000% 2,098,227.44 12,239.66 2,206.57
B-3 337403BC2 SUB 7.00000% 1,223,965.92 7,139.80 1,287.17
B-4 337403BD0 SUB 7.00000% 699,408.81 4,079.88 735.52
B-5 337403BE8 SUB 7.00000% 1,049,115.86 6,119.84 1,103.29
Totals 349,169,848.53 2,163,829.53 6,008,282.88
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
SA-1 0.00 49,947,882.55 1,764,998.23 0.00
SA-2 0.00 76,527,332.07 2,697,666.52 0.00
SA-3 0.00 9,700,000.00 56,583.33 0.00
SA-4 0.00 15,207,475.24 111,803.70 0.00
SA-5 0.00 0.00 6,564.34 0.00
SA-X 0.00 0.00 67,801.52 0.00
A-1 0.00 124,060,716.15 2,982,137.83 0.00
A-2 0.00 19,168,000.00 111,813.33 0.00
A-3 0.00 18,130,000.00 105,758.33 0.00
A-4 0.00 9,500,000.00 55,416.67 0.00
A-5 0.00 2,700,000.00 15,750.00 0.00
A-6 0.00 0.00 13,684.63 0.00
A-7 0.00 2,500,000.00 15,625.00 0.00
AX 0.00 0.00 58,162.25 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
M 0.00 7,685,411.18 52,969.51 0.00
B-1 0.00 2,969,362.98 20,465.49 0.00
B-2 0.00 2,096,020.87 14,446.23 0.00
B-3 0.00 1,222,678.76 8,426.97 0.00
B-4 0.00 698,673.29 4,815.40 0.00
B-5 0.00 1,048,012.57 7,223.13 0.00
Totals 0.00 343,161,565.66 8,172,112.41 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
SA-1 51,614,813.00 51,412,971.78 91,777.75 1,373,311.47 0.00 0.00
SA-2 79,081,309.00 78,772,059.25 140,616.70 2,104,110.48 0.00 0.00
SA-3 9,700,000.00 9,700,000.00 0.00 0.00 0.00 0.00
SA-4 15,253,691.00 15,230,434.74 1,438.25 21,521.25 0.00 0.00
SA-5 0.00 0.00 0.00 0.00 0.00 0.00
SA-X 0.00 0.00 0.00 0.00 0.00 0.00
A-1 126,652,919.00 126,319,673.85 116,776.05 2,142,181.65 0.00 0.00
A-2 19,168,000.00 19,168,000.00 0.00 0.00 0.00 0.00
A-3 18,130,000.00 18,130,000.00 0.00 0.00 0.00 0.00
A-4 9,500,000.00 9,500,000.00 0.00 0.00 0.00 0.00
A-5 2,700,000.00 2,700,000.00 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 0.00 0.00 0.00
A-7 2,500,000.00 2,500,000.00 0.00 0.00 0.00 0.00
AX 0.00 0.00 0.00 0.00 0.00 0.00
R-I 50.00 0.00 0.00 0.00 0.00 0.00
R-II 50.00 0.00 0.00 0.00 0.00 0.00
M 7,701,171.00 7,693,501.93 8,090.75 0.00 0.00 0.00
B-1 2,975,452.00 2,972,488.95 3,125.97 0.00 0.00 0.00
B-2 2,100,319.00 2,098,227.44 2,206.57 0.00 0.00 0.00
B-3 1,225,186.00 1,223,965.92 1,287.17 0.00 0.00 0.00
B-4 700,106.00 699,408.81 735.52 0.00 0.00 0.00
B-5 1,050,161.64 1,049,115.86 1,103.29 0.00 0.00 0.00
Totals 350,053,227.64 349,169,848.53 367,158.02 5,641,124.85 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
SA-1 1,465,089.23 49,947,882.55 0.96770442 1,465,089.23
SA-2 2,244,727.18 76,527,332.07 0.96770442 2,244,727.18
SA-3 0.00 9,700,000.00 1.00000000 0.00
SA-4 22,959.50 15,207,475.24 0.99697019 22,959.50
SA-5 0.00 0.00 0.00000000 0.00
SA-X 0.00 0.00 0.00000000 0.00
A-1 2,258,957.70 124,060,716.15 0.97953302 2,258,957.70
A-2 0.00 19,168,000.00 1.00000000 0.00
A-3 0.00 18,130,000.00 1.00000000 0.00
A-4 0.00 9,500,000.00 1.00000000 0.00
A-5 0.00 2,700,000.00 1.00000000 0.00
A-6 0.00 0.00 0.00000000 0.00
A-7 0.00 2,500,000.00 1.00000000 0.00
AX 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
M 8,090.75 7,685,411.18 0.99795358 8,090.75
B-1 3,125.97 2,969,362.98 0.99795358 3,125.97
B-2 2,206.57 2,096,020.87 0.99795358 2,206.57
B-3 1,287.17 1,222,678.76 0.99795358 1,287.17
B-4 735.52 698,673.29 0.99795358 735.52
B-5 1,103.29 1,048,012.57 0.99795358 1,103.29
Totals 6,008,282.88 343,161,565.66 0.98031253 6,008,282.88
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
SA-1 51,614,813.00 996.08947106 1.77812811 26.60692523 0.00000000
SA-2 79,081,309.00 996.08947103 1.77812813 26.60692528 0.00000000
SA-3 9,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
SA-4 15,253,691.00 998.47536836 0.09428865 1.41088803 0.00000000
SA-5 0.00 0.00000000 0.00000000 0.00000000 0.00000000
SA-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-1 126,652,919.00 997.36883167 0.92201625 16.91379612 0.00000000
A-2 19,168,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 18,130,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 9,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 2,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-7 2,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000
M 7,701,171.00 999.00416833 1.05058698 0.00000000 0.00000000
B-1 2,975,452.00 999.00416811 1.05058660 0.00000000 0.00000000
B-2 2,100,319.00 999.00417032 1.05058803 0.00000000 0.00000000
B-3 1,225,186.00 999.00416753 1.05059150 0.00000000 0.00000000
B-4 700,106.00 999.00416508 1.05058377 0.00000000 0.00000000
B-5 1,050,161.64 999.00417235 1.05059065 0.00000000 0.00000000
<FN>
(2) per $1000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
SA-1 0.00000000 28.38505353 967.70441753 0.96770442 28.38505353
SA-2 0.00000000 28.38505341 967.70441761 0.96770442 28.38505341
SA-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
SA-4 0.00000000 1.50517668 996.97019167 0.99697019 1.50517668
SA-5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
SA-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1 0.00000000 17.83581237 979.53301929 0.97953302 17.83581237
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
AX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 0.00000000 1.05058698 997.95358134 0.99795358 1.05058698
B-1 0.00000000 1.05058660 997.95358151 0.99795358 1.05058660
B-2 0.00000000 1.05058803 997.95358229 0.99795358 1.05058803
B-3 0.00000000 1.05059150 997.95358419 0.99795358 1.05059150
B-4 0.00000000 1.05058377 997.95358131 0.99795358 1.05058377
B-5 0.00000000 1.05059065 997.95358170 0.99795358 1.05059065
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
SA-1 51,614,813.00 7.00000% 51,412,971.78 299,909.00 0.00 0.00
SA-2 79,081,309.00 6.90000% 78,772,059.25 452,939.34 0.00 0.00
SA-3 9,700,000.00 7.00000% 9,700,000.00 56,583.33 0.00 0.00
SA-4 15,253,691.00 7.00000% 15,230,434.74 88,844.20 0.00 0.00
SA-5 0.00 7.00000% 1,125,315.13 6,564.34 0.00 0.00
SA-X 0.00 0.50088% 162,438,571.56 67,801.52 0.00 0.00
A-1 126,652,919.00 6.87000% 126,319,673.85 723,180.13 0.00 0.00
A-2 19,168,000.00 7.00000% 19,168,000.00 111,813.33 0.00 0.00
A-3 18,130,000.00 7.00000% 18,130,000.00 105,758.33 0.00 0.00
A-4 9,500,000.00 7.00000% 9,500,000.00 55,416.67 0.00 0.00
A-5 2,700,000.00 7.00000% 2,700,000.00 15,750.00 0.00 0.00
A-6 0.00 7.00000% 2,345,936.80 13,684.63 0.00 0.00
A-7 2,500,000.00 7.50000% 2,500,000.00 15,625.00 0.00 0.00
AX 0.00 0.37377% 186,731,276.97 58,162.25 0.00 0.00
R-I 50.00 7.00000% 0.00 0.00 0.00 0.00
R-II 50.00 7.00000% 0.00 0.00 0.00 0.00
M 7,701,171.00 7.00000% 7,693,501.93 44,878.76 0.00 0.00
B-1 2,975,452.00 7.00000% 2,972,488.95 17,339.52 0.00 0.00
B-2 2,100,319.00 7.00000% 2,098,227.44 12,239.66 0.00 0.00
B-3 1,225,186.00 7.00000% 1,223,965.92 7,139.80 0.00 0.00
B-4 700,106.00 7.00000% 699,408.81 4,079.88 0.00 0.00
B-5 1,050,161.64 7.00000% 1,049,115.86 6,119.84 0.00 0.00
Totals 350,053,227.64 2,163,829.53 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
SA-1 0.00 0.00 299,909.00 0.00 49,947,882.55
SA-2 0.00 0.00 452,939.34 0.00 76,527,332.07
SA-3 0.00 0.00 56,583.33 0.00 9,700,000.00
SA-4 0.00 0.00 88,844.20 0.00 15,207,475.24
SA-5 0.00 0.00 6,564.34 0.00 1,093,247.60
SA-X 0.00 0.00 67,801.52 0.00 158,694,756.25
A-1 0.00 0.00 723,180.13 0.00 124,060,716.15
A-2 0.00 0.00 111,813.33 0.00 19,168,000.00
A-3 0.00 0.00 105,758.33 0.00 18,130,000.00
A-4 0.00 0.00 55,416.67 0.00 9,500,000.00
A-5 0.00 0.00 15,750.00 0.00 2,700,000.00
A-6 0.00 0.00 13,684.63 0.00 2,303,984.73
A-7 0.00 0.00 15,625.00 0.00 2,500,000.00
AX 0.00 0.00 58,162.25 0.00 184,466,809.40
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
M 0.00 0.00 44,878.76 0.00 7,685,411.18
B-1 0.00 0.00 17,339.52 0.00 2,969,362.98
B-2 0.00 0.00 12,239.66 0.00 2,096,020.87
B-3 0.00 0.00 7,139.80 0.00 1,222,678.76
B-4 0.00 0.00 4,079.88 0.00 698,673.29
B-5 0.00 0.00 6,119.84 0.00 1,048,012.57
Totals 0.00 0.00 2,163,829.53 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
SA-1 51,614,813.00 7.00000% 996.08947106 5.81052187 0.00000000 0.00000000
SA-2 79,081,309.00 6.90000% 996.08947103 5.72751445 0.00000000 0.00000000
SA-3 9,700,000.00 7.00000% 1000.00000000 5.83333299 0.00000000 0.00000000
SA-4 15,253,691.00 7.00000% 998.47536836 5.82443948 0.00000000 0.00000000
SA-5 0.00 7.00000% 996.08946535 5.81052342 0.00000000 0.00000000
SA-X 0.00 0.50088% 996.65225637 0.41600057 0.00000000 0.00000000
A-1 126,652,919.00 6.87000% 997.36883167 5.70993654 0.00000000 0.00000000
A-2 19,168,000.00 7.00000% 1000.00000000 5.83333316 0.00000000 0.00000000
A-3 18,130,000.00 7.00000% 1000.00000000 5.83333315 0.00000000 0.00000000
A-4 9,500,000.00 7.00000% 1000.00000000 5.83333368 0.00000000 0.00000000
A-5 2,700,000.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000
A-6 0.00 7.00000% 997.36883103 5.81798428 0.00000000 0.00000000
A-7 2,500,000.00 7.50000% 1000.00000000 6.25000000 0.00000000 0.00000000
AX 0.00 0.37377% 998.19451784 0.31091331 0.00000000 0.00000000
R-I 50.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 50.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
M 7,701,171.00 7.00000% 999.00416833 5.82752415 0.00000000 0.00000000
B-1 2,975,452.00 7.00000% 999.00416811 5.82752469 0.00000000 0.00000000
B-2 2,100,319.00 7.00000% 999.00417032 5.82752430 0.00000000 0.00000000
B-3 1,225,186.00 7.00000% 999.00416753 5.82752333 0.00000000 0.00000000
B-4 700,106.00 7.00000% 999.00416508 5.82751755 0.00000000 0.00000000
B-5 1,050,161.64 7.00000% 999.00417235 5.82752194 0.00000000 0.00000000
<FN>
(5) per $1000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
SA-1 0.00000000 0.00000000 5.81052187 0.00000000 967.70441753
SA-2 0.00000000 0.00000000 5.72751445 0.00000000 967.70441761
SA-3 0.00000000 0.00000000 5.83333299 0.00000000 1000.00000000
SA-4 0.00000000 0.00000000 5.82443948 0.00000000 996.97019167
SA-5 0.00000000 0.00000000 5.81052342 0.00000000 967.70441306
SA-X 0.00000000 0.00000000 0.41600057 0.00000000 973.68183783
A-1 0.00000000 0.00000000 5.70993654 0.00000000 979.53301929
A-2 0.00000000 0.00000000 5.83333316 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.83333315 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.83333368 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.81798428 0.00000000 979.53301933
A-7 0.00000000 0.00000000 6.25000000 0.00000000 1000.00000000
AX 0.00000000 0.00000000 0.31091331 0.00000000 986.08953387
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 0.00000000 0.00000000 5.82752415 0.00000000 997.95358134
B-1 0.00000000 0.00000000 5.82752469 0.00000000 997.95358151
B-2 0.00000000 0.00000000 5.82752430 0.00000000 997.95358229
B-3 0.00000000 0.00000000 5.82752333 0.00000000 997.95358419
B-4 0.00000000 0.00000000 5.82751755 0.00000000 997.95358131
B-5 0.00000000 0.00000000 5.82752194 0.00000000 997.95358170
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,792,684.77
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 499,309.54
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 8,291,994.31
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 120,923.55
Payment of Interest and Principal 8,171,070.76
Total Withdrawals (Pool Distribution Amount) 8,291,994.31
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 118,013.80
Trustee Fee 2,909.75
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 120,923.55
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Capitalized Interest Account 682,630.64 0.00 4,315.75 686,946.39
Prefunding Account 57,744,845.00 30,430,811.02 64,742.03 27,378,776.01
A7 Interest Reserve Account 11,458.34 1,041.65 0.00 10,416.69
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 5 1,409,653.15 0.508130% 0.446308%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 5 1,409,653.15 0.508130% 0.446308%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 2,192,224.19
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class M 8,051,224.64 2.30000012% 8,034,748.47 2.54386933% 2.433266% 48.888888%
Class B-1 5,075,772.64 1.45000024% 5,065,385.49 1.60374389% 0.940125% 18.888886%
Class B-2 2,975,453.64 0.85000034% 2,969,364.62 0.94012595% 0.663618% 13.333331%
Class B-3 1,750,267.64 0.50000043% 1,746,685.86 0.55301552% 0.387110% 7.777776%
Class B-4 1,050,161.64 0.30000056% 1,048,012.57 0.33180964% 0.221206% 4.444441%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.331810% 6.666679%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.02856708% 100,000.00 0.03166085%
Fraud 3,500,532.00 0.99999992% 3,500,532.00 1.10829804%
Special Hazard 2,941,436.00 0.84028250% 2,941,436.00 0.93128352%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 8.719549%
Weighted AverageNet Coupon 8.063690%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity(Stepdown Calculation ) 300
Begin Scheduled Collateral Loan Count 908
Number Of Loans Paid In Full (76)
End Scheduled Collateral Loan Count 984
Begining Scheduled Collateral Balance 291,425,003.26
Ending Scheduled Collateral Balance 315,847,531.40
Ending Actual Collateral Balance at 29-May-1998 316,180,765.48
Monthly P &I Constant 2,484,736.98
Class A Optimal Amount 8,063,765.69
Ending Scheduled Balance for Premium Loans 315,847,531.40
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 275,064,701.17
Greater Than 80%, less than or equal to 85% 9,500,226.42
Greater than 85%, less than or equal to 95% 28,192,555.88
Greater than 95% 3,423,282.01
</TABLE>
