SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED FEBRUARY 20, 1998 Rule 424(b)(5)
(To Prospectus dated February 20, 1998)
CWABS, INC.
Depositor
Countrywide
Home Loans, Inc.
Sponsor and Master Servicer
Countrywide Home Equity Loan Trust 1998-A
Revolving Home Equity Loan Asset Backed Certificates, Series 1998-A
The Certificates
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.
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 February 20, 1998 prepared in connection
with the offering of the offered certificates of the series referenced
above and in the prospectus of the depositor dated February 20, 1998. You
are urged to read this supplement, the prospectus supplement and the
prospectus in full.
o As of September 15, 1999, the class certificate balance of the certificates
was approximately $97,837,581.72.
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.
September 27, 1999
<PAGE>
THE MORTGAGE LOANS
As of September 1, 1999 (the "Reference Date"), approximately 4,474
Mortgage Loans having an aggregate Principal Balance of approximately
$100,197,317.99 were included in the Trust Fund.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
September 1, 1999
------------------
<S> <C>
Aggregate Principal Balance of the Mortgage Loans................................ $100,197,317.99
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.31%
60-90 days.............................................................. 0.08%
91 days or more (excluding pending foreclosures)........................ 0.38%
Total Delinquencies..................................................... 0.77%
=====
Foreclosures Pending............................................................. 0.02%
-----
Total Delinquencies and foreclosures pending................................. 0.79%
=====
</TABLE>
- --------------
(1) As a percentage of the aggregate Principal Balance of the Mortgage
Loans as of the Reference Date.
One (1) 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 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 June 30, 1999, Countrywide provided servicing for approximately $230.1
billion aggregate principal amount of mortgage loans, substantially all of which
are being serviced for unaffiliated persons. At June 30, 1999, Countrywide
provided servicing for approximately $1.7 billion aggregate principal amount of
first and second lien mortgage loans originated under home equity lines of
credit.
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>
<CAPTION>
Delinquency and Foreclosure Experience(1)
As of December 31, 1997 As of December 31, 1998 As of June 30, 1999
----------------------- ----------------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
Portfolio............. 1,062,794,424.18 100.00% 1,323,711,736.54 100.00% 1,646,684,727.24 100.00%
Delinquency Percentage(1)
30-59 days..... 3,789,570.37 0.36% 4,483,412.01 0.34% 3,390,785.97 0.20%
60-89.......... 533,225.80 0.05% 747,337.11 0.06% 828,413.35 0.05%
90+ days....... 1,101,964.19 0.10% 2,439,328.76 0.18% 2,555,071.32 0.15%
Total(2)... 5,424,760.36 0.51% 7,670,077.88 0.58% 6,774,270.64 0.41%
Foreclosure Rate(3)... 1,166,826.32 0.11% 1,835,608.61 0.14% 1,636,691.64 0.10%
Bankruptcy Rate(4).... 3,071,686.84 0.29% 4,801,943.11 0.36% 7,089,622.89 0.43%
- --------------
</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.
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 September 15, 1999 (the "Certificate Date"), the Certificate
Principal Balance of the Certificates was approximately $97,837,581.72
representing 97.64% of the aggregate Principal Balance of all Mortgage Loans in
the Trust Fund as of the Reference Date. As of the Certificate Date the Pool
Factor was approximately 0.6312102 and the Invested Amount was approximately
$97,837,581.72. For additional information with respect to the Certificates, see
"Description of the Certificates" in the Prospectus Supplement and Exhibit 2
hereto.
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.
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, 2000, 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
GEOGRAPHIC DISTRIBUTION(1)
- -------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Number of Principal Aggregate
State Mortgage Loans Balance Principal Balance
----- --------------- --------- ------------------
Alabama 89 $ 1,720,527 1.72%
Alaska 11 $ 394,511 0.39%
Arizona 150 $ 2,893,288 2.89%
California 1,048 $ 28,090,904 28.04%
Colorado 188 $ 4,501,976 4.49%
Connecticut 45 $ 1,124,364 1.12%
Delaware 10 $ 159,012 0.16%
District of Columbia 3 $ 79,441 0.08%
Florida 262 $ 4,908,809 4.90%
Georgia 117 $ 2,866,000 2.86%
Hawaii 25 $ 819,286 0.82%
Idaho 72 $ 1,665,625 1.66%
Illinois 185 $ 3,279,818 3.27%
Indiana 64 $ 1,060,722 1.06%
Iowa 12 $ 145,101 0.14%
Kansas 46 $ 706,152 0.70%
Kentucky 27 $ 574,818 0.57%
Louisiana 50 $ 987,933 0.99%
Maine 11 $ 198,819 0.20%
Maryland 65 $ 1,269,240 1.27%
Massachusetts 101 $ 2,349,398 2.34%
Michigan 163 $ 2,898,456 2.89%
Minnesota 7 $ 124,331 0.12%
Mississippi 15 $ 345,112 0.34%
Missouri 83 $ 1,191,029 1.19%
Montana 42 $ 760,445 0.76%
Nebraska 14 $ 138,757 0.14%
Nevada 74 $ 1,530,703 1.53%
New Hampshire 18 $ 306,899 0.31%
New Jersey 138 $ 2,822,953 2.82%
New York 91 $ 1,928,171 1.92%
New Mexico 44 $ 1,119,874 1.12%
North Carolina 94 $ 1,902,806 1.90%
North Dakota 3 $ 44,820 0.04%
Ohio 171 $ 3,439,212 3.43%
Oklahoma 30 $ 498,519 0.50%
Oregon 127 $ 3,706,182 3.70%
Pennsylvania 176 $ 3,102,404 3.10%
Rhode Island 19 $ 373,244 0.37%
South Carolina 34 $ 668,144 0.67%
South Dakota 5 $ 79,101 0.08%
Tennessee 58 $ 1,113,132 1.11%
Texas 4 $ 72,790 0.07%
Utah 106 $ 2,674,690 2.67%
Vermont 7 $ 165,443 0.17%
Virginia 60 $ 1,617,912 1.61%
Washington 234 $ 6,154,719 6.14%
Wisconsin 57 $ 943,541 0.94%
Wyoming 19 $ 678,187 0.68%
----------------------------------------------------
Total 4,474 $ 100,197,318 100.00%
(1) Geographic location is determined by the address of the Mortgaged
Properties securing the related Mortgage Loan.
<PAGE>
PRINCIPAL BALANCES
- -------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Range of Number of Principal Aggregate
Principal Balances Mortgage Loans Balance Principal Balance
------------------ -------------- --------- -----------------
$0.00 673 $ 0 0.00%
0.01 to 10,000.00 523 $ 3,166,917 3.16%
10,000.01 to 20,000.00 1,361 $ 20,751,656 20.71%
20,000.01 to 30,000.00 860 $ 21,303,892 21.26%
30,000.01 to 40,000.00 465 $ 16,243,244 16.21%
40,000.01 to 50,000.00 252 $ 11,319,799 11.30%
50,000.01 to 60,000.00 108 $ 5,953,221 5.94%
60,000.01 to 70,000.00 74 $ 4,784,239 4.77%
70,000.01 to 80,000.00 54 $ 4,033,974 4.03%
80,000.01 to 90,000.00 29 $ 2,489,292 2.48%
90,000.01 to 100,000.00 37 $ 3,564,282 3.56%
100,000.01 to 110,000.00 7 $ 727,327 0.73%
110,000.01to 120,000.00 2 $ 230,583 0.23%
120,000.01 to 130,000.00 2 $ 246,104 0.25%
130,000.01 to 140,000.00 2 $ 266,551 0.27%
140,000.01 to 150,000.00 5 $ 731,995 0.73%
150,000.01 to 160,000.00 1 $ 155,858 0.16%
160,000.01 to 170,000.00 3 $ 489,459 0.49%
170,000.01 to 180,000.00 3 $ 528,681 0.53%
180,000.01 to 190,000.00 2 $ 363,891 0.36%
190,000.01 to 200,000.00 2 $ 399,566 0.40%
200,000.01 to 210,000.00 2 $ 413,793 0.41%
230,000.01 to 240,000.00 1 $ 239,000 0.24%
240,000.01 to 250,000.00 1 $ 240,220 0.24%
260,000.01 to 270,000.00 1 $ 266,010 0.27%
280,000.01 to 290,000.00 1 $ 290,000 0.29%
290,000.01 to 300,000.00 2 $ 597,823 0.60%
$390,000.01 to 400,000.00 1 $ 399,942 0.40%
====================================================
Total 4,474 $ 100,197,318 100.00%
====================================================
COMBINED LOAN-TO-VALUE RATIOS(1)
- -------------------------------------------------------------------------------
Aggregate Percentage of
Combined Unpaid Reference Date
Loan-to-Value Number of Principal Aggregate
Ratios Mortgage Loans Balance Principal Balance
------------------- --------------- ------------ -----------------
0.01% to 10.00% 16 $ 172,677 0.17%
10.01% to 20.00% 21 $ 513,626 0.51%
20.01% to 30.00% 28 $ 548,824 0.55%
30.01% to 40.00% 58 $ 1,668,324 1.67%
40.01% to 50.00% 101 $ 2,736,571 2.73%
50.01% to 60.00% 173 $ 3,407,871 3.40%
60.01% to 70.00% 593 $ 14,456,017 14.43%
70.01% to 80.00% 868 $ 18,997,812 18.96%
80.01% to 90.00% 1,947 $ 41,757,868 41.68%
90.01% to 100.00% 669 $ 15,937,728 15.91%
====================================================
Total 4,474 $ 100,197,318 100.00%
====================================================
(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 Mortgaged Property as set
forth in the 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 Mortgaged Property.
<PAGE>
Exhibit 1
---------
PROPERTY TYPE
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Number of Principal Aggregate
Property Type Mortgage Loans Balance Principal Balance
--------------- --------------- ---------- -----------------
2-4 Famil 27 $ 536,765 0.54%
Low-Rise Condo 150 $ 2,436,977 2.43%
PUD 415 $ 9,507,850 9.49%
Single-family 3,882 $ 87,715,726 87.54%
=====================================================
Total 4,474 $ 100,197,318 100.00%
=====================================================
LIEN PRIORITY
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Number of Principal Aggregate
Lien Priority Mortgage Loans Balance Principal Balance
--------------- ----------------- ---------- ------------------
First Lien 278 $ 8,300,665 8.28%
Second Lien 4,196 $ 91,896,653 91.72%
=====================================================
Total 4,474 $ 100,197,318 100.00%
=====================================================
LOAN RATES
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Range of Number of Principal Aggregate
Loan Rates Mortgage Loans Balance Principal Balance
-------------- -------------- ---------- -----------------
5.751% to 6.000% 302 $ 6,662,467 6.65%
7.251% to 7.500% 191 $ 4,634,217 4.63%
7.501% to 7.750% 1 $ - 0.00%
8.251% to 8.500% 100 $ 2,688,341 2.68%
8.501% to 8.750% 495 $ 10,565,884 10.55%
8.751% to 9.000% 165 $ 3,509,420 3.50%
9.001% to 9.250% 122 $ 3,067,199 3.06%
9.251% to 9.500% 328 $ 8,323,785 8.31%
9.501% to 9.750% 45 $ 863,682 0.86%
9.751% to 10.000% 52 $ 1,377,385 1.37%
10.001% to 10.250% 626 $ 10,926,083 10.90%
10.251% to 10.500% 376 $ 8,871,974 8.85%
10.501% to 10.750% 91 $ 2,171,297 2.17%
10.751% to 11.000% 184 $ 3,887,990 3.88%
11.001% to 11.250% 520 $ 12,274,638 12.25%
11.251% to 11.500% 128 $ 2,925,882 2.92%
11.501% to 11.750% 178 $ 5,101,195 5.09%
11.751% to 12.000% 123 $ 2,557,854 2.55%
12.001% to 12.250% 97 $ 2,150,436 2.15%
12.251% to 12.500% 106 $ 2,177,569 2.17%
12.501% to 12.750% 135 $ 3,190,661 3.18%
12.751% to 13.000% 14 $ 270,328 0.27%
13.001% to 13.250% 18 $ 402,104 0.40%
13.251% to 13.500% 51 $ 1,131,374 1.13%
13.501% to 13.750% 17 $ 315,787 0.32%
13.751% to 14.000% 5 $ 105,767 0.11%
14.001% and up 4 $ 44,000 0.04%
=====================================================
Total 4,474 $ 100,197,318 100.00%
=====================================================
<PAGE>
MARGIN
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Range of Number of Principal Aggregate
Margins Mortgage Loans Balance Principal Balance
------------ ------------- ----------- ----------------
0.000% 401 $ 8,962,312 8.94%
0.001% to 0.250% 107 $ 2,739,324 2.73%
0.251% to 0.500% 511 $ 11,091,018 11.07%
0.501% to 0.750% 164 $ 3,519,601 3.51%
0.751% to 1.000% 122 $ 3,164,027 3.16%
1.001% to 1.250% 330 $ 8,218,265 8.20%
1.251% to 1.500% 46 $ 909,916 0.91%
1.501% to 1.750% 81 $ 1,970,590 1.97%
1.751% to 2.000% 620 $ 10,893,229 10.87%
2.001% to 2.250% 384 $ 9,114,196 9.10%
2.251% to 2.500% 102 $ 2,376,939 2.37%
2.501% to 2.750% 188 $ 3,980,461 3.97%
2.751% to 3.000% 523 $ 12,430,590 12.41%
3.001% to 3.250% 128 $ 2,854,685 2.85%
3.251% to 3.500% 183 $ 5,288,005 5.28%
3.501% to 3.750% 131 $ 2,917,031 2.91%
3.751% to 4.000% 100 $ 2,065,778 2.06%
4.001% to 4.250% 106 $ 2,177,569 2.17%
4.251% to 4.500% 137 $ 3,260,608 3.25%
4.501% to 4.750% 15 $ 318,225 0.32%
4.751% to 5.000% 18 $ 348,020 0.35%
5.001% to 5.250% 51 $ 1,131,374 1.13%
5.251% to 5.500% 17 $ 315,787 0.32%
5.501% to 5.750% 5 $ 105,767 0.11%
5.751% to 6.000% 1 $ 11,792 0.01%
6.001% to 6.250% 2 $ 21,213 0.02%
6.251% to 6.500% 1 $ 10,996 0.01%
========================================================
Total 4,474 $ 100,197,318 100.00%
========================================================
CREDIT LIMIT UTILIZATION RATES
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Range of Credit Limit Number of Principal Aggregate
Utilization Rates Mortgage Loans Balance Principal Balance
------------------- -------------- --------- ----------------
0.00% to 0.01% 675 $ 1
1.00% to 10.00% 102 $ 208,719 0.21%
10.01% to 20.00% 91 $ 582,655 0.58%
20.01% to 30.00% 111 $ 1,198,641 1.20%
30.01% to 40.00% 114 $ 1,692,109 1.69%
40.01% to 50.00% 156 $ 2,969,486 2.96%
50.01% to 60.00% 157 $ 2,962,698 2.96%
60.01% to 70.00% 200 $ 4,115,654 4.11%
70.01% to 80.00% 253 $ 6,685,453 6.67%
80.01% to 90.00% 401 $ 10,419,413 10.40%
90.01% to 100.00% 2,214 $ 69,362,489 69.23%
===================================================
Total 4,474 $ 100,197,318 100.00%
===================================================
<PAGE>
CREDIT LIMITS
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Number of Principal Aggregate
Range of Credit Limits Mortgage Loans Balance Principal Balance
-------------------- -------------- --------- ------------------
$1 to 10,000.00 88 $ 540,463 0.54%
10,000.01 to 20,000.00 1,497 $ 17,293,409 17.26%
20,000.01 to 30,000.00 1,131 $ 20,285,743 20.25%
30,000.01 to 40,000.00 631 $ 16,135,786 16.10%
40,000.01 to 50,000.00 466 $ 13,724,438 13.70%
50,000.01 to 60,000.00 164 $ 5,776,090 5.76%
60,000.01 to 70,000.00 122 $ 5,137,487 5.13%
70,000.01 to 80,000.00 101 $ 4,706,712 4.70%
80,000.01 to 90,000.00 52 $ 2,496,453 2.49%
90,000.01 to 100,000.00 126 $ 5,898,286 5.89%
100,000.01 to 110,000.00 10 $ 771,331 0.77%
110,000.01 to 120,000.00 4 $ 329,419 0.33%
120,000.01 to 130,000.00 9 $ 402,994 0.40%
130,000.01 to 140,000.00 6 $ 326,518 0.33%
140,000.01 to 150,000.00 20 $ 1,137,757 1.14%
150,000.01 to 160,000.00 6 $ 389,294 0.39%
160,000.01 to 170,000.00 4 $ 185,649 0.19%
170,000.01 to 180,000.00 4 $ 414,713 0.41%
180,000.01 to 190,000.00 1 $ 179,587 0.18%
190,000.01 to 200,000.00 12 $ 1,022,392 1.02%
200,000.01 to 210,000.00 2 $ 263,837 0.26%
210,000.01 to 220,000.00 2 $ 253,685 0.25%
230,000.01 to 240,000.00 1 $ 239,000 0.24%
240,000.01 to 250,000.00 2 $ 321,720 0.32%
270,000.01 to 280,000.00 1 $ 266,010 0.27%
280,000.01 to 290,000.00 2 $ 261,828 0.26%
290,000.01 to 300,000.00 7 $ 902,823 0.90%
310,000.01 to 320,000.00 1 $ 133,955 0.13%
$350,000.00 and up 2 $ 399,942 0.40%
=====================================================
Total 4,474 $ 100,197,318 100.00%
=====================================================
MONTHS REMAINING TO SCHEDULED MATURITY(1)
- --------------------------------------------------------------------------------
Aggregate Percentage of
Range of Months Unpaid Reference Date
Remaining To Scheduled Number of Principal Aggregate
Maturity Mortgage Loans Balance Principal Balance
--------------------- ---------------- ------------ ------------------
0 - 135 191 $ 4,216,428 4.21%
135 - 139 441 $ 10,480,982 10.46%
155 - 159 25 $ 698,999 0.70%
160 - 164 51 $ 1,230,355 1.23%
215 - 219 2 $ 40,248 0.04%
220 - 224 20 $ 384,603 0.38%
270 - 274 3 $ 36,915 0.04%
275 - 279 2,239 $ 51,060,689 50.96%
280 - 284 1,502 $ 32,048,100 31.98%
----------------------------------------------------
Total 4,474 $ 100,197,318 100.00%
(1) Assumes that the Draw Period for the Mortgage Loans with Five Year Draw
Periods as of the date such Mortgage Loan were funded will be extended for
an additional five years.
<PAGE>
ORIGINATION YEAR
- --------------------------------------------------------------------------------
Aggregate Percentage of
Unpaid Reference Date
Number of Principal Aggregate
Origination Year Mortgage Loans Balance Principal Balance
- -------------------------- -------------- --------- ----------------
1997 2,407 $ 54,528,231 54.42%
1998 2,067 $ 45,669,087 45.58%
=====================================================
Total 4,474 $ 100,197,318 100.00%
=====================================================
MAXIMUM RATES
Aggregate Percentage of
Unpaid Reference Date
Number of Principal Aggregate
Maximum Rates Mortgage Loans Balance Principal Balance
--------------- --------------- ---------- ------------------
12.50% 58 $ 1,113,132 1.11%
15.00% 37 $ 658,364 0.66%
16.00% 95 $ 1,902,806 1.90%
17.00% 453 $ 9,438,603 9.42%
18.00% 3,831 $ 87,084,413 86.91%
=====================================================
Total 4,474 $ 100,197,318 100.00%
=====================================================
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 2
================================================================================================
Countrywide Home Loans, Inc. Date of Report: 9/24/99
Countrywide Home Equity Loan Trust - Series 1998-A Time of Report: 9:39 PM
P & S Agreement Date: February 20, 1998
Original Settlement Date: February 26, 1998
CUSIP Number of Certificates: 126671AX4 Investor:
Original Sale Balance: 155,000,000 8001007
================================================================================================
<S> <C> <C>
CERTIFICATES INFORMATION
BALANCE MARGIN
Investors $155,000,000.00 0.19%
Transferor $2,360,406.09
OTHER INFORMATION
Original Pool Balance @ Cut-Off Date $157,360,406.09
Servicing Fee 0.500%
Original Settlement Date 2/26/98
First Payment Date 4/15/98
Long Interest Period Days 48
Managed Amortization Period (Months) 60
Initial Insured Amount $155,000,000.00
Initial Invested Amount $155,000,000.00
Fixed Allocation Percentage 98.50%
Investor Certificate Principal Balance $155,000,000.00
Minimum Transferor Interest Percentage 5.00%
Step-Down Remitance Date 35
Credit Enhancement Fee 0.140%
Rapid Amortization Event Trigger (% of Original Pool Balance) 1.000%
Tail Adjustment $0.00
</TABLE>
<TABLE>
<CAPTION>
================================================================================================
Countrywide Home Loans, Inc. Date of Report: 9/24/99
Countrywide Home Equity Loan Trust - Series 1998-A Time of Report: 9:42 PM
P & S Agreement Date: February 20, 1998
Original Settlement Date: February 26, 1998
CUSIP Number of Certificates: 126671AX4 Investor:
Original Sale Balance: 155,000,000 8001007
================================================================================================
<S> <C> <C>
CERTIFICATES INFORMATION
BALANCE MARGIN
Investors $155,000,000.00 0.19%
Transferor $2,360,406.09
OTHER INFORMATION
Original Pool Balance @ Cut-Off Date $157,360,406.09
Servicing Fee 0.500%
Original Settlement Date 2/26/98
First Payment Date 4/15/98
Long Interest Period Days 48
Managed Amortization Period (Months) 60
Initial Insured Amount $155,000,000.00
Initial Invested Amount $155,000,000.00
Fixed Allocation Percentage 98.50%
Investor Certificate Principal Balance $155,000,000.00
Minimum Transferor Interest Percentage 5.00%
Step-Down Remitance Date 35
Credit Enhancement Fee 0.140%
Rapid Amortization Event Trigger (% of Original Pool Balance) 1.000%
Tail Adjustment $0.00
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================================================
INPUT SECTION (PAGE 1 of 1)
<S> <C> <C>
MONTH: 17 18
DISTRIBUTION DATE: 8/16/99 9/15/99
DETERMINATION DATE: 8/11/99 9/10/99
MORTGAGE LOANS PAYMENT SUMMARY
COLLECTION PERIOD:
MTGE LOANS INTEREST RECEIVED $871,701.54 $845,566.73
MTGE LOANS PRINCIPAL RECEIVED $4,873,840.28 $4,406,140.20
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 $0.00
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)(Sections 2.02(a)) $0.00 $0.00
MTGE LOANS DRAWS (ADDITIONAL BALANCES) $1,540,808.61 $1,734,628.24
MTGE LOANS LIQUIDATION LOSS AMOUNT (NET LOSSES) $0.00 $0.00
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE (NET OF SERVICER REMOVALS) $102,868,829.95 $100,197,317.99
AVERAGE MTGE LOANS RATE 9.780% 10.022%
AVERAGE MTGE LOANS DAILY BALANCE $105,594,712.69 $102,706,871.05
DELINQUENCY & REO SUMMARY
DEL STAT 1 - NO. OF ACCTS 13 12
DEL STAT 1 - CURRENT BALANCE $292,865.26 $310,483.11
DEL STAT 2 - NO. OF ACCTS 9 4
DEL STAT 2 - CURRENT BALANCE $300,586.33 $84,518.88
DEL STAT 1+ - NO. OF ACCTS 30 28
DEL STAT 1+ - CURRENT BALANCE $869,607.17 $777,038.11
DEL STAT 3+ - NO. OF ACCTS 8 12
DEL STAT 3+ - CURRENT BALANCE $276,155.58 $382,036.12
DEL STAT 9+ - NO. OF ACCTS 3 5
DEL STAT 9+ - CURRENT BALANCE $56,444.63 $162,249.19
REO - NO. OF ACCTS 1 1
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE) $22,500.00 $22,500.00
LOAN MODIFICATION SUMMARY
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV less than or equal to 80%) $18,024.78 $0.00
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV greater than or equal to 80%) $12,000.00 $24,000.00
MTGE LOANS W/ CREDIT LIMIT MODIFICATION $0.00 $0.00
MTGE LOANS W/ GROSS MARGIN MODIFICATION $0.00 $0.00
OTHER INFORMATION
LIBOR RATE FOR CURRENT INTEREST PERIOD 5.18000% 5.26875%
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: 8/16/99 9/15/99
LIBOR Rate (Adjusted two business days prior to previous Distribution Date) 5.18000% 5.26875%
Average Mtge Loans Net Loan Rate (Effective Rate;Multiply by 360/365) 8.50603% 8.74471%
Maximum Rate 8.50603% 8.74471%
Investor Certificate Rate (LIBOR + 19 bps) 5.37000% 5.45875%
Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0) 0 0
Interest Period (Days) 32 30
Beginning Pool Balance 106,201,861.62 102,868,829.95
Beginning Investor Certificate Principal Balance 103,842,125.35 100,509,093.68
Beginning Transferor Principal Balance 2,360,406.09 2,360,406.09
Beginning Invested Amount 103,842,125.35 100,509,093.68
Investor Floating Allocation Percentage 97.7781% 97.7061%
Liquidation Loss Amount 0.00 0.00
Servicing Fee 44,250.78 42,862.01
Mtge Loans Interest (Net of Cut-Off Date Overdue Interest) 871,701.54 845,566.73
Mtge Loans Principal 4,873,840.28 4,406,140.20
Mtge Loans Net Liquidation Proceeds 0.00 0.00
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 5,745,541.82 5,251,706.93
Mtge Loans Interest 871,701.54 845,566.73
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 871,701.54 845,566.73
Mtge Loans Principal 4,873,840.28 4,406,140.20
Mtge Loans Net Liquidaton Proceeds (Alloc. to Princ.& Net of Forecl. Profits) 0.00 0.00
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 4,873,840.28 4,406,140.20
Interest Collections 871,701.54 845,566.73
Principal Collections 4,873,840.28 4,406,140.20
Investor & Transferor Interest & Principal Allocation
Investor Interest Collections 852,332.90 826,170.04
Investor Principal Collections 4,800,732.68 4,340,048.10
Transferor Interest Collections 19,368.64 19,396.69
Transferor Principal Collections 73,107.60 66,092.10
(check) 0.00 0.00
Investor Loss Amout 0.00 0.00
Transferor Loss Amount 0.00 0.00
===================================================================================================================================
Detailed Information (Page 2 of 5)
Distribution Date: 8/16/99 9/15/99
Investor Interest Collections 852,332.90 826,170.04
less Investor Servicing Fee 43,267.55 41,878.79
less Unpaid Servicing Fee 0.00 0.00
less Credit Enhancement Premium 12,922.58 11,726.06
less Investor Certificate Interest 495,673.08 457,211.68
less Unpaid Investor Certificate Interest Shortfall 0.00 0.00
less Investor Loss Amount 0.00 0.00
less Unpaid Investor Loss Amount 0.00 0.00
less Unreimbursed Draw Amounts 0.00 0.00
Excess Interest 300,469.69 315,353.51
less Accelerated Principal Distribution Amount 0.00 0.00
Remaining Excess Interest 300,469.69 315,353.51
Investor Distributions
Investor Certificate Interest 495,673.08 457,211.68
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 3,333,031.67 2,671,511.96
Alternative Principal Payment 3,333,031.67 2,671,511.96
Maximum Principal Collections 4,800,732.68 4,340,048.10
Principal Distribution Amount 3,333,031.67 2,671,511.96
Investor Loss Amount Distributed to Investors 0.00 0.00
Excess Interest Paid as Principal 0.00 0.00
Transferor Distributions
Transferor Interest Collections (net of Transferor Servicing Fee) 18,385.42 18,413.46
Excess Interest remaining from Collection Account 300,469.69 315,353.51
Principal Distributions (including Transferor Principal Collections) 1,540,808.61 1,734,628.24
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Excess Int. (Shortfall) a/ Premium 796,142.77 772,565.19
Excess Int. (Shortfall) a/ Interest 300,469.69 315,353.51
Excess Int. (Shortfall) a/ Losses 300,469.69 315,353.51
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) 3,828,704.75 3,128,723.64
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: 8/16/99 9/15/99
Beginnining Pool Balance 106,201,861.62 102,868,829.95
Interest Distribution 871,701.54 845,566.73
Principal Distribution 4,873,840.28 4,406,140.20
Servicer Account Removals (Section 2.06) 0.00 0.00
Additional Balances 1,540,808.61 1,734,628.24
Liquidation Loss Amount 0.00 0.00
Ending Pool Balance 102,868,829.95 100,197,317.99
Beginning Investor Certificate Principal Balance 103,842,125.35 100,509,093.68
Investor Certificate Interest 495,673.08 457,211.68
Unpaid Investor Certificate Interest Shortfall distributed 0.00 0.00
Investor Certificate Principal 3,333,031.67 2,671,511.96
Ending Investor Certificate Principal Balance 100,509,093.68 97,837,581.72
Pool Factor 0.6484458 0.6312102
Beginnining Transferor Balance 2,360,406.09 2,360,406.09
Interest Distribution (including funds released from Collection Account) 319,838.33 334,750.20
Principal Distribution (including Unallocated Transferor Principal Collections) 1,540,808.61 1,734,628.24
Additional Balances 1,540,808.61 1,734,628.24
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Losses allocated to Transferor 0.00 0.00
Ending Transferor Balance 2,360,406.09 2,360,406.09
Minimum Transferor Interest 2,360,406.09 2,360,406.09
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 669.82 669.82
Beginning Invested Amount 103,842,125.35 100,509,093.68
Principal Distribution Amount 3,333,031.67 2,671,511.96
Investor Loss Reduction Amount 0.00 0.00
Ending Invested Amount 100,509,093.68 97,837,581.72
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%
Excess Spread Percentage 4.742% 4.577%
Excess Spread Trigger Step-Up Percentage 0.000% 0.000%
Required Subordinated Percentage 1.500% 1.500%
Initial Subordinated Amount 2,360,406.09 2,360,406.09
Trigger Date Step-Down Subordinated Amount
Preliminary Step-Down Subordinated Amount 0.00 0.00
Step-Down Subordinated Amount 0.00 0.00
Preliminary Transferor Subordinated Amount
Can the Required Transferor Subordinated Amount be Reduced? N N
Required Transferor Subordinated Amount 2,360,406.09 2,360,406.09
Available Transferor Subordinated Amount 2,360,406.09 2,360,406.09
Subordinated Transferor Collections 18,385.42 18,413.46
Step-Up Cumulative Loss Trigger (Y=1; N=0) 0 0
Step-Up Excess Spread Trigger Violated? (Y=1; N=0) 0 0
===================================================================================================================================
Detailed Information (Page 4 of 5)
Distribution Date: 8/16/99 9/15/99
Step-Down Cumulative Loss Test Violated? (Y=1; N=0) 0 0
Step-Down Excess Spread Rate Test Violated? (Y=1; N=0) 0 0
Ending Unreimbursed Draw on Surety Bond 0.00 0.00
Beginning Insured Principal Amount $103,842,125.35 $100,509,093.68
Ending Insured Principal Amount $100,509,093.68 $97,837,581.72
Available Credit Enhancement 0.00% 0.00%
Investor Distribution Amount 3,828,704.75 3,128,723.64
Transferor Distribution Amount (incl. Excess Cash Rel. From Collection Account) 1,859,663.72 2,068,395.22
Investor Loss Amount Reimbursed from Excess Interest 0.00 0.00
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 0.23 0.23
Cum. Principal Payments (Including ECPB & APDA) 54,490,906.32 57,162,418.28
Cum. Principal Payments (Excluding ECPB & APDA) 54,490,906.09 57,162,418.05
Cum. OC Amount 0.00 0.00
Cum. Liquidation Losses 32,463.57 32,463.57
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 or equal to 80%) 1,053,303.09 1,053,303.09
Cum. Modifications to Sr. Lien Balance (CLTV less than or equal to 80%) (% of Initial Pool) 0.67% 0.67%
Cum. Modifications to Sr. Lien Balance (CLTV greater than or equal to 80%) 3,029,436.37 3,053,436.37
Cum. Modifications to Sr. Lien Balance (CLTV greater than or equal to 80%) (% of Initial Pool) 1.93% 1.94%
Cum. Modifications to Credit Limit 0.00 0.00
Cum. Modifications to Credit Limit (% of Initial Pool) 0.00% 0.00%
Cum. Modifications to Gross Margin 29,350.00 29,350.00
Cum. Modifications to Gross Margin (% of Initial Pool) 0.02% 0.02%
===================================================================================================================================
Detailed Information (Page 5 of 5)
Distribution Date: 8/16/99 9/15/99
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 871,701.54 845,566.73
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 4,873,840.28 4,406,140.20
Mtge Loans Net Liq. Proceeds (Alloc. to Princ.) 0.00 0.00
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 5,745,541.82 5,251,706.93
USES OF FUNDS
Servicing Fee 44,250.78 42,862.01
Investor Interest Distribution 495,673.08 457,211.68
Accrued and Unpaid Investor Interest Distributed 0.00 0.00
Investor Principal Distribution 3,333,031.67 2,671,511.96
Transferor Distribution (not including Cash Released to Transferor) 1,559,194.03 1,753,041.70
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 12,922.58 11,726.06
Cash Released to Transferor (Including OC Step-Down Release) 300,469.69 315,353.51
Total 5,745,541.82 5,251,706.93
ERROR CHECK
Sources & Uses OK OK
Pool Balance OK OK
Transferor Balance (Will indicate "VIOLATION" if Servicer has viloated Min. Transferor Int.) OK OK
Loss Allocation OK OK
Overcollateralization OK OK
Balance Reduction OK OK
Distribution List:
Barbara Grosse - First National Bank of ChicagoLupe Montero - Countrywide
Home Loans Peter Cerwin - Merrill Lynch Richard Marron - Countrywide Home
Loans Lisa Fitzpatrick - Merrill Lynch Dave Walker - Countrywide Home Loans
===================================================================================================================================
Servicer Certificate (Page 1 of 3)
Distribution Date: 8/16/99 9/15/99
A. POOL INFORMATION
Aggregate Amount of Collections 5,745,541.82 5,251,706.93
Aggregate Amount of Interest Collections 871,701.54 845,566.73
Aggregate Amount of Principal Collections 4,873,840.28 4,406,140.20
Transfer Deposit Amount (Sections 2.02(a) & 2.06) 0.00 0.00
Beginning Pool Balance 106,201,861.62 102,868,829.95
Ending Pool Balance 102,868,829.95 100,197,317.99
Additional Balances 1,540,808.61 1,734,628.24
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV less than or equal to 80%) 1,053,303.09 1,053,303.09
Cum. Modifications to Sr. Lien Balance (CLTV less than or equal to 80%) (% of Initial Pool) 0.67% 0.67%
Cum. Modifications to Sr. Lien Balance (CLTV greater than or equal to 80%) 3,029,436.37 3,053,436.37
Cum. Modifications to Sr. Lien Balance (CLTV greater than or equal to 80%) (% of Initial Pool) 1.93% 1.94%
Cum. Modifications to Credit Limit 0.00 0.00
Cum. Modifications to Credit Limit (% of Initial Pool) 0.00% 0.00%
Cum. Modifications to Gross Margin 29,350.00 29,350.00
Cum. Modifications to Gross Margin (% of Initial Pool) 0.02% 0.02%
Servicing Fee 44,250.78 42,862.01
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 97.78% 97.71%
Investor Certificateholder Fixed Allocation Percentage 98.50% 98.50%
Investor Interest Collections 852,332.90 826,170.04
Investor Principal Collections 4,800,732.68 4,340,048.10
Transferor Interest Collections 19,368.64 19,396.69
Transferor Principal Collections 73,107.60 66,092.10
Investor Loss Amount 0.00 0.00
Beginning Invested Amount 103,842,125.35 100,509,093.68
Ending Invested Amount 100,509,093.68 97,837,581.72
C. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 495,673.08 457,211.68
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 3,333,031.67 2,671,511.96
Managed Amortization Period? (Yes=1; No=0) 1 1
Rapid Amortization Period? (Yes=1; No=0) 0 0
Maximum Principal Collections Payment 4,800,732.68 4,340,048.10
Alternative Principal Payment 3,333,031.67 2,671,511.96
Principal Collections less Additional Balances 3,333,031.67 2,671,511.96
Investor Loss Amount Distributed to Investors 0.00 0.00
Accelerated Principal Distribution Amount 0.00 0.00
===================================================================================================================================
Servicer Certificate (Page 2 of 3)
Distribution Date: 8/16/99 9/15/99
D. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Certificate Principal Balance 103,842,125.35 100,509,093.68
Ending Certificate Principal Balance 100,509,093.68 97,837,581.72
Pool Factor 0.6484458 0.6312102
E. DISTRIBUTIONS TO TRANSFEROR
Interest Distribution 319,838.33 334,750.20
Principal Distribution 1,540,808.61 1,734,628.24
Amount Distributed to Transferor pursuant to Section 5.01 (a) (x) (included in Interest
Distribution) 300,469.69 315,353.51
F. TRANSFEROR BALANCE
Beginning Transferor Principal Balance 2,360,406.09 2,360,406.09
Ending Transferor Principal Balance 2,360,406.09 2,360,406.09
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Minimum Transferor Balance 2,360,406.09 2,360,406.09
G. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.37000% 5.45875%
LIBOR Rate 5.18000% 5.26875%
Maximum Rate 8.50603% 8.74471%
Weighted Average Mortgage Net Loan Rate 8.50603% 8.74471%
H. CREDIT ENHANCEMENT
Credit Enhancement Fee 12,922.58 11,726.06
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 13 12
Trust Balances 292,865.26 310,483.11
Delinquent 60-89 days
No. of Accounts 9 4
Trust Balances 300,586.33 84,518.88
Delinquent 90+ days
No. of Accounts 8 12
Trust Balances 276,155.58 382,036.12
Delinquent 9+ months
No. of Accounts 3 5
Trust Balances 56,444.63 162,249.19
REO
No. of Accounts 1 1
Trust Balances 22,500.00 22,500.00
===================================================================================================================================
Servicer Certificate (Page 3 of 3)
Distribution Date: 8/16/99 9/15/99
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 September, 1999.
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
---------------------------------------
Lupe Montero
Vice-President
Distribution List:
Barbara Grosse - First National Bank of ChicLupe Montero - Countrywide
Home Loans Peter Cerwin - Merrill Lynch Richard Marron - Countrywide Home
Loans Lisa Fitzpatrick - Merrill Lynch Dave Walker - Countrywide Home
Loans
===================================================================================================================================
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 8/16/99 9/15/99
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 3.197891 2.949753
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 21.503430 17.235561
Principal Distribution Amount 21.503430 17.235561
Maximum Principal Payment 30.972469 28.000310
Alternative Principal Payment 21.503430 17.235561
Principal Collections less Additional Balances 21.503430 17.235561
Investor Loss Amount Distributed to Investors 0.000000 0.000000
Accelerated Principal Distribution Amount 0.000000 0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 24.701321 20.185314
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 103,842,125.35 100,509,093.68
Ending Investor Certificate Balance 100,509,093.68 97,837,581.72
Beginning Invested Amount 103,842,125.35 100,509,093.68
Ending Invested Amount 100,509,093.68 97,837,581.72
Investor Certificateholder Floating Allocation Percentage 97.7781% 97.7061%
Pool Factor 0.6484458 0.6312102
Liquidation Loss Amount for Liquidated Loans 0.00 0.00
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 106,201,861.62 102,868,829.95
Ending Pool Balance 102,868,829.95 100,197,317.99
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 44,250.78 42,862.01
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.370000% 5.458750%
LIBOR Rate 5.180000% 5.268750%
Maximum Rate 8.506027% 8.744712%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 13 12
Trust Balances 292,865.26 310,483.11
Delinquent 60-89 days
No. of Accounts 9 4
Trust Balances 300,586.33 84,518.88
Delinquent 90+ days
No. of Accounts 8 12
Trust Balances 276,155.58 382,036.12
Delinquent 9+ Months
No. of Accounts 3 5
Trust Balances 56,445 162,249
REO
No. of Accounts 1 1
Trust Balances 22,500.00 22,500.00
===================================================================================================================================
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 8/16/99 9/15/99
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 9th day of September, 1999.
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
---------------------------------------
Lupe Montero
Vice-President
Distribution List:
Barbara Grosse - First National Bank of ChicLupe Montero - Countrywide
Home Loans Peter Cerwin - Merrill Lynch Richard Marron - Countrywide Home
Loans Lisa Fitzpatrick - Merrill Lynch Dave Walker - Countrywide Home
Loans
===================================================================================================================================
</TABLE>
