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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-A Trust
North Carolina (governing law of 333-03574 52-2101235
Pooling and Servicing Agreement) (Commission 52-2101236
(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 August 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 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-A Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 8/27/98
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 August 25,
1998 distribution.
<TABLE>
<CAPTION>
First Union Residential Securitization Transac
Mortgage Pass-Through Certificates
Record Date: 7/31/98
Distribution Date: 8/25/98
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% 48,563,232.72 283,285.52 3,344,757.60
SA-2 337403AL3 SEQ 6.90000% 74,405,849.59 427,833.63 5,124,649.18
SA-3 337403AM1 SEQ 7.00000% 9,700,000.00 56,583.33 0.00
SA-4 337403AN9 SEQ 7.00000% 15,184,294.38 88,575.05 22,351.61
SA-5 337403AP4 IO 7.00000% 0.00 6,200.49 0.00
SA-X 337403AQ2 IO 0.56361% 0.00 72,871.76 0.00
A-1 337403AR0 SEQ 6.87000% 119,437,046.06 683,777.09 3,715,932.31
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 12,939.01 0.00
A-7 337403AX7 SEQ 7.50000% 2,500,000.00 15,625.00 0.00
AX 337403AY5 IO 1.52296% 0.00 228,237.69 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% 7,677,245.11 44,783.93 8,386.09
B-1 337403BA6 SUB 7.00000% 2,966,207.91 17,302.88 3,240.08
B-2 337403BB4 SUB 7.00000% 2,093,793.76 12,213.80 2,287.11
B-3 337403BC2 SUB 7.00000% 1,221,379.61 7,124.71 1,334.15
B-4 337403BD0 SUB 7.00000% 697,930.92 4,071.26 762.37
B-5 337403BE8 SUB 7.00000% 1,046,899.01 6,106.91 1,143.56
Totals 334,991,879.07 2,256,270.39 12,224,844.06
</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 45,218,475.12 3,628,043.12 0.00
SA-2 0.00 69,281,200.41 5,552,482.81 0.00
SA-3 0.00 9,700,000.00 56,583.33 0.00
SA-4 0.00 15,161,942.77 110,926.66 0.00
SA-5 0.00 0.00 6,200.49 0.00
SA-X 0.00 0.00 72,871.76 0.00
A-1 0.00 115,721,113.76 4,399,709.40 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 12,939.01 0.00
A-7 0.00 2,500,000.00 15,625.00 0.00
AX 0.00 0.00 228,237.69 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 7,668,859.02 53,170.02 0.00
B-1 0.00 2,962,967.83 20,542.96 0.00
B-2 0.00 2,091,506.64 14,500.91 0.00
B-3 0.00 1,220,045.46 8,458.86 0.00
B-4 0.00 697,168.55 4,833.63 0.00
B-5 0.32 1,045,755.13 7,250.47 0.32
Totals 0.32 322,767,034.69 14,481,114.45 0.32
<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 48,563,232.72 85,725.98 3,259,031.62 0.00 0.00
SA-2 79,081,309.00 74,405,849.59 131,344.51 4,993,304.67 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 15,184,294.38 572.87 21,778.74 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-1 126,652,919.00 119,437,046.06 130,705.35 3,585,226.96 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 7,677,245.11 8,386.09 0.00 0.00 0.00
B-1 2,975,452.00 2,966,207.91 3,240.08 0.00 0.00 0.00
B-2 2,100,319.00 2,093,793.76 2,287.11 0.00 0.00 0.00
B-3 1,225,186.00 1,221,379.61 1,334.15 0.00 0.00 0.00
B-4 700,106.00 697,930.92 762.37 0.00 0.00 0.00
B-5 1,050,161.64 1,046,899.01 1,143.56 0.00 0.00 0.32
Totals 350,053,227.64 334,991,879.07 365,502.07 11,859,341.99 0.00 0.32
<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 3,344,757.60 45,218,475.12 0.87607554 3,344,757.60
SA-2 5,124,649.18 69,281,200.41 0.87607554 5,124,649.18
SA-3 0.00 9,700,000.00 1.00000000 0.00
SA-4 22,351.61 15,161,942.77 0.99398518 22,351.61
SA-5 0.00 0.00 0.00000000 0.00
SA-X 0.00 0.00 0.00000000 0.00
A-1 3,715,932.31 115,721,113.76 0.91368691 3,715,932.31
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 8,386.09 7,668,859.02 0.99580428 8,386.09
B-1 3,240.08 2,962,967.83 0.99580428 3,240.08
B-2 2,287.11 2,091,506.64 0.99580428 2,287.11
B-3 1,334.15 1,220,045.46 0.99580428 1,334.15
B-4 762.37 697,168.55 0.99580428 762.37
B-5 1,143.88 1,045,755.13 0.99580397 1,143.56
Totals 12,224,844.38 322,767,034.69 0.92205130 12,224,844.06
</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 51,614,813.00 940.87781971 1.66087941 63.14140129 0.00000000
SA-2 79,081,309.00 940.87781969 1.66087931 63.14140134 0.00000000
SA-3 9,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
SA-4 15,253,691.00 995.45050309 0.03755616 1.42776853 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-1 126,652,919.00 943.02639847 1.03199635 28.30749570 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 7,701,171.00 996.89321403 1.08893699 0.00000000 0.00000000
B-1 2,975,452.00 996.89321488 1.08893708 0.00000000 0.00000000
B-2 2,100,319.00 996.89321479 1.08893459 0.00000000 0.00000000
B-3 1,225,186.00 996.89321458 1.08893670 0.00000000 0.00000000
B-4 700,106.00 996.89321331 1.08893510 0.00000000 0.00000000
B-5 1,050,161.64 996.89321160 1.08893713 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 64.80228069 876.07553901 0.87607554 64.80228069
SA-2 0.00000000 64.80228065 876.07553904 0.87607554 64.80228065
SA-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
SA-4 0.00000000 1.46532469 993.98517841 0.99398518 1.46532469
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 29.33949205 913.68690650 0.91368691 29.33949205
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 1.08893699 995.80427704 0.99580428 1.08893699
B-1 0.00000000 1.08893708 995.80427780 0.99580428 1.08893708
B-2 0.00000000 1.08893459 995.80427545 0.99580428 1.08893459
B-3 0.00000000 1.08893670 995.80427788 0.99580428 1.08893670
B-4 0.00000000 1.08893510 995.80427821 0.99580428 1.08893510
B-5 0.00030471 1.08924184 995.80396976 0.99580397 1.08893713
<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% 48,563,232.72 283,285.52 0.00 0.00
SA-2 79,081,309.00 6.90000% 74,405,849.59 427,833.64 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% 15,184,294.38 88,575.05 0.00 0.00
SA-5 0.00 7.00000% 1,062,940.71 6,200.49 0.00 0.00
SA-X 0.00 0.56361% 155,154,297.25 72,871.76 0.00 0.00
A-1 126,652,919.00 6.87000% 119,437,046.06 683,777.09 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% 2,218,116.57 12,939.01 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 1.52296% 179,837,581.50 228,237.69 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% 7,677,245.11 44,783.93 0.00 0.00
B-1 2,975,452.00 7.00000% 2,966,207.91 17,302.88 0.00 0.00
B-2 2,100,319.00 7.00000% 2,093,793.76 12,213.80 0.00 0.00
B-3 1,225,186.00 7.00000% 1,221,379.61 7,124.71 0.00 0.00
B-4 700,106.00 7.00000% 697,930.92 4,071.26 0.00 0.00
B-5 1,050,161.64 7.00000% 1,046,899.01 6,106.91 0.00 0.00
Totals 350,053,227.64 2,256,270.40 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 0.00 283,285.52 0.00 45,218,475.12
SA-2 0.00 0.00 427,833.63 0.00 69,281,200.41
SA-3 0.00 0.00 56,583.33 0.00 9,700,000.00
SA-4 0.00 0.00 88,575.05 0.00 15,161,942.77
SA-5 0.00 0.00 6,200.49 0.00 989,731.43
SA-X 0.00 0.00 72,871.76 0.00 146,651,791.75
A-1 0.00 0.00 683,777.09 0.00 115,721,113.76
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 12,939.01 0.00 2,149,106.40
A-7 0.00 0.00 15,625.00 0.00 2,500,000.00
AX 0.00 0.00 228,237.69 0.00 176,115,242.94
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 44,783.93 0.00 7,668,859.02
B-1 0.00 0.00 17,302.88 0.00 2,962,967.83
B-2 0.00 0.00 12,213.80 0.00 2,091,506.64
B-3 0.00 0.00 7,124.71 0.00 1,220,045.46
B-4 0.00 0.00 4,071.26 0.00 697,168.55
B-5 0.00 0.00 6,106.91 0.00 1,045,755.13
Totals 0.00 0.00 2,256,270.39 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% 940.87781971 5.48845387 0.00000000 0.00000000
SA-2 79,081,309.00 6.90000% 940.87781969 5.41004752 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% 995.45050309 5.80679457 0.00000000 0.00000000
SA-5 0.00 7.00000% 940.87781751 5.48845617 0.00000000 0.00000000
SA-X 0.00 0.56361% 951.95912495 0.44710935 0.00000000 0.00000000
A-1 126,652,919.00 6.87000% 943.02639847 5.39882614 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% 943.02639803 5.50098591 0.00000000 0.00000000
A-7 2,500,000.00 7.50000% 1000.00000000 6.25000000 0.00000000 0.00000000
AX 0.00 1.52296% 961.34343892 1.22007204 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% 996.89321403 5.81521044 0.00000000 0.00000000
B-1 2,975,452.00 7.00000% 996.89321488 5.81521060 0.00000000 0.00000000
B-2 2,100,319.00 7.00000% 996.89321479 5.81521188 0.00000000 0.00000000
B-3 1,225,186.00 7.00000% 996.89321458 5.81520683 0.00000000 0.00000000
B-4 700,106.00 7.00000% 996.89321331 5.81520513 0.00000000 0.00000000
B-5 1,050,161.64 7.00000% 996.89321160 5.81520955 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 5.48845387 0.00000000 876.07553901
SA-2 0.00000000 0.00000000 5.41004740 0.00000000 876.07553904
SA-3 0.00000000 0.00000000 5.83333299 0.00000000 1000.00000000
SA-4 0.00000000 0.00000000 5.80679457 0.00000000 993.98517841
SA-5 0.00000000 0.00000000 5.48845617 0.00000000 876.07553179
SA-X 0.00000000 0.00000000 0.44710935 0.00000000 899.79145806
A-1 0.00000000 0.00000000 5.39882614 0.00000000 913.68690650
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 5.50098591 0.00000000 913.68690662
A-7 0.00000000 0.00000000 6.25000000 0.00000000 1000.00000000
AX 0.00000000 0.00000000 1.22007204 0.00000000 941.44523009
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 5.81521044 0.00000000 995.80427704
B-1 0.00000000 0.00000000 5.81521060 0.00000000 995.80427780
B-2 0.00000000 0.00000000 5.81521188 0.00000000 995.80427545
B-3 0.00000000 0.00000000 5.81520683 0.00000000 995.80427788
B-4 0.00000000 0.00000000 5.81520513 0.00000000 995.80427821
B-5 0.00000000 0.00000000 5.81520955 0.00000000 995.80396976
<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 14,581,213.28
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 14,581,213.28
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 101,140.46
Payment of Interest and Principal 14,480,072.82
Total Withdrawals (Pool Distribution Amount) 14,581,213.28
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 98,246.60
Trustee Fee 2,791.60
Spread 1 Fee 102.26
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 101,140.46
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Capitalized Interest Account 628,994.76 630,730.23 1,735.47 0.00
Prefunding Account 22,852,886.62 22,931,549.01 78,662.39 0.00
A7 Interest Reserve Account 9,375.01 1,041.66 0.00 8,333.35
</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 11 2,763,101.35 1.091270% 0.856067%
60 Days 3 906,854.94 0.297619% 0.280963%
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 14 3,669,956.29 1.388889% 1.137029%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.32
Cumulative Realized Losses - Includes Interest Shortfall 0.32
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 2,067,744.84
</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% 8,017,443.61 2.48397226% 2.375973% 48.888889%
Class B-1 5,075,772.64 1.45000024% 5,054,475.78 1.56598266% 0.917990% 18.888886%
Class B-2 2,975,453.64 0.85000034% 2,962,969.14 0.91799001% 0.647993% 13.333331%
Class B-3 1,750,267.64 0.50000043% 1,742,923.68 0.53999433% 0.377996% 7.777776%
Class B-4 1,050,161.64 0.30000056% 1,045,755.13 0.32399688% 0.215997% 4.444442%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.323997% 6.666677%
<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 0.03098210%
Fraud 3,500,532.00 0.99999992% 3,500,532.00 1.08453827%
Special Hazard 2,941,436.00 0.84028250% 2,941,436.00 0.91131859%
<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 8.433165%
Weighted AverageNet Coupon 8.078627%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity(Stepdown Calculation ) 298
Begin Scheduled Collateral Loan Count 975
Number Of Loans Paid In Full (33)
End Scheduled Collateral Loan Count 1,008
Begining Scheduled Collateral Balance 312,203,734.21
Ending Scheduled Collateral Balance 322,767,034.69
Ending Actual Collateral Balance at 31-Jul-1998 323,081,232.84
Monthly P &I Constant 2,559,556.77
Class A Optimal Amount 14,372,357.61
Ending Scheduled Balance for Premium Loans 322,767,034.69
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 275,583,951.42
Greater Than 80%, less than or equal to 85% 10,556,932.44
Greater than 85%, less than or equal to 95% 33,527,831.47
Greater than 95% 3,412,517.51
</TABLE>
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