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Previous: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1999-02-26 |
Next: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1999-02-26 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 15, 1999
Date of Report (Date of Earliest Event
Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity Loa
Trust 1998-2 Revolving Home Equity Loan Asset-Backed Notes, Series 1998-2)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its
Charter
Delaware 333-28031-3 68-0397342
-------- ----------- ----------
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification No.)
Incorporation)
700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939
----------------------------------------------------------
(Address of Principal Executive Offices)
(415) 461-6790
--------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
------------
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of the Headlands Home Equity Loan Trust
1998-2 Revolving Home Equity Loan Asset-Backed Notes Series, 1998-2
(the "Series 1998-2 Notes").
The following exhibit which relates specifically to the Series 1998-2
Notes is included with this Current Report:
Item 7(c). Exhibits
--------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1998-2 Notes dated February 15, 1999.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: February 24, 1999
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
---------------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to holders
of Series 1998-2 Notes dated February 15, 1999...............5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
===============================================================================================================================
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.00000% Current Collection Period: 1-1-99 thru 1-31-99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/01/98
Series 1998-2 Class A-1 Note Rate: 5.65000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 02/16/99
Class A-3 Note Rate: 6.67000% Record Date: 02/15/99
Interest Period 1/15/99 thru 32 Pool Factor: 97.4350846%
2/15/99:
=================================================================================================================================
BALANCES
Beginning HELOC Pool Balance 134,357,785.72
Beginning Second Lien Pool Balance 80,441,364.80
Beginning HLTV Pool Balance 46,967,066.48
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 132,101,747.27
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 78,010,586.93
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 43,572,669.13
Ending HELOC Pool Balance 132,307,208.99
Ending Second Lien Pool Balance 79,454,149.31
Ending HLTV Pool Balance 46,819,061.37
Ending Class A-1 Note Balance -- CUSIP 422093AG9 129,956,331.81
Ending Class A-2 Note Balance -- CUSIP 422093AH7 76,883,519.67
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 43,240,326.15
Additional Balances Class A-1 2,812,702.42
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loan (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent Second Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage 1830
Loans
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count Ending Loan 7,093
Count 7,024
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 5,867,398.05
Total Mortgage Interest Collections 836,529.54
Servicing Fees (current collection period) (55,982.41)
Mortgage Principal Collections 5,086,814.04
Pre-Funded Balance 36.88
Total Mortgage Principal Collections 5,086,850.92
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 1,565,370.42
Total Mortgage Interest Collections 611,672.11
Servicing Fees (current collection period) (33,517.24)
Mortgage Principal Collections 987,215.49
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 987,215.49
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 794,501.13
Total Mortgage Interest Collection 461,069.91
Servicing Fees (current collection period) (19,569.61)
Mortgage Principal Collections 207,429.20
Pre-Funded Balance 145,571.63
0.00
Total Mortgage Principal Collections 353,000.83
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 8,336,338.86
Total Mortgage Interest Collections 1,909,271.62
Mortgage Principal Collections 6,281,458.73
Pre-Funded Balance 145,608.51
Total Mortgage Principal Collections 6,427,067.24
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 663,444.33
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,050,576.73
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 94,838.73
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,145,415.46
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 423,207.43
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 987,215.49
Scheduled Principal Collection
Accelerated Principal Distribution Amount 139,851.77
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 1 ,127,067.26
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 242,191.42
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 148,005.11
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 184,337.87
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 332,342.98
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TOTAL DISTRIBUTION AMOUNT
<S> <C>
Class A Note Interest 1,328,843.18
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 3,185,797.33
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 419,028,37
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,604,825.70
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 1,328,843.18
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.9488405
Interest Distribution Amount 4.9488405
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 16.0033306
Maximum Principal Payment 15.2958986
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 0.7074320
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 5.3846506
Interest Distribution Amount 5.3846506
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 14.3401624
Maximum Principal Payment 12,5607681
Scheduled Principal Principal Collections Payment 0.0000000
Accelerated Principal Collections Amount 1.7793943
Class A-3
Total Class A-3 Note 5.5033920
Interest Distribution Amount 5.5033920
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-3 Note Distribution Amount Allocable to Principal 9.8845028
Maximum Principal Payment 3.3631668
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.1887675
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Total Interest Amount Distributed to Class A Certificateholder 15.8368830
Total Principal Amount Distributed to Class A Certificateholder 40.2279959
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 40
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
Number of Mortgages 61 to 90 Days Delinquent 1,284,261.31
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 5
Number of Mortgages 91 to 180 or more Days Delinquent 102,708.76
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 1
Number of Mortgages 181 or more Days Delinquent 3,418.49
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0
Number of Mortgage Loans in Foreclosure 0.00
Aggregate Principal Balances of Mortgage Loans in Foreclosure 50,000.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 31 to 60 Days Delinquent 23
Aggregate Principal Balances of Mortgages 61 to 60 Days Delinquent
994,075.22
Number of Mortgages 61 to 90 Days Delinquent 5
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent
248,573.93
Number of Mortgages 91 to 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquents 0.00
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 2
Aggregate Principal Balances of Mortgage Loans in Foreclosure
61,007.12
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregatee Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 31 to 60 Days Delinquent 25
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
857,288.05
Number of Mortgages 61 to 90 Days Delinquent 2
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent
97,353.14
Number of Mortgages 91 to 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 0.00
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure
156,362.30
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 31 to 60 Days Delinquent 88
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
3,135,622.58
Number of Mortgages 61 to 90 Days Delinquent 12
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
448,535.83
Number of Mortgages 181 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent
3,418.49
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure
267,369.42
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class A-1 Note Rate For Next Distribution LIBOR 4.93563% 5.58563%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre Funding Account 65,022,976.69
Remaining Amount for Distribution to Classes (146,259.26)
Withdrawal for Subseequent Loan Purchase; (64,876,717.43)
Ending Balance Pre Funding Account 0.00
Pre-Funding Period: From Closing Date thru the 2/15/99
RESERVE FUND
ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
Class A-3 Reserve Fund Beginning Balance 0.00
Class A-3 Reserve Fund Deposit/Withdrawal 0.00
Class A-3 Reserve Fund Ending Balance 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
HEADLANDS SERVICING CERTIFICATE
MORTGAGE
==============================================================================================================================
<S> <C> <C> <C> <C>
Revolving Homes Equity LIBOR: 5.00000% Current Collection Period: 1-1-99 thru 1-31-99
Loan
Asset-Backeed Notes Margin 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.65000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 5.51000% Distribution Date: 2/16/99
Class A-3 Note Rate: 6.67000% Record Date: 02/15/99
Interest Period 1/15/99 thru 32 Pool Factor: 97.4350846%
2/15/99
Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 2,041,531.37
Class A-1 Premium Fee Rate: 0.19000% Initial Class A-2 O/C Amt: 2,430,777.93
Class A-2 Premium Fee Rate: 0.22000% Initial Class A-3 O/C Amt: 3,312,404.71
Class A-3 Premium Fee Rate: 0.40000% Class A-1 O/C Amt as of Pmt 2,350,877.18
Date:
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt 2,570,629.64
Date:
Weighted Average Loan Rate: 10.83398% Class A-3 O/C Amt as of Pmt 3,578,735.22
Date:
Total Management Fee 1000.00
</TABLE>
BALANCES
<TABLE>
<CAPTION>
<S> <C> <C>
Beginning HELOC Pool Balance 134,357,785.72
Beginning Second Lien Pool Balance 80,441,364.80
Beginning HLTV Pool Balance 46,967,066.48
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 132,101,747.27
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 78,010,586.93
Beginning Class A-3 Note Balance -- CUSIP 43,572,669.13
422093AJ3
Overcollateralization Amount 715,528.52
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 132,307,208.99
Ending Second Lien Pool Balance 79,454,149.31
Ending HLTV Pool Balance 46,819,061.37
Ending Class A-1 Note Balance -- CUSIP 422093AG9 129,956,331.81
Ending Class A-2 Note Balance -- CUSIP 422093AH7 76,883,519.67
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 43,240,326.15
Additional Balances Class A-1 2,812,702.42
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage 1830
Loans
Cumulative Subsequent Mortgage Loan Asset Balance 54,876,717.43
Beginning Loan
Count 7,093
Ending Loan Count 7,024
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 5,699,808.69
2 Total Mortgage Interest Collections (Gross) 836,529.54
Servicing Fees (current collection period) 55,982.41
Deferred Interest (DI) 0.00
3a Mortgage Principal Collections 4,863,279.15
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 4,863,279.15
Aggregate of Transfer Deposits 0.00
Investor Loss 0.00
Amount
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 1,598,887.66
2 Total Mortgage Interest Collections (Gross) 611,672.17
Servicing Fees (current collection period) 33,517.24
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 987,215.49
3b Pre-Funded Balance 0.00
3c Net Liquidation 0.00
3 Total Mortgage Principal Collections 987,215.49
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor 0.00
Amount
Aggregate Investor Loss Reduction Amount 0.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All 609,075.02
Mortgage Collections
(Gross)
2 Total Mortgage 461,069.91
Interest Collections
(Gross)
Servicing Fees 19,569.61
(current collection
period)
Deferred Interest 0.00
Transfer (DI)
3a Mortgage Principal 148,005.11
Collections
3b Pre-Funded Balance 0.00
3c Net Liquidation 0.00
Proceeds
3 Total Mortgage 148,005.11
Principal Collections
Aggregate of 0.00
Transfer Deposits
Investor Loss Amount 0.00
Aggregate Investor 0.00
Loss Reduction Amount
TOTAL
COLLECTION
AMOUNT
1 Aggregate of All 7,907,771.37
Mortgage Collections
(Gross)
2 Total Mortgage 1,909,271.62
Interest Collections
(Gross)
Servicing Fees 109,069.26
(current collection
period)
Deferred Interest 0.00
Transfer (DI)
3a Mortgage Principal 5,998,499.75
Collections
3b Insurance Proceeds 0.00
3c Net Liquidation 0.00
Proceeds
3 Total Mortgage 5,998,499.75
Principal Collections
Aggregate of 0.00
Transfer Deposits
Investor Loss Amount 0.00
Aggregate Investor 0.00
Loss Reduction Amount
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-1 Net 780,547.13
Interest Collection
Class A-2 Net 578,154.93
Interest Collection
Class A-3 Net 441,500.30
Interest Collection
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note 663,444.33
Interest 8.6 (d)(iv)
Class A-1 Note 0.00
Unpaid Interest
Shortfall (current
cycle)
Class A-1 Note 0.00
Reserve Fund Amount
Investor Loss Amount 0.00
Previous Investor 0.00
Loss Amount
Monthly Credit 20,916.11
Enhancer Premium 8.6
(d)(ii)
Credit Enhancer 0.00
Reimbursement
Accelerated 94,838.73
Principal
Distribution Amount
Spread Account 0.00
Deposit
Indenture Trustee 825.64
Fee 8.6 (d)(i)
Management Fee 8.6 522.32
(d)(iii)
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to 0.00
Transferor
Total 780,547.13
Certificateholders
Distribution
Allocable to Interest
Maximum Principal 2,050,576.73
Payment
Scheduled Principal 0.00
Collection Payment
((x)the excess of
Max Prin Pymt (y)
the HELOC Pool O/C
Redctin Amt)
8.6(d)(v)
Accelerated 94,838.73
Principal
Distribution Amount
HELOC 0.00
Overcollateralization Deficit 8.6 (d)(vi)
Total 2,145,415.46
Certificateholders
Distribution
Allocable to
Principal
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note 423,207.43
Interest 8.6 (d)(iv)
Class A-2 Note 0.00
Unpaid Interest
Shortfall (current
cycle)
Class A-2 Note 0.00
Reserve Fund Amount
Investor Loss Amount 0.00
Previous Investor 0.00
Loss Amount
Monthly Credit 14,301.94
Enhancer Premium 8.6
(d)(ii)
Credit Enhancer 0.00
Reimbursement
Accelerated 139,851.77
Principal
Distribution Amount
Spread Account 0.00
Deposit
Indenture Trustee 487.57
Fee 8.6 (d)(i)
Management Fee 8.6 306.22
(d)(iii)
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to 0.00
Transferor
Total 578,154.93
Certificateholders
Distribution
Allocable to Interest
Maximum Principal 987,215.49
Payment
Scheduled Principal 0.00
Collection Payment
((x)the excess of
Max Prin Pymt (y)
the Second Pool O/C
Redctin Amt)
8.6(d)(v)
Accelerated 139,851.77
Principal
Distribution Amount
Second Lien 0.00
Overcollateralization Deficit 8.6 (d)(vi)
Total 1,127,067.26
Certificateholders
Distribution
Allocable to
Principal
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION
AMOUNTS Class A-3
<S> <C> <C> <C>
Class A-3 Note 242,191.42
Interest 8.6 (d)(iv)
Class A-3 Note 0.00
Unpaid Interest
Shortfall (current
cycle) 5.01(i)
Class A-3 Note 0.00
Reserve Fund Amount
Investor Loss Amount 0.00
5.01(iii)
Previous Investor 0.00
Loss Amount 5.01(iv)
Monthly Credit 14,524.22
Enhancer Premium 8.6
(d)(ii)
Credit Enhancer 0.00
Reimbursement
5.01(vi)
Accelerated 184,337.87
Principal
Distribution Amount
5.01(vii)
Spread Account 3.00
Deposit 5.01(viii)
Indenture Trustee 272.33
Fee 8.6 (d)(i)
Management Fee 8.6 171.46
(d)(iii)
Payment to Servicer 0.00
per Section 7.03
5.01 (x)
Deferred Interest 0.00
5.01 (xi)
Remaining Amount to 0.00
Transferor 5.01 (xii)
Total 441,500.30
Certificateholders
Distribution
Allocable to Interest
Maximum Principal 148,005.11
Payment
Scheduled Principal 0.00
Collection Payment
((x)the excess of
Max Prin Pymt (y)
the HLTV Pool O/C
Redctin Amt)
8.6(d)(v)
Accelerated 184,337.87
Principal
Distribution Amount
HLTV Lien 0.00
Overcollateralization Deficit 8.6 (d)(vi)
Total 332,342.98
Certificateholders
Distribution
Allocable to
Principal
TOTAL
DISTRIBUTION
AMOUNT
Class A Note 1,328,843.18
Interest 8.6 (d)(iv)
Class A Note 0.00
Unpaid Interest
Shortfall (current
cycle) 5.01(i)
Class A Note 0.00
Reserve Fund Amount
Investor Loss Amount 0.00
5.01(iii)
Previous Investor 0.00
Loss Amount 5.01(iv)
Monthly Credit 49,742.27
Enhancer Premium 8.6
(d)(ii)
Credit Enhancer 0.00
Reimbursement
5.01(vi)
Accelerated 419,028.37
Principal
Distribution Amount
5.01(vii)
Spread Account 3.00
Deposit 5.01(viii)
Indenture Trustee 1,585.53
Fee 8.6 (d)(i)
Management Fee 8.6 1,000.00
(d)(iii)
Payment to Servicer 0.00
per Section 7.03
5.01 (x)
Deferred Interest 0.00
5.01 (xi)
Remaining Amount to 0.00
Transferor 5.01 (xii)
Total 1,800,202.36
Certificateholders
Distribution
Allocable to Interest
Maximum Principal 3,185,797.33
Payment
Scheduled Principal 0.00
Collection Payment
((x)the excess of
Max Prin Pymt (y)
the Pool O/C Redctin
Amt) 8.6(d)(v)
Accelerated 419,028.37
Principal
Distribution Amount
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total 3,604,825.70
Certificateholders
Distribution
Allocable to
Principal
LOSSES/RETRANSFERS
Unpaid Class A-1 0.00
Note Interest
Shortfall Due (From
Previous
Distributions)
Unpaid Class A-2 0.00
Note Interest
Shortfall Due (From
Previous
Distributions)
Unpaid Class A-3 0.00
Note Interest
Shortfall Due (From
Previous
Distributions)
Interest Earned on 0.00
Shortfall @
applicable
Certificate Rate
Investor Loss 0.00
Reduction Amount
(From Previous
Distributions)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION TO
CERTIFICATEHOLDERS (PER
CERTIFICATE WITH A $1,000
DENOMINATION)
Class A-1
<S> <C> <C> <C>
Total Class A-1 4.9488405
Note
Distribution
Amount Allocable
to Interest
Interest 4.9488405
Distribution
Amount
Unpaid Note 0.0000000
Interest
Shortfall
Included in
Current
Distribution
Unpaid Note 0.0000000
Interest
Shortfall
Remaining after
Current
Distribution
(Carryover)
Total Class A-1 16.0033306
Note
Distribution
Amount Allocable
to Principal
Maximum 15.2958986
Principal Payment
Scheduled 0.0000000
Principal
Collections
Payment
Accelerated 0.7074320
Principal
Distribution
Amount
Class A-2
Total Class A-2 5.3846506
Note
Distribution
Amount Allocable
to Interest
Interest 5.3846506
Distribution
Amount
Unpaid Note 0.0000000
Interest
Shortfall
Included in
Current
Distribution
Unpaid Note 0.0000000
Interest
Shortfall
Remaining after
Current
Distribution
(Carryover)
Total Class A-2 14.3401624
Note
Distribution
Amount Allocable
to Principal
Maximum 12.5607681
Principal Payment
Scheduled 0.0000000
Principal
Collections
Payment
Accelerated 1.7793943
Principal
Distribution
Amount
Class A-3
Total Class A-3 5.5033920
Note
Distribution
Amount Allocable
to Interest
Interest 5.5033920
Distribution
Amount
Unpaid Note 0.0000000
Interest
Shortfall
Included in
Current
Distribution
Unpaid Note 0.0000000
Interest
Shortfall
Remaining after
Current
Distribution
(Carryover)
Total Class A-3 7.5519343
Note
Distribution
Amount Allocable
to Principal
Maximum 3.3631668
Principal Payment
Scheduled0.0000000
Principal Collections
Payment
Accelerated 4.1887675
Principal
Distribution
Amount
Reimbursed 0.0000000
Investor Loss
Reduction
Amounts Included
in Current
Distribution
Investor Loss 0.0000000
Reduction
Amounts after
Current
Distribution
(carryover)
Total Interest 15.8368830
Amount
Distributed to
Class A
Certificateholder
Total Principal 37.8954273
Amount
Distributed to
Class A
Certificateholder
Credit 0
Enhancement Draw
Amount
DELINQUENCIES/FORECLOSURES
Class A-1
Number of 40
Mortgages 31 to
60 Days
Delinquent
Aggregate 1,284,261.31
Principal
Balances of
Mortgages 31 to
60 Days
Delinquent
Number of 5
Mortgages 61 to
90 Days
Delinquent
Aggregate 102,708.76
Principal
Balances of
Mortgages 61 to
90 Days
Delinquent
Number of 1
Mortgages 91 to
180 or more Days
Delinquent
Aggregate 3,418.49
Principal
Balances of
Mortgages 91 to
180 or more Days
Delinquent
Number of 0.00
Mortgages 181 or
more Days
Delinquent
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
Aggregate 0
Principal
Balances of
Mortgages 181 or
more Days
Delinquent
Number of 1
Mortgage Loans in
Foreclosure
Aggregate 50,000.00
Principal
Balances of
Mortgage Loans in
Foreclosure
Book Value of 0
Real Estate
Acquired Through
Foreclosure or
Grant of a Deed
Aggregate Trust 0
Balances of any
Liquidated Loans
in the Current
Month
Class A-2
Number of 23
Mortgages 31 to
60 Days Delinquent
Aggregate 994,075.22
Principal
Balances of
Mortgages 31 to
60 Days Delinquent
Number of 5
Mortgages 61 to
90 Days Delinquent
Aggregate 248,573.93
Principal
Balances of
Mortgages 61 to
90 Days Delinquent
Number of 0.00
Mortgages 91 to
180 or more Days
Delinquent
Aggregate 0
Principal
Balances of
Mortgages 91 to
180 or more Days
Delinquent
Number of 0
Mortgages 181 or
more Days
Delinquent
Aggregate 0.00
Principal
Balances of
Mortgages 181 or
more Days
Delinquent
Number of 2
Mortgage Loans in
Foreclosure
Aggregate 61,007.12
Principal
Balances of
Mortgage Loans in
Foreclosure
Book Value of 0.00
Real Estate
Acquired Through
Foreclosure or
Grant of a Deed
Aggregate Trust 0.00
Balances of any
Liquidated Loans
in the Current
Month
Class A-3
Number of 25
Mortgages 31 to
60 Days Delinquent
Aggregate 857,286.05
Principal
Balances of
Mortgages 31 to
60 Days Delinquent
Number of 2
Mortgages 61 to
90 Days Delinquent
Aggregate 97,253.14
Principal
Balances of
Mortgages 61 to
90 Days Delinquent
Number of 0
Mortgages 91 to
180 or more Days
Delinquent
Aggregate 0.00
Principal
Balances of
Mortgages 91 to
180 or more Days
Delinquent
Number of 0
Mortgages 181 or
more Days
Delinquent
Aggregate 0.00
Principal
Balances of
Mortgages 181 or
more Days
Delinquent
Number of 5
Mortgage Loans in
Foreclosure
Aggregate 156,362.30
Principal
Balances of
Mortgage Loans in
Foreclosure
Book Value of 0.00
Real Estate
Acquired Through
Foreclosure or
Grant of a Deed
Aggregate Trust 0.00
Balances of any
Liquidated Loans
in the Current
Month
TOTAL
DELINQUENCIES/FORECLOSURES
Number of 88
Mortgages 31 to
60 Days Delinquent
Aggregate 3,135,622.58
Principal
Balances of
Mortgages 31 to
60 Days Delinquent
Number of 12
Mortgages 61 to
90 Days Delinquent
Aggregate 448,535.83
Principal
Balances of
Mortgages 61 to
90 Days Delinquent
Number of 1
Mortgages 91 to
180 or more Days
Delinquent
Aggregate 3,418.49
Principal
Balances of
Mortgages 91 to
180 or more Days
Delinquent
Number of 0
Mortgages 181 or
more Days
Delinquent
Aggregate 0.00
Principal
Balances of
Mortgages 181 or
more Days
Delinquent
Number of 8
Mortgage Loans in
Foreclosure
Aggregate 267,369.42
Principal
Balances of
Mortgage Loans in
Foreclosure
=================================================================
Book Value of $ 0.00
Real Estate
Acquired Through
Foreclosure or
Grant of a Deed
Aggregate Trust $ 0.00
Balances of any
Liquidated Loans
in the Current
Month
PRE-FUNDED ACCOUNT
ACTIVITY
Beginning Balance 65,022,976.69
Pre-Funded Account
Remaining Amount (146,259.26)
for Distribution
to Classes
Withdrawal for (64,876,717.43)
Subsequent Loan
Purchase:
Ending Balance 0.00
Pre-Funded Account
Pre-Funding
Period: From
Closing Date thru
the 2/15/99
</TABLE>
<PAGE>
<TABLE>
<S> <C>
RESERVE FUND ACTIVITY
Class A-1 Reserve 0.00
Fund Beginning Balance
Class A-1 Reserve 0.00
Fund
Deposit/Withdrawal
Class A-1 Reserve 0.00
Fund Ending
Balance
Class A-2 Reserve 0.00
Fund Beginning
Balance
Class A-2 Reserve 0.00
Fund
Deposit/Withdrawal
Class A-2 Reserve 0.00
Fund Ending
Balance
Class A-3 Reserve 0.00
Fund Beginning
Balance
Class A-3 Reserve 0.00
Fund
Deposit/Withdrawal
Class A-3 Reserve 0.00
Fund Ending
Balance
OFFICER'S
CERTIFICATE
All Computations
reflected in this
Servicer
Certificate were
made
in conformity
with the Pooling
and Servicing
Agreement.
The Attached
Servicing
Certificate is
true and correct
in all material
respects.
A Servicing
Officer Debora
M. Toso
------------------------------------------------
</TABLE>
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