SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED MAY 23, 1997 RULE 424(B)(5)
(TO PROSPECTUS DATED FEBRUARY 21, 1997) FILE NO. 333-11095
CWABS, INC.
Depositor
COUNTRYWIDE
HOME LOANS, INC.
Sponsor and Master Servicer
REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-B
-------------------
The certificates represent obligations of the trust only and do not represent an
interest in or obligation of CWABS, Inc., Countrywide Home Loans, Inc. or any of
their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
THE CERTIFICATES
o This supplement relates to the offering of the
certificates of the series referenced above. This
supplement does not contain complete information about
the offering of the certificates. Additional
information is contained in the prospectus supplement
dated May 23, 1997 prepared in connection with the
offering of the offered certificates of the series
referenced above and in the prospectus of the depositor
dated February 21, 1997. You are urged to read this
supplement, the prospectus supplement and the
prospectus in full.
o As of December 15, 1998, the class certificate balance
of the certificates was approximately $103,338,044.11.
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED THESE
SECURITIES OR DETERMINED THAT THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR THE
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will be
made at prices related to the prevailing prices at the time of sale.
DECEMBER 21, 1998
<PAGE>
THE MORTGAGE POOL
As of December 1, 1998 (the "Reference Date"), the Mortgage Pool
included approximately 4,769 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $107,993,878.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
December 1, 1998
----------------
<S> <C>
Aggregate Stated Principal Balance of the Mortgage Loans......................... $107,993,878
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.47%
60-90 days.............................................................. 0.09%
91 days or more (excluding pending foreclosures)........................ 0.26%
----------------
Total Delinquencies..................................................... 0.82%
================
Foreclosures Pending............................................................. 0.09%
----------------
Total Delinquencies and foreclosures pending................................. 0.91%
================
</TABLE>
______________
(1) As a percentage of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Reference Date.
One Mortgage Loan has been converted and is, as of
the Reference Date, an REO loan.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
Countrywide Home Loans, Inc. ("Countrywide") will continue to act as Master
Servicer under the Agreement.
At September 30, 1998, Countrywide provided servicing for approximately
$196.9 billion aggregate principal amount of mortgage loans, substantially all
of which are being serviced for unaffiliated persons. At September 30, 1998,
Countrywide provided servicing for approximately $1.3 billion aggregate
principal amount of first and second lien mortgage loans originated under home
equity lines of credit.
<PAGE>
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency and foreclosure experience,
respectively, on the dates indicated, of home equity loans serviced by the
Master Servicer. Since Countrywide only began servicing home equity loans in
October 1994, the delinquency and foreclosure percentages may be affected by the
size and relative lack of seasoning of the servicing portfolio because many of
such loans were not outstanding long enough to give rise to some or all of the
periods of delinquency indicated in the chart below. Accordingly, the
information should not be considered as a basis for assessing the likelihood,
amount or severity of delinquency or losses on the Mortgage Loans and no
assurances can be given that the foreclosure and delinquency experience
presented in the table below will be indicative of such experience on the
Mortgage Loans:
<TABLE>
DELINQUENCY AND FORECLOSURE EXPERIENCE(1)
<CAPTION>
AS OF DECEMBER 31, 1996 AS OF DECEMBER 31, 1997
----------------------- -----------------------
<S> <C> <C> <C> <C>
Portfolio............. 455,962,847.88 100.00% 1,062,794,424.18 100.00%
Delinquency percentage(1)
30-59 days..... 599,953.75 0.13% 3,789,570.37 0.36%
60-89.......... 444,075.12 0.10% 533,225.80 0.05%
90+ days....... 437,162.71 0.10% 1,101,964.19 0.10%
Total(2)... 1,481,191.58 0.32% 5,424,760.36 0.51%
Foreclosure Rate(3)... 771,389.69 0.17% 1,166,826.32 0.11%
Bankruptcy Rate(4).... 766,265.47 0.17% 3,071,686.84 0.29%
(Table Continued)
AS OF SEPTEMBER 30, 1998
------------------------
Portfolio............. 1,290,008,748.84 100.00%
Delinquency percentage(1)
30-59 days..... 4,368,838.77 0.34%
60-89.......... 1,053,258.11 0.08%
90+ days....... 2,442,379.39 0.19%
Total(2)... 7,864,476.27 0.61%
Foreclosure Rate(3)... 1,316,152.71 0.10%
Bankruptcy Rate(4).... 4,253,708.93 0.33%
</TABLE>
______________
(1) The period of delinquency is based on the number of days payments are
contractually past due.
(2) Certain total percentages and dollar amounts may not equal the sum of the
percentages and dollar amounts indicated in the columns due to differences
in rounding.
(3) "Foreclosure Rate" is the dollar amount of mortgage loans in foreclosure as
a percentage of the total principal balance of mortgage loans outstanding
as of the date indicated.
(4) "Bankruptcy Rate" is the dollar amount of mortgage loans for which the
related borrower has declared bankruptcy as a percentage of the total
principal balance of mortgage loans outstanding as of the date indicated.
YEAR 2000 COMPLIANCE
The Master Servicer has made and will continue to make investments to
identify, modify or replace any computer systems which are not year 2000
compliant and to address other related issues associated with the change of the
millennium. In the event that computer problems arise out of a failure of such
efforts to be completed on time, or in the event that the computer systems of
the Master Servicer or the Trustee are not fully year 2000 compliant, the
resulting disruptions in the collection or distribution of receipts on the
Mortgage Loans could materially and adversely affect the holders of the
Certificates.
<PAGE>
DESCRIPTION OF THE CERTIFICATES
The Certificates will be allocated and entitled to receive interest and
principal payments as described in the Prospectus Supplement under "Description
of the Certificates-- Distributions on the Certificates".
As of December 15, 1998 (the "Certificate Date"), the Certificate Principal
Balance of the Certificates was approximately $103,338,044.11. As of the
Certificate Date the Pool Factor was approximately 0.6351447 and the Invested
Amount was approximately $103,338,044.11. For additional information with
respect to the Certificates, see "Description of the Certificates" in the
Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
THE CERTIFICATE INSURER
Effective February 17, 1998, MBIA Inc., a New York Stock Exchange listed
company (the "Company"), acquired all of the outstanding stock of Capital
Markets Assurance Corporation ("CapMAC") through a merger with its parent CapMAC
Holdings Inc. Pursuant to a reinsurance agreement, CapMAC has ceded all of its
net insured risks (including any amounts due but unpaid from third party
reinsurers), as well as its unearned premiums and contingency reserves, to MBIA
Insurance Corporation, a New York Stock company ("MBIA"). MBIA is the principal
operating subsidiary of the Company. The Company is not obligated to pay the
debts of or claims against MBIA.
MBIA files annual, quarterly and special reports and other information with
the Securities and Exchange Commission (the "SEC"). These documents may be
reviewed at the SEC's public reference rooms in Washington, D.C., New York, New
York and Chicago, Illinois. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference rooms. MBIA's SEC filings are also available
to the public at the SEC's Web site at http://www.sec.gov.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax consequences
of an investment in the Certificates discussed under the sections titled
"Federal Income Tax Consequences" in the Prospectus Supplement and the
Prospectus, which the following discussion supplements. Prospective investors
should consult their tax advisors with respect to those consequences.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued final
regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Certificates consult their tax advisors regarding
the possible application of the Amortizable Bond Premium Regulations.
<PAGE>
The Taxpayer Relief Act of 1997 and the IRS Restructuring and Reform Act of
1998 reduced the capital gains tax rates for certain noncorporate taxpayers.
Prospective investors should consult their tax advisors with respect to these
tax law changes.
The Small Business and Job Protection Act of 1996 and Taxpayer Relief Act
of 1997 modified the definition of U.S. person with regard to trusts. A trust is
a "U.S. Person" if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
persons have authority to control all substantial decisions of the trust. In
addition, U.S. Persons include certain trusts that can elect to be treated as
U.S. Persons.
Final regulations dealing with backup withholding and information reporting
on income paid to foreign persons and related matters (the "New Withholding
Regulations") were published in the Federal Register on October 14, 1997. In
general, the New Withholding Regulations do not significantly alter the
substantive withholding and information reporting requirements, but do unify
current certification procedures and forms and clarify reliance standards. The
New Withholding Regulations generally will be effective for payments made after
December 31, 1999, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Certificates should consider carefully the
ERISA consequences of an investment in the Certificates discussed under "ERISA
Considerations" in the Prospectus, the Prospectus Supplement and herein, and
should consult their own advisors with respect to those consequences. As
described in the Prospectus Supplement and subject to the qualifications and
limitations set forth therein, it is believed that the Exemption will apply to
the acquisition and holding of the Certificates by Plans and that all conditions
of the Exemption other than those within the control of investors will be met.
RATINGS
The Certificates are currently rated "AAA" by Standard & Poor's and "Aaa"
by Moody's. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will be
made at prices relating to the prevailing prices at the time of sale.
<PAGE>
EXHIBIT 1
PRINCIPAL BALANCES
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
RANGE OF PRINCIPAL MORTGAGE BALANCE PERCENT OF
BALANCES LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
$ 0.00 to $ 10,000.... 1,133 $2,774,871 2.56%
10,001 to 20,000.... 1,546 23,685,162 21.94%
20,001 to 30,000.... 1,011 25,122,037 23.26%
30,001 to 40,000.... 467 16,306,768 15.10%
40,001 to 50,000.... 271 12,238,390 11.33%
50,001 to 60,000.... 114 6,225,711 5.76%
60,001 to 70,000.... 65 4,228,477 3.92%
70,001 to 80,000.... 54 4,066,144 3.77%
80,001 to 90,000.... 36 3,091,004 2.86%
90,001 to 100,000.... 31 2,988,895 2.77%
100,001 to 125,000.... 10 1,161,069 1.08%
125,001 to 150,000.... 16 2,284,769 2.12%
150,001 to 175,000.... 3 478,857 0.44%
175,001 to 200,000.... 4 766,627 0.71%
200,001 to 225,000.... 1 225,000 0.21%
225,001 to 250,000.... 2 453,901 0.42%
275,001 to 300,000.... 1 299,824 0.28%
325,001 to 350,000.... 1 347,600 0.32%
350,001 and up......... 3 1,248,773 1.16%
--------- ------------- -----------
Total.............. 4,769 $107,993,878 100.00%
========= ============= ===========
<PAGE>
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
STATE LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
Alabama............. 103 $1,980,483 1.83%
Alaska.............. 2 42,114 0.04%
Arizona............. 163 3,801,445 3.52%
California.......... 1069 28,707,772 26.58%
Colorado............ 203 3,812,307 3.53%
Connecticut......... 38 827,706 0.77%
Delaware............ 8 101,199 0.09%
District of Columbia 3 250,878 0.23%
Florida............. 299 6,003,500 5.56%
Georgia............. 109 2,256,153 2.10%
Idaho............... 98 2,395,462 2.22%
Illinois............ 164 3,303,700 3.06%
Indiana............. 60 1,068,165 0.99%
Iowa................ 10 210,233 0.19%
Kansas.............. 51 892,650 0.83%
Kentucky............ 25 446,652 0.14%
Louisiana........... 61 1,253,918 1.16%
Maine............... 15 502,260 0.47%
Maryland............ 106 1,882,423 1.74%
Massachusetts....... 116 2,849,305 2.64%
Michigan............ 182 3,654,020 3.38%
Mississippi......... 14 330,480 0.31%
Missouri............ 88 1,645,194 1.52%
Montana............. 24 631,395 0.58%
Nebraska............ 21 296,168 0.27%
Nevada.............. 90 2,027,655 1.88%
New Hampshire....... 26 591,823 0.55%
New Jersey.......... 155 3,670,084 3.40%
New Mexico.......... 45 1,101,449 1.02%
New York............ 120 3,393,269 3.14%
North Carolina...... 90 1,966,327 1.82%
North Dakota........ 2 45,667 0.04%
Ohio................ 183 3,236,498 3.00%
Oklahoma............ 28 748,637 0.69%
Oregon.............. 159 4,481,441 4.15%
Pennsylvania........ 157 2,771,988 2.57%
Rhode Island........ 14 217,783 0.20%
South Carolina...... 27 619,893 0.57%
South Dakota........ 7 79,674 0.07%
Tennessee........... 85 1,478,617 1.37%
Texas............... 4 95,740 0.09%
Utah................ 136 3,241,654 3.00%
Vermont............. 8 106,786 0.10%
Virginia............ 67 1,468,453 1.36%
Washington.......... 263 6,430,004 5.95%
Wisconsin........... 46 661,663 0.61%
Wyoming............. 25 404,243 0.37%
--------- ------------- -----------
Total.......... 4,769 $107,993,878 100.00%
========= ============= ===========
______________
(1) Geographic location is determined by the address of the
Mortgaged property securing the related Mortgage Loan.
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS(1)
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
RANGE OF COMBINED MORTGAGE BALANCE PERCENT OF
LOAN-TO-LOAN RATIOS LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
1.00% to 10.00%..... 4 $20,313 0.02%
10.01% to 20.00%..... 15 265,039 0.25%
20.01% to 30.00%..... 27 546,888 0.51%
30.01% to 40.00%..... 46 757,659 0.70%
40.01% to 50.00%..... 88 2,168,024 2.01%
50.01% to 60.00%..... 164 4,219,420 3.91%
60.01% to 70.00%..... 576 13,044,782 12.08%
70.01% to 80.00%..... 1,129 28,044,847 25.97%
80.01% to 90.00%..... 2,069 44,896,111 41.57%
90.01% to 100.00%..... 651 14,030,795 12.99%
--------- ------------- -----------
Total............... 4,769 $107,993,878 100.00%
========= ============= ===========
______________
(1) The ratio (expressed as a percentage) of (A) the sum of
(i) the Credit Limit of the Mortgage Loans and (ii) any
outstanding principal balances of mortgage loans senior
or of equal priority to the Mortgage Loans (calculated
generally at the date of origination of the Mortgage
Loans) to (B) the lesser of (i) the appraised value of
the related Mortgage Property as set forth in loan files
at such date of origination or (ii) in the case of a
Mortgaged Property purchased within one year of the
origination of the related Mortgage Loan, the purchase
price of such Mortgage Property.
PROPERTY TYPE
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
PROPERTY TYPE LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
Condo Low Rise......... 133 $2,801,888 2.59%
Two-to-Four Family..... 29 572,238 0.53%
PUD.................... 346 8,188,994 7.58%
Single Family Residence 4,261 96,430,757 89.29%
--------- ------------- -----------
Total............. 4,769 $107,993,878 100.00%
========= ============= ===========
LIEN PRIORITY
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
RANGE OF MARGINS LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
First Lien............ 90 $3,297,993 3.05%
Second Lien........... 4,679 104,695,885 96.95%
--------- ------------- -----------
Total............ 4,769 $107,993,878 100.00%
========= ============= ===========
<PAGE>
LOAN RATES(1)
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
RANGE OF LOAN RATES LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
6.001% to 6.250%... 1 $0 0.00%
7.751% to 8.000%... 1 85,000 0.08%
8.001% to 8.250%... 2 27,487 0.03%
8.251% to 8.500%... 874 20,781,912 19.24%
8.501% to 8.750%... 19 503,151 0.47%
8.751% to 9.000%... 154 5,736,804 5.31%
9.001% to 9.250%... 119 2,940,642 2.72%
9.251% to 9.500%... 488 9,620,045 8.91%
9.501% to 9.750%... 93 2,358,988 2.21%
9.751% to 10.000%... 113 2,325,226 2.15%
10.001% to 10.250%... 832 17,723,522 16.41%
10.251% to 10.500%... 68 1,348,893 1.25%
10.501% to 10.750%... 321 8,798,849 8.15%
10.751% to 11.000%... 584 12,247,689 11.34%
11.001% to 11.250%... 51 847,473 0.78%
11.251% to 11.500%... 224 5,665,789 5.25%
11.501% to 11.750%... 358 7,670,025 7.10%
11.751% to 12.000%... 39 646,466 0.60%
12.001% and up........ 428 8,638,916 8.00%
--------- ------------- -----------
Total 4,769 $107,993,878 100%
========= ============= ===========
MARGIN
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
RANGE OF MARGINS LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
0.001%-0.250%....... 2 $27,487 0.03%
0.251%-0.500%....... 874 20,781,912 19.24%
0.501%-0.750%....... 16 357,902 0.33%
0.751%-1.000%....... 153 5,708,104 5.29%
1.001%-1.250%....... 116 2,877,239 2.66%
1.251%-1.500%....... 492 9,766,143 9.04%
1.501%-1.750%....... 95 2,451,462 2.27%
1.751%-2.000%....... 111 2,325,026 2.15%
2.001%-2.250%....... 836 17,744,501 16.43%
2.251%-2.500%....... 66 1,327,449 1.23%
2.501%-2.750%....... 322 8,883,413 8.23%
2.751%-3.000%....... 584 12,247,689 11.34%
3.001%-3.250%....... 51 847,473 0.78%
3.251%-3.500%....... 224 5,665,789 5.25%
3.501%-3.750%....... 359 7,678,648 7.11%
3.751%-4.000%....... 30 477,000 0.44%
4.001%-4.250%....... 96 2,305,396 2.13%
4.251%-4.500%....... 277 5,517,616 5.11%
4.501%-4.750%....... 35 583,134 0.54%
4.751%-5.000%....... 15 254,767 0.24%
5.001% and up....... 15 165,726 0.15%
--------- ------------- -----------
Total........... 4,769 $107,993,878 100.00%
========= ============= ===========
<PAGE>
CREDIT LIMIT UTILIZATION RATES
- ---------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
RANGE OF CREDIT LIMIT MORTGAGE BALANCE PERCENT OF
UTILIZATION RATES LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
00.01% to 10.00%...... 772 $139,821 0.13%
10.01% to 20.00%...... 76 424,902 0.39%
20.01% to 30.00%...... 84 968,675 0.90%
30.01% to 40.00%...... 126 1,602,141 1.48%
40.01% to 50.00%...... 144 2,494,974 2.31%
50.01% to 60.00%...... 156 2,991,544 2.77%
60.01% to 70.00%...... 199 4,276,279 3.96%
70.01% to 80.00%...... 262 6,309,461 5.84%
80.01% to 90.00%...... 467 12,548,309 11.62%
90.01% to 100.00%...... 2,483 76,237,773 70.59%
--------- ------------- -----------
Total............... 4,769 $107,993,878 100.00%
========= ============= ===========
CREDIT LIMITS
- ---------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
RANGE OF CREDIT LIMITS LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
$0.00 to $10,000..... 65 $488,050 0.45%
10,001 to 20,000..... 1,629 19,303,053 17.87%
20,001 to 30,000..... 1,311 24,301,283 22.50%
30,001 to 40,000..... 679 16,765,614 15.52%
40,001 to 50,000..... 472 14,807,113 13.71%
50,001 to 60,000..... 170 6,713,448 6.22%
60,001 to 70,000..... 116 4,734,400 4.38%
70,001 to 80,000..... 85 3,870,689 3.58%
80,001 to 90,000..... 49 2,992,905 2.77%
90,001 to 100,000..... 111 5,754,028 5.33%
100,001 to 110,000..... 8 404,937 0.37%
110,001 to 120,000..... 8 464,257 0.43%
120,001 to 130,000..... 13 775,860 0.72%
130,001 to 140,000..... 2 261,442 0.24%
140,001 to 150,000..... 15 1,520,941 1.41%
150,001 to 160,000..... 6 642,992 0.60%
160,001 to 170,000..... 6 335,314 0.31%
170,001 to 180,000..... 3 207,837 0.19%
190,001 to 200,000..... 6 925,271 0.86%
210,001 to 220,000..... 1 - 0.00%
220,001 to 230,000..... 4 599,771 0.56%
230,001 to 240,000..... 2 - 0.00%
260,001 to 270,000..... 1 228,477 0.21%
290,000 to 300,000..... 2 299,824 0.28%
350,000 and up......... 5 1,596,372 1.48%
--------- ------------- -----------
Total 4,769 $107,993,878 100.00%
========= ============= ===========
<PAGE>
MAXIMUM RATES
- ---------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
MAXIMUM RATES LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
12.25%........ 36 $646,066 0.60%
12.5%......... 49 832,552 0.77%
15%........... 24 631,395 0.58%
16%........... 89 1,959,919 1.81%
17%........... 503 9,869,383 9.14%
18%........... 4,068 94,054,563 87.09%
--------- ------------- -----------
Total....... 4,769 $107,993,878 100.00%
========= ============= ===========
MONTHS REMAINING TO SCHEDULED MATURITY(1)
- --------------------------------------------------------------
AGGREGATE
RANGE OF MONTHS NUMBER OF PRINCIPAL
REMAINING TO SCHEDULED MORTGAGE BALANCE PERCENT OF
MATURITY LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
135-139................ 613 $12,988,066 12.03%
195-199................ 19 389,832 0.36%
200-204................ 1 34,297 0.03%
215-219................ 9 227,843 0.21%
220-224................ 71 1,159,897 1.07%
275-279................ 474 9,759,379 9.04%
280-284................ 3,582 83,434,564 77.26%
--------- ------------- -----------
Total........... 4,769 $107,993,878 100.00%
========= ============= ===========
______________
(1) Assumes that the Draw Period for Mortgage Loans with five
year Draw Periods will be extended for an additional five
years.
ORIGINATION YEAR
- --------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL
MORTGAGE BALANCE PERCENT OF
ORIGINATION YEAR LOANS OUTSTANDING POOL
- ----------------------- --------- ------------- -----------
1997.............. 4,769 $107,993,878 100.00%
--------- ------------- -----------
Total........... 4,769 $107,993,878 100.00%
========= ============= ===========
<PAGE>
EXHIBIT 2
Report to Certificateholders
================================================================================
Countrywide Home Loans, Inc. Date of Report: 12/19/98
Countrywide Home Equity Loan Trust - Series 1997-B Time of Report: 3:22 PM
P & S Agreement Date: May 23, 1997
Original Settlement Date: May 29, 1997
CUSIP Number of Certificates:
Original Sale Balance: 162,700,000 Investor 8001004
================================================================================
<TABLE>
<CAPTION>
CERTIFICATES INFORMATION
- ------------------------ BALANCE MARGIN
------- ------
<S> <C> <C>
Investors $162,700,000.00 0.18%
Transferor $3,320,408.16
OTHER INFORMATION
- -----------------
Original Pool Balance @ Cut-Off Date $166,020,408.16
Servicing Fee 0.500%
Original Settlement Date 5/29/97
First Payment Date 7/15/97
Long Interest Period Days 47
Managed Amortization Period (Months) 60
OC Lockout (Months) 30
Initial Insured Amount $162,700,000.00
Fixed Allocation Percentage 98.00%
Investor Certificate Principal Balance 0.00%
Minimum Transferor Interest Percentage 5.00%
Credit Enhancement Fee 0.150%
Rapid Amortization Event Trigger (% of
Original Pool Balance) 1.000%
Tail Adjustment $0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INPUT SECTION (PAGE 1 of 1)
- ---------------------------
<S> <C> <C>
MONTH: 17 18
DISTRIBUTION DATE: 11/16/98 12/15/98
DETERMINATION DATE: 11/11/98 12/10/98
MORTGAGE LOANS PAYMENT SUMMARY
- ------------------------------
COLLECTION PERIOD:
MTGE LOANS INTEREST RECEIVED $1,068,939.87 $1,013,862.55
MTGE LOANS PRINCIPAL RECEIVED $6,614,862.63 $6,869,063.52
MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC.
TO PRINCIPAL) $0.00 ($3,251.49
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS REMOVED FROM THE TRUST BY THE SERVICER (Section 2.06) $0.00 $0.00
MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)(Section 2.02(a)) $0.00 $0.00
MTGE LOANS DRAWS (ADDITIONAL BALANCES) $1,378,407.25 $1,495,926.70
MTGE LOANS LIQUIDATION LOSS AMOUNT (NET LOSSES) $0.00 $44,536.25
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE (NET OF SERVICER REMOVALS) $113,432,867.76 $108,018,446.18
AVERAGE MTGE LOANS RATE 10.448% 10.190%
AVERAGE MTGE LOANS DAILY BALANCE $118,215,610.78 $112,957,836.28
<PAGE>
DELINQUENCY & REO SUMMARY
DEL STAT 1 - NO. OF ACCTS 18 18
DEL STAT 1 - CURRENT BALANCE $495,535.03 $506,159.37
DEL STAT 2 - NO. OF ACCTS 8 4
DEL STAT 2 - CURRENT BALANCE $294,950.33 $96,559.02
DEL STAT 1+ - NO. OF ACCTS 39 37
DEL STAT 1+ - CURRENT BALANCE $1,058,616.04 $981,265.02
DEL STAT 3+ - NO. OF ACCTS 13 15
DEL STAT 3+ - CURRENT BALANCE $268,130.68 $378,546.63
DEL STAT 9+ - NO. OF ACCTS 12 11
DEL STAT 9+ - CURRENT BALANCE $468,871.10 $427,586.34
REO - NO. OF ACCTS 1 0
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE) $24,568.37 $0.00
LOAN MODIFICATION SUMMARY
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV less than 80%) $263,793.06 $97,438.00
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV Greater than 80%) $509,131.70 $469,298.62
MTGE LOANS W/ CREDIT LIMIT MODIFICATION $0.00 $0.00
MTGE LOANS W/ GROSS MARGIN MODIFICATION $42,652.61 $0.00
OTHER INFORMATION
LIBOR RATE FOR CURRENT INTEREST PERIOD 5.40859% 5.27781%
AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL $0 $0
CAPMAC'S SURETY BOND IN FORCE? (YES=1; NO=0) 1 1
=================================================================================================================--------------
Detailed Information (Page 1 of 5)
Distribution Date: 11/16/98 12/15/98
LIBOR Rate (Adjusted two business days prior to previous Distribution Date) 5.40859% 5.27781%
Average Mtge Loans Net Loan Rate (Effective Rate; Multiply by 360/365) 9.15488% 8.90041%
Maximum Rate 9.15488% 8.90041%
Investor Certificate Rate (LIBOR + 18 bps) 5.58859% 5.45781%
Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0) 0 0
Interest Period (Days) 32 29
Beginning Pool Balance 118,669,323.14 113,432,867.76
Beginning Investor Certificate Principal Balance 113,987,082.72 108,750,627.34
Beginning Transferor Principal Balance 4,682,240.42 4,682,240.42
Beginning Invested Amount 113,987,082.72 108,750,627.34
Investor Floating Allocation Percentage 96.0544% 95.8722%
Liquidation Loss Amount 0.00 44,536.25
Servicing Fee 49,445.55 47,263.69
Mtge Loans Interest (Net of Cut-Off Date Overdue Interest) 1,068,939.87 1,013,862.55
Mtge Loans Principal 6,614,862.63 6,869,063.52
Mtge Loans Net Liquidation Proceeds 0.00 (3,251.49)
Mtge Loans Insurance Proceeds 0.00 0.00
Mtge Loans Optional Servicer Advances 0.00 0.00
Mtge Loans Purchase Price (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Available Funds 7,683,802.50 7,879,674.58
Mtge Loans Interest 1,068,939.87 1,013,862.55
Mtge Loans Net Liquidations Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Optional Servicer Advances (Alloc. to Int.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Int.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price (Alloc. to Int.) 0.00 0.00
Mtge Loans Interest Collections 1,068,939.87 1,013,862.55
Mtge Loans Principal 6,614,862.63 6,869,063.52
Mtge Loans Net Liquidaton Proceeds (Alloc. to Princ.& Net of Forecl. Profits) 0.00 (3,251.49)
Mtge Loans Insurance Proceeds (Alloc. to Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price (Alloc. to Princ.) 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Mtge Loans Principal Collections 6,614,862.63 6,865,812.03
Interest Collections 1,068,939.87 1,013,862.55
Principal Collections 6,614,862.63 6,865,812.03
Investor & Transferor Interest & Principal Allocation
Investor Interest Collections 1,026,763.57 972,012.70
Investor Principal Collections 6,482,565.38 6,728,495.79
Transferor Interest Collections 42,176.30 41,849.85
Transferor Principal Collections 132,297.25 137,316.24
(check) 0.00 0.00
Investor Loss Amout 0.00 42,697.90
Transferor Loss Amount 0.00 1,838.35
==================================================================================================================-------------
Detailed Information (Page 2 of 5)
Distribution Date: 11/16/98 12/15/98
Investor Interest Collections 1,026,763.57 972,012.70
less Investor Servicing Fee 47,494.62 45,312.76
less Unpaid Servicing Fee 0.00 0.00
less Credit Enhancement Premium 15,198.28 13,140.70
less Investor Certificate Interest 566,246.28 478,129.66
less Unpaid Investor Certificate Interest Shortfall 0.00 0.00
less Investor Loss Amount 0.00 42,697.90
less Unpaid Investor Loss Amount 0.00 0.00
less Unreimbursed Draw Amounts 0.00 0.00
Excess Interest 397,824.39 392,731.69
less Accelerated Principal Distribution Amount 0.00 0.00
Remaining Excess Interest 397,824.39 392,731.69
Investor Distributions
Investor Certificate Interest 566,246.28 478,129.66
Managed Amortization Period? (Y=1; N=0) 1 1
Rapid Amortization Event? (Y=1; N=0) 0 0
Rapid Amortization Period? (Y=1; N=0) 0 0
Principal Collections less Additional Balances 5,236,455.38 5,369,885.33
Alternative Principal Payment 5,236,455.38 5,369,885.33
Maximum Principal Collections 6,482,565.38 6,728,495.79
Principal Distribution Amount 5,236,455.38 5,369,885.33
Investor Loss Amount Distributed to Investors 0.00 42,697.90
Excess Interest Paid as Principal 0.00 0.00
Transferor Distributions
Transferor Interest Collections (net of Transferor Servicing Fee) 40,225.37 39,898.91
Excess Interest remaining from Collection Account 397,824.39 392,731.69
Principal Distributions (including Transferor Principal Collections) 1,378,407.25 1,495,926.70
Principal Balance of Loans Removed from the Trust by the Servicer
(Section 2.06) 0.00 0.00
Excess Int. (Shortfall) a/ Premium 964,070.67 913,559.24
Excess Int. (Shortfall) a/ Interest 397,824.39 435,429.59
Excess Int. (Shortfall) a/ Losses 397,824.39 392,731.69
Required Amount 0.00 0.00
Required Amount Applied to Overcollateralization Amount 0.00 0.00
Subordinated Transferor Collections Applied to Required Amount 0.00 0.00
Required Amount Applied to Transferor Balance 0.00 0.00
Draw on Policy 0.00 0.00
Investor Certificate Distribution Amount (Excluding Credit
Enhancement Draw Amount) 5,802,701.66 5,890,712.88
Credit Enhancement Draw Amount (Excluding writedowns of OC) 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
==============================================================================================================-----------------
Detailed Information (Page 3 of 5)
Distribution Date: 11/16/98 12/15/98
Beginnining Pool Balance 118,669,323.14 113,432,867.76
Interest Distribution 1,068,939.87 1,013,862.55
Principal Distribution 6,614,862.63 6,865,812.03
Servicer Account Removals (Section 2.06) 0.00 0.00
Additional Balances 1,378,407.25 1,495,926.70
Liquidation Loss Amount 0.00 44,536.25
Ending Pool Balance 113,432,867.76 108,018,446.18
Beginning Investor Certificate Principal Balance 113,987,082.72 108,750,627.34
Investor Certificate Interest 566,246.28 478,129.66
Unpaid Investor Certificate Interest Shortfall distributed 0.00 0.00
Investor Certificate Principal 5,236,455.38 5,412,583.23
Ending Investor Certificate Principal Balance 108,750,627.34 103,338,044.11
Pool Factor 0.6684120 0.6351447
Beginnining Transferor Balance 4,682,240.42 4,682,240.42
Interest Distribution (including funds released from
Collection Account) 440,000.69 434,581.53
Principal Distribution (including Unallocated Transferor
Principal Collections) 1,378,407.25 1,495,926.70
Additional Balances 1,378,407.25 1,495,926.70
Principal Balance of Loans Removed from the Trust by the Servicer
(Section 2.06) 0.00 0.00
Losses allocated to Transferor 0.00 1,838.35
Ending Transferor Balance 4,682,240.42 4,680,402.07
Minimum Transferor Interest 3,320,408.16 3,320,408.16
Transferor Principal Collections Unallocated due to Minimum Transferor
Interest (held in Coll. Acct.) 0.00 0.00
Total Unallocated Transferor Principal Collections held in Collection Account 0.00 0.00
Beginning Invested Amount 113,987,082.72 108,750,627.34
Principal Distribution Amount 5,236,455.38 5,369,885.33
Investor Loss Reduction Amount 0.00 42,697.90
Ending Invested Amount 108,750,627.34 103,338,044.11
Required OC Amount 0.00 0.00
Beginning OC Amount 0.00 0.00
Ending OC Amount 0.00 0.00
Ending OC Amount (% of Original Pool Balance) 0.00% 0.00%
Current Month Excess Spread 3.566% 3.443%
Rolling Three-Month Excess Spread 3.601% 3.549%
Excess Spread Trigger Step-Up Percentage 0.000% 0.000%
Delinquency Step-Up Amount 234,435.55 213,793.17
Required Subordinated Percentage 2.000% 2.000%
Initial Subordinated Amount 3,320,408.16 3,320,408.16
Trigger Date Step-Down Subordinated Amount 0.00 0.00
Preliminary Step-Down Subordinated Amount 4,746,772.93 4,537,314.71
Step-Down Subordinated Amount 4,746,772.93 4,537,314.71
Preliminary Transferor Subordinated Amount 3,554,843.71 3,534,201.33
Can the Required Transferor Subordinated Amount be Reduced? Y Y
Required Transferor Subordinated Amount 3,554,843.71 3,534,201.33
Available Transferor Subordinated Amount 3,554,843.71 3,534,201.33
Subordinated Transferor Collections 40,225.37 39,898.91
Annualized Six-Month Rolling Losses After a Rapid Amortization
Event Trigger (Y=1;(N=0) 0 0
Step-Up Cumulative Loss Trigger (Y=1; N=0) 0 0
Six-Month Rolling Loss and Rapid Amortization Event Trigger Violated? (Y=1; N=0) 0 0
===============================================================================================================================
Detailed Information (Page 4 of 5)
Distribution Date: 11/16/98 12/15/98
Step-Down Cumulative Loss Test Violated? (Y=1; N=0) 0 0
Step-Down Rolling Twelve-Month Delinquency Rate Test Violated? (Y=1; N=0) 0 0
Current 60+ Day Delinquency Rate 0.50% 0.44%
Rolling Twelve-Month Delinquency Rate 0.00% 0.00%
Ending Unreimbursed Draw on Surety Bond 0.00 0.00
Beginning Insured Principal Amount $113,987,082.72 $108,750,627.34
Ending Insured Principal Amount $108,750,627.34 $103,338,044.11
Available Credit Enhancement 0.00% 0.00%
Investor Distribution Amount 5,802,701.66 5,890,712.88
Transferor Distribution Amount (incl. Excess Cash Rel. From Collection Account) 1,816,457.01 1,928,557.30
Investor Loss Amount Reimbursed from Excess Interest 0.00 42,697.90
Investor Loss Amount Allocated to OC 0.00 0.00
Investor Loss Amount Reimbursed from Subordinated Transferor Collections 0.00 0.00
Investor Loss Amount Reimbursed from Transferor Balance 0.00 0.00
Investor Loss Amount Reimbursed from Policy Draw 0.00 0.00
Investor Loss Amount Unreimbursed 0.00 0.00
Unreimbursed Loss Amount Distributed 0.00 0.00
Cum. Accelerated Principal Distribution Amount 0.00 0.00
Cum. Principal Payments (Including ECPB & APDA) 53,949,372.66 59,361,955.89
Cum. Principal Payments (Excluding ECPB & APDA) 53,949,372.66 59,361,955.89
Cum. OC Amount 0.00 0.00
Cum. Liquidation Losses 196,974.42 241,510.67
Cum. Investor Loss Reduction Amount 0.00 0.00
Cum. Purchase Price of Repurchased Loans (Alloc. to Principal) 0.00 0.00
Cum. Guaranteed Principal Distribution Amount 0.00 0.00
Cum. Credit Enhancement Draw Amount Amount 0.00 0.00
Cum. Servicer Removals from Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV less than 80%) 851,462.11 948,900.11
Cum. Modifications to Sr. Lien Balance (CLTV less than 80%)
(% of Initial Pool) 0.51% 0.57%
Cum. Modifications to Sr. Lien Balance (CLTV>80%) 2,161,209.70 2,630,508.32
Cum. Modifications to Sr. Lien Balance (CLTV>80%) (% of Initial Pool) 1.30% 1.58%
Cum. Modifications to Credit Limit 727,464.51 727,464.51
Cum. Modifications to Credit Limit (% of Initial Pool) 0.44% 0.44%
Cum. Modifications to Gross Margin 783,947.58 783,947.58
Cum. Modifications to Gross Margin (% of Initial Pool) 0.47% 0.47%
===============================================================================================================================
Detailed Information (Page 5 of 5)
Distribution Date: 1/16/98 12/15/98
Accrued but Unpaid a/ Distribution
Servicing Fee 0.00 0.00
Investor Certificate Interest 0.00 0.00
Credit Enhancement Premium 0.00 0.00
Unreimbursed Draw Amounts 0.00 0.00
SOURCES OF FUNDS:
Mtge Loans Interest 1,068,939.87 1,013,862.55
Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Int.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) Purchase Price (Alloc. to Int.) 0.00 0.00
Mtge Loan Principal 6,614,862.63 6,869,063.52
Mtge Loans Net Liq. Proceeds (Alloc. to Princ.) 0.00 (3,251.49)
Mtge Loans Insurance Proceeds (Alloc. to Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) Purchase Price (Alloc. to Princ.) 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Draw on Policy 0.00 0.00
Unallocated Transferor Collections 0.00 0.00
Total 7,683,802.50 7,879,674.58
USES OF FUNDS
Servicing Fee 49,445.55 47,263.69
Investor Interest Distribution 566,246.28 478,129.66
Accrued and Unpaid Investor Interest Distributed 0.00 0.00
Investor Principal Distribution 5,236,455.38 5,412,583.23
Transferor Distribution (not including Cash Released to Transferor) 1,418,632.62 1,535,825.61
Unallocated Transferor Principal Collections 0.00 0.00
Accrued and Unpaid Servicing Fee Distributed 0.00 0.00
Payment of Unreimbursed Surety Bond Draw Amounts 0.00 0.00
Credit Enhancement Premium Distributed 15,198.28 13,140.70
Cash Released to Transferor (Including OC Step-Down Release) 397,824.39 392,731.69
Total 7,683,802.50 7,879,674.58
- -------------------------------------------------------------------------------------------------------------------------------
ERROR CHECK
Sources & Uses OK OK
Pool Balance OK OK
Transferor Balance (Will indicate "VIOLATION" if Servicer has
violated Min. Transferor Int.) OK OK
Loss Allocation OK OK
Overcollateralization OK OK
Balance Reduction OK OK
- -------------------------------------------------------------------------------------------------------------------------------
Distribution List:
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Judy Tan - Morgan Stanley Richard Marron - Countrywide Home Loans
Dave Walker - Countrywide Home Loans
===============================================================================================================================
Servicer Certificate (Page 1 of 3)
Distribution Date: 11/16/98 12/15/98
A. POOL INFORMATION
Aggregate Amount of Collections 7,683,802.50 7,879,674.58
Aggregate Amount of Interest Collections 1,068,939.87 1,013,862.55
Aggregate Amount of Principal Collections 6,614,862.63 6,865,812.03
Transfer Deposit Amount (Sections 2.02(a) & 2.06) 0.00 0.00
Beginning Pool Balance 118,669,323.14 113,432,867.76
Ending Pool Balance 113,432,867.76 108,018,446.18
Additional Balances 1,378,407.25 1,495,926.70
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV less than 80%) 851,462.11 948,900.11
Cum. Modifications to Sr. Lien Balance (CLTV less than 80%)
(% of Initial Pool) 0.51% 0.57%
Cum. Modifications to Sr. Lien Balance (CLTV greater than 80%) 2,161,209.70 2,630,508.32
Cum. Modifications to Sr. Lien Balance (CLTV greater than 80%)
(% of Initial Pool) 1.30% 1.58%
Cum. Modifications to Credit Limit 727,464.51 727,464.51
Cum. Modifications to Credit Limit (% of Initial Pool) 0.44% 0.44%
Cum. Modifications to Gross Margin 783,947.58 783,947.58
Cum. Modifications to Gross Margin (% of Initial Pool) 0.47% 0.47%
Servicing Fee 49,445.55 47,263.69
Unpaid Servicing Fee Received 0.00 0.00
Remaining Accrued and Unpaid Servicing Fee 0.00 0.00
B. INTEREST, PRINCIPAL & LOSS ALLOCATION
Investor Certificateholder Floating Allocation Percentage 96.05% 95.87%
Investor Certificateholder Fixed Allocation Percentage 98.00% 98.00%
Investor Interest Collections 1,026,763.57 972,012.70
Investor Principal Collections 6,482,565.38 6,728,495.79
Transferor Interest Collections 42,176.30 41,849.85
Transferor Principal Collections 132,297.25 137,316.24
Investor Loss Amount 0.00 42,697.90
Beginning Invested Amount 113,987,082.72 108,750,627.34
Ending Invested Amount 108,750,627.34 103,338,044.11
C. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 566,246.28 478,129.66
Investor Certificate Interest Shortfall b/ any Draw on Policy 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Received 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Remaining 0.00 0.00
Principal Distribution Amount 5,236,455.38 5,369,885.33
Managed Amortization Period? (Yes=1; No=0) 1 1
Rapid Amortization Period? (Yes=1; No=0) 0 0
Maximum Principal Collections Payment 6,482,565.38 6,728,495.79
Alternative Principal Payment 5,236,455.38 5,369,885.33
Principal Collections less Additional Balances 5,236,455.38 5,369,885.33
Investor Loss Amount Distributed to Investors 0.00 42,697.90
Accelerated Principal Distribution Amount 0.00 0.00
===============================================================================================================================
Servicer Certificate (Page 2 of 3)
Distribution Date: 11/16/98 12/15/98
D. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Certificate Principal Balance 113,987,082.72 108,750,627.34
Ending Certificate Principal Balance 108,750,627.34 103,338,044.11
Pool Factor 0.6684120 0.6351447
E. DISTRIBUTIONS TO TRANSFEROR
Interest Distribution 440,000.69 434,581.53
Principal Distribution 1,378,407.25 1,495,926.70
Amount Distributed to Transferor pursuant to Section 5.01(a)(x)
(included in Interest Distribution) 397,824.39 392,731.69
F. TRANSFEROR BALANCE
Beginning Transferor Principal Balance 4,682,240.42 4,682,240.42
Ending Transferor Principal Balance 4,682,240.42 4,680,402.07
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Minimum Transferor Balance 3,320,408.16 3,320,408.16
G. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.58859% 5.45781%
LIBOR Rate 5.40859% 5.27781%
Maximum Rate 9.15488% 8.90041%
Weighted Average Mortgage Net Loan Rate 9.15488% 8.90041%
H. CREDIT ENHANCEMENT
Credit Enhancement Fee 15,198.28 13,140.70
Beginning OC Amount 0.00 0.00
Ending OC Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Credit Enhancement Draw Amount 0.00 0.00
J. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 18 18
Trust Balances 495,535.03 506,159.37
Delinquent 60-89 days
No. of Accounts 8 4
Trust Balances 294,950.33 96,559.02
Delinquent 90+ days
No. of Accounts 13 15
Trust Balances 268,130.68 378,546.63
Delinquent 9+ months
No. of Accounts 12 11
Trust Balances 468,871.10 427,586.34
REO
No. of Accounts 1 0
Trust Balances 24,568.37 0.00
=============================================================================================================-----------------=
Servicer Certificate (Page 3 of 3)
Distribution Date: 11/16/98 12/15/98
K. EVENT OF DEFAULT TRIGGERS 0 0
Failure by Seller to make payment within 5 Business Days of Required Date ? 0 0
Failure by Seller to perform any covenants described in the Agreement ? 0 0
Bankruptcy or Insolvency relating to Servicer ? 0 0
L. RAPID AMORTIZATION EVENT TRIGGERS 0 0
Failure by Seller to make payment within 3 Business Days of Required Date ? 0 0
Breach of Representation or Warranty by Seller or Depositor? 0 0
Bankruptcy or Insolvency relating to Transferor ? 0 0
Subject to Investment Company Act of 1940 Regulation ? 0 0
Any Event of Default ? 0 0
Draws Under Policy are Greater than 1% of Initial Pool Principal Balance? 0 0
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 9th day of December, 1998
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
_______________________________________
Lupe Montero
Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Judy Tan - Morgan Stanley Richard Marron - Countrywide Home Loans
Dave Walker - Countrywide Home Loans
Jose Baltasar - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
Richard Pohl - Countrywide Home Loans
===============================================================================================================================
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 11/16/98 12/15/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 3.480309 2.938719
Investor Certificate Interest Shortfall Distributed 0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1 1
Investors Certificate Principal Distributed 32.184729 33.267260
Principal Distribution Amount 32.184729 33.004827
Maximum Principal Payment 39.843672 41.355229
Alternative Principal Payment 32.184729 33.004827
Principal Collections less Additional Balances 32.184729 33.004827
Investor Loss Amount Distributed to Investors 0.000000 0.262433
Accelerated Principal Distribution Amount 0.000000 0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 35.665038 36.205980
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 113,987,082.72 108,750,627.34
Ending Investor Certificate Balance 108,750,627.34 103,338,044.11
Beginning Invested Amount 113,987,082.72 108,750,627.34
Ending Invested Amount 108,750,627.34 103,338,044.11
Investor Certificateholder Floating Allocation Percentage 96.0544% 95.8722%
Pool Factor 0.6684120 0.6351447
Liquidation Loss Amount for Liquidated Loans 0.00 44,536.25
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 118,669,323.14 113,432,867.76
Ending Pool Balance 113,432,867.76 108,018,446.18
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 49,445.55 47,263.69
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.588590% 5.457810%
LIBOR Rate 5.408590% 5.277810%
Maximum Rate 9.154877% 8.900411%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 18 18
Trust Balances 495,535.03 506,159.37
Delinquent 60-89 days
No. of Accounts 8 4
Trust Balances 294,950.33 96,559.02
Delinquent 90+ days
No. of Accounts 13 15
Trust Balances 268,130.68 378,546.63
Delinquent 9+ Months
No. of Accounts 12 11
Trust Balances 468,871 427,586
REO
No. of Accounts 1 0
Trust Balances 24,568.37 0.00
===============================================================================================================================
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 11/16/98 12/15/98
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed
this 9th day of December, 1998
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
/s/ Lupe Montero
-------------------
Lupe Montero
Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Judy Tan - Morgan Stanley Richard Marron - Countrywide Home Loans
Dave Walker - Countrywide Home Loans
Mar Luciano - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
Richard Pohl - Countrywide Home Loans
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