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Previous: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1999-04-21 |
Next: COUNTRYSIDE SQUARE LP, SC 13D, 1999-04-21 |
<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
April 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 Number) (I.R.S. Employer
of Incorporation) 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 April 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: April 20, 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 April 15, 1999.................. 5
<PAGE>
<TABLE>
<CAPTION>
Exhibit 10.1
- --------------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
================================================================================================================================
<S> <C> <C> <C> <C>
REVOLVING HOME EQUITY LOAN LIBOR: 4.93875% Current Collection Period: 3-1-99 thru 3-31-99
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/01/98
SERIES 1998-2 Class A-1 Note Rate: 5.58875% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 04/14/99
Class A-3 Note Rate: 6.67000% Record Date: 04/15/99
Interest Period 3/15/99 thru 31 POOL FACTOR: 92.6202295%
4/14/99:
================================================================================================================================
BALANCES
Beginning HELOC Pool Balance 129,679,797.40
Beginning Second Lien Pool Balance 77,717,860.35
Beginning HLTV Pool Balance 46,545,307.53
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 126,955,982.11
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 74,873,338.53
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 42,727,807.84
Ending HELOC Pool Balance 126,622,504.98
Ending Second Lien Pool Balance 75,708,820.20
Ending HLTV Pool Balance 45,968,737.50
Ending Class A-1 Note Balance -- CUSIP 422093AG9 123,363,116.72
Ending Class A-2 Note Balance -- CUSIP 422093AH7 72,510,743.74
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 41,848,347.50
Additional Balances Class A-1 2,987,736.25
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 6,930
Ending Loan Count 6,807
COLLECTION AMOUNTS CLASS A-1
Aggregate of All Mortgage Collections 7,212,998.87
Total Mortgage Interest Collections 1,222,003.45
Servicing Fees (current collection period) (54,033.25)
Mortgage Principal Collections 6,045,028.67
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 6,045,028.67
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS CLASS A-2
Aggregate of All Mortgage Collections 2,783,283.61
Total Mortgage Interest Collections 806,625.90
Servicing Fees (current collection period) (32,382.44)
Mortgage Principal Collections 2,009,040.15
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 2,009,040.15
COLLECTION AMOUNTS CLASS A-3
Aggregate of All Mortgage Collections 1,131,636.85
Total Mortgage Interest Collections 574,460.70
Servicing Fees (current collection period) (19,393.88)
Mortgage Principal Collections 576,570.03
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 576,570.03
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 11,233,728.90
Total Mortgage Interest Collections 2,603,090.05
Mortgage Principal Collections 8,630,638.85
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 8,630,638.85
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 610,980.07
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 3,057,292.42
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 535,572.97
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,592,865.39
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 406,187.86
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,009,040.15
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 353,554.64
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,362,594.79
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 237,495.40
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 576,570.03
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 302,890.31
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 879,460.34
</TABLE>
<PAGE>
<TABLE>
<S> <C>
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,254,663.33
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 5,642,902.60
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 1,192,017.92
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 6,834,920.52
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
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
CLASS A-1
TOTAL CLASS A-1 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 4.5574931
Interest Distribution Amount 4.5774931
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 26.8003161
Maximum Principal Payment 22.8053084
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.9950077
CLASS A-2
TOTAL CLASS A-2 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 5.1681032
Interest Distribution Amount 5.1681032
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 30.0603116
Maximum Principal Payment 25.5618836
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.4984280
CLASS A-3
TOTAL CLASS A-3 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 5.3966828
Interest Distribution Amount 5.3966828
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 19.9842546
Maximum Principal Payment 13.1015826
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 6.8826720
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
</TABLE>
<PAGE>
<TABLE>
<S> <C>
TOTAL INTEREST AMOUNT DISTRIBUTED TO CLASS A CERTIFICATEHOLDER 15.1222791
TOTAL PRINCIPAL AMOUNT DISTRIBUTED TO CLASS A CERTIFICATEHOLDER 76.8448823
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
CLASS A-1
Number of Mortgages 30 to 59 Days Delinquent 14
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent
533,970.64
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent
72,824.06
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 31,613.35
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
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 12
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 350,150.79
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 102,058.75
Number of Mortgages 90 to 179 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 or more Days 34,456.19
Delinquent Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 215,647.14
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 18
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent
728,537.10
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent
86,321.69
Number of Mortgages 90 to 179 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 22,168.67
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 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure
315,054.13
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 Delinquent 44
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent
1,612,658.53
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
261,204.50
Number of Mortgages 90 to 179 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 88,238.21
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 14
Aggregate Principal Balances of Mortgage Loans in Foreclosure 630,701.27
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 LIBOR 4.92625% 5.57625%
For Next Distribution
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> <C>
REVOLVING HOME EQUITY LOAN LIBOR: 4.93875% Current Collection Period: 3-1-99 thru 3-31-99
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.58875% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 4/14/99
Class A-3 Note Rate: 6.67000% Record Date: 04/15/99
Interest Period 3/15/99 thru 31 Pool Factor: 92.6202295%
4/14/99:
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 Date: 3,259,388.26
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt Date: 3,198,076.46
Class A-1 Weighted Avg Loan Rate: 11.07673% Class A-3 O/C Amt as of Pmt Date: 4,120,390.00
Class A-2 Weighted Avg Loan Rate: 11.12341% Class A-1 WAM: 289
Class A-3 Weighted Avg Loan Rate: 13.44884% Class A-2 WAM: 175
Total Manaagement Fee 1,000.00 Class A-3 WAM: 255
==================================================================================================
BALANCES
Beginning HELOC Pool Balance 129,679,797.40
Beginning Second Lien Pool Balance 77,717,860.35
Beginning HLTV Pool Balance 46,545,307.53
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 126,955,982.11
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 74,873,338.53
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 42,727,807.84
Overcollateralization Amount 2,793,141.20
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 126,622,504.98
Ending Second Lien Pool Balance 75,708,820.20
Ending HLTV Pool Balance 45,968,737.50
Ending Class A-1 Note Balance -- CUSIP 422093AG9 123,363,116.72
Ending Class A-2 Note Balance -- CUSIP 422093AH7 72,510,743.74
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 41,848,347.50
Additional Balances Class A-1 2,987,736.25
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
</TABLE>
<PAGE>
<TABLE>
<S> <C>
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 6,930
Ending Loan Count 6,807
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 7,267,032.12
2 Total Mortgage Interest Collections (Gross) 1,222,003.45
Servicing Fees (current collection period) 54,033.25
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 6,045,028.67
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,045,028.67
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 (Gross) 2,815,666.05
2 Total Mortgage Interest Collections (Gross) 806,625.90
Servicing Fees (current collection period) 32,382.44
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,009,040.15
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,009,040.15
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 (Gross) 1,151,030.73
2 Total Mortgage Interest Collections (Gross) 574,460.70
Servicing Fees (current collection period) 19,393.88
Deferred Interest Transfer (DI) 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
3a Mortgage Principal Collections 576,570.03
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 576,570.03
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 11,233,728.90
2 Total Mortgage Interest Collections (Gross) 2,603,090.05
Servicing Fees (current collection period) 105,809.57
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 8,630,638.85
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 8,630,638.85
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
Class A-1 Net Interest Collection 1,167,970.20
Class A-2 Net Interest Collection 774,243.46
Class A-3 Net Interest Collection 555,066.82
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 8.6 (d)(iv) 610,980.07
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) 20,101.36
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 535,572.97
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 793.47
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 1,167,970.20
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Maximum Principal Payment 3,057,292.42
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C 0.00
Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 535,572.97
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO PRINCIPAL 3,592,865.39
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 8.6 (d)(iv) 406,187.86
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) 13,726.78
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 353,554.64
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 467.96
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 774,243.46
Maximum Principal Payment 2,009,040.15
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C 0.00
Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 353,554.64
SECOND LIEN OVERCOLLATERALIZATION DEFICIT 8.6 (D)(VI) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO PRINCIPAL 2,362,594.79
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 237,495.40
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) 14,242.60
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 302,890.31
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 267.05
</TABLE>
<PAGE>
<TABLE>
<S> <C>
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 555,066.82
Maximum Principal Payment 576,570.03
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HLTV Pool O/C 0.00
Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 302,890.31
HLTV LIEN OVERCOLLATERALIZATION DEFICIT 8.6 (D)(VI) 0.00
Total Certificateholders Distribution Allocable to Principal 879,460.34
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,254,663.33
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) 48,070.75
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 1,192,017.92
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,528.48
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 2,497,280.48
Maximum Principal Payment 5,642,902.60
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Pool O/C 0.00
Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 1,192,017.92
OVERCOLLATERALIZATION DEFICIT 8.6 (D)(VI) 0.00
Total Certificateholders Distribution Allocable to Principal 6,834,920.52
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
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.5574931
Interest Distribution Amount 4.5574931
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 26.8003161
Maximum Principal Payment 22.8053084
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.9950077
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 5.1681032
Interest Distribution Amount 5.1681032
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 30.0603116
Maximum Principal Payment 25.5618836
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.4984280
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.3966828
Interest Distribution Amount 5.3966828
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 19.9842546
Maximum Principal Payment 13.1015826
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 6.8826720
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 15.1222791
Total Principal Amount Distributed to Class A Certificateholder 76.8448823
Credit Enhancement Draw Amount 0
</TABLE>
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DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 14
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 533,970.64
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 72,824.06
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 31,613.35
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
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 12
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 350,150.79
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 102,058.75
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 34,456.19
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 215,647.14
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 18
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 728,537.10
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 86,321.69
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 22,168.67
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 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 315,054.13
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>
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TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 44
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,612,658.53
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 261,204.50
Number of Mortgages 90 to 179 Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 88,238.21
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 14
Aggregate Principal Balances of Mortgage Loans in Foreclosure $ 630,701.27
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-Funded Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
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
</TABLE>
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
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