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Previous: MORGAN STANLEY DEAN WITTER FINANCIAL SERVICES TRUST, N-30D, 1999-02-01 |
Next: ADVISORS SERIES TRUST, N-14/A, 1999-02-01 |
<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
January 15, 1999
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity
Loan 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 (I.R.S. Employer
Jurisdiction of Incorporation) File Number) Identification No.)
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 January 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 1, 1999
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
---------------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer 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 January 15, 1999........................5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
==============================================================================================================
HEADLANDS MORTGAGE SERVICING CERTIFICATE
==============================================================================================================
<S> <C> <C> <C>
Revolving Home Equity LIBOR: 5.62875% Current Collection Period: 12-1-98
Loan thru 12-31-98
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.27875% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 1/15/99
Class A-3 Note Rate: 6.67000% Record Date: 1/14/99
Interest Period 12/29/98 17 Pool Factor: 98.8395802%
thru 1/14/99:
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 2,256,001.57
Date:
Trustee Fee 0.00750% Class A-2 O/C Amt as of Pmt 2,430,127.12
Date:
Total Management Fee Class A-3 O/C Amt as of Pmt 3,248,825.72
1,000.00 Date:
<CAPTION>
==============================================================================================================
BALANCES
<S> <C>
Beginning HELOC Pool Balance 103,852,168.50
Beginning Second Lien Pool Balance 59,808,237.87
Beginning HLTV Pool Balance 35,764,706.46
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 134,060,560.00
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 78,595,153.00
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 44,007,663.00
Overcollateralization Amount 296,500.15
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 102,107,862.88
Ending Second Lien Pool Balance 59,223,671.80
Ending HLTV Pool Balance 35,411,705.63
Ending Class A-1 Note Balance -- CUSIP 422093AG9 132,101,747.27
Ending Class A-2 Note Balance -- CUSIP 422093AH7 78,010,586.93
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 43,572,669.13
Additional Balances Class A-1 3,342,545.30
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) 929
Subsequent HELOC Mortgage Loan Asset Balance (Current Date)
32,249,885.96
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 584
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date)
21,217,042.25
Number of all Subsequent HLTV Mortgage Loans (Current Date) 317
Subsequent HLTV Mortgage Loan Asset Balance (Current Date)
11,409,789.22
Cumulative Number of ALL Subsequent Mortgage 0
Loans
Cumulative Subsequent Mortgage Loan Asset Balance 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Beginning Loan
Count 5,305
Ending Loan Count 5,263
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 5,787,033.54
2 Total Mortgage Interest Collections (Gross) 700,182.62
Servicing Fees (current collection period) 43,271.74
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,086,814.04
3b Pre-Funded Balance 36.88
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,086,850.92
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) 1,007,488.79
2 Total Mortgage Interest Collections (Gross) 422,922.72
Servicing Fees (current collection period) 24,920.10
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 583,915.32
3b Pre-Funded Balance 650.75
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 584,566.07
Aggregate of Transfer Deposits 0.00
Investor Loss 0.00
Amount
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 721,673.00
2 Total Mortgage Interest Collections (Gross) 368,672.17
Servicing Fees (current collection period) 14,901.96
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 207,429.20
3b Pre-Funded Balance 145,571.63
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 353,000.83
Aggregate of Transfer Deposits 0.00
Investor Loss 0.00
Amount
Aggregate Investor Loss Reduction Amount 0.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 7,369,936.07
2 Total Mortgage Interest Collections (Gross) 1,491,777.51
Servicing Fees (current collection period) 83,093.80
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,878,158.56
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
3 Total Mortgage Principal Collections 5,878,158.56
Aggregate of Transfer Deposits 0.00
Investor Loss 0.00
Amount
Aggregate Investor Loss Reduction Amount 0.00
Class A-1 Net Interest Collection 656,910.88
Class A-2 Net Interest Collection 398,002.62
Class A-3 Net Interest Collection 353,770.21
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6(d)(iv) 397,484.91
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6(d)(ii) 12,028.21
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 214,507.11
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6(d)(i) 837.88
Management Fee 8.6(d)(iii) 522.32
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 625,380.43
Maximum Principal Payment 1,744,305.62
Scheduled Principal Collection Payment ((x) the excess of Max Prin Pymt (y) the HELOC 0.00
Pool O/C Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 214,507.11
HELOC Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 1,958,812.73
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6(d)(iv) 426,378.71
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6(d)(ii) 14,409.11
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6(d)(i) 491.22
Management Fee 8.6(d)(iii) 306.22
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 441,585.26
Maximum Principal Payment 584,566.07
Scheduled Principal Collection Payment ((x) the excess of Max Prin Pymt (y) the 0.00
Second Pool O/C Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 0.00
Second Lien Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 584,566.07
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6(d)(iv) 244,609.26
Class A-3 Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6(d)(ii) 14,669.22
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 81,993.04
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6(d)(i) 275.05
Management Fee 8.6(d)(iii) 171.46
Payment to Servicer per Section 7.03 5.01(x) 0.00
Deferred Interest 5.01(xi) 0.00
Remaining Amount to Transferor 5.01(xii) 0.00
Total Certificateholders Distribution Allocable to Interest 341,718.03
Maximum Principal Payment 353,000.83
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y)
the HLTV Pool O/C Redctin Amt) 8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 81,993.04
HLTV Lien Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 434,993.87
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6(d)(iv) 1,068,472.87
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6(d)(ii) 41,106.54
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 296,500.15
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6(d)(i) 1,604.15
Management Fee 8.6(d)(iii) 1,000.00
Payment to Servicer per Section 7.03 5.01(x) 0.00
Deferred Interest 5.01(xi) 0.00
Remaining Amount to Transferor 5.01(xii) 0.00
Total Certificateholders Distribution Allocable to Interest 1,408,683.71
Maximum Principal Payment 2,681,872.52
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y)
the Pool O/C Redctin Amt) 8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 296,500.15
Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,978,372.67
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-3 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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
<S> <C>
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 2.9649653
Interest Distribution Amount 2.9649653
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 14.6114020
Maximum Principal Payment 13.0113258
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 1.6000762
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 5.4250000
Interest Distribution Amount 5.4250000
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 7.4376860
Maximum Principal Payment 7.4376860
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 0.0000000
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.5583333
Interest Distribution Amount 5.5583333
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 8.0213491
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 1.8631537
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Interest Amount Distributed to Class A Certificateholder 13.9482986
Total Principal Amount Distributed to Class A Certificateholder 31.9335908
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 19
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 475,767.30
Number of Mortgages 61 to 90 Days Delinquent 2
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 73,979.17
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 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
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 17
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 779,347.26
Number of Mortgages 61 to 90 Days Delinquent 1
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 14,971.37
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 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
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 31 to 60 Days Delinquent 14
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 550,740.06
Number of Mortgages 61 to 90 Days Delinquent 1
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 27,500.00
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 24,979.57
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 78,882.73
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 50
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,805,854.62
Number of Mortgages 61 to 90 Days Delinquent 4
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 116,450.54
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 24,979.57
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 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 139,889.85
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>
<PAGE>
<TABLE>
<CAPTION>
PRE-FUNDED ACCOUNT ACTIVITY
<S> <C>
Beginning Balance Pre-Funded Account 65,022,976.69
Remaining Amount for Distribution to Classes (146,259.26)
Withdrawal for Subsequent Loan Purchase: (64,876,717.43)
Ending Balance Pre-Funded 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
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.
</TABLE>
---------------------------------------------------------
A Servicing Officer Debora M. Toso
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
==================================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.62875% Current Collection Period: 12-1-98 thru 12-31-98
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/01/98
Series 1998-2 Class A-1 Note Rate: 6.27875% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 01/15/99
Class A-3 Note Rate: 6.67000% Record Date: 01/14/99
Interest Period 12/29/98 thru 17 Pool Factor: 98.8395802%
1/14/99:
==================================================================================================================================
<CAPTION>
BALANCES
<S> <C>
Beginning HELOC Pool Balance 103,852,168.50
Beginning Second Lien Pool Balance 59,808,237.87
Beginning HLTV Pool Balance 35,764,706.46
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 134,060,560.00
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 78,595,153.00
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 44,007,663.00
Ending HELOC Pool Balance 102,107,862.88
Ending Second Lien Pool Balance 59,223,671.80
Ending HLTV Pool Balance 35,411,705.63
Ending Class A-1 Note Balance -- CUSIP 422093AG9 132,101,747.27
Ending Class A-2 Note Balance -- CUSIP 422093AH7 78,010,586.93
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 43,572,669.13
Additional Balances Class A-1 3,342,545.30
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) 929
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 32,249,885.96
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 584
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 21,217,042.25
Number of all Subsequent HLTV Mortgage Loans (Current Date) 317
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 11,409,789.22
Cumulative Number of ALL Subsequent Mortgage Loans 0.00
Cumulative Subsequent Mortgage Loan Asset Balance 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Beginning Loan Count 5,305
Ending Loan Count 5,263
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 5,743,761.80
Total Mortgage Interest Collections 700,182.62
Servicing Fees (current collection period) (43,271.74)
Mortgage Principal Collections 5,086,814.04
Pre-Funded Balance 36.88
0.00
Total Mortgage Principal Collections 5,086,850.92
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 982,568.69
Total Mortgage Interest Collections 422,922.72
Servicing Fees (current collection period) (24,920.10)
Mortgage Principal Collections 583,915.32
Pre-Funded Balance 650.75
0.00
Total Mortgage Principal Collections 584,566.07
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 706,771.04
Total Mortgage Interest Collections 368,672.17
Servicing Fees (current collection period) (14,901.96)
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 7,516,195.33
Total Mortgage Interest Collections 1,491,777.51
Mortgage Principal Collections 5,878,158.56
Pre-Funded Balance 146,259.26
Total Mortgage Principal Collections 6,024,417.82
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 397,484.91
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,744,305.62
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 214,507.11
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 1,958,812.73
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 426,378.71
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 584,566.07
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 584,566.07
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 244,609.26
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 353,000.83
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 81,993.04
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 434,993.87
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,068,472.87
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,681,872.52
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 296,500.15
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,978,372.67
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-3 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
</TABLE>
<PAGE>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
<TABLE>
<S> <C>
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 2.9649653
Interest Distribution Amount 2.9649653
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 14.6114020
Maximum Principal Payment 13.0113258
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 1.6000762
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 5.4250000
Interest Distribution Amount 5.4250000
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 7.4376860
Maximum Principal Payment 7.4376860
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 0.0000000
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.5583333
Interest Distribution Amount 5.5583333
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 8.0213491
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 1.8631537
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Interest Amount Distributed to Class A Certificateholder 13.9482986
Total Principal Amount Distributed to Class A Certificateholder 31.9335908
Credit Enhancement Draw Amount 0
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DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 19
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 475,767.30
Number of Mortgages 61 to 90 Days Delinquent 2
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 73,979.17
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 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
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 17
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 779,347.26
Number of Mortgages 61 to 90 Days Delinquent 1
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 14,971.37
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 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
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 31 to 60 Days Delinquent 14
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 550,740.06
Number of Mortgages 61 to 90 Days Delinquent 1
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 27,500.00
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 24,979.57
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 78,882.73
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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 50
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,805,854.62
Number of Mortgages 61 to 90 Days Delinquent 4
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 116,450.54
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 24,979.57
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 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 139,889.85
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
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Class A-1 Note Rate For Next Distribution LIBOR 5.00000% 5.65000%
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre Funding Account 65,022,976.69
Remaining Amount for Distribution to Classes (146,259.26)
Withdrawal for Subsequent 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
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