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Previous: PIRANHA INTERACTIVE PUBLISHING INC, NTN 10Q, 1999-05-19 |
Next: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1999-05-19 |
<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
May 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 Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) 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 May 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: May 19, 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 May 15, 1999........................ 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
HEADLANDS STATEMENT TO NOTEHOLDERS
MORTGAGE
===============================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 4.92625% Current Collection Period: 4-1-99 thru 4-30-99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/01/98
Series 1998-2 Class A-1 Note Rate: 5.57625% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 05/17/99
Class A-3 Note Rate: 6.67000% Record Date: 05/16/99
Interest Period 3/15/99 thru 4/14/99: 32 Pool Factor: 90.6166504%
===============================================================================================================================
<CAPTION>
<S> <C> <C>
BALANCES
Beginning HELOC Pool Balance 126,622,504.98
Beginning Second Lien Pool Balance 75,708,820.20
Beginning HLTV Pool Balance 45,968,737.50
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 123,363,116.72
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 72,510,743.74
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 41,848,347.50
Ending HELOC Pool Balance 124,692,904.44
Ending Second Lien Pool Balance 73,861,899.34
Ending HLTV Pool Balance 45,323,047.09
Ending Class A-1 Note Balance -- CUSIP 422093AG9 120,939,426.29
Ending Class A-2 Note Balance -- CUSIP 422093AH7 70,427,945.07
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 41,008,796.28
Additional Balances Class A-1 3,692,899.53
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 SubsequentSecond 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 Loans 1830
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 6,807
Ending Loan Count 6,675
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 6,748,885.64
Total Mortgage Interest Collections 1,179,144.95
Servicing Fees (current collection period) (52,759.38)
Mortgage Principal Collections 5,622,500.07
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 5,622,500.07
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,490,222.51
Total Mortgage Interest Collections 674,846.99
Servicing Fees (current collection period) (31,545.34)
Mortgage Principal Collections 1,846,920.86
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 1,846,920.86
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 1,111,540.75
Total Mortgage Interest Collections 510,003.98
Servicing Fees (current collection period) (19,153.64)
Mortgage Principal Collections 620,690.41
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 620,690.41
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 10,454,107.26
Total Mortgage Interest Collections 2,363,995.92
Mortgage Principal Collections 8,090,111.34
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 8,090,111.34
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 611,469.85
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,929,600.54
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 494,089.89
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,423,690.43
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 393,370.78
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,846,920.86
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 235,877.81
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,082,798.67
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 232,607.06
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 620,690.41
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 218,860.81
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 839,551.22
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 4,397,211.81
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 948,828.51
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 5,346,040.32
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>
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 4.5611465
Interest Distribution Amount 4.5611465
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 18.0790714
Maximum Principal Payment 14.3934990
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.6855723
Class A-2
Total Class A-2 Note Distribution Amount Allocable To Interest 5.0050260
Interest Distribution Amount 5.0050260
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 26.5003450
Maximum Principal Payment 23.4991700
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.0011750
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.2856037
Interest Distribution Amount 5.2856037
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 19.0773870
Maximum Principal Payment 14.1041439
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.9732432
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 14.8517761
Total Principal Amount Distributed to Class A Certificateholder 63.6568034
Credit Enhancement Draw Amount 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DELINQUENCIES/FORECLOSURES
CLASS A-1
<S> <C> <C>
Number of Mortgages 30 to 59 Days Delinquent 38
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,683,189.13
Number of Mortgages 60 to 89 Days Delinquent 1
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 49,317.38
Number of Mortgages 90 to 179 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 0.00
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 3418.49
Number of Mortgage Loans in Foreclosure 2
Aggregate Principal Balances of Mortgage Loans in Foreclosure 100,000.00
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 30 to 59 Days Delinquent 17
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 560,203.18
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 83,697.06
Number of Mortgages 90 to 179 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 34,456.19
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 40000.00
Number of Mortgage Loans in Foreclosure 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 175,647.14
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 30 to 59 Days Delinquent 26
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 968,602.99
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 141,311.29
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 47,059.39
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 34,882.73
Number of Mortgage Loans in Foreclosure 7
Aggregate Principal Balances of Mortgage Loans in Foreclosure 290,054.13
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>
TOTAL DELINQUENCIES/FORECLOSURES
<S> <C> <C>
Number of Mortgages 30 to 59 Days Delinquent 81
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,211,995.30
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 274,325.73
Number of Mortgages 90 to 179 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 81,515.58
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 78,301.22
Number of Mortgage Loans in Foreclosure 12
Aggregate Principal Balances of Mortgage Loans in Foreclosure 565,701.27
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-1 Note Rate For Next Distribution LIBOR 4.90250% 5.55250%
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre Funding Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
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 MORTGAGE SERVICING CERTIFICATE
===========================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan Libor: 4.92625% Current Collection Period: 4-1-99 Thru
4-30-99
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.57625% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 5/17/99
Class A-3 Note Rate: 6.67000% Record Date: 05/16/99
Interest Period 4/15/99 32 Pool Factor: 90.5373300%
thru 5/16/99:
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 3,753,478.15
Pmt Date:
Trustee Fee: 0.00750% Class A-2 O/C Amt as of 3,433,954.27
Pmt Date:
Class A-1 Weighted Avg 11.09072% Class A-3 O/C Amt as of 4,314,250.81
Loan Rate: Pmt Date:
Class A-2 Weighted Avg 11.12288% Class A-1 WAM: 285
Loan Rate:
Class A-3 Weighted Avg 13.44761% Class A-2 WAM: 174
Loan Rate:
Total Manaagement Fee 1,000.00 Class A-3 WAM: 254
==================================================================================
BALANCES
Beginning HELOC Pool Balance 126,622,504.98
Beginning Second Lien Pool Balance 75,708,820.20
Beginning HLTV Pool Balance 45,968,737.50
Beginning Class A-1 Note Balance -- CUSIP 123,363,116.72
422093AG9
Beginning Class A-2 Note Balance -- CUSIP 72,510,743.74
422093AH7
Beginning Class A-3 Note Balance -- 41,848,347.50
CUSIP 422093AJ3
Overcollateralization Amount 3,741,969.71
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 124,692,904.44
Ending Second Lien Pool Balance 73,861,899.34
Ending HLTV Pool Balance 45,323,047.09
Ending Class A-1 Note Balance -- 120,939,426.29
CUSIP 422093AG9
Ending Class A-2 Note Balance -- 70,427,945.07
CUSIP 422093AH7
Ending Class A-3 Note Balance -- 41,008,796.28
CUSIP 422093AJ3
Additional Balances Class A-1 3,692,899.53
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 0
Distributions)
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous 0.00
Distributions)
Number of all Subsequent HELOC Mortgage Loans 0
(Current Date)
Subsequent HELOC Mortgage Loan Asset Balance 0.00
(Current Date)
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans 0
(Current Date)
Subsequent HLTV Mortgage Loan Asset Balance 0.00
(Current Date)
Cumulative Number of ALL Subsequent 1830
Mortgage Loans
Cumulative Subsequent Mortgage Loan 64,876,717.43
Asset Balance
Beginning Loan Count 6,807
Ending Loan Count 6,675
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLECTION AMOUNTS Class A-1
<S> <C> <C>
1 Aggregate of All Mortgage Collections 6,801,645.02
(Gross)
2 Total Mortgage Interest Collections 1,179,144.95
(Gross)
Servicing Fees (current collection period) 52,759.38
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,622,500.07
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,622,500.07
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections 2,521,767.85
(Gross)
2 Total Mortgage Interest Collections 674,846.99
(Gross)
Servicing Fees (current collection period) 31,545.34
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 1,846,920.86
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,846,920.86
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS CLASS A-3
1 Aggregate of All Mortgage Collections 1,130,694.39
(Gross)
2 Total Mortgage Interest Collections 510,003.98
(Gross)
Servicing Fees (current collection period) 19,153.64
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 620,690.41
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 620,690.41
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 25,000.00
Aggregate Investor Loss Reduction Amount 25,000.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections 10,454,107.26
(Gross)
2 Total Mortgage Interest Collections 2,363,995.92
(Gross)
Servicing Fees (current collection period) 103,458.36
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 8,090,111.34
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 8,090,111.34
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 25,000.00
Aggregate Investor Loss Reduction Amount 25,000.00
Class A-1 Net Interest Collection 1,126,385.57
Class A-2 Net Interest Collection 643,301.65
Class A-3 Net Interest Collection 490,850.34
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 8.5(dxiv) 811,469.85
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Investor losss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.5(d)(ii) 19,532.48
Credit Enhancer Reimbursement 0.00
Acclerated Principal Distribution Amount 494,089.88
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6(d)(i) 771.02
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 Allocate to Interest 1,125,365.57
Maximum Principal Payment 1,929,800.54
Scheduled Principal Collection Payment((x) the excess of Max Prin Pymt
(y) the HELOC Pool O/c Reddin Amt) 8.8(d)(v) 0.00
Accelerated Principal Distribution Amount 484,089.89
HELOC Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,429,690.42
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 8.6(d)(iv) 383,370.78
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) 13,293.64
Credit Enhancer Reimbursement 0.00
Acclerated Principal Distribution Amount 235,877.81
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6(d)(i) 453.19
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 Allocate to Interest 643,301.64
Maximum Principal Payment 1,846,920.86
Scheduled Principal Collection Payment ((x) the excess of Max Prin
Pymt (y) the Second Pool O/C Redotin Amt) 8.6(d)(vi) 0.00
Accelerated Principal Distribution Amount 235,877.81
Second Lien Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,082,798.67
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 6.5(d)(iv) 232,607.06
Class A-3 Note Unpaid Interest Shortfall (current cycle) 5.0(i) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Investor Loss Amount 5.0(iii) 25,000.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6(d)(ii) 13,949.45
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancer Reimbursement 5.01(vi) 0.00
Acclerated Principal Distribution Amount 5.01(vii) 218,880.81
Spread Account Deposit 5.01(vii) 0.00
Indenture Trustee Fee 8.6(d)(i) 261.55
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 Allocate to Interest 490,560.34
Maximum Principal Payment 620,690.41
Scheduled Principal Collection Payment((x)the excess of Max Prin Pymt (y) the HLTV Pool
O/C Redetin Amt) 6.6(d)(v) 0.00
Accelerated Principal Distribution Amount 218,860.81
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 839,551.22
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6(d)(iv) 1,237,447.70
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 0.00
Investor Loss Amount 5.0(iii) 25,000.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6(d)(ii) 46,775.58
Credit Enhancer Reimbursement 5.01(vi) 0.00
Acclerated Principal Distribution Amount 5.01(vii) 948,828.51
Spread Account Deposit 5.01(vii) 0.00
Indenture Trustee Fee 8.6(d)(i) 1,485.76
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 Allocate to Interest 2,260,537.38
Maximum Principal Payment 4,397,211.81
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 948,828.51
Overcollateralization Deficit 8.6(d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 5,346,040.32
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
Investor Loss Reduction Amount (From Previous Distributions) 0
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
CLASS A-1
Total Class A-1 Note Distribution Amount Allocable To Interest 4.5611465
Interest Distribution Amount 4.5611465
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 18.0790714
Maximum Principal Payment 14.3934990
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.6855723
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CLass A-2
Total Class A-2 Note Distribution Amount Allocable To Interest 5.0050260
Interest Distribution Amount 5.0050260
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 26.5003450
Maximum Principal Payment 23.4991700
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.0011750
Class A-3
Total Class A-3 Note Distribution Amount Allocable To Interest 5.2856037
Interest Distribution Amount 5.2856037
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 19.0773870
Maximum Principal Payment 14.1041439
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.9732432
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Interest Amount Distributed To Class A Certificateholder 14.8517761
Total Principal Amount Distributed To Class A Certificateholder 63.6568034
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 38
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,683,189.13
Number of Mortgages 60 to 89 Days Delinquent 1
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 49,317.38
Number of Mortgages 90 to 179 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 0.00
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 3,418.49
Number of Mortgage Loans in Foreclosure 2
Aggregate Principal Balances of Mortgage Loans in Foreclosure 100,000.00
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 30 to 59 Days Delinquent 17
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 560,203.18
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 83,697.06
Number of Mortgages 90 to 179 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 34,456.19
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 40,000.00
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<S> <C> <C>
Number of Mortgage Loans in Foreclosure 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 175,647.14
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 30 to 59 Days Delinquent 26
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 968,602.99
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 141,311.29
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 47,059.39
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 34,882.73
Number of Mortgage Loans in Foreclosure 7
Aggregate Principal Balances of Mortgage Loans in Foreclosure 290,054.13
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 30 to 59 Days 81
Delinquent
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,211,995.30
Number of Mortgages 60 to 89 Days 7
Delinquent
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 274,325.73
Number of Mortgages 90 to 179 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 81,515.58
Number of Mortgages 180 or more Days 3
Delinquent
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 78,301.22
Number of Mortgage Loans in Foreclosure 12
Aggregate Principal Balances of Mortgage Loans in Foreclosure 565,701.27
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
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre Funding Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
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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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.
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A Servicing Officer Dennis Tussey
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