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Previous: FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS INC, 8-K, 1999-01-08 |
Next: XYBERNAUT CORP, S-3/A, 1999-01-08 |
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): December 28, 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 December 28, 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 December 28,
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: 12/30/1998
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 December 28,
1998 distribution.
First Union Residential Securitization Transac
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
FURST Series: 1998-B
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
<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 16,029,222.25 90,164.38 1,945,715.06
Factors per Thousand 3.89058813 83.95749989
1A-2 337403BJ7 6.75% 5,000,000.00 4,394,587.28 24,719.55 164,847.09
Factors per Thousand 4.94391000 32.96941800
1A-3 337403BK4 6.75% 124,054,000.00 111,051,252.46 624,663.32 3,540,502.18
Factors per Thousand 5.03541458 28.54000822
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 13,846,444.20 77,886.25 353,582.16
Factors per Thousand 5.14270386 23.34646154
1A-6 337403BN8 6.75% 100,000,000.00 92,374,063.73 519,604.13 2,076,456.84
Factors per Thousand 5.19604130 20.76456840
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 6.07% 11,155,764.00 11,155,764.00 56,425.21 0.00
Factors per Thousand 5.05794224 0.00000000
1A-12 337403BU2 9.37% 2,892,236.00 2,892,236.00 22,594.80 0.00
Factors per Thousand 7.81222556 0.00000000
1A-PO 337403BV0 0.00% 372,518.00 371,062.53 0.00 357.53
Factors per Thousand 0.00000000 0.95976570
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
1A-1 337403BH1 0.00 2,035,879.44 14,083,507.19
Factors per Thousand 87.84808803 607.70257562
1A-2 337403BJ7 0.00 189,566.64 4,229,740.19
Factors per Thousand 37.91332800 845.94803800
1A-3 337403BK4 0.00 4,165,165.50 107,510,750.28
Factors per Thousand 33.57542280 866.64476986
1A-4 337403BL2 0.00 253,125.01 45,000,000.00
Factors per Thousand 5.62500022 1000.00000000
1A-5 337403BM0 0.00 431,468.41 13,492,862.04
Factors per Thousand 28.48916540 890.91198679
1A-6 337403BN8 0.00 2,596,060.97 90,297,606.89
Factors per Thousand 25.96060970 902.97606890
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 56,425.21 11,155,764.00
Factors per Thousand 5.05794224 1000.00000000
1A-12 337403BU2 0.00 22,594.80 2,892,236.00
Factors per Thousand 7.81222556 1000.00000000
1A-PO 337403BV0 0.00 357.53 370,705.00
Factors per Thousand 0.95976570 995.13312108
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C>
1A-WIO* 337403BW8 0.00% 378,009,974.00 357,101,600.76 128,623.08 0.00
Factors per Thousand 0.34026372 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 6,158,032.38 34,638.93 7,253.89
Factors per Thousand 5.60500485 1.17376861
1B-1 337403BZ1 6.75% 5,149,000.00 5,130,697.20 28,860.17 6,043.73
Factors per Thousand 5.60500486 1.17376772
1B-2 337403CA5 6.75% 2,060,000.00 2,052,677.46 11,546.31 2,417.96
Factors per Thousand 5.60500485 1.17376699
1B-3 337403CF4 6.75% 3,295,000.00 3,283,287.49 18,468.49 3,867.57
Factors per Thousand 5.60500455 1.17376935
1B-4 337403CG2 6.75% 824,000.00 821,070.98 4,618.52 967.19
Factors per Thousand 5.60500000 1.17377427
1B-5 337403CH0 6.75% 1,030,643.44 1,027,030.97 5,777.05 1,201.60
Factors per Thousand 5.60528479 1.16587362
2A 337403CB3 7.04% 64,361,000.00 59,710,680.88 350,280.21 1,814,027.09
Factors per Thousand 5.44242958 28.18519119
2M 337403CC1 7.04% 832,000.00 827,239.94 4,852.83 1,232.60
Factors per Thousand 5.83272837 1.48149038
2B-1 337403CD9 7.04% 332,000.00 330,098.80 1,936.46 491.85
Factors per Thousand 5.83271084 1.48147590
2B-2 337403CE7 7.04% 566,000.00 562,758.80 3,301.31 838.52
Factors per Thousand 5.83270318 1.48148410
2B-3 337403CJ6 7.04% 166,000.00 165,049.40 968.23 245.93
Factors per Thousand 5.83271084 1.48150602
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
1A-WIO* 337403BW8 0.00 128,623.08 340,576,030.75
Factors per Thousand 0.34026372 0.00000000
A-R 337403BX6 0.00 0.00 0.00
Factors per Thousand 0.00000000 0.00000000
1M 337403BY4 0.00 41,892.82 6,150,778.49
Factors per Thousand 6.77877346 995.27160032
1B-1 337403BZ1 0.00 34,903.90 5,124,653.47
Factors per Thousand 6.77877258 995.27160031
1B-2 337403CA5 0.00 13,964.27 2,050,259.50
Factors per Thousand 6.77877184 995.27160194
1B-3 337403CF4 0.00 22,336.06 3,279,419.92
Factors per Thousand 6.77877390 995.27159939
1B-4 337403CG2 0.00 5,585.71 820,103.79
Factors per Thousand 6.77877427 995.27158981
1B-5 337403CH0 0.00 6,978.65 1,025,829.37
Factors per Thousand 6.77115841 995.32906356
2A 337403CB3 0.00 2,164,307.30 57,896,653.79
Factors per Thousand 33.62762076 899.56112848
2M 337403CC1 0.00 6,085.43 826,007.34
Factors per Thousand 7.31421875 992.79728365
2B-1 337403CD9 0.00 2,428.31 329,606.95
Factors per Thousand 7.31418675 992.79201807
2B-2 337403CE7 0.00 4,139.83 561,920.28
Factors per Thousand 7.31418728 992.79201413
2B-3 337403CJ6 0.00 1,214.16 164,803.47
Factors per Thousand 7.31421687 992.79198795
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
<S> <C> <C> <C> <C> <C>
2B-4 337403CK3 7.04% 133,000.00 132,238.37 775.75 197.04
Factors per Thousand 5.83270677 0.00000000
2B-5 337403CL1 7.04% 133,650.91 132,885.55 779.55 198.00
Factors per Thousand 5.83273245 1.48147139
Totals 478,463,912.35 444,055,380.67 2,639,273.93 9,920,443.83
Current Ending
Realized Total Certificate
Class Cusip Loss Distribution Balance
<S> <C> <C> <C> <C>
2B-4 337403CK3 0.00 972.79 132,041.33
Factors per Thousand 5.83270677 0.00000000
2B-5 337403CL1 0.00 977.55 132,687.55
Factors per Thousand 7.31420385 992.79196827
Totals 0.00 12,559,717.76 434,134,936.84
Pool 1
Schedule of Remittance
Scheduled Principal 312,880.23
Prepayments 7,790,318.15
Total Principal Distribution 8,103,198.38
Interest 2,365,834.75
Prepay Penalty -
(Master Servicing Fee) 6,369.91
(Subservicing Fee) 79,623.84
(Trust Administration Fee) 2,663.59
(Trustee Fee) 783.41
Total Interest Distribution 2,276,394.00
Total Available Funds 10,379,592.38
Delinquency Number
Information of Loans Principal Balance
Delinquent 30-59 Days 19 4,771,287.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
Loans in Foreclosure 0 0.00
REO Property 0 0.00
Collateral Information
Weighted Average to Maturity 343
Weighted Average Loan Rate 7.147313%
Agg. Beginning Principal Balance of Lans 382,194,452.91
Agg. Ending Principal Balance of Loan 374,091,254.53
Agg. Schd. Principal Balance of Discont Pool 1 Loans 33,547,306.53
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 374,091,254.53
Adjusted Pool Amount (PO) 340,945,592.42
Class 1A-PO Deferred Amount -
Book Value of Real Estate acquired -
Pool1 Distribution Amount 10,379,592.38
LIBOR 5.219530%
Pool 1
Certificate Information
Beginning Upaid Ending Unpaid Class
Interest Shortfall Interest Shortfall Percentage
Class 1A-1 0.00 0.00 Class A Percentage 93.045217%
Class 1A-2 0.00 0.00 Class M Percentage 2.318423%
Class 1A-3 0.00 0.00 Class 1B-1 Percentage 1.931644%
Class 1A-4 0.00 0.00 Class 1B-2 Percentage 0.772808%
Class 1A-5 0.00 0.00 Class 1B-3 Percentage 1.236117%
Class 1A-6 0.00 0.00 Class 1B-4 Percentage 0.309123%
Class 1A-7 0.00 0.00 Class 1B-5 Percentage 0.386668%
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
Pool 2
Schedule of Remittance
Scheduled Principal 92,174.12
Prepayments 1,725,056.92
Total Principal Distribution 1,817,231.04
Interest 371,967.30
Prepay Penalty -
(Master Servicing Fee) 2,062.03
(Subservicing Fee) 6,443.85
(Trust Administration Fee) 438.18
(Trustee Fee) 128.88
Total Net Interest Distribution 362,894.36
Total Available Funds 2,180,125.40
Delinquency Number
Information of Loans Principal Balance
Delinquent 30-59 Days 1 287,606.00
Delinquent 60-89 Days 0 0.00
Delinquent 90+ Days 0 0.00
Loans in Foreclosure 0 0.00
REO Property 0 0.00
Collateral Information
Weighted Average to Maturity 280
Weighted Average Mortgage Rate 7.039549%
Agg. Beginning Principal Balance of Loans 61,860,951.73
Agg. Ending Principal Balance of Loans 60,043,720.69
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 60,043,720.69
Book Value of Real Estate acquired -
Pool2 Distribution Amount 2,180,125.40
Pool 2
Certificate Information
Beginning Unpaid Ending Unpaid Class
Interest Shortfall Interest Shortfall Percentage
Class 2A 0.00 0.00 Class A Percentage 96.524026%
Class 2M 0.00 0.00 Class M Percentage 1.337257%
Class 2B-1 0.00 0.00 Class 2B-1 Percentage 0.533614%
Class 2B-2 0.00 0.00 Class 2B-2 Percentage 0.909716%
Class 2B-3 0.00 0.00 Class 2B-3 Percentage 0.266807%
Class 2B-4 0.00 0.00 Class 2B-4 Percentage 0.213767%
Class 2B-5 0.00 0.00 Class 2B-5 Percentage 0.214813%
<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>
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