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Previous: FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS INC, 8-K, 1998-12-08 |
Next: ONYX SOFTWARE CORP/WA, S-1, 1998-12-08 |
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): November 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
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On November 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-B Trust, relating to the November 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: 12/07/1998
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 November 25,
1998 distribution.
First Union Residential Securitization, Inc.
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
FURST Series: 1998-B
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (301) 884-2369
<TABLE>
<CAPTION>
STATEMENT TO CERTIFICATEHOLDER
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 18,067,714.71 101,630.90 2,038,492.46
Factors per Thousand 4.38536785 87.96083970
1A-2 337403BJ7 6.75% 5,000,000.00 4,567,294.76 25,691.03 172,707.48
Factors per Thousand 5.13820600 34.54149600
1A-3 337403BK4 6.75% 124,054,000.00 114,760,576.16 645,528.26 3,709,323.70
Factors per Thousand 5.20360698 29.90087946
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 14,216,886.20 79,969.99 370,442.00
Factors per Thousand 5.28028986 24.45968967
1A-6 337403BN8 6.75% 100,000,000.00 94,549,532.11 531,841.14 2,175,468.38
Factors per Thousand 5.31841140 21.75468380
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 6.19% 11,155,764.00 11,155,764.00 57,580.01 0.00
Factors per Thousand 5.16145824 0.00000000
1A-12 337403BU2 8.90% 2,892,236.00 2,892,236.00 21,439.99 0.00
Factors per Thousand 7.41294625 0.00000000
1A-PO 337403BV0 0.00% 372,518.00 371,425.38 0.00 362.85
Factors per Thousand 0.00000000 0.97404689
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
1A-1 337403BH1 0.00 2,140,123.36 16,029,222.25
Factors per Thousand 92.34620755 691.66007551
1A-2 337403BJ7 0.00 198,398.51 4,394,587.28
Factors per Thousand 39.67970200 878.91745600
1A-3 337403BK4 0.00 4,354,851.96 111,051,252.46
Factors per Thousand 35.10448643 895.18477808
1A-4 337403BL2 0.00 253,125.01 45,000,000.00
Factors per Thousand 5.62500022 1000.00000000
1A-5 337403BM0 0.00 450,411.99 13,846,444.20
Factors per Thousand 29.73997953 914.25844833
1A-6 337403BN8 0.00 2,707,309.52 92,374,063.73
Factors per Thousand 27.07309520 923.74063730
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 57,580.01 11,155,764.00
Factors per Thousand 5.16145824 1000.00000000
1A-12 337403BU2 0.00 21,439.99 2,892,236.00
Factors per Thousand 7.41294625 1000.00000000
1A-PO 337403BV0 0.00 362.85 371,062.53
Factors per Thousand 0.97404689 996.09288679
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C> <C>
1A-WIO* 337403BW8 0.00% 378,009,974.00 357,101,600.76 132,816.77 0.00
Factors per Thousand 0.35135785 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 6,165,324.52 34,679.95 7,292.14
Factors per Thousand 5.61164239 1.17995793
1B-1 337403BZ1 6.75% 5,149,000.00 5,136,772.80 28,894.35 6,075.60
Factors per Thousand 5.61164304 1.17995727
1B-2 337403CA5 6.75% 2,060,000.00 2,055,108.17 11,559.98 2,430.71
Factors per Thousand 5.61164078 1.17995631
1B-3 337403CF4 6.75% 3,295,000.00 3,287,175.45 18,490.36 3,887.96
Factors per Thousand 5.61164188 1.17995751
1B-4 337403CG2 6.75% 824,000.00 822,043.27 4,623.99 972.29
Factors per Thousand 5.61163835 1.17996359
1B-5 337403CH0 6.75% 1,030,643.44 1,028,199.38 5,783.62 1,168.41
Factors per Thousand 5.61165945 1.13367044
2A 337403CB3 7.05% 64,361,000.00 60,378,908.23 354,677.93 668,227.35
Factors per Thousand 5.51075853 10.38248862
2M 337403CC1 7.05% 832,000.00 828,463.17 4,866.56 1,223.23
Factors per Thousand 5.84923077 1.47022837
2B-1 337403CD9 7.05% 332,000.00 330,586.91 1,941.93 488.11
Factors per Thousand 5.84918675 1.47021084
2B-2 337403CE7 7.05% 566,000.00 563,590.94 3,310.65 832.14
Factors per Thousand 5.84920495 1.47021201
2B-3 337403CJ6 7.05% 166,000.00 165,293.46 970.97 244.06
Factors per Thousand 5.84921687 1.47024096
2B-4 337403CK3 7.05% 133,000.00 132,433.91 777.94 195.54
Factors per Thousand 5.84917293 0.00000000
2B-5 337403CL1 7.05% 133,650.91 133,082.05 781.75 196.50
Factors per Thousand 5.84919325 1.47024813
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
1A-WIO* 337403BW8 0.00 132,816.77 348,647,146.38
Factors per Thousand 0.35135785 0.00000000
A-R 337403BX6 0.00 0.00 0.00
Factors per Thousand 0.00000000 0.00000000
1M 337403BY4 0.00 41,972.09 6,158,032.38
Factors per Thousand 6.79160032 996.44536893
1B-1 337403BZ1 0.00 34,969.95 5,130,697.20
Factors per Thousand 6.79160031 996.44536803
1B-2 337403CA5 0.00 13,990.69 2,052,677.46
Factors per Thousand 6.79159709 996.44536893
1B-3 337403CF4 0.00 22,378.32 3,283,287.49
Factors per Thousand 6.79159939 996.44536874
1B-4 337403CG2 0.00 5,596.28 821,070.98
Factors per Thousand 6.79160194 996.44536408
1B-5 337403CH0 0.00 6,952.03 1,027,030.97
Factors per Thousand 6.74532989 996.49493718
2A 337403CB3 0.00 1,022,905.28 59,710,680.88
Factors per Thousand 15.89324715 927.74631967
2M 337403CC1 0.00 6,089.79 827,239.94
Factors per Thousand 7.31945913 994.27877404
2B-1 337403CD9 0.00 2,430.04 330,098.80
Factors per Thousand 7.31939759 994.27349398
2B-2 337403CE7 0.00 4,142.79 562,758.80
Factors per Thousand 7.31941696 994.27349823
2B-3 337403CJ6 0.00 1,215.03 165,049.40
Factors per Thousand 7.31945783 994.27349398
2B-4 337403CK3 0.00 973.48 132,238.37
Factors per Thousand 5.84917293 0.00000000
2B-5 337403CL1 0.00 978.25 132,885.55
Factors per Thousand 7.31944137 994.27343966
<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>
</TABLE>
<TABLE>
<CAPTION>
POOL 1
Schedule of Remittance
<S> <C>
Scheduled Principal 316,585.60
Prepayments 8,172,024.11
Total Principal Distribution 8,488,609.71
Interest 2,419,762.44
Prepay Penalty -
(Master Servicing Fee) 6,511.38
(Subservicing Fee) 81,392.30
(Trust Administration Fee) 2,723.67
(Trustee Fee) 801.08
Total Interest Distribution 2,328,334.00
Total Available Funds 10,816,943.71
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 14 3,543,500.00
Delinquent 60-89 Days 1 529,927.00
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 344
Weighted Average Loan Rate 7.151555%
Agg. Beginning Principal Balance of Loans 390,683,062.62
Agg. Ending Principal Balance of Loans 382,194,452.91
Agg. Schd. Principal Balance of Discount Pool 1 Loans 33,581,461.86
Previous Scheduled Principle Payments 318,974.58
Previous Prepayments 6,184,280.51
Prior Weighted Average to Maturity 344
Prior Weighted Average Loan Rate 7.157528%
Realized Losses -
Adjusted Pool Amount 382,194,452.91
Adjusted Pool Amount (PO) 349,017,065.58
Class 1A-PO Deferred Amount -
Book Value of Real Estate acquired -
Pool1 Distribution Amount 10,816,943.71
LIBOR 5.343750%
</TABLE>
<TABLE>
<CAPTION>
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 93.090394%
Class 1A-2 0.00 0.00 Class M Percentage 2.303370%
Class 1A-3 0.00 0.00 Class 1B-1 Percentage 1.919102%
Class 1A-4 0.00 0.00 Class 1B-2 Percentage 0.767790%
Class 1A-5 0.00 0.00 Class 1B-3 Percentage 1.228091%
Class 1A-6 0.00 0.00 Class 1B-4 Percentage 0.307116%
Class 1A-7 0.00 0.00 Class 1B-5 Percentage 0.384136%
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 92,329.20
Prepayments 579,077.73
Total Principal Distribution 671,406.93
Interest 376,499.24
Prepay Penalty -
(Master Servicing Fee) 2,084.41
(Subservicing Fee) 6,513.79
(Trust Administration Fee) 442.94
(Trustee Fee) 130.28
Total Net Interest Distrib 367,327.83
Total Available Funds 1,038,734.76
</TABLE>
<TABLE>
<CAPTION>
Delinquency Number
Information of Loans Principal Balance
<S> <C> <C>
Delinquent 30-59 Days 2 654,425.00
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 281
Weighted Average Mortgage Rate 7.049043%
Agg. Beginning Principal Balance of Loans 62,532,358.66
Agg. Ending Principal Balance of Loans 61,860,951.73
Previous Scheduled Principle Payments 92,099.30
Previous Prepayments 966,522.12
Prior Weighted Average to Maturity 281
Prior Weighted Average Loan Rate 7.055582%
Realized Losses -
Adjusted Pool Amount 61,860,951.73
Book Value of Real Estate acquired -
Pool2 Distribution Amount 1,038,734.76
</TABLE>
<TABLE>
<CAPTION>
Certificate Information
Beginning Unpaid Ending Unpaid Class
Interest Shortfall Interest Shortfall Percentage
<S> <C> <C> <C> <C>
Class 2A 0.00 0.00 Class A Percentage 96.556262%
Class 2M 0.00 0.00 Class M Percentage 1.324855%
Class 2B-1 0.00 0.00 Class 2B-1 Percentage 0.528665%
Class 2B-2 0.00 0.00 Class 2B-2 Percentage 0.901279%
Class 2B-3 0.00 0.00 Class 2B-3 Percentage 0.264333%
Class 2B-4 0.00 0.00 Class 2B-4 Percentage 0.211785%
Class 2B-5 0.00 0.00 Class 2B-5 Percentage 0.212821%
</TABLE>
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