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<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
March 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 File (I.R.S. Employer
Jurisdiction 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 March 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: March 18, 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 March 15, 1999....................... 5
<PAGE>
EXHIBIT 10.1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
============================================================================================================================
<S> <C> <C> <C>
REVOLVING HOME EQUITY LOAN LIBOR: 4.93563% Current Collection Period: 2-1-99 thru 2-28-99
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/01/98
SERIES 1998-2 Class A-1 Note Rate: 5.58563% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 03/15/99
Class A-3 Note Rate: 6.67000% Record Date: 03/14/99
Interest Period 1/15/99 thru 27 POOL FACTOR: 95.2832197%
2/15/99:
============================================================================================================================
BALANCES
Beginning HELOC Pool Balance 132,307,208.99
Beginning Second Lien Pool Balance 79,454,149.31
Beginning HLTV Pool Balance 46,819,061.37
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 129,956,331.81
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 76,883,519.67
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 43,240,326.15
Ending HELOC Pool Balance 129,679,797.40
Ending Second Lien Pool Balance 77,717,860.35
Ending HLTV Pool Balance 46,545,307.53
Ending Class A-1 Note Balance -- CUSIP 422093AG9 126,955,982.11
Ending Class A-2 Note Balance -- CUSIP 422093AH7 74,873,338.53
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 42,727,807.84
Additional Balances Class A-1 2,599,448.49
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 7,024
Ending Loan Count 6,930
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS CLASS A-1
Aggregate of All Mortgage Collections 6,166,125.15
Total Mortgage Interest Collections 994,393.07
Servicing Fees (current collection period) (55,128.00)
Mortgage Principal Collections 5,226,860.08
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 5,226,860.08
COLLECTION AMOUNTS CLASS A-2
Aggregate of All Mortgage Collections 2,442,156.29
Total Mortgage Interest Collections 738,973.23
Servicing Fees (current collection period) (33,105.90)
Mortgage Principal Collections 1,736,288.96
Pre-Funded Balance 0.00
0.00
Total Mortgage 1,736,288.96
Principal Collections
COLLECTION AMOUNTS CLASS A-3
Aggregate of All Mortgage Collections 767,717.61
Total Mortgage Interest Collections 513,471.71
Servicing Fees (current collection period) (19,507.94)
Mortgage Principal Collections 273,753.84
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 273,753.84
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 9,483,740.89
Total Mortgage Interest Collections 2,246,838.01
Mortgage Principal Collections 7,236,902.88
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 7,236,902.88
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 544,415.99
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,627,411.59
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 372,938.11
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,000,349.70
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 417,093.09
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,736,288.96
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 273,892.18
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,010,181.14
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 240,344.15
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 273,753.84
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 238,764.47
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 512,518.31
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,201,853.23
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 4,637,454.39
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 885,594.76
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 5,523,049.15
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> <C>
CLASS A-1
TOTAL CLASS A-1 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 4.0609706
Interest Distribution Amount 4.0609706
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 22.3805547
Maximum Principal Payment 19.5986917
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 2.7818630
CLASS A-2
TOTAL CLASS A-2 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 5.3068552
Interest Distribution Amount 5.3068552
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 25.5764009
Maximum Principal Payment 22.0915526
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.4848482
CLASS A-3
TOTAL CLASS A-3 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 5.4614158
Interest Distribution Amount 5.4614158
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 11.6461151
Maximum Principal Payment 6.2205948
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 5.4255203
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 14.8292415
TOTAL PRINCIPAL AMOUNT DISTRIBUTED TO CLASS A CERTIFICATEHOLDER 59.6030707
Credit Enhancement Draw Amount 0
</TABLE>
<PAGE>
<TABLE>
DELINQUENCIES/FORECLOSURES
<S> <C> <C>
CLASS A-1
Number of Mortgages 31 to 60 Days Delinquent 18
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 631,488.51
Number of Mortgages 61 to 90 Days Delinquent 3
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 125,902.90
Number of Mortgages 91 to 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 91 to 180 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 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 31 to 60 Days Delinquent 23
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 952,812.01
Number of Mortgages 61 to 90 Days Delinquent 3
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 85,033.75
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 136,947.09
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 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 115,700.05
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 27
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 943,833.60
Number of Mortgages 61 to 90 Days Delinquent 7
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 224,553.19
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 7
Aggregate Principal Balances of Mortgage Loans in Foreclosure 253,592.13
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>
<S> <C> <C>
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 31 to 60 Days Delinquent 68
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 2,528,134.12
Number of Mortgages 61 to 90 Days Delinquent 13
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 435,489.84
Number of Mortgages 91 to 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 140,365.58
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 12
Aggregate Principal Balances of Mortgage Loans in Foreclosure 469,292.18
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 4.93875% 5.58875%
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 SERVICING CERTIFICATE
MORTGAGE
================================================================================================================================
<S> <C> <C> <C> <C>
REVOLVING HOME EQUITY LOAN LIBOR: 4.93563% Current Collection Period: 2-1-99 thru 2-28-99
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.58563% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 3/15/99
Class A-3 Note Rate: 6.67000% Record Date: 03/14/99
Interest Period 2/16/99 thru 3/14/99: 27 Pool Factor: 95.2832197%
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 2,723,815.29
Date:
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt 2,844,521.82
Date:
Class A-1 Weighted Avg Loan Rate: 10.61952% Class A-3 O/C Amt as of Pmt 3,817,499.69
Date:
Class A-2 Weighted Avg Loan Rate: 11.12409% Class A-1 WAM:
Class A-3 Weighted Avg Loan Rate: 13.44750% Class A-2 WAM:
Total Manaagement Fee 1,000.00 Class A-3 WAM:
===================================================================================================
BALANCES
Beginning HELOC Pool Balance 132,307,208.99
Beginning Second Lien Pool Balance 79,454,149.31
Beginning HLTV Pool Balance 46,819,061.37
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 129,956,331.81
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 76,883,519.67
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 43,240,326.15
Overcollateralization Amount 1,601,123.28
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 129,679,797.40
Ending Second Lien Pool Balance 77,717,860.35
Ending HLTV Pool Balance 46,545,307.53
Ending Class A-1 Note Balance -- CUSIP 422093AG9 126,955,982.11
Ending Class A-2 Note Balance -- CUSIP 422093AH7 74,873,338.53
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 42,727,807.84
Additional Balances Class A-1 2,599,448.49
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 7,024
Ending Loan Count 6,930
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 6,221,253.15
2 Total Mortgage Interest Collections (Gross) 994,393.07
Servicing Fees (current collection period) 55,128.00
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,226,860.08
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,226,860.08
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) 2,475,262.19
2 Total Mortgage Interest Collections (Gross) 738,973.23
Servicing Fees (current collection period) 33,105.90
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 1,736,288.96
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,736,288.96
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) 787,225.55
2 Total Mortgage Interest Collections (Gross) 513,471.71
Servicing Fees (current collection period) 19,507.94
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 273,753.84
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 273,753.84
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) 9,483,740.89
2 Total Mortgage Interest Collections (Gross) 2,246,838.01
Servicing Fees (current collection period) 107,741.84
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 7,236,902.88
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 7,236,902.88
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Class A-1 Net Interest Collection 939,265.07
Class A-2 Net Interest Collection 705,867.33
Class A-3 Net Interest Collection 493,963.77
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 8.6 (d)(iv) 544,415.99
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) 20,576.42
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 372,938.11
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 812.23
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 939,265.07
Maximum Principal Payment 2,627,411.59
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 372,938.11
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO PRINCIPAL 3,000,349.70
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 8.6 (d)(iv) 417,093.09
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) 14,095.31
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 273,892.18
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 480.52
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 705,867.33
Maximum Principal Payment 1,736,288.96
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 273,892.18
SECOND LIEN OVERCOLLATERALIZATION DEFICIT 8.6 (D)(VI) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO PRINCIPAL 2,010,181.14
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 240,344.15
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) 14,413.44
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 238,764.47
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 270.25
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 493,963.77
Maximum Principal Payment 273,753.84
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 238,764.47
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 512,518.31
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,201,853.23
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) 49,085.17
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 885,594.76
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,563.00
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 2,139,096.16
Maximum Principal Payment 4,637,454.39
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the 0.00
Pool O/C Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 885,594.76
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 5,523,049.15
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> <C>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.0609706
Interest Distribution Amount 4.0609706
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 22.3805547
Maximum Principal Payment 19.5986917
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 2.7818630
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 5.3068552
Interest Distribution Amount 5.3068552
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 25.5764009
Maximum Principal Payment 22.0915526
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.4848482
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.4614158
Interest Distribution Amount 5.4614158
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 11.6461151
Maximum Principal Payment 6.2205948
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 5.4255203
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 14.82924155
Total Principal Amount Distributed to Class A Certificateholder 59.60307074
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 18
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 631,488.51
Number of Mortgages 61 to 90 Days Delinquent 3
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 125,902.90
Number of Mortgages 91 to 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 91 to 180 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 2
Aggregate Principal Balances of Mortgage Loans in Foreclosure 100,000.00
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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
Class A-2
Number of Mortgages 31 to 60 Days Delinquent 23
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 952,812.01
Number of Mortgages 61 to 90 Days Delinquent 3
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 85,033.75
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 136,947.09
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 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 115,700.05
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 27
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 943,833.60
Number of Mortgages 61 to 90 Days Delinquent 7
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 224,553.19
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 7
Aggregate Principal Balances of Mortgage Loans in Foreclosure 253,592.13
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 31 to 60 Days Delinquent 68
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 2,528,134.12
Number of Mortgages 61 to 90 Days Delinquent 13
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 435,489.84
Number of Mortgages 91 to 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 140,365.58
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 12
Aggregate Principal Balances of Mortgage Loans in Foreclosure $ 469,292.18
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 0.00
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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.
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A Servicing Officer Debora M. Toso
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