- -------------------------------------------------------------------------------
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
Date of Report (Date of earliest event reported) September 4, 1998
WMC SECURED ASSETS CORP. (as company under the Pooling and Servicing Agreement,
dated as of September 1, 1998, providing for the issuance of WMC Mortgage
Pass-Through Certificates, Series 1998-B)
WMC Secured Assets Corp.
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(Exact name of registrant as specified in its charter)
United States 333-59687 95-4683489
- ---------------------------- ----------- ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
6320 Canoga Avenue
Woodland Hills, California 91367
- -------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 592-2610
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<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
Description of the Certificates
On September 4, 1998 a single series of certificates, entitled WMC
Mortgage Pass-Through Certificates, Series 1998-B (the "Certificates") were
issued pursuant to a pooling and servicing agreement (the "Agreement") attached
hereto as Exhibit 4.1, dated as of September 1, 1998, among the Registrant, as
company, WMC Mortgage Corp., as seller and master servicer and The First
National Bank of Chicago, as trustee. The Certificates consist of ten classes
identified as Class A-1, Class A-2, Class A-IO, (collectively, the "Class A
Certificates"), Class M-1, Class M-2 (collectively, the "Class M Certificates"),
Class B, Class C, Class R-I, Class R-II and Class R-III. The Certificates
evidence in the aggregate the entire beneficial ownership interest in a trust
fund comprised of a pool of mortgage loans (the "Mortgage Loans") with an
aggregate principal balance of $600,413,234.52 as of September 1, 1998 (the
"Cut-off Date").
The Class A, Class M and Class B Certificates (collectively, the
"Offered Certificates") were sold by the Registrant to Bear, Stearns & Co. Inc.
("Bear Stearns"), NationsBanc Montgomery Securities LLC , Lehman Brothers Inc.,
Credit Suisse First Boston Corporation and First Union Capital Markets, a
Division of Wheat First Securities, Inc. (collectively, the "Underwriters"),
pursuant to an underwriting agreement dated August 28, 1998 between the
Registrant and Bear Stearns as Representative of the Underwriters.
The Offered Certificates evidence, in the aggregate, $800,000,000
initial principal amount as of the Cut-off Date. The Class A-1 Certificates will
be entitled to payments of interest accrued on the outstanding Class A-1
Principal Balance at a variable pass-through rate. The Class A-2 Certificates
will be entitled to payments of interest accrued on the outstanding Class A-2
Principal Balance at a variable pass-through rate. The Class A-IO Certificate
will be entitled to payments of interest accrued on the outstanding Class A-IO
Notional Amount. The Class M-1 Certificates will be entitled to payments of
interest accrued on the outstanding Class M-1 Principal Balance at a variable
pass-through rate. The Class M-2 Certificates will be entitled to payments of
interest accrued on the outstanding Class M-2 Principal Balance at a variable
pass-through rate. The Class B Certificates will be entitled to payments of
interest accrued on the outstanding Class B Principal Balance at a variable
pass-through rate. In addition, on each Distribution Date, the Offered
Certificates will be entitled to distributions with respect to the Mortgage
Loans in the following priority: first, to the Class A-1 Certificates, second to
the Class A-2 Certificates, third to the Class M-1 Certificates, fourth, to the
Class M-2 Certificates and fifth, to the Class B Certificates until the
Certificate Principal Balances thereof have been reduced to zero, as more fully
described in the Agreement. Distributions allocable to principal will include
the principal portion of all scheduled monthly payments received on the Mortgage
Loans and certain unscheduled collections allocable to principal received or
deemed received during the related Due Period.
Credit enhancement for the Offered Certificates will consist of (i) the
initial overcollateralization (as described in the Agreement), (ii) the
subordination of the Class M and Class B Certificates with respect to the rights
of the holders thereof to receive distributions with respect to the Mortgage
Loans (as described above) and (iii) the allocation of Realized Losses. As more
particularly described in the Agreement, Realized Losses will be allocated first
to the Class B Certificates, until the Certificate Principal Balance thereof has
been reduced to zero, second to the Class M-2 Certificates, until the
Certificate Principal Balance thereof has been reduced to zero and third, to the
Class M-1 Certificates, until the Certificate Principal Balance thereof has been
reduced to zero. Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Agreement.
Items 3 through 6 and Item 8 are not included because they are not
applicable.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
4.1 Pooling and Servicing Agreement, dated as of September 1, 1998,
by and among WMC Secured Assets Corp., as company, WMC Mortgage Corp., as seller
and master servicer and The First National Bank of Chicago, as trustee.
<PAGE>
SIGNATURES
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.
WMC SECURED ASSETS CORP.
By: /s/ Todd Wallace
------------------------
Name: Todd Wallace
Title: Vice President
Dated: September 4, 1998
<PAGE>
EXHIBITS TABLE
4.1 Pooling and Servicing Agreement, dated as of September 1, 1998,
by and among WMC Secured Assets Corp., as company, WMC Mortgage Corp., as seller
and master servicer and The First National Bank of Chicago, as trustee.
EXHIBIT 4.1
<PAGE>
================================================================================
WMC SECURED ASSETS CORP.,
Company,
WMC MORTGAGE CORP.,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
______________________________________
POOLING AND SERVICING AGREEMENT
Dated as of September 1, 1998
______________________________________
Mortgage Pass-Through Certificates
Series 1998-B
================================================================================
<PAGE>
TABLE OF CONTENTS
Page
<TABLE>
<CAPTION>
ARTICLE I
DEFINITIONS
<S> <C> <C>
Section 1.01. DEFINITIONS.................................................................... 4
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF MORTGAGE LOANS...................................................41
Section 2.02. ACCEPTANCE BY TRUSTEE..........................................................44
Section 2.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER SERVICER AND THE
COMPANY........................................................................45
Section 2.04. ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES..................................47
Section 2.05. RESERVED.......................................................................48
Section 2.06. ISSUANCE OF CERTIFICATES AND UNCERTIFICATED REMIC I REGULAR INTERESTS
EVIDENCING INTERESTS IN REMIC I;
CONVEYANCE OF UNCERTIFICATED REMIC I
REGULAR INTERESTS...........................48
Section 2.07. ISSUANCE OF CERTIFICATES AND UNCERTIFICATED REMIC II REGULAR INTERESTS
EVIDENCING INTERESTS IN REMIC II;
CONVEYANCE OF UNCERTIFICATED REMIC II
REGULAR INTERESTS.
...........................................49
Section 2.08. ISSUANCE OF CERTIFICATES EVIDENCING INTERESTS IN REMIC II......................49
Section 2.09 CONVEYANCE OF THE SUBSEQUENT MORTGAGE LOANS....................................50
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. MASTER SERVICER TO ASSURE SERVICING...........................................52
Section 3.02. SUBSERVICING AGREEMENTS BETWEEN MASTER SERVICER AND SUBSERVICER................53
Section 3.03. SUCCESSOR SUBSERVICERS.........................................................53
Section 3.04. LIABILITY OF THE MASTER SERVICER...............................................54
Section 3.05. ASSUMPTION OR TERMINATION OF SUBSERVICING AGREEMENTS BY TRUSTEE................54
Section 3.06. COLLECTION OF MORTGAGE LOAN PAYMENTS...........................................55
Section 3.07 WITHDRAWALS FROM THE CERTIFICATE ACCOUNT.......................................57
Section 3.08. COLLECTION OF TAXES, ASSESSMENTS AND SIMILAR ITEMS; SERVICING ACCOUNTS
.............................................................................................58
Section 3.09 RESERVED.......................................................................59
i
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Section 3.10 MORTGAGE IMPAIRMENT INSURANCE..................................................59
Section 3.11 MAINTENANCE OF HAZARD INSURANCE AND FIDELITY COVERAGE..........................59
Section 3.12 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS.....................................60
Section 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS......................................61
Section 3.14 TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES................................62
Section 3.15 SERVICING COMPENSATION.........................................................63
Section 3.16 ANNUAL STATEMENTS OF COMPLIANCE................................................63
Section 3.17 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT........................63
Section 3.18. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS..................................64
Section 3.19. INFORMATION REQUIRED BY THE INTERNAL REVENUE SERVICE GENERALLY AND
REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED PROPERTY................................64
Section 3.20. TITLE, MANAGEMENT AND DISPOSITION OF REO PROPERTY..............................64
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. DISTRIBUTION ACCOUNT; INVESTMENT OF ACCOUNTS...................................68
Section 4.02. DISTRIBUTIONS..................................................................68
Section 4.03. STATEMENTS TO CERTIFICATEHOLDERS...............................................73
Section 4.04. RESERVED.......................................................................75
Section 4.05. ALLOCATION OF REALIZED LOSSES..................................................75
Section 4.06. 1934 ACT REPORTS................................................................76
Section 4.07. RESERVED.......................................................................77
Section 4.08. DISTRIBUTIONS ON THE UNCERTIFICATED REMIC I AND REMIC II REGULAR
INTERESTS......................................................................77
Section 4.09 MONTHLY ADVANCES...............................................................79
Section 4.10 COMPENSATING INTEREST PAYMENTS.................................................79
Section 4.11 PRE-FUNDING ACCOUNT............................................................80
Section 4.12 CAPITALIZED INTEREST ACCOUNT...................................................80
Section 4.13 AVAILABLE FUNDS CAP CARRYOVER RESERVE ACCOUNT..................................81
Section 4.14. COMPLIANCE WITH WITHHOLDING....................................................82
ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES...............................................................83
Section 5.02. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES..........................84
Section 5.03. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES..............................89
Section 5.04. PERSONS DEEMED OWNERS..........................................................90
Section 5.05. APPOINTMENT OF PAYING AGENT....................................................90
Section 5.06. ERISA DEEMED REPRESENTATION....................................................90
ii
<PAGE>
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. RESPECTIVE LIABILITIES OF THE COMPANY AND THE MASTER SERVICER.................92
Section 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE MASTER SERVICER.................92
Section 6.03. LIMITATION ON LIABILITY OF THE COMPANY, THE MASTER SERVICER AND OTHERS
.............................................................................92
Section 6.04. COMPANY AND MASTER SERVICER NOT TO RESIGN.....................................93
ARTICLE VII
DEFAULT
Section 7.01. EVENTS OF DEFAULT..............................................................94
Section 7.02 TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.......................................96
Section 7.03 WAIVER OF EVENTS OF DEFAULT....................................................97
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. DUTIES OF TRUSTEE..............................................................98
Section 8.02. CERTAIN MATTERS AFFECTING THE TRUSTEE.........................................100
Section 8.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS.........................102
Section 8.04. TRUSTEE MAY OWN CERTIFICATES..................................................102
Section 8.05. TRUSTEE'S FEES AND EXPENSES; INDEMNIFICATION..................................102
Section 8.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE..........................................103
Section 8.07. RESIGNATION AND REMOVAL OF THE TRUSTEE........................................103
Section 8.08. SUCCESSOR TRUSTEE.............................................................104
Section 8.09. MERGER OR CONSOLIDATION OF TRUSTEE............................................105
Section 8.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.................................105
Section 8.11. APPOINTMENT OF CUSTODIANS.....................................................106
Section 8.12. APPOINTMENT OF OFFICE OR AGENCY...............................................106
ARTICLE IX
TERMINATION
Section 9.01. TERMINATION UPON PURCHASE BY THE MASTER SERVICER OR THE COMPANY OR
LIQUIDATION OF ALL MORTGAGE LOANS.............................................107
Section 9.02. TERMINATION OF REMIC II AND REMIC II..........................................110
Section 9.03. ADDITIONAL TERMINATION REQUIREMENTS...........................................110
ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC ADMINISTRATION..........................................................112
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<PAGE>
Section 10.02. MASTER SERVICER, REMIC ADMINISTRATOR AND TRUSTEE INDEMNIFICATION
116
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. AMENDMENT.....................................................................117
Section 11.02. RECORDATION OF AGREEMENT; COUNTERPARTS........................................119
Section 11.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS....................................120
Section 11.04. GOVERNING LAW.................................................................120
Section 11.05. NOTICES.......................................................................121
Section 11.06. NOTICES TO RATING AGENCIES....................................................121
Section 11.07. SEVERABILITY OF PROVISIONS....................................................122
Section 11.08. SUPPLEMENTAL PROVISIONS FOR RESECURITIZATION..................................122
Section 11.09. THIRD PARTY BENEFICIARIES.....................................................123
</TABLE>
EXHIBITS
Exhibit A-1 Form of Class A Certificates
Exhibit A-2 Form of Subordinate Certificate
Exhibit A-3 Form of Class C Certificate
Exhibit A-4 Form of Class IO Certificate
Exhibit B Form of Class R Certificates
Exhibit C Mortgage Loan Schedule
Exhibit D Form of Request for Release
Exhibit E-1 Form of Initial Certification
Exhibit E-2 Form of Interim Certification
Exhibit E-3 Form of Final Certification
Exhibit F-1 Form of Transfer Affidavit and Agreement
Exhibit F-2 Form of Transferor Certificate
Exhibit G-1 Form of Investor Representation Letter
Exhibit G-2 Form of ERISA Representation Letter
Exhibit H Form of Transferor Representation Letter
Exhibit I Form of Rule 144A Investment Representation Letter
Exhibit J Form of Subsequent Transfer Agreement
Exhibit K Form of Addition Notice
Exhibit L Form of Lost Note Affidavit
iv
<PAGE>
This is a Pooling and Servicing Agreement, dated as of September 1,
1998, among WMC SECURED ASSETS CORP. (together with its permitted successors and
assigns, the "Company"), WMC MORTGAGE CORP., as master servicer (together with
its permitted successors and assigns, the "Master Servicer"), and THE FIRST
NATIONAL BANK OF CHICAGO, as trustee (together with its permitted successors and
assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell Mortgage Pass-Through Certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund (as defined herein) created hereunder, consisting primarily of
the Mortgage Loans, the Certificate Account, the Distribution Account, the
Pre-Funding Account, the Capitalized Interest Account and the Available Funds
Cap Carryover Reserve Account (each, as defined herein). As provided herein, the
REMIC Administrator will make an election to treat the segregated pool of assets
described in the definition of REMIC I (as defined herein), as a real estate
mortgage investment conduit (a "REMIC") for federal income tax purposes and such
segregated pool of assets will be designated as "REMIC I." The Uncertificated
REMIC I Regular Interests (as defined herein) will evidence the "regular
interests" in REMIC I and the Class R-I Certificates will evidence the sole
class of "residual interests" in REMIC I for purposes of the REMIC Provisions
(as defined herein).
The following table irrevocably sets forth the designation, the
Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal
Balance and, solely for purposes of satisfying Treasury regulation section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the
Uncertificated REMIC I Regular Interests (as defined herein). None of the
Uncertificated REMIC I Regular Interests will be certificated.
Uncertificated Initial
REMIC-I Uncertificated Latest Possible
Designation Pass-Through Rate Principal Balance Maturity-Date(1)
- ---------------- ------------------- -------------------- -------------------
LT-Y Variable(2) $720,000,000 September 20, 2031
LT-Z Variable(2) $ 80,000,000 September 20, 2031
Class R-I N/A N/A N/A
1
<PAGE>
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the thirty-sixth Distribution Date following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC I Regular
Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC I
Pass-Through Rate" herein.
As provided herein, the REMIC Administrator will make an election to
treat the segregated pool of assets described in the definition of REMIC II (as
defined herein), as a real estate mortgage investment conduit (a "REMIC") for
federal income tax purposes and such segregated pool of assets will be
designated as "REMIC II." The Uncertificated REMIC II Regular Interests (as
defined herein) will evidence the "regular interests" in REMIC II and the Class
R-II Certificates will evidence the sole class of "residual interests" in REMIC
II for purposes of the REMIC Provisions (as defined herein).
The following table irrevocably sets forth the designation, the
Uncertificated REMIC II Pass-Through Rate, the initial Uncertificated Principal
Balance or Uncertificated Component Notional Amount and, solely for purposes of
satisfying Treasury regulation section 1.860G- 1(a)(4)(iii), the "latest
possible maturity date" for each of the Uncertificated REMIC II Regular
Interests. None of the Uncertificated REMIC II Regular Interests will be
certificated.
Initial
Uncertificated
Principal Balance or
Uncertificated Uncertificated
REMIC-II Component Notional Latest Possible
Designation Pass-Through Rate Amount Maturity-Date(1)
- -------------- -------------------- --------------------- -------------------
LT-A-1 Variable(2) $400,000,000 September 20, 2031
LT-A-2 Variable(2) $232,000,000 September 20, 2031
LT-M-1 Variable(2) $64,000,000 September 20, 2031
LT-M-2 Variable(2) $56,000,000 September 20, 2031
LT-B Variable(2) $48,000,000 September 20, 2031
LT-A-IO-A 1.5%(3) N/A(4) September 20, 2031
LT-A-IO-B 1.5%(5) N/A(4) September 20, 2031
LT-A-IO-C 2.5%(6) N/A(4) September 20, 2031
Class R-II N/A N/A N/A
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the thrity-sixth Distribution Date following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC II
Regular Interest.
(2) Calculated in accordance with the definition of "Uncertificated REMIC II
Pass-Through Rate" herein.
(3) For the first 12 Distribution Dates and thereafter 0.00%.
(4) Uncertificated REMIC II Regular Interest LT-A-IO-A, Uncertificated REMIC
II Regular Interest LT-A-IO-B and Uncertificated REMIC II Regular Interest
LT-A-IO-C will not have a Certificate Principal Balance. Rather, each will
2
<PAGE>
accrue interest as provided herein on an Uncertificated Component Notional
Amount equal to the Uncertificated Principal Balance of REMIC I Regular
Interest LT-Z.
(5) For the first 24 Distirbution Dates and thereafter 0.00%.
(6) For the first 30 Distirbution Dates and thereafter 0.00%.
As provided herein, a segregated pool of assets consisting of the
Uncertificated REMIC II Regular Interests (as defined herein) will be designated
as "REMIC III," and the REMIC Administrator will make a separate REMIC election
with respect thereto. The Class A-1, Class A-2, Class M-1, Class M-2, and Class
B Certificates and each Class C Component and Class A-IO Component will evidence
"regular interests" in REMIC III, and the Class R-III Certificates will evidence
the sole class of "residual interests" therein within the meaning of the REMIC
Provisions.
The following table irrevocably sets forth the designation,
Pass-Through Rate, Initial Certificate Principal Balance or Component Notional
Amount, and solely for purposes of satisfying Treasury regulation section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each Class of
Certificates or Components representing "regular interests" in REMIC III.
Aggregate Initial
Certificate
Principal Balance
or Component
Pass-Through Notional Latest Possible
Designation Rate Amount Maturity Date(1)
----------- ------------ ------------------ ----------------
Class A-1 Variable(2) $400,000,000 September 20, 2031
Class A-2 Variable(2) $232,000,000 September 20, 2031
Class M-1 Variable(2) $64,000,000 September 20, 2031
Class M-2 Variable(2) $56,000,000 September 20, 2031
Class B Variable(2) $48,000,000 September 20, 2031
Component C-A-1(3) Variable(2) N/A(4) September 20, 2031
Component C-A-2(3) Variable(2) N/A(4) September 20, 2031
Component C-M-1(3) Variable(2) N/A(4) September 20, 2031
Component C-M-2(3) Variable(2) N/A(4) September 20, 2031
Component C-B(3) Variable(2) N/A(4) September 20, 2031
Component A-IO-A (5) N/A September 20, 2031
Component A-IO-B (5) N/A September 20, 2031
Component A-IO-C (5) N/A September 20, 2031
Class R-III N/A N/A N/A
(1) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
regulations, the thirty-sixth Distribution Date following the maturity
date for the Mortgage Loan with the latest maturity date has been
designated as the "latest possible maturity date" for each REMIC III
Regular Interest.
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<PAGE>
(2) Calculated in accordance with the definition of "Pass-Through Rate"
herein.
(3) Each Component constitutes a separate "regular interest" in REMIC III
represented by the Class C Certificates.
(4) Component C-A-1, Component C-A-2, Component C-M-1, Component C-M-2 and
Component C-B will not have a Certificate Principal Balance. Rather each
will accrue interest as provided herein on a Component Notional Amount
equal to: (i) in the case of Component C-A-1, the Uncertificated Principal
Balance of REMIC II Regular Interest LT-A-1; (ii) in the case of Component
C-A-2, the Uncertificated Principal Balance of REMIC II Regular Interest
LT-A-2, (iii) in the case of Component C-M-1, the Uncertificated Principal
Balance of REMIC II Regular Interest LT-M-1; (iv) in the case of Component
C-M-2, the Uncertificated Principal Balance of REMIC II Regular Interest
LT-M-2; and (v) in the case of Component C-B, the Uncertificated Principal
Balance of REMIC II Regular Interest LT-B.
(5) Component A-IO-A will be entitled to receive 100% of the interest payable
on Uncertificated REMIC II Regular Interest LT-A-IO-A; Component A-IO-B
will be entitled to receive 100% of the interest payable on Uncertificated
REMIC II Regular Interest LT-A-IO-B; Component A-IO-C will be entitled to
100% of the interest payable on Uncertificated REMIC II Regular Interest
LT-A-IO-C.
As of the Initial Cut-off Date, the Initial Mortgage Loans have an
aggregate Cut-off Date Principal Balance equal to approximately $642,680,490.42.
The Initial Mortgage Loans are adjustable rate, closed-end, sub-prime mortgage
loans secured by first lien mortgages on residential one- to four- family
properties.
In consideration of the mutual agreements herein contained, the
Company, the Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01. DEFINITIONS. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the meanings specified in this Article.
ACCOUNTS: Collectively, the Certificate Account, the Distribution
Account, the Pre- Funding Account, the Capitalized Interest Account and the
Available Funds Cap Carryover Reserve Account.
ACCRUED CERTIFICATE INTEREST: With respect to each Distribution
Date, as to the Class A-1 and Class A-2 Certificates and Subordinate
Certificates, interest accrued during the related Interest Accrual Period at the
related Pass-Through Rate on the Certificate Principal Balance thereof
immediately prior to such Distribution Date. With respect to each Distribution
Date, as to the Class A-IO Certificates, the aggregate of the following amounts:
(i) with respect to Component A-IO-A for such Distribution Date, 100% of the
interest payable on Uncertificated REMIC II Regular Interest LT-A-IO-A, for such
Distribution Date, (ii) with respect to Component A-IO-B for such Distribution
Date, 100% of the interest payable on Uncertificated REMIC II Regular Interest
LT-A-IO-B, and (iii) with respect to Component A-IO-C for such Distribution
Date, 100% of the interest payable on Uncertificated REMIC II Regular Interest
LT-A-IO-C. With respect to each Distribution Date, as to the Class C
Certificates, the aggregate of the following
4
<PAGE>
amounts: (i) interest accrued during the related Interest Accrual Period at the
Pass-Through Rate applicable to Component C-A-1 for such Distribution Date on
the Component Notional Amount for such Component for such Distribution Date,
(ii) interest accrued during the related Interest Accrual Period at the
Pass-Through Rate applicable to Component C-A-2 for such Distribution Date on
the Component Notional Amount for such Component for such Distribution Date,
(iii) interest accrued during the related Interest Accrual Period at the
Pass-Through Rate applicable to Component C-M-1 for such Distribution Date on
the Component Notional Amount for such Component for such Distribution Date,
(iv) interest accrued during the related Interest Accrual Period at the
Pass-Through Rate applicable to Component C-M-2 for such Distribution Date on
the Component Notional Amount for such Component for such Distribution Date, and
(v) interest accrued during the related Interest Accrual Period at the
Pass-Through Rate applicable to Component C-B for such Distribution Date on the
Component Notional Amount for such Component for such Distribution Date. Accrued
Certificate Interest will be calculated on the basis of a 360-day year and the
actual number of days elapsed during the related Interest Accrual Period with
respect to each Class of Offered Certificates other than the Class A-IO
Certificates. With respect to the Components of the Class A-IO Certificates,
Accrued Certificate Interest will be calculated on the basis of a 360-day year
consisting of twelve 30 day months. In each case Accrued Certificate Interest on
any Class of Class A Certificates, Subordinate Certificates or Class C
Certificates will be reduced by any interest that is not collectible from a
Mortgagor during the related Due Period pursuant to the Relief Act or similar
legislation or regulations as in effect from time to time, with all such
reductions allocated among all Classes of Class A Certificates, Subordinate
Certificates and Class C Certificates in proportion to their respective amounts
of Accrued Certificate Interest which would have resulted absent such
reductions, to the extent, in the aggregate, of a fraction of such shortfalls,
the numerator of which is equal to the Aggregate Certificate Principal Balance,
and the denominator of which is equal to the Pool Principal Balance.
ADJUSTMENT DATE: As to each Mortgage Loan, each date set forth in
the related Mortgage Note on which an adjustment to the interest rate on such
Mortgage Loan becomes effective.
AFFILIATE: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes
of this definition, "control" means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
AGREEMENT: This Pooling and Servicing Agreement and all amendments
hereof and supplements hereto.
AGGREGATE CERTIFICATE PRINCIPAL BALANCE: As of any date of
determination thereof, the sum of the then outstanding Certificate Principal
Balances of the Class A-1, Class A-2, Class M-1, Class M-2 and Class B
Certificates.
5
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APPRAISED VALUE: As to any Mortgaged Property, the lowest of (i) the
appraised value of such Mortgaged Property based upon the appraisal made at the
time of the origination of the related Mortgage Loan, (ii) a review appraisal
and (iii) the purchase price of the Mortgaged Property at the time of
origination.
ASSIGNMENT: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage, which assignment, notice of transfer or
equivalent instrument may be in the form of one or more blanket assignments
covering Mortgages secured by Mortgaged Properties located in the same county.
AVAILABLE FUNDS CAP CARRYOVER AMOUNT: With respect to any Class of
Offered Certificates (other than the Class A-IO Certificates) and any
Distribution Date up to and including (but not after) the Distribution Date on
which the Certificate Principal Balance of such Class is reduced to zero, the
sum of (i) if on such Distribution Date the Pass-Through Rate on such Class is
based on the Available Funds Cap Rate, the excess, if any, of (A) interest
accrued during the Interest Accrual Period for the preceding Distribution Date
on the Certificate Principal Balance of such Class immediately prior to such
preceding Distribution Date at the LIBOR Certificate Rate for such Class for
such preceding Distribution Date over (B) the interest accrued during such
Interest Accrual Period on the Certificate Principal Balance of such Class
immediately prior to such preceding Distribution Date at the Available Funds Cap
Rate for such Class for such preceding Distribution Date, (ii) the amount of any
Available Funds Cap Carryover Amount for such Class for any previous
Distribution Date to the extent not distributed on such Class from amounts on
deposit in the Available Funds Cap Carryover Reserve Account on such previous
Distribution Dates and (iii) interest accrued on the amounts described in
clauses (i) and (ii) above during the Interest Accrual Period for the current
Distribution Date at the LIBOR Certificate Rate for such Class for such current
Distribution Date.
AVAILABLE FUNDS CAP CARRYOVER RESERVE ACCOUNT: The Eligible Account
established and maintained by the Trustee pursuant to Section 4.13 hereunder.
AVAILABLE FUNDS CAP RATE: For any Distribution Date, the per annum
rate equal to the weighted average of the Net Mortgage Rates of the Mortgage
Loans as of the second day of the month preceding the month of such Distribution
Date, weighted on the basis of the related Stated Principal Balances as of such
date minus the Strip Effective Rate multiplied by a fraction equal to (i) the
Component Notional Amount of the Class A-IO Components on such Distribution Date
divided by (ii) the sum of the Pool Principal Balance and the Pre-Funded Amount
on such Distribution Date.
BANKRUPTCY CODE: The Bankruptcy Code of 1978, as amended.
BOOK-ENTRY CERTIFICATE: Any Certificate registered in the name of
the Depository or its nominee.
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BUSINESS DAY: Any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in the State of New York, the State of
California or the State of Illinois (and such other state or states in which the
Certificate Account, the Distribution Account, the Pre- Funding Account, the
Capitalized Interest Account or the Available Funds Cap Carryover Reserve
Account are at the time located) are required or authorized by law or executive
order to be closed.
CAPITALIZED INTEREST ACCOUNT: The Eligible Account established and
maintained by the Trustee pursuant to Section 4.12 hereunder.
CAPITALIZED INTEREST AMOUNT: The amount deposited by the Company in
the Capitalized Interest Account on the Closing Date, which amount is
$725,230,000.00.
CASH LIQUIDATION: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
CERTIFICATE: Any Class A Certificate, Subordinate Certificate, Class
C Certificate or Class R Certificate.
CERTIFICATE ACCOUNT: The custodial account or accounts created and
maintained pursuant to Section 3.06 in the name of a depository institution, as
custodian for the Holders of the Certificates, into which the amounts set forth
in Section 3.06 shall be deposited directly. Any such account or accounts shall
be an Eligible Account.
CERTIFICATEHOLDER OR HOLDER: The Person in whose name a Certificate
is registered in the Certificate Register, except that no Disqualified
Organization, Non-United States Person or "electing large partnership" within
the meaning of Section 775(a) of the Code shall be a holder of a Class R
Certificate and, solely for the purpose of giving any consent or direction
pursuant to this Agreement (other than any consent required pursuant to Section
11.01), any Certificate registered in the name of the Company, the Master
Servicer, any Subservicer or any Affiliate of the foregoing, shall be deemed not
to be outstanding and the Percentage Interest or Voting Rights evidenced thereby
shall not be taken into account in determining whether the requisite amount of
Percentage Interests or Voting Rights necessary to effect any such consent or
direction has been obtained. All references herein to "Holders" or
"Certificateholders" shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof, except as otherwise specified herein; PROVIDED, HOWEVER, that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the Person in whose name a Certificate is registered in the Certificate
Register.
CERTIFICATE MARGIN: With respect to each Class of Offered
Certificates (other than the Class A-IO Certificates), as follows:
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CLASS CERTIFICATE MARGIN
----- ------------------
Class A-1 0.06%(1) 0.12%(2)
Class A-2 0.22%(1) 0.44%(2)
Class M-1 0.34%(1) 0.51%(2)
Class M-2 0.65%(1) 0.975%(2)
Class B 1.30%(1) 1.95%(2)
- ----------------
(1) For Interest Accrual Periods beginning on or prior to the Optional
Termination Date.
(2) For Interest Accrual Periods beginning after the Optional Termination
Date.
CERTIFICATE OWNER: With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Certificate, as reflected on the
books of an indirect participating brokerage firm for which a Depository
Participant acts as agent, if any, and otherwise on the books of a Depository
Participant, if any, and otherwise on the books of the Depository.
CERTIFICATE PRINCIPAL BALANCE: With respect to each Class A-1 and
Class A-2 Certificate, on any date of determination, an amount equal to (i) the
initial Certificate Principal Balance of such Certificate, minus the aggregate
of all amounts previously distributed with respect to such Certificate (or any
predecessor Certificate) and applied to reduce the Certificate Principal Balance
thereof pursuant to Sections 4.02(c) and 4.02(d). With respect to each
Subordinate Certificate, on any date of determination, an amount equal to (i)
the initial Certificate Principal Balance of such Certificate, minus (ii) the
sum of (x) the aggregate of all amounts previously distributed with respect to
such Certificate (or any predecessor Certificate) and applied to reduce the
Certificate Principal Balance thereof pursuant to Section 4.02(c) or 4.02(d) and
(y) the aggregate of all reductions in Certificate Principal Balance deemed to
have occurred in connection with Realized Losses which were previously allocated
to such Certificate (or any predecessor Certificate) pursuant to Section 4.05.
The Class A-IO Certificates, Class C Certificates, Components and Residual
Certificates do not have Certificate Principal Balances.
CERTIFICATE REGISTER AND CERTIFICATE REGISTRAR: The register
maintained and the registrar appointed pursuant to Section 5.02.
CLASS: Collectively, all of the Certificates bearing the same
designation.
CLASS A CERTIFICATE: Any one of the Class A-1 Certificates, Class
A-2 Certificates and Class A-IO Certificates.
CLASS A-1 CERTIFICATE: Any one of the Class A-1 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A-1, senior to the Class A-2
Certificates, Subordinate Certificates, the Class C Certificates and Class R
Certificates with respect to distributions and the allocation of Realized Losses
as set
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forth in Section 4.05, and evidencing an interest designated as a "regular
interest" in REMIC III within the meaning of the REMIC Provisions.
CLASS A-2 CERTIFICATE: Any one of the Class A-2 Certificates and
Class A-2 Certificates executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed hereto as Exhibit A-1,
senior to the Subordinate Certificates, the Class C Certificates and Class R
Certificates with respect to distributions and the allocation of Realized Losses
as set forth in Section 4.05, and evidencing an interest designated as a
"regular interest" in REMIC III within the meaning of the REMIC Provisions.
CLASS A-IO CERTIFICATE: Any one of the Class A-IO Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A-4 and evidencing three
separate Class A-IO Components each designated as a "regular interest" in REMIC
III for purposes of the REMIC Provisions.
CLASS A-IO COMPONENT: Any one of the three components of the partial
beneficial ownership interest in the Trust Fund evidenced by the Class A-IO
Certificates, designated as Component A-IO-A, Component A-IO-B and Component
A-IO-C respectively, each such Component constituting a separate "regular
interest" in REMIC III.
CLASS B CERTIFICATE: Any one of the Class B Certificates executed by
the Trustee and authenticated by the Certificate Registrar substantially in the
form annexed hereto as Exhibit A-2, senior to the Class C Certificates and the
Class R Certificates with respect to distributions and the allocation of
Realized Losses as set forth in Section 4.05, and evidencing an interest
designated as a "regular interest" in REMIC III within the meaning of the REMIC
Provisions.
CLASS C CERTIFICATE: Any one of the Class C Certificates executed by
the Trustee and authenticated by the Certificate Registrar substantially in the
form annexed hereto as Exhibit A-3, senior to the Class R Certificates with
respect to distributions, and evidencing five separate "regular interests" in
REMIC III for purposes of the REMIC Provisions. The Class C Certificates shall
be entitled to distributions as set forth herein.
CLASS C COMPONENT: Any one of the five components of the partial
beneficial ownership interest in the Trust Fund evidenced by the Class C
Certificates, designated as "Component C-A-1", "Component C-A-2", "Component
C-M-1", "Component C-M-2" and "Component C-B", respectively, each such component
constituting a separate "regular interest" in REMIC III.
CLASS C INTEREST CARRY FORWARD AMOUNT: With respect to the Class C
Certificates and any Distribution Date subsequent to the first Distribution
Date, the excess, if any, of the Class C Interest Distribution Amount for the
immediately preceding Distribution Date, over the aggregate distributions of
interest made in respect of the Class C Certificates pursuant to Section 4.02(e)
on such immediately preceding Distribution Date. Class C Interest Carry Forward
Amounts shall not bear interest.
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CLASS C INTEREST DISTRIBUTION AMOUNT: With respect to the Class C
Certificates and any Distribution Date, the sum of (i) Accrued Certificate
Interest for such Class and such Distribution Date and (ii) the Class C Interest
Carry Forward Amount for such Distribution Date.
CLASS M CERTIFICATE: Any one of the Class M-1 Certificates and Class
M-2 Certificates.
CLASS M-1 CERTIFICATE: Any one of the Class M-1 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A-2, senior to the Class M-2
Certificates, the Class B Certificates, the Class C Certificates and the Class R
Certificates with respect to distributions and the allocation of Realized Losses
as set forth in Section 4.05, and evidencing an interest designated as a
"regular interest" in REMIC III within the meaning of the REMIC Provisions.
CLASS M-2 CERTIFICATE: Any one of the Class M-2 Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A-2, senior to the Class B
Certificates, the Class C Certificates and the Class R Certificates with respect
to distributions and the allocation of Realized Losses as set forth in Section
4.05, and evidencing an interest designated as a "regular interest" in REMIC III
within the meaning of the REMIC Provisions.
CLASS R CERTIFICATE: Any one of the Class R-I Certificates, Class
R-II Certificates or Class R-III Certificates.
CLASS R-I CERTIFICATE: Any one of the Class R-I Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B and evidencing an interest
designated as a "residual interest" in REMIC I within the meaning of the REMIC
Provisions.
CLASS R-II CERTIFICATE: Any one of the Class R-II Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B and evidencing an interest
designated as a "residual interest" in REMIC II within the meaning of the REMIC
Provisions.
CLASS R-III CERTIFICATE: Any one of the Class R-III Certificates
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit B and evidencing an interest
designated as a "residual interest" in REMIC III within the meaning of the REMIC
Provisions.
CLOSING DATE: September 4, 1998.
CODE: The Internal Revenue Code of 1986, as amended.
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COMPENSATING INTEREST: With respect to any Mortgage Loan for which a
Principal Prepayment in Full has been received by the Master Servicer during a
Due Period, an amount equal to the lesser of (a) the difference between (x) 30
days' interest at the Net Mortgage Rate (or at such lower rate as may be in
effect for such Mortgage Loan because of application of the Relief Act, or as a
result of any Debt Service Reduction) on the Stated Principal Balance of such
Mortgage Loan as of the first day of the related Due Period and (y) to the
extent not previously advanced, the interest paid by the related Mortgagor with
respect to the Mortgage Loan during such Due Period, and (b) the aggregate
Servicing Fee received by the Master Servicer for such Due Period.
COMPONENT: Any one of the Class A-IO Components and Class C
Components.
COMPONENT A-IO-A: With respect to the Class A-IO Certificates, the
component thereof entitled to distributions of interest (but not principal) to
the extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. The Component A-IO-A shall be entitled to
receive 100% of the interest payable on Uncertificated REMIC II Regular Interest
LT- A-IO-A but shall not be entitled to any distributions of principal.
COMPONENT A-IO-B: With respect to the Class A-IO Certificates, the
component thereof entitled to distributions of interest (but not principal) to
the extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. The Component A-IO-B shall be entitled to
receive 100% of the interest payable on Uncertificated REMIC II Regular Interest
LT- A-IO-B but shall not be entitled to any distributions of principal.
COMPONENT A-IO-C: With respect to the Class A-IO Certificates, the
component thereof entitled to distributions of interest (but not principal) to
the extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. The Component A-IO-C shall be entitled to
receive 100% of the interest payable on Uncertificated REMIC II Regular Interest
LT- A-IO-C but shall not be entitled to any distributions of principal.
COMPONENT C-A-1: With respect to the Class C Certificates, the
component thereof having a Component Notional Amount as set forth in this
Agreement and entitled to distributions of interest (but not principal) to the
extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. Component C-A-1 shall accrue interest at the
related Pass-Through Rate on its related Component Notional Amount but shall not
be entitled to any distributions of principal.
COMPONENT C-A-2: With respect to the Class C Certificates, the
component thereof having a Component Notional Amount as set forth in this
Agreement and entitled to distributions of interest (but not principal) to the
extent set forth in this Agreement, being an uncertificated
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<PAGE>
interest representing an interest designated as a "regular interest" in REMIC
III for purposes of the REMIC Provisions. Component C-A-2 shall accrue interest
at the related Pass-Through Rate on its related Component Notional Amount but
shall not be entitled to any distributions of
principal.
COMPONENT C-M-1: With respect to the Class C Certificates, the
component thereof having a Component Notional Amount as set forth in this
Agreement and entitled to distributions of interest (but not principal) to the
extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. Component C-M-1 shall accrue interest at the
related Pass-Through Rate on its related Component Notional Amount but shall not
be entitled to any distributions of principal.
COMPONENT C-M-2: With respect to the Class C Certificates, the
component thereof having a Component Notional Amount as set forth in this
Agreement and entitled to distributions of interest (but not principal) to the
extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. Component C-M-2 shall accrue interest at the
related Pass-Through Rate on its related Component Notional Amount but shall not
be entitled to any distributions of principal.
COMPONENT C-B: With respect to the Class C Certificates, the
component thereof having a Component Notional Amount as set forth in this
Agreement and entitled to distributions of interest (but not principal) to the
extent set forth in this Agreement, being an uncertificated interest
representing an interest designated as a "regular interest" in REMIC III for
purposes of the REMIC Provisions. Component C-B shall accrue interest at the
related Pass-Through Rate on its related Component Notional Amount but shall not
be entitled to any distributions of principal.
COMPONENT NOTIONAL AMOUNT: The hypothetical or notional principal
amount on which any of the following Components accrues interest equal to:(1) in
the case of Component C- A-1, the Uncertificated Principal Balance of
Uncertificated REMIC II Regular Interest LT-A-1; (2) in the case of Component
C-A-2, the Uncertificated Principal Balance of Uncertificated REMIC II Regular
Interest LT-A-2; (3) in the case of Component C-M-1, the Uncertificated
Principal Balance of Uncertificated REMIC II Regular Interest LT-M-1; (4) in the
case of Component C-M-2, the Uncertificated Principal Balance of Uncertificated
REMIC II Regular Interest LT-M-2; and (5) in the case of Component C-B, the
Uncertificated Principal Balance of Uncertificated REMIC II Regular Interest
LT-B outstanding from time to time.
CORPORATE TRUST OFFICE: The principal office of the Trustee at which
at any particular time its corporate trust business with respect to this
Agreement shall be administered, which office at the date of the execution of
this instrument is located at One First National Plaza, Suite 0126, Chicago,
Illinois 60670-0126, Attention: WMC Mortgage Corp. Series 1998-B.
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CPR: The Constant Prepayment Rate, which represents an assumed
constant rate of prepayment each month, expressed as a per annum percentage
principal balance of the pool of Mortgage Loans for that month.
CUMULATIVE NET LOSSES: As of any date of determination, the
aggregate of the Liquidation Loan Losses incurred from the Cut-Off Date through
the end of the calendar month preceding such date of determination.
CURTAILMENT: Any Principal Prepayment made by a Mortgagor which is
not a Principal Prepayment in Full.
CUSTODIAL AGREEMENT: An agreement that may be entered into among the
Company, the Master Servicer, the Trustee and a Custodian providing for the
retention of the Mortgage Files by such Custodian on behalf of the Trustee.
CUSTODIAN: A custodian appointed pursuant to a Custodial Agreement.
CUT-OFF DATE: With respect to (i) each Initial Mortgage Loan, the
Initial Cut-off Date, (ii) each Subsequent Mortgage Loan, the related Subsequent
Cut-off Date and (iii) any Qualified Substitute Mortgage Loan, the Replacement
Cut-off Date.
CUT-OFF DATE PRINCIPAL BALANCE: As to any Mortgage Loan, the
original principal balance thereof minus the principal portion of all payments
due on such Mortgage Loan on or before the related Cut-off Date and minus all
other payments applied to reduce such original principal amount on or before
such Cut-off Date.
DEBT SERVICE REDUCTION: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a
reduction constituting a Deficient Valuation or any reduction that results in a
permanent forgiveness of principal.
DEFICIENT VALUATION: With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or any reduction
in the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
DEFINITIVE CERTIFICATE: Any definitive, fully registered
Certificate.
DELETED MORTGAGE LOAN: A Mortgage Loan replaced or designated to be
replaced with a Qualified Substitute Mortgage Loan.
DELINQUENT: A Mortgage Loan is "Delinquent" if any payment due
thereon is not made by the close of business on the day such payment is
scheduled. A Mortgage Loan is "30
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days Delinquent" if such payment has not been received by the close of business
on the corresponding day of the month immediately succeeding the month in which
such payment was due. Similarly for "60 days Delinquent," "90 days or more
Delinquent" and so on.
DEPOSITORY: The Depository Trust Company, or any successor
Depository hereafter named. The nominee of the initial Depository for purposes
of registering Book-Entry Certificates is Cede & Co. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York and a "clearing agency" registered
pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, as amended.
DEPOSITORY PARTICIPANT: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
DETERMINATION DATE: The second Business Day prior to the related
Distribution Date.
DIRECTLY OPERATE: With respect to any REO Property, the furnishing
or rendering of services to the tenants thereof, the management or operation of
such REO Property, the holding of such REO Property primarily for sale to
customers, the performance of any construction work thereon or any use of such
REO Property in a trade or business conducted by REMIC I other than through an
Independent Contractor; PROVIDED, HOWEVER, that the Trustee (or the Master
Servicer on behalf of the Trustee) shall not be considered to Directly Operate
an REO Property solely because the Trustee (or the Master Servicer on behalf of
the Trustee) establishes rental terms, chooses tenants, enters into or renews
leases, deals with taxes and insurance, or makes decisions as to repairs or
capital expenditures with respect to such REO Property.
DISQUALIFIED ORGANIZATION: Any organization defined as a
"disqualified organization" under Section 860E(e)(5) of the Code, which includes
any of the following: (i) the United States, any State or political subdivision
thereof, any possession of the United States, or any agency or instrumentality
of any of the foregoing (other than an instrumentality which is a corporation if
all of its activities are subject to tax and, except for the FHLMC, a majority
of its board of directors is not selected by such governmental unit), (ii) a
foreign government, any international organization, or any agency or
instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers' cooperatives described in Section 521 of the Code) which is
exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
by Section 511 of the Code on unrelated business taxable income), (iv) rural
electric and telephone cooperatives described in Section 1381(a)(2)(C) of the
Code and (v) any other Person so designated by the Trustee based upon an Opinion
of Counsel that the holding of an Ownership Interest in a Class R Certificate by
such Person may cause REMIC I, REMIC II or REMIC III or any Person having an
Ownership Interest in any Class of Certificates (other than such Person) to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of a Class R Certificate to such
Person. The terms "United States", "State"
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and "international organization" shall have the meanings set forth in Section
7701 of the Code or successor provisions.
DISTRIBUTION ACCOUNT: The separate account or accounts created and
maintained pursuant to Section 4.01, which shall be entitled "The First National
Bank of Chicago, as trustee, in trust for the registered holders of WMC Secured
Assets Corp., Mortgage Pass-Through Certificates, Series 1998-B" which account
shall be held for the benefit of the Certificateholders and which must be an
Eligible Account.
DISTRIBUTION DATE: The 20th day of any month, beginning in October
1998, or, if such 20th day is not a Business Day, the Business Day immediately
following such 20th day.
DUE DATE: With respect to any Mortgage Loan, the day of the month
the Monthly Payment is due as set forth in the related Mortgage Note and which
date is during the Due Period related to such Distribution Date.
DUE PERIOD: With respect to any Distribution Date, the period
commencing on and including the second day of the month preceding the month of
such Distribution Date to and including the first day of the month of such
Distribution Date.
ELIGIBLE ACCOUNT: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Eligible Investments)
securing such funds that is superior to claims of any other depositors or
creditors of the depository institution with which such account is maintained,
or (iii) a trust account or accounts maintained in the corporate trust
department of The First National Bank of Chicago, or (iv) an account or accounts
of a depository institution acceptable to each Rating Agency (as evidenced in
writing by each Rating Agency that use of any such account as the Certificate
Account or the Distribution Account will not reduce the rating assigned to any
Class of Certificates by such Rating Agency below the lower of the then-current
rating or the rating assigned to such Certificates as of the Closing Date by
such Rating Agency).
ELIGIBLE INVESTMENTS: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by the
United States or any agency or instrumentality thereof when such
obligations are backed by the full faith and credit of the United States;
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(ii) repurchase agreements on obligations specified in clause (i)
maturing not more than one month from the date of acquisition thereof,
provided that the unsecured obligations of the party agreeing to
repurchase such obligations are at the time rated by each Rating Agency in
its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits, time
deposits and bankers' acceptances (which shall each have an original
maturity of not more than 90 days and, in the case of bankers'
acceptances, shall in no event have an original maturity of more than 365
days or a remaining maturity of more than 30 days) denominated in United
States dollars of any U.S. depository institution or trust company
incorporated under the laws of the United States or any state thereof or
of any domestic branch of a foreign depository institution or trust
company; provided that the debt obligations of such depository institution
or trust company at the date of acquisition thereof have been rated by
each Rating Agency in its highest short-term rating available;
(iv) commercial paper (having original maturities of not more than
365 days) of any corporation incorporated under the laws of the United
States or any state thereof which on the date of acquisition has been
rated by each Rating Agency in its highest short-term rating available;
provided that such commercial paper shall have a remaining maturity of not
more than 30 days;
(v) a money market fund or a qualified investment fund rated by each
Rating Agency in its highest long-term rating available; and
(vi) other obligations or securities that are acceptable to each
Rating Agency as an Eligible Investment hereunder and will not reduce the
rating assigned to any Class of Certificates by such Rating Agency below
the lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date by such Rating Agency, as evidenced in
writing;
PROVIDED, HOWEVER, that no instrument shall be an Eligible Investment if it
represents either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.
ERISA: The Employee Retirement Income Security Act of 1974, as
amended.
EVENT OF DEFAULT: As defined in Section 7.01.
EXTRA PRINCIPAL DISTRIBUTION AMOUNT: As of any Distribution Date,
the lesser of (x) the Net Monthly Excess Interest Amount for such Distribution
Date and (y) the excess, if any, of (i) the Required Overcollateralization
Amount for such Distribution Date over (ii) the Overcollateralization Amount for
such Distribution Date.
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FASIT: A "financial asset securitization investment trust" within
the meaning of Section 860L of the Code.
FDIC: The Federal Deposit Insurance Corporation or any successor
thereto.
FHLMC: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.
FINAL CERTIFICATION: As defined in Section 2.02.
FINAL DISTRIBUTION DATE: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.03.
FNMA: Fannie Mae, a federally chartered and privately owned
corporation organized and existing under the Federal National Mortgage
Association Charter Act, or any successor thereto.
FORECLOSURE PROFITS: As to any Distribution Date or related
Determination Date, the excess, if any, of Liquidation Proceeds, Insurance
Proceeds and REO Proceeds (net of all amounts reimbursable therefrom pursuant to
Section 3.07)) in respect of each Mortgage Loan or REO Property for which a Cash
Liquidation or REO Disposition occurred in the related Due Period over the sum
of the unpaid principal balance of such Mortgage Loan or REO Property
(determined, in the case of an REO Disposition, in accordance with Section 3.13)
plus accrued and unpaid interest at the Mortgage Rate on such unpaid principal
balance from the Due Date to which interest was last paid by the related
Mortgagor to the first day of the month following the month in which such Cash
Liquidation or REO Disposition occurred.
GROSS MARGIN: With respect to each Mortgage Loan, the fixed
percentage amount set forth in the related Mortgage Note to be added to the
Index to determine the Mortgage Rate on each Adjustment Date, and which is set
forth in the Mortgage Loan Schedule.
INDEPENDENT: When used with respect to any specified Person, means
such a Person who (i) is in fact independent of the Company, the Master
Servicer, the Seller and the Trustee, or any Affiliate thereof, (ii) does not
have any direct financial interest or any material indirect financial interest
in the Company, the Master Servicer, the Seller or the Trustee or in an
Affiliate thereof, and (iii) is not connected with the Company, the Master
Servicer, the Seller or the Trustee as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions.
INDEX: With respect to any Mortgage Loan, the index for the
adjustment of the Mortgage Rate set forth as such on the related Mortgage Note.
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INDIRECT DEPOSITORY PARTICIPANT: An institution that is not a
Depository Participant but clears through or maintains a custodial relationship
with Depository Participants and has access to the Depository's clearing system.
INDEPENDENT CONTRACTOR: Either (i) any Person (other than the Master
Servicer) that would be an "independent contractor" with respect to REMIC I
within the meaning of Section 856(d)(3) of the Code if REMIC I were a real
estate investment trust (except that the ownership tests set forth in that
section shall be considered to be met by any Person that owns, directly or
indirectly, 35 percent or more of any Class of Certificates), so long as REMIC I
does not receive or derive any income from such Person and provided that the
relationship between such Person and REMIC I is at arm's length, all within the
meaning of Treasury Regulation Section 1.856- 4(b)(5), or (ii) any other Person
(including the Master Servicer) if the Trustee has received an Opinion of
Counsel, which Opinion of Counsel shall not be at the expense of the Trust Fund
or the Trustee, to the effect that the taking of any action in respect of any
REO Property by such Person, subject to any conditions therein specified, that
is otherwise herein contemplated to be taken by an Independent Contractor will
not cause such REO Property to cease to qualify as "foreclosure property" within
the meaning of Section 860G(a)(8) of the Code (determined without regard to the
exception applicable for purposes of Section 860D(a) of the Code), or cause any
income realized in respect of such REO Property to fail to qualify as Rents from
Real Property.
INITIAL CERTIFICATE PRINCIPAL BALANCE: With respect to each Class of
Offered Certificates (other than the Class A-IO Certificates), the Certificate
Principal Balance of such Class of Certificates as of the Closing Date as set
forth in the Preliminary Statement hereto.
INITIAL CERTIFICATION: As defined in Section 2.02.
INITIAL CUT-OFF DATE: September 1, 1998.
INITIAL MORTGAGE LOAN: A Mortgage Loan assigned and transferred to
the Trust Fund by the Company on the Closing Date, as listed on the Initial
Mortgage Loan Schedule.
INITIAL MORTGAGE LOAN SCHEDULE: The schedule of Initial Mortgage
Loans attached hereto as Exhibit C.
INITIAL RESERVE ACCOUNT DEPOSIT: The amount deposited by the Company
in the Available Funds Cap Carryover Reserve Account, which amount is $10,000.
INSURANCE PROCEEDS: Proceeds paid in respect of a Mortgage Loan
pursuant to any related insurance policy covering such Mortgage Loan, to the
extent such proceeds are payable to the mortgagee under the related Mortgage,
any Subservicer, the Master Servicer or the Trustee and are not applied to the
restoration of the related Mortgaged Property or released to the related
Mortgagor in accordance with the procedures that the Master Servicer would
follow in servicing mortgage loans held for its own account.
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INTEREST ACCRUAL PERIOD: With respect to any Distribution Date and
(a) each Class of Certificates (other than the Class A-IO Certificates) and each
Class C Component, the period from the Distribution Date in the month preceding
the month of such Distribution Date (or, in the case of the first Distribution
Date, from the Closing Date) through the day before such Distribution Date and
(b) each Class A-IO Component, the calendar month preceding such Distribution
Date.
INTEREST DISTRIBUTION AMOUNT: With respect to any Distribution Date,
the sum of (i) the Interest Remittance Amount and (ii) the amount to pay
interest withdrawn by the Trustee from the Capitalized Interest Account pursuant
to Section 4.12 hereof.
INTEREST REMITTANCE AMOUNT: With respect to any Determination Date,
the sum, without duplication, of the following:
(i) the interest portion of each Monthly Payment received
during the related Due Period (other than Monthly Payments due after
the related Due Period, which shall be treated as if received during
the Due Period in which they are due) on each Outstanding Mortgage
Loan (less the related Servicing Fees);
(ii) Monthly Advances and Compensating Interest paid by the
Master Servicer with respect to such Due Period;
(iii) the interest portion of all other unscheduled
collections (including, without limitation, Insurance Proceeds,
Liquidation Proceeds and REO Proceeds) received during the related
Due Period to the extent applied by the Master Servicer as
recoveries of interest on any Mortgage Loan at the related Net
Mortgage Rate;
(iv) the interest portion of any Substitution Adjustment
Amount or Repurchase Price received with respect to the related Due
Period.
LATE COLLECTIONS: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
LATEST POSSIBLE MATURITY DATE: September 20, 2031.
LIBOR: With respect to any Distribution Date, will equal the
interbank offered rate for one-month United States dollar deposits in the London
market as quoted on Telerate Page 3750 as of 11:00 A.M., London time, on the
second LIBOR Business Day prior to the first day of the related Interest Accrual
Period or, in the case of the first Distribution Date, the second LIBOR Business
Day prior to the Closing Date. "TELERATE PAGE 3750" means the display designated
as page 3750 on the Telerate Service (or such other page as may replace page
3750 on that service for the purpose of displaying London interbank offered
rates of major banks). If such rate does
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not appear on such page (or such other page as may replace that page on that
service, or if such service is no longer offered, such other service for
displaying LIBOR or comparable rates as may be selected by the Trustee after
consultation with the Master Servicer), the rate will be the Reference Bank
Rate. The "REFERENCE BANK RATE" will be determined on the basis of the rates at
which deposits in U.S. dollars are offered by the reference banks (which shall
be three major banks that are engaged in transactions in the London interbank
market, selected by the Trustee after consultation with the Master Servicer) as
of 11:00 A.M., London time, on the day that is two LIBOR Business Days prior to
the immediately preceding Interest Accrual Period to prime banks in the London
interbank market for a period of one month in amounts approximately equal to the
Aggregate Certificate Principal Balance of the Offered Certificates. The Trustee
will request the principal London office of each of the reference banks to
provide a quotation of its rate. If at least two such quotations are provided,
the rate will be the arithmetic mean of the quotations. If on such date fewer
than two quotations are provided, the rate will be the arithmetic mean of the
rates quoted by one or more major banks in New York City, selected by the
Trustee after consultation with the Master Servicer, as of 11:00 A.M., New York
City time, on such date for loans in U.S. dollars to leading European banks for
a period of one month in amounts approximately equal to the Aggregate
Certificate Principal Balance of the Offered Certificates. If no such quotations
can be obtained, the rate will be equal to LIBOR for the prior Distribution
Date; provided that if LIBOR for an Interest Accrual Period would be based on
LIBOR for the previous Interest Accrual Period for three consecutive Interest
Accrual Periods, then the Trustee shall select a comparable alternative index
(over which the Trustee has no control) used for determining one-month
Eurodollar lending rates that is calculated and published (or otherwise made
available) by an independent third party.
LIBOR BUSINESS DAY: Any day other than (i) a Saturday or a Sunday,
or (ii) a day on which banking institutions in the State of New York or in the
City of London, England are required or authorized by law to be closed.
LIBOR CERTIFICATE RATE: With respect to any Class of Offered
Certificates, for any Distribution Date, LIBOR plus the related Certificate
Margin.
LIQUIDATED MORTGAGE LOAN: With respect to any Distribution Date, any
Mortgage Loan in respect of which the Master Servicer has determined, in
accordance with the servicing procedures specified in this Agreement, as of the
end of the related Due Period, that substantially all Liquidation Proceeds which
it reasonably expects to recover with respect to the disposition of the related
Mortgaged Property or REO Property have been recovered.
LIQUIDATION EXPENSES: Out-of-pocket expenses (exclusive of overhead)
which are incurred by or on behalf of the Master Servicer in connection with the
liquidation of any Mortgage Loan and not recovered under any insurance policy,
such expenses including, without limitation, legal fees and expenses, any
unreimbursed amount expended respecting the related Mortgage Loan and any
related and unreimbursed expenditures for real estate property taxes or for
property restoration, preservation or insurance against casualty loss or damage.
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LIQUIDATED LOAN LOSSES: For each Liquidated Mortgage Loan, the
amount, if any, by which the sum of the Stated Principal Balance thereof plus
accrued and unpaid interest thereon plus unreimbursed Servicing Advances is in
excess of the Net Liquidation Proceeds realized thereon.
LIQUIDATION PROCEEDS: Proceeds (including Insurance Proceeds)
received in connection with the liquidation of any Mortgage Loan or related REO
Property, whether through trustee's sale, foreclosure sale or otherwise.
LOAN-TO-VALUE RATIO: As of any date, the fraction, expressed as a
percentage, the numerator of which is the original principal balance of the
related Mortgage Loan as of the date of the origination of such Mortgage Loan
and the denominator of which is the Appraised Value of the related Mortgaged
Property.
MAXIMUM MORTGAGE RATE: With respect to each Mortgage Loan, the
maximum Mortgage Rate permitted over the life of such Mortgage Loan under the
related Mortgage Note.
MINIMUM MORTGAGE RATE: With respect to each Mortgage Loan, the
minimum Mortgage Rate permitted over the life of such Mortgage Loan under the
related Mortgage Note.
MONTHLY ADVANCE: With respect to any Determination Date, an advance
of delinquent interest made by the Master Servicer pursuant to Section 4.09.
MONTHLY PAYMENT: With respect to any Mortgage Loan (including any
REO Property) and any Due Date, the payment of principal and interest due
thereon in accordance with the amortization schedule at the time applicable
thereto (after adjustment, if any, for Curtailments and for Deficient Valuations
occurring prior to such Due Date but before any adjustment to such amortization
schedule by reason of any bankruptcy, other than a Deficient Valuation, or
similar proceeding or any moratorium or similar waiver or grace period).
MOODY'S: Moody's Investors Service, Inc., or its successor in
interest.
MORTGAGE: With respect to each Mortgage Note related to a Mortgage
Loan, the mortgage, deed of trust or other comparable instrument creating a
first lien on an estate in fee simple interest in real property securing a
Mortgage Note.
MORTGAGE FILE: The mortgage documents listed in Section 2.01
pertaining to a particular Mortgage Loan and any additional documents required
to be added to the Mortgage File pursuant to this Agreement.
MORTGAGE LOAN PURCHASE AGREEMENT: The mortgage loan purchase
agreement, dated as of September 1, 1998, by and between the Company, as
purchaser, and the Seller, as seller.
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MORTGAGE LOANS: Such of the mortgage loans transferred and assigned
to the Trustee pursuant to Section 2.01 hereof and each Subsequent Transfer
Agreement, together with any Qualified Substitute Mortgage Loans, as from time
to time are held as a part of the Trust Fund, the Mortgage Loans originally so
held being identified in the Initial Mortgage Loan Schedule, and including each
related Mortgage Note, Mortgage and Mortgage File and all rights appertaining
thereto.
MORTGAGE LOAN SCHEDULE: As of any date, the schedule(s) of Mortgage
Loans included in the Trust Fund as of such date, including the Initial Mortgage
Loan Schedule, any Subsequent Mortgage Loan Schedule and any amended Mortgage
Loan Schedule with respect to the addition of Qualified Substitute Mortgage
Loans, if any. The Mortgage Loan Schedule shall set forth at a minimum the
following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number;
(ii) the street address of the Mortgaged Property including state
and zip code;
(iii) the maturity date of the Mortgage Note;
(iv) the Mortgage Rate as of the related Cut-off Date;
(v) the original principal balance;
(vi) the date the first monthly payment thereon is due;
(vii) the scheduled monthly payment of principal and interest as of
the related Cut-off Date;
(viii) the Cut-off Date Principal Balance;
(ix) the Maximum Mortgage Rate;
(x) the Minimum Mortgage Rate;
(xi) the Index and Gross Margin;
(xii) the Appraised Value of the related Mortgaged Property;
(xiii) the original term to maturity;
(xiv) the remaining number of months to maturity;
(xv) the property type and occupancy status; and
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(xvi) the next Adjustment Date after the related Cut-off Date.
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
MORTGAGE NOTE: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modifications thereto.
MORTGAGE RATE: As to any Mortgage Loan, the interest rate borne by
the related Mortgage Note calculated on the basis of a 360-day year and 12
30-day months elapsed in the related period for which interest thereon accrues.
MORTGAGED PROPERTY: The underlying real property securing a
Mortgage Loan.
MORTGAGOR: The obligor on a Mortgage Note.
NET LIQUIDATION PROCEEDS: With respect to any Liquidated Mortgage
Loan, Liquidation Proceeds net of Liquidation Expenses.
NET MONTHLY EXCESS CASH FLOW: For any Distribution Date, the sum
of (i) the Net Monthly Excess Interest Amount as determined pursuant to Section
4.02(b)(vi), (ii) the Net Monthly Excess Principal Amount for such Distribution
Date as determined pursuant to Section 4.02(c)(vi) or 4.02(d)(vi) and (iii) the
Overcollateralization Reduction Amount for such Distribution Date. Net Monthly
Excess Cash Flow shall be allocated on each Distribution Date in accordance with
the priorities set forth in Section 4.02(e).
NET MONTHLY EXCESS INTEREST AMOUNT: For any Distribution Date, the
amount as defined in Section 4.02(b)(vi).
NET MONTHLY EXCESS PRINCIPAL AMOUNT: With respect to any
Distribution Date prior to the Stepdown Date or for which a Trigger Event is in
effect, the amount as defined in Section 4.02(c)(vi). With respect to any
Distribution Date on or after the Stepdown Date for which a Trigger Event is not
in effect, the amount as defined in Section 4.02(d)(vi).
NET MORTGAGE RATE: As to each Mortgage Loan, a per annum rate of
interest equal to the Mortgage Rate less the per annum rate at which the
Servicing Fee is calculated.
NEW LEASE: Any lease of REO Property entered into on behalf of the
Trust Fund, including any lease renewed or extended on behalf of the Trust Fund
if the Trust Fund has the right to renegotiate the terms of such lease.
NON-OFFERED CERTIFICATE: Any Class C, Class R-I, Class R-II or
Class R-III Certificate.
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NONRECOVERABLE ADVANCES: With respect to any Mortgage Loan, (i)
any Servicing Advance or Monthly Advance previously made and not reimbursed
pursuant to Section 3.07(a)(iv), or (ii) a Servicing Advance or Monthly Advance
proposed to be made in respect of a Mortgage Loan or REO Property which, in the
good faith business judgment of the Master Servicer would not be ultimately
recoverable from Late Collections, Insurance Proceeds or Liquidation Proceeds on
such Mortgage Loan or REO Property.
NON-UNITED STATES PERSON: Any Person other than a United States
Person.
OFFERED CERTIFICATES: Collectively, the Class A Certificates, the
Class M Certificates and the Class B Certificates.
OFFICER'S CERTIFICATE: A certificate signed by the Chairman of the
Board, the President, a Vice President or Assistant Vice President, a Managing
Director or Director, the Treasurer, the Secretary, or one of the Assistant
Treasurers or Assistant Secretaries of the Company or the Master Servicer, as
the case may be, and delivered to the Trustee, as required by this Agreement.
OPINION OF COUNSEL: A written opinion of counsel acceptable to the
Trustee and the Master Servicer, who may be in-house counsel for the Company or
the Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Permitted Transferee", (ii) relating to the qualification of the
Trust Fund as a REMIC or compliance with the REMIC Provisions or (iii) pursuant
to Section 6.04 must, unless otherwise specified, be an opinion of Independent
counsel.
OPTIONAL TERMINATION DATE: As defined in Section 9.01 hereof.
ORIGINAL PRE-FUNDED AMOUNT: The amount remitted to the Trustee by
the Company for deposit in the Pre-Funding Account on the Closing Date, which
amount is $157,319,509.58.
OUTSTANDING MORTGAGE LOAN: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02, 2.04
or 3.18.
OVERCOLLATERALIZATION AMOUNT: As of any Distribution Date, the
excess, if any, of (a) the sum of the aggregate Stated Principal Balances of the
Mortgage Loans as of the last day of the immediately preceding Due Period and
the Pre-Funded Amount, if any, over (b) the Aggregate Certificate Principal
Balance as of such Distribution Date (after taking into account the payment to
the Offered Certificates of the Principal Distribution Amount on such
Distribution Date but prior to taking into account any allocation of Realized
Losses on such Distribution Date).
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OVERCOLLATERALIZATION REDUCTION AMOUNT: As of any Distribution Date,
the excess, if any, of (a) the Overcollateralization Amount for such
Distribution Date, over (y) the Required Overcollateralization Amount for such
Distribution Date.
OWNERSHIP INTEREST: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
PTCE 95-60: The Prohibited Transaction Class Exemption issued by the
United States Department of Labor and set forth in 60 Federal Register 35925.
PASS-THROUGH RATE: For any Distribution Date and with respect to:
(i) Component C-A-1, the excess, if any, of the Uncertificated REMIC
II Pass- Through Rate for Uncertificated REMIC II Regular Interest LT-A-1
for such Distribution Date, over the Pass-Through Rate for the Class A-1
Certificates;
(ii) Component C-A-2, the excess, if any, of the Uncertificated
REMIC II Pass- Through Rate for Uncertificated REMIC II Regular Interest
LT-A-2 for such Distribution Date, over the Pass-Through Rate for the
Class A-2 Certificates;
(iii) Component C-M-1, the excess, if any, of the Uncertificated
REMIC II Pass- Through Rate for Uncertificated REMIC II Regular Interest
LT-M-1 for such Distribution Date, over the Pass-Through Rate for the
Class M-1 Certificates;
(iv) Component C-M-2, the excess, if any, of the Uncertificated
REMIC II Pass- Through Rate for Uncertificated REMIC II Regular Interest
LT-M-2 for such Distribution Date, over the Pass-Through Rate for the
Class M-2 Certificates;
(v) Component C-B, the excess, if any, of the Uncertificated REMIC
II Pass- Through Rate for Uncertificated REMIC II Regular Interest LT-B
for such Distribution Date, over the Pass-Through Rate for the Class B
Certificates;
(vi) the Class A-1, Class A-2, Class M-1, Class M-2 and Class B
Certificates, the lesser of (x) the related LIBOR Certificate Rate and,
(y) the Available Funds Cap Rate;
PAYING AGENT: The First National Bank of Chicago or any successor
Paying Agent appointed by the Trustee.
PERCENTAGE INTEREST: With respect to any Class A Certificate (other
than the Class A-IO Certificates) and Subordinate Certificate, the undivided
percentage ownership interest in the related Class evidenced by such
Certificate, which percentage ownership interest shall be equal to the Initial
Certificate Principal Balance thereof divided by the aggregate Initial
Certificate
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Principal Balance of all of the Certificates of the same Class. The Percentage
Interest with respect to a Class A-IO, C or Class R Certificate shall be stated
on the face thereof.
PERIODIC RATE CAP: With respect to any Mortgage Loan, the maximum
rate, if any, by which the Mortgage Rate on such Mortgage Loan can adjust on any
Adjustment Date, as stated in the related Mortgage Note or Mortgage.
PERMITTED TRANSFEREE: Any Transferee of a Class R Certificate, other
than a Disqualified Organization, any "electing large partnership" within the
meaning of Section 775(a) of the Code, or Non-United States Person.
PERSON: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
PLAN: Any employee benefit plan within the meaning of section 3(3)
of ERISA or a plan within the meaning of section 4975(e)(1) of the Code.
POOL PRINCIPAL BALANCE: As to any date of determination, the
aggregate of the Stated Principal Balances of each Mortgage Loan that was an
Outstanding Mortgage Loan on such date of determination.
PRE-FUNDING ACCOUNT: The Pre-Funding Account established pursuant to
Section 4.11 of this Agreement. The Pre-Funding Account shall be an Eligible
Account.
PRE-FUNDING PERIOD: The period commencing on the Closing Date and
ending on the earliest to occur of (i) the date on which the amount on deposit
in the Pre-Funding Account (exclusive of any investment earnings) is less than
$50,000, (ii) the date on which an Event of Default occurs under this Agreement
and (iii) December 3, 1998.
PRE-FUNDED AMOUNT: With respect to any Distribution Date, the amount
remaining on deposit in the Pre-Funding Account.
PRINCIPAL DISTRIBUTION AMOUNT: With respect to any Distribution
Date, the sum of (i) the Principal Remittance Amount for such Distribution Date,
minus, on any Distribution Date occurring on or after the Stepdown Date, the
Overcollateralization Reduction Amount for such Distribution Date, (ii) the
Extra Principal Distribution Amount for such Distribution Date and (iii) the
Pre-Funded Amount with respect to the Distribution Date following the
termination of the Pre- Funding Period, that amount, if any, remaining on
deposit in the Pre-Funding Account.
PRINCIPAL PREPAYMENT: Any payment of principal or other recovery on
a Mortgage Loan, including Liquidation Proceeds, which is received in advance of
its scheduled Due Date and is not accompanied by an amount as to interest
representing scheduled interest on such payment due on any date or dates in any
month or months subsequent to the month of prepayment.
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PRINCIPAL PREPAYMENT IN FULL: Any Principal Prepayment made by a
Mortgagor of the entire principal balance of a Mortgage Loan.
PRINCIPAL REMITTANCE AMOUNT: With respect to any Distribution Date,
the sum of the following:
(i) the principal portion of each Monthly Payment received by the
Master Servicer during the related Due Period (other than Monthly Payments
due after the related Due Period, which shall be treated as if received
during the Due Period in which they are due) on each Outstanding Mortgage
Loan;
(ii) the principal portion of the Repurchase Price of any Mortgage
Loan repurchased during the related Due Period pursuant to Section 2.02,
2.04 or 3.18 and the principal portion of any Substitution Adjustment
Amounts deposited into the Certificate Account on or prior to such
Determination Date; and
(iii) the principal portion of all other unscheduled collections
(including, without limitation, Principal Prepayments in Full,
Curtailments, Insurance Proceeds, Liquidation Proceeds and REO Proceeds)
received during the related Due Period (or deemed to have been so
received) to the extent applied by the Master Servicer as recoveries of
principal of the related Mortgage Loan;
MINUS
(iv) expenses incurred by and reimbursable to the Master Servicer or
the Company pursuant to Sections 3.07, 3.13, 6.03, 10.02 or otherwise
under this Agreement.
PURCHASE PRICE: As defined in Section 2.09.
QUALIFIED SUBSTITUTE MORTGAGE LOAN: A Mortgage Loan substituted by
the Seller or the Company for a Deleted Mortgage Loan which must, on the date of
such substitution, as confirmed in an Officer's Certificate delivered to the
Trustee, (i) have an outstanding principal balance, after deduction of the
principal portion of the Monthly Payment received in the month of substitution
(or in the case of a substitution of more than one Mortgage Loan for a Deleted
Mortgage Loan, an aggregate outstanding principal balance, after such
deduction), not in excess of the Stated Principal Balance of the Deleted
Mortgage Loan (the amount of any Substitution Adjustment Amount to be deposited
by the Seller in the Certificate Account in the month of substitution); (ii)
have a Mortgage Rate, Net Mortgage Rate, Gross Margin and Maximum Mortgage Rate
no lower than the Mortgage Rate, Net Mortgage Rate, Gross Margin and Maximum
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date of
substitution; (iii) have a Loan-to-Value Ratio at the time of substitution no
higher than that of the Deleted Mortgage Loan at the time of substitution; (iv)
have a remaining term to stated maturity not greater than (and not more than one
year less than) that of the Deleted Mortgage Loan; (v) shall be of the same or
higher credit quality classification (determined in accordance with the
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Seller's underwriting guidelines) as the Deleted Mortgage Loan; (vi) be a first
lien adjustable rate Mortgage Loan having the same Index as the Deleted Mortgage
Loan and (vii) satisfy the criteria set forth from time to time in the
definition of "qualified mortgage" as defined in Section 860G(a)(3) of the Code
(or any successor statute thereto and applicable to the Trust Fund).
RATING AGENCY: With respect to the Offered Certificates, Standard &
Poor's and Moody's. If either agency or a successor is no longer in existence,
"Rating Agency" shall be such statistical credit rating agency, or other
comparable Person, designated by the Company, notice of which designation shall
be given to the Trustee and the Master Servicer.
REALIZED LOSS: With respect to each Mortgage Loan (or REO Property)
as to which a Cash Liquidation or REO Disposition has occurred, an amount (not
less than zero) equal to (i) the Stated Principal Balance of the Mortgage Loan
(or value of the REO Property) as of the date of Cash Liquidation or REO
Disposition, plus (ii) interest (and REO Imputed Interest, if any) at the Net
Mortgage Rate from the Due Date as to which interest was last paid to
Certificateholders up to the last day of the month in which the Cash Liquidation
(or REO Disposition) occurred on the Stated Principal Balance of such Mortgage
Loan (or REO Property) outstanding during each Due Period that such interest was
not paid, minus (iii) the proceeds, if any, received during the month in which
such Cash Liquidation (or REO Disposition) occurred, to the extent applied as
recoveries of interest at the Net Mortgage Rate and to principal of the Mortgage
Loan, net of the portion thereof reimbursable to the Master Servicer with
respect to related expenses as to which the Master Servicer is entitled to
reimbursement thereunder but which have not been previously reimbursed. With
respect to each Mortgage Loan which has become the subject of a Deficient
Valuation, the difference between the principal balance of the Mortgage Loan
outstanding immediately prior to such Deficient Valuation and the principal
balance of the Mortgage Loan as reduced by the Deficient Valuation. With respect
to each Mortgage Loan which has become the object of a Debt Service Reduction,
the amount of such Debt Service Reduction. Notwithstanding the above, neither a
Deficient Valuation nor a Debt Service Reduction shall be deemed a Realized Loss
hereunder so long as the Master Servicer has delivered to the Trustee an
Officer's Certificate stating that the Master Servicer is diligently pursuing
any remedies that may exist in connection with the representations and
warranties made regarding the related Mortgage Loan and such Mortgage Loan is
not in default with regard to payments due thereunder.
RECORD DATE: With respect to each Distribution Date, the close of
business on the last Business Day of the month preceding the month in which the
related Distribution Date occurs.
REGULAR CERTIFICATE: Any Class A Certificate, Subordinate
Certificate or Class C Certificate.
RELIEF ACT: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
REO ACCOUNT: The account or accounts maintained by the Master
Servicer in respect of an REO Property pursuant to Section 3.20.
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REO ACQUISITION: The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders of any REO Property
pursuant to Section 3.13.
REO DISPOSITION: As to any REO Property, a determination by the
Master Servicer that it has received substantially all Insurance Proceeds,
Liquidation Proceeds, REO Proceeds and other payments and recoveries (including
proceeds of a final sale) which the Master Servicer expects to be finally
recoverable from the sale or other disposition of the REO Property.
REO IMPUTED INTEREST: As to any REO Property, for any period, an
amount equivalent to interest (at the Net Mortgage Rate that would have been
applicable to the related Mortgage Loan had it been outstanding) on the unpaid
principal balance of the related Mortgage Loan as of the date of acquisition
thereof for such period.
REO PROCEEDS: Proceeds, net of expenses, received in respect of any
REO Property (including, without limitation, proceeds from the rental of such
REO Property) which proceeds are required to be deposited into the Certificate
Account pursuant to Section 3.20(d).
REO PROPERTY: A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed in lieu of foreclosure in connection with a
defaulted Mortgage Loan.
REMIC: A "real estate mortgage investment conduit" within the
meaning of Section 860D of the Code.
REMIC ADMINISTRATOR: The Master Servicer. If the Master Servicer is
found by a court of competent jurisdiction to no longer be able to fulfill its
obligations as REMIC Administrator under this Agreement, the Master Servicer or
Trustee acting as Master Servicer shall appoint a successor REMIC Administrator,
subject to assumption of the REMIC Administrator obligations under this
Agreement.
REMIC I: The segregated pool of assets, with respect to which a
REMIC election is to be made, consisting of:
(i) the Mortgage Loans and the related Mortgage Files;
(ii) all payments and collections in respect of the Mortgage Loans
of interest due and principal received after the related
Cut-off Date as shall be on deposit in the Certificate Account
or in the Distribution Account and identified as belonging to
the Trust Fund;
(iii) property which secured a Mortgage Loan and which has been
acquired for the benefit of the Certificateholders by
foreclosure or deed in lieu of foreclosure;
(iv) any insurance policies relating to the Mortgage Loans;
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(v) the Company's rights under the Mortgage Loan Purchase
Agreement; and
(vi) all proceeds of clauses (i) through (v) above.
The Pre-Funding Account, Capitalized Interest Account and Available Funds Cap
Carryover Reserve Account shall not be assets of REMIC I.
REMIC I CERTIFICATES: The Class R-I Certificates.
REMIC II: The segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests conveyed in trust to the Trustee for
the benefit of the holders of the REMIC II Certificates and the Uncertificated
REMIC II Regular Interests, with respect to which a separate REMIC election is
to be made. The Pre-Funding Account, Capitalized Interest Account and Available
Funds Cap Carryover Reserve Account shall not be assets of REMIC II.
REMIC II CERTIFICATES: The Class R-II Certificates.
REMIC III: The segregated pool of assets consisting of the
Uncertificated REMIC II Regular Interests conveyed in trust to the Trustee for
the benefit of the holders of the REMIC III Certificates with respect to which a
separate REMIC election is to be made. The Pre-Funding Account, the Capitalized
Interest Account and Available Funds Cap Carryover Reserve Account shall not be
assets of REMIC III.
REMIC III CERTIFICATES: Any one of the Class A-1, Class A-2, Class
A-IO, Class M-1, Class M-2, Class B and Class R-III Certificates.
REMIC PROVISIONS: Provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at Sections 860A
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions,
and temporary and final regulations (or, to the extent not inconsistent with
such temporary or final regulations, proposed regulations) and published
rulings, notices and announcements promulgated thereunder, as the foregoing may
be in effect from time to time.
RENTS FROM REAL PROPERTY: With respect to any REO Property, gross
income of the character described in Section 856(d) of the Code as being
included in the term "rents from real property."
REPLACEMENT CUT-OFF DATE: With respect to any Qualified Substitute
Mortgage Loan, the later of (i) the first day of the calendar month in which
such Qualified Substitute Mortgage Loan is conveyed to the Trust Fund and (ii)
the date of origination thereof, if any such Qualified Substitute Mortgage Loan
is originated in the month in which such Qualified Substitute Mortgage Loan is
conveyed to the Trust Fund.
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REPURCHASE PRICE: With respect to any Mortgage Loan (or REO
Property) required to be or otherwise purchased on any date pursuant to Section
2.02, 2.04 or 3.18, an amount equal to the sum, without duplication, of (i) 100%
of the principal balance thereof (without reduction for any amounts charged off)
and (ii) unpaid accrued interest at the Mortgage Rate (or at the Net Mortgage
Rate in case of a purchase by the Master Servicer) on the principal balance
thereof from the Due Date to which interest was last paid by the Mortgagor to
the first day of the month following the month of purchase plus (iii) the amount
of any unreimbursed Servicing Advances made with respect to such Mortgage Loan
plus (iv) any other amounts owed to the Master Servicer pursuant to Section 3.07
and not included in clause (iii) of this definition.
REQUEST FOR RELEASE: A request for release, the form of which is
attached as Exhibit D hereto.
REQUIRED OVERCOLLATERALIZATION AMOUNT: With respect to any
Distribution Date (i) on or prior to the Stepdown Date, $30,800,000, and (ii)
after the Stepdown Date, so long as no Trigger Event is in effect, the greater
of (x) the lesser of (a) 3.85% of the sum of the Pool Principal Balance as of
the Cut-off Date and the Original Pre-Funded Amount, and (b) 7.70% of the then
current Pool Principal Balance as of the end of the related Due Period and (y)
$4,000,000; provided, however, that if a Trigger Event has occurred and is
continuing, the Required Overcollateralization Amount with respect to such
Distribution Date will remain equal to the amount required as of the
Distribution Date immediately preceding the date on which such Trigger Event
occurred; and provided, further, that if the Certificate Principal Balance of
each Class of Offered Certificates has been reduced to zero, the Required
Overcollateralization Amount shall be zero.
RESPONSIBLE OFFICER: When used with respect to the Trustee, any
officer of the Corporate Trust Department of the Trustee, including any Senior
Vice President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee to whom, with respect to a particular matter, such matter is
referred.
SELLER: WMC Mortgage Corp., a California corporation.
SENIOR ENHANCEMENT PERCENTAGE: For any Distribution Date, the
percentage obtained by dividing (x) the sum of (i) the aggregate Certificate
Principal Balance of the Subordinate Certificates immediately prior to such
Distribution Date (or if the Certificate Principal Balance of the Class A-1 and
Class A-2 Certificates has been reduced to zero, the aggregate Certificate
Principal Balance of each Class of Subordinate Certificates other than the most
senior Class of Subordinate Certificates then outstanding), and (ii) the
Overcollateralization Amount for such Distribution Date, by (y) the Pool
Principal Balance as of the last day of the related Due Period.
SENIOR SPECIFIED ENHANCEMENT PERCENTAGE: On any date of
determination thereof, 49.70%.
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SERVICER TERMINATION EVENT: With respect to any Distribution Date,
the Servicer Termination Event has occurred (i) with respect to a Distribution
Date occurring between the Initial Cut-off Date and the fifth anniversary of the
Cut-off Date if on such Distribution Date (X) the sum of (a) the product of (1)
the percentage obtained by dividing the balance of 30 day Delinquent Mortgage
Loans by the sum of the Cut-off Date Pool Principal Balance and the aggregate
Stated Principal Balances of the Subsequent Mortgage Loans as of the related
Cut-off Date, and (2) 12.41%; plus (b) the product of (1) the percentage
obtained by dividing the balance of 60 day Delinquent Mortgage Loans by the sum
of the Cut-off Date Pool Principal Balance and the aggregate Stated Principal
Balances of the Subsequent Mortgage Loans as of the related Cut-off Date, and
(2) 24.82%; plus (c) the product of (1) the percentage obtained by dividing the
balance of 90 days or more Delinquent Mortgage Loans by the sum of the Cut-off
Date Pool Principal Balance and the aggregate Stated Principal Balances of the
Subsequent Mortgage Loans as of the related Cut-off Date, and (2) 49.64%; plus
(d) the percentage obtained by dividing Cumulative Net Losses by the sum of the
Cut-off Date Pool Principal Balance and the aggregate Stated Principal Balances
of the Subsequent Mortgage Loans as of the related Cut-off Date, in each case as
of the last day of the calendar month preceding such Distribution Date, exceeds
(Y) 14.75% and (ii) with respect to a Distribution Date ocurring after the fifth
anniversary of the Cut-off Date if on such Distribution Date the sum set forth
in (X) above, in each case as of the last day of the calendar month preceding
such Distribution Date, exceeds 22.25%.
SERVICING ACCOUNTS: The account or accounts created and maintained
pursuant to Section 3.08.
SERVICING ADVANCES: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master Servicer in the performance of its
servicing obligations, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property, (ii) any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of any REO Property and (iv) compliance with the
obligations under Sections 3.01, 3.08, 3.11(c), 3.20 and 3.13, including, if the
Master Servicer or any Affiliate of the Master Servicer provides services such
as appraisals and brokerage services that are customarily provided by Persons
other than servicers of mortgage loans, reasonable compensation for such
services.
SERVICING FEE: With respect to any Mortgage Loan and Distribution
Date, the fee payable monthly to the Master Servicer in respect of master
servicing compensation that accrues at an annual rate of 0.5075% on the
principal balance on which interest accrues on such Mortgage Loan as of the
first day of the related Due Period.
SERVICING OFFICER: Any employee of the Master Servicer involved in,
or responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
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STANDARD & POOR'S: Standard & Poor's, a division of the McGraw-Hill
Companies, Inc. or its successor in interest.
STATED PRINCIPAL BALANCE: With respect to any Mortgage Loan or
related REO Property, at any given time, the unpaid principal balance thereof at
the close of business on the related Cut-off Date, reduced by all amounts
allocable to principal that have been distributed to Certificateholders with
respect to such Mortgage Loan, and as further reduced to the extent of any
Realized Loss incurred with respect to such Mortgage Loan on or before the last
day of the most recently ended Due Period.
STEPDOWN DATE: The later to occur of (x) the Distribution Date in
October 2001 and (y) the first Distribution Date on which the Senior Enhancement
Percentage (after taking into account distributions of principal on such
Distribution Date) is greater than or equal to the Senior Specified Enhancement
Percentage.
STRIP EFFECTIVE RATE: With respect to the first 12 Distribution
Dates, 5.50%. With Respect to the 13th through 24th Distribution Date following
the Closing Date, 4.00%. With respect to the 25th through 30th Distribution Date
following the Closing Date, 2.50%. With respect to any Distribution Date after
the 30th Distribution Date following the Closing Date, 0.00%.
SUBORDINATE CERTIFICATES: Any one of the Class M Certificates or
Class B Certificates.
SUBSEQUENT CUT-OFF DATE: With respect to any Subsequent Mortgage
Loan, the later of (x) the close of business of the first day of the month in
which such Subsequent Mortgage Loan is transferred by the Seller to the Company
and from the Company to the Trust Fund and (y) the date of origination thereof,
if any such Subsequent Mortgage Loan is originated in the month of the related
Subsequent Transfer Date.
SUBSEQUENT MORTGAGE LOAN: Each Mortgage Loan sold and assigned by
the Seller to the Company and from the Company to the Trust Fund pursuant to a
Subsequent Transfer Agreement.
SUBSEQUENT MORTGAGE LOAN SCHEDULE: The schedule(s) listing the
Subsequent Mortgage Loans sold and conveyed to the Trust Fund on any Subsequent
Transfer Date pursuant to the related Subsequent Transfer Agreement.
SUBSEQUENT TRANSFER AGREEMENT: Each subsequent transfer agreement
dated as of a Subsequent Transfer Date by which Subsequent Mortgage Loans are
sold and assigned to the Trust Fund, in the form of Exhibit J hereto.
SUBSEQUENT TRANSFER DATE: The date specified in each Subsequent
Transfer Agreement as the date on which Subsequent Mortgage Loans described
therein are to be sold, transferred and assigned to the Trust Fund.
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SUBSERVICER: Any Person with whom the Master Servicer has entered
into a Subservicing Agreement.
SUBSERVICING AGREEMENT: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage Loans specified therein as permitted in Section 3.02 hereof.
SUBSTITUTION ADJUSTMENT AMOUNT: As defined in Section 2.04 hereof.
TAX RETURNS: The federal income tax return on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax
Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of REMIC I and REMIC II due to their classification as
REMICs under the REMIC Provisions, together with any and all other information,
reports or returns that may be required to be furnished to the
Certificateholders or filed with the Internal Revenue Service or any other
governmental taxing authority under any applicable provisions of federal, state
or local tax laws.
TRANSFER: Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership Interest in a
Certificate.
TRANSFEREE: Any Person who is acquiring by Transfer any Ownership
Interest in a Certificate.
TRANSFEROR: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
TRIGGER EVENT: A Trigger Event has occurred with respect to a
Distribution Date if, on such Distribution Date, the percentage obtained by
dividing (x) the aggregate Stated Principal Balance of the Mortgage Loans that
are 60 or more days delinquent in payment of principal and interest as of the
last day of the preceding calendar month (including Mortgage Loans in
foreclosure and REO Mortgage Loans), by (y) the Pool Principal Balance as of the
last day of the preceding calendar month, equals or exceeds 35% of the Senior
Enhancement Percentage.
TRUST FUND: REMIC I, REMIC II, REMIC III, the Pre-Funding Account,
the Capitalized Interest Account and the Available Funds Cap Carryover Reserve
Account.
UNAFFILIATED SELLER: Bear Stearns Mortgage Capital Corporation, a
Delaware corporation.
UNCERTIFICATED CLASS A-IO COMPONENT NOTIONAL AMOUNT: The
hypothetical or notional principal amount on which any of the following Class
A-IO Components accrues interest,
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equal to the Uncertificated Principal Balance of the Uncertificated REMIC I
Regular Interest LT-Z.
UNAFFILIATED SELLER AGREEMENT: The mortgage loan purchase agreement,
dated as of September 1, 1998, by and between the Company, as purchaser, and the
Unaffiliated Seller, as seller.
UNCERTIFICATED PRINCIPAL BALANCE: With respect to each
Uncertificated REMIC I Regular Interest on any date of determination, an amount
equal to (i) $720,000,0000 with respect to Uncertificated REMIC I Regular
Interest LT-Y and $80,000,000 with respect to Uncertificated REMIC I Regular
Interest LT-Z minus (ii) the sum of (x) the aggregate of all amounts previously
deemed distributed with respect to such interest and applied to reduce the
Uncertificated Principal Balance thereof pursuant to Section 4.08(a)(ii) and (y)
the aggregate of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses that were previously deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.08(d). With respect to each
Uncertificated REMIC II Regular Interest on any date of determination, an amount
equal to (i) 400,000,000 with respect to Uncertificated REMIC II Regular
Interest LT-A-1, $232,000,000 with respect to Uncertificated REMIC II Regular
Interest LT-A-2, $64,000,000 with respect to Uncertificated REMIC II Regular
Interest LT-M-1, $56,000,000 with respect to Uncertificated REMIC II Regular
Interest LT-M-2, $48,000,000 with respect to Uncertificated REMIC II Regular
Interest LT-B minus (ii) the sum of (x) the aggregate of all amounts previously
deemed distributed with respect to such interest and applied to reduce the
Uncertificated Principal Balance thereof pursuant to Section 4.08(e)(ii) and (y)
the aggregate of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses that were previously deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC
II Regular Interest pursuant to Section 4.08(h).
UNCERTIFICATED REMIC I ACCRUED INTEREST: With respect to each
Uncertificated REMIC I Regular Interest on each Distribution Date, an amount
equal to interest accrued during the related Interest Accrual Period at the
Uncertificated REMIC I Pass-Through Rate on the Uncertificated Principal Balance
of such Uncertificated REMIC I Regular Interest immediately prior to such
Distribution Date. Uncertificated REMIC I Accrued Interest will be calculated on
the basis of a 360-day year and the actual number of days elapsed during the
related Interest Accrual Period. In each case, Uncertificated REMIC I Accrued
Interest will be reduced by the amount of all shortfalls in respect of interest
deemed allocated to the related Uncertificated REMIC I Regular Interest pursuant
to Section 4.08.
UNCERTIFICATED REMIC II ACCRUED INTEREST: With respect to each
Uncertificated REMIC II Regular Interest on each Distribution Date, an amount
equal to interest accrued during the related Interest Accrual Period at the
Uncertificated REMIC II Pass-Through Rate on the Uncertificated Principal
Balance or Uncertificated Class A-IO Component Notional Amount, as the case may
be, of such Uncertificated REMIC II Regular Interest immediately prior to such
Distribution Date. Uncertificated REMIC II Accrued Interest will be calculated
on the basis of a 360-day year and the actual number of days elapsed during the
related Interest Accrual Period with respect to each Uncertificated REMIC II
Regular Interest other than Uncertificated REMIC
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II Regular Interest LT-A-IO-A, Uncertificated REMIC II Regular Interest
LT-A-IO-B, and Uncertificated REMIC II Regular Interest LT-A-IO-C. With respect
to Uncertificated REMIC II Regular Interest LT-A-IO-A, Uncertificated REMIC II
Regular Interest LT-A-IO-B, and Uncertificated REMIC II Regular Interest
LT-A-IO-C, Uncertificated REMIC II Accrued Interest will be calculated on the
basis of a 360-day year consisting of twelve 30 day months. In each case,
Uncertificated REMIC II Accrued Interest will be reduced by the amount of all
shortfalls in respect of interest deemed allocated to the related Uncertificated
REMIC II Regular Interest pursuant to Section 4.08.
UNCERTIFICATED REMIC I PASS-THROUGH RATE: With respect to each of
the Uncertificated REMIC I Regular Interests and any Distribution Date, the
weighted average of the Net Mortgage Rates as of the second day of the month
preceding the month of such Distribution Date, weighted on the basis of the
related Stated Principal Balances as of such date.
UNCERTIFICATED REMIC II PASS-THROUGH RATE: With respect to each of
the Uncertificated REMIC II Regular Interests (other than Uncertificated REMIC
II Regular Interest LT-A-IO-A, Uncertificated REMIC II Regular Interest
LT-A-IO-B and Uncertificated REMIC II Regular Interest LT-A-IO-C) and (a) for
the first 12 Distribution Dates, a rate equal to the weighted average of the
Uncertificated REMIC I Pass-Through Rate, weighted on the basis of the
Uncertificated REMIC I Regular LT-Y and the Uncertificated REMIC I Pass-Through
Rate less 5.5%, weighted on the basis of Uncertificated REMIC I Regular LT-Z;
(b) for the next 12 Distribution Dates thereafter, a rate equal to the weighted
average of the Uncertificated REMIC I Pass-Through Rate, weighted on the basis
of the Uncertificated REMIC I Regular LT-Y and the Uncertificated REMIC I
Pass-Through Rate less 4.00%, weighted on the basis of Uncertificated REMIC I
Regular LT-Z; (c) for the next 6 Distribution Dates thereafter, a rate equal to
the weighted average of the Uncertificated REMIC I Pass-Through Rate, weighted
on the basis of the Uncertificated REMIC I Regular LT-Y and the Uncertificated
REMIC I Pass-Through Rate less 2.5%, weighted on the basis of Uncertificated
REMIC I Regular LT-Z; and (d) for each Distribution Date thereafter, a rate
equal to the weighted average of the Uncertificated REMIC I Pass-Through Rate,
weighted on the basis of Uncertificated REMIC I Regular LT-Y and the
Uncertificated REMIC I Pass-Through Rate, weighted on the basis of
Uncertificated REMIC I Regular LT-Z. With respect to Uncertificated REMIC II
Regular Interest LT-A-IO-A, 1.5% for the first 12 Distribution Dates following
the Closing Date and 0.00% thereafter. With respect to Uncertificated REMIC II
Regular Interest LT-A-IO-B, 1.5% for the first 24 Distribution Dates following
the Closing Date and 0.00% thereafter. With respect to Uncertificated REMIC II
Regular Interest LT-A-IO-C, 2.5% for the first 30 Distribution Dates following
the Closing Date and 0.00% thereafter.
UNCERTIFICATED REMIC I REGULAR INTEREST: Any of the two
separate non-certificated beneficial ownership interests in REMIC I issued
hereunder and designated as a "regular interest" in REMIC I. Each REMIC I
Regular Interest shall accrue interest at the related Uncertificated REMIC I
Pass-Through Rate in effect from time to time, and shall be entitled to
distributions of principal, subject to the terms and conditions hereof, in an
aggregate amount equal to its initial Uncertificated Principal Balance as set
forth in the Preliminary Statement hereto. The designations for the respective
REMIC I Regular Interests are set forth in the Preliminary Statement hereto.
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UNCERTIFICATED REMIC I REGULAR INTEREST LT-Y: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a "regular interest" in REMIC I which shall accrue interest at the
Uncertificated REMIC I Pass- Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to its initial Uncertificated Principal
Balance as set forth in the Preliminary Statement hereto.
UNCERTIFICATED REMIC I REGULAR INTEREST LT-Z: One of the separate
non-certificated beneficial ownership interests in REMIC I issued hereunder and
designated as a "regular interest" in REMIC I which shall accrue interest at the
Uncertificated REMIC I Pass- Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to its initial Uncertificated Principal
Balance as set forth in the Preliminary Statement hereto.
UNCERTIFICATED REMIC II REGULAR INTEREST: Any of the eight separate
non-certificated beneficial ownership interests in REMIC II issued hereunder
designated as a "regular interest" in REMIC II, and designated as Uncertificated
REMIC II Regular Interest LT-A-IO-A, Uncertificated REMIC II Regular Interest
LT-A-IO-B, Uncertificated REMIC II Regular Interest LT-A-IO-C, Uncertificated
REMIC II Regular Interest LT-A-1, Uncertificated REMIC II Regular Interest
LT-A-2, Uncertificated REMIC II Regular Interest LT-M-1, Uncertificated REMIC II
Regular Interest LT-M-2 and Uncertificated REMIC II Regular Interest LT-B. Each
Uncertificated REMIC II Regular Interest shall accrue interest at the related
Uncertificated REMIC II Pass-Through Rate in effect from time to time, and each
Uncertificated REMIC II Regular Interest (other than Uncertificated REMIC II
Regular Interest LT-A-IO-A, Uncertificated REMIC II Regular Interest LT-A-IO-B
and Uncertificated REMIC II Regular Interest LT-A-IO-C) shall be entitled to
distributions of principal, subject to the terms and conditions hereof, in an
aggregate amount equal to its related initial Uncertificated Principal Balance
as set forth in the Preliminary Statement hereto. The designations for the
respective Uncertificated REMIC II Regular Interests are set forth in the
Preliminary Statement hereto.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-IO-A: One of the
separate non-certificated beneficial ownership interests in REMIC II issued
hereunder and designated as a "regular interest" in REMIC II which shall accrue
interest at the related Uncertificated REMIC II Pass-Through Rate on its
Uncertificated Component Notional Amount in effect from time to time, but shall
not be entitled to receive distributions of principal.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-IO-B: One of the
separate non-certificated beneficial ownership interests in REMIC II issued
hereunder and designated as a "regular interest" in REMIC II which shall accrue
interest at the related Uncertificated REMIC II Pass-Through Rate on its
Uncertificated Component Notional Amount in effect from time to time, but shall
not be entitled to receive distributions of principal.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-IO-C: One of the
separate non-certificated beneficial ownership interests in REMIC II issued
hereunder and designated as a "regular interest"
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in REMIC II which shall accrue interest at the related Uncertificated REMIC II
Pass-Through Rate on its Uncertificated Component Notional Amount in effect from
time to time, but shall not be entitled to receive distributions of principal.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-1: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II which shall accrue interest at
the related Uncertificated REMIC II Pass-Through Rate in effect from time to
time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-2: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II which shall accrue interest at
the related Uncertificated REMIC II Pass-Through Rate in effect from time to
time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-M-1: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II which shall accrue interest at
the related Uncertificated REMIC II Pass-Through Rate in effect from time to
time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary statement
hereto.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-M-2: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II which shall accrue interest at
the related REMIC II Pass-Through Rate in effect from time to time, and shall be
entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to its initial Uncertificated Principal
Balance as set forth in the Preliminary statement hereto.
UNCERTIFICATED REMIC II REGULAR INTEREST LT-B: One of the separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II which shall accrue interest at
the related Uncertificated REMIC II Pass-Through Rate in effect from time to
time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary statement
hereto.
UNCERTIFICATED REMIC I REGULAR INTEREST LT-Y DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest LT-Y for such
Distribution Date pursuant to Section 4.08(a).
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UNCERTIFICATED REMIC I REGULAR INTEREST LT-Z DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest LT-Z for such
Distribution Date pursuant to Section 4.08(a).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-IO-A DISTRIBUTION
AMOUNT: With respect to any Distribution Date, the amount deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-A-IO-A for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-IO-B DISTRIBUTION
AMOUNT: With respect to any Distribution Date, the amount deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-A-IO-B for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-IO-C DISTRIBUTION
AMOUNT: With respect to any Distribution Date, the amount deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-A-IO-C for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-1 DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-A-1 for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-A-2 DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-A-2 for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-M-1 DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-M-1 for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-M-2 DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-M-2 for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC II REGULAR INTEREST LT-B DISTRIBUTION AMOUNT:
With respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC II Regular Interest LT-B for such
Distribution Date pursuant to Section 4.08(e).
UNCERTIFICATED REMIC I REGULAR INTEREST DISTRIBUTION AMOUNTS: The
Uncertificated REMIC II Regular Interest LT-Y Distribution Amount and
Uncertificated REMIC I Regular Interest LT-Z Distribution Amount.
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UNCERTIFICATED REMIC II REGULAR INTEREST DISTRIBUTION AMOUNTS: The
Uncertificated REMIC II Regular Interest LT-A-IO-A Distribution Amount, the
Uncertificated REMIC II Regular Interest LT-A-IO-B Distribution Amount, the
Uncertificated REMIC II Regular Interest LT-A-IO-C Distribution Amount, the
Uncertificated REMIC II Regular Interest LT-A-1 Distribution Amount,
Uncertificated REMIC II Regular Interest LT-A-2 Distribution Amount,
Uncertificated REMIC II Regular Interest LT-M-1 Distribution Amount,
Uncertificated REMIC II Regular Interest LT-M-2 Distribution Amount and
Uncertificated REMIC II Regular Interest LT-B Distribution Amount.
UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after December 15, 1995.
UNITED STATES PERSON: A citizen or resident of the United States, a
corporation or partnership (including an entity treated as a corporation or
partnership for federal income tax purposes) created or organized in, or under
the laws of, the United States or any state thereof or the District of Columbia
(except, in the case of a partnership, to the extent provided in regulations) or
an estate whose income is subject to United States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more such United States Persons have the authority to control all substantial
decisions of the trust. To the extent prescribed in regulations by the Secretary
of the Treasury, which have not yet been issued, a trust which was in existence
on August 20, 1996 (other than a trust treated as owned by the grantor under
subpart E of part I of subchapter J of chapter 1 of the Code), and which was
treated as a United States person on August 20, 1996 may elect to continue to be
treated as a United States person notwithstanding the previous sentence.
UNPAID INTEREST SHORTFALL: With respect to each Class of Offered
Certificates and each Distribution Date, any Accrued Certificate Interest
remaining unpaid as to such Class of Offered Certificates as a result of the
insufficiency of the Interest Distribution Amount to pay Accrued Certificate
Interest to such Certificates pursuant to the priority of payment provisions of
Section 4.02(b) for such Distribution Date (other than shortfalls caused in
connection with the application of the Relief Act), plus any such shortfall for
all prior Distribution Dates, and plus interest thereon at the related
Pass-Through Rate immediately prior to such Distribution Date.
VOTING RIGHTS: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. The Voting Rights will be
allocated among the holders of the Offered Certificates in proportion to the
Initial Certificate Principal Balances of the respective Classes. The Holders of
the Class C Certificates and the Residual Certificates will have no Voting
Rights.
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ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF MORTGAGE LOANS.
(a) The Company, concurrently with the execution and delivery of
this Agreement, does hereby assign to the Trustee, for the benefit of the
Certificateholders, without recourse all the right, title and interest of the
Company in, to and under the Initial Mortgage Loans, including all interest due
and principal received, with respect to the Initial Mortgage Loans, after the
Initial Cut-off Date and all other assets constituting the Trust Fund.
The Company, concurrently with the execution and delivery of this
Agreement, does hereby assign to the Trustee all of its rights and interest
under (i) the Mortgage Loan Purchase Agreement, including without limitation,
the rights of the Company to enforce the obligations of the Seller with respect
to the representations and warranties set forth therein and (ii) the
Unaffiliated Seller Agreement, including without limitation, the rights of the
Company to enforce the obligations of the Unaffiliated Seller with respect to
the representations and warranties set forth therein.
(b) In connection with such assignment, the Company shall cause to
be delivered to, and deposited with, the Trustee the following documents or
instruments (or copies thereof as permitted by this Section):
(i) The original Mortgage Note, endorsed "Pay to the order of
The First National Bank of Chicago, as Trustee under the Pooling and
Servicing Agreement, dated September 1, 1998, WMC Series 1998-B
without recourse" and showing an unbroken chain of endorsements from
the originator thereof to the Person endorsing it to the Trustee, or
with respect to any Mortgage Loan as to which the original Mortgage
Note has been lost, misplaced or destroyed, a lost note affidavit in
the form attached hereto as Exhibit L;
(ii) the original Mortgage with evidence of recording thereon,
or, if the original Mortgage has not yet been returned from the
public recording office, a copy of the original Mortgage certified
by the Seller, Seller's agent or the public recording office in
which such original Mortgage has been submitted for recording;
(iii) an Assignment of the Mortgage from the Seller to "The
First National Bank of Chicago, as Trustee under the Pooling and
Servicing Agreement, dated September 1, 1998, WMC Series 1998-B,
without recourse" which shall be in form and substance acceptable
for recording other than recording information not yet returned from
the recorder's office, which shall be provided promptly upon receipt
thereof by the Seller;
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(iv) originals of any intervening assignments of the Mortgage,
with evidence of recording thereon, or, if the original of any such
intervening assignment has not yet been returned from the public
recording office, a copy of such original intervening assignment
certified by the Seller, Seller's agent or the public recording
office in which such original intervening assignment has been
submitted for recording;
(v) the original policy of title insurance (or a commitment
for title insurance, if the policy is being held by the title
insurance company pending recordation of the Mortgage or has
otherwise not yet been received by the title company); and
(vi) a true and correct copy of each assumption, modification,
consolidation or substitution agreement, if any, relating to the
Mortgage Loan.
Promptly after the Closing Date (or after the date of transfer of
any Qualified Substitute Mortgage Loan or Subsequent Mortgage Loan), the Seller
at its own expense shall complete in the name of the Trustee and submit for
recording in the appropriate public recording office for real property records
each of the Assignments referred to in clause (iii) above except in states
where, in the opinion of counsel acceptable to the Trustee and the Master
Servicer, such recording is not required to protect the Trustee's interest in
the Mortgage Loan against the claim of any subsequent transferee or any
successor to or creditor of the Seller or the originator of such Mortgage Loan,
and the Trustee shall retain a photocopy of each such Assignment. If any
Assignment is lost or returned unrecorded to the Trustee because of any defect
therein, the Seller shall prepare a substitute Assignment or cure such defect,
as the case may be, and the Seller shall cause such substitute Assignment to be
recorded in accordance with this paragraph.
In instances where an original Mortgage or any original intervening
assignment of the Mortgage was not, in accordance with clause (iii) or (iv)
above, delivered by the Seller to the Trustee on or prior to the Closing Date
(or the date of transfer of any Qualified Substitute Mortgage Loan or Subsequent
Mortgage Loan), the Seller shall deliver or cause to be delivered the originals
of such documents to the Trustee promptly upon receipt thereof.
The Trustee hereby acknowledges its acceptance of all right, title
and interest to the Mortgage Loans and other property, now existing and
hereafter created, conveyed to the Trust Fund pursuant to this Section 2.01.
(c) It is intended that the conveyances by the Company to the
Trustee of the Mortgage Loans as provided for in this Section 2.01 and the
Uncertified REMIC I Regular Interests provided for in Section 2.06 and the
Uncertificated REMIC II Regular Interests provided for in Section 2.07 be
construed as a sale by the Company to the Trustee of the Mortgage Loans, the
Uncertificated REMIC I Regular Interests and the Uncertificated REMIC II Regular
Interests for the benefit of the Certificateholders. Further, it is not intended
that any such conveyance be deemed to be a pledge of the Mortgage Loans, the
Uncertificated REMIC I Regular Interests and
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the Uncertificated REMIC II Regular Interests by the Company to the Trustee to
secure a debt or other obligation of the Company. However, in the event that the
Mortgage Loans, the Uncertificated REMIC I Regular Interests and the
Uncertificated REMIC II Regular Interests are held to be property of the
Company, or if for any reason this Agreement is held or deemed to create a
security interest in the Mortgage Loans, the Uncertificated REMIC I Regular
Interests and the Uncertificated REMIC II Regular Interests, then it is intended
that (a) this Agreement shall also be deemed to be a security agreement within
the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the
conveyances provided for in this Section 2.01 shall be deemed to be (1) a grant
by the Company to the Trustee of a security interest in all of the Company's
right (including the power to convey title thereto), title and interest, whether
now owned or hereafter acquired, in and to (A) the Mortgage Loans, including the
related Mortgage Note, the Mortgage, any insurance policies and all other
documents in the related Mortgage File, (B) all amounts payable pursuant to the
Mortgage Loans in accordance with the terms thereof, (C) the Uncertificated
REMIC I Regular Interests, (D) the Uncertificated REMIC II Regular Interests and
(E) any and all general intangibles consisting of, arising from or relating to
any of the foregoing, and all proceeds of the conversion, voluntary or
involuntary, of the foregoing into cash, instruments, securities or other
property, including without limitation all amounts from time to time held or
invested in the Certificate Account, the Distribution Account, the Pre-Funding
Account, the Capitalized Interest Account and the Available Funds Cap Carryover
Reserve Account whether in the form of cash, instruments, securities or other
property and (2) an assignment by the Company to the Trustee of any security
interest in any and all of the Seller's right (including the power to convey
title thereto), title and interest, whether now owned or hereafter acquired, in
and to the property described in the foregoing clauses (1)(A), (B), (C), (D) and
(E) granted by the Seller to the Company pursuant to the Mortgage Loan Purchase
Agreement; (c) the possession by the Trustee, or any agent of the Trustee of
Mortgage Notes or such other items of property constituting instruments, money,
negotiable documents or chattel paper shall be deemed to be "possession by the
secured party," or possession by a purchaser or a person designated by such
secured party, for purposes of perfecting the security interest pursuant to the
California Uniform Commercial Code and the Uniform Commercial Code of any other
applicable jurisdiction (including, without limitation, Section 9-305, 8-313 or
8-321 thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law.
The Company and, at the Company's direction, the Seller and
the Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the Mortgage Loans, the Uncertificated
REMIC I Regular Interests, the Uncertificated REMIC II Regular Interests and the
other property described above, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. Without limiting the
generality of the foregoing, the Company shall prepare and deliver to the
Trustee not less than 15 days prior to any filing date, and the Trustee
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shall forward for filing, or shall cause to be forwarded for filing, at the
expense of the Company, all filings necessary to maintain the effectiveness of
any original filings necessary under the Uniform Commercial Code as in effect in
any jurisdiction to perfect the Trustee's security interest in or lien on the
Mortgage Loans, the Uncertificated REMIC I Regular Interests and the
Uncertificated REMIC II Regular Interests, including without limitation (x)
continuation statements, and (y) such other statements as may be occasioned by
(1) any change of name of the Seller, the Company or the Trustee (such
preparation and filing shall be at the expense of the Trustee, if occasioned by
a change in the Trustee's name), or (2) any change of location of the place of
business or the chief executive office of the Seller or the Company.
Section 2.02. ACCEPTANCE BY TRUSTEE.
The Trustee acknowledges receipt of the documents referred to in
Section 2.01(b)(i) through (vi) above, declares that it, or its agent, holds and
will hold such documents and the other documents constituting a part of the
Mortgage Files delivered to it and all such other assets included in the
definition of Trust Fund in trust for the use and benefit of all present and
future Certificateholders and agrees to execute and deliver on the Closing Date
an acknowledgement of receipt in the form of Exhibit E-1 hereto (the "Initial
Certification"). The Trustee agrees, for the benefit of Certificateholders, to
review each Mortgage File delivered to it pursuant to Section 2.01(b) within 45
days after the Closing Date (or, with respect to any Subsequent Mortgage Loan or
Qualified Substitute Mortgage Loan, within 45 days after the conveyance and
assignment thereof) to ascertain that all required documents (specifically as
set forth in Section 2.01(b)), have been executed and received, and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented, that have been conveyed to it and shall deliver to the Company,
the Seller and the Master Servicer a certification in the form of Exhibit E-2
hereto (the "Interim Certification").
If within such 45 day period the Trustee finds any document or
documents constituting a part of a Mortgage File not to have been executed or
received or to be unrelated to the Mortgage Loans identified in the Mortgage
Loan Schedule, or if in the course of its review the Trustee determines that
such Mortgage File is otherwise defective in any material respect, the Trustee
shall promptly so notify the Master Servicer, the Seller and the Company. The
Seller shall correct or cure such omission or defect within 90 days from the
date the Seller was notified of such omission or defect and, if it does not
correct or cure such omission or defect within such period, the Seller shall
purchase such Mortgage Loan from REMIC I at its Repurchase Price, in either case
within 90 days from the date it was notified of such omission or defect;
provided that if the omission or defect would cause the Mortgage Loan to be
other than a "qualified mortgage" as defined in Section 860G(a)(3) of the Code,
any such cure or repurchase must occur within 90 days from the date such breach
was discovered. The Repurchase Price for any such Mortgage Loan purchased by the
Seller shall be deposited or caused to be deposited by the Master Servicer in
the Certificate Account maintained by it pursuant to Section 3.06 and, upon
receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee or any Custodian, as the case may be, shall
release to the Master Servicer the related Mortgage File and the Trustee shall
execute and deliver such instruments of transfer or assignment prepared by the
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Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee, as the case may be, ownership of any Mortgage Loan
released pursuant hereto and thereafter such Mortgage Loan shall not be part of
the Trust Fund. It is understood and agreed that the obligation of the Seller to
so cure or purchase any Mortgage Loan as to which a material defect in or
omission of a constituent document exists shall constitute the sole remedy
respecting such defect or omission available to the Certificateholders or the
Trustee on behalf of Certificateholders.
In addition to the foregoing, the Trustee also agrees to conduct a
review during the 18 months after the Closing Date indicating the current status
of the exceptions previously indicated on the Initial Certification and deliver
a certification with respect thereto in the form attached hereto as Exhibit E-3
(the "Final Certification"). After delivery of the Final Certification, the
Trustee and the Master Servicer shall monitor no less frequently than monthly
the status of the exceptions, if any, and deliver updated certifications
indicating the then current status of exceptions, until all such exceptions have
been eliminated.
Section 2.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
MASTER SERVICER AND THE COMPANY.
(a) The Master Servicer hereby represents and warrants to the
Trustee for the benefit of Certificateholders, as of the Closing Date and each
Subsequent Cut-off Date, that:
(i) The Master Servicer is a corporation duly organized,
validly existing and in good standing under the laws of the State of
California and has the corporate power to own its assets and to transact
the business in which it is currently engaged. The Master Servicer is duly
qualified to do business as a foreign corporation and is in good standing
in each jurisdiction in which the character of the business transacted by
it or properties owned or leased by it requires such qualification and in
which the failure to so qualify would have a material adverse effect on
the business, properties, assets, or condition (financial or other) of the
Master Servicer or the validity or enforceability of the Mortgage Loans;
(ii) The Master Servicer has the power and authority to
execute, deliver and perform this Agreement and all of the transactions
contemplated under this Agreement, and has taken all necessary corporate
action to authorize the execution, delivery and performance of this
Agreement. When executed and delivered, this Agreement will constitute the
legal, valid and binding obligation of the Master Servicer enforceable in
accordance with its terms, except as enforcement of such terms may be
limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors' rights generally and by the availability of
equitable remedies;
(iii) The Master Servicer is not required to obtain the
consent of any other Person or any consent, license, approval or
authorization from, or registration or declaration with, any governmental
authority, bureau or agency in connection with the
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execution, delivery, performance, validity or enforceability of this
Agreement, except for such consent, license, approval or authorization, or
registration or declaration, as shall have been obtained or filed, as the
case may be;
(iv) The execution and delivery of this Agreement and the
performance of the transactions contemplated hereby by the Master Servicer
will not violate any provision of any existing law or regulation or any
order or decree of any court applicable to the Master Servicer or any
provision of the certificate of incorporation or bylaws of the Master
Servicer, or constitute a material breach of any mortgage, indenture,
contract or other agreement to which the Master Servicer is a party or by
which the Master Servicer may be bound; and
(v) No litigation or administrative proceeding of or before
any court, tribunal or governmental body is currently pending, or to the
knowledge of the Master Servicer threatened, against the Master Servicer
or any of its properties or with respect to this Agreement which, to the
knowledge of the Master Servicer, has a reasonable likelihood of resulting
in a material adverse effect on the transactions contemplated by this
Agreement.
The foregoing representations and warranties shall survive any
termination of the Master Servicer hereunder.
(b) The Company hereby represents and warrants to the Trustee for
the benefit of Certificateholders, as of the Closing Date and each Subsequent
Cut-off Date, that:
(i) The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and
has the corporate power to own its assets and to transact the business in
which it is currently engaged. The Company is duly qualified to do
business as a foreign corporation and is in good standing in each
jurisdiction in which the character of the business transacted by it or
properties owned or leased by it requires such qualification and in which
the failure to so qualify would have a material adverse effect on the
business, properties, assets, or condition (financial or other) of the
Company or the validity or enforceability of the Mortgage Loans;
(ii) The Company has the power and authority to execute,
deliver and perform this Agreement and all of the transactions
contemplated under this Agreement, and has taken all necessary corporate
action to authorize the execution, delivery and performance of this
Agreement. When executed and delivered, this Agreement will constitute the
legal, valid and binding obligation of the Company enforceable in
accordance with its terms, except as enforcement of such terms may be
limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors' rights generally and by the availability of
equitable remedies;
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(iii) The Company is not required to obtain the consent of any
other Person or any consent, license, approval or authorization from, or
registration or declaration with, any governmental authority, bureau or
agency in connection with the execution, delivery, performance, validity
or enforceability of this Agreement, except for such consent, license,
approval or authorization, or registration or declaration, as shall have
been obtained or filed, as the case may be;
(iv) The execution and delivery of this Agreement and the
performance of the transactions contemplated hereby by the Company will
not violate any provision of any existing law or regulation or any order
or decree of any court applicable to the Company or any provision of the
certificate of incorporation or bylaws of the Company, or constitute a
material breach of any mortgage, indenture, contract or other agreement to
which the Company is a party or by which the Company may be bound; and
(v) No litigation or administrative proceeding of or before
any court, tribunal or governmental body is currently pending, or to the
knowledge of the Company threatened, against the Company or any of its
properties or with respect to this Agreement which, to the knowledge of
the Company, has a reasonable likelihood of resulting in a material
adverse effect on the transactions contemplated by this Agreement.
Section 2.04. ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES. The
Master Servicer, on behalf of and subject to the direction of the Trustee, shall
enforce the representations and warranties and related obligations for breaches
thereof of the Seller pursuant to the Mortgage Loan Purchase Agreement. Upon the
discovery by the Seller, the Master Servicer, the Trustee or the Company of a
breach of any of the representations and warranties made in the Mortgage Loan
Purchase Agreement in respect of any Mortgage Loan, which materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party discovering such breach shall give prompt written notice to the other
parties. The Master Servicer shall promptly notify the Seller of such breach and
request that, pursuant to the terms of the Mortgage Loan Purchase Agreement, the
Seller either cure such breach in all material respects or purchase such
Mortgage Loan within 90 days from the date the Seller was notified of such
breach, in each instance in accordance with the Mortgage Loan Purchase
Agreement; PROVIDED that the Seller shall, subject to the conditions set forth
in the Mortgage Loan Purchase Agreement, have the option to substitute a
Qualified Substitute Mortgage Loan or Qualified Substitute Mortgage Loans for
such Mortgage Loan if such substitution occurs within two years following the
Closing Date; provided that if the omission or defect would cause the Mortgage
Loan to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of
the Code, any such cure or repurchase must occur within 90 days from the date
such breach was discovered. Monthly Payments due with respect to Qualified
Substitute Mortgage Loans in the month of substitution shall not be part of the
Trust Fund and shall be retained by the Master Servicer and remitted by the
Master Servicer to the Seller on the next succeeding Distribution Date. For the
month of substitution, remittance to the Distribution Account pursuant to this
Agreement shall include the Monthly Payment received on a Deleted Mortgage Loan
for such month, and thereafter the Seller shall be entitled to retain all
amounts received in respect of such Deleted Mortgage Loan. The Master Servicer
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shall amend or cause to be amended the Mortgage Loan Schedule to reflect the
removal of such Deleted Mortgage Loan and the substitution of the Qualified
Substitute Mortgage Loans, and the Master Servicer shall promptly deliver the
amended Mortgage Loan Schedule to the Trustee.
In connection with the substitution of one or more Qualified
Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master
Servicer shall determine the amount (such amount, a "Substitution Adjustment
Amount"), if any, by which the aggregate principal balance of all such Qualified
Substitute Mortgage Loans as of the date of substitution is less than the
aggregate principal balance of all such Deleted Mortgage Loans together with
accrued and unpaid interest thereon at the related Mortgage Rates (after
application of the principal portion of the Monthly Payments due in the month of
substitution that are to be remitted to the Distribution Account in the month of
substitution). The Seller shall pay the Substitution Adjustment Amount to the
Master Servicer and the Master Servicer shall deposit such Substitution
Adjustment Amount into the Certificate Account upon receipt.
Upon receipt by the Trustee of written notification, signed by a
Servicing Officer, of the deposit of such Repurchase Price or of such
substitution of a Qualified Substitute Mortgage Loan and deposit of any
applicable Substitution Adjustment Amount as provided above, the Trustee on
behalf of the Trust Fund shall release to the Seller the related Mortgage File
for the Mortgage Loan being repurchased or substituted for and the Trustee shall
execute and deliver such instruments of transfer or assignment prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee ownership of such Mortgage Loan released pursuant
hereto, and thereafter such Mortgage Loan shall not be an asset of the Trust
Fund.
It is understood and agreed that the obligation of the Seller to
cure any breach with respect to or to repurchase or substitute for, any Mortgage
Loan as to which such a breach has occurred and is continuing shall constitute
the sole remedy respecting such breach available to the Company, the Trust Fund
or the Certificateholders (or the Trustee on behalf of the Certificateholders)
against the Seller.
Section 2.05. RESERVED.
Section2.06. ISSUANCE OF CERTIFICATES AND UNCERTIFICATED REMIC I
REGULAR INTERESTS EVIDENCING INTERESTS IN REMIC I;
CONVEYANCE OF UNCERTIFICATED REMIC I REGULAR INTERESTS.
(a) The Trustee acknowledges the assignment to it of the Mortgage
Loans and the delivery of the Mortgage Files to it, or any Custodian on its
behalf, subject to any exceptions noted in the Initial Certification, together
with the assignment to it of all other assets included in REMIC I, receipt of
which is hereby acknowledged. Concurrently with such assignment and delivery and
in exchange therefor, the Trustee, pursuant to the written request of the
Company executed by an officer of the Company has executed and caused to be
authenticated and delivered to or upon the order of the Company the Class R-I
Certificates in authorized denominations which,
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together with the Uncertificated REMIC I Regular Interests, evidence ownership
of REMIC I. The rights of the Class R-I Certificateholders and REMIC II (as
holder of the Uncertificated REMIC I Regular Interests) to receive distributions
from the proceeds of REMIC I in respect of the Class R-I Certificates and the
Uncertificated REMIC I Regular Interests, and all ownership interests of the
Class R-I Certificateholders and REMIC II (as holder of the Uncertificated REMIC
I Regular Interests) in such distributions, are as set forth in this Agreement.
(b) The Company, as of the Closing Date, and concurrently with the
execution and delivery hereof, does hereby assign, transfer, set over and
otherwise convey to the Trustee without recourse all the right, title and
interest of the Company in and to the Uncertificated REMIC I Regular Interests
for the benefit of the holders of the Uncertificated REMIC II Regular Interests
and the Class R-II Certificateholders.
Section 2.07. ISSUANCE OF CERTIFICATES AND
UNCERTIFICATED REMIC II REGULAR INTERESTS
EVIDENCING INTERESTS IN REMIC II; CONVEYANCE
OF UNCERTIFICATED REMIC II REGULAR
INTERESTS.
(a) The Trustee acknowledges receipt of the Uncertificated REMIC I
Regular Interests and declares that it holds and will hold the same in trust for
the exclusive use and benefit of all present and future holders of the
Uncertificated REMIC II Regular Interests and the Class R-II Certificateholders.
Concurrently with such assignment and delivery and in exchange therefor, the
Trustee, pursuant to the written request of the Company executed by an officer
of the Company has executed and caused to be authenticated and delivered to or
upon the order of the Company the Class R-II Certificates in authorized
denominations which, together with the Uncertificated REMIC II Regular
Interests, evidence ownership of REMIC II. The rights of the Class R-II
Certificateholders and REMIC III (as holder of the Uncertificated REMIC II
Regular Interests) to receive distributions from the proceeds of REMIC II in
respect of the Class R-II Certificates and the Uncertificated REMIC II Regular
Interests, and all ownership interests of the Class R-II Certificateholders and
REMIC III (as holder of the Uncertificated REMIC II Regular Interests) in such
distributions, are as set forth in this Agreement.
(b) The Company, as of the Closing Date, and concurrently with the
execution and delivery hereof, does hereby assign, transfer, set over and
otherwise convey to the Trustee without recourse all the right, title and
interest of the Company in and to the Uncertificated REMIC II Regular Interests
for the benefit of the Class A-1, Class A-2, Class A-IO, Class M-1, Class M-2,
Class B, Class C and Class R-III Certificateholders.
Section 2.08. ISSUANCE OF CERTIFICATES EVIDENCING
INTERESTS IN REMIC III.
The Trustee acknowledges receipt of the Uncertificated REMIC II
Regular Interests and declares that it holds and will hold the same in trust for
the exclusive use and benefit of all present and future holders of the Class
A-1, Class A-2, Class A-IO, Class M-1, Class M-2, Class B, Class C and Class
R-III Certificates. Concurrently with such assignment and delivery and in
exchange therefor, the Trustee, pursuant to the written request of the Company
executed by an
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officer of the Company has executed and caused to be authenticated and delivered
to or upon the order of the Company the Class A-1, Class A-2, Class A-IO, Class
M-1, Class M-2, Class B, Class C and Class R-III Certificates in authorized
denominations, which evidence ownership of the entire REMIC III. The rights of
the REMIC III Certificateholders to receive distributions from the proceeds of
REMIC III in respect of the REMIC III Certificates, and all ownership interests
of the REMIC III Certificateholders in such distributions, are as set forth in
this Agreement.
Section 2.09 CONVEYANCE OF THE SUBSEQUENT MORTGAGE LOANS.
(a) Subject to the conditions set forth in Section 2.1(c) of the
Mortgage Loan Purchase Agreement, in consideration of the Trustee's delivery on
the related Subsequent Transfer Dates, during the Pre-Funding Period, in
accordance with the terms of the related Subsequent Transfer Agreement, of all
or a portion of the balance of funds in the Pre-Funding Account equal to the
Purchase Price of each Subsequent Mortgage Loan, the Company shall on any
Subsequent Transfer Date sell, transfer, assign, set over and convey without
recourse to the Trustee but subject to the terms and provisions of this
Agreement all of the right, title and interest of the Company in and to (i) the
Subsequent Mortgage Loans identified on the related Mortgage Loan Schedule
attached to the related Subsequent Transfer Agreement, delivered by the Company
on such Subsequent Transfer Date, (ii) principal received and interest due on
the Subsequent Mortgage Loans after the related Subsequent Cut-off Date and
(iii) all items with respect to such Subsequent Mortgage Loans to be delivered
pursuant to Section 2.01 above; PROVIDED, HOWEVER, that the Company reserves and
retains all right, title and interest in and to principal (including Principal
Prepayments) received and interest due on the Subsequent Mortgage Loans on or
prior to the related Subsequent Cut-off Date. The transfer to the Trustee by the
Company of the Subsequent Mortgage Loans identified on the related Mortgage Loan
Schedule shall be absolute and is intended by the Company, the Master Servicer,
the Trustee and the Certificateholders to constitute and to be treated as a sale
of the Subsequent Mortgage Loans by the Company to the Trust Fund.
The "Purchase Price" to be paid by the Trustee from amounts released
from the Pre-Funding Account shall be one-hundred percent (100%) of the
aggregate unpaid principal balances of the Subsequent Mortgage Loans so
transferred as of the close of business on the related Subsequent Transfer
Dates. This Agreement shall constitute a fixed-price purchase contract in
accordance with Section 860G(a)(3)(A)(ii) of the Code.
(b) Following the transfer to the Trust Fund of the Subsequent
Mortgage Loans and other property and rights related thereto described in
Section 2.09(a) above, all Mortgage Loans and obligations in the Trust Fund, as
a whole, will have a weighted average annual percentage interest rate not more
than 100 basis points lower than the average annual percentage interest rate for
the obligations which were transferred to the Trust Fund as of the Closing Date.
No transfer of the Subsequent Mortgage Loans and property and rights related
thereto described in Section 2.09(a) above shall be made to the Trust Fund
during the Pre-Funding Period if it would result in the Certificates receiving a
lower credit rating from the Rating Agencies upon termination of the Pre-Funding
Period than the rating that was obtained as of the Closing Date. All
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Subsequent Mortgage Loans shall meet the same terms and conditions for
eligibility as those Mortgage Loans transferred to the Trust Fund as of the
Closing Date, which terms and conditions shall have been approved by the Rating
Agencies and which terms and conditions may be changed if such changes receive
prior approval either by a vote of the Certificateholders of at least a majority
of the Offered Certificates or by the Rating Agencies. In order to ensure that
the characteristics of the Subsequent Mortgage Loans are substantially similar
to Mortgage Loans which were acquired as of the Closing Date, the
characteristics of the Subsequent Mortgage Loans will either be monitored by a
credit support provider or other insurance provider which is independent of the
Seller and the Company or an independent accountant retained by the sponsor will
provide the Seller and the Company with a letter (with copies provided to the
Rating Agencies, the underwriters of the Certificates and the Trustee) stating
whether or not the characteristics of the Subsequent Mortgage Loans conform to
the characteristics of such obligations described in the Company's Prospectus,
dated August 10, 1998, and the Prospectus Supplement, dated August 28, 1998,
relating to the Offered Certificates and this Agreement, and, in preparing such
letter, the independent accountant will use the same type of procedures as were
applicable to the Initial Mortgage Loans.
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ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. MASTER SERVICER TO ASSURE SERVICING. (a) The Master
Servicer shall take such actions as are necessary to ensure the servicing and
administration of the Mortgage Loans and any REO Property in accordance with
this Agreement and its normal servicing practices, which generally shall conform
to the standards of an institution prudently servicing mortgage loans similar to
the Mortgage Loans for its own account and shall have full authority to do
anything it reasonably deems appropriate or desirable in connection with such
servicing and administration. The Master Servicer may perform its
responsibilities relating to servicing through other agents or independent
contractors, but shall not thereby be released from any of its responsibilities
as hereinafter set forth. The authority of the Master Servicer, in its capacity
as Master Servicer, and any Subservicer acting on its behalf, shall include,
without limitation, the power to (i) consult with and advise any Subservicer
regarding administration of a related Mortgage Loan, (ii) approve any
recommendation by a Subservicer to foreclose on a related Mortgage Loan, (iii)
supervise the filing and collection of insurance claims and take or cause to be
taken such actions on behalf of the insured Person thereunder as shall be
reasonably necessary to prevent the denial of coverage thereunder, and (iv)
effectuate foreclosure or other conversion of the ownership of the Mortgaged
Property securing a related Mortgage Loan, including the employment of
attorneys, the institution of legal proceedings, the collection of deficiency
judgments, the acceptance of compromise proposals, the filing of claims under
any insurance policy and any other matter pertaining to a Delinquent Mortgage
Loan. The authority of the Master Servicer shall include, in addition, the power
on behalf of the Certificateholders, the Trustee or either of them to (i)
execute and deliver customary consents or waivers and other instruments and
documents, (ii) consent to transfer of any related Mortgaged Property and
assumptions of the related Mortgage Loans (in the manner provided in this
Agreement) and (iii) collect any Insurance Proceeds and Liquidation Proceeds.
Without limiting the generality of the foregoing, the Master Servicer and any
Subservicer acting on its behalf may, and is hereby authorized and empowered by
the Trustee to, execute and deliver, on behalf of itself, the
Certificateholders, the Trustee or either of them, any instruments of
satisfaction, cancellation, partial or full release, discharge and all other
comparable instruments, with respect to the Mortgage Loans, any related
insurance policies and the accounts related thereto, and the Mortgaged
Properties. The Master Servicer may exercise this power in its own name or in
the name of a Subservicer.
(b) Notwithstanding the provisions of Subsection 3.01(a), the Master
Servicer shall not take any action adverse to the rights and interests of the
Trustee or the Certificateholders under this Agreement.
(c) The Trustee shall furnish the Master Servicer with any powers of
attorney and other documents in the form provided by it which are necessary or
appropriate to enable the Master Servicer to service and administer the related
Mortgage Loans and REO Property.
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(d) Notwithstanding anything in this Agreement to the contrary,
subject to Section 3.06(a), the Master Servicer shall not permit any
modification with respect to any Mortgage Loan that would both constitute a sale
or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code
(and any proposed, temporary or final regulations promulgated thereunder) and
cause either REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC under
the Code.
Section 3.02. SUBSERVICING AGREEMENTS BETWEEN MASTER SERVICER AND
SUBSERVICER. (a) The Master Servicer may enter into Subservicing Agreements with
Subservicers for the servicing and administration of the Mortgage Loans and for
the performance of any and all other activities of the Master Servicer
hereunder. Each Subservicer shall be either (i) an institution the accounts of
which are insured by the FDIC or (ii) another entity that engages in the
business of originating or servicing mortgage loans comparable to the Mortgage
Loans, and in either case shall be authorized to transact business in the state
or states in which the related Mortgaged Properties it is to service are
situated, if and to the extent required by applicable law to enable the
Subservicer to perform its obligations hereunder and under the Subservicing
Agreement. Any Subservicing Agreement entered into by the Master Servicer shall
include the provision that such Agreement may be immediately terminated (x) with
cause and without any termination fee by any Master Servicer hereunder or (y)
without cause in which case the Master Servicer shall be responsible for any
termination fee or penalty resulting therefrom. In addition, each Subservicing
Agreement shall provide for servicing of the Mortgage Loans consistent with the
terms of this Agreement.
(b) As part of its servicing activities hereunder, the Master
Servicer, for the benefit of the Trustee and the Certificateholders, shall
enforce the obligations of each Subservicer under the related Subservicing
Agreement. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Subservicing Agreements and the pursuit of
other appropriate remedies, shall be in such form and carried out to such an
extent and at such time as the Master Servicer, in its good faith business
judgment, would require were it the owner of the related Mortgage Loan. The
Master Servicer shall pay the costs of such enforcement at its own expense, and
shall be reimbursed therefor only (i) from a general recovery resulting from
such enforcement to the extent, if any, that such recovery exceeds all amounts
due in respect of the related Mortgage Loan or (ii) from a specific recovery of
costs, expenses or attorneys' fees from the party against whom such enforcement
is directed.
Section 3.03. SUCCESSOR SUBSERVICERS. The Master Servicer shall be
entitled to terminate any Subservicing Agreement that may exist in accordance
with the terms and conditions of such Subservicing Agreement and without any
limitation by virtue of this Agreement; PROVIDED, HOWEVER, that upon
termination, the Master Servicer shall either assume the duties of the
Subservicer in respect of the related Mortgage Loans or enter into a contract
with a successor Subservicer meeting the requirements of Section 3.02(a),
pursuant to which such successor Subservicer will be bound by all relevant terms
of the related Subservicing Agreement pertaining to the servicing of such
Mortgage Loans.
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Section 3.04. LIABILITY OF THE MASTER SERVICER. (a) Notwithstanding
any Subservicing Agreement, any of the provisions of this Agreement relating to
agreements or arrangements between the Master Servicer and a Subservicer or any
other agent or independent contractor or reference to actions taken through a
Subservicer or otherwise, the Master Servicer shall under all circumstances
remain obligated and primarily liable to the Trustee and the Certificateholders
for the servicing and administering of the Mortgage Loans and any REO Property
in accordance with this Agreement. The obligations and liability of the Master
Servicer shall not be diminished by virtue of Subservicing Agreements or by
virtue of indemnification of the Master Servicer by any Subservicer, or any
other Person. The obligations and liability of the Master Servicer shall remain
of the same nature and under the same terms and conditions as if the Master
Servicer alone were servicing and administering the related Mortgage Loans. The
Master Servicer shall, however, be entitled to enter into indemnification
agreements with any Subservicer or other Person and nothing in this Agreement
shall be deemed to limit or modify such indemnification. For the purposes of
this Agreement, the Master Servicer shall be deemed to have received any payment
on a Mortgage Loan on the date the Subservicer received such payment; PROVIDED,
HOWEVER, that this sentence shall not apply to the Trustee acting as the Master
Servicer; PROVIDED, FURTHER, however, that the foregoing provision shall not
affect the obligation of the Master Servicer if it is also the Trustee to
advance amounts which are not Nonrecoverable Advances.
(b) Any Subservicing Agreement that may be entered into and any
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such shall be deemed to be between the Subservicer and the
Master Servicer alone, and the Trustee and the Certificateholders shall not be
deemed parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to the Subservicer except as set forth in Section 3.05.
Section 3.05. ASSUMPTION OR TERMINATION OF SUBSERVICING AGREEMENTS
BY TRUSTEE. (a) If the Trustee or its designee shall assume the servicing
obligations of the Master Servicer in accordance with Section 7.02 below, the
Trustee, to the extent necessary to permit the Trustee to carry out the
provisions of Section 7.02 with respect to the Mortgage Loans, shall succeed to
all of the rights and obligations of the Master Servicer under each of the
Subservicing Agreements. In such event, the Trustee or its designee as the
successor Master Servicer shall be deemed to have assumed all of the Master
Servicer's rights and obligations therein and to have replaced the Master
Servicer as a party to such Subservicing Agreements to the same extent as if
such Subservicing Agreements had been assigned to the Trustee or its designee as
a successor Master Servicer, except that the Trustee or its designee as a
successor Master Servicer shall not be deemed to have assumed any obligations or
liabilities of the Master Servicer arising prior to such assumption (other than
the obligation to make any Monthly Advances) and the Master Servicer shall not
thereby be relieved of any liability or obligations under such Subservicing
Agreements arising prior to such assumption. The Trustee shall be entitled as
successor Master Servicer to receive the servicing compensation provided under
Section 3.15, accruing after its assumption of the servicing, as the Master
Servicer would be entitled to receive.
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(b) In the event that the Trustee or its designee as successor
Master Servicer for the Trustee assumes the servicing obligations of the Master
Servicer under Section 7.02, upon the reasonable request of the Trustee or such
designee as successor Master Servicer, the Master Servicer shall at its own
expense deliver to the Trustee, or at its written request to such designee,
photocopies of all documents, files and records, electronic or otherwise,
relating to the Subservicing Agreements and the related Mortgage Loans or REO
Property then being serviced and an accounting of amounts collected and held by
the Master Servicer, if any, and will otherwise cooperate and use its reasonable
efforts to effect the orderly and efficient transfer of the Subservicing
Agreements and responsibilities hereunder to the Trustee, or at its written
request to such designee as successor Master Servicer.
Section 3.06. COLLECTION OF MORTGAGE LOAN PAYMENTS. (a) The Master
Servicer shall use reasonable efforts to collect or cause to be collected all
payments required under the terms and provisions of the Mortgage Loans and shall
follow collection procedures generally comparable to the collection procedures
of prudent mortgage lenders servicing mortgage loans similar to the Mortgage
Loans for their own account to the extent such procedures shall be consistent
with this Agreement. Consistent with the foregoing, the Master Servicer may in
its discretion (i) waive or permit to be waived any late payment charge,
prepayment charge, assumption fee, or any penalty interest or similar charge or
fee in connection with the prepayment of a Mortgage Loan and (ii) suspend or
reduce or permit to be suspended or reduced regular monthly payments for a
period of up to six months, or arrange or permit an arrangement with a Mortgagor
for a scheduled liquidation of delinquencies; PROVIDED, HOWEVER, that the Master
Servicer may permit the foregoing only if it believes, in good faith, that such
action or actions will be in the best interest of the Certificateholders. In the
event the Master Servicer shall consent to the deferment of the Due Dates for
payments due on a Mortgage Note, the Master Servicer shall nonetheless make a
Monthly Advance to the same extent as if such installment were due, owing and
delinquent and had not been deferred; PROVIDED, HOWEVER, that the obligation of
the Master Servicer to make a Monthly Advance shall apply only to the extent
that the Master Servicer believes that such Monthly Advance is not a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the postponement of strict compliance with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders; PROVIDED, HOWEVER, that the Master
Servicer may not modify materially or permit any Subservicer to modify any
Mortgage Loan, including without limitation any modification that would change
the Mortgage Rate, forgive the payment of any principal or interest (other than
in connection with the liquidation of the related Mortgage Loan or with
prepayments to the extent any related reamortization is not inconsistent with
the terms of the Mortgage Loan), or extend the final maturity date of such
Mortgage Loan, unless such Mortgage Loan is in default or, in the judgment of
the Master Servicer, such default is reasonably foreseeable; and provided,
further, that no such modification shall reduce the Mortgage Rate on a Mortgage
Loan below the sum of the weighted average Pass-Through Rate of the Offered
Certificates as of the preceding Distribution Date and 0.5075%.
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(b) The Master Servicer shall establish a segregated account in the
name of the Trustee (the "Certificate Account"), which shall be an Eligible
Account, in which the Master Servicer shall deposit or cause to be deposited any
amounts representing interest payments due and principal collections received by
it subsequent to the related Cut-off Date (other than in respect of the payments
referred to in the following paragraph), within one Business Day of receipt of
good funds in respect thereof, including the following payments and collections
received or made by it (without duplication):
(i) the aggregate Repurchase Price of the Mortgage Loans
purchased pursuant to Section 3.18;
(ii) Insurance Proceeds and Net Liquidation Proceeds;
(iii) the aggregate Repurchase Price of any Mortgage Loans
repurchased by the Seller pursuant to the Mortgage Loan Purchase Agreement, and
all Substitution Adjustment Amounts required to be deposited in connection with
the substitution of a Qualified Substitute Mortgage Loan pursuant to the
Mortgage Loan Purchase Agreement;
(iv) amounts required to be paid pursuant to Section 3.10 in
respect of a blanket insurance policy deductible, Section 10.02 in respect of
indemnification of the Trust Fund or Section 9.01 in respect of the Termination
Price;
(v) any Monthly Advances and any Compensating Interest
payments; and
(vi) any amounts required to be deposited pursuant to Section
3.20 in connection with any REO Property.
PROVIDED, HOWEVER, that with respect to each Due Period, the Master Servicer
shall be permitted to retain from payments in respect of interest on the
Mortgage Loans the Servicing Fee for such Due Period. The foregoing requirements
respecting deposits into the Certificate Account are exclusive, it being
understood that, without limiting the generality of the foregoing, the Master
Servicer need not deposit in the Certificate Account assumption and modification
fees, late charges or prepayment penalties payable by Mortgagors, or Foreclosure
Profits, each as further described in Section 3.15, or amounts received by the
Master Servicer for the accounts of Mortgagors for application towards the
payment of taxes, insurance premiums, assessments and similar items. In the
event any amount not required to be deposited in the Certificate Account is so
deposited, the Master Servicer may at any time (prior to being terminated under
this Agreement) withdraw such amount from the Certificate Account, any provision
herein to the contrary notwithstanding. The Master Servicer shall keep records
that accurately reflect the funds on deposit in the Certificate Account that
have been identified by it as being attributable to the Mortgage Loans and shall
hold all collections in the Certificate Account for the benefit of the Trustee
and the Certificateholders, as their interests may appear.
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Any interest or investment earnings on funds held in the Certificate
Account shall be for the account of the Master Servicer and may only be
withdrawn from the Certificate Account by the Master Servicer immediately
following its monthly remittance of the amount required to be remitted pursuant
to Section 4.01 to the Trustee. Any reference herein to amounts on deposit in
the Certificate Account shall refer to amounts net of such interest or
investment earnings.
Section 3.07 WITHDRAWALS FROM THE CERTIFICATE ACCOUNT. (a) The
Master Servicer shall, from time to time as provided herein, make withdrawals
from the Certificate Account of amounts on deposit therein pursuant to Section
3.06 for the following purposes (without duplication):
(i) to deposit in the Distribution Account, by the
Determination Date prior to each Distribution Date, the amount required to
be distributed pursuant to Section 4.01 for such Distribution Date;
(ii) to pay to itself out of each payment received on account
of interest on a Mortgage Loan as contemplated by Section 3.15, an amount
equal to the related Servicing Fee (to the extent not retained pursuant to
Section 3.06);
(iii) to pay to itself, the Seller or other entity entitled
thereto, with respect to any Mortgage Loan or REO Property that has been
purchased or otherwise transferred to the Seller, the Master Servicer or
such other entity, all amounts received thereon and not required to be
distributed to Certificateholders as of the date on which the related
Repurchase Price is determined;
(iv) to reimburse the Master Servicer for any Monthly Advance
or Servicing Advance of its own funds, the right of the Master Servicer to
reimbursement pursuant to this subclause (iv) being limited to amounts
received on a particular Mortgage Loan (including, for this purpose, the
Repurchase Price therefor and Liquidation Proceeds) which represent late
payments or recoveries of the principal of or interest on such Mortgage
Loan respecting which such Monthly Advance or Servicing Advance was made;
(v) to reimburse the Master Servicer for any Nonrecoverable
Advance previously made, and not reimbursed pursuant to Subsection
3.07(a)(iv);
(vi) to pay to itself interest or investment earnings in
respect of Eligible Investments or on funds deposited in the Certificate
Account;
(vii) to pay to the Person entitled thereto any amounts
reimbursable from the Trust Fund pursuant to Section 6.03 or 8.05;
(viii) to withdraw any other amount deposited in the
Certificate Account that was not required to be deposited therein pursuant
to Section 3.06; and
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(ix) to clear and terminate the Certificate Account pursuant
to Section 9.01.
In connection with withdrawals pursuant to clauses (ii), (iii) and (iv), the
Master Servicer's entitlement thereto is limited to collections or other
recoveries on the related Mortgage Loan, and the Master Servicer shall keep and
maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the
purpose of justifying any withdrawal from the Certificate Account pursuant to
such clauses.
(b) So long as no Event of Default shall have occurred and be
continuing, and consistent with any requirements of the Code, the funds held in
the Certificate Account may be invested by the Master Servicer (to the extent
practicable) in Eligible Investments, as directed in writing to the Trustee by
the Master Servicer. Funds in the Certificate Account must be available for
withdrawal without penalty, and any Eligible Investments must mature not later
than the Business Day immediately preceding the Determination Date next
following the date of such investment (except that if any of such Eligible
Investments is an obligation of the institution that maintains the related
Certificate Account, then such Eligible Investments shall mature not later than
such Determination Date) and shall not be sold or disposed of prior to its
maturity. All Eligible Investments in which funds in the related Certificate
Account are invested must be held by or registered in the name of the Trustee in
trust for the Certificateholders. All interest or other earnings from funds on
deposit in the related Certificate Account (or any Eligible Investments thereof)
shall be the exclusive property of the Master Servicer, and may be withdrawn
from the related Certificate Account pursuant to clause (vi) above and the last
sentence of Section 3.06(b) above. The amount of any net losses incurred in
connection with the investment of funds in the Certificate Account in Eligible
Investments shall be deposited in the related Certificate Account by the Master
Servicer from its own funds immediately as realized without reimbursement
therefor.
Section 3.08. COLLECTION OF TAXES, ASSESSMENTS AND SIMILAR ITEMS;
SERVICING ACCOUNTS.
(a) The Master Servicer shall establish and maintain one or more
Servicing Accounts. The Master Servicer will deposit and retain therein all
collections from the Mortgagors for the payment of taxes, assessments, insurance
premiums or comparable items.
(b) The deposits in the Servicing Accounts shall be held in trust by
the Master Servicer (and its successors and assigns) in the name of the Trustee.
Such Servicing Accounts shall be Eligible Accounts and if permitted by
applicable law, invested in Eligible Investments held in trust by the Master
Servicer as described above and maturing, or subject to redemption or
withdrawal, no later than the date on which such funds are required to be
withdrawn, and in no event later than 45 days after the date of investment.
Withdrawals of amounts from the Servicing Accounts may be made only to effect
timely payment of taxes, assessments, insurance premiums or comparable items, to
reimburse the Master Servicer for any Servicing Advances made with respect to
such items, to refund to any Mortgagors any sums as may be determined to be
overages,
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to pay interest, if required, to Mortgagors on balances in the Servicing
Accounts or to clear and terminate the Servicing Accounts at or any time after
the termination of this Agreement. Any advances of such payments shall
constitute Servicing Advances.
Section 3.09 RESERVED.
Section 3.10 MORTGAGE IMPAIRMENT INSURANCE. In the event that the
Master Servicer shall obtain and maintain a blanket policy insuring against fire
and hazards of extended coverage on all of the Mortgage Loans, then, to the
extent such policy names the Master Servicer as loss payee and provides coverage
in an amount equal to the aggregate unpaid principal balance on the related
Mortgage Loans without co-insurance, and otherwise complies with the
requirements of Section 3.11 below, the Master Servicer shall be deemed
conclusively to have satisfied its obligations with respect to fire and hazard
insurance coverage under Section 3.11 below, it being understood and agreed that
such blanket policy may contain a deductible clause, in which case the Master
Servicer shall, in the event that there shall not have been maintained on the
related Mortgaged Property a policy complying with Section 3.11 below, and there
shall have been a loss which would have been covered by such policy, deposit in
the Certificate Account the difference, if any, between the amount that would
have been payable under a policy complying with Section 3.11 below and the
amount paid under such blanket policy.
Section 3.11 MAINTENANCE OF HAZARD INSURANCE AND FIDELITY COVERAGE.
(a) The Master Servicer shall maintain, or cause each Subservicer to maintain,
with respect to each Mortgage Loan and each REO Property, in full force and
effect hazard insurance (fire insurance with extended coverage) equal to the
least of the principal balance of the Mortgage Loan, the current replacement
cost of the Mortgaged Property and the full insurable value of the Mortgaged
Property, and containing a standard mortgagee clause, PROVIDED, HOWEVER, that
the amount of hazard insurance may not be less than the amount necessary to
prevent loss due to the application of any co-insurance provision of the related
policy.
(b) All policies required hereunder shall be endorsed with standard
mortgagee clauses with losses payable to the Master Servicer. Any amounts
collected by the Master Servicer or a Subservicer under any such hazard
insurance policy (other than amounts to be applied to the restoration or repair
of the Mortgaged Property or amounts released to the Mortgagor in accordance
with the Master Servicer's or a Subservicer's normal servicing procedures, the
Mortgage Note, the Mortgage or applicable law) shall be deposited into the
Certificate Account, for transmittal to the Distribution Account, subject to
withdrawal pursuant to Section 3.07.
(c) Any cost incurred by a Master Servicer in maintaining any such
hazard insurance policy shall not be added to the amount owing under the
Mortgage Loan for the purpose of calculating monthly distributions to
Certificateholders, notwithstanding that the terms of the Mortgage Loan so
permit. Such costs shall constitute Servicing Advances and shall be recoverable
by the Master Servicer in accordance with Section 3.07.
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(d) No earthquake or other additional insurance shall be required of
any Mortgagor or maintained on REO Property other than pursuant to such
applicable laws and regulations as shall at any time be in force and require
such additional insurance. If, at the time of origination of the Mortgage Loan
or at any subsequent time, the Mortgaged Property or REO Property is located in
a federally designated special flood hazard area, the Master Servicer shall use
reasonable efforts to cause flood insurance (to the extent available and in
accordance with mortgage servicing industry practice) to be maintained thereon.
Such flood insurance shall be in an amount equal to the lesser of (i) the
principal balance of the related Mortgage Loan and (ii) the minimum amount
required under the terms of coverage to compensate for any damage or loss on a
replacement cost basis, but not more than the maximum amount of such insurance
available for the related Mortgaged Property or REO Property under either the
regular or emergency programs of the National Flood Insurance Program (assuming
that the area in which such Mortgaged Property or REO Property is located is
participating in such program).
(e) If insurance has not been maintained and should have been
maintained in accordance with the limitations set forth in Subsections 3.11 (a)
and (d), and there shall have been a loss which would have been covered by such
insurance had it been maintained, the Master Servicer shall pay for any
resulting loss.
(f) The Master Servicer shall present, or cause the related
Subservicer to present, claims under any related hazard insurance or flood
insurance policy.
(g) The Master Servicer shall obtain and maintain at its own expense
and for the duration of this Agreement a blanket fidelity bond and errors and
omissions insurance policy acceptable to FNMA or FHLMC covering such Master
Servicer's officers, employees and other persons acting on its behalf in
connection with its activities under this Agreement. The Master Servicer shall
promptly notify the Trustee of any material change in the terms of such bond or
policy. Upon the request of the Trustee, the Master Servicer shall provide to
the Trustee a certified true copy of such fidelity bond and insurance policy. If
any such bond or policy ceases to be in effect, the Master Servicer shall, to
the extent possible, give the Trustee ten days' notice prior to any such
cessation and shall use reasonable efforts to obtain a comparable replacement
bond or policy, as the case may be.
Section 3.12 DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS. (a) If the
Master Servicer is notified by any Mortgagor that a Mortgaged Property relating
to a Mortgage Loan has been or is about to be conveyed by the Mortgagor, the
Master Servicer shall enforce any due-on-sale clause contained in the related
Mortgage to the extent permitted under the terms of the related Mortgage Note
and by applicable law. If the Master Servicer reasonably believes that such
due-on-sale clause cannot be enforced under applicable law or if the Mortgage
Loan does not contain a due-on-sale clause, the Master Servicer is authorized to
consent to a conveyance subject to the lien of the Mortgage, and to take or
enter into an assumption agreement from or with the Person to whom such property
has been or is about to be conveyed, pursuant to which such Person becomes
liable under the related Mortgage Note and unless prohibited by applicable law,
such Mortgagor remains liable thereon. In connection with any such assumption,
no material term of
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the related Mortgage Note may be changed. The Master Servicer shall notify the
Trustee, whenever practicable, before the completion of such assumption
agreement, and shall forward to the Trustee the original of such assumption
agreement, which shall be added by the Trustee to the related Mortgage File and
which shall, for all purposes, be considered a part of such Mortgage File to the
same extent as all other documents and instruments constituting a part thereof.
Any fee or additional interest collected by the Master Servicer for consenting
to any such conveyance or entering into any such assumption agreement may be
retained by the Master Servicer as additional servicing compensation.
(b) Notwithstanding the foregoing paragraph or any other provision
of this Agreement, the Master Servicer shall not be deemed to be in default,
breach or any other violation of its obligations hereunder by reason of any
assumption of a Mortgage Loan by operation of law or any conveyance by the
Mortgagor of the related Mortgaged Property or assumption of a Mortgage Loan
which the Master Servicer reasonably believes it may be restricted by law from
preventing, for any reason whatsoever or if the exercise of such right would
impair or threaten to impair any recovery under any applicable insurance policy.
Section 3.13 REALIZATION UPON DEFAULTED MORTGAGE LOANS. (a) The
Master Servicer shall foreclose upon or otherwise comparably convert the
ownership of properties securing any Mortgage Loans that come into and continue
in default and as to which the Master Servicer has decided in its good faith
judgment that such action is in the best interest of the Trust Fund, except that
the Master Servicer shall not foreclose upon or otherwise comparably convert a
Mortgaged Property if there is evidence of toxic waste or other environmental
hazards thereon, unless the Master Servicer follows the procedures in Subsection
3.13(c) below. In connection with such foreclosure or other conversion, the
Master Servicer shall use reasonable efforts to preserve REO Property and to
realize upon defaulted Mortgage Loans in such a manner as to maximize the
receipt of principal and interest by the Certificateholders, taking into
account, among other things, the timing of foreclosure and the considerations
set forth in Subsection 3.13(b). The foregoing is subject to the proviso that
the Master Servicer shall not be required to expend its own funds in connection
with any foreclosure or towards the restoration of any property unless it
determines in good faith (i) that such restoration or foreclosure will increase
Net Liquidation Proceeds, and (ii) that such expenses will constitute Servicing
Advances and will be recoverable to it pursuant to Section 3.07. The Master
Servicer shall be responsible for all other costs and expenses incurred by it in
any such proceedings; PROVIDED, HOWEVER, that it shall be entitled to receive
Foreclosure Profits as additional servicing compensation.
(b) The Trust Fund shall not acquire any real property (or any
personal property incident to such real property) except in connection with a
default or imminent default of a Mortgage Loan. In the event that the Trust Fund
acquires any real property (or personal property incident to such real property)
in connection with a default or imminent default of a Mortgage Loan, such
property shall be disposed of by the Trustee on behalf of the Trust Fund in
accordance with Section 3.20.
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(c) With respect to any Mortgage Loan as to which the Master
Servicer has received notice of, or has actual knowledge of, the presence of any
toxic or hazardous substance on the Mortgaged Property, the Master Servicer
shall promptly notify the Trustee and shall act in accordance with any
directions provided by the Trustee. Notwithstanding the preceding sentence of
this Section 3.13(c), with respect to any Mortgage Loan described by such
sentence, the Master Servicer shall, if requested by the Trustee, obtain and
deliver to the Trustee an environmental audit report prepared by a Person who
regularly conducts environmental audits using customary industry standards. The
Master Servicer shall be entitled to reimbursement for such report pursuant to
Section 3.07. If the Trustee has not provided directions to the Master Servicer
in connection with any such Mortgage Loan within 30 days of a request by the
Master Servicer for such directions and instructions, then the Master Servicer
shall take such action as it deems to be in the best economic interest of the
Trust Fund, including the release of such Mortgaged Property from the lien of
the related Mortgage. The parties hereto acknowledge that the Master Servicer
shall not acquire possession of or title to, or commence any proceedings to
acquire possession of or title to, or take any other action with respect to, any
Mortgaged Property, if the Trustee could reasonably be considered to be a
responsible party for any liability arising from the presence of any toxic or
hazardous substance on the Mortgaged Property, unless the Trustee has been
indemnified to its reasonable satisfaction against such liability.
Section 3.14 TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES. (a)
Upon payment in full of any Mortgage Loan or the receipt by the Master Servicer
of a notification that payment in full will be escrowed in a manner customary
for such purposes, the Master Servicer will immediately notify the Trustee by a
certification signed by a Servicing Officer (which certification shall include a
statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the
Certificate Account have been or will be so deposited) and shall request
delivery to the Master Servicer of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall promptly release the related
Mortgage File to the Master Servicer and execute and deliver to the Master
Servicer, without recourse, the request for reconveyance, deed of reconveyance
or release or satisfaction of mortgage or such instrument releasing the lien of
the Mortgage (furnished by the Master Servicer), together with the Mortgage Note
with written evidence of cancellation thereon.
(b) From time to time as is appropriate for the servicing or
foreclosure of any Mortgage Loan or collection under an insurance policy, the
Master Servicer may deliver to the Trustee a Request for Release signed by a
Servicing Officer on behalf of the Master Servicer in substantially the form
attached as Exhibit D hereto. Upon receipt of the Request for Release, the
Trustee shall deliver the Mortgage File or any document therein to the Master
Servicer as bailee for the Trustee.
(c) The Master Servicer shall cause each Mortgage File or any
document therein released pursuant to Subsection 3.14(b) to be returned to the
Trustee when the need therefor no longer exists, unless the Mortgage Loan has
become a Liquidated Mortgage Loan and the Net Liquidation Proceeds relating to
the Mortgage Loan have been deposited in the Certificate Account. Prior to
return of a Mortgage File or any document to the Trustee, the Master Servicer
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shall retain such file or document in its constructive control as bailee for the
Trustee. If a Mortgage Loan becomes a Liquidated Mortgage Loan, the Trustee
shall deliver the Request for Release with respect thereto to the Master
Servicer upon deposit of the related Net Liquidation
Proceeds in the Certificate Account.
(d) The Trustee shall execute and deliver to the Master Servicer any
court pleadings, requests for trustee's sale or other documents presented to it
by the Master Servicer necessary to (i) the foreclosure or trustee's sale with
respect to a Mortgaged Property; (ii) any legal action brought to obtain
judgment against any Mortgagor on the Mortgage Note or Mortgage; (iii) obtain a
deficiency judgment against the Mortgagor; or (iv) enforce any other rights or
remedies provided by the Mortgage Note or Mortgage or otherwise available at law
or equity. Together with such documents or pleadings, the Master Servicer shall
deliver to the Trustee a certificate of a Servicing Officer in which it requests
the Trustee to execute the pleadings or documents.
Section 3.15 SERVICING COMPENSATION. (a) As compensation for its
activities hereunder, the Master Servicer shall be entitled to receive the
Servicing Fee with respect to each Mortgage Loan.
(b) The Master Servicer may retain additional servicing compensation
in the form of prepayment charges, if any, tax service fees, fees for statement
of account or payoff, late payment charges, bad check charges, assumption fees,
modification fees or any other servicing- related fees, to the extent such fees
are collected from the related Mortgagors, and Foreclosure Profits. The Master
Servicer shall be required to pay all expenses it incurs in connection with its
servicing activities under this Agreement and shall not be entitled in
connection with its servicing activities under this Agreement to reimbursement
except as provided in this Agreement.
Section 3.16 ANNUAL STATEMENTS OF COMPLIANCE. Within 120 days after
December 31 of each year, commencing in December 1998, the Master Servicer at
its own expense shall deliver to the Trustee, with a copy to the Rating
Agencies, an Officer's Certificate stating, as to the signer thereof, that (i) a
review of the activities of the Master Servicer during the most recently
completed calendar year and of its performance under this Agreement has been
made under such officer's supervision, (ii) to the best of such officer's
knowledge, based on such review, the Master Servicer has fulfilled all of its
obligations under this Agreement for such year, or, if there has been a default
in the fulfillment of any such obligation, specifying each such default known to
such officer and the nature and status thereof including the steps being taken
by the Master Servicer to remedy such default.
Section 3.17 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING
REPORT. (a) Within 120 days after December 31 of each year, commencing in
December 1998, the Master Servicer, at its expense, shall cause a nationally
recognized firm of independent certified public accountants to furnish to the
Master Servicer a report stating that (i) it has obtained a letter of
representation regarding certain matters from the management of the Master
Servicer which includes an assertion that the Master Servicer has complied with
certain minimum mortgage loan
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servicing standards identified in the Uniform Single Attestation Program for
Mortgage Bankers established by the Mortgage Bankers Association of America with
respect to the servicing of residential mortgage loans during the most recently
completed calendar year and (ii) on the basis of an examination conducted by
such firm in accordance with standards established by the American Institute of
Certified Public Accountants, such representation is fairly stated in all
material respects, subject to such exceptions and other qualifications that may
be appropriate. In rendering its report such firm may rely, as to matters
relating to the direct servicing of residential mortgage loans by a Subservicer,
upon comparable reports of firms of independent certified public accountants
rendered on the basis of examinations conducted in accordance with the same
standards (rendered within one year of such report) with respect to such
Subservicer. Immediately upon receipt of such report, the Master Servicer shall
furnish a copy of such report to the Trustee and the Rating Agencies.
Section 3.18. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS. The
Master Servicer may repurchase any Mortgage Loan that is 90 days or more
Delinquent for a price equal to the Repurchase Price. The Repurchase Price for
any Mortgage Loan purchased hereunder shall be deposited by the Master Servicer
in the Certificate Account and the Trustee, upon receipt of a Request for
Release and confirmation of such deposit from the Master Servicer in the form of
Exhibit D, shall release or cause to be released to the Master Servicer or its
designee, the related Mortgage File and shall execute and deliver such
instruments of transfer or assignment prepared by the Master Servicer or its
designee, in each case without recourse, representation or warranty, as shall be
necessary to vest in the Master Servicer or its designee ownership of such
Mortgage Loan released pursuant hereto.
Section 3.19. INFORMATION REQUIRED BY THE INTERNAL REVENUE SERVICE
GENERALLY AND REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED PROPERTY.
The Master Servicer shall prepare and deliver all federal and state information
reports when and as required by Section 6050J (reports of foreclosures and
abandonments), Section 6050H (reports relating to mortgage interest received)
and Section 6050P of the Code (reports relating to cancellation of
indebtedness).
Section 3.20. TITLE, MANAGEMENT AND DISPOSITION OF REO PROPERTY.
(a) The deed or certificate of sale of any REO Property shall be
taken in the name of the Trustee, or its nominee, on behalf of the
Certificateholders. The Master Servicer, on behalf of the Trust Fund, shall
either sell any REO Property before the close of the third taxable year
following the year the Trust Fund acquires ownership of such REO Property for
purposes of Section 860G(a)(8) of the Code or request from the Internal Revenue
Service, more than 60 days before the day on which the three-year grace period
would otherwise expire an extension of the grace period, unless the Master
Servicer shall have delivered to the Trustee an Opinion of Counsel, addressed to
the Trustee and the Company, which Opinion of Counsel shall not be at the
expense of the Trust Fund or the Trustee, to the effect that the holding by
REMIC I of such REO Property subsequent to such period after its acquisition
will not result in the imposition on REMIC I, REMIC II or REMIC III of taxes on
"prohibited transactions" thereof, as defined in Section 860F of the Code, or
cause REMIC I, REMIC II or REMIC III to fail to
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qualify as a REMIC under federal tax law at any time that any Certificates are
outstanding. The Master Servicer shall manage, conserve, protect and operate
each REO Property for the Certificateholders solely for the purpose of its
prompt disposition and sale in a manner which does not cause such REO Property
to fail to qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code or result in the receipt by REMIC I, REMIC II or REMIC
III of any "income from non-permitted assets" within the meaning of Section
860F(a)(2)(B) of the Code, or any "net income from foreclosure property" which
is subject to taxation under the REMIC Provisions.
(b) The Master Servicer shall segregate and hold all funds collected
and received in connection with the operation of any REO Property separate and
apart from its own funds and general assets and shall establish and maintain
with respect to REO Properties an account held in trust for the Trustee for the
benefit of the Certificateholders (the "REO Account"), which shall be an
Eligible Account. The Master Servicer shall be permitted to allow the
Certificate Account to serve as the REO Account, subject to separate ledgers or
subaccounts for each REO Property. The Master Servicer shall be entitled to
retain or withdraw any interest income paid on funds deposited or Eligible
Investments in the REO Account.
(c) The Master Servicer shall have full power and authority, subject
only to the specific requirements and prohibitions of this Agreement, to do any
and all things in connection with any REO Property as are consistent with the
manner in which the Master Servicer manages and operates similar property owned
by the Master Servicer or any of its Affiliates, all on such terms and for such
period as the Master Servicer deems to be in the best interests of
Certificateholders. In connection therewith, the Master Servicer shall deposit,
or cause to be deposited, on a daily basis in the REO Account all revenues
received by it with respect to an REO Property and shall withdraw therefrom
funds necessary for the proper operation, management and maintenance of such REO
Property including, without limitation:
(i) all insurance premiums due and payable in respect of
such REO Property;
(ii) all real estate taxes and assessments in respect of
such REO Property that may result in the imposition of a lien
thereon; and
(iii) all costs and expenses necessary to maintain such
REO Property.
To the extent that amounts on deposit in the REO Account with respect to an REO
Property are insufficient for the purposes set forth in clauses (i) through
(iii) above with respect to such REO Property, the Master Servicer shall advance
from its own funds such amount as is necessary for such purposes, but only if
the Master Servicer would make such advances if the Master Servicer owned the
REO Property and if in the Master Servicer's reasonable good faith judgment, the
payment of such amounts will be recoverable from the rental or sale of the REO
Property.
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Notwithstanding the foregoing, the Master Servicer shall not:
(i) permit the Trust Fund to enter into, renew or extend any New
Lease with respect to any REO Property, if the New Lease by its terms will give
rise to any income that does not constitute Rents from Real Property;
(ii) permit any amount to be received or accrued under any New Lease
other than amounts that will constitute Rents from Real Property;
(iii) authorize or permit any construction on any REO Property,
other than the completion of a building or other improvement thereon, and then
only if more than ten percent of the construction of such building or other
improvement was completed before default on the related Mortgage Loan became
imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or
(iv) allow any Person to Directly Operate any REO Property on any
date more than 90 days after its date of acquisition by the Trust Fund;
unless, in any such case, the Master Servicer has obtained an Opinion of
Counsel, which Opinion of Counsel shall not be at the expense of the Trust Fund
or Trustee, provided to the Trustee, to the effect that such action will not
cause such REO Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code at any time that it is held by REMIC
I, in which case the Master Servicer may take such actions as are specified in
such Opinion of Counsel.
The Master Servicer may contract with any Independent Contractor for
the operation and management of any REO Property, provided that:
(i) the terms and conditions of any such contract shall
not be inconsistent herewith;
(ii) any such contract shall require, or shall be
administered to require, that the Independent Contractor pay all
costs and expenses incurred in connection with the operation and
management of such REO Property, including those listed above and
remit all related revenues (net of such costs and expenses) to the
Master Servicer as soon as practicable, but in no event later than
thirty days following the receipt thereof by such Independent
Contractor;
(iii) none of the provisions of this Section 3.20(c)
relating to any such contract or to actions taken through any such
Independent Contractor shall be deemed to relieve the Master
Servicer of any of its duties and obligations to the Trustee on
behalf of the Certificateholders with respect to the operation and
management of any such REO Property; and
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(iv) the Master Servicer shall be obligated with respect
thereto to the same extent as if it alone were performing all duties
and obligations in connection with the operation and management of
such REO Property.
The Master Servicer shall be entitled to enter into any agreement with any
Independent Contractor performing services for it related to its duties and
obligations hereunder for indemnification of the Master Servicer by such
Independent Contractor, and nothing in this Agreement shall be deemed to limit
or modify such indemnification.
(d) In addition to the withdrawals permitted under Section 3.20(c),
the Master Servicer may from time to time make withdrawals from the REO Account
for any REO Property: (i) to pay itself unpaid Servicing Fees in respect of the
related Mortgage Loan; and (ii) to reimburse itself for unreimbursed Servicing
Advances and Monthly Advances made in respect of such REO Property or the
related Mortgage Loan. On the Determination Date, the Master Servicer shall
withdraw from each REO Account maintained by it and deposit into the Certificate
Account in accordance with Section 3.06(b)(vi), for distribution on the related
Distribution Date in accordance with Section 4.01, the income from the related
REO Property received during the prior calendar month, net of any withdrawals
made pursuant to Section 3.20(c) or this Section 3.20(d).
(e) Subject to the time constraints set forth in Section 3.20(a),
each REO Disposition shall be carried out by the Master Servicer at such price
and upon such terms and conditions as the Master Servicer shall deem necessary
or advisable, as shall be normal and usual in its general servicing activities.
Any REO Disposition shall be for cash only (unless changes in the REMIC
Provisions made subsequent to the Closing Date allow a sale for other
consideration).
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. DISTRIBUTION ACCOUNT; INVESTMENT OF ACCOUNTS.
(a) The Trustee shall establish and maintain a segregated account in
its name (the "Distribution Account"), which shall be an Eligible Account, into
which the Master Servicer shall deposit on or before each Determination Date by
wire transfer of immediately available funds an amount equal to the sum of the
Interest Remittance Amount and Principal Remittance Amount for the immediately
succeeding Distribution Date.
(b) The Trustee shall, upon written request from the Master
Servicer, invest or cause the institution maintaining the Accounts in Eligible
Investments designated in the name of the Trustee, which shall mature not later
than the Business Day next preceding the Distribution Date next following the
date of such investment (except that (i) any investment in the institution with
which the Distribution Account is maintained may mature on such Distribution
Date and (ii) any other investment may mature on such Distribution Date if the
Trustee shall advance funds on such Distribution Date to the Accounts in the
amount payable on such investment on such Distribution Date, pending receipt
thereof to the extent necessary to make distributions on the Certificates) and
shall not be sold or disposed of prior to maturity. All income and gain realized
from any such investment shall be for the benefit of the Master Servicer. The
amount of any net losses incurred in respect of any such investments shall be
deposited in the related Account by the Master Servicer.
Section 4.02. DISTRIBUTIONS.
(a) On each Distribution Date, the Trustee shall make, subject to
available funds, the distributions described below, to each Certificateholder of
record on the next preceding Record Date (other than as provided in Section 9.01
respecting the final distribution) either in immediately available funds (by
wire transfer or otherwise) to the account of such Certificateholder at a bank
or other entity having appropriate facilities therefor, if such
Certificateholder has so notified the Master Servicer or the Trustee, as the
case may be, or, if such Certificateholder has not so notified the Master
Servicer or the Trustee by the Record Date, by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register. Each Certificateholder's share of the distributions described below
shall be based on the aggregate of the Percentage Interests represented by
Certificates of the applicable Class held by such Holder.
(b) On each Distribution Date, the Trustee shall withdraw from the
Distribution Account and, if necessary, in the case of the first three
Distribution Dates, the Capitalized Interest Account, the Interest Distribution
Amount for such Distribution Date and distribute such amount as follows, in each
case to the extent of the Interest Distribution Amount:
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(i) to the holders of each Component of the Class A-IO
Certificates, pro rata, an amount equal to the Accrued Certificate
Interest thereon for such Distribution Date, plus any Unpaid Interest
Shortfalls thereon;
(ii) to the Class A-1 and the Class A-2 Certificateholders,
pro rata, an amount equal to the Accrued Certificate Interest thereon for
such Distribution Date, plus any Unpaid Interest Shortfalls thereon;
(iii) to the Class M-1 Certificateholders, an amount equal to
the Accrued Certificate Interest thereon for such Distribution Date;
(iv) to the Class M-2 Certificateholders, an amount equal to
the Accrued Certificate Interest thereon for such Distribution Date;
(v) to the Class B Certificateholders, an amount equal to the
Accrued Certificate Interest thereon for such Distribution Date; and
(vi) any amount remaining (such amount, the "Net Monthly
Excess Interest Amount") for such Distribution Date shall be included in
the Net Monthly Excess Cash Flow and distributed as described in 4.02(e).
(c) On each Distribution Date prior to the Stepdown Date and on or
after the Stepdown Date if a Trigger Event is in effect, the Trustee shall
withdraw from the Distribution Account the Principal Distribution Amount for
such Distribution Date and distribute such amount as follows, in each case to
the extent of the Principal Distribution Amount:
(i) first, to the Class A-1 Certificateholders, until the
Certificate Principal Balance of the Class A-1 Certificates has been
reduced to zero;
(ii) second, to the Class A-2 Certificateholders, until the
Certificate Principal Balance of the Class A-2 Certificates has been
reduced to zero;
(iii) third, to the Class M-1 Certificates, until the
Certificate Principal Balance of the Class M-1 Certificates has been
reduced to zero;
(iv) fourth, to the Class M-2 Certificates, until the
Certificate Principal Balance of the Class M-2 Certificates has been
reduced to zero;
(v) fifth, to the Class B Certificates, until the Certificate
Principal Balance of the Class B Certificates has been reduced to zero;
(vi) any Principal Remittance Amount remaining (such amount,
the "Net Monthly Excess Principal Amount") shall be included in the Net
Monthly Excess Cash Flow and distributed as described in Section 4.02(e).
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(d) On each Distribution Date after the Stepdown Date, so long as no
Trigger Event is in effect, the Trustee shall withdraw from the Distribution
Account the Principal Distribution Amount for such Distribution Date and shall
distribute such amount as follows, in each case to the extent of the Principal
Distribution Amount:
(i) first, to the Class A-1 Certificates, until the
Certificate Principal Balance of the Class A-1 Certificates has been
reduced to zero, an amount equal to the excess, if any, of (x) the sum of
the Certificate Principal Balance of the Class A-1 Certificates and Class
A-2 Certificates immediately prior to such Distribution Date over (y) the
lesser of (a) the product of (1) 50.30% and (2) the Pool Principal Balance
as of the last day of the related Due Period and (b) the Pool Principal
Balance as of the last day of the related Due Period minus $4,000,000;
(ii) second, and only if the Certificate Principal Balance of
the Class A-1 Certificates has been reduced to zero, from the balance, if
any, remaining of the Principal Distribution Amount after the distribution
described in clause (i) above, to the Class A-2 Certificates, until the
Certificate Principal Balance of the Class A-2 Certificates has been
reduced to zero, an amount equal to the excess, if any, of (x) the
Certificate Principal Balance of the Class A-2 Certificates immediately
prior to such Distribution Date over (y) the lesser of (a) the product of
(1) 50.30% and (2) the Pool Principal Balance as of the last day of the
related Due Period and (b) the Pool Principal Balance as of the last day
of the related Due Period minus $4,000,000;
(iii) third, from the balance, if any, remaining of the
Principal Distribution Amount after the distribution described in clauses
(i) and (ii) above, to the Class M-1 Certificates, until the Certificate
Principal Balance of the Class M-1 Certificates has been reduced to zero,
the excess, if any, of (x) the sum of (a) the aggregate Certificate
Principal Balance of the Class A Certificates (after taking into account
distributions pursuant to clauses (i) and (ii) above on such Distribution
Date) and (b) the aggregate Certificate Principal Balance of the Class M-1
Certificates immediately prior to such Distribution Date over (y) the
lesser of (a) the product of (1) 66.30% and (2) the Pool Principal Balance
as of the last day of the related Due Period and (b) the Pool Principal
Balance as of the last day of the related Due Period minus $4,000,000.
(iv) fourth, from the balance, if any, remaining of the
Principal Distribution Amount after the distributions described in clauses
(i) through (iii) above, to the Class M-2 Certificates, until the
Certificate Principal Balance of the Class M-2 Certificates has been
reduced to zero, the excess, if any, of (x) the sum of (a) the aggregate
Certificate Principal Balance of the Class A Certificates and Class M-1
Certificates (after taking into account distributions pursuant to clauses
(i) through (iii) above on such Distribution Date) and (b) the aggregate
Certificate Principal Balance of the Class M-2 Certificates immediately
prior to such Distribution Date over (y) the lesser of (a) the product of
(1) 80.30% and (2) the Pool Principal Balance as of the last day of the
related
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Due Period and (b) the Pool Principal Balance as of the last day of the
related Due Period minus $ 4,000,000;
(v) fifth, from the balance, if any, remaining of the
Principal Distribution Amount after the distributions described in clauses
(i) through (iv) above, to the Class B Certificates, until the Certificate
Principal Balance of the Class B Certificates has been reduced to zero,
the excess, if any, of (x) the sum of (a) the aggregate Certificate
Principal Balance of the Class A Certificates and Class M Certificates
(after taking into account distributions pursuant to clauses (i) though
(iv) above on such Distribution Date) and (b) the aggregate Certificate
Principal Balance of the Class B Certificates immediately prior to such
Distribution Date over (y) the lesser of (a) the product of (1) 92.30% and
(2) the Pool Principal Balance as of the last day of the related Due
Period and (b) the Pool Principal Balance as of the last day of the
related Due Period minus $4,000,000; and
(vi) sixth, any Principal Remittance Amount remaining (such
amount, the "Net Monthly Excess Principal Amount") shall be included in
the Net Monthly Excess Cash Flow as described in Section 4.02(e) and
applied as described therein.
(e) On each Distribution Date, the Net Monthly Excess Cash Flow will
be distributed by the Trustee as follows, in each case to the extent of the Net
Monthly Excess Cash Flow:
(i) first, to pay any Unpaid Interest Shortfall on the Class A
Certificates, pro rata;
(ii) second, to fund the Extra Principal Distribution Amount
for such Distribution Date to be distributed to the Offered
Certificateholders in the manner and priority set forth in Section
4.02(c) or 4.02(d) above;
(iii) third, to pay any Unpaid Interest Shortfall on the Class
M-1 Certificates until such Unpaid Interest Shortfall is reduced to
zero;
(iv) fourth, to reimburse the Class M-1 Certificates for any
Realized Losses previously allocated thereto pursuant to Section
4.05 until fully reimbursed;
(v) fifth, to pay any Unpaid Interest Shortfall on the Class
M-2 Certificates until such Unpaid Interest Shortfall is reduced to
zero;
(vi) sixth, to reimburse the Class M-2 Certificates for any
Realized Losses previously allocated thereto pursuant to Section
4.05 until fully reimbursed;
(vii) seventh, to pay any Unpaid Interest Shortfall on the
Class B Certificates until such Unpaid Interest Shortfall is reduced
to zero;
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(viii) eighth, to reimburse the Class B Certificates for any
Realized Losses previously allocated thereto pursuant to Section
4.05 until fully reimbursed;
(ix) ninth, to the Available Funds Cap Carryover Reserve
Account, the amount necessary to bring the amount on deposit therein
up to the Available Funds Cap Carryover Amount for each of the Class
A-1, Class A-2, Class M-1, Class M- 2 and Class B Certificates;
(x) tenth, to the Class C Certificateholders, an amount equal
to (A) the Class C Interest Distribution Amount for such
Distribution Date reduced, but not below zero, by (B) the amount, if
any, distributed pursuant to clause (ix) hereof on such Distribution
Date; and
(xi) eleventh, any remaining amounts will be distributed to
the Class R- III Certificates.
(f) If any funds that would have been distributed to the Class C
Certificateholders pursuant to Section 4.02(e)(x) hereof but for Section
4.02(e)(ix) hereof, are instead distributed to the Available Funds Cap Carryover
Reserve Account pursuant to Section 4.02(e)(ix) hereof , such funds shall be
treated as having been distributed to the Class C Certificateholders pursuant to
Section 4.02(e)(x) hereof and thereafter contributed by the Class
Certificateholders to the Available Funds Cap Carryover Reserve Account. If any
funds that would have been distributed to the Class R-III Certificates pursuant
to Section 4.02(e)(xi) hereof but for Section 4.02(e)(ix) hereof, are instead
distributed to the Available Funds Cap Carryover Reserve Account pursuant to
Section 4.02(e)(ix) hereof , such funds shall be treated as having been
distributed to the Class R-III Certificateholders pursuant to Section
4.02(e)(xi) hereof and thereafter advanced by the Class R-III Certificateholders
to the Available Funds Cap Carryover Reserve Account. To the extent that any
funds are subsequently distributed to the Class C Certificateholders pursuant to
Section 4.02(e)(x) hereof, the Class C Certificateholders agree to reimburse the
Class R-III Certificateholders for any such advance.
(g) Each distribution with respect to a Book-Entry Certificate shall
be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. None of the Trustee, the
Certificate Registrar, the Company or the Master Servicer shall have any
responsibility therefor except as otherwise provided by this Agreement or
applicable law.
(h) Except as otherwise provided in Section 9.01, if the Master
Servicer anticipates that a final distribution with respect to any Class of
Certificates will be made on the
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next Distribution Date, the Master Servicer shall, no later than the
Determination Date in the month of such final distribution, notify the Trustee
and the Trustee shall, no later than two (2) Business Days after such
Determination Date, mail on such date to each Holder of such Class of
Certificates a notice to the effect that: (i) the Trustee anticipates that the
final distribution with respect to such Class of Certificates will be made on
such Distribution Date but only upon presentation and surrender of such
Certificates at the office of the Trustee or as otherwise specified therein, and
(ii) no interest shall accrue on such Certificates from and after the end of the
prior calendar month. In the event that Certificateholders required to surrender
their Certificates pursuant to Section 9.01(c) do not surrender their
Certificates for final cancellation, the Trustee shall cause funds distributable
with respect to such Certificates to be withdrawn from the Distribution Account
and credited to a separate escrow account for the benefit of such
Certificateholders as provided in Section 9.01(d).
Section 4.03. STATEMENTS TO CERTIFICATEHOLDERS.
(a) No later than 12:00 noon (Illinois time) on each Determination
Date, the Master Servicer shall deliver to the Trustee a computer tape (or such
other report in a form and format mutually agreeable to the Master Servicer and
the Trustee) containing the information set forth in Exhibit C hereto as to each
Mortgage Loan as of the end of the preceding Due Period and such other
information as the Trustee shall reasonably require. On each Distribution Date,
the Trustee shall forward by telecopy to the Master Servicer and the Company and
mail to each Holder, a statement setting forth the following information (based
on the information contained on the computer tape) as to each Class of
Certificates to the extent applicable:
(i) (a) the amount of such distribution to the
Certificateholders of such Class applied to reduce the Certificate
Principal Balance thereof, and (b) the aggregate amount included therein
representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class
of Certificates allocable to interest;
(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable to
such Holders if there were sufficient funds available therefor, the amount
of the shortfall;
(iv) the number and Pool Principal Balance of the Mortgage
Loans after giving effect to the distribution of principal on such
Distribution Date;
(v) the aggregate Certificate Principal Balance or Component
Notional Amount, as applicable, of each Class of the Certificates or
Component, as the case may be, after giving effect to the amounts
distributed on such Distribution Date, separately identifying any
reduction thereof due to Realized Losses other than pursuant to an actual
distribution of principal;
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(vi) the number and aggregate principal balances of Mortgage
Loans that are, as of the last day of the preceding calendar month,
Delinquent (A) one month, (B) two months and (C) three or more months and
the number and aggregate principal balance of Mortgage Loans that are in
foreclosure;
(vii) the number and aggregate principal balance of any REO
Properties;
(viii) the aggregate Unpaid Interest Shortfall remaining
unpaid, if any, for each Class of Certificates, after giving effect to the
distribution made on such Distribution Date;
(ix) the Required Overcollateralization Amount and
Overcollateralization Amount, after giving effect to distributions made on
such Distribution Date;
(x) the aggregate amount of Realized Losses for such
Distribution Date and the aggregate amount of Realized Losses on the
Mortgage Loans incurred since the Cut-off Date;
(xi) the weighted average remaining term to maturity of the
Mortgage Loans after giving effect to the amounts distributed on such
Distribution Date;
(xii) the weighted average Net Mortgage Rates of the Mortgage
Loans after giving effect to the amounts distributed on such Distribution
Date;
(xiii) the Pass-Through Rate on each of the Class A-1 and
Class A-2 Certificates, the Subordinate Certificates and each Component
for such Distribution Date;
(xiv) the Senior Enhancement Percentage for such Distribution
Date;
(xv) the Servicing Fee for the related Due Period; and
(xvi) the Available Funds Cap Carryover Amount for each Class
of Offered Certificates (other than the Class A-IO Certificates) for such
Distribution Date.
In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts shall be expressed as a dollar amount per Certificate with a $1,000
denomination.
The determination by the Master Servicer of the amounts set forth in
the Master Servicer's computer tape shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Trustee
shall be protected in relying upon the same without any independent
verification.
(b) Within a reasonable period of time after the end of each
calendar year, the Trustee shall furnish to each Person who at any time during
the calendar year was the Holder of
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a Certificate, other than a Class R Certificate, a statement containing the
information set forth in clauses (i) and (ii) of subsection (a) above aggregated
for such calendar year or applicable portion thereof during which such Person
was a Certificateholder. Such obligation of the Trustee shall be deemed to have
been satisfied to the extent that substantially comparable information shall be
prepared and furnished by the Trustee pursuant to any requirements of the Code
as are in force from time to time.
(c) Within a reasonable period of time after the end of each
calendar year, the Trustee shall furnish to each Person who at any time during
the calendar year was the Holder of a Class R Certificate, a statement
containing the applicable distribution information provided pursuant to this
Section 4.03 aggregated for such calendar year or applicable portion thereof
during which such Person was the Holder of a Class R Certificate. Such
obligation of the Trustee shall be deemed to have been satisfied to the extent
that substantially comparable information shall be prepared and furnished by the
Trustee pursuant to any requirements of the Code as are in force from time to
time.
(d) The Trustee shall furnish to each Certificateholder during the
term of this Agreement, such periodic, special or other reports or information,
whether or not provided for herein, as shall be necessary, reasonable or
appropriate with respect to the Certificateholder, or otherwise with respect to
the purposes of this Agreement, all such reports or information to be provided
by and in accordance with such applicable instructions and directions (if
requested in writing) as the Certificateholder, may reasonably require; PROVIDED
that the Master Servicer (to the extent that the Trustee in connection with the
foregoing has requested from the Master Servicer information not generally
produced) and the Trustee shall be entitled to be reimbursed by such
Certificateholder, for their respective fees and actual expenses associated with
providing such reports, if such reports are not generally produced in the
ordinary course of their respective businesses or readily obtainable.
(e) Reports and computer tapes furnished by the Master Servicer
pursuant to this Agreement shall be deemed confidential and of a proprietary
nature, and shall not be copied or distributed except to (i) the extent provided
in this Agreement or required by law, (ii) the Rating Agencies or the Company,
(iii) the extent the Seller instructs the Trustee in writing to furnish
information regarding the Trust Fund or the Mortgage Loans to third-party
information providers. No Person entitled to receive copies of such reports or
tapes or lists of Certificateholders shall use the information therein for the
purpose of soliciting the customers of the Seller or for any other purpose
except as set forth in this Agreement.
Section 4.04. RESERVED.
Section 4.05. ALLOCATION OF REALIZED LOSSES.
Prior to each Distribution Date, the Master Servicer shall determine
the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Due Period.
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The amount of each Realized Loss shall be included in the report to the Trustee
provided pursuant to Section 4.03(a).
On each Distribution Date following the application of all amounts
distributable on such date, to the extent the Pool Principal Balance is less
than the aggregate Certificate Principal Balances of the Regular Certificates
(other than the Class A-IO Certificates) due to Realized Losses on the Mortgage
Loans, the Certificate Principal Balances of the Offered Certificates (other
than the Class A-IO Certificates) shall be reduced as follows, until such
deficiency is fully allocated: first, the Certificate Principal Balance of the
Class B Certificates shall be reduced, until the Certificate Principal Balance
thereof has been reduced to zero; second, the Certificate Principal Balance of
the Class M-2 Certificates shall be reduced, until the Certificate Principal
Balance thereof has been reduced to zero; and third, the Certificate Principal
Balance of the Class M-1 Certificates shall be reduced, until the Certificate
Principal Balance thereof has been reduced to zero. The Certificate Principal
Balances of the Class A-1 and Class A-2 Certificates will not be so reduced and
will continue to receive Accrued Certificate Interest thereon in accordance with
Section 4.02(b).
Any allocation of the principal portion of Realized Losses (other
than Debt Service Reductions) to a Class of Certificates shall be made by
reducing the Certificate Principal Balance thereof by the amount so allocated,
which allocation shall be deemed to have occurred on such Distribution Date.
Allocations of the interest portions of Realized Losses shall be made by
operation of the definition of "Accrued Certificate Interest" and by operation
of the provisions of Section 4.02(b). Allocations of the principal portion of
Debt Service Reductions shall be made by operation of the provisions of Sections
4.02(c) and (d). All Realized Losses and all other losses allocated to a Class
of Certificates hereunder will be allocated among the Certificates of such Class
in proportion to the Percentage Interests evidenced thereby.
Section 4.06. 1934 ACT REPORTS.
The Trustee shall prepare or cause to be prepared for filing and
file with the Securities and Exchange Commission (the "Commission"), with a copy
to the Company, any and all reports, statements and information respecting the
Trust Fund and/or the Certificates required to be filed (other than the current
information on Form 8-K to be filed in connection with computational materials
and the initial Current Report on Form 8-K to be filed by the Company in
connection with the issuance of the Certificates). Such reports shall include,
but are not necessarily limited to, the following (which are subject to any
changes in procedures required by the Commission): (i) within 15 days after each
Distribution Date, the Trustee shall file with the Commission a Form 8-K with a
copy of the statement to Certificateholders for such Distribution Date as an
exhibit thereto, (ii) within 15 days of each Subsequent Transfer Date, the
Trustee shall file with the Commission a Form 8-K with a copy of the Subsequent
Transfer Agreement, (iii) not later than March 30 of the first year commencing
after the date of the initial issuance of the Certificates, and each March 30
thereafter if such reporting obligation has not been suspended, the Trustee
shall file a Form 10-K in substance conforming to industry standard reporting
protocols permitted by the Commission for similar securities (or otherwise in
accordance with
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instructions provided by the Company), and (iv) not later than January 30 of the
first year for which the Company's reporting obligations have been automatically
suspended (which shall not be earlier than the first year commencing after the
date of the initial issuance of the Certificates) the Trustee shall file a Form
15D, notifying the Commission of such suspension with respect to the Trust Fund.
The Company hereby grants to the Trustee a limited power of attorney to execute
and file each such report on behalf of the Company. Such power of attorney shall
continue until the earlier of (i) receipt by the Trustee from the Company of
written termination of such power of attorney and (ii) the termination of the
Trust Fund. Fees and expenses incurred by the Trustee in connection with the
foregoing shall be paid by the Trustee in connection with the foregoing from the
Trustee's fees and shall not be paid by the Trust Fund. The Company, the Master
Servicer and the Seller hereby agree to promptly furnish to the Trustee, from
time to time upon request, such further information, reports and financial
statements within their possession related to this Agreement and the Mortgage
Loans as the Trustee reasonably requires to prepare and file all necessary
reports with the Commission.
Section 4.07. RESERVED.
Section 4.08. DISTRIBUTIONS ON THE UNCERTIFICATED REMIC I AND REMIC
II REGULAR INTERESTS.
(a) On each Distribution Date the Trustee shall be deemed to
distribute to itself, as the holder of the Uncertificated REMIC I Regular
Interests, the Uncertificated REMIC I Regular Interest Distribution Amounts in
the following order of priority, in each case to the extent of available funds
reduced by distributions made to the Class R-I Certificates pursuant to Section
4.02:
(i) Uncertificated REMIC I Accrued Interest on the
Uncertificated REMIC I Regular Interests for such Distribution Date, plus
any Uncertificated REMIC I Accrued Interest thereon remaining unpaid from
any previous Distribution Date; and
(ii) In accordance with the priority set forth in Section
4.08(b), an amount equal to the sum of the amounts in respect of the
Principal Distribution Amount (exclusive of the Extra Principal
Distribution Amount) distributable on the Class A-1, Class A-2, Class M-1,
Class M-2 and Class B Certificates under Section 4.02(c) or 4.02(d), as
allocated thereto pursuant to Section 4.02(c) or 4.02(d).
(b) The amount described in Section 4.08(a)(ii) shall be deemed
distributed (i) to Uncertificated REMIC I Regular Interest LT-Y until the
Uncertificated Principal Balance thereof is reduced to zero, and (ii) thereafter
to Uncertificated REMIC I Regular Interest LT-Z until the Uncertificated
Principal Balance thereof is reduced to zero.
(c) Reserved.
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(d) In determining from time to time the Uncertificated REMIC I
Regular Interest LT-Y Distribution Amount and Uncertificated REMIC I Regular
Interest LT-Z Distribution Amount, Realized Losses allocated to the Class M-1,
Class M-2 and Class B Certificates under Section 4.05 shall be deemed allocated
first to Uncertificated REMIC I Regular Interest LT-Y and thereafter to
Uncertificated REMIC I Regular Interest LT-Z.
(e) On each Distribution Date the Trustee shall be deemed to
distribute to itself, as the holder of the Uncertificated REMIC II Regular
Interests, the Uncertificated REMIC II Regular Interest Distribution Amounts in
the following order of priority, in each case to the extent of available funds
reduced by distributions made to the Class R-II Certificates pursuant to Section
4.02:
(i) Uncertificated REMIC II Accrued Interest on the
Uncertificated REMIC II Regular Interests for such Distribution Date, plus
any Uncertificated REMIC II Accrued Interest thereon remaining unpaid from
any previous Distribution Date; and
(ii) In accordance with the priority set forth in Section
4.08(f), an amount equal to the sum of the amounts in respect of the
Principal Distribution Amount (exclusive of the Extra Principal
Distribution Amount) distributable on the Class A-1, Class A-2, Class M-1,
Class M-2 and Class B Certificates under Section 4.02(c) or 4.02(d), as
allocated thereto pursuant to Section 4.02(c) or 4.02(d). This Section
4.08(e)(ii) shall not apply to Uncertificated REMIC II Regular Interest
LT-A-IO-A, Uncertificated REMIC II Regular Interest LT-A-IO-B and
Uncertificated REMIC II Regular Interest LT-A-IO-C.
(f) The amount described in Section 4.08(e)(ii) shall be deemed
distributed to (i) Uncertificated REMIC II Regular Interest LT-A-1, (ii)
Uncertificated REMIC II Regular Interest LT-A-2, (iii) Uncertificated REMIC II
Regular Interest LT-M-1, (iv) Uncertificated REMIC II Regular Interest LT-M-2
and (v) Uncertificated REMIC II Regular Interest LT-B, respectively, with the
amount to be distributed allocated among such interests in accordance with the
amounts allocated to the (i) Class A-1 Certificates, (ii) Class A-2
Certificates, (iii) Class M-1 Certificates, (iv) Class M-2 Certificates and (v)
Class B Certificates, respectively, under Sections 4.02(c) and 4.02(d) until the
Uncertificated Principal Balance of each such interest is reduced to zero.
(g) Reserved.
(h) In determining from time to time the Uncertificated REMIC II
Regular Interest LT-A-IO-A Distribution Amount, Uncertificated REMIC II Regular
Interest LT-A-IO-B Distribution Amount, Uncertificated REMIC II Regular Interest
LT-A-IO-C Distribution Amount, the Uncertificated REMIC II Regular Interest
LT-A-1 Distribution Amount, Uncertificated REMIC II Regular Interest LT-A-2
Distribution Amount, Uncertificated REMIC I Regular Interest LT-M-1 Distribution
Amount, Uncertificated REMIC I Regular Interest LT-M-2 Distribution Amount and
Uncertificated REMIC I Regular Interest LT-B Distribution Amount, Realized
Losses allocated to the Class M-1, Class M-2 and Class B Certificates under
Section 4.05 shall be deemed
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allocated to Uncertificated REMIC I Regular Interest LT-M-1, Uncertificated
REMIC I Regular Interest LT-M-2 and Uncertificated REMIC I Regular Interest
LT-B, respectively.
(i) On each Distribution Date the Trustee shall be deemed to
distribute from REMIC III, in the priority set forth in Sections 4.02(a) and
(b), to the Class A-1, Class A-2, Class A-IO, Class M-1, Class M-2, Class B,
Class C and Class R-III Certificates the amounts distributable thereon, from the
Uncertificated REMIC II Regular Interest Distribution Amounts deemed to have
been received by REMIC III from REMIC II under this Section 4.08.
(j) Notwithstanding the deemed distributions on the Uncertificated
REMIC I Regular Interests and Uncertificated REMIC II Regular Interests
described in this Section 4.08, distributions of funds from the Certificate
Account shall be made only in accordance with Section 4.02.
Section 4.09 MONTHLY ADVANCES.
If any Monthly Payment on a Mortgage Loan that was due on the
immediately preceding Due Date and delinquent on the Determination Date is
delinquent other than as a result of application of the Relief Act or Debt
Service Reduction, the Master Servicer on such Determination Date will deposit
in the Certificate Account an amount equal to the interest portion (net of the
Servicing Fee) of the scheduled Monthly Payment for such Mortgage Loan, except
to the extent the Master Servicer determines any such advance to be a
Nonrecoverable Advance. Subject to the foregoing and in the absence of such a
determination, the Master Servicer shall continue to make such advances through
the date that the related Mortgage Loan has, in the judgment of the Master
Servicer, become a Liquidated Mortgage Loan. If applicable, prior to each
Determination Date, the Master Servicer shall deliver an Officer's Certificate
to the Trustee stating that the Master Servicer elects not to make a Monthly
Advance in a stated amount or that a Monthly Advance previously made has become
a Nonrecoverable Advance. In lieu of making all or a portion of such Monthly
Advance from its own funds, the Master Servicer may (i) cause to be made an
appropriate entry in its records relating to the Certificate Account that any
amount held in the Certificate Account and not required for distribution on the
immediately succeeding Distribution Date has been used by the Master Servicer in
discharge of its obligation to make any such Monthly Advance and (ii) transfer
such funds from the Certificate Account to the Distribution Account. Any funds
so applied and transferred shall be replaced by the Master Servicer by deposit
in the Certificate Account no later than the close of business on the
Determination Date immediately preceding the Distribution Date on which such
funds are required to be distributed pursuant to Section 4.01.
Section 4.10 COMPENSATING INTEREST PAYMENTS.
The Master Servicer shall deposit in the Certificate Account not
later than the Determination Date an amount equal to the Compensating Interest
related to such Determination Date. The Master Servicer shall not be entitled to
any reimbursement of any Compensating Interest payment.
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Section 4.11 PRE-FUNDING ACCOUNT.
(a) No later than the Closing Date, the Trustee shall establish a
segregated trust account that is an Eligible Account, which shall be titled,
"Pre-Funding Account, The First National Bank of Chicago, as trustee for the
registered holders of Mortgage Pass-Through Certificates, Series 1998-B". The
Trustee shall, promptly upon receipt, deposit in the Pre- Funding Account and
retain therein the Original Pre-Funded Amount remitted on the Closing Date to
the Trustee by the Company. Prior to end of the Pre-Funding Period, the
Pre-Funding Account will be part of the Trust Fund.
(b) Amounts on deposit in the Pre-Funding Account shall be withdrawn
by the Trustee as follows:
(i) On any Subsequent Transfer Date, the Trustee, pursuant to
the related Subsequent Transfer Agreement, shall withdraw from the
Pre-Funding Account an amount equal to the Purchase Price for each
Subsequent Mortgage Loan transferred and assigned to the Trustee on
such Subsequent Transfer Date and pay such amount to the Seller upon
satisfaction of the conditions with respect to such transfer and
assignment set forth in Section 2.09 above;
(ii) Prior to each Distribution Date, the Trustee shall
withdraw the amount of any reinvestment income on funds in the
Pre-Funding Account and deposit such amount in the Capitalized
Interest Account;
(iii) The Trustee shall withdraw any amount not required to be
deposited in the Pre-Funding Account or deposited therein in error;
and
(iv) The Trustee shall clear and terminate the Pre-Funding
Account upon the earliest to occur of (A) the Distribution Date
following the end of the Pre- Funding Period, (B) the termination of
this Agreement and (C) the termination of the Trust Fund, with any
amounts remaining on deposit therein being deposited into the
Distribution Account for payment to the Class A-1 Certificateholders
on the Distribution Date following the end of the Pre-Funding Period
pursuant to Section 4.02(c) or 4.02(d).
Amounts on deposit in the Pre-Funding Account shall be invested by
the Trustee in Eligible Investments. All interest and any other investment
earnings on amounts on deposit in the Pre-Funding Account shall be deposited in
the Capitalized Interest Account prior to each Distribution Date. The
Pre-Funding Account will not be an asset of any REMIC and, solely for Federal
income tax purposes, will be treated as owned by the Seller.
Section 4.12 CAPITALIZED INTEREST ACCOUNT.
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No later than the Closing Date, the Trustee shall establish and
maintain with itself a separate, segregated trust account, which shall be an
Eligible Account, titled "Capitalized Interest Account, The First National Bank
of Chicago, as trustee for the registered holders of Mortgage Pass-Through
Certificates, Series 1998-B". The Trustee shall, promptly upon receipt, deposit
in the Capitalized Interest Account and retain therein the Capitalized Interest
Amount remitted on the Closing Date to the Trustee by the Company. Funds
deposited in the Capitalized Interest Account shall be held in trust by the
Trustee for the Certificateholders for the uses and purposes set forth herein.
On Distribution Dates occurring in October, November and December, 1998, the
Trustee shall withdraw from the Capitalized Interest Account an amount equal to
the excess, if any, of the sum of the amount of interest accruing at the
weighted average applicable Pass-Through Rates on the amount by which the
Aggregate Certificate Principal Balance exceeds the Pool Principal Balance for
such Distribution Date, and distribute such amount pursuant to Section 4.02(b)
as a component of the Interest Distribution Amount for such Distribution Date.
Any amounts remaining in the Capitalized Interest Account on the Distribution
Date following the end of the Pre-Funding Period will be paid to the Seller and
will not thereafter be available for distribution pursuant to Section 4.02.
Amounts on deposit in the Capitalized Interest Account will be invested in
Eligible Investments. The Capitalized Interest Account will not be an asset of
any REMIC and, solely for Federal income tax purposes, will be treated as owned
by the Seller.
Section 4.13 AVAILABLE FUNDS CAP CARRYOVER RESERVE ACCOUNT.
(a) No later than the Closing Date, the Trustee shall establish and
maintain a segregated trust account that is an Eligible Account, which shall be
titled, "Available Funds Cap Carryover Reserve Account, The First National Bank
of Chicago, as trustee for the registered holders of Mortgage Pass-Through
Certificates, Series 1998-B". The Trustee shall, promptly upon receipt, deposit
in the Available Funds Cap Carryover Reserve Account and retain therein the
Initial Reserve Account Deposit remitted on the Closing Date to the Trustee by
the Company. Notwithstanding anything to the contrary herein, the Available
Funds Cap Carryover Reserve Account shall be treated as an outside reserve fund
within the meaning of Treas. Reg. section 1.860G-2(h) and shall not be treated
as an asset of any REMIC created in this Agreement. The Available Funds Cap
Carryover Reserve Account (including any investment earnings thereon) shall be
treated as owned by the holder of the Class C Certificates, initially the
Company, and any earnings on such account shall be taxable to such holder. The
Trustee shall, promptly upon receipt, deposit into the Available Funds Cap
Carryover Reserve Account on each Distribution Date, that portion of the Net
Monthly Excess Cash Flow described in Section 4.02(e)(ix). For all federal
income tax purposes, amounts transferred by the REMIC to the Available Funds Cap
Carryover Reserve Account shall be treated as amounts distributed by REMIC III
to the Class C Certificateholders.
On each Distribution Date, the Trustee shall withdraw, to the extent
of available funds, the aggregated Available Funds Cap Carryover Amount for all
Class A-1, Class A-2, Class M-1, Class M-2 and Class B Certificates and
distribute such amount in the following order of priority:
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(i) to the Class A-1, Class A-2, Class M-1, Class M-2 and Class B
Certificateholders, in that order, the related Available Funds Cap
Carryover Amount outstanding on such Distribution Date; and
(ii) to invest amounts on deposit in the Available Funds Cap
Carryover Reserve Account in Eligible Investments as directed by the
Seller.
On the Distribution Date in which all amounts due have been paid to
the Class A-1, Class A-2, Class M-1, Class M-2 and Class B Certificateholders,
the Trustee, after making any withdrawals from the Available Funds Cap Carryover
Reserve Account required pursuant to the preceding paragraph, shall clear and
terminate the Available Funds Cap Carryover Reserve Account, liquidate any
investments therein and pay any uninvested funds therein or the proceeds of such
liquidation to the Seller.
Section 4.14. COMPLIANCE WITH WITHHOLDING.
Notwithstanding any other provision of this Agreement, the Trustee
shall comply with all federal withholding requirements respecting payments to
Certificateholders of interest or original issue discount that the Trustee
reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for such withholding. In the event the
Trustee does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Trustee shall indicate the amount withheld to such
Certificateholders.
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ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES.
(a) The Class A Certificates, the Subordinate Certificates, the
Class C Certificates and Class R Certificates shall be substantially in the
forms set forth in Exhibits A-1, A-2, A-3, A-4 and B and shall, on original
issue, be executed and delivered by the Trustee to the Certificate Registrar for
authentication and delivery to or upon the order of the Company upon receipt by
the Trustee of the documents specified in Section 2.01. The Class A-1, Class
A-2, Class M-1, Class M-2, Class B and Class C Certificates shall be initially
evidenced by one or more certificates representing a fraction of the initial
Certificate Principal Balance for each Class and shall be issuable in minimum
dollar denominations of $25,000 and integral multiples of $1 in excess thereof.
The Class A-IO Certificates shall be issuable in minimum percentage interests of
20.0% and integral multiples of 0.01% in excess thereof. The Class R
Certificates shall be issuable in minimum percentage interests of 20.0% and
integral multiples of 0.01% in excess thereof; PROVIDED, HOWEVER, that one Class
R-I Certificate, one Class R-II Certificate and one Class R-III Certificate may
be issued to the Trustee as "tax matters person" pursuant to Section 10.01(c) in
a minimum denomination representing a Percentage Interest of not less than
0.01%.
The Certificates shall be executed by manual or facsimile signature
on behalf of an authorized officer of the Trustee. Certificates bearing the
manual or facsimile signatures of individuals who were at any time the proper
officers of the Trustee shall bind the Trustee, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Certificate or did not hold such offices at
the date of such Certificates. No Certificate shall be entitled to any benefit
under this Agreement, or be valid for any purpose, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Certificate Registrar by manual signature, and such
certificate upon any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.
(b) The Class A-IO, Class A-1, Class A-2, Class M-1, Class M-2 and
Class B Certificates shall initially be issued as one or more Certificates
registered in the name of the Depository or its nominee and, except as provided
below, registration of such Certificates may not be transferred by the Trustee
except to another Depository that agrees to hold such Certificates for the
respective Certificate Owners with Ownership Interests therein. The Certificate
Owners shall hold their respective Ownership Interests in and to each of such
Certificates, through the book-entry facilities of the Depository and, except as
provided below, shall not be entitled to Definitive Certificates in respect of
such Ownership Interests. All transfers by Certificate Owners of their
respective Ownership Interests in the Book-Entry Certificates shall be made in
accordance with the procedures established by the Depository Participant or
brokerage firm representing such Certificate Owner. Each Depository Participant
shall transfer the Ownership Interests only in the
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Book-Entry Certificates of Certificate Owners it represents or of brokerage
firms for which it acts as agent in accordance with the Depository's normal
procedures.
The Trustee, the Master Servicer and the Company may for all
purposes (including the making of payments due on the respective Classes of
Book-Entry Certificates) deal with the Depository as the authorized
representative of the Certificate Owners with respect to the respective Classes
of Book-Entry Certificates for the purposes of exercising the rights of
Certificateholders hereunder. The rights of Certificate Owners with respect to
the respective Classes of Book-Entry Certificates shall be limited to those
established by law and agreements between such Certificate Owners and the
Depository Participants and brokerage firms representing such Certificate
Owners. Multiple requests and directions from, and votes of, the Depository as
Holder of any Class of Book-Entry Certificates with respect to any particular
matter shall not be deemed inconsistent if they are made with respect to
different Certificate Owners. The Trustee may establish a reasonable record date
in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.
If (i)(A) the Trustee determines that the Depository is no longer
willing or able to properly discharge its responsibilities as Depository and (B)
the Trustee is unable to locate a qualified successor or (ii) the Trustee elects
to terminate the book-entry system through the Depository, or (iii) after the
occurrence of an Event of Default the Holders of the Book-Entry Certificates
(other than the Class A-IO Certificates) having Percentage Interests aggregating
at least a majority of the Certificate Principal Balance of such Book-Entry
Certificates advise the Depository in writing that the continuation of a
book-entry system through the Depository (or a successor thereto) is no longer
in the best interests of the Holders of the Book-Entry Certificates, the Trustee
shall notify all Certificate Owners, through the Depository, of the occurrence
of any such event and of the availability of Definitive Certificates to
Certificate Owners requesting the same. Upon surrender to the Trustee of the
Book-Entry Certificates by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Trustee shall
issue the Definitive Certificates. Neither the Company, the Master Servicer nor
the Trustee shall be liable for any actions taken by the Depository or its
nominee, including, without limitation, any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Certificates all references
herein to obligations imposed upon or to be performed by the Company in
connection with the issuance of the Definitive Certificates pursuant to this
Section 5.01 shall be deemed to be imposed upon and performed by the Trustee,
and the Trustee and the Master Servicer shall recognize the Holders of the
Definitive Certificates as Certificateholders hereunder.
Section 5.02. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.
(a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of
Section 8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein
provided. The Trustee is initially appointed Certificate Registrar for the
purpose of registering Certificates
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and transfers and exchanges of Certificates as herein provided. The Certificate
Registrar, or the Trustee, shall provide the Master Servicer with a certified
list of Certificateholders as of each Record Date prior to the related
Determination Date.
(b) Upon surrender for registration of transfer of any Certificate
at any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class R Certificate, upon satisfaction of
the conditions set forth below, the Trustee shall execute and the Certificate
Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates of a like Class and
aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be
exchanged for other Certificates of authorized denominations of a like Class and
aggregate Percentage Interest, upon surrender of the Certificates to be
exchanged at any such office or agency. Whenever any Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall authenticate and deliver the Certificates of such Class which the
Certificateholder making the exchange is entitled to receive. Every Certificate
presented or surrendered for transfer or exchange shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer in form satisfactory to the Trustee and the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class C or
Class R Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended (the "1933 Act"), and any applicable state securities laws
or is made in accordance with said Act and laws. Except as otherwise provided in
this Section 5.02(d), in the event that a transfer of a Class C or Class R
Certificate is to be made either (i)(A) the Trustee shall require a written
Opinion of Counsel acceptable to and in form and substance satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable exemption and the basis therefor, from said Act and
laws or is being made pursuant to said Act and laws, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer;
provided that such Opinion of Counsel will not be required in connection with
the initial transfer of any such Certificate by the Company or any Affiliate
thereof to an Affiliate of the Company and (B) the Trustee shall require the
transferee to execute a representation letter, substantially in the form of
Exhibit G-1 hereto, and the Trustee shall require the transferor to execute a
representation letter, substantially in the form of Exhibit H hereto, each
acceptable to and in form and substance satisfactory to the Company and the
Trustee certifying to the Company and the Trustee the facts surrounding such
transfer, which representation letters shall not be an expense of the Trustee,
the Company or the Master Servicer; provided, however, that such representation
letters will not be required in connection with any transfer of any such
Certificate by the Company or any Affiliate thereof to an Affiliate of the
Company, and the Trustee shall be entitled to conclusively rely upon a
representation (which, upon the request of the Trustee, shall be written
representation) from the Company of the status, of such transferee as an
Affiliate of the Company or (ii) the prospective
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transferee of such a Certificate shall be required to provide the Trustee, the
Company and the Master Servicer with an investment letter substantially in the
form of Exhibit G-1 attached hereto, which investment letter shall not be an
expense of the Trustee, the Company, or the Master Servicer, and which
investment letter states that, among other things, such transferee (A) is a
"qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the accounts of other "qualified institutional buyers" as defined
under Rule 144A, and (B) is aware that the proposed transferor intends to rely
on the exemption from registration requirements under the 1933 Act provided by
Rule 144A. The Holder of any such Class C or Class R Certificate desiring to
effect any such transfer, sale, pledge or other disposition shall, and does
hereby agree to, indemnify the Trustee, the Company, the Master Servicer and the
Certificate Registrar against any liability that may result if the transfer,
sale, pledge or other disposition is not so exempt or is not made in accordance
with such federal and state laws and this Agreement.
(e) Notwithstanding the provisions of Section 5.06, transfers of
Subordinate Certificates in the form of Definitive Certificates, as well as
transfers of Class C or Class R Certificates to a Plan, to a trustee or other
person acting on behalf of any Plan, or to any other person using the assets of
any Plan will not be registered by the Trustee unless the transferee provides
the Company, the Trustee and the Master Servicer with an opinion of counsel
satisfactory to the Company, the Trustee and the Master Servicer, which opinion
will not be at the expense of the Company, the Trustee or the Master Servicer,
that the purchase of such Certificates by or on behalf of such Plan is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Company, the Trustee or the Master Servicer to any obligation in
addition to those undertaken in this Agreement. In lieu of such opinion of
counsel, the transferee may provide a certification substantially to the effect
that the purchase of Subordinate Certificates or Class C or Class R Certificates
by or on behalf of such Plan is permissible under applicable law will not
subject the Company, the Trustee or the Master Servicer to any obligation in
addition to those undertaken in this Agreement, and the following statements are
correct: (i) the transferee is an insurance company and the source of funds used
to purchase such Subordinate Certificates or Class C or Class R Certificates is
an "insurance company general account" (as such term is defined in PTCE 95-60),
(ii) the conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied and (iii) there is no Plan with respect to which the amount of such
general accounts reserves and liabilities for contracts held by or on behalf of
such Plan and all other Plans maintained by the same employer (or any
"affiliate" thereof, as defined in PTCE 95-60) or by the same employee
organization exceed 10% of the total of all reserves and liabilities of such
general account (as determined under PTCE 95-60) as of the date of the
acquisition of such Subordinate Certificates or Class C or Class R Certificates.
(f) (i) Each Person who has or who acquires any Ownership Interest
in a Class R Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions
and to have irrevocably authorized the Trustee or its designee under clause
(iii)(A) below to deliver payments to a Person other than such Person and to
negotiate the terms of any mandatory sale under clause (iii)(B) below and to
execute all instruments of transfer and to do all other things necessary in
connection with any such sale. The
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rights of each Person acquiring any Ownership Interest in a Class R Certificate
are expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall be a Permitted Transferee
and shall promptly notify the Trustee of any change or impending
change in its status as a Permitted Transferee.
(B) In connection with any proposed Transfer of any
Ownership Interest in a Class R Certificate, the Trustee shall
require delivery to it, and shall not register the Transfer of any
Class R Certificate until its receipt of, (I) an affidavit and
agreement (a "Transfer Affidavit and Agreement," in the form
attached hereto as Exhibit F-1) from the proposed Transferee, in
form and substance satisfactory to the Master Servicer, representing
and warranting, among other things, that it is a Permitted
Transferee, that it is not acquiring its Ownership Interest in the
Class R Certificate that is the subject of the proposed Transfer as
a nominee, trustee or agent for any Person who is not a Permitted
Transferee, that for so long as it retains its Ownership Interest in
a Class R Certificate, it will endeavor to remain a Permitted
Transferee, and that it has reviewed the provisions of this Section
5.02(f) and agrees to be bound by them, and (II) a certificate, in
the form attached hereto as Exhibit F-2, from the Holder wishing to
transfer the Class R Certificate, in form and substance satisfactory
to the Master Servicer, representing and warranting, among other
things, that no purpose of the proposed Transfer is to impede the
assessment or collection of tax.
(C) Notwithstanding the delivery of a Transfer Affidavit
and Agreement by a proposed Transferee under clause (B) above, if a
Responsible Officer of the Trustee who is assigned to this Agreement
has actual knowledge that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in a Class R
Certificate to such proposed Transferee shall be effected.
(D) Each Person holding or acquiring any Ownership
Interest in a Class R Certificate shall agree (x) to require a
Transfer Affidavit and Agreement from any other Person to whom such
Person attempts to transfer its Ownership Interest in a Class R
Certificate and (y) not to transfer its Ownership Interest unless it
provides a certificate to the Trustee in the form attached hereto as
Exhibit F-2.
(E) Each Person holding or acquiring an Ownership Interest
in a Class R Certificate, by purchasing an Ownership Interest in
such Certificate, agrees to give the Trustee written notice that it
is a "pass-through interest holder" within the meaning of Temporary
Treasury Regulation Section 1.67-3T(a)(2)(i)(A) immediately upon
acquiring an Ownership Interest in a Class R Certificate, if it is,
or is holding an Ownership Interest in a Class R Certificate on
behalf of, a "pass-through interest holder."
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(ii) The Trustee will register the Transfer of any
Class R Certificate only if it shall have received the Transfer
Affidavit and Agreement, a certificate of the Holder requesting such
transfer in the form attached hereto as Exhibit F-2 and all of such
other documents as shall have been reasonably required by the Trustee
as a condition to such registration. Transfers of the Class R
Certificates to Non-United States Persons and Disqualified
Organizations (as defined in Section 860E(e)(5) of the Code) are
prohibited.
(iii) (A) If any Disqualified Organization shall
become a holder of a Class R Certificate, then the last preceding
Permitted Transferee shall be restored, to the extent permitted by law,
to all rights and obligations as Holder thereof retroactive to the date
of registration of such Transfer of such Class R Certificate. If a
Non-United States Person shall become a holder of a Class R
Certificate, then the last preceding United States Person shall be
restored, to the extent permitted by law, to all rights and obligations
as Holder thereof retroactive to the date of registration of such
Transfer of such Class R Certificate. If a transfer of a Class R
Certificate is disregarded pursuant to the provisions of Treasury
Regulation Section 1.860E-1 or Section 1.860G-3, then the last
preceding Permitted Transferee shall be restored, to the extent
permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such Class
R Certificate. The Trustee shall be under no liability to any Person
for any registration of Transfer of a Class R Certificate that is in
fact not permitted by this Section 5.02(f) or for making any payments
due on such Certificate to the holder thereof or for taking any other
action with respect to such holder under the provisions of this
Agreement.
(B) If any purported Transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this Section
5.02(f) and to the extent that the retroactive restoration of the
rights of the Holder of such Class R Certificate as described in
clause (iii)(A) above shall be invalid, illegal or unenforceable,
then the Master Servicer shall have the right, without notice to the
holder or any prior holder of such Class R Certificate, to sell such
Class R Certificate to a purchaser selected by the Master Servicer
on such terms as the Master Servicer may choose. Such purported
Transferee shall promptly endorse and deliver each Class R
Certificate in accordance with the instructions of the Master
Servicer. Such purchaser may be the Master Servicer itself or any
Affiliate of the Master Servicer. The proceeds of such sale, net of
the commissions (which may include commissions payable to the Master
Servicer or its Affiliates), expenses and taxes due, if any, will be
remitted by the Master Servicer to such purported Transferee. The
terms and conditions of any sale under this clause (iii)(B) shall be
determined in the sole discretion of the Master Servicer, and the
Master Servicer shall not be liable to any Person having an
Ownership Interest in a Class R Certificate as a result of its
exercise of such discretion.
(iv) The Master Servicer, on behalf of the Trustee, shall make
available, upon written request from the Trustee, all information
necessary to compute any tax imposed (A) as a result of the Transfer of an
Ownership Interest in a Class R Certificate
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to any Person who is a Disqualified Organization, including the
information regarding "excess inclusions" of such Class R Certificates
required to be provided to the Internal Revenue Service and certain
Persons as described in Treasury Regulations Sections 1.860D-1(b)(5) and
1.860E-2(a)(5), and (B) as a result of any regulated investment company,
real estate investment trust, common trust fund, partnership, trust,
estate or organization described in Section 1381 of the Code that holds an
Ownership Interest in a Class R Certificate having as among its record
holders at any time any Person who is a Disqualified Organization.
Reasonable compensation for providing such information may be required by
the Master Servicer from such Person.
(v) The provisions of this Section 5.02(f) set forth prior to
this clause (v) may be modified, added to or eliminated, provided that
there shall have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the
effect that the modification, addition to or elimination of such
provisions will not cause such Rating Agency to downgrade its
then-current ratings, if any, of any Class of the Class A
Certificates or Subordinate Certificates below the lower of the
then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency; and
(B) subject to Section 10.01(f), a certificate of the
Master Servicer stating that the Master Servicer has received an
Opinion of Counsel, in form and substance satisfactory to the Master
Servicer, to the effect that such modification, addition to or
absence of such provisions will not cause REMIC I, REMIC II or REMIC
III to cease to qualify as a REMIC and will not cause (x) the Trust
Fund to be subject to an entity-level tax caused by the Transfer of
any Class R Certificate to a Person that is a Disqualified
Organization or (y) a Certificateholder or another Person to be
subject to a REMIC-related tax caused by the Transfer of a Class R
Certificate to a Person that is not a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
Section 5.03. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar
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such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Trustee or the Certificate
Registrar that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute and the Certificate Registrar shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like tenor, Class and Percentage
Interest but bearing a number not contemporaneously outstanding. Upon the
issuance of any new Certificate under this Section, the Trustee may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee and the Certificate Registrar) connected therewith.
Any duplicate Certificate issued pursuant to this Section shall constitute
complete and indefeasible evidence of ownership in the Trust Fund, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.
Section 5.04. PERSONS DEEMED OWNERS.
Prior to due presentation of a Certificate for registration of
transfer, the Company, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name any Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.02 and for all other purposes whatsoever,
and neither the Company, the Master Servicer, the Trustee, the Certificate
Registrar nor any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar shall be affected by notice to the contrary except as
provided in Section 5.02(f).
Section 5.05. APPOINTMENT OF PAYING AGENT.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Master
Servicer on behalf of the Trustee shall deposit or cause to be deposited with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the
Trustee that such Paying Agent will hold all sums held by it for the payment to
the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. Any
sums so held by such Paying Agent shall be held only in Eligible Accounts to the
extent such sums are not distributed to the Certificateholders on the date of
receipt by such Paying Agent.
Section 5.06. ERISA DEEMED REPRESENTATION.
Any purchaser of a Subordinate Certificate or a Class C or Class R
Certificate (or interest therein) not issued or transferred as a Definitive
Certificate will be deemed to have
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represented by such purchase that either (a) such purchaser is not a Plan and is
not purchasing such Certificate (or interest therein) on behalf of, or with
assets of, any Plan or (b) the purchase of any such Certificate (or interest
therein) by or on behalf of, or with Plan assets of, any Plan is permissible
under applicable law, will not result in any non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Company, the
Trustee or the Master Servicer to any obligation in addition to those undertaken
in this Agreement.
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. RESPECTIVE LIABILITIES OF THE COMPANY AND THE MASTER
SERVICER.
The Company and the Master Servicer shall each be liable in
accordance herewith only to the extent of the obligations specifically and
respectively imposed upon and undertaken by the Company and the Master Servicer
herein. By way of illustration and not limitation, the Company is not liable for
the servicing and administration of the Mortgage Loans, nor is it obligated by
Sections 7.01 or 10.01 to assume any obligations of the Master Servicer or to
appoint a designee to assume such obligations, nor is it liable for any other
obligation hereunder that it may, but is not obligated to, assume unless it
elects to assume such obligation in accordance herewith.
Section 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE MASTER
SERVICER.
(a) The Company and the Master Servicer will each keep in full
effect its existence, rights and franchises as a corporation under the laws of
the state of its incorporation, and will each obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Company or the Master Servicer may be
merged or consolidated, or any corporation resulting from any merger or
consolidation to which the Company or the Master Servicer shall be a party, or
any Person succeeding to the business of the Company or the Master Servicer,
shall be the successor of the Company or the Master Servicer, as the case may
be, hereunder, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding.
Section 6.03. LIMITATION ON LIABILITY OF THE COMPANY, THE MASTER
SERVICER AND OTHERS.
Neither the Company, the Master Servicer nor any of the directors,
officers, employees or agents of the Company or the Master Servicer shall be
under any liability to the Trust Fund, the Trustee or the Certificateholders for
any action taken or for refraining from the taking of any action in good faith
pursuant to this Agreement; PROVIDED, HOWEVER, that this provision shall not
protect the Company, the Master Servicer or any such Person against any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder. The Company, the Master
Servicer and any director, officer, employee or agent of the Company or the
Master Servicer may rely in good faith on any document of any kind PRIMA FACIE
properly executed and submitted by any Person respecting any matters arising
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hereunder. The Company, the Master Servicer and any director, officer, employee
or agent of the Company or the Master Servicer shall be indemnified by the Trust
Fund and held harmless against any loss, liability or expense incurred in
connection with any legal action relating to this Agreement or the Certificates,
including any amount paid to the Trustee pursuant to Section 8.05, other than
any loss, liability or expense related to any specific Mortgage Loan or Mortgage
Loans (except as any such loss, liability or expense shall be otherwise
reimbursable pursuant to this Agreement) and any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or gross negligence in the
performance of duties hereunder or by reason of reckless disregard of
obligations and duties hereunder.
Neither the Company nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal which is not incidental
to its respective duties under this Agreement and which in its opinion may
involve it in any expense or liability; PROVIDED, HOWEVER, that the Company or
the Master Servicer may in its discretion undertake any such action, proceeding,
hearing or examination that it may deem necessary or desirable in respect to
this Agreement, and the rights and duties of the parties hereto and the
interests of the Certificateholders hereunder. In such event, the reasonable
legal expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund, and the Company and
the Master Servicer shall be entitled to be reimbursed therefor. The Master
Servicer's and the Company's right to indemnity or reimbursement pursuant to
this Section 6.03 shall survive any resignation or termination of the Master
Servicer or the Company pursuant to Section 6.04 or 7.01 with respect to any
losses, expenses, costs or liabilities arising prior to such resignation or
termination (or arising from events that occurred prior to such resignation or
termination) out of amounts attributable to the Mortgage Loans on deposit in the
Certificate Account as provided by Section 3.07.
Section 6.04. COMPANY AND MASTER SERVICER NOT TO RESIGN.
Subject to the provisions of Section 3.02 and Section 6.02, neither
the Master Servicer nor the Company shall resign from its respective obligations
and duties hereby imposed on it except (i) upon determination that the
performance of its obligations or duties hereunder are no longer permissible
under applicable law which cannot be cured without unreasonable cost, as
evidenced by an Opinion of Counsel to such effect delivered to the Trustee or
(ii) with respect to the Master Servicer, upon satisfaction of the following
conditions: (a) the Master Servicer has proposed a successor servicer to the
Trustee in writing and such proposed successor servicer is, in the reasonable
judgment of the Trustee, acceptable; and (b) each Rating Agency shall have
confirmed in writing that the proposed appointment of such successor servicer as
Master Servicer hereunder will not result in the qualification, reduction or
withdrawal of the then current rating of the Certificates; PROVIDED, HOWEVER,
that no such resignation by the Master Servicer shall become effective until
such successor servicer or, in the case of (i) above, the Trustee, shall have
assumed the Master Servicer's responsibilities and obligations hereunder or the
Trustee shall have designated a successor servicer in accordance with Section
7.02. Any such resignation shall not relieve the Master Servicer of
responsibility for any of the obligations specified in Sections 7.01 and 7.02 as
obligations that survive the resignation or termination of the Master Servicer.
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ARTICLE VII
DEFAULT
Section 7.01. EVENTS OF DEFAULT.
Event of Default, wherever used herein, means the occurrence and
continuance of any one of the following events:
(i) any failure by the Master Servicer to deposit in the Certificate
Account or Distribution Account any deposit required to be made under the
terms of this Agreement, including any Monthly Advances and Compensating
Interest, which failure continues un remedied for a period of five
Business Days after the date upon which written notice of such failure
shall have been given to the Master Servicer by the Trustee, or to the
Master Servicer and the Trustee by Certificateholders holding Certificates
evidencing at least 25% of the aggregate Voting Rights; or
(ii) any failure on the part of the Master Servicer duly to observe
or perform in any material respect any other of its covenants or
agreements of the Master Servicer set forth in this Agreement, which
failure, in each case, materially and adversely affects the interests of
Certificateholders and which continues unremedied for a period of 30 days
after the date on which written notice of such failure, requiring the same
to be remedied and stating that such notice is a notice of default, shall
have been given to the Master Servicer by the Trustee, or to the Master
Servicer and the Trustee by Certificateholders holding Certificates
evidencing at least 25% of the aggregate Voting Rights; or
(iii) the entry against the Master Servicer of a decree or order of
a court or agency or supervisory authority having jurisdiction in the
premises for the appointment of a trustee, conservator, receiver or
liquidator in any insolvency, conservatorship, receivorship, readjustment
of debt, marshalling of assets and liabilities or similar proceedings, or
for the winding-up or liquidation of its affairs and the continuance of
any such decree or order unstayed for a period of 90 consecutive days; or
(iv) the Master Servicer shall commence a voluntary case in
bankruptcy, consent to the appointment of a conservator, receiver,
liquidator or similar person in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings of or
relating to the Master Servicer or of or relating to all or substantially
all of its property; or the Master Servicer shall admit in writing its
inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute,
make an assignment for the benefit of its creditors or voluntarily suspend
payment of its obligations; or
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(v) so long as the Seller is the Master Servicer and subject to the
limitations set forth in the Mortgage Loan Purchase Agreement, any failure
of the Seller to repurchase or substitute Qualified Substitute Mortgage
Loans for Deleted Mortgage Loans as required pursuant to the Mortgage Loan
Purchase Agreement and this Agreement; or
(vi) a Servicer Termination Event has occurred and is continuing.
So long as an Event of Default shall not have been remedied by the Master
Servicer, either the Trustee or the holders of at least 51% of the aggregate
Voting Rights, by notice then given in writing to the Master Servicer (and to
the Trustee, as applicable) may, by notice to the Master Servicer, terminate all
of the rights and obligations of the Master Servicer as servicer under this
Agreement other than its right to receive servicing compensation and
reimbursement for expenses for servicing the Mortgage Loans hereunder during any
period prior to the date of such termina tion and the Trustee may exercise any
and all other remedies available at law or equity. Any such notice to the Master
Servicer shall also be given to each Rating Agency. On or after the receipt by
the Master Servicer of such written notice, all authority and power of the
Master Servicer under this Agreement shall pass to and be vested in the Trustee,
and, without limitation, the Trustee is hereby authorized and empowered to
execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accom plish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of each
Mortgage Loan and related documents, or otherwise. The Master Servicer agrees to
cooperate with the Trustee in effecting the termination of the responsibilities
and rights of the Master Servicer hereunder, including, without limitation, the
transfer to the Trustee for the administration by it of all cash amounts
relating to the Mortgage Loans that shall at the time be held by the Master
Servicer and required to be deposited by it in the Certificate Account, or that
have been deposited by the Master Servicer in the Certificate Account or
thereafter received by the Master Servicer with respect to the Mortgage Loans.
Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall be entitled to receive all amounts
payable to the Master Servicer hereunder the entitlement to which arose prior to
the termination of its activities hereunder. No termination of the Master
Servicer shall affect any obligation of the Seller.
Notwithstanding the foregoing, a delay in or failure of performance
under Section 7.01(i) or Section 7.01(ii) after the applicable grace periods
specified in such Sections shall not constitute an Event of Default if such
delay or failure could not be prevented by the exercise of reasonable diligence
by the Master Servicer and such delay or failure was caused by an act of God,
acts of declared or undeclared war, public disorder, rebellion or sabotage,
epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or
similar causes. The preceding sentence shall not relieve the Master Servicer
from using reasonable efforts to perform its respective obligations in a timely
manner in accordance with the terms of this Agreement and the Master Servicer
shall provide the Trustee and the Certificateholders with notice of such failure
or delay by it, together
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with a description of its efforts to so perform its obligations. The Master
Servicer shall immedi ately notify the Trustee in writing of any Event of
Default.
Section 7.02 TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. (a) On and
after the time the Master Servicer receives a notice of termination pursuant to
Section 7.01 or sends a notice pursuant to Section 6.04, the Trustee shall be
the successor in all respects to the Master Servicer in its capacity as servicer
under this Agreement and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Master Servicer by the terms and
provisions hereof, including but not limited to the provisions of Article III.
Nothing in this Agreement shall be construed to permit or require the Trustee to
(i) succeed to the responsibilities, duties and liabilities of the Master
Servicer in its capacity as the Seller under the Mortgage Loan Purchase
Agreement or under this Agreement, (ii) be responsible or accountable for any
act or omission of the Master Servicer prior to the issuance of a notice of
termination hereunder, (iii) require or obli gate the Trustee, in its capacity
as successor Master Servicer, to purchase, repurchase or substitute any Mortgage
Loan, (iv) fund any losses on any Eligible Investment directed by any other
Master Servicer, or (v) be responsible for the representations and warranties of
the Master Servicer; PROVIDED, HOWEVER, that the Trustee, as successor Master
Servicer, shall be required to make any Monthly Advances to the extent that the
Master Servicer failed to make such Monthly Advances. As compensation therefor,
the Trustee shall be entitled to such compensation as the Master Servicer would
have been entitled to hereunder if no such notice of termination had been given
(other than compensation accruing prior to the notice of termination).
Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
Master Servicer, or (ii) if the Trustee is legally unable so to act, the Trustee
on behalf of the Certificateholders may (in the situation described in clause
(i)) or shall (in the situation described in clause (ii)) appoint or petition a
court of competent jurisdiction to appoint any established housing and home
finance institution, bank or other mortgage loan servicer having a net worth of
not less than $15,000,000 as the successor to the Master Servicer hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the Master Servicer hereunder; PROVIDED, that each Rating Agency shall have
confirmed in writing that the appointment of any such successor Master Servicer
will not result in the qualification, reduction or withdrawal of the ratings
assigned to the Certificates by the Rating Agencies. Pending appointment of a
successor to the Master Servicer hereunder, unless the Trustee is prohibited by
law from so acting, the Trustee shall act in such capacity as herein above
provided. In connection with such appointment and assumption, the successor
shall be entitled to receive compensation in an amount equal to the compensation
which the Master Servicer would otherwise have received pursuant to Section 3.15
(or such lesser compensation as the Trustee and such successor shall agree). The
appointment of a successor Master Servicer shall not affect any liability of the
predecessor Master Servicer which may have arisen under this Agreement prior to
its termination as Master Servicer, nor shall any successor Master Servicer be
liable for any acts or omissions of the predecessor Master Servicer or for any
breach by such Master Servicer of any of its representations or warranties
contained herein. The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession.
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(b) Any successor Master Servicer, including the Trustee on behalf
of the Certificateholders, shall not be deemed to be in default or to have
breached its duties hereunder if the predecessor Master Servicer shall fail to
deliver any required deposit to the Certificate Account or otherwise cooperate
with any required servicing transfer or succession hereunder.
Section 7.03 WAIVER OF EVENTS OF DEFAULT. The Trustee shall transmit
by mail to all Certificateholders, promptly after the occurrence of any Event of
Default known to the Trustee, unless such Event of Default shall have been
cured, notice of each such Event of Default hereunder known to the Trustee. The
Holders of at least 66% of the aggregate Voting Rights may waive any default by
the Master Servicer in the performance of its obligations hereunder and the
consequences thereof, except a default under Section 7.01(i), which shall
require the waiver of all Certificateholders affected by such Event of Default;
provided, that no waiver shall reduce in any manner the amount of, or delay the
timing of, payments received on Mortgage Loans which are required to be
distributed to, or otherwise materially adversely affect, any non-consenting
Certificateholder. Upon any such waiver of a past default, such default shall be
deemed to cease to exist, and any Event of Default arising therefrom shall be
deemed to have been timely remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon except to the extent expressly so waived. The Master Servicer
shall give notice of any such waiver to the Rating Agencies.
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ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. DUTIES OF TRUSTEE.
(a) The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Agreement, and use the same degree of care and skill in
their exercise as a prudent investor would exercise or use under the
circumstances in the conduct of such investor's own affairs, unless the Trustee
is acting as Master Servicer pursuant to Section 7.02, in which case it shall
use the same degree of care and skill as is required of the Master Servicer
under this Agreement.
(b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement.
The Trustee shall forward or cause to be forwarded in a timely
fashion the notices, reports and statements required to be forwarded by the
Trustee pursuant to Sections 4.03, 4.06, 7.03 and 10.01. The Trustee shall
furnish in a timely fashion to the Master Servicer such information as the
Master Servicer may reasonably request from time to time for the Master Servicer
to fulfill its duties as set forth in this Agreement. The Trustee covenants and
agrees that it shall perform its obligations hereunder in a manner so as to
maintain the status of each of REMIC I, REMIC II and REMIC III as REMICs under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income, prohibited transaction, contribution or
other tax on any of REMIC I, REMIC II or REMIC III to the extent that
maintaining such status and avoiding such taxes are reasonably within the
control of the Trustee and are reasonably within the scope of its duties under
this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; PROVIDED, HOWEVER, that:
(i) Prior to the occurrence of an Event of Default, and after
the curing or waiver of all such Events of Default which may have
occurred, the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Agreement, the Trustee shall not
be liable except for the performance of such duties and obligations as are
specifically set forth in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee and, in
the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the
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statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee by the Company or the
Master Servicer and which on their face, do not contradict the
requirements of this Agreement;
(ii) The Trustee shall not be personally liable for an error
of judgment made in good faith by a Responsible Officer or Responsible
Officers of the Trustee, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts;
(iii) The Trustee shall not be personally liable with respect
to any action taken, suffered or omitted to be taken by it in good faith
in accordance with the direction of the Certificateholders holding
Certificates of any Class affected thereby which evidence, as to such
Class, Percentage Interests aggregating not less than 51% as to the time,
method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee,
under this Agreement;
(iv) The Trustee shall not be charged with knowledge of any
default (other than a default in payment to the Trustee) specified in
clauses (i) and (ii) of Section 7.01 or an Event of Default under clauses
(iii), (iv), (v) and (vi) of Section 7.01 unless a Responsible Officer of
the Trustee assigned to and working in the Corporate Trust Office obtains
actual knowledge of such failure or event or the Trustee receives written
notice of such failure or event at its Corporate Trust Office from the
Master Servicer, the Company or any Certificateholder; and
(v) Except to the extent provided in Section 7.02, no
provision in this Agreement shall require the Trustee to expend or risk
its own funds or otherwise incur any personal financial liability in the
performance of any of its duties as Trustee hereunder, or in the exercise
of any of its rights or powers, if the Trustee shall have reasonable
grounds for believing that repayment of funds or adequate indemnity
against such risk or liability is not reasonably assured to it.
The Trustee shall not be required to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers (other than
expenses, disbursements and advances incurred or made by the Trustee, including
the compensation and the expenses of its employees, agents and counsel, in the
ordinary course of the Trustee's performance in accordance with the provisions
of this Agreement), if there is reasonable ground for believing that the
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it, and none of the provisions contained in this
Agreement shall in any event require the Trustee to perform, or be responsible
for the manner of performance of, any of the obligations of the Master Servicer
under this Agreement, except during such time, if any, as the Trustee shall be
the successor to, and be vested with the rights, duties, powers and privileges
of, the Master Servicer in accordance with the terms of this Agreement.
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Subject to the other provisions of this Agreement and without
limiting the generality of this Section, the Trustee shall have no duty (A) to
see to the payment or discharge of any tax, assessment, or other governmental
charge or any lien or encumbrance of any kind owing with respect to, assessed or
levied against, any part of the Trust Fund from funds available in the
Certificate Account or (B) to confirm or verify the contents of any reports or
certificates of the Master Servicer delivered to the Trustee pursuant to this
Agreement believed by the Trustee to be genuine and to have been signed or
presented by the proper party or parties.
Section 8.02. CERTAIN MATTERS AFFECTING THE TRUSTEE.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officer's Certificate,
certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other
paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;
(ii) The Trustee may consult with counsel and any advice of
such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such advice
or Opinion of Counsel;
(iii) The Trustee shall be under no obligation to exercise any
of the trusts or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Certificateholders pursuant to
the provisions of this Agreement, unless such Certificateholders shall
have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby
has given its consent; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of Default
(which has not been cured or waived), to exercise such of the rights and
powers vested in it by this Agreement, and to use the same degree of care
and skill in their exercise as a prudent investor would exercise or use
under the circumstances in the conduct of such investor's own affairs;
(iv) The Trustee shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it
by this Agreement;
(v) Prior to the occurrence of an Event of Default hereunder
and after the curing or waiver of all Events of Default which may have
occurred, the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval,
bond or other paper or document, unless requested in writing so to do by
the
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Holders of Certificates of any Class evidencing, as to such Class,
Percentage Interests, aggregating not less than 51%; PROVIDED, HOWEVER,
that if the payment within a reasonable time to the Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to
the Trustee by the security afforded to it by the terms of this Agreement,
the Trustee may require reasonable indemnity against such expense or
liability as a condition to so proceeding. The reasonable expense of every
such examination shall be paid by the Master Servicer, if an Event of
Default shall have occurred and is continuing, and otherwise by the
Certificateholder requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
Affiliates, agents or attorneys provided that the Trustee shall remain
liable for any acts of such Affiliates, agents or attorneys; and
(vii) The right of the Trustee to perform any discretionary
act enumerated in this Agreement shall not be construed as a duty, and the
Trustee shall not be answerable for other than its negligence or willful
misconduct in the performance of such act.
(b) It is intended that the Trust Fund formed hereunder shall
constitute, and that the affairs of the Trust Fund shall be conducted so as to
qualify the Trust Fund as three REMICs as defined in and in accordance with the
REMIC Provisions. In furtherance of such intention the Trustee shall:
(i) to the extent that the affairs of the Trust are within its
control, conduct such affairs of the Trust at all times that any
Certificates are outstanding so as to maintain the status of the Trust as
three REMICs under the REMIC Provisions and any other applicable federal,
state and local laws;
(ii) not knowingly or intentionally take any action or omit to
take any action that would cause the termination of the REMIC status of
REMIC I, REMIC II or REMIC III;
(iii) pay the amount of any and all federal, state and local
taxes, prohibited transaction taxes as defined in Section 860F of the
Code, other than any amount due as a result of a transfer or attempted or
purported transfer in violation of Section 5.02(f), imposed on REMIC I,
REMIC II or REMIC III when and as the same shall be due and payable (but
such obligation shall not prevent the Trustee or any other appropriate
Person from contesting any such tax in appropriate proceedings and shall
not prevent the Trustee from withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings). The Trustee shall be
entitled to reimbursement in accordance with Section 8.05; and
(iv) Following the Closing Date, and except as otherwise
provided in this Agreement, the Trustee shall not knowingly accept any
contribution of assets to the Trust
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unless it shall have been provided with an Opinion of Counsel at the
expense of the party delivering such assets acceptable to it to the effect
that the inclusion of such assets in the Trust will not cause the Trust to
fail to qualify as three REMICs at any time that any Certificates are
outstanding or subject the Trust to any tax under the REMIC Provisions or
other applicable provisions of federal, state and local law or ordinances.
Section 8.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS.
The recitals contained herein and in the Certificates (other than
the execution of the Certificates and relating to the acceptance and receipt of
the Mortgage Loans) shall be taken as the statements of the Company or the
Master Servicer, as the case may be, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document. Except as
otherwise provided herein, the Trustee shall not be accountable for the use or
application by the Company or the Master Servicer of any of the Certificates or
of the proceeds of such Certificates, or for the use or application of any funds
paid to the Company or the Master Servicer in respect of the Mortgage Loans or
deposited in or withdrawn from any of the Accounts by the Company or the Master
Servicer.
Section 8.04. TRUSTEE MAY OWN CERTIFICATES.
The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates and may otherwise transact business with the
Company, Master Servicer with the same rights it would have if it were not
Trustee.
Section 8.05. TRUSTEE'S FEES AND EXPENSES; INDEMNIFICATION.
(a) The Master Servicer shall pay to the Trustee a fee as
compensation for its services rendered hereunder and reimburse the Trustee's
expenses each, as separately agreed. When the Trustee incurs expenses or renders
services in connection with an Event of Default described in Sections 7.01(iii)
or 7.01(iv) such expenses (including the fees and expenses of its counsel) and
the compensation for such services are intended to constitute expenses of
administration under any bankruptcy law or law relating to creditors' rights
generally. In addition, the Master Servicer covenants and agrees to indemnify
the Trustee and its officers, directors, employees and agents from, and hold it
harmless against, any loss, liability or expense (not including expenses,
disbursements and advances incurred or made by the Trustee, including the
compensation and the expenses and disbursements of its agents and counsel, in
the ordinary course of the Trustee's performance in accordance with the
provisions of this Agreement) incurred by the Trustee (including without
limitation any loss, liability or expense relating to environmental law) in
connection with any claim or legal action or any pending or threatened claim or
legal action arising out of or in connection with the acceptance or
administration of its obligations and duties under this Agreement, other than
any loss, liability or expense (i) that constitutes a specific liability of the
Trustee pursuant to this Agreement or (ii) incurred by reason of the Trustee's
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negligent action, negligent failure to act or willful misconduct in the
performance of duties or by reason of the Trustee's reckless disregard of
obligations and duties hereunder. Notwithstanding the foregoing, except in the
event that any such loss, liability or expense of the Trustee is incurred by
reason of the Master Servicer's willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of the Master Servicer's
reckless disregard of its obligations and duties hereunder, the Master Servicer
shall be liable for any such loss, liability or expense of the Trustee only upon
and to the extent of the reimbursement to the Master Servicer therefor pursuant
to Section 3.07 hereof. This Section shall survive termination of this Agreement
or the resignation or removal of any Trustee hereunder.
Section 8.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE.
The Trustee hereunder shall at all times be a corporation or a
national banking association having its principal office in a state and city
acceptable to the Company and organized and doing business under the laws of
such state or the United States of America, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal or state
authority. If such corporation or national banking association publishes reports
of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 8.07.
Section 8.07. RESIGNATION AND REMOVAL OF THE TRUSTEE.
(a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Company. Upon
receiving such notice of resignation, the Company shall promptly appoint a
successor trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Company, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Company may remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee. In addition, in the
event that the Company determines that the Trustee has failed (i) to distribute
or cause to be
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distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master Servicer or the Company) for distribution or (ii) to otherwise
observe or perform in any material respect any of its covenants, agreements or
obligations hereunder, and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written notice of such failure, requiring that
the same be remedied, shall have been given to the Trustee by the Company, then
the Company may remove the Trustee and appoint a successor trustee by written
instrument delivered as provided in the preceding sentence. In connection with
the appointment of a successor trustee pursuant to the preceding sentence, the
Company shall, on or before the date on which any such appointment becomes
effective, obtain from each Rating Agency written confirmation that the
appointment of any such successor trustee will not result in the reduction of
the ratings on any class of the Certificates below the lesser of the then
current or original ratings on such Certificates.
(c) The Holders of Certificates entitled to at least 51% of the
Voting Rights may at any time remove the Trustee and appoint a successor trustee
by written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Company, one complete set to the Trustee so removed
and one complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.
Section 8.08. SUCCESSOR TRUSTEE.
(a) Any successor trustee appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Company and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with
the like effect as if originally named as trustee herein. The predecessor
trustee shall deliver to the successor trustee all Mortgage Files and related
documents and statements held by it hereunder (other than any Mortgage Files at
the time held by a Custodian, which shall become the agent of any successor
trustee hereunder), and the Company, the Master Servicer and the predecessor
trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for more fully and certainly vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in
this Section unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 8.06.
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(c) Upon acceptance of appointment by a successor trustee as
provided in this Section, the Company shall mail notice of the succession of
such trustee hereunder to all Holders of Certificates at their addresses as
shown in the Certificate Register. If the Company fails to mail such notice
within 10 days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the
Company.
Section 8.09. MERGER OR CONSOLIDATION OF TRUSTEE.
Any corporation or national banking association into which the
Trustee may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
(a) Notwithstanding any other provisions hereof, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Fund or property securing the same may at the time be located,
the Master Servicer and the Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees, jointly with the
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity, such title
to the Trust Fund, or any part thereof, and, subject to the other provisions of
this Section 8.10, such powers, duties, obligations, rights and trusts as the
Master Servicer and the Trustee may consider necessary or desirable. All fees
and expenses of any co-trustee so appointed shall be paid by the Trustee out of
its own funds. If the Master Servicer shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, or in case an
Event of Default shall have occurred and be continuing, the Trustee alone shall
have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06 hereunder and no notice to Holders of Certificates of
the appointment of co-trustee(s) or separate trustee(s) shall be required under
Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the
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holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute
the Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.
Section 8.11. APPOINTMENT OF CUSTODIANS.
The Trustee may, with the consent of the Master Servicer and the
Company, appoint one or more Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee, by entering into a Custodial Agreement. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority, shall have a
combined capital and surplus of at least $15,000,000 and shall be qualified to
do business in the jurisdiction in which it holds any Mortgage File. Each
Custodial Agreement may be amended only as provided in Section 11.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
pursuant to this Section 8.11.
Section 8.12. APPOINTMENT OF OFFICE OR AGENCY.
The Trustee will maintain an office or agency in the City of New
York where Certificates may be surrendered for registration of transfer or
exchange. The Trustee initially designates its offices located at 14 Wall
Street, 8th Floor, New York, New York 10005 for the purpose of keeping the
Certificate Register. The Trustee will maintain an office at the address stated
in Section 11.05(c) hereof where notices and demands to or upon the Trustee in
respect of this Agreement may be served.
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ARTICLE IX
TERMINATION
Section 9.01. TERMINATION UPON PURCHASE BY THE MASTER SERVICER OR
THE COMPANY OR LIQUIDATION OF ALL MORTGAGE LOANS.
(a) Subject to Sections 9.02 and 9.03 hereof, the respective
obligations and responsibilities of the Company, the Master Servicer and the
Trustee created hereby in respect of the Certificates (other than the obligation
of the Trustee to make certain payments after the Final Distribution Date to
Certificateholders and the obligation of the Company to send certain notices as
hereinafter set forth) shall terminate upon the last action required to be taken
by the Trustee on the Final Distribution Date pursuant to this Article IX
following the earlier of:
(i) the Distribution Date on which the Aggregate Certificate
Principal Balance has been reduced to zero;
(ii) the later of the final payment or other liquidation of
the last Mortgage Loan remaining in the Trust Fund or the disposition of
all REO Property, or
(iii) the optional purchase by the Master Servicer or the
Class C or Class R Certificateholders of all Mortgage Loans and all
property acquired in respect of any Mortgage Loan remaining in the Trust
Fund as described below; PROVIDED, HOWEVER, that in no event shall the
trust created hereby continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the
late ambassador of the United States to the Court of St. James, living on
the date hereof; and provided further that the purchase price set forth
below shall be increased as is necessary, as determined by the Master
Servicer, to avoid disqualification of any of REMIC I, REMIC II or REMIC
III as a REMIC; PROVIDED, FURTHER, that, if the amount due under any
Regular Certificate shall not have been reduced to zero prior to the
Latest Possible Maturity Date, the Holders of the Class R Certificates
shall be required to terminate this Agreement in the same manner as
provided for the Master Servicer in the succeeding sentence.
The Master Servicer may, at its option, terminate this Agreement by
purchasing all of the assets of the Trust Fund (including any REO Property)
pursuant to clause (iii) above on any Distribution Date when the Pool Principal
Balance is less than ten percent of the sum of the Pool Principal Balance of the
Initial Mortgage Loans as of the Cut-off Date and the Original Pre-Funded Amount
(the "Optional Termination Date") at a price equal to the sum of the outstanding
Pool Principal Balance (or, with respect to any REO Property, the lesser of the
fair market value of such property and the Stated Principal Balance of the
related Mortgage Loan, the fair market value of such property) and accrued and
unpaid interest thereon at the weighted average of the Mortgage Rates through
the end of the Due Period preceding the Final Distribution Date (the
"Termination Price"). In addition, if the Master Servicer does not exercise its
option to terminate this Agreement within two Distribution Dates after which
such option vests, the Holders of the Class
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C or Class R Certificates may at their option, terminate this Agreement in the
same manner as provided for the Master Servicer in the previous sentence.
(b) The Master Servicer or, in the case of a final distribution as a
result of the exercise by the Holders of the Class C or Class R Certificates of
their right to purchase the assets of the Trust Fund, the Holders of the Class C
or Class R Certificates, shall give the Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer anticipates that
the final distribution will be made to Certificateholders (whether as a result
of the exercise by the Master Servicer of its right to purchase the assets of
the Trust Fund or otherwise). Notice of any termination, specifying the
anticipated Final Distribution Date (which shall be a date that would otherwise
be a Distribution Date) upon which the Certificateholders may surrender their
Certificates to the Trustee (if so required by the terms hereof) for payment of
the final distribution and cancellation, shall be given promptly by the Trustee
by letter to the Certificateholders mailed not earlier than the 10th day and not
later than the 15th day of the month next preceding the month of such final
distribution specifying:
(i) the anticipated Final Distribution Date upon which final
payment of the Certificates is anticipated to be made upon presentation
and surrender of Certificates at the office or agency of the Trustee
therein designated,
(ii) the amount of any such final payment, if known, and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, and that payment will be made only
upon presentation and surrender of the Certificates at the office or
agency of the Trustee therein specified.
In the event such notice is given by the Master Servicer, the Class C or Class R
Certificateholders, the Master Servicer or the Class C or Class R
Certificateholders, as the case may be, shall deposit in the Distribution
Account before the Final Distribution Date in immediately available funds the
Termination Price.
(c) Upon presentation and surrender of the Certificates by the
Certificateholders, (i) if not in connection with the Master Servicer's or the
Class C or Class R Certificateholders, as the case may be, election to
repurchase, the Trustee shall distribute to the Certificateholders the amount
otherwise distributable on such Distribution Date, or (ii) if the Master
Servicer or the Class C or Class R Certificateholders elected to so repurchase,
the Trustee shall distribute to the Certificateholders the Termination Price as
follows:
(i) first, to the Class A Certificates, pro rata, one month's
Accrued Certificate Interest thereon,
(ii) second, the balance, if any, of the Termination Price
remaining after the distribution pursuant to clause (i) above, to
the Class A Certificates, pro rata, in respect of any Unpaid
Interest Shortfalls thereon;
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(iii) third, the balance, if any, of the Termination Price
remaining after the distributions pursuant to clauses (i) and (ii)
above, to the Class A Certificates (other than the Class A-IO
Certificates), pro rata, in reduction of the Certificate Principal
Balance thereof, until the Certificate Principal Balance thereof has
been reduced to zero;
(iv) fourth, the balance, if any, of the Termination Price
remaining after the distributions pursuant to clauses (i) through
(iii) above, to the Subordinate Certificates, in order of priority,
first in respect of one month's Accrued Certificate Interest
thereon, and second, in reduction of the Certificate Principal
Balance thereof, until such Certificate Principal Balance has been
reduced to zero;
(v) fifth, the balance, if any, of the Termination Price
remaining after the distributions pursuant to clauses (i) through
(iv) above, to the Subordinate Certificates, in order of priority,
first in respect of Unpaid Interest Shortfalls thereon and second,
in respect of unreimbursed Realized Losses thereon;
(vi) sixth, the balance, if any, of the Termination Price
remaining after distributions pursuant to clauses (i) through (v)
above to the Class C Certificates in respect of the Class C Interest
Distribution Amount;
(vii) seventh, the balance, if any, of the Termination Price
remaining after the distributions pursuant to clauses (i) through
(vi) above, to the Class C Certificates in respect of unreimbursed
Realized Losses thereon; and
(viii) eighth, the amount remaining shall be distributed to
the Class R-III Certificates.
(d) In the event that any Certificateholders shall not surrender
their Certificates for final payment and cancellation on or before the Final
Distribution Date (if so required by the terms hereof), the Trustee shall on
such date cause all funds in the Distribution Account not distributed in final
distribution to Certificateholders to be withdrawn therefrom and credited to the
remaining Certificateholders by depositing such funds in a separate escrow
account for the benefit of such Certificateholders, and the Master Servicer (if
it exercised its right to purchase the assets of the Trust Fund), or the Trustee
(in any other case) shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive
the final distribution with respect thereto. If within six months after the
second notice any Certificate shall not have been surrendered for cancellation,
the Trustee shall take appropriate steps as directed by the Master Servicer to
contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining the escrow account and of
contacting Certificateholders shall be paid out of the assets which remain in
the escrow account. If within nine months after the second notice any
Certificates shall not have been surrendered for cancellation, the Trustee shall
pay to the Master Servicer all amounts distributable to the holders thereof and
the Master Servicer shall thereafter hold such amounts until distributed to such
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holders. No interest shall accrue or be payable to any Certificateholder on any
amount held in the escrow account or by the Master Servicer as a result of such
Certificateholder's failure to surrender its Certificate(s) for final payment
thereof in accordance with this Section 9.01 and the Certificateholders shall
look only to the Master Servicer for such payment.
Section 9.02. TERMINATION OF REMIC II AND REMIC III.
REMIC II and REMIC III shall be terminated on the earlier of the
Final Distribution Date and the date on which each is deemed to receive the last
deemed distributions on the Uncertificated REMIC I Regular Interests and
Uncertificated REMIC II Regular Interests, respectively, and the date on which
the last distribution on the Offered Certificates and the Class C and Class
R-III Certificates is made.
Section 9.03. ADDITIONAL TERMINATION REQUIREMENTS.
(a) REMIC I, REMIC II or REMIC III, as the case may be, shall be
terminated in accordance with the following additional requirements, unless
(subject to Section 10.01(f)) the Trustee and the Master Servicer have received
an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the
Trustee) to the effect that the failure of REMIC I, REMIC II or REMIC III, as
the case may be, to comply with the requirements of this Section 9.03 will not
(i) result in the imposition on the Trust Fund of taxes on "prohibited
transactions," as described in Section 860F of the Code, or (ii) cause either
REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at any time that
any Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day liquidation
period for REMIC I, REMIC II, and REMIC III and specify the first day of
such period in a statement attached to the Trust Fund's final Tax Return
pursuant to Treasury regulations Section 1.860F-1. The Master Servicer
also shall satisfy all of the requirements of a qualified liquidation for
the Trust Fund under Section 860F of the Code and the Treasury regulations
thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior to the
time of making of the final payment on the Certificates, the Trustee shall
sell or otherwise dispose of all of the remaining assets of the Trust Fund
in accordance with the terms hereof; and
(iii) If the Master Servicer or the Class C or Class R
Certificateholders is exercising its right to purchase the assets of the
Trust Fund, the Master Servicer, Class C or Class R Certificateholders
shall, during the 90-day liquidation period and at or prior to the Final
Distribution Date, purchase all of the assets of the Trust Fund for cash;
PROVIDED, HOWEVER, that in the event that a calendar quarter ends after
the commencement of the 90-day liquidation period but prior to the Final
Distribution Date, neither the Master Servicer nor the Class C or Class R
Certificateholders shall purchase any of the assets of the Trust Fund
prior to the close of that calendar quarter.
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(b) Each Holder of a Certificate and the Trustee hereby irrevocably
approves and appoints the Master Servicer as its attorney-in-fact to adopt a
plan of complete liquidation for REMIC I, REMIC II and REMIC III at the expense
of the Trust Fund in accordance with the terms and conditions of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC ADMINISTRATION.
(a) The REMIC Administrator shall make elections to treat each of
REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary,
under applicable state law. Each such election will be made on Form 1066 or
other appropriate federal tax or information return (including Form 8811) or any
appropriate state return for the taxable year ending on the last day of the
calendar year in which the Certificates are issued. For purposes of the REMIC I
election in respect of the Trust Fund, the Uncertificated REMIC I Regular
Interests shall be designated as the "regular interests" and the Class R-I
Certificates shall be designated as the sole class of "residual interest" in
REMIC I. For purposes of the REMIC II election in respect of the Trust Fund and
the Uncertificated REMIC II Regular Interests shall be designated as the
"regular interests" and the Class R-II Certificates shall be designated as the
sole class of "residual interest" in REMIC II. For purposes of the REMIC III
election in respect of the Trust Fund, each of the Offered Certificates (other
than the Class A-IO Certificates), the Class A-IO Components and the Class C
Components shall be designated as the "regular interests" and the Class R-III
Certificates shall be designated as the sole class of "residual interests" in
REMIC III. The REMIC Administrator and the Trustee shall not permit the creation
of any "interests" (within the meaning of Section 860G of the Code) in REMIC I,
REMIC II or REMIC III other than the Uncertificated REMIC I Regular Interests
and the Class R-I Certificates, the Uncertificated REMIC II Regular Interests
and the Class R-II Certificates and the Offered Certificates (other than the
Class A-IO Components), Class A-IO Components, Class C Components and the Class
R-III Certificates, respectively.
(b) The Closing Date is hereby designated as the "startup day" of
the Trust Fund within the meaning of Section 860G(a)(9) of the Code.
(c) The REMIC Administrator shall hold a Class R-I Certificate, a
Class R-II Certificate and a Class R-III Certificate representing a 0.01%
Percentage Interest of the Class R-I Certificates, a 0.01% Percentage Interest
of the Class R-II Certificates and a 0.01% Percentage Interest of the Class
R-III Certificates respectively, and shall be designated as "the tax matters
person" with respect to REMIC I, REMIC II and REMIC III in the manner provided
under Treasury regulations section 1.860F-4(d) and temporary Treasury
regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax matters
person, shall (i) act on behalf of REMIC I, REMIC II and REMIC III in relation
to any tax matter or controversy involving the Trust Fund and (ii) represent the
Trust Fund in any administrative or judicial proceeding relating to an
examination or audit by any governmental taxing authority with respect thereto.
The legal expenses, including without limitation attorneys' or accountants'
fees, and costs of any such proceeding and any liability resulting therefrom
shall be expenses of the Trust Fund and the REMIC Administrator shall be
entitled to reimbursement therefor out of amounts attributable to the Mortgage
Loans on deposit in the Certificate Account as provided by Section 3.07 unless
such
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legal expenses and costs are incurred by reason of the REMIC Administrator's
willful misfeasance, bad faith or gross negligence. If the REMIC Administrator
is no longer the Master Servicer hereunder, at its option the REMIC
Administrator may continue its duties as REMIC Administrator and shall be paid
reasonable compensation not to exceed $3,000 per year by any successor Master
Servicer hereunder for so acting as the REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared
all of the Tax Returns that it determines are required with respect to any of
REMIC I, REMIC II or REMIC III created hereunder and deliver such Tax Returns in
a timely manner to the Trustee and the Trustee shall sign and file such Tax
Returns in a timely manner. The expenses of preparing such returns shall be
borne by the REMIC Administrator without any right of reimbursement therefor.
The REMIC Administrator agrees to indemnify and hold harmless the Trustee with
respect to any tax or liability arising from the Trustee's signing of Tax
Returns that contain errors or omissions. The Trustee and Master Servicer shall
promptly provide the REMIC Administrator with such information, within their
respective control, as the REMIC Administrator may from time to time request for
the purpose of enabling the REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor of a
Class R Certificate such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee and the Trustee shall forward to the
Certificateholders such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium based upon 25% CPR and (iii) to the
Internal Revenue Service the name, title, address and telephone number of the
person who will serve as the representative of each of REMIC I, REMIC II and
REMIC III.
(f) The Master Servicer and the REMIC Administrator shall take such
actions and shall cause each of REMIC I, REMIC II and REMIC III created
hereunder to take such actions as are reasonably within the Master Servicer's or
the REMIC Administrator's control and the scope of its duties more specifically
set forth herein as shall be necessary or desirable to maintain the status
thereof as REMICs under the REMIC Provisions (and the Trustee shall assist the
Master Servicer and the REMIC Administrator, to the extent reasonably requested
by the Master Servicer and the REMIC Administrator to do so). The Master
Servicer and the REMIC Administrator shall not knowingly or intentionally take
any action, cause each of REMIC I, REMIC II or REMIC III to take any action or
fail to take (or fail to cause to be taken) any action reasonably within their
respective control, that, under the REMIC Provisions, if taken or not taken, as
the case may be, could (i) endanger the status of any of REMIC I , REMIC II or
REMIC III as a REMIC or (ii) result in the imposition of a tax upon each of
REMIC I, REMIC II or REMIC III (including but not limited to the tax on
prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax
on contributions to a REMIC set forth in Section 860G(d) of the Code) (either
such event, in the absence of an Opinion of Counsel or the indemnification
referred to in this sentence, an "Adverse REMIC Event") unless the Master
Servicer or the REMIC Administrator, as applicable, has received an Opinion of
Counsel (at the expense of the party seeking to take such action or, if such
party fails to pay such expense, and the Master
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Servicer or the REMIC Administrator, as applicable, determines that taking such
action is in the best interest of the Trust Fund and the Certificateholders, at
the expense of the Trust Fund, but in no event at the expense of the Master
Servicer, the REMIC Administrator or the Trustee) to the effect that the
contemplated action will not, with respect to each of REMIC I, REMIC II or REMIC
III created hereunder, endanger such status or, unless the Master Servicer, the
REMIC Administrator or both, as applicable, determine in its or their sole
discretion to indemnify the Trust Fund against the imposition of such a tax,
result in the imposition of such a tax. Wherever in this Agreement a
contemplated action may not be taken because the timing of such action might
result in the imposition of a tax on the Trust Fund, or may only be taken
pursuant to an Opinion of Counsel that such action would not impose a tax on the
Trust Fund, such action may nonetheless be taken provided that the indemnity
given in the preceding sentence with respect to any taxes that might be imposed
on the Trust Fund has been given and that all other preconditions to the taking
of such action have been satisfied. The Trustee shall not take or fail to take
any action (whether or not authorized hereunder) as to which the Master Servicer
or the REMIC Administrator, as applicable, has advised it in writing that it has
received an Opinion of Counsel to the effect that an Adverse REMIC Event could
occur with respect to such action. In addition, prior to taking any action with
respect to REMIC I, REMIC II or REMIC III or their assets, or causing REMIC I,
REMIC II or REMIC III to take any action, which is not expressly permitted under
the terms of this Agreement, the Trustee will consult with the Master Servicer
or the REMIC Administrator, as applicable, or its designee, in writing, with
respect to whether such action could cause an Adverse REMIC Event to occur with
respect to REMIC I, REMIC II or REMIC III, and the Trustee shall not take any
such action or cause REMIC I, REMIC II or REMIC III to take any such action as
to which the Master Servicer or the REMIC Administrator, as applicable, has
advised it in writing that an Adverse REMIC Event could occur. The Master
Servicer or the REMIC Administrator, as applicable, may consult with counsel to
make such written advice, and the cost of same shall be borne by the party
seeking to take the action not expressly permitted by this Agreement, but in no
event at the expense of the Master Servicer or the REMIC Administrator. At all
times as may be required by the Code, the Master Servicer will to the extent
within its control and the scope of its duties more specifically set forth
herein, maintain substantially all of the assets of REMIC I, REMIC II or REMIC
III as "qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited
transactions" of REMIC I, REMIC II or REMIC III created hereunder as defined in
Section 860F(a)(2) of the Code, on "net income from foreclosure property" of
REMIC I, REMIC II or REMIC III as defined in Section 860G(c) of the Code, on any
contributions to REMIC I, REMIC II or REMIC III after the Startup Day therefor
pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code
or any applicable provisions of state or local tax laws, such tax shall be
charged (i) to the Master Servicer, if such tax arises out of or results from a
breach by the Master Servicer of any of its obligations under this Agreement or
the Master Servicer has in its sole discretion determined to indemnify the Trust
Fund against such tax, (ii) to the Trustee, if such tax arises out of or results
from a breach by the Trustee of any of its obligations under Article VIII or
this Article X, or (iii) otherwise against amounts on deposit in the Certificate
Account as provided by Section 3.07.
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(h) The Trustee and the Master Servicer shall, for federal income
tax purposes, maintain books and records with respect to REMIC I, REMIC II and
REMIC III on a calendar year and on an accrual basis or as otherwise may be
required by the REMIC Provisions.
(i) Following the Startup Day, neither the Master Servicer nor the
Trustee shall accept any contributions of assets to REMIC I, REMIC II or REMIC
III unless (subject to 10.01(f)) the Master Servicer and the Trustee shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in REMIC I, REMIC
II or REMIC III will not cause REMIC I, REMIC II or REMIC III to fail to qualify
as REMICs at any time that any Certificates are outstanding or subject REMIC I,
REMIC II or REMIC III to any tax under the REMIC Provisions or other applicable
provisions of federal, state and local law or ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which REMIC I, REMIC II or REMIC
III will receive a fee or other compensation for services nor permit either such
REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted investments" as defined
in Section 860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury Regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates or each Component
representing a regular interest in REMIC III, the Uncertificated Principal
Balance of each Uncertificated REMIC I Regular Interest and the Uncertificated
Principal Balance of each Uncertificated REMIC II Regular Interest would be
reduced to zero is September 20, 2031, which is the thirty-sixth Distribution
Date following the latest scheduled maturity of any Mortgage Loan.
(l) Within 30 days after the Closing Date, the REMIC Administrator
shall prepare and file with the Internal Revenue Service Form 8811, "Information
Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" for REMIC I, REMIC II and REMIC III.
(m) Neither the Trustee nor the Master Servicer shall sell, dispose
of or substitute for any of the Mortgage Loans (except in connection with (i)
the default, imminent default or foreclosure of a Mortgage Loan, including but
not limited to, the acquisition or sale of a Mortgaged Property acquired by deed
in lieu of foreclosure, (ii) the bankruptcy of Trust Fund, (iii) the termination
of REMIC I, REMIC II or REMIC III pursuant to Article IX of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for REMIC I, REMIC II or REMIC III, nor sell
or dispose of any investments in the Certificate Account or the Certificate
Account for gain nor accept any contributions to REMIC I, REMIC II or REMIC III
after the Closing Date unless it has received an Opinion of Counsel that such
sale, disposition, substitution or acquisition will not (a) affect adversely the
status of REMIC I, REMIC II or REMIC III as a REMIC or (b) unless the Master
Servicer has determined in its sole discretion to indemnify the Trust Fund
against such tax, cause
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REMIC I, REMIC II or REMIC III to be subject to a tax on "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.
Section 10.02. MASTER SERVICER, REMIC ADMINISTRATOR AND TRUSTEE
INDEMNIFICATION.
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the
REMIC Administrator and the Master Servicer for any taxes and costs including,
without limitation, any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master Servicer, as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X. In the event
that WMC Mortgage Corp. is no longer the Master Servicer, the Trustee shall
indemnify WMC Mortgage Corp. for any taxes and costs including, without
limitation, any reasonable attorneys fees imposed on or incurred by WMC Mortgage
Corp. as a result of a breach of the Trustee's covenants set forth in Article
VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions, including without limitation,
any penalties arising from the Trustee's execution of Tax Returns prepared by
the REMIC Administrator that contain errors or omissions; provided, however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
(c) The Master Servicer agrees to indemnify the Trust Fund, the
Company, the REMIC Administrator and the Trustee for any taxes and costs
(including, without limitation, any reasonable attorneys' fees) imposed on or
incurred by the Trust Fund, the Company or the Trustee, as a result of a breach
of the Master Servicer's covenants set forth in this Article X or in Article III
with respect to compliance with the REMIC Provisions, including without
limitation, any penalties arising from the Trustee's execution of Tax Returns
prepared by the Master Servicer that contain errors or omissions.
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ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. AMENDMENT.
(a) This Agreement may be amended from time to time by the Company,
the Master Servicer and the Trustee, without the consent of any of the
Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein,
which may be inconsistent with any other provisions herein or therein or
to correct any error,
(iii) to modify, eliminate or add to any of its provisions to such
extent as shall be necessary or desirable to maintain the qualification of
REMIC I, REMIC II or REMIC III as a REMIC at all times that any
Certificate is outstanding or to avoid or minimize the risk of the
imposition of any tax on the Trust Fund pursuant to the Code that would be
a claim against the Trust Fund, provided that the Trustee has received an
Opinion of Counsel to the effect that (A) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk
of the imposition of any such tax and (B) such action will not adversely
affect in any material respect the interests of any Certificateholder,
(iv) to change the timing and/or nature of deposits into the
Certificate Account or the Distribution Account or to change the name in
which the Distribution Account is maintained, provided that (A) the
Determination Date shall in no event be later than the related
Distribution Date, (B) such change shall not, as evidenced by an Opinion
of Counsel, adversely affect in any material respect the interests of any
Certificateholder and (C) such change shall not result in a reduction of
the rating assigned to any Class of Certificates below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date, as evidenced by a letter from each Rating Agency to such
effect,
(v) to modify, eliminate or add to the provisions of Section 5.02(f)
or any other provision hereof restricting transfer of the Class R-I, Class
R-II and Class III Certificates by virtue of their being the "residual
interests" in REMIC I, REMIC II and REMIC III, respectively; provided that
(A) such change shall not result in reduction of the rating assigned to
any such Class of Certificates below the lower of the then-current rating
or the rating assigned to such Certificates as of the Closing Date, as
evidenced by a letter from each Rating Agency to such effect, and (B) such
change shall not (subject to Section 10.01(f)), as evidenced by an Opinion
of Counsel (at the expense of the party seeking so to modify, eliminate or
add such provisions), cause REMIC I, REMIC II or REMIC III or any of the
Certificateholders (other than the transferor) to be subject to a federal
tax caused by a transfer to a Person that is not a Permitted Transferee,
or
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<PAGE>
(vi) to make any other provisions with respect to matters or
questions arising under this Agreement which shall not be materially
inconsistent with the provisions of this Agreement, provided that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Certificateholder and is
authorized or permitted under the terms of this Agreement.
(b) This Agreement may also be amended from time to time by the
Company, the Master Servicer and the Trustee with the consent of the Holders of
Certificates evidencing in the aggregate not less than 66% of the Percentage
Interests of each Class of Certificates affected thereby, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Holders of Certificates of such Class; PROVIDED, HOWEVER, that no such amendment
shall:
(i) reduce in any manner the amount of, or delay the timing
of, payments which are required to be distributed on any Certificate
without the consent of the Holder of such Certificate, or
(ii) adversely affect in any material respect the interest of
the Holders of Certificates of any Class in a manner other than as
described in clause (i) hereof without the consent of Holders of
Certificates of such Class evidencing, as to such Class, Percentage
Interests aggregating not less than 66%, or
(iii) reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment,
in any such case without the consent of the Holders of all Certificates of
such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the Master Servicer, the
Company or the Trustee in accordance with such amendment will not result in the
imposition of a federal tax on the Trust Fund or cause any of REMIC I, REMIC II
or REMIC III to fail to qualify as a REMIC at any time that any Certificate is
outstanding. The Trustee may but shall not be obligated to enter into any
amendment pursuant to this Section that affects its rights, duties and
immunities under this Agreement or otherwise; provided however, such consent
shall not be unreasonably withheld.
(d) Promptly after the execution of any such amendment the Trustee
shall furnish written notification of the substance of such amendment to each
Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
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(e) The Company shall have the option, in its sole discretion, to
obtain and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class R Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class R Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the Trust Fund, (ii) any such reserve
fund shall be owned by the Company, and (iii) amounts transferred by the Trust
Fund to any such reserve fund shall be treated as amounts distributed by the
Trust Fund to the Company or any successor, all within the meaning of Treasury
regulations Section 1.860G-2(h) in effect as of the Cut-off Date. In connection
with the provision of any such instrument or fund, this Agreement and any
provision hereof may be modified, added to, deleted or otherwise amended in any
manner that is related or incidental to such instrument or fund or the
establishment or administration thereof, such amendment to be made by written
instrument executed or consented to by the Company and such related insurer but
without the consent of any Certificateholder and without the consent of the
Master Servicer or the Trustee being required unless any such amendment would
impose any additional obligation on, or otherwise adversely affect the interests
of the Certificateholders, the Master Servicer or the Trustee, as applicable;
provided that the Company obtains (subject to Section 10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code and (b) any of REMIC I,
REMIC II or REMIC III to fail to qualify as a REMIC at any time that any
Certificate is outstanding.
Section 11.02. RECORDATION OF AGREEMENT; COUNTERPARTS.
(a) To the extent permitted by applicable law, this Agreement is
subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer and at its expense on direction by the Trustee
(pursuant to the request of Holders of Certificates entitled to at least 25% of
the Voting Rights), but only upon direction accompanied by an Opinion of Counsel
to the effect that such recordation materially and beneficially affects the
interests of the Certificateholders.
(b) For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.
119
<PAGE>
Section 11.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS.
(a) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights, obligations and liabilities of any
of the parties hereto.
(b) No Certificateholder shall have any right to vote (except as
expressly provided herein) or in any manner otherwise control the operation and
management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of default
and of the continuance thereof, as hereinbefore provided, and unless also the
Holders of Certificates of any Class evidencing in the aggregate not less than
25% of the related Percentage Interests of such Class, shall have made written
request upon the Trustee to institute such action, suit or proceeding in its own
name as Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby shall have given its written consent, and the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding it being understood and intended, and being expressly covenanted by
each Certificateholder with every other Certificateholder and the Trustee, that
no one or more Holders of Certificates of any Class shall have any right in any
manner whatever by virtue of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates of such
Class or any other Class, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this
Agreement, except in the manner herein provided and for the common benefit of
Certificateholders of such Class or all Classes, as the case may be. For the
protection and enforcement of the provisions of this Section 11.03, each and
every Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.
Section 11.04. GOVERNING LAW.
This agreement and the Certificates shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to any applicable conflicts of law provisions, the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.
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<PAGE>
Section 11.05. NOTICES.
All demands and notices hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered at or mailed by
registered mail, postage prepaid (except for notices to the Trustee which shall
be deemed to have been duly given only when received), to (a) in the case of the
Company, 6320 Canoga Avenue, Woodland Hills, California 91367, Attention:
President, with a copy to the same address, Attention: Jules Vogel, Esq., Legal
Department or such other address as may hereafter be furnished to the Master
Servicer and the Trustee in writing by the Company, (b) in the case of the
Master Servicer, Servicing Department, 6320 Canoga Avenue, Woodland Hills,
California 91367, Attention: Terry Wright, Senior Vice President, Loan Servicing
with a copy to the same address, Attention: Jules Vogel, Esq., Legal Department
or such other address as may be hereafter furnished to the Company and the
Trustee by the Master Servicer in writing, (c) in the case of the Trustee, One
First National Plaza, Suite 0126, Chicago, Illinois 60670-0126, Attention: WMC
Secured Assets Corp. Series 1998-B or such other address as may hereafter be
furnished to the Company and the Master Servicer in writing by the Trustee, (d)
in the case of Standard & Poor's, 25 Broadway, New York, New York 10004
Attention: Mortgage Surveillance or such other address as may be hereafter
furnished to the Company, the Trustee and the Master Servicer by Standard &
Poor's and (e) in the case of Moody's, 99 Church Street, New York, New York
10007. Any notice required or permitted to be mailed to a Certificateholder
shall be given by first class mail, postage prepaid, at the address of such
holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, whether or not the Certificateholder receives such notice.
Section 11.06. NOTICES TO RATING AGENCIES.
The Company, the Master Servicer or the Trustee, as applicable,
shall notify each Rating Agency and each Subservicer at such time as it is
otherwise required pursuant to this Agreement to give notice of the occurrence
of, any of the events described in clause (a), (b), (c), (d), (g), (h), (i) or
(j) below or provide a copy to each Rating Agency at such time as otherwise
required to be delivered pursuant to this Agreement of any of the statements
described in clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor Master Servicer or
Trustee or a change in the majority ownership of the Trustee,
(d) the filing of any claim under the Master Servicer's blanket
fidelity bond and the errors and omissions insurance policy required by
Section 3.11 or the cancellation or modification of coverage under any
such instrument,
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(e) the statement required to be delivered to the Holders of each
Class of Certificates pursuant to Section 4.03,
(f) the statements required to be delivered pursuant to Sections
3.18 and 3.19,
(g) a change in the location of the Certificate Account or the
Distribution Account,
(h) the occurrence of the Final Distribution Date, and
(i) the repurchase of or substitution for any Mortgage Loan,
PROVIDED, HOWEVER, that with respect to notice of the occurrence of the events
described in clause (d) above, the Master Servicer shall provide prompt written
notice to each Rating Agency and the Subservicer of any such event known to the
Master Servicer.
Section 11.07. SEVERABILITY OF PROVISIONS.
If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
Section 11.08. SUPPLEMENTAL PROVISIONS FOR RESECURITIZATION.
(a) This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates initially issued
hereunder, the adoption of the Supplemental Article shall not constitute an
"amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the
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<PAGE>
distributions to be made thereon, and any other provisions necessary to the
purposes thereof. In connection with each Supplemental Article, the Company
shall deliver to the Trustee an Opinion of Counsel to the effect that (i) the
Restructuring Vehicle will qualify as a REMIC, grantor trust, FASIT or other
entity not subject to taxation for federal income tax purposes and (ii) the
adoption of the Supplemental Article will not endanger the status of REMIC I,
REMIC II or REMIC III as a REMIC or (subject to Section 10.01(f)) result in the
imposition of a tax upon the Trust Fund (including but not limited to the tax on
prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax
on contributions to a REMIC as set forth in Section 860G(d) of the Code).
Section 11.09. THIRD PARTY BENEFICIARIES.
This Agreement will inure to the benefit of and be binding upon the
parties hereto, the Certificateholders and their respective successors and
permitted assigns. Except as otherwise provided in this Agreement, no other
Person will have any right or obligation hereunder. The Trustee shall have the
right to exercise all rights of the Trust Fund under this Agreement.
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<PAGE>
IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee
have caused their names to be signed hereto by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the date and year first above written.
WMC SECURED ASSETS CORP.,
as Company
By:______________________________________
Name:
Title:
WMC MORTGAGE CORP.,
as Master Servicer
By:______________________________________
Name:
Title:
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:______________________________________
Name:
Title:
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<PAGE>
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the ___ day of September, 1998 before me, a notary public in and
for said State, personally appeared _______________, known to me to be a
________________ of WMC Secured Assets Corp., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
______________________________________
Notary Public
[Notarial Seal]
<PAGE>
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the ___ day of September, 1998 before me, a notary public
in and for said State, personally appeared __________________, known to me to be
a _____________________ of WMC Mortgage Corp., one of the corporations that
executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such
corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
______________________________________
Notary Public
[Notarial Seal]
<PAGE>
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the ____ day of September, 1998 before me, a notary public in and
for said State, personally appeared ___________, known to me to be a
______________________, a national banking association that executed the within
instrument, and also known to me to be the person who executed it on behalf of
said association, and acknowledged to me that such national banking association
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
______________________________________
Notary Public
[Notarial Seal]
<PAGE>
EXHIBIT A-1
FORM OF CLASS [A-1][A-2] CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
Certificate No. ___ Variable Pass-Through Rate
Class A[-1][-2]
Date of Pooling and Servicing
Agreement: Percentage Interest: ______%
September 1, 1998
Initial Certificate Principal Balance
First Distribution Date: of Class A[-1][-2] Certificates
October 20, 1998 $_____________________
Master Servicer: Initial Certificate Principal
WMC Mortgage Corp. Balance of this Certificate
$_____________________
CUSIP: [92928SAE4][92928SAF1]
WMC MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1998-B
evidencing a percentage interest in any distributions allocable to
the Class A[-1][-2] Certificates with respect to the Trust Fund
consisting primarily of a pool of closed end, adjustable rate, one-
to four-family, first lien, sub-prime mortgage loans sold by WMC
SECURED ASSETS CORP.
This Certificate is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in WMC Secured Assets
Corp., the Master Servicer, the Trustee referred to below or any of their
Affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by WMC
Secured Assets Corp., the Master Servicer, the Trustee or any of their
Affiliates. None of WMC Secured Assets Corp., the Master Servicer or any of
their Affiliates will have any obligation with
<PAGE>
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that ______________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
initial Certificate Principal Balance of this Certificate by the aggregate
Initial Certificate Principal Balance of all Class A[-1][-2] Certificates, both
as specified above) in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a pool of closed end, adjustable rate,
one- to four-family, first lien, sub-prime mortgage loans (the "Mortgage Loans")
sold to the Trust Fund by WMC Secured Assets Corp. (hereinafter called the
"Company", which term includes any successor entity under the Agreement referred
to below). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as specified above (the "Agreement") among the Company, the
Master Servicer and The First National Bank of Chicago, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. To the extent not defined herein, the capitalized terms used
herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made
on the 20th day of each month or, if such 20th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Interest Distribution Amount and the Principal Distribution Amount in
an amount equal to the product of the Percentage Interest evidenced by this
Certificate and the amount of interest and principal required to be distributed
to Holders of Class A[-1][-2] Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.
A-1-2
<PAGE>
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as WMC Mortgage Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement.
As provided in the Agreement, withdrawals from the Certificate
Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Master Servicer of certain expenses incurred by either of
them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee and the Holders of Certificates evidencing in the
aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made thereon. The Agreement also permits the amendment thereof in
certain circumstances without the consent of the Holders of any of the
Certificates and, in certain additional circumstances, without the consent of
the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.
A-1-3
<PAGE>
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Aggregate Certificate Principal Balance
has been reduced to zero, (ii) the maturity or other liquidation of the last
Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (iii) the
purchase by the Master Servicer or the Class C or Class R Certificateholders
from the Trust Fund of all remaining Mortgage Loans and all REO Property
acquired in respect of such Mortgage Loans, thereby effecting early retirement
of the Certificates. The Agreement permits, but does not require, the Master
Servicer and the Class C and Class R Certificateholders to purchase at a price
determined as provided in the Agreement all remaining assets of the Trust Fund;
provided, that any such option may only be exercised on any Distribution Date
when the Pool Principal Balance is less than ten percent of the sum of the Pool
Principal Balance as of the Initial Cut-off Date and the Original Pre-Funded
Amount.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-1-4
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By:__________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO, as Certificate Registrar
By:_________________________________
Authorized Signatory
A-1-5
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto __________________________________________ (Please print or
typewrite name and address including postal zip code of assignee) a Percentage
Interest evidenced by the within WMC Mortgage Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address: ____________________________
_______________________________________________________________________________
Dated: ______________________________________
Signature by or on behalf of assignor
_______________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _________________________________ for the account
of __________________________________________ account number _________________ ,
or, if mailed by check, to __________________________________________ Applicable
statements should be mailed to __________________________________________.
This information is provided by _________________________________ ,
the assignee named above, or __________________________________________ , as its
agent.
<PAGE>
EXHIBIT A-2
FORM OF CLASS [M-1][M-2][B] CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES[,] [AND] [CLASS M-1 CERTIFICATES] [AND] [CLASS M-2 CERTIFICATES] AS
DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
IN THE CASE OF TRANSFER OF THIS CERTIFICATE (OR ANY INTEREST HEREIN) OTHER THAN
IN THE FORM OF A DEFINITIVE CERTIFICATE, THE TRANSFEREE SHALL BE DEEMED TO HAVE
REPRESENTED THAT EITHER (A) SUCH PURCHASER IS NOT A PLAN AND IS NOT PURCHASING
SUCH CERTIFICATE (OR INTEREST THEREIN) ON BEHALF OF, OR WITH ASSETS OF, ANY PLAN
OR (B) THE PURCHASE OF ANY SUCH CERTIFICATE (OR INTEREST THEREIN) BY OR ON
BEHALF OF, OR WITH PLAN ASSETS OF, ANY PLAN IS PERMISSIBLE UNDER APPLICABLE LAW,
WILL NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION
4975 OF THE CODE AND WILL NOT SUBJECT THE COMPANY, THE TRUSTEE OR THE MASTER
SERVICER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
<PAGE>
Certificate No. ___ Variable Pass-Through Rate
Class [M-1][M-2][B]
Subordinate
Date of Pooling and Servicing Aggregate Initial Certificate Principal
Agreement: Balance of the Class [M-1][M-2][B]
September 1, 1998 Certificates:
$----------------------
First Distribution Date: Initial Certificate Principal
October 20, 1998 Balance of this Certificate:
$----------------------
Master Servicer: Percentage Interest: 100.00%
WMC Mortgage Corp.
CUSIP:[92928SAH7] [92928SAJ3]
[92928SAK0]
WMC MORTGAGE PASS-THROUGH CERTIFICATE
Series 1998-B
evidencing a percentage interest in any distributions
allocable to the Class [M- 1][M-2][B] Certificates with
respect to the Trust Fund consisting primarily of a pool
of closed end, adjustable rate, fully-amortizing, one- to
four-family, first lien sub-prime mortgage loans sold by
WMC SECURED ASSETS CORP.
This Certificate is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in WMC Secured Assets
Corp., the Master Servicer, the Trustee referred to below or any of their
Affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by WMC
Secured Assets Corp., the Master Servicer or the Trustee or any of their
Affiliates. None of the Company, the Master Servicer or any of their Affiliates
will have any obligation with respect to any certificate or other obligation
secured by or payable from payments on the Certificates.
This certifies that ____________________ is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
initial Certificate Principal Balance of this Certificate by the aggregate
Initial Certificate Principal Balance of all Class [M-1][M-2][B] Certificates,
both as specified above) in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a pool of closed end, adjustable rate,
one- to four-family, first
A-2-2
<PAGE>
lien, sub-prime mortgage loans (the "Mortgage Loans") sold to the Trust Fund by
WMC Secured Assets Corp. (hereinafter called the "Company", which term includes
any successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and The First National
Bank of Chicago, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made
on the 20th day of each month or, if such 20th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Principal Distribution Amount and the Interest Distribution Amount in
an amount equal to the product of the Percentage Interest evidenced by this
Certificate and the amount of interest and principal, if any, required to be
distributed to Holders of Class [M-1][M-2][B] Certificates on such Distribution
Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions allocable to principal and any Realized Losses allocable hereto.
Any purchaser of this Certificate (or interest therein) not issued
or transferred as a Definitive Certificate will be deemed to have represented by
such purchase that either (a) such purchaser is not a Plan and is not purchasing
such Certificate (or interest therein) on behalf of, or with assets of, any Plan
or (b) the purchase of any such Certificate (or interest therein) by or on
behalf of, or with Plan assets of, any Plan is permissible under applicable law,
will not result in any non-exempt prohibited transaction under ERISA or Section
4975 of the Code and will not subject the Company, the Trustee or the Master
Servicer to any obligation in addition to those undertaken in this Agreement.
A-2-3
<PAGE>
Transfers of this Certificate to a Plan, to a trustee or other
person acting on behalf of any Plan, or to any other person using the assets of
any Plan in the form of Definitive Certificates, will not be registered by the
Trustee unless the transferee provides the Company, the Trustee and the Master
Servicer with an opinion of counsel satisfactory to the Company, the Trustee and
the Master Servicer, which opinion will not be at the expense of the Company,
the Trustee or the Master Servicer, that the purchase of such Certificates by or
on behalf of such Plan is permissible under applicable law, will not constitute
or result in a non-exempt prohibited transaction under ERISA or Section 4975 of
the Code and will not subject the Company, the Trustee or the Master Servicer to
any obligation in addition to those undertaken in this Agreement. In lieu of
such opinion of counsel, the transferee may provide a certification
substantially to the effect that the purchase of this Certificate by or on
behalf of such Plan is permissible under applicable law, will not subject the
Company, the Trustee or the Master Servicer to any obligation in addition to
those undertaken in this Agreement, and the following statements are correct:
(i) the transferee is an insurance company and the source of funds used to
purchase this Certificate is an "insurance company general account" (as such
term is defined in PTCE 95-60), (ii) the conditions set forth in Sections I and
III of PTCE 95-60 have been satisfied and (iii) there is no Plan with respect to
which the amount of such general accounts reserves and liabilities for contracts
held by or on behalf of such Plan and all other Plans maintained by the same
employer (or any "affiliate" thereof, as defined in PTCE 95-60) or by the same
employee organization exceed 10% of the total of all reserves and liabilities of
such general account (as determined under PTCE 95-60) as of the date of the
acquisition of this Certificate.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as WMC Mortgage Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement.
As provided in the Agreement, withdrawals from the Certificate
Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Master Servicer of certain expenses incurred by either of
them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made thereon. The Agreement also permits the amendment
thereof in
A-2-4
<PAGE>
certain circumstances without the consent of the Holders of any of the
Certificates and, in certain additional circumstances, without the consent of
the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Aggregate Certificate Principal Balance
has been reduced to zero, (ii) the maturity or other liquidation of the last
Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (iii) the
purchase by the Master Servicer or the Class C or Class R Certificateholders
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
and the Class C and Class R Certificateholders to purchase at a price determined
as provided in the Agreement all remaining assets of the Trust Fund; provided,
that any such option may only be exercised on any Distribution
A-2-5
<PAGE>
Date when the Pool Principal Balance as of the Cut-off Date is less than ten
percent of the sum of the Pool Principal Balance as of the Initial Cut-off Date
and the Original Pre-Funded
Amount.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-2-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:__________________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class [M-1][M-2][B] Certificates referred to in
the within-mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:__________________________________________
Authorized Signatory
A-2-7
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto __________________________________________ (Please print or
typewrite name and address including postal zip code of assignee) a Percentage
Interest evidenced by the within WMC Mortgage Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address: ____________________________
_______________________________________________________________________________
Dated: ____________________________________________
Signature by or on behalf of assignor
_____________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ___________________________ for the account of
__________________________________________ account number __________________ ,
or, if mailed by check, to __________________________________________ Applicable
statements should be mailed to __________________________________________.
This information is provided by _________________________________ ,
the assignee named above, or __________________________________ , as its agent.
A-2-8
<PAGE>
EXHIBIT A-3
FORM OF CLASS C CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986.
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, CLASS M CERTIFICATES AND CLASS B CERTIFICATES AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. ASSUMING THAT THE MORTGAGE LOANS PREPAY AT AN ASSUMED RATE OF
PREPAYMENT, USED SOLELY FOR THE PURPOSES OF APPLYING THE OID RULES TO THE
CERTIFICATES, EQUAL TO A CONSTANT PREPAYMENT RATE OF ____% PER ANNUM (THE
"PREPAYMENT ASSUMPTION"), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN
$______________ OF OID PER $__________ OF INITIAL COMPONENT NOTIONAL AMOUNT, THE
YIELD TO MATURITY IS ______% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL
ACCRUAL PERIOD IS NO MORE THAN $__________ PER $___________ OF INITIAL COMPONENT
NOTIONAL AMOUNT, COMPUTED USING THE EXACT METHOD. NO REPRESENTATION IS MADE THAT
THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT ASSUMPTION OR
AT ANY OTHER RATE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
<PAGE>
Certificate No. ___ Variable Pass-Through Rate
Class C Percentage Interest: 100.00%
Subordinate
Date of Pooling and Servicing
September 1, 1998
First Distribution Date:
October 20, 1998
Master Servicer:
WMC Mortgage Corp.
WMC MORTGAGE PASS-THROUGH CERTIFICATE
Series 1998-B
evidencing a percentage interest in any distributions allocable
to the Class C Certificates with respect to the Trust Fund
consisting primarily of a pool of closed end, adjustable rate,
fully-amortizing, one- to four-family, first lien, sub-prime
mortgage loans sold by WMC SECURED ASSETS CORP.
This Certificate is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in WMC Secured Assets
Corp., the Master Servicer, the Trustee referred to below or any of their
Affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by WMC
Secured Assets Corp., the Master Servicer or the Trustee or any of their
Affiliates. None of the Company, the Master Servicer or any of their Affiliates
will have any obligation with respect to any certificate or other obligation
secured by or payable from payments on the Certificates.
This certifies that ____________________ is the registered owner of
the Percentage Interest evidenced by this Certificate in certain distributions
with respect to the Trust Fund consisting primarily of an interest in a pool of
closed end, adjustable rate, one- to four-family, first lien, sub-prime mortgage
loans (the "Mortgage Loans"), sold to the Trust Fund by WMC Secured Assets Corp.
(hereinafter called the "Company", which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Company, the Master Servicer and The First National Bank of Chicago, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the
A-3-2
<PAGE>
capitalized terms used herein have the meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which
such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made
on the 20th day of each month or, if such 20th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Net Monthly Excess Cash Flow in an amount equal to the Class C Interest
Distribution Amount, if any, required to be distributed to Holders of Class C
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York.
No transfer of this Class C Certificate will be made unless the
Trustee has received either (i) an opinion of counsel satisfactory to the
Company, the Trustee and the Master Servicer, which opinion will not be at the
expense of the Company, the Trustee or the Master Servicer, that the purchase of
such Certificates by or on behalf of such Plan is permissible under applicable
law, will not constitute or result in a non-exempt prohibited transaction under
ERISA or Section 4975 of the Code and will not subject the Company, the Trustee
or the Master Servicer to any obligation in addition to those undertaken in this
Agreement or (ii) a representation letter, in the form as described by the
Agreement, substantially to the effect that the purchase of Subordinate
Certificates or Class C or Class R Certificates by or on behalf of such Plan is
permissible under applicable law will not subject the Company, the Trustee or
the Master Servicer to any obligation in addition to those undertaken in this
Agreement, and the following statements are correct: (i) the transferee is an
insurance company and the source of funds used to purchase such Subordinate
Certificates or Class C or Class R Certificates is an "insurance company general
account" (as such term is defined in PTCE 95-60), (ii) the conditions set forth
in Sections I and III of PTCE 95-60 have been satisfied and (iii) there is no
Plan with respect to which the amount of such general accounts reserves and
liabilities for contracts held by or on behalf of such Plan and all other Plans
maintained by the same employer (or any "affiliate" thereof, as defined in PTCE
95-60) or by the same employee organization exceed 10% of the total of all
reserves and liabilities of such general
A-3-3
<PAGE>
account (as determined under PTCE 95-60) as of the date of the acquisition of
such Subordinate Certificates or Class C or Class R Certificates.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as WMC Mortgage Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement.
As provided in the Agreement, withdrawals from the Certificate
Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Master Servicer of certain expenses incurred by either of
them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made thereon. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
A-3-4
<PAGE>
No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Aggregate Certificate Principal Balance
has been reduced to zero, (ii) the maturity or other liquidation of the last
Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (iii) the
purchase by the Master Servicer or the Class C or Class R Certificateholders
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
and the Class C and Class R Certificateholders to purchase at a price determined
as provided in the Agreement all remaining assets of the Trust Fund; provided,
that any such option may only be exercised on any Distribution Date when the
Pool Principal Balance as of the Cut-off Date is less than ten percent of the
sum of the Pool Principal Balance as of the Initial Cut-off Date and the
Original Pre-Funded Amount.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-3-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:___________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class C Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:___________________________________
Authorized Signatory
A-3-6
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto __________________________________________(Please print or
typewrite name and address including postal zip code of assignee) a Percentage
Interest evidenced by the within WMC Mortgage Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address: ____________________________
_______________________________________________________________________________
Dated: ________________________________________________
Signature by or on behalf of assignor
__________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ________________________________ for the account
of ____________________________________ account number _____________________ ,
or, if mailed by check, to __________________________________________ Applicable
statements should be mailed to __________________________________________.
This information is provided by _________________________________ ,
the assignee named above, or ________________________________ , as its agent.
A-3-7
<PAGE>
EXHIBIT A-4
FORM OF CLASS A-IO CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. ASSUMING THAT THE MORTGAGE LOANS PREPAY AT AN ASSUMED RATE OF
PREPAYMENT, USED SOLELY FOR THE PURPOSES OF APPLYING THE OID RULES TO THE
CERTIFICATES, EQUAL TO A CONSTANT PREPAYMENT RATE OF ____% PER ANNUM (THE
"PREPAYMENT ASSUMPTION"), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN
$______________ OF OID PER $__________ OF INITIAL COMPONENT NOTIONAL AMOUNT, THE
YIELD TO MATURITY IS ______% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL
ACCRUAL PERIOD IS NO MORE THAN $--------- PER $___________ OF INITIAL COMPONENT
NOTIONAL AMOUNT, COMPUTED USING THE EXACT METHOD. NO REPRESENTATION IS MADE THAT
THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT ASSUMPTION OR
AT ANY OTHER RATE.
A-4-1
<PAGE>
Certificate No. ___ Variable Pass-Through Rate
Class A-IO
Interest Only
Date of Pooling and Servicing
Agreement: Percentage Interest: ______%
September 1, 1998
Initial Component Notional Amount
First Distribution Date: of Class A-IO Components
October 20, 1998 $80,000,000
Master Servicer: CUSIP:
WMC Mortgage Corp.
WMC MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1998-B
evidencing a percentage interest in any distributions allocable
to the Class A-IO Certificates with respect to the Trust Fund
consisting primarily of a pool of closed end, adjustable rate,
one- to four-family, first lien, sub-prime mortgage loans sold
by WMC SECURED ASSETS CORP.
This Certificate is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in WMC Secured Assets
Corp., the Master Servicer, the Trustee referred to below or any of their
Affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by WMC
Secured Assets Corp., the Master Servicer, the Trustee or any of their
Affiliates. None of WMC Secured Assets Corp., the Master Servicer or any of
their Affiliates will have any obligation with respect to any certificate or
other obligation secured by or payable from payments on the Certificates.
This certifies that ______________ is the registered owner of the
Percentage Interest evidenced by this Certificate in certain distributions with
respect to the Trust Fund consisting primarily of an interest in a pool of
closed end, adjustable rate, one- to four-family, first lien, sub-prime mortgage
loans (the "Mortgage Loans") sold to the Trust Fund by WMC Secured Assets Corp.
(hereinafter called the "Company", which term includes any successor entity
under
A-4-2
<PAGE>
the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Company, the Master Servicer and The First National Bank of Chicago, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be made
on the 20th day of each month or, if such 20th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Interest Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest
required to be distributed to Holders of Class A-IO Certificates on such
Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of the Trustee or by a Paying Agent appointed by the
Trustee in immediately available funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master Servicer or such Paying Agent, or by check mailed to the address of the
Person entitled thereto, as such name and address shall appear on the
Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The initial Component Notional Amount of the Class A-IO Components is set
forth above. The Component Notional Amount hereof will be reduced to the extent
described in the Agreement.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as WMC Mortgage Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement.
As provided in the Agreement, withdrawals from the Certificate
Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Master Servicer of certain expenses incurred by either of
them.
A-4-3
<PAGE>
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee and the Holders of Certificates evidencing in the
aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made thereon. The Agreement also permits the amendment thereof in
certain circumstances without the consent of the Holders of any of the
Certificates and, in certain additional circumstances, without the consent of
the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Aggregate Certificate Principal
A-4-4
<PAGE>
Balance has been reduced to zero, (ii) the maturity or other liquidation of the
last Mortgage Loan subject thereto or the disposition of all property acquired
upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (iii)
the purchase by the Master Servicer or the Class C or Class R Certificateholders
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
and the Class C and Class R Certificateholders to purchase at a price determined
as provided in the Agreement all remaining assets of the Trust Fund; provided,
that any such option may only be exercised on any Distribution Date when the
Pool Principal Balance is less than ten percent of the sum of the Pool Principal
Balance as of the Initial Cut-off Date and the Original Pre-Funded Amount.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-4-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By:__________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class A-IO Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO, as Certificate Registrar
By:_________________________________
Authorized Signatory
A-4-6
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto __________________________________________(Please print or
typewrite name and address including postal zip code of assignee) a Percentage
Interest evidenced by the within WMC Mortgage Pass-Through Certificate and
hereby authorizes the transfer of registration of such interest to assignee on
the Certificate Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address: ____________________________
_______________________________________________________________________________
Dated: ______________________________________
Signature by or on behalf of assignor
______________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to ________________________________ for the account
of ____________________________________ account number _____________________ ,
or, if mailed by check, to __________________________________________ Applicable
statements should be mailed to __________________________________________.
This information is provided by _________________________________ ,
the assignee named above, or __________________________________ , as its agent.
A-4-7
<PAGE>
EXHIBIT B
FORM OF CLASS [R-I][R-II][R-III] CERTIFICATE
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON- EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO
ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY
ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY
ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE, (ANY SUCH PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2)
NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND
(3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A
B-1
<PAGE>
CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY
ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE
PROVISIONS OF THIS PARAGRAPH.
B-2
<PAGE>
Class [R-I][R-II][R-III] Certificate No. ___
Residual
Date of Pooling and Servicing Percentage Interest: ________%
Agreement and Cut-off Date:
September 1, 1998
First Distribution Date:
October 20, 1998
Master Servicer:
WMC Mortgage Corp.
WMC MORTGAGE PASS-THROUGH CERTIFICATE
Series 1998-B
evidencing a percentage interest in any distributions allocable
to the Class [R-I][R- II][R-III] Certificates with respect to
the Trust Fund consisting primarily of a pool of closed end,
adjustable rate, one- to four-family, first lien, sub-prime
mortgage loans sold by WMC SECURED ASSETS CORP.
This Certificate is payable solely from the assets of the Trust Fund
and does not represent an obligation of or interest in WMC Secured Assets Corp.,
the Master Servicer, the Trustee referred to below or any of their Affiliates.
Neither this Certificate nor the underlying Mortgage Loans are guaranteed or
insured by any governmental agency or instrumentality or by WMC Secured Assets
Corp., the Master Servicer, the Trustee or any of their Affiliates. None of the
Company, the Master Servicer or any of their Affiliates will have any obligation
with respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that WMC Secured Assets Corp. is the registered owner
of the Percentage Interest evidenced by this Certificate (as specified above) in
certain distributions with respect to the Trust Fund consisting primarily of a
pool of closed end, adjustable rate, one- to four-family, first lien, sub-prime
mortgage loans (the "Mortgage Loans") sold to the Trust Fund by WMC Secured
Assets Corp. (hereinafter called the "Company," which term includes any
successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and The First National
Bank of Chicago, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
B-3
<PAGE>
Pursuant to the terms of the Agreement, a distribution will be made
on the 20th day of each month or, if such 20th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Net Monthly Excess Cash Flow in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class [R-I][R-
II][R-III] Certificates on such Distribution Date.
Each Holder of this Certificate will be deemed to have agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Holder of this Certificate may have additional obligations with
respect to this Certificate, including tax liabilities.
No transfer of this Class [R-I][R-II][R-III] Certificate will be
made unless the Trustee has received either (i) an opinion of counsel
satisfactory to the Company, the Trustee and the Master Servicer, which opinion
will not be at the expense of the Company, the Trustee or the Master Servicer,
that the purchase of such Certificates by or on behalf of such Plan is
permissible under applicable law, will not constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code and will not
subject the Company, the Trustee or the Master Servicer to any obligation in
addition to those undertaken in this Agreement or (ii) a representation letter,
in the form as described by the Agreement, substantially to the effect that the
purchase of Subordinate Certificates or Class C or Class R Certificates by or on
behalf of such Plan is permissible under applicable law will not subject the
Company, the Trustee or the Master Servicer to any obligation in addition to
those undertaken in this Agreement, and the following statements are correct:
(i) the transferee is an insurance company and the source of funds used to
purchase such Subordinate Certificates or Class C or Class R Certificates is an
"insurance company general account" (as such term is defined in PTCE 95-60),
(ii) the conditions set forth in Sections I and
B-4
<PAGE>
III of PTCE 95-60 have been satisfied and (iii) there is no Plan with respect to
which the amount of such general accounts reserves and liabilities for contracts
held by or on behalf of such Plan and all other Plans maintained by the same
employer (or any "affiliate" thereof, as defined in PTCE 95-60) or by the same
employee organization exceed 10% of the total of all reserves and liabilities of
such general account (as determined under PTCE 95-60) as of the date of the
acquisition of such Subordinate Certificates or Class C or Class R Certificates
stating that the transferee is not an employee benefit or other plan subject to
the prohibited transaction provisions of ERISA or Section 4975 of the Code (a
"Plan), or any other person (including an investment manager, a named fiduciary
or a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as WMC Mortgage Pass-Through Certificates
of the Series specified hereon (herein collectively called the "Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement.
As provided in the Agreement, withdrawals from the Certificate
Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to
Certificateholders, such purposes including without limitation reimbursement to
the Company and the Master Servicer of certain expenses incurred by either of
them.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Company, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66% of the Percentage Interests of
each Class of Certificates affected thereby. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all
future holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made thereon. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
B-5
<PAGE>
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of transfer
or exchange, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the Distribution Date on which the Aggregate Certificate Principal Balance
has been reduced to zero, (ii) the maturity or other liquidation of the last
Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan, and (iii) the
purchase by the Master Servicer or the Class C or Class R Certificateholders
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans, thereby effecting early retirement of the
Certificates. The Agreement permits, but does not require, the Master Servicer
and the Class C and Class R Certificateholders to purchase, at a price
determined as provided in the Agreement, all remaining assets of the Trust Fund;
provided, that any such option may only be exercised on any Distribution Date
when the Pool Principal Balance as of the Cut-off Date is less than ten percent
of the sum of the Pool Principal Balance as of the Initial Cut-off Date and the
Original Pre- Funded Amount.
Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purpose have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by
the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
B-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated:
THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By:_______________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class [R-I][R-II][R-III] Certificates
referred to in the within-mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:_____________________________________
Authorized Signatory
B-7
<PAGE>
ASSIGNMENT
----------
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto __________________________________________(Please print or
typewrite name and address including postal zip code of assignee)
__________________________________________ the beneficial interest evidenced by
the within WMC Mortgage Pass-Through Certificate and hereby authorizes the
transfer of registration of such interest to assignee on the Certificate
Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
_______________________________________________________________________________
Dated: _____________________________________
Signature by or on behalf of assignor
_________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to _______________________________ for the account
of ______________________________________ account number _____________________ ,
or, if mailed by check, to __________________________________________ Applicable
statements should be mailed to __________________________________________.
This information is provided by ________________________________ ,
the assignee named above, or ________________________________ , as its agent.
B-8
<PAGE>
EXHIBIT C
MORTGAGE LOAN SCHEDULE
C-1
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1 662422 TODACHEENEY RIETTA 69700 69,225.09 970428
2 10045510 SCOTT RICHARD G 104000 104,000.00 980827
3 10061198 CRAMER PAULA LEE 97600 97,180.53 970910
4 10062193 PROKLEVICH ALISA 54400 54,161.50 970808
5 10067774 ERICKSON JAMES P. 48750 48,567.78 970904
6 10078726 PEPPER DAVID A. 147050 146,541.65 971205
7 10089772 BASARICH ROGERS J 51000 50,842.86 971201
8 10098809 LAFLEUR CARL W. 97200 97,200.00 980820
9 10104529 KIDD LAURA 157500 157,202.47 980316
10 10109354 WALKER CHARLES A. 73200 73,173.89 980605
11 10113964 GIBBS JUDY M 63000 62,913.03 980416
12 10114371 JACKSON BOBBY J. 127500 127,258.53 980331
13 10125913 OTTO MARK A. 42000 41,939.20 980330
14 10126835 DIVRIS PETER 141000 141,000.00 980825
15 10127662 ILAOA JAY 156105 156,105.00 980826
16 10129807 OLVERA ANASTACIO M. 40000 40,000.00 980727
17 10129945 BUTCHER TERRY 67750 67,750.00 980826
18 10135740 EVANS BARBARA 100000 100,000.00 980825
19 10137291 KAYE TERRANCE 393000 393,000.00 980824
20 10137310 RICHARDSON LINDA 71550 71,550.00 980814
21 10137344 MOSCOWITZ MENACHEM 88000 88,000.00 980821
22 10137966 PAC HECO JOSE PRIETO 29400 29,383.87 980506
23 10140687 MCGIBBONEY TANYNIA 39000 38,945.09 980317
24 10141035 CAUDLE KATHRINE 56727.31 56,727.31 980825
25 10141746 TIPTON HERMAN L. 60000 59,892.27 980324
26 10141935 ROSSI JOHN J. 83725 83,663.36 980527
27 10145713 PRIEBE JEROME R 131750 131,647.63 980608
28 10145735 MILLER MINDY J 48000 47,981.92 980727
29 10145874 ALZNER ROY 101600 101,600.00 980825
30 10146603 SIGNORELLA ROBERT 315000 314,575.87 980528
31 10147473 MADRID JOSE 260000 260,000.00 980824
32 10147644 WHITE JAMES B. 139500 139,500.00 980820
33 10154641 MCLENDON WANDA 39650 39,606.97 980527
34 10155321 KRAKER KRISTINA 157320 157,320.00 980824
35 10156005 JONES MALCOLM B 70200 70,173.56 980729
36 10161461 LEONARD TOMMY 125800 125,800.00 980821
37 10162486 JOHNSON RUSSELL 181600 181,600.00 980824
38 10162692 SMITH PAUL D 49500 49,500.00 980825
39 10162843 RICE MICHAEL 47000 46,983.93 980626
40 10163186 PHAN LOC 135000 135,000.00 980826
41 10163212 GRIFFITTS MICHAEL 105000 105,000.00 980821
42 10163213 BOOT DEBORAH 48750 48,750.00 980821
43 10163214 REYES DANIEL 127500 127,500.00 980824
44 10163217 ALEXANDER MARY 250000 250,000.00 980824
45 10163932 CARILLON JENNIFER 89850 89,850.00 980825
46 10165236 SLOANE EUGENE 159800 159,800.00 980820
47 10166998 GRAHAM ANDREW 256000 256,000.00 980825
48 10167583 TRULEY STEPHANIE 88500 88,412.59 980529
49 10172611 BLACKWELL FRANCES 48000 47,980.92 980630
50 10173565 MARTIN ROSA 37600 37,600.00 980625
51 10174811 MARYN FRANK M. 246822.67 246,822.67 980826
52 10174849 BAXTER NICOLE 37050 37,016.47 980526
53 10174901 RONE RONALD 99200 99,090.98 980515
54 10174996 GUTIERREZ RODOLFO 30100 30,100.00 980624
55 10178003 HASHIMOTO SHIGEO 258300 258,300.00 980821
56 10178032 LEJA KEN 207000 207,000.00 980825
57 10178049 JR. DUNN THOMAS 67200 67,200.00 980821
58 10178298 CAMPBELL JEANETTE 82500 82,500.00 980826
59 10179682 CRUSE DONALD 19500 19,500.00 980820
60 10179959 JANES JOHN C 124500 124,453.12 980727
61 10181364 MALLOUS NICHOLAS 139500 139,500.00 980727
62 10181657 DALLAS GWENDA 121500 121,500.00 980630
63 10181836 BELL TOBIAS 121500 121,500.00 980811
64 10181856 MARCONI LOIS 45750 45,750.00 980824
65 10181923 RORK RAY 52000 52,000.00 980824
66 10181939 PETTIBONE VALERIE 38500 38,500.00 980720
67 10181942 CAPPIELLO CARLO 251644.5 251,644.50 980820
68 10182089 HOLT ROBERT 200000 200,000.00 980824
69 10182238 WASHINTON SHAWN 61520 61,445.14 980529
70 10182501 ROSENBURG ALFRED 247631.13 247,631.13 980723
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
71 10184335 CARRAS DAVID 448749.86 448,749.86 980820
72 10184499 THOMPSON CURTIS 38500 38,468.94 980528
73 10184542 ROMO SUSAN 136466 136,466.00 980821
74 10184969 TREVINO MANUEL 125910 125,910.00 980821
75 10185318 GERMANY PHILLIP 278250 278,161.07 980623
76 10185500 CLAY CINDY M. 39920 39,920.00 980727
77 10185563 CARR DARRYLL D. 26975 26,975.00 980729
78 10185572 LEVANT LORETHA 44910 44,910.00 980827
79 10185671 WARTCHOW MICHAEL 115600 115,600.00 980824
80 10185796 HAFERS LOU 147900 147,900.00 980826
81 10185888 SOCOSKI JR. JOHN 169150 169,150.00 980821
82 10186066 RUSSELL ANDREW R. 238000 238,000.00 980821
83 10186290 RODRIGUEZ JOSE 97250 97,172.20 980528
84 10187150 MCKINNEY BRUCE A. 198000 198,000.00 980804
85 10187458 JONES LENARD 33660.88 33,660.88 980821
86 10187705 CLAYTON JR CLIFF 88500 88,500.00 980826
87 10189418 HERMAN TRENT M 102000 101,964.60 980630
88 10190711 LILLY VICTOR S. 74250 74,250.00 980827
89 10190720 SZAFRANSKI JAMES 78400 78,400.00 980727
90 10190778 GARNER SHARON 28125 28,125.00 980826
91 10191151 RONDINI GENO 84000 84,000.00 980826
92 10191238 FORD-RADCLIFFE SUSAN 108900 108,900.00 980827
93 10191296 BAIRD PAUL 58650 58,650.00 980824
94 10191528 HASSAN MALIK 67150 67,150.00 980825
95 10191571 RHUE RONALD 52000 52,000.00 980825
96 10191601 WEAVER GERALD 63750 63,750.00 980826
97 10191810 PARKER TERRY L. 144000 144,000.00 980824
98 10192068 SHAH RABIAH 122400 122,400.00 980824
99 10192087 ROBERSON JEFFREY SCOTT 127415 127,415.00 980827
100 10192232 ALI ALI M. 87975 87,975.00 980827
101 10192369 NORTON RAY 346383.02 346,383.02 980821
102 10192662 MINCH MICHAEL 105400 105,400.00 980827
103 10193420 YOAKUM JR. RICHARD 17500 17,500.00 980821
104 10193618 NORMAN III ALVIN 164000 164,000.00 980821
105 10193916 HORVATH DEBRA 228000 228,000.00 980819
106 10193967 SAU TOLU 267750 267,750.00 980826
107 10194046 BAUMANN GREGORY 207900 207,900.00 980826
108 10194056 TREMBLAY VIRGINIA 168300 168,300.00 980821
109 10194074 RIZZI JAMES 145600 145,600.00 980827
110 10194088 MAYHUGH DAVID 185250 185,250.00 980826
111 10194091 BAMBO AGNES 144000 144,000.00 980825
112 10194109 VANGESSEL GERALD 46500 46,500.00 980825
113 10194116 BENSON ROBERT J 114325 114,325.00 980729
114 10194208 SMITH LETRIANNA R. 21375 21,375.00 980827
115 10194340 WILLIAMS DONNA S 33000 33,000.00 980824
116 10194372 HAMMOCK WAYNE M. 50000 50,000.00 980826
117 10194376 KNAPP SR. BRUCE A. 89250 89,250.00 980727
118 10194463 CANTRELL LINDA K. 22750 22,750.00 980727
119 10194514 GATES GLORIA A 29750 29,750.00 980729
120 10194548 SMITH BEULAH G. 35000 35,000.00 980824
121 10194572 HARDEN TROY L 48750 48,750.00 980824
122 10194583 BUSS WALTER E. 35250 35,250.00 980828
123 10194667 ROCHELL RANDOLPH 45500 45,500.00 980821
124 10195799 KIRK DEBORAH 117000 117,000.00 980824
125 10195950 HARMON GARY E. 61685 61,685.00 980821
126 10196742 VILLA MICHAEL T. 39984.94 39,984.94 980821
127 10197233 MOLINA JOSE 321500 321,500.00 980824
128 10197323 HOLTON JAMES 32900 32,900.00 980820
129 10197489 HALE TIM 125250 125,250.00 980826
130 10197563 MATTHEWS SHIRLEY J. 266000 266,000.00 980827
131 10197768 PAVLOVICH JANIS L. 157250 157,250.00 980826
132 10197801 KEMP PAUL B. 475000 475,000.00 980820
133 10197841 MOORE KATHLEEN A. 151000 151,000.00 980827
134 10197854 SMITH GARY A. 204705 204,705.00 980820
135 10197865 ZIELINSKI VERNON 56000 56,000.00 980824
136 10197947 LARSEN DANNIE A. 76000 76,000.00 980826
137 10197966 TAYE DANIEL 136500 136,500.00 980814
138 10197987 PALMA JOSE 136000 136,000.00 980826
139 10198026 ALBRIGHT RICHARD L. 200000 200,000.00 980814
140 10198041 KENNER SARA 227500 227,500.00 980821
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
141 10198048 FLETCHER GARY R. 81500 81,500.00 980820
142 10198052 BOYCE BRION 166500 166,500.00 980820
143 10198089 MARTINEZ FRANCISCO S. 132000 132,000.00 980826
144 10200777 MAYNARD ROBERT 87500 87,500.00 980824
145 10200791 BROWN THELMA 45750 45,750.00 980821
146 10200793 MCDUFFIE WILLIE 111750 111,750.00 980827
147 10200946 ALLARD III ROYAL L. 96750 96,750.00 980826
148 10201061 DAVIS JR. WILLIAM J. 153000 153,000.00 980820
149 10201072 MINICHINI MICHAEL 146700 146,700.00 980824
150 10201107 STONELAKE TODD 71920 71,920.00 980731
151 10201553 ROSS BRANDLY SCOTT 89165 89,165.00 980824
152 10201694 TUCKER JANICE 53159.76 53,159.76 980826
153 10201865 DELIPHOSE FREDERICK J. 21000 21,000.00 980821
154 10201975 LUMAR JIM W. 34000 34,000.00 980814
155 10201993 BAGBY VERNA L. 80000 80,000.00 980826
156 10202030 BOOKER DYWALA 42978 42,978.00 980827
157 10203642 CASSELS CHRISTINA 108000 108,000.00 980820
158 10203650 HUMPHREY TINA 68800 68,800.00 980826
159 10203710 HINCHCLIFFE VIRGINIA D. 75225 75,225.00 980826
160 10203780 TRACY SAMUEL 75000 75,000.00 980827
161 10203867 CLAY BEN 64000 64,000.00 980821
162 10203930 KOTIS WILLIAM 58000 58,000.00 980820
163 10203969 TAYLOR ERIC 70550 70,550.00 980827
164 10205608 EMERY WILLIAM 43600 43,600.00 980724
165 10205903 REPINE KATHY J. 84970.16 84,970.16 980827
166 10205965 STOCKING KAREN 48750 48,750.00 980826
167 10206025 GAMEZ JUAN 82800 82,800.00 980827
168 10206086 RAYMOND JANINE L. 46200 46,200.00 980820
169 10206172 THOMAS ARIZONA 123250 123,250.00 980821
170 10206286 EVANS MELVIN 42800 42,800.00 980824
171 10206293 WATKINS CHARLES 62050 62,050.00 980821
172 10206311 MITCHELL TIMOTHY 52000 52,000.00 980825
173 10206315 WILLIAMS VEDA 83300 83,300.00 980826
174 10206348 BLEDSOE TOMMIE 46800 46,800.00 980824
175 10206379 BECK DONALD 59360 59,360.00 980824
176 10206406 CRUIKSHANK CEPHAS 52500 52,500.00 980825
177 10206427 BARRETT MARY 59415 59,415.00 980824
178 10206428 MUDD SAMUEL 47250 47,250.00 980821
179 10206433 MILLER CAROLYN 372000 372,000.00 980812
180 10206453 BROWN SHARON 53465 53,465.00 980824
181 10206477 HODGES RICKIE 68000 68,000.00 980826
182 10206492 YOUNG PAMELA 33750 33,750.00 980820
183 10206497 HARDNETTE YVONNE 51300 51,300.00 980820
184 10206536 HESTER ROBERT 78750 78,750.00 980820
185 10206549 CAIN JAMES 71700 71,700.00 980825
186 10206554 SANTIAGO MIGUEL 73950 73,950.00 980824
187 10206559 OLSEN STANLEY 114800 114,800.00 980824
188 10206565 STANCLIFF MARJORIE 99900 99,900.00 980826
189 10206569 BLANCHARD STEPHANIE 135150 135,150.00 980826
190 10206579 MANDEVILLE TERRELL 67920 67,920.00 980824
191 10206596 LAMOUR ELISSOIR 42375 42,375.00 980820
192 10206656 MATSON JOE 35000 35,000.00 980727
193 10206722 WARE TYRONE 243750 243,750.00 980731
194 10206767 BEELER KEVIN L. 38500 38,500.00 980727
195 10206810 BURLEW III JAMES R. 129000 129,000.00 980826
196 10206947 HAYNES RUTH M. 27000 27,000.00 980826
197 10206970 HUNLEY MICHAEL 35700 35,700.00 980826
198 10206972 LA VIOLA JAMES 55800 55,800.00 980727
199 10207061 GREENE KIVIA 85000 85,000.00 980727
200 10207126 ROSS JR WARREN 44800 44,800.00 980805
201 10207191 LONG JAMES C. 110500 110,500.00 980824
202 10207258 GREENHOUSE BILLY 48750 48,750.00 980826
203 10207283 LATIMER DANIEL 54250 54,250.00 980825
204 10207286 YBARRA YOLANDA 19600 19,600.00 980827
205 10207332 VAN LIZZEN DWAYNE C 114000 114,000.00 980821
206 10207510 CAREY NANCY 138400 138,400.00 980821
207 10207533 GOODMAN ELIZABETH 43500 43,500.00 980824
208 10207607 COLLINS AUDREY L 102000 101,952.41 980728
209 10207626 MARTIN RENONA 49300 49,300.00 980827
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
210 10207629 MAYNARD LARRY K. 62400 62,371.48 980727
211 10207644 MAYNARD CARL 35000 35,000.00 980824
212 10207670 JONES RONALD 67500 67,500.00 980821
213 10207705 MIMS THOMAS E 104000 104,000.00 980729
214 10207712 CEPHAS DEITRA 114000 114,000.00 980820
215 10207728 FRAZIN ROBERTA M. 84500 84,500.00 980825
216 10207736 EDWARDS GREGORY 55000 55,000.00 980729
217 10207799 WILLIAMSON TIMOTHY J 34000 34,000.00 980827
218 10207837 DOMAN DAVID M. 38400 38,400.00 980821
219 10207899 AGUIRRE SR JOSEPH A 132300 132,300.00 980825
220 10207934 BILLALOBOS JOSEFINA 24500 24,500.00 980827
221 10207961 BOYD-REED CAROLYN J. 52000 52,000.00 980827
222 10207969 OVERHOLTZ DAVID 56225 56,225.00 980826
223 10207992 VAIL AUTUMN M. 24000 24,000.00 980825
224 10208031 JENKINS KEVIN L. 24500 24,500.00 980825
225 10208036 MCCOMBS ERNEST L. 40800 40,800.00 980828
226 10208062 PALMER KENT A. 67150 67,150.00 980821
227 10208081 DEAN HAZEL 48800 48,800.00 980824
228 10208111 HIGH HUGH W. 75000 75,000.00 980824
229 10208120 WHITE JOAN 48713.13 48,713.13 980824
230 10208122 HUDSON PAUL 148000 148,000.00 980731
231 10208185 MAVENCAMP ROBERT 100763.98 100,763.98 980826
232 10208199 AUSTIN DAMION E. 54400 54,374.62 980814
233 10208276 DRIVER CHARLES 45482.87 45,482.87 980821
234 10208385 LEE IVAN 139941.28 139,941.28 980820
235 10208386 ZOUGHEB CHARLES 54379.52 54,379.52 980825
236 10208396 HARE PATRICIA 166413.69 166,413.69 980825
237 10208515 ROBINSON ARTHUR 114750 114,750.00 980826
238 10208523 ELLIS KENNETH 108000 108,000.00 980814
239 10208548 CHASE DAVID 63750 63,750.00 980825
240 10208651 HARWICK KATHY R. 37438.04 37,396.82 980824
241 10208722 WYSE SR. RAYMOND L. 80955 80,955.00 980827
242 10208765 DARWISH ASHRAF H 98400 98,400.00 980825
243 10208790 ROQUEMORE JERRY 39000 39,000.00 980825
244 10208797 RATLEFF LISA 345000 345,000.00 980826
245 10208843 BOLAND KEVIN 38000 38,000.00 980826
246 10208884 PUMPHREY LLYOD 62000 61,950.00 980821
247 10208902 EISMAN ROY H. 181029 181,029.00 980824
248 10208948 DAVILA MARIA 31500 31,483.67 980825
249 10208974 ROBERTS JOSE 62000 62,000.00 980821
250 10208997 CORCORAN KENNETH 125250 125,250.00 980826
251 10209094 MOORE HAROLD 255000 255,000.00 980825
252 10209201 PLACENCIO WILLIAM T. 49600 49,600.00 980821
253 10209202 FORAN WALTER 411000 411,000.00 980826
254 10209320 MILLER MARC 141300 141,300.00 980820
255 10209378 HARTMAN RONALD 71900 71,900.00 980820
256 10209403 STOCK VINCE 146800 146,800.00 980824
257 10209429 SUGGS JOHNNY 39600 39,600.00 980818
258 10209537 BITAR JESSIE 95400 95,400.00 980824
259 10209637 MCLEAN WILLIAM J. 40875 40,875.00 980820
260 10209813 SAGDIC JOSEF 114300 114,300.00 980825
261 10209822 ROBBINS SCOTT E. 40050 40,050.00 980821
262 10209824 SMITH GENE L. 52290 52,290.00 980825
263 10209841 BATCHELDER PATRICK D. 224000 224,000.00 980826
264 10209929 PARKS MELONY 49120 49,120.00 980820
265 10210177 LYNCHARD JOSEPH J. 69550 69,550.00 980821
266 10210197 AUSTIN SANDRA 64000 64,000.00 980821
267 10210208 PALMER LENNA 119000 119,000.00 980824
268 10210256 KADLUBOWSKI BRIAN 46750 46,750.00 980820
269 10210262 SHOEMAKER ERIC 104650 104,650.00 980821
270 10210310 STAINBROOK JEFFREY L. 182400 182,400.00 980826
271 10210374 MILLER THOMAS 44100 44,084.27 980727
272 10210398 BROWN DELROY EMANUEL 176000 176,000.00 980727
273 10210442 MCDONALD MICHAEL V. 28000 28,000.00 980827
274 10210453 GENT SHERI 46000 46,000.00 980820
275 10210564 DENNISON III ROSCOE G. 93000 93,000.00 980824
276 10210579 CHARBONNEAU KATHLEEN 57600 57,600.00 980820
277 10211167 FERNANDEZ ALEJANDRO 62400 62,400.00 980825
278 10211220 BRAVO FIDEL 105000 105,000.00 980820
279 10211231 ALEXANDER EARNIE F. 70000 70,000.00 980825
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
280 10211239 DIXON JAMES W. 90000 90,000.00 980824
281 10211242 LUSK CHARLES 62250 62,250.00 980821
282 10211269 WOMACK ELEASA 45150 45,150.00 980826
283 10211360 JIMENEZ GEORGE 112500 112,500.00 980820
284 10211474 GALLIHER TERRY A. 73950 73,950.00 980820
285 10211475 BOLOTIN DMITRY 306000 306,000.00 980824
286 10211564 VOGEL JACQUE 78200 78,200.00 980825
287 10211573 TESSLER DIANE H. 144075 144,075.00 980825
288 10211599 PHARR PAUL 60300 60,300.00 980820
289 10211603 BALDWIN BRENDA S. 63750 63,750.00 980827
290 10211629 HAYNES MELVIN A. 156000 156,000.00 980820
291 10211632 CHANDLER III SID 94500 94,500.00 980827
292 10211658 SANDER STEPHEN J. 109900 109,900.00 980825
293 10211661 RAUSCH KENNETH A. 100000 100,000.00 980824
294 10211670 BRIODY NOEL 92000 92,000.00 980820
295 10211695 STUDER ROBERT L. 244000 244,000.00 980820
296 10211699 TANTOCO ROLANDO D. 140400 140,400.00 980825
297 10211702 KING FREDDI S. 59430 59,430.00 980824
298 10211707 BONNY JR. LOUIS W. 73350 73,350.00 980824
299 10211709 COOK PERRY 284850 284,850.00 980824
300 10211714 CORREA LEROY E. 264000 264,000.00 980825
301 10211720 LEWIS DOMINIC F. 269950 269,950.00 980825
302 10211722 MAVROS ROBIN S. 72000 72,000.00 980824
303 10211728 BAYLON GERARD S. 105600 105,600.00 980827
304 10211742 BAKER KIM D. 20000 20,000.00 980825
305 10211780 EASTMAN MARGARET A. 56340 56,340.00 980821
306 10211790 NELSON CARLA J. 65250 65,250.00 980824
307 10212221 RIGGS JONATHAN S. 48600 48,600.00 980820
308 10212313 LEWIS GARY L. 113890 113,890.00 980824
309 10212364 TALLMAN MICHAEL E. 50400 50,400.00 980727
310 10212410 ECKLEY ARLEN T 62930 62,930.00 980820
311 10212445 KNIGHT III CARL 56250 56,250.00 980821
312 10212477 SORENSON PAULA 64000 64,000.00 980826
313 10212478 CASH JACK L. 103700 103,700.00 980821
314 10212489 MENNECKE WALTER H. 48450 48,450.00 980827
315 10212504 LLOYD CHRISTINE D. 35625 35,625.00 980818
316 10212590 MONTGOMERY DENNIS JR. 92000 92,000.00 980825
317 10212628 CROW ALLEN K 95625 95,625.00 980826
318 10212680 ADRIHAN ROBIN G. 134725 134,725.00 980821
319 10212683 FERRY MARGARET 35250 35,250.00 980821
320 10212699 LONG DAVID B. 224000 224,000.00 980821
321 10212706 OFFENBERG SCOTT H 59200 59,200.00 980820
322 10212740 MENDOZA HECTOR 142800 142,800.00 980824
323 10212757 MARSHALL OMAR T 64000 64,000.00 980824
324 10212758 KUROWSKI CHRISTIE 50400 50,400.00 980827
325 10212945 TIPPETTS JAMES N. 104985 104,985.00 980825
326 10212947 FRYE LINDA 107910 107,910.00 980825
327 10212950 TENNEY MARK D 94500 94,500.00 980825
328 10212978 BAEZ JR. SEBASTIAN R. 94400 94,400.00 980825
329 10213646 KEITH DARRELL 74700 74,700.00 980821
330 10213742 PIPER ALONZO 40500 40,500.00 980814
331 10213756 THOMAS STEPHEN 25000 25,000.00 980821
332 10213797 SEMINARA ROBERT 227150 227,150.00 980827
333 10213808 ARMIJO JEANETTE 94350 94,350.00 980826
334 10213877 KANE ANDY 30000 30,000.00 980826
335 10213891 SKINNER KEVIN 108000 108,000.00 980731
336 10213934 JONES PHYLLIS 32900 32,900.00 980826
337 10213946 RINALDI MARY L. 39780 39,780.00 980821
338 10214024 FALCON GUILLERMO 97500 97,500.00 980825
339 10214045 RIDDLE RONNIE 38625 38,625.00 980826
340 10214074 HERBST DANIEL 207000 207,000.00 980825
341 10214097 COX CEDRIC 63750 63,750.00 980824
342 10215125 ADAMS BRENDA M 46750 46,750.00 980825
343 10215133 SEXTON CHAD E. 32400 32,400.00 980820
344 10215164 JAMES SR KENNETH E 44000 44,000.00 980824
345 10215190 HILL DAVID 70400 70,400.00 980825
346 10215192 MINAFEE CONSWAYLA 36000 36,000.00 980824
347 10215226 WILSON VICKI M. 29900 29,900.00 980821
348 10215242 CHERRY LINDA 59500 59,500.00 980825
349 10215320 GIVENS LARITA 60000 60,000.00 980825
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
350 10215647 RITCHIE MICHAEL W. 209900 209,900.00 980820
351 10215655 MULLER HENRY 102000 102,000.00 980826
352 10215703 VON BLON BRETT 90400 90,400.00 980824
353 10215744 HENRICHES BILL G 78000 78,000.00 980824
354 10215822 TA HOANG 127050 127,050.00 980820
355 10215826 MILLER JAMES MICHAEL 175000 175,000.00 980825
356 10215884 EARL PHILLIP 42000 42,000.00 980826
357 10215924 RADACK CHARLES E. 126750 126,750.00 980826
358 10215949 MULLER THOMAS L. 59600 59,600.00 980821
359 10215961 CHEVEZ JOSE 64000 64,000.00 980827
360 10215974 JOHNSON PHILLIS 62800 62,800.00 980812
361 10216009 HENDERSON KENNETH R. 51850 51,850.00 980821
362 10216035 LINDSAY JUANA G. 89250 89,250.00 980826
363 10216039 GARCIA JOE 39000 39,000.00 980826
364 10216045 TORRES JOE A 87550 87,550.00 980820
365 10216059 HAYS MACHELLE R 90000 90,000.00 980826
366 10216060 PAUL RICK 71825 71,825.00 980820
367 10216069 NUNEZ MAGDALENO 33500 33,500.00 980825
368 10216076 SAMUELS LEE 52275 52,275.00 980827
369 10216122 DEDEAUX TONYA R. 32000 32,000.00 980818
370 10216129 BERRY LATUNIJA R. 41200 41,200.00 980820
371 10216219 ANDERSON ILEANA 182000 182,000.00 980824
372 10216281 ABBOTT WARREN L. 36550 36,550.00 980824
373 10216360 DENNING MICHAEL 84500 84,500.00 980826
374 10216385 BOATWRIGHT JAMES 35700 35,700.00 980820
375 10216399 WORDLAW CONNIE 30175 30,175.00 980826
376 10216466 DAGUE MONTE L. 53900 53,900.00 980818
377 10216573 SONNE CURTISS 128000 128,000.00 980821
378 10216579 AMPONSAH PAUL 30400 30,400.00 980821
379 10216584 STAMPS JR. ALERNON 43125 43,125.00 980825
380 10216597 BARTON II ELMER 94941 94,941.00 980824
381 10219609 DENT EDDIE 22750 22,750.00 980824
382 10219616 DOLES JOSEPHINE 105000 105,000.00 980821
383 10219625 MANGUM JOHN 315200 315,200.00 980825
384 10219627 MOON SIV 31600 31,600.00 980821
385 10219640 JENNINGS DOROTHY 67600 67,600.00 980821
386 10219654 BURKHART RICHARD 266500 266,500.00 980820
387 10219688 SANDERS DAVID 63750 63,750.00 980825
388 10219690 BRATT SARAH 80000 80,000.00 980824
389 10219719 NISTICO MARGARET 220500 220,500.00 980826
390 10219722 MARTIN MARGARET 61000 61,000.00 980826
391 10219754 ALSTON BONNIE 81250 81,250.00 980824
392 10219755 ALLEN DEMETRIOUS 46400 46,400.00 980825
393 10219763 MCDOWELL JOEL 62300 62,300.00 980825
394 10219785 FREITAG KATHLEEN 48450 48,450.00 980826
395 10219830 OSWALD MARION 48100 48,100.00 980826
396 10219838 BAILEY PRESTON 22500 22,500.00 980821
397 10220247 UNGURATH PHYLLIS 66950 66,950.00 980824
398 10220274 SUTTON DOUGLAS 29250 29,250.00 980821
399 10220307 HATCHETT MARJORIE 84500 84,500.00 980824
400 10220319 STEEVES CARLYN 38887 38,887.00 980824
401 10220320 ZADOK ARNON 188000 188,000.00 980819
402 10220337 LOCKHART GERALDINE 349900 349,900.00 980824
403 10220338 JOHNSON DEIDRE R. 104000 104,000.00 980824
404 10220363 HAUSER JOSEPH L. 40000 40,000.00 980824
405 10220369 HOUDYSHELT JEFF 77350 77,350.00 980826
407 10220674 SMITH BETTY M. 59925 59,925.00 980821
408 10220678 STENNIS PAMELA J. 60705 60,705.00 980824
409 10220683 BARKSDALE WILLIAM 78200 78,200.00 980819
410 10220689 WYNKOOP CLYDE A. 54375 54,375.00 980825
411 10220749 KAMINSKI KENNETH S. 52000 52,000.00 980824
412 10220751 LAUGHLIN RONALD D. 84000 84,000.00 980814
413 10220757 FLETCHER VICTORIA 29250 29,250.00 980803
414 10220772 HAWKINS JEWELL 57715 57,715.00 980820
415 10220804 MCCLURE JEFF L. 18750 18,750.00 980825
416 10220837 REIMERS CHERYL 32500 32,500.00 980825
417 10220842 HENNING STEVEN 127500 127,500.00 980821
418 10220850 ANDERSON CONZELLA 39920 39,920.00 980824
419 10220854 NAGY NORMAN 88490 88,490.00 980825
420 10220861 RICHTER THOMAS E. 79990 79,990.00 980824
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
421 10220878 BLANTON TERRY 59500 59,500.00 980824
422 10220881 JOHNSON DARYL 93750 93,750.00 980827
423 10220887 HERPICH RONALD 45000 45,000.00 980826
424 10220895 KING KATHLEEN V 100750 100,750.00 980821
425 10220897 SWAN TAMARA 61750 61,750.00 980825
426 10220910 DEAN NANETTE D 92600 92,600.00 980825
427 10220911 MYRON SHIRLEY M. 112000 112,000.00 980826
428 10220935 WILLIAMS ADRIENNE C. 78000 78,000.00 980821
429 10220946 GARRETT HOLLY 43125 43,125.00 980820
430 10220961 MCDOWELL RONALD P. 87500 87,500.00 980824
431 10220965 DAVES FRANCES C. 57600 57,600.00 980821
432 10220980 PERRY JACKIE 80000 80,000.00 980826
433 10221007 WOLFE, SR. RONALD 45900 45,900.00 980826
434 10221044 RODRIGUEZ JOSE 38625 38,625.00 980821
435 10221080 HARRIS CHARLES E. 54000 54,000.00 980827
436 10221290 DEAN PATRICIA 167850 167,850.00 980820
437 10221346 MASKKARZADEH FARID 164700 164,700.00 980826
438 10221452 DALE MARK 129115 129,115.00 980827
439 10221601 MINNE LOWELL 92000 92,000.00 980825
440 10221633 PUREWAL MUKHTIAR 90300 90,300.00 980827
441 10221635 SIMPSON KEVIN E. 88725 88,725.00 980821
442 10221642 MOULTHROP JERRY 81900 81,900.00 980819
443 10221643 RICE CAROL 64968.02 64,935.79 980820
444 10221735 CECI SHIRLEY J. 70000 70,000.00 980827
445 10221745 ROBERTSON DALE 72150 72,150.00 980821
446 10221765 PALUMBO ALICE 66500 66,500.00 980825
447 10221871 MCLENDON SUSIE 67620 67,620.00 980826
448 10222116 BLACKSON JOYCE R. 350000 350,000.00 980825
449 10222150 MACIELAG BRIAN 101150 101,150.00 980824
450 10222179 WESTMORELAND EARL 140000 140,000.00 980825
451 10222240 TYREE CONNIE 22750 22,750.00 980824
452 10222278 PHILLIPS WINDY L. 57000 57,000.00 980827
453 10222306 WHETSTONE PAUL 339500 339,500.00 980825
454 10222380 FARIAS REYNOLDO 54000 54,000.00 980826
455 10223606 COOPER TONI 40000 40,000.00 980824
456 10223613 JOHNSON DOCKHAVEN 56250 56,250.00 980826
457 10223642 EVANS GARY K. 125250 125,250.00 980824
458 10223652 CLARK LONNIE 222300 222,300.00 980824
459 10223667 MOSER GAIL 29400 29,400.00 980821
460 10223675 TRANT JAY M. 123500 123,500.00 980825
461 10223694 WNEK STANLEY 184000 184,000.00 980825
462 10223704 BROWN RALPH 77000 77,000.00 980825
463 10223762 STALBIRD MALVERN 60000 60,000.00 980825
464 10223774 DRAPALA TARA 112500 112,500.00 980827
465 10223777 HENRY AGNES 39000 39,000.00 980824
466 10223779 ELLIS VIVIAN 86450 86,450.00 980821
467 10223781 WHITE, JR. CHARLES 87500 87,500.00 980826
468 10223804 KERNS JONATHAN 29250 29,250.00 980826
469 10223808 STONE HEATHER 56000 56,000.00 980821
470 10223857 WOODSON HAROLD 360000 360,000.00 980825
471 10223882 FALLER WILLIAM 71500 71,500.00 980826
472 10223898 KRAMER BEVERLY 47775 47,775.00 980821
473 10223913 PISANI ROBERT 65000 65,000.00 980826
474 10223975 WEIDNER GARY 59800 59,800.00 980824
475 10223979 BASSAR JOANN 34450 34,450.00 980824
476 10224000 PATEL ASHISH 425000 425,000.00 980824
477 10224034 CLAY LESTER 175000 175,000.00 980821
478 10224091 TRAINELLO KAREN 32500 32,500.00 980826
479 10224117 LEVERETTE KATHERINE 157203 157,203.00 980821
480 10224129 SOUSA STEVE 158140 158,140.00 980825
481 10224139 SHEFTS JEFFREY 332000 332,000.00 980827
482 10224160 JAQUITH MARY LOU 144000 144,000.00 980827
483 10224172 COLOA RODRIGO 134190 134,190.00 980825
484 10224188 CUMMINGS JOHN 103500 103,500.00 980826
485 10224258 MITCHELL VIRGINIA 174000 174,000.00 980826
486 10224337 ZUNIGA RICHARD 168972 168,972.00 980827
487 10224387 GIBBS LARRY 123300 123,300.00 980826
488 10224404 RABOURN MICHAEL 229600 229,600.00 980821
489 10224422 ABU JOHN 244000 244,000.00 980826
490 10224425 POWELL MARGARET 180000 180,000.00 980827
491 10224648 WHITEHILL RICHARD K. 58125 58,125.00 980824
492 10224649 HILL LORI 30000 30,000.00 980825
493 10224650 GLENN JESSIE 65000 65,000.00 980824
494 10228174 LOCKLAIR DAWN 54925 54,925.00 980824
495 10228196 STERNLIEB DAVID 156400 156,400.00 980827
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
========================================================================================================
WMC Warehouse INV 15 49,276,485.76 49,272,060.79
========================================================================================================
1 10113207 RINGEL FREDRICK D. 119960 114,837.35 980603
2 10152023 MALEK STEVEN 78325 78,181.62 980611
3 10152077 MONDRAGON BELL 136000 135,850.56 980608
4 10155171 WILLIAMS JACK 173700 173,467.04 980609
5 10155309 FERNANDES ANTONIO 130800 130,344.24 980608
6 10163812 WILLIAMS CHRISTOPHER E. 193500 193,327.70 980615
7 10165537 HASSETT MICHAEL 45500 45,470.70 980612
8 10167121 BUSCH JR. ROY M. 78000 77,857.37 980605
9 10167283 SCHAEFER FRANCIS 160000 159,841.97 980616
10 10167522 WIGGERS JR. DAN A. 118500 118,371.78 980612
11 10172793 GREER EVELYN J. 30000 29,980.69 980615
12 10176826 MOSCHGAT HELEN 27650 27,625.37 980616
13 10177660 JACOBO MARTIN 84500 84,420.82 980615
14 10177674 TODD ANTONYO 97500 97,417.87 980611
15 10178423 GILL RONALD 75000 74,946.25 980611
16 10179264 PIKE MICHAEL 113600 113,504.29 980603
17 10179910 GAVIN FRANCES M 61425 61,383.32 980605
18 10180053 MALEC BRIAN 99900 99,580.89 980605
19 10180278 WATERS THOMAS 73490 73,374.34 980605
20 10180800 BARBETTI DEBORAH 256000 255,633.86 980616
21 10180846 ANTEAU RICHARD 112425 112,324.90 980609
22 10184208 MUCKELROY CHARLOTTE 56800 56,757.03 980615
23 10184548 KOTWITZ JERRY 129500 129,390.69 980605
24 10184609 GARDNER CLIFFORD N. 105000 104,850.53 980609
25 10186136 WEBSTER MARTHA 114750 114,674.25 980609
26 10187186 NELSON CHARLES 55200 55,160.36 980616
27 10187245 BROUSSARD F. J. 45300 45,269.25 980615
28 10187535 DRURY JENNIFER 59200 59,159.83 980615
29 10189277 NIELSON REBECCA L. 121861 121,720.25 980612
30 10190672 FONZI ANTHONY 43200 43,170.68 980616
31 10190774 HUFF PRISCILLA A. 37500 37,377.65 980615
32 10193586 LANNING DONNA 107100 107,014.50 980612
33 10162865 SHACK SR. ANTHONY G. 36000 35,879.82 980604
34 10182268 COSTON CHARLES 55000 54,872.01 980609
35 10141018 THOMPSON BARBARA 101500 101,192.16 980414
36 10160882 RAWLINS ERNEST 127500 126,716.23 980422
37 10180130 HALE CRAIG 120000 119,944.01 980622
38 10165407 ROWLETT TONY 104000 103,907.40 980617
39 10167369 LINCOLN HAROLD 90000 89,919.87 980619
40 10177728 PIERCE KEITH 229500 229,295.65 980617
41 10179697 FELICIANO SERAFIN 58500 58,460.31 980617
42 10181209 LANDRY CHRISTOPER 101250 101,181.30 980622
43 10181380 EMANUEL BARTHOLOMEW 26600 26,587.05 980619
44 10182370 NORMAN DANIEL L. 116000 115,852.81 980615
45 10184470 WISE JR. REO A. 27990.02 27,969.78 980617
46 10184874 STENNIS ANNIE L. 24050 24,026.20 980619
47 10190707 SWABY SANDRA E. 168000 167,850.72 980618
48 10190943 MAZUR JOSEPH 46875 46,831.08 980622
49 10190992 ROBERTS CORAL 45200 45,159.83 980622
50 10157414 OLDROYD STEVEN 440300 440,071.74 980630
51 10161133 SMITH ARTHUR 56000 55,731.69 980629
52 10163865 COTTLE CRAIG M. 112500 112,376.36 980630
53 10164046 LAMB SCOTT 53061 53,018.64 980630
54 10172925 CERVANTES TEODORO M. 48000 47,951.59 980629
55 10174851 PETERSEN THOMAS 77961.63 77,643.90 980626
56 10174857 KUO HUEI LI 130050 129,946.19 980626
57 10176085 CHAMBLESS MICHAEL J. 114480 114,354.45 980626
58 10177816 MAUFUALU LEKINI 166050 165,835.29 980629
59 10177867 RODRIGUEZ ROSALIND 75600 75,532.68 980630
60 10177978 FREGGIARO ERNEST 108000 107,893.32 980630
61 10178034 GARCIA JOSE 73500 73,419.40 980630
62 10180025 GASS MARIE A 105625 105,545.11 980629
63 10180647 VILLAS LAWRENCE 205000 204,737.66 980626
64 10181640 SIMMONS ANNETTE 79680 79,587.67 980630
65 10182545 SABA SHAHRAM 44100 44,054.10 980629
66 10185767 SETLIFF III REUBEN 306000 305,755.19 980623
67 10189391 LIEBER MARK J. 56240 56,184.33 980626
68 10189401 JENNINGS BONNIE J. 107233 106,976.18 980626
69 10189467 GUEVIN THOMAS W. 164484 164,425.22 980626
70 10189585 SILVA RAUL 108000 107,881.32 980629
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
71 10190630 CAPPELLA PAUL 78000 77,941.00 980629
72 10190848 LEWIS THEODORE S. 150000 149,797.61 980630
73 10191168 BEOUGHER JERRY 108800 108,708.35 980630
74 10191733 DANG TRANG L. 104450 104,341.28 980625
75 10193354 PECK GORDEN 167930 167,802.98 980623
76 10193496 DYRDAL MICHAEL 119700 119,590.80 980625
77 10196781 DEVORE JR. ROBERT 30400 30,372.97 980623
78 10196827 LOGAN SHELLY 60000 59,961.46 980625
79 10197220 BROWN WILLIAM R. 52425 52,387.79 980625
80 10200917 WILLIAMS ALFONDA 82500 82,409.32 980630
81 10201095 DEFEO MARK D. 113100 112,993.57 980630
82 10201202 WEAVER RICHARD 56550 56,507.21 980630
83 10201245 ARNESON DAN 45750 45,715.39 980630
84 10201607 BRADSHAW LOREE A. 76724.14 76,646.85 980624
85 10201836 SCHMEITS KELLY ROHAN 72000 71,931.13 980629
86 10205710 WINSKI EUGENE 80000 79,916.72 980630
87 10123125 FRALIN PAUL L. 47250 47,231.17 980707
88 10165467 LAMONICA ROBERT 124000 123,856.80 980707
89 10173160 MCGUIRE JODIE 68000 67,978.27 980706
90 10177673 GRINDELAND JEAN 84000 83,735.56 980713
91 10177763 TIJIBOY LUIS 162000 161,812.90 980701
92 10177850 MARTINEZ SALVADOR 223000 222,742.45 980624
93 10181247 LUCARINO GARY F. 74000 73,972.14 980713
94 10185174 WILLIAMS LINDA D 32000 31,985.07 980713
95 10186017 LUNSFORD SCOTT 116250 116,146.71 980710
96 10189345 KATO THAMAR 100000 98,812.50 980708
97 10190706 CARTER, JR. RONALD L. 33750 33,738.60 980709
98 10191026 MCLAIN MATTIE 88000 87,970.00 980710
99 10191857 DITCHOFF DEAN 128000 127,120.00 980710
100 10192015 HUGHES BERT 128000 127,929.93 980714
101 10193346 FELKINS MERLE L 180400 180,255.99 980624
102 10194383 WRZESINSKI LAURA 92400 92,296.23 980710
103 10195733 HOLMES KAREN 40800 40,699.50 980713
104 10197074 LARSEN ORRIN K 120587 120,587.00 980710
105 10197086 TREMPER LES 125581 125,581.00 980710
106 10197315 ALMAZAN JOSE J. 48000 47,886.73 980713
107 10197358 TAYLOR MICHAEL D. 68250 68,224.30 980707
108 10197438 GILLILAND CLIFFORD R. 77600 77,559.77 980708
109 10197664 ROSENBERGER KEITH 206100 205,529.20 980713
110 10200718 PROUGH ARTHUR 53250 53,229.95 980708
111 10200898 REED JOHN 133250 133,199.83 980713
112 10201129 SMITH ANGELA 25900 25,882.02 980710
113 10201233 CONNER MARTIN B 111340 111,340.00 980710
114 10201411 FARRAR PERRY 106250 106,175.91 980708
115 10201503 WIGGINS TWAYNE R. 60350 60,334.98 980708
116 10201582 FLOREZ FRACISA 36365 36,338.88 980708
117 10201759 DOLPH RAMONA 47000 46,982.30 980706
118 10201964 BRUNETTE DANNY T. 119920 119,864.05 980709
119 10205636 PEDERSON ERIC 25500 25,490.41 980709
120 10205660 FRONABARGER STEPHEN 72250 72,212.03 980706
121 10205675 LARSON KAREN 64750 64,732.47 980710
122 10206896 SILVER JUANITA 116000 115,958.55 980714
123 10210269 BOVEE CHERYL 120000 119,949.67 980713
124 10087137 DRIVER JODY 96000 95,947.45 980717
125 10152032 BIG JOE JR ROCKER 76320 76,320.00 980717
126 10155463 TRAN SANDY 160000 159,925.35 980717
127 10161072 LANGE ALANA 94775 94,775.00 980717
128 10163142 RAGSDALE MYRON 114750 114,714.32 980717
129 10166417 SCOTT HARRIET 112651 112,651.00 980717
130 10167314 WHEELER MICHAEL R. 124000 124,000.00 980717
131 10174565 TAYLOR YVONNE 51750 51,750.00 980717
132 10177689 AARON ANITA 90750 90,750.00 980717
133 10177917 TSANG LESLIE 114800 114,748.12 980717
134 10177981 BEHBAHANY ARDESHIR 296650 296,650.00 980717
135 10178083 ZEULI JERAMIAS 191200 191,200.00 980717
136 10179399 MAGOWN KENNETH 136000 135,944.47 980717
137 10179471 COSTON ALBERT 72000 72,000.00 980717
138 10181693 TAYLOR ANGELA 84000 84,000.00 980717
139 10181786 JOHNSON DONALD 86400 86,400.00 980717
140 10181800 EDWARDS DIANE 25200 25,200.00 980717
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
141 10181862 RUFFIN OSCAR 45000 45,000.00 980717
142 10181892 GALLMAN RICHARD 240000 240,000.00 980717
143 10181924 CABRERA RAFAEL 134100 134,100.00 980717
144 10183718 CRAVELLO MARGARET M. 119700 119,700.00 980717
145 10184105 NICKERSON DAVE 125538.22 125,538.22 980717
146 10184338 BRAY RONALD L. 25893.37 25,893.37 980717
147 10185363 ANDREWS MARK E 56700 56,700.00 980717
148 10185707 JONES MICHAEL R. 125600 125,534.88 980717
149 10185899 COVA ELLA 337500 337,325.03 980717
150 10186038 BURKETT JUNE V. 39920 39,904.97 980717
151 10186402 CHAFIN HASKELL T. 101400 101,361.81 980717
152 10186494 DESIMONE ROBERT D. 50000 49,981.17 980717
153 10187179 ISBELL JAMES W. 72000 72,000.00 980717
154 10191007 BECKEY ROSE 30550 30,538.50 980717
155 10155503 BATCHELDER CLIFTON 116250 116,192.81 980717
156 10173437 PITTMAN TYRONE 69700 69,659.89 980714
157 10178171 MANGLER LONNIE 18400 18,393.06 980710
158 10183974 MOONEY, III F. MICHAEL 151300 151,244.56 980717
159 10184639 HENRY CAROL A. 50800 50,763.59 980710
160 10185381 KETCHUM SR. RONALD L 27200 27,191.06 980717
161 10191067 MALONEY THOMAS 151300 151,251.54 980713
162 10191843 NICHOLAS JAMES R 50320 50,296.52 980713
163 10194151 SHABAZZ TONYA 72250 72,223.53 980713
164 10194181 GLASGOW WILLIAM H 84000 83,947.50 980710
165 10196920 LEWISTON PATRICIA J. 60300 60,267.53 980714
166 10205920 TAYLOR SUSAN 59000 58,977.78 980714
167 10045462 LOWE VERNON W. 85000 84,971.30 980724
168 10045469 RABARA DALE R. 165000 164,922.85 980724
169 10045476 LIU ELLA K. 322500 322,321.63 980723
170 10109838 RAIA SALVATORE 76700 76,700.00 980722
171 10118989 LOPEZ CALIXTRO 63337 63,314.36 980722
172 10129847 HAMMOND RICHARD 32000 32,000.00 980717
173 10133091 BRITZMAN ALAN 135148 135,077.94 980723
174 10135892 SIMPSON YVONNE 63700 63,700.00 980720
175 10137210 PARKINSON MICHAEL 38250 38,250.00 980717
176 10142542 CHRISTOFFER JEROLD 180000 179,901.47 980724
177 10145160 SANDERS JESSIE 103275 103,275.00 980723
178 10145982 OSBORN NANCY S 39325 39,306.65 980722
179 10146357 GUTIERREZ, JR. FRANK I. 104000 103,953.89 980722
180 10148701 MURPHY JOHN 84350 84,350.00 980723
181 10151608 STUDEY DAVID 76415 76,415.00 980722
182 10151692 TORREZ ROBERTO 100800 100,800.00 980724
183 10155442 LOVATO MARK 228000 228,000.00 980722
184 10155758 HERNANDEZ GUADALUPE 55900 55,900.00 980721
185 10155867 SIETING JEFFERY 68765 68,738.32 980717
186 10155885 RINCON DIMAS 48000 48,000.00 980718
187 10158434 CARTER GERALDINE 100000 100,000.00 980723
188 10160550 HORGAN HOWARD J. 109200 109,158.25 980722
189 10161012 TURNER CHRISTINA LYNN 126650 126,602.31 980721
190 10162282 SMITH JEFF 135000 135,000.00 980724
191 10162424 LAI MARTIN 160000 159,936.41 980722
192 10162896 WHITE DEBORAH 36750 36,750.00 980720
193 10163081 ROE HANNA V. 96000 96,000.00 980724
194 10163892 FISTNER EDWARD 55250 55,250.00 980721
195 10164083 BIRDSONG RAYMOND 104800 104,748.45 980720
196 10165422 ALEXANDER GWENDOLYN 35200 35,200.00 980720
197 10166358 OWENS JAMES 35750 35,750.00 980722
198 10166736 PALUMBO ANTHONY 352750 352,750.00 980717
199 10167259 FAUST KENNETH A. 123250 123,192.50 980724
200 10167438 BERNARD CHRISTOPHER 46900 46,900.00 980722
201 10167456 QUIFUNAS PETER 78075 78,075.00 980720
202 10168348 MALDONADO STEVE H. 46500 46,500.00 980720
203 10173024 DRYDEN JAMES L. 175200 175,200.00 980728
204 10173513 MORIARITY ANN S 43200 43,200.00 980720
205 10176734 JEWELL CYNTHIA 108000 108,000.00 980721
206 10177661 PALLOTTINO JOSEPH 71200 71,163.08 980720
207 10177692 GARCIA JOEL 67500 67,500.00 980724
208 10177719 SUON VUTHY 138400 138,320.37 980720
209 10177774 BARKSDALE RICHARD 114750 114,750.00 980723
210 10177778 KLEIN UDO 113250 113,194.29 980721
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
211 10177922 OATES PATRICIA 163006 162,937.64 980721
212 10178077 RAMIREZ ROBERTO 70200 70,200.00 980722
213 10178093 SIERRA HECTOR 208000 208,000.00 980723
214 10178184 MCCADAM JERRY 130400 130,349.55 980722
215 10178409 SHAW ROBERT F. 56925 56,925.00 980722
216 10178413 HESTER KENNETH H. 105000 105,000.00 980721
217 10178482 MEKAVONG KHAMSITH 165000 164,918.84 980721
218 10178489 SAUNDERS MARC 187500 187,500.00 980724
219 10178516 MUSGROVE DRUCILLA OLIVE 180000 180,000.00 980721
220 10179201 DAVIS JANET 52500 52,500.00 980720
221 10179475 WEIR ELDOLLA 166600 166,600.00 980721
222 10179520 ARREOLA CARLOS 96000 95,963.85 980720
223 10179525 KINSAKA PETO 69550 69,550.00 980717
224 10179528 WATSON PAMELA 65450 65,450.00 980720
225 10179687 WEIANDT DAVID 60750 60,727.13 980722
226 10179753 BELL WALTER 64000 64,000.00 980724
227 10179915 POWELL JAMES R 23200 23,192.98 980717
228 10180007 WALLS LAURENCE R 24650 24,650.00 980721
229 10180398 COCKAYNE DONALD S. 72000 71,966.40 980720
230 10180484 LOGUE BARBARA G. 72000 71,972.83 980722
231 10180777 MILLER GLORIA 55875 55,875.00 980722
232 10180815 FONTENOT KENNETH 117900 117,900.00 980724
233 10180832 PEDERSON BJORN 260000 260,000.00 980721
234 10180841 NOWAK LARRY 81750 81,717.51 980722
235 10180895 GROVER KEVIN 49200 49,200.00 980724
236 10180908 BAXTER STEVEN 181345 181,345.00 980720
237 10180921 SARNA JOHN 200000 199,884.92 980721
238 10180995 MARTINEZ RICHARD 298875 298,703.04 980723
239 10181668 MONTGOMERY CHARLES 71315 71,315.00 980720
240 10181705 MARTINEZ LUIS 131750 131,750.00 980721
241 10181748 SMITH GEORGE 115600 115,600.00 980723
242 10181773 HOGG WENDY 64350 64,350.00 980720
243 10181785 RHODES RONALD 39900 39,900.00 980721
244 10181794 BENCOMO DAWN 78000 78,000.00 980720
245 10181873 LEWELLEN CHARLES 51750 51,750.00 980722
246 10181877 BRYANT JENNIFER 43200 43,200.00 980720
247 10181879 NOGALES SUSANN 113600 113,600.00 980717
248 10181889 BRUTUS RAYMOND 72250 72,250.00 980720
249 10181896 JOHNSON YOLANDA 52700 52,676.63 980720
250 10181898 GREEN KIMBERLY 39200 39,200.00 980720
251 10181918 CHESTNUT ROBERT 59040 59,040.00 980720
252 10181932 DE ANGELIS ARMAND 416500 416,500.00 980720
253 10181945 GASTON ANNIE 81600 81,567.57 980720
254 10181952 BELK CLAUDE 232000 232,000.00 980721
255 10181970 DINOMIDIS FRANCES 30000 29,988.70 980721
256 10181977 CANNON MICHAEL 80100 80,100.00 980720
257 10181978 YOUNG TERRY 48000 48,000.00 980723
258 10181986 YANG SYVILAIPHONE 112500 112,500.00 980720
259 10181991 SCHWANDER CAMILLE 212500 212,430.19 980720
260 10182013 DAVIS JANET 111930 111,887.86 980721
261 10182026 HART MICHAEL 118150 118,103.04 980722
262 10182029 CLIATT SOPHEIA 65450 65,450.00 980721
263 10182036 MARTIN MARGIE 31040 31,028.29 980722
264 10182037 DAVIS MARY 20250 20,250.00 980721
265 10182038 DUMINUCO SUSAN 60000 59,977.41 980721
266 10182053 BAFFUTO EMILIO 96900 96,900.00 980717
267 10182056 WORD JAMES 34500 34,500.00 980720
268 10182059 DILLENSCHNEIDER EDWARD 60000 59,973.40 980722
269 10182077 HAMMON JOHN 236000 236,000.00 980724
270 10182139 PILANT STEVEN 53680 53,659.78 980720
271 10182264 HAVKIN STELLA 287200 287,200.00 980723
272 10183130 KELLER BRIAN 106250 106,185.50 980720
273 10183170 AKEMANN ANTHONY J 67500 66,858.00 980720
274 10183316 KING DARLENE 44000 43,978.33 980720
275 10183330 THOMPSON DEBBIE LOU 33579.58 33,569.22 980723
276 10183430 SMITH TIMOTHY 126000 126,000.00 980720
277 10183559 KENISON RICHARD 72000 72,000.00 980723
278 10184484 WIGGINS KERRY 20000 19,991.60 980720
279 10184554 BATES GREGORY 42250 42,250.00 980723
280 10185096 STEPHENS CAROL S. 113400 113,400.00 980720
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
281 10185129 BLACK BARBARA 56250 56,250.00 980721
282 10185471 BARTLETT JACQUE 63200 63,174.88 980721
283 10185689 JENNINGS SR. JAMES D. 121600 121,600.00 980720
284 10185694 CHASE JAMES 154000 153,944.96 980720
285 10185853 PURCELLA MARTIN 106250 106,250.00 980720
286 10185902 HALVORSON CHAD 43400 43,400.00 980722
287 10185913 URIETA EDWARD P. 84000 83,956.45 980722
288 10185977 KIMBERLING THOMAS E. 62000 62,000.00 980723
289 10185986 WILLINGHAM NANCY LEE 67500 67,500.00 980720
290 10186022 STOWELL MICHAEL 112000 112,000.00 980722
291 10186035 TWOMBLY PERCY 242250 242,250.00 980722
292 10186048 SWEETSER-CHADDH MARY J. 40000 40,000.00 980717
293 10186068 PEDERSON LAWRENCE EDWARD 95200 95,200.00 980724
294 10186154 BILLINGS JULIE 91000 90,957.54 980721
295 10186254 NWANKWO FESTUS 65000 65,000.00 980724
296 10186257 METZLER STEPHEN 92973.39 92,946.51 980722
297 10186489 STEPHENS PEGGY 35000 35,000.00 980721
298 10187303 RICHARDSON ALBERTINE 62050 62,027.82 980720
299 10187510 GARRIOTT CLYTIE 52500 52,500.00 980721
300 10187543 CUNNINGHAM GLORIA A 40300 40,300.00 980724
301 10189240 TURMAN STEPHEN 50150 50,132.59 980724
302 10190728 GEARY THOMAS J. 54000 53,956.25 980721
303 10190766 RANKIN WILLIAM J. 60000 59,970.48 980720
304 10190852 GOODE LANTAGELA 50400 50,400.00 980722
305 10190879 SCOTT CARMEN 57750 57,750.00 980724
306 10190891 GROMAN RICHARD B. 56250 56,231.00 980722
307 10190902 REYES DAMIAN 86250 86,250.00 980720
308 10191010 PERKINS DONALD 72250 72,250.00 980723
309 10191041 HAYDEN ANDREW M. 90000 89,962.25 980724
310 10191283 SACHLY VICTOR 328500 328,500.00 980720
311 10191350 KHALID SAMEERA 424500 424,500.00 980720
312 10191371 GAMBLIN MARQUARD 68800 68,800.00 980721
313 10191729 BEYALE ANTHONY 87550 87,550.00 980720
314 10191739 HENDERSON KIMBERLY A. 74400 74,365.28 980723
315 10191797 KELLNER KENNETH N. 82500 82,500.00 980724
316 10191854 SILVA JUAN 85000 84,949.86 980720
317 10191906 GRAHAM BILLY 256000 256,000.00 980723
318 10191907 BUCY KENNETH R. 74700 74,674.77 980720
319 10191965 WINZER CHARLES 39200 39,200.00 980720
320 10191974 SCHMIDT EDWARD 53000 53,000.00 980723
321 10192023 PARDO NELLY 78000 78,000.00 980720
322 10192034 DE JESUS LAURA 48750 48,728.38 980724
323 10192035 DAVIS MARVIN 256500 256,500.00 980724
324 10192060 GUTIERREZ TOMAS 130009 129,941.59 980724
325 10192067 AGEE MICHAEL 63000 62,952.07 980720
326 10192346 PIERCE EDWARD 44000 44,000.00 980721
327 10192431 SALINAS OSCAR 46400 46,400.00 980723
328 10192444 DHINGRA RAJ 115000 115,000.00 980720
329 10192484 LIGON KEVIN W. 31500 31,487.48 980722
330 10193334 SHELDON HEATHER D. 49725 49,706.27 980720
331 10193361 YANG MEE X. 39200 39,200.00 980720
332 10193392 JONES JAMES R. 123250 123,250.00 980723
333 10193418 FREDRICKSON KATINA 120000 120,000.00 980721
334 10193441 GRUPP MARTIN D. 124800 124,728.19 980722
335 10193491 BELL JAMES R. 56250 56,250.00 980720
336 10193694 DAVIES JAMES 156240 156,159.00 980721
337 10193730 CORRALES ROLANDO 144900 144,835.75 980723
338 10193750 MENDEZ MOISES 124000 123,874.87 980721
339 10193751 MENDEZ MOISES 225000 224,863.69 980724
340 10193758 LOPEZ JAIME 176000 175,893.38 980723
341 10193949 CAPEHART KHALIL 191700 191,700.00 980724
342 10194146 HARRIS-REED NANCY 35750 35,736.54 980722
343 10194149 PETTIS JR. BARNETT 72250 72,250.00 980721
344 10194211 POWELL SUNNI A. 80250 80,210.52 980723
345 10194278 MORRIS FRANK H 59250 59,250.00 980722
346 10194294 VILLALPANDO JAMES 53000 53,000.00 980721
347 10194322 HITE EVERETT E. 40050 40,031.75 980723
348 10194362 CLAY AVERY L 48400 48,400.00 980720
349 10194366 RAKARIC NIKOLA 247500 247,500.00 980720
350 10194394 ROSILOWICZ ROBERT 104250 104,250.00 980720
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
351 10194418 NEWCOMB TERRY 48750 48,731.64 980724
352 10194466 RICHARDSON LONNI D 105300 105,300.00 980720
353 10194471 ELSBURY JULIE J. 37600 37,600.00 980720
354 10194473 LYONS TIMOTHY L 24850 24,843.63 980722
355 10194480 TABER DAVID R 54750 54,750.00 980721
356 10194507 DYE DEBRA A 35250 35,250.00 980720
357 10194510 TUCKER DEBORAH A. 54900 54,900.00 980722
358 10194517 HAYNES ARTHUR 39000 39,000.00 980720
359 10194526 MURRAY JR. CHARLES E. 63700 63,670.65 980721
360 10194536 THOMAS CORRINE A. 23000 22,991.33 980720
361 10194544 HICKS TOMMY J. 61530 61,530.00 980721
362 10195855 MEIGGS STEPHEN 78500 78,471.94 980722
363 10195969 MOSENSON MICHAEL 309400 309,400.00 980722
364 10195979 MCGOVERN THOMAS 155000 154,941.64 980720
365 10196028 TALBOT RICHARD 50800 50,779.81 980723
366 10196033 MOORE PAMELA 45600 45,600.00 980722
367 10196049 HODGSON BRENT 58650 58,650.00 980720
368 10196634 MCHATTIE STEVEN R. 86000 85,952.92 980721
369 10196657 STROH THOMAS 48750 48,727.25 980721
370 10196945 JORDAN LONNIE 42500 42,500.00 980723
371 10196969 VILLARREAL STELLA M. 60000 60,000.00 980721
372 10197111 OLIVAS WALDO 71200 71,200.00 980720
373 10197184 SANCHEZ RICHARD A. 45000 44,979.01 980721
374 10197216 JONES NATHAN 94400 94,360.41 980722
375 10197366 SMITH PAMELA D. 85500 85,500.00 980721
376 10197367 COX RICHARD 53680 53,680.00 980721
377 10197426 SCHOENFELDT KENNETH 91900 91,706.31 980724
378 10197462 RUBIN DARLENE 155400 155,314.94 980722
379 10197615 DUNGEY RICHARD A. 140000 139,937.93 980723
380 10197619 JENKINS CARL 108720 108,681.14 980720
381 10197628 CASTILLO-ZAMORA JAIME 114300 114,249.33 980724
382 10197629 YOON TAE HEUNG 228000 227,904.38 980721
383 10197649 CHAPIN OPAL F. 157500 157,443.75 980723
384 10197698 SOLANO ABNER 79200 79,200.00 980723
385 10197701 TURNER JAIME A. 154000 153,938.67 980720
386 10197707 LEE KYONG S. 200000 199,924.54 980720
387 10197713 COMMON JOHN 372750 372,617.09 980724
388 10197748 KABRICK BARBARA J. 61600 61,600.00 980720
389 10197756 BYERS TODD 125100 125,050.29 980721
390 10197759 JACKSON IRA L. 68000 68,000.00 980720
391 10197771 ARGANDA ANNA 188000 188,000.00 980723
392 10197784 PERNULA ROBERT A. 178200 178,200.00 980724
393 10197785 QUINN CAROL 142500 142,449.07 980722
394 10197799 LINDBERG DALE LEE 74400 74,400.00 980721
395 10200616 NEELY JEAN 102400 102,363.40 980722
396 10200666 MARKOFF DOUGLAS 179000 179,000.00 980722
397 10200713 FLEMING BERNARD 95540 95,540.00 980720
398 10200744 MURANO NICHOLAS 58500 58,477.97 980722
399 10200868 HYLAND MARY A. 112000 111,966.13 980722
400 10200869 BERGAMI CHARLES 34400 34,400.00 980722
401 10200951 RIDGE BENJAMIN D. 24800 24,800.00 980721
402 10200996 HOCHHAUSER HAL 144000 143,942.77 980723
403 10201077 PIERRE GINETTE 137600 137,600.00 980721
404 10201256 SANTANA EMILY N. 81250 81,209.94 980720
405 10201269 DOCKHAM NICHOLE 102000 102,000.00 980722
406 10201280 BELL PATRICIA A. 146400 146,400.00 980722
407 10201396 COMBS WILLIAM T. 59250 59,222.36 980720
408 10201417 LOUDER ROBERT D. 52700 52,681.71 980724
409 10201482 JOHNSON JAMES 42320 42,295.58 980721
410 10201506 EDWARDS JAMES G. 40000 39,982.28 980720
411 10201595 RIPPBERGER JOHN 60750 60,750.00 980720
412 10201749 MAHON LEVI 37600 37,600.00 980723
413 10201820 ASBORN STEVEN 105000 105,000.00 980720
414 10201889 RAMIREZ RAUL 23400 23,400.00 980720
415 10201935 STECKLER GREG A 240000 239,868.63 980721
416 10201972 MONTES SR MANUEL 67500 67,500.00 980723
417 10201973 ELLIS BARTON J 440000 439,834.35 980722
418 10202060 NELSON PATRICIA A. 35750 35,750.00 980722
419 10202070 HUDSON BARBARA 127500 127,235.94 980721
420 10202077 BROCK ROSE 46800 46,800.00 980721
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
421 10202079 BUCHANAN EVELYN 350000 349,875.19 980724
422 10203635 WOLFE SANDRA ANN 90900 90,900.00 980721
423 10203656 WALKER RONNY JOE 75000 74,954.56 980722
424 10203668 SINANOVIC MIKE 50000 49,977.83 980721
425 10203670 LEWIS BEVERLY 57800 57,800.00 980720
426 10203733 KRUER BRIAN L. 140000 139,937.93 980723
427 10203770 LENON KATHY 153600 153,600.00 980721
428 10203851 LOUTTIT THOMAS JESSE 153078 153,010.13 980724
429 10203965 DAVIS BRIAN 263846 263,846.00 980722
430 10205672 HILL ARLY 57750 57,727.04 980724
431 10205732 HOUSLEY ALAN L. 72000 72,000.00 980722
432 10205774 MILLS ANITA 114400 114,356.92 980720
433 10205882 GARZA CONSTANCE 75000 74,914.50 980721
434 10205902 HILL DONNA E. 45200 45,200.00 980722
435 10205915 MOSLEY MICHAEL 29900 29,887.85 980722
436 10205939 MCGRATH THOMAS E. 94800 94,800.00 980722
437 10205995 HOFIUS STEPHEN 85837 85,837.00 980721
438 10206022 CURSON STACEY 159200 159,200.00 980722
439 10206036 WILLIS PRESTON 24000 23,991.42 980721
440 10206064 FITTS GORDON G. 137700 137,646.73 980722
441 10206074 BARRON MICHAEL 43000 42,980.94 980722
442 10206081 HAMAN SANDY 85500 85,461.15 980722
443 10206093 KROEGER CHARLES D. 210000 209,939.78 980720
444 10206105 HICKS GREGORY 157600 157,552.34 980724
445 10206653 BECKER LORNA A. 144000 143,945.78 980721
446 10206669 MICKLON RICHARD 95200 95,153.17 980722
447 10206704 THOMPSON JOHN A. 28600 28,586.66 980720
448 10206744 MARTINEZ RAMON L. 71250 71,250.00 980722
449 10206761 MALONE PEGGY 45850 45,850.00 980724
450 10206783 REID MICHAEL 99450 99,450.00 980722
451 10206790 AMICO ROBERT M. 393250 393,250.00 980721
452 10206834 SECHLER SCOTT 62900 62,900.00 980721
453 10206845 CLARY GWENDOLYN 111000 111,000.00 980721
454 10206860 LOVELACE TERRENCE 51200 51,200.00 980721
455 10206868 CANTWELL JAMES 66300 66,300.00 980720
456 10206908 FORTIN ALBERT 240000 240,000.00 980720
457 10206919 FAVA ANN 127500 127,443.59 980720
458 10206921 LIBBY ROBERT C. 27750 27,740.63 980723
459 10206984 HALE CHESTER 131750 131,691.59 980720
460 10207088 COOTE WILLIAM J. 63700 63,700.00 980720
461 10207171 LOUIE PETER E. 233750 233,750.00 980720
462 10207195 BURPO THEODORE E. 35000 35,000.00 980720
463 10207223 MARTINEZ MARY KATHERINE 108800 108,800.00 980722
464 10207230 TOLENTINO SALVADOR Q. 101250 101,250.00 980723
465 10207235 COX CHARLES A 72800 72,766.03 980721
466 10207287 MARTIN CAROL S. 91700 91,700.00 980722
467 10207302 SIMS THEODORE 84000 84,000.00 980721
468 10207318 BROWN RONALD 134100 134,049.51 980722
469 10207371 EASTMAN CLAUDE L. 144900 144,900.00 980722
470 10207376 MARKHAM BRADLEY D. 61750 61,750.00 980720
471 10207392 THOMAS MARGARET M. 75000 74,958.95 980720
472 10207402 RUSSELL KEVIN 95200 95,200.00 980724
473 10207424 JAMES MARK A. 67500 67,500.00 980721
474 10207447 VELA LUIS 112800 112,749.99 980723
475 10207453 MARTINEZ JORGE L. 64600 64,600.00 980721
476 10207513 ZEBIAN WALLY 208800 208,800.00 980722
477 10207554 SHEETS THOMAS 74400 74,400.00 980722
478 10207621 MCELROY ROGER L. 42250 42,234.09 980721
479 10207692 BOOKER JUNE M 72800 72,800.00 980722
480 10208143 VALLE JOHN 189000 188,902.01 980723
481 10208234 SARID MOSHE 232200 232,097.06 980721
482 10208244 TAYLOR JOE L. 73950 73,950.00 980723
483 10208318 MILES GORDON 146200 146,131.79 980721
484 10208326 WALTER MANETTE 85950 85,911.89 980724
485 10208349 MASTERS DENNIS S. 45000 45,000.00 980722
486 10208350 JEVICA MILENA 125100 125,035.14 980723
487 10208415 PEDROZA MICHAEL 152000 152,000.00 980722
488 10208440 WENTZ JR. MARCELLUS 75968.13 75,968.13 980722
489 10208487 MILLER THOMAS 126374.79 126,374.79 980723
490 10209601 MARION JAMES 105000 104,906.69 980724
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
491 10209621 CAMARILLO DAVID 65000 64,962.60 980722
492 10209630 NIELSEN JACQUELYN B. 114000 114,000.00 980720
493 10209674 LESSEL JOEY L. 44200 44,200.00 980722
494 10209748 HAUTZINGER JOE 150000 150,000.00 980721
495 10209790 DRAKE JEROME 39900 39,900.00 980722
496 10209795 BROWN KEVIN 127500 127,449.33 980722
497 10209796 HYDE KATHY 31687 31,674.40 980721
498 10209804 BAHENA ISMAEL 42000 41,984.65 980723
499 10209814 REKART JAMES E. 48450 48,450.00 980720
500 10209820 LEONARD AYESHA Z. 75000 75,000.00 980720
501 10209823 DOUGLAS MICHAEL R. 187000 187,000.00 980723
502 10209870 GALLOWAY RHONDA 50250 50,217.72 980721
503 10209897 CARTER STEVE 110700 110,625.57 980722
504 10209944 MULLEN SHARON 45000 44,983.05 980723
505 10209971 MAYES JOSEPH L. 50250 50,250.00 980723
506 10210013 PICH PHANNA 104000 103,956.38 980722
507 10210020 CHACON MATTHEW P. 92000 91,952.30 980721
508 10210035 BREIVIK JOHN 112800 112,800.00 980720
509 10210058 RUSH JIMMY 34500 34,500.00 980724
510 10210076 WALKER BONNIE J. 36000 35,987.84 980722
511 10210087 SHIELDS VANESSA 71200 71,170.14 980723
512 10210175 MARTIN ELIZABETH 142400 142,400.00 980721
513 10210189 PAUL ROBERT 89100 89,062.63 980722
514 10210205 COLE, SR. EDWARD L. 92000 91,892.71 980721
515 10210211 BLY SHARON 350000 350,000.00 980720
516 10210222 JORDON THELMA 110500 110,500.00 980720
517 10210292 WERTZ SR. BARRY 73600 73,570.75 980724
518 10210302 FRANCESCONI CHARLOTTE 100500 100,500.00 980722
519 10210309 CRYSTAL JOYCE 241150 241,150.00 980722
520 10210358 SMALL DANNY 114400 114,400.00 980722
521 10210359 NICHOLS SHIRLEY 26250 26,240.12 980722
522 10210432 ENNELS KENNETH 69000 69,000.00 980722
523 10210472 EPPERSON ROBIN SUZETTE 65250 65,250.00 980722
524 10210504 ANCHETA MARIA 99200 99,200.00 980724
525 10210565 BUCKLEY THOMAS 137250 137,198.32 980724
526 10211120 MC KAY ELIZABETH S. 100000 99,958.06 980722
527 10211144 IBRAHIM PAVUOUTY 60800 60,800.00 980721
528 10211221 O'BURKE RANDY 225000 225,000.00 980720
529 10212106 SHAFFER GREGORY A. 94320 94,275.99 980722
530 10212132 JOHNSTONE WADE 215200 215,200.00 980722
531 10212156 REINHART MICHAEL 365500 365,358.62 980720
532 10212212 VAIT BENJAMIN E 65000 64,975.52 980721
533 10212235 SCHUTZ MICHELLE 75650 75,618.27 980723
534 10212242 MARSHALL JAMES E. 99000 99,000.00 980724
535 10212412 VOGEL RA-NA 102000 102,000.00 980722
536 10212451 WELCH JACK 22200 22,200.00 980724
537 10213633 MCMAHON SHAWN 192000 191,911.40 980720
538 10213738 COMERFORD MICHAEL R. 70000 70,000.00 980722
539 10166489 APUZZO ANTHONY 99999 99,949.71 980722
540 10167099 MAENZA GINA B. 109500 109,468.66 980721
541 10174669 BEATTIE VALERIE M. 132965.96 132,931.56 980721
542 10179049 CLAYBURN RAY W 39200 39,126.34 980722
543 10187178 SMITH EDWARD 72000 71,966.40 980722
544 10187271 IVERSON TAMEKA 45485.42 45,470.70 980721
545 10189553 FOWLER BRUCE W. 70000 69,967.34 980721
546 10191351 NIIDE MARGARET A. 204000 203,909.56 980721
547 10193756 CADIZ MARIAN 172000 171,919.75 980722
548 10194159 ALLEN JOHN D. 57375 57,354.49 980722
549 10194386 GROSS DOROTHY J 49200 49,181.43 980720
550 10194561 BEVAS CARMEN I 167450 167,383.45 980720
551 10201033 NEVILLE MICHELLE A. 178100 178,032.94 980722
552 10201241 LUTZ RICHARD 43350 43,333.23 980720
553 10201744 COVELLO GINA 294400 294,262.00 980722
554 10203788 FICKAS CHRISTINE 229500 229,367.96 980722
555 10205872 DIESE LARRY E. 140250 140,199.88 980720
556 10206730 GASH GEORGE ANN 22300 22,291.60 980724
557 10206793 NORDSTROM WALTER 37450 37,435.90 980723
558 10206876 FILLERS CLIFFORD 45000 44,976.25 980722
559 10207288 SAXTON JANELLA 40800 40,747.89 980720
560 10208134 MONTANO JR. CLEMENTE A. 187500 187,412.53 980720
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
561 10209815 KIBBE GARY S. 166500 166,426.18 980723
562 10209835 NOWAK RICHARD 70000 69,961.68 980720
563 10210179 GALANTE DONALD 59500 59,467.49 980720
564 10211205 DU TRINH 62000 61,962.44 980720
565 10021808 TODD CHARLES W 164000 163,742.96 980420
566 10044841 DILEONARDO SALVATORE F. 141750 141,080.66 971203
567 10045448 KOVALOFF JOSEPH 133000 132,931.05 980804
568 10047287 BOYER SAM 196000 194,954.92 971022
569 10062361 LIPSCOMB JODY 35805 35,682.59 970825
570 10069155 ROSS PHYLLIS 27200 27,082.13 980128
571 10071836 PARKS GEORGE 42000 41,870.94 980330
572 10085576 SEIDEL WILLIAM 51000 50,913.18 980420
573 10091168 RACLI SEVERINO 77000 76,782.11 971231
574 10094134 NEAL WILLIAM 63600 63,482.42 971211
575 10096101 BRUNSON NANCY B. 76000 75,794.22 971208
576 10101471 MCHALE EDWARD 60750 60,571.03 971210
577 10103363 MCCOY MIKE 84000 83,835.87 971218
578 10104696 JOHNSON BRIDGETTTE 56550 56,325.09 971223
579 10113393 AARON PHILLIP 256000 255,795.21 980527
580 10113420 ADAMS NEIL 164500 164,042.92 980401
581 10121322 BRODHURST WINSTON 123750 123,750.00 980731
582 10121363 SAUNDERS SHIRLEY D. 161250 161,146.43 980526
583 10123931 RODRIGUEZ PEDRO 161250 161,023.03 980331
584 10124435 DEESCH LUCILLE 292500 292,389.87 980630
585 10126790 GOMEZ ARTURO 250750 250,750.00 980731
586 10126801 NUNEZ ENRIQUE 123750 123,750.00 980803
587 10127149 HINES III FLOYD 143100 142,908.09 980601
588 10128366 FORD MELZINA 18000 18,000.00 980727
589 10130041 KHATIB WAEL 49000 48,499.24 980423
590 10130119 AMMONS ANDREW J. 72500 72,500.00 980806
591 10131042 MOSLEY JUEL 71500 71,500.00 980803
592 10132905 SHEPPARD CHESTER 67200 67,200.00 980731
593 10132913 SWAGERTY CHARLES 175000 174,882.58 980804
594 10134662 WATKINS WILLIAM C. 76000 75,877.57 980409
595 10135899 JONES BRENDA 112000 112,000.00 980731
596 10135909 HILL ELONZO 74400 74,387.93 980731
597 10135937 WILLIAMS EVERETT 87500 87,478.83 980731
598 10136427 CALDERON RENE 73125 73,066.61 980518
599 10136863 POTTER DONALD L. 73600 73,474.92 980316
600 10137266 KRAMER KAREN 84000 84,000.00 980731
601 10137277 COACHMAN HAROLD 39000 39,000.00 980731
602 10137703 HILL EDWARD 56800 56,800.00 980731
603 10139402 SCHNEIDER DAVID 29250 29,250.00 980731
604 10142583 SLOAN LINDA 117300 117,300.00 980731
605 10145260 GRIEBEL, JR DELMAR 98400 98,400.00 980805
606 10145646 HASKETT RICHARD 30375.5 30,334.84 980401
607 10147446 CARHARTT LARRY 369750 369,750.00 980803
608 10148878 BELL ROBERT 192000 191,919.48 980731
609 10149084 PFEIFER DENNIS 56700 56,700.00 980731
610 10149253 KANDRALYAN SHOGHIK 117900 117,900.00 980807
611 10149591 CASTILLO LUIS FERNANDO 32500 32,500.00 980731
612 10151883 RAMIREZ JESUS J. 82705 82,705.00 980810
613 10152721 STEELE WILLIAM D. 53940 53,899.20 980630
614 10155095 RILEY GLORIA D 31200 31,126.51 980527
615 10155243 DONALDSON STEPHEN 102000 101,887.88 980630
616 10155315 TORRES ANGEL 184000 183,909.49 980630
617 10155410 BONASERA ROBERTA 272000 271,701.11 980629
618 10155444 RUSH-TALAMANTE YOLANDA 95000 94,884.49 980529
619 10155459 HINKLE JAN 157500 157,500.00 980813
620 10155546 DAVIS LOURDES 216000 215,875.72 980630
621 10155553 LARRACAS ERNANI 141300 141,236.32 980723
622 10155922 WILEY JEFF A. 40000 39,987.90 980623
623 10155974 HALDEMAN JON 43500 43,407.69 980513
624 10156950 THEROS JAMES 148000 147,755.14 980410
625 10157523 MURPHY DENNIS 134400 134,400.00 980731
626 10158600 NEILL-HEMP SHAROL 100000 100,000.00 980805
627 10158823 LOPEZ BRENDA J. 42500 42,500.00 980805
628 10160270 SMITH NANCY E. 87750 87,716.96 980706
629 10160994 VELEZ IVAN AMAURY 140165 140,165.00 980730
630 10162338 SMITH CHARLEEN 115500 115,500.00 980731
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
631 10162435 FORBES STEPHEN 112000 111,954.00 980811
632 10162778 HERMANN PAUL A 71200 71,121.76 980521
633 10163196 PITTS PAMELA 78000 77,952.65 980731
634 10163845 GARCIA GILBERT G 90000 89,951.85 980731
635 10163928 BECERRA ROSA M. 213600 213,600.00 980728
636 10164072 FRINK MICHAEL 221400 221,301.85 980731
637 10164173 SOWERS, BRENDA G. 72150 72,150.00 980803
638 10165144 SPIVEY JOHN 83180 83,139.08 980804
639 10165228 ROGERS RANDALL 105500 105,428.45 980806
640 10165262 HELGIN LEXI L. 104000 103,906.60 980528
641 10165488 OLIVAREZ BENJAMIN S. 119650 119,541.73 980529
642 10166177 KUCERA JOHN 100000 100,000.00 980804
643 10166223 JOHNSON KEITH D. 44000 44,000.00 980731
644 10166345 MUSE JERRY 100800 100,800.00 980731
645 10166871 BRODZINSKI PAULA 110000 109,891.35 980515
646 10167154 HERRING C. DAVID 360000 359,832.04 980804
647 10167318 DARDEN EDWARD E. 50250 50,216.55 980610
648 10167535 MOTT DONALD 297000 297,000.00 980731
649 10168192 SCHELD LYNN P. 84750 84,648.05 980515
650 10168331 MARABLE BERNICE 95424 95,324.68 980630
651 10168337 KILARCYAN AZADUHI 297000 296,661.54 980529
652 10168592 BROWN JR. BILLY G. 155726 155,726.00 980731
653 10173266 LEPPEN RICKY 75750 72,993.17 980731
654 10173547 DAMEIER MARILYN 84500 84,474.44 980630
655 10174201 SKINNER NETTIE 217750 217,668.02 980624
656 10174624 NEJAD KIAN 432000 431,341.64 980520
657 10174745 HOWARD WILLIE ANN 41650 41,638.41 980625
658 10175622 HOLLABAUGH LYNNE 25500 25,464.95 980528
659 10175660 GOSHERN ANDREW S. 67200 67,149.05 980518
660 10175733 SOSNA RON 123300 123,211.46 980520
661 10175874 GAINES PHILLIP 128350 128,350.00 980805
662 10176624 KNIAZENA NATALIA 188000 188,000.00 980731
663 10176948 KAVEY WILLIAM 150000 149,954.63 980731
664 10177613 CHAVARRIA JOSE 175000 175,000.00 980806
665 10177716 PEREZ ENRIQUE 392000 392,000.00 980806
666 10177914 FIGUEROA RAUL 240000 240,000.00 980807
667 10177980 ELLIS JEAN 200000 199,911.33 980814
668 10178072 LESKY SHELLY 50000 49,971.22 980805
669 10178177 DEHN MICHAEL 40500 40,462.05 980630
670 10178335 EDWARDS JAMES 29560 29,548.87 980609
671 10178477 MASHTARE II RICHARD A. 58800 58,800.00 980803
672 10179367 JODAT HORST 49500 49,500.00 980804
673 10179543 KEARNS GARY 86850 86,850.00 980731
674 10179720 HOPKINS RANDY G 56250 56,227.64 980731
675 10179782 MCGREGOR KIRTIS A. 45900 45,900.00 980804
676 10179866 GOODLOE ROBERT K 26000 25,990.21 980610
677 10180040 SMITH JON 57600 57,600.00 980730
678 10180675 VELASQUEZ OPHELIA 48875 48,875.00 980717
679 10180973 GOLDSMITH MARGE 45500 45,415.12 980630
680 10181251 PURITIS JEFF 100000 99,962.34 980731
681 10181609 MARTIN RONALD 64000 63,973.16 980710
682 10181638 ROTHUS PAMELA 91650 91,617.24 980626
683 10181659 FIGUEROA RAYMOND 78400 78,363.42 980730
684 10181662 HUBBS RUTH 66300 66,300.00 980731
685 10181666 CLARKE BURTHAN 55200 55,200.00 980803
686 10181726 CREECH DANIEL 105750 105,750.00 980731
687 10181778 JOHNSON LASHETTA 39975 39,975.00 980728
688 10181807 HOUSTON REGINALD 47920 47,920.00 980729
689 10181913 HERNANDEZ CLAUDIT 70550 70,521.19 980720
690 10181917 CRAWFORD RANAYE 60000 59,937.00 980731
691 10181944 MACK CECIL 53600 53,600.00 980720
692 10181946 ALLEN MICHAEL 49600 49,600.00 980715
693 10181964 ROBINSON CAROLINE 51000 51,000.00 980730
694 10181971 WHITE ADRIAN 49600 49,600.00 980731
695 10181988 POMPA LEONARD 120000 120,000.00 980731
696 10182001 AUSTIN BRENDA 25800 25,800.00 980803
697 10182019 GIORDANY DEBORAH 350000 350,000.00 980731
698 10182024 DUBIQUE ROSALVA 81600 81,600.00 980728
699 10182040 BLOOM MARLENE 130000 130,000.00 980805
700 10182096 DOMBROWSKI FRANK 233750 233,750.00 980803
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
701 10182097 WOOTEN WALTER 64350 64,350.00 980803
702 10182468 BELLACETIN BOBBIE J. 136000 136,000.00 980731
703 10183350 COCHRAN HILDA 54400 54,400.00 980731
704 10183389 KENDALL KENNETH 193500 193,430.85 980723
705 10183596 HALL JAMIE L. 21000 20,984.83 980630
706 10183677 MCKINNON FRANCIS 84000 83,956.78 980623
707 10183981 GROSSMAN DEBRA 198750 198,563.79 980630
708 10184274 RAABE SUSAN 185000 184,573.97 980529
709 10184291 SAVALA BEVERLY 57800 57,800.00 980729
710 10184361 SINGLETON PATRICIA 45200 45,142.75 980527
711 10184665 OUELLETTE ROBERT L. 72030 71,999.79 980625
712 10184711 PETTIT ELWOOD 85000 85,000.00 980807
713 10184935 DEL MONICO SUSAN 144000 144,000.00 980804
714 10185027 MURPHY PRISCILLA B. 53200 53,200.00 980806
715 10185111 MITCHNER HELEN R 21600 21,591.85 980622
716 10185151 ORLOV ALEXANDER 267000 266,899.47 980619
717 10185337 OWENS TRENT J. 58400 58,374.10 980729
718 10185358 CRAWFORD BENITA M 48000 47,961.67 980623
719 10185368 PARKER EDWARD M 33600 33,600.00 980731
720 10185395 LEWIS RICHARD A 56000 55,984.84 980630
721 10185491 LEE DONNA L. 65450 65,425.35 980630
722 10185503 WASHINGTON GLENN 28900 28,900.00 980731
723 10185506 THREATT MARSHA 45500 45,500.00 980630
724 10185521 HICKEY KAREN M 116000 115,948.68 980629
725 10185524 PRESTWOOD JULIA A. 135000 134,951.75 980630
726 10185639 MENJIVAR MAYRA 68000 68,000.00 980804
727 10185734 SANTEE JON S. 108700 108,700.00 980731
728 10185791 MCMANNUS GARY T. 96000 96,000.00 980731
729 10185982 MITROVICH CHRIS 510000 510,000.00 980731
730 10186069 NAIDU JOE V. 195000 195,000.00 980731
731 10186070 SISSON THOMAS A. 64650 64,624.31 980731
732 10186084 GRANBERG SYDNEY GEORGE 132000 132,000.00 980805
733 10186159 BAUER JOHN 67900 67,874.43 980803
734 10186262 MESSER MELISSA 74750 74,721.86 980630
735 10186388 GIFFORD FRANK 30000 29,987.75 980803
736 10186533 AHMED NASIM 406000 405,675.20 980626
737 10186535 DESROCHERS JOHN 78359.35 78,318.39 980810
738 10187432 MITCHELL SHARON 36000 36,000.00 980804
739 10187628 WOJCIK TERESA 58650 58,650.00 980803
740 10189106 WILLIAMS THOMAS S. 119000 119,000.00 980804
741 10189293 WILLIS ISABELLE 31600 31,600.00 980730
742 10189303 SHEEHY SHARON 100800 100,750.00 980619
743 10189310 WAKEFIELD BARBARA J. 85600 85,564.10 980731
744 10189359 HARRISON WAYNE 107100 107,053.87 980730
745 10189392 SMITH BRANDON B. 126000 125,949.92 980630
746 10189464 KUSAL EDWARD 189000 188,911.82 980630
747 10189494 KINNAMAN DANNY 71979.35 71,958.49 980731
748 10190120 BRAUTIGAM WADE 116250 116,214.84 980630
749 10190641 MURRAY ANDERSON 30000 30,000.00 980803
750 10190647 AJODHI SAHADEO 59400 59,381.01 980731
751 10190962 YINGER KATHY M. 55500 55,472.64 980729
752 10190969 WOOD MARC 60000 60,000.00 980731
753 10191162 OTERO RUBEN 32200 32,187.20 980804
754 10191211 CHIADO ANGELO 68000 67,978.27 980730
755 10191290 COHEN TERRANCE 159200 159,200.00 980731
756 10191320 TAXIN HAL 138400 138,400.00 980730
757 10191323 LYNCH DEE M. 38400 38,400.00 980730
758 10191343 ZOLFAGHARI HOSSEIN 215000 214,858.64 980731
759 10191372 REINES PHILIP 220000 219,873.42 980727
760 10191411 BEAN NORMA 72250 72,212.54 980811
761 10191460 HANSON JR. ALLEN S. 99875 99,875.00 980731
762 10191480 JABARRA GARY 465000 465,000.00 980731
763 10191578 STAMP JAMES 106250 106,200.48 980807
764 10191662 NOTAR GREGORY 92000 92,000.00 980807
765 10191746 CAMACHO DONALD 102400 102,400.00 980807
766 10191787 PALMER TERRI 65000 64,962.60 980810
767 10191905 CORMIER LAURIE 100000 99,850.81 980803
768 10191947 STEPHAN JARO 136000 135,936.55 980630
769 10191948 ARVIZO ARMANDO 105000 103,948.35 980803
770 10191959 KING CARL 88400 88,400.00 980731
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
771 10191964 POH ALAN 81200 81,169.43 980731
772 10191989 FELIX JASON D. 81000 80,962.21 980731
773 10192032 TARVIN CLINTON 155400 155,400.00 980813
774 10192036 LEANDER THOMAS 68800 68,767.90 980810
775 10192042 HISEY EDWARD 124100 124,100.00 980804
776 10192066 ROBLEDO WAYNE 67900 67,900.00 980730
777 10192216 CADET NISSAGE 204000 203,924.40 980806
778 10192227 ANDERSON JR. GEORGE H. 483750 483,499.22 980730
779 10192446 GOLDMAN MENDEL 378000 378,000.00 980806
780 10192504 WICK DAVID 48875 48,875.00 980731
781 10192506 DELARA MARGARITA 90000 89,958.01 980731
782 10192553 BROOME DESIRE 180200 180,200.00 980807
783 10193119 GODWIN KENNETH W. 105600 105,550.73 980729
784 10193207 JACKSON PRESTON 66000 66,000.00 980731
785 10193308 HARRINGTON MARY L. 76457 76,430.47 980629
786 10193343 ALEXANDRIA VINCENT 81000 81,000.00 980731
787 10193351 POOL LINDA C. 39920 39,920.00 980724
788 10193380 SIKORSKI LISA A. 127800 127,800.00 980710
789 10193390 TUVERSON LESLIE L. 360000 360,000.00 980805
790 10193428 DILLEY JAMES 49600 49,553.51 980629
791 10193430 GEE PAULA L. 228750 228,618.39 980630
792 10193488 LOVINGS RODNEY 22000 21,994.37 980626
793 10193509 PIERCE VERA 112000 111,863.80 980630
794 10193528 LIVINGSTON JAMES J. 120847 120,793.42 980630
795 10193567 SULLY CURTIS 120400 120,340.78 980807
796 10193579 DUKE AARON 157950 157,950.00 980714
797 10193609 NAAFU SUAESI 232000 232,000.00 980814
798 10193622 LUNA SHIRLEY 181000 181,000.00 980731
799 10193661 WILBER WILLIAM 107250 107,177.89 980805
800 10193673 MONTOYA GENE 101200 101,200.00 980731
801 10193733 MEREDITH MICHAEL 92000 92,000.00 980804
802 10193735 SALGADO FERMIN 80325 80,286.51 980731
803 10193737 TORRES JOE 207000 207,000.00 980804
804 10193763 SALDANA BENJAMIN 148500 148,500.00 980807
805 10193792 PEREZ PEDRO 170000 170,000.00 980811
806 10193811 BRAITHWAITE HENRY 195400 195,400.00 980803
807 10193851 SCHOETTGEN JOHN 95500 95,500.00 980731
808 10193853 DOMBROSKI JAMES 499000 499,000.00 980803
809 10193898 SANDERS LEO 148750 148,750.00 980803
810 10193924 SINHA SUNIL 333000 333,000.00 980804
811 10193927 MACDULA HERNAH 306000 306,000.00 980731
812 10193973 LOPEZ JESSIE 166000 166,000.00 980805
813 10193984 ESPOSO EILEEN 147500 147,500.00 980805
814 10193992 FAAVESI TUKIA 100000 100,000.00 980812
815 10194168 SABAJ PATRICK D 53550 53,550.00 980731
816 10194222 HARPER LINDA M. 61200 61,200.00 980803
817 10194251 HOLMES NANCY RIDDLE 50400 50,383.85 980728
818 10194314 RIMMER GWENDOLYN 33675 33,675.00 980804
819 10194384 BONE JR. SOLOMON H. 27200 27,190.28 980731
820 10194425 HARRISON DELBERT 123250 123,250.00 980731
821 10194472 MCCASLIN BILLY 31500 31,401.61 980731
822 10194486 BAILEY MICHAEL L 120250 120,250.00 980805
823 10194488 BAILEY MICHAEL L 42000 42,000.00 980731
824 10194581 GARCIA ALENDA 18200 18,193.14 980731
825 10194588 LEWIS BRIAN E. 42700 42,700.00 980731
826 10194642 MURPHY RUTHANNE 95200 95,164.15 980803
827 10195637 ROSA VITAL 128000 128,000.00 980731
828 10195644 COMEAU RICHARD F. 43000 43,000.00 980731
829 10195660 WALLACE ANTHONY 41300 41,300.00 980803
830 10195760 DIPIETRO NINO 215900 215,804.28 980731
831 10195951 CASTILLO THOMAS 41600 41,600.00 980731
832 10196635 LUCAS MARY 76800 76,776.77 980630
833 10196689 HEDBERG WILLIAM L. 224000 224,000.00 980731
834 10196769 VENEGAS JUAN 227500 227,500.00 980731
835 10196776 MCFARLAND MICHAEL S. 56000 56,000.00 980731
836 10196857 BASILEVAC JAMES 84000 84,000.00 980805
837 10196876 PIERCE GRADY L 63750 63,699.10 980630
838 10196925 MACON GENA 50000 49,981.17 980731
839 10196931 MARK MICHAEL G 91000 90,963.75 980804
840 10196990 PERKINS THERESA 57800 57,800.00 980805
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
841 10196996 BOLIAN CYNTHIA D. 76500 76,466.08 980630
842 10197011 MILLER ANNETTE 66000 65,970.80 980630
843 10197014 OUSLEY FREDERICK 24750 24,750.00 980804
844 10197025 PARKER DAVID L. 101250 101,202.76 980630
845 10197040 PECK CRISTIAN 157500 157,422.53 980731
846 10197054 HINSHAW SCOTT W. 130900 130,900.00 980731
847 10197091 MADSEN EILEEN B. 45750 45,750.00 980731
848 10197225 PRUITT JAMES W. 62800 62,776.35 980630
849 10197258 WHITNEY ROBERT M. 50400 50,379.97 980625
850 10197495 SCOVILL TED C. 54350 54,515.24 980708
851 10197496 GRIFFIN PAUL 49000 49,000.00 980731
852 10197578 RIVERA GUADALUPE 63750 63,750.00 980811
853 10197591 KENYON TERRY 281250 281,250.00 980803
854 10197602 EVANS LULA 49875 49,875.00 980810
855 10197610 ALLEN SHARON F. 76500 76,458.12 980716
856 10197658 ROGERS JIMMY 106250 106,250.00 980813
857 10197662 WILLIAMS TROY D. 57600 57,600.00 980731
858 10197663 CHAN YU CHEN 120000 119,937.78 980810
859 10197674 DUNGCA MARIETTA 211500 211,424.42 980814
860 10197676 MORRIS TIMOTHY J. 208000 208,000.00 980805
861 10197688 HENERY TROY 67275 67,245.17 980803
862 10197694 SAENZ ALEX J. 259250 259,119.07 980729
863 10197708 DICKERSON MARK D. 128000 128,000.00 980811
864 10197717 WATERS CHARLES H. 180000 180,000.00 980810
865 10197725 LEONARD CRAIG C. 211650 211,650.00 980804
866 10197726 JAMISON BILLY J. 90000 90,000.00 980806
867 10197732 RASMUSSON LEROY D. 153850 153,774.32 980803
868 10197745 GRAY DEBORAH A. 44000 44,000.00 980731
869 10197779 BOMBINO JAMES 56100 56,066.00 980810
870 10197791 RODRIGUES DARYL A. 58225 58,225.00 980804
871 10197796 WIER KEVIN 89200 89,200.00 980731
872 10197809 MASSEY FRANKLIN S. 35700 35,700.00 980731
873 10197823 MARTIN GREG C. 148000 147,910.33 980731
874 10197828 WETTLIN HERBERT B. 156000 156,000.00 980805
875 10197832 GOLDSACK GARRETT S. 100000 99,936.10 980811
876 10197835 RUPAN RONICA 129600 129,600.00 980806
877 10197837 DEASY MICHAEL D. 57600 57,600.00 980811
878 10197838 MAZUR WILLIAM 79200 79,200.00 980812
879 10197873 LEASURE WILMA L. 119200 119,147.15 980731
880 10197875 HUDSON THOMAS 24500 24,491.24 980811
881 10197877 STUCKEL PHILIP M. 83200 83,200.00 980803
882 10197886 THOMPSON RAYMOND L. 36750 36,750.00 980810
883 10197889 HERNANDEZ HECTOR 196000 195,887.23 980731
884 10197895 VELIZ PEDRO R. 62400 62,400.00 980731
885 10197900 GRAY RHONDA F. 47000 47,000.00 980804
886 10197908 MCCOLLUM MICHAEL 173700 173,622.99 980731
887 10197912 TRAVIS JAMES A. 76500 76,500.00 980731
888 10197919 HELD NANCY L. 328500 328,500.00 980731
889 10197920 ENG DON K. 193500 193,500.00 980805
890 10197922 SPURGEON SR. EDDIE D. 88075 88,075.00 980803
891 10197927 BENSAN SAMUEL 97600 97,600.00 980810
892 10197937 HALLOWELL BRENT E. 190800 190,800.00 980731
893 10197952 TREDINNICK DENNIS L. 144000 143,743.13 980811
894 10197955 GRAHAM BOBBY L. 100000 99,964.34 980803
895 10197957 SWELLAND DAVID R. 145350 145,350.00 980731
896 10197958 TRAMPUSH JOE 184500 184,500.00 980731
897 10197959 MARSHALL STEVEN W. 300000 300,000.00 980731
898 10197962 QUINTEIRO RAMON L. 123000 123,000.00 980731
899 10197973 BROWN TODD A. 125800 125,800.00 980807
900 10197982 HETTINGER KENNETH A. 41250 41,250.00 980806
901 10197993 OROSCO ELSIE M. 120000 120,000.00 980806
902 10198000 GEMMELL BRUCE 208000 208,000.00 980805
903 10198011 MARTIN JOYCE 169200 169,200.00 980811
904 10198013 SEATON CARL C. 50250 50,250.00 980803
905 10198024 VALENZUELA RAY ANTHONY 198000 198,000.00 980805
906 10198034 WASHBURN BYRON L. 293250 293,250.00 980804
907 10198038 THOMAS DUANE J. 202500 202,500.00 980806
908 10198056 TURLEY TOMMY M. 130500 130,500.00 980807
909 10198058 WAGNER ALONZO S. 166455 166,395.51 980810
910 10200688 FFREIEND IVANHOE 550000 550,000.00 980731
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
911 10200724 GRILLO FRANK 121465 121,421.59 980731
912 10200812 TAYLOR KAREN S. 84000 84,000.00 980803
913 10200863 VAN ORDEN ROBERT C. 75750 75,724.42 980731
914 10200925 RUSSO FRANK 78000 78,000.00 980803
915 10200958 MELENDEZ MARCIAL 120700 120,656.86 980731
916 10201042 HWANG-GRIFFIN LISA 142700 142,646.27 980731
917 10201105 MCGEE TOM A. 95000 94,936.12 980625
918 10201136 SIEGEL DON 271500 271,379.63 980630
919 10201159 GODSEY DAVID E. 123300 123,132.50 980629
920 10201205 ZUMWALT DIANE 119000 119,000.00 980810
921 10201216 MCDONOUGH APRIL 40375 40,344.45 980630
922 10201225 SANDERS KENNETH 28700 28,693.80 980803
923 10201320 THATE LORI ELLEN 32000 32,000.00 980804
924 10201321 BECK EULA D. 112500 112,500.00 980804
925 10201363 WATTS JUSTIN 31525 31,389.22 980630
926 10201393 FIELDS CARLA 58125 58,099.28 980730
927 10201404 ALEXANDER CHARLES 48750 48,750.00 980731
928 10201442 HUMPHREYS JENNIFER L. 61020 60,998.19 980727
929 10201454 HOFMANN MONIKA G 60000 60,000.00 980731
930 10201460 HERBST TERRY L. 90100 90,064.19 980804
931 10201469 SHEA JOSEPH W. 45000 45,000.00 980803
932 10201495 BRYANT LAUNDREAN R. 51920 51,904.29 980630
933 10201538 BOATNER BURNECE 29250 29,250.00 980731
934 10201540 VELASQUEZ CHARLENE C. 96300 96,259.61 980630
935 10201577 JEROME SHELLEY 244800 244,800.00 980731
936 10201587 WAGNER WILLIAM 65700 65,676.52 980630
937 10201656 HANSEN MATHEW T. 78267.16 78,234.04 980731
938 10201710 STINSON DEWAYNE 42400 42,400.00 980731
939 10201804 TURNER CHRIS 96475 96,429.99 980804
940 10201961 WILBORN MICHAEL 90000 89,927.99 980630
941 10202010 AMOS NICHOLE H. 55125 55,097.34 980731
942 10202024 DE ANGELIS JOE 63000 63,000.00 980803
943 10202073 CARROLL MICHAEL L. 105600 105,600.00 980729
944 10203604 CARRANZA CARMEN 79200 79,200.00 980731
945 10203665 RHOADES DAVID 209700 209,616.67 980805
946 10203680 LEAVITT CATHERINE 201600 201,600.00 980731
947 10203685 DEAGUERO JOE 131950 131,950.00 980731
948 10203730 EGGER KENNETH W. 229500 229,500.00 980803
949 10203773 VASQUEZ LINDA 65000 65,000.00 980806
950 10203790 MCIVER DON W. 144000 144,000.00 980731
951 10203856 MALMER RON 212500 212,500.00 980731
952 10203862 TRAN ANTHONY 129200 129,200.00 980731
953 10203874 HAM MICHAEL 55000 54,969.89 980803
954 10203876 LINDSEY DAVID C 92000 92,000.00 980731
955 10203884 STEIN VINCENT 81600 81,600.00 980731
956 10203895 KILBOURNE RANDALL L. 215000 214,894.24 980806
957 10203960 GRAHAM RORY 262500 262,500.00 980807
958 10203979 NAVARRO LIZA A. 189599 189,523.65 980807
959 10203996 MANN RODNEY 68000 68,000.00 980731
960 10204018 LOGUE PATRICK 409500 409,500.00 980731
961 10204034 FULLER LOREN 89600 89,600.00 980811
962 10204038 GIACOBBE ROSE ANN 68000 68,000.00 980731
963 10204057 PRESTON LAWRENCE 66300 66,226.99 980804
964 10204079 MCKNIGHT SCOT 128000 128,000.00 980731
965 10205719 CAMDEN JAMES 21675 21,667.48 980804
966 10205727 MARTINEZ GILBERT C 35000 35,000.00 980804
967 10205751 RODRIGUEZ FRANK A. 174950 174,890.16 980804
968 10205832 HAFNER LESTER 68000 67,968.27 980803
969 10205847 TOMISON DAVID R 71400 71,400.00 980731
970 10205850 MUSSELMAN KARY 118400 118,400.00 980731
971 10205858 WHITWORTH ELAINE A. 65000 64,971.18 980731
972 10205879 POWELL VINCENT 226550 226,550.00 980731
973 10205922 BENNER PATTY 123300 123,231.94 980729
974 10205969 MOORE JEFFREY A. 42585 42,585.00 980731
975 10206000 ARNOLD LINDA L. 76500 76,473.45 980731
976 10206012 WILSON BARBARA J. 16000 16,000.00 980804
977 10206018 DUFFEY MICHAEL P 123250 123,250.00 980805
978 10206023 AKIN KIMBERLEY 139950 139,950.00 980812
979 10206030 FERRA STEVEN W. 128950 128,950.00 980729
980 10206042 MARTIN SHERRY M. 65000 64,966.30 980717
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
981 10206104 UTRERA DIONICIO 55165 55,165.00 980731
982 10206113 REED JAMES 39600 39,600.00 980731
983 10206116 RAVELO PEDRO 99450 99,450.00 980731
984 10206127 STEVENS LAVERN 46800 46,800.00 980803
985 10206129 PAGAN VALERIE 60000 60,000.00 980728
986 10206152 TABOR WILLIAM 73100 73,100.00 980731
987 10206153 KOPPISCH ROBERT 55250 55,231.84 980803
988 10206171 GOODEN ROOSEVELT 117600 117,600.00 980731
989 10206196 FLAGLER LEWIS 73950 73,927.58 980730
990 10206203 EMANUEL THEO 72250 72,250.00 980731
991 10206208 RIVERA RAMON 94400 94,362.48 980730
992 10206211 KIMBLE FRED 96800 96,765.41 980731
993 10206215 DANFORTH DAN 74700 74,700.00 980731
994 10206216 JONES MARCELLA 59500 59,480.45 980805
995 10206219 SOLANO PLABOO 38350 38,350.00 980731
996 10206227 BAPTIST JOHN 59500 59,500.00 980731
997 10206232 RAMSAY ROBERT 134000 133,929.92 980731
998 10206239 GILES ROBERT 130800 130,800.00 980731
999 10206251 GIBSON DONNA 117300 117,300.00 980805
1000 10206253 MASSEY NANCY 96900 96,900.00 980803
1001 10206269 LOMAX DEREK 76500 76,500.00 980731
1002 10206279 IVES VARESHA 193600 193,600.00 980731
1003 10206282 SKAGGS MARY 76000 75,939.32 980803
1004 10206290 KNOUSE AUTUMN 62400 62,381.08 980803
1005 10206325 SPRALDING BARBARA 104400 104,400.00 980731
1006 10206326 WEIL GARY 172000 172,000.00 980804
1007 10206329 STEWART MARLENE 34000 33,972.29 980731
1008 10206330 CARTA THOMAS 35750 35,750.00 980803
1009 10206331 WHITE JEFFREY 220500 220,402.24 980731
1010 10206342 KIRK ROBERT 80750 80,718.76 980803
1011 10206361 HOLT LISA 35000 34,986.09 980805
1012 10206396 FOSTER ANTHONY 40600 40,600.00 980805
1013 10206403 WYNN DAVID 30875 30,860.59 980805
1014 10206613 REDDING AUDREY 97500 97,500.00 980731
1015 10206693 MARSH DENNIS 44000 44,000.00 980731
1016 10206707 PINEDA SUSAN 168168 168,168.00 980810
1017 10206807 FALAISE OSNEL 108800 108,764.25 980731
1018 10206848 STRICKLER JOHN R. 76000 76,000.00 980731
1019 10206863 JONES TORRER 24050 24,050.00 980731
1020 10206988 MECIONIS CECELIA 78000 77,970.63 980731
1021 10207002 BARNES MONIQUE J. 28000 28,000.00 980731
1022 10207053 GERSON PAUL 55200 55,200.00 980731
1023 10207077 FLETCHER DAVID 47625 47,625.00 980731
1024 10207186 WARDY YVETTE M. 69000 69,000.00 980730
1025 10207190 PETE RUSSEL J 42500 42,485.25 980731
1026 10207226 FREGOSO JOAQUIN 53600 53,600.00 980805
1027 10207290 GILL MICHAEL S. 72450 72,424.10 980731
1028 10207297 MC NUTT SHERRY LYN 148500 148,500.00 980731
1029 10207299 GONZALES ERNIE 39200 39,200.00 980730
1030 10207350 STRONG DERRICK W 69300 69,225.00 980731
1031 10207406 PHILIPS 111 ALBERT M. 80500 80,500.00 980731
1032 10207456 BRIM RICHARD 34400 34,400.00 980804
1033 10207480 MARUHNICH MICHAEL D. 267300 267,300.00 980731
1034 10207481 RIVERA CANDELARIA G. 62000 62,000.00 980804
1035 10207523 GOLAN ILAN L 244000 243,859.62 980803
1036 10207570 GRIFFIN BETTY H. 25500 25,489.84 980803
1037 10207620 SMIALEK PIOTR 157360 157,360.00 980731
1038 10207625 SIMON GREG 102400 102,400.00 980731
1039 10207630 WALTON KAREN L. 39100 39,100.00 980731
1040 10207658 DEVLIN SEAN V. 25500 25,492.69 980805
1041 10207676 HARRIS RUSSELL W. 30550 30,538.50 980731
1042 10207753 LUCAS DARRYL E. 52500 52,500.00 980807
1043 10207780 NEVILL LEONIDES B. 88492 88,492.00 980731
1044 10207782 LEWIS III MELVIN 96000 96,000.00 980731
1045 10207797 JOHNSON HERBERT G 93600 93,600.00 980731
1046 10207835 DUNN DEBORAH 49200 49,200.00 980804
1047 10207840 WILSON BRIAN 89700 89,648.38 980804
1048 10207841 JONES PAULA K. 39750 39,750.00 980731
1049 10207842 ROCCO THOMAS S 95200 95,200.00 980731
1050 10207914 GARDNER GEORGINA 170900 170,900.00 980803
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1051 10207951 O'NEAL ANNETTE D. 36000 36,000.00 980804
1052 10207953 MILLER ANGELA 39600 39,600.00 980805
1053 10207966 SALADINO GARY V. 33000 33,000.00 980731
1054 10208123 BRIMMERMAN JAMES E. 82800 82,800.00 980807
1055 10208140 MCKEE JEFF 56250 56,250.00 980731
1056 10208157 TALBERT LEE 104000 104,000.00 980731
1057 10208179 STEVENS ROBERT W. 101400 101,400.00 980804
1058 10208210 FRIEDMAN ALYNN R. 152590 152,590.00 980807
1059 10208225 MINER WARREN 71200 71,200.00 980812
1060 10208231 RICE JEANETTE A. 69965.57 69,965.57 980731
1061 10208346 BARNABY LINDA 64500 64,500.00 980813
1062 10208354 SKACHENKO RICKY 122250 122,175.94 980807
1063 10208373 SOUTHER JOE H. 63750 63,750.00 980731
1064 10208421 CURTISS JOHN 84000 84,000.00 980813
1065 10208445 LUCAS KEVIN 32690.08 32,690.08 980731
1066 10208484 TSUI MING YU 42250 42,250.00 980814
1067 10208580 MAPLES RONNIE L 52800 52,800.00 980812
1068 10208582 SCHWANEBECK ARLENE K 51100 51,100.00 980812
1069 10208662 DEGROAT WILLIAM R 64890 64,890.00 980804
1070 10208667 BRAGER SANDRA 60000 60,000.00 980811
1071 10208705 FREIMAN SHARON G. 130800 130,800.00 980812
1072 10208748 WITTWER KARL G. 84000 83,951.67 980812
1073 10208896 STEINFURTH GEORGE 441804.46 441,804.46 980812
1074 10209132 FENNEY MICHAEL 125100 125,100.00 980807
1075 10209158 GARRETT WANDA 100000 99,697.84 980805
1076 10209175 BOWEN JAMES E. 89600 89,600.00 980730
1077 10209243 BROCKUNIER KRISTA 105300 105,088.87 980730
1078 10209275 HALLEY REBEKAH J. 72800 72,269.03 980731
1079 10209351 ROBINSON TIM L. 80910 80,872.17 980731
1080 10209603 FIELDS JAMES B. 46500 46,500.00 980805
1081 10209662 WEEDEN SR. GEORGE 42700 42,685.58 980731
1082 10209669 FRANKS MICHAEL 50400 50,400.00 980804
1083 10209709 DAVIS JAMES E. 33675 33,675.00 980731
1084 10209714 MOORE DANNY C. 57200 57,200.00 980803
1085 10209732 WHITTLES WILMA 22320 22,320.00 980730
1086 10209752 FINCH GLORIA 49000 49,000.00 980731
1087 10209765 MERRILL DAN 133000 133,000.00 980731
1088 10209784 BROWN LOUIS 35840 35,840.00 980729
1089 10209787 MUDD MICHAEL 28425 28,425.00 980730
1090 10209800 WILLIAMS VERA 25500 25,500.00 980728
1091 10209801 ARCHDALE RICHARD E. 51200 51,168.91 980731
1092 10209807 BROWN EDITH 60000 59,976.15 980731
1093 10209825 STOBIE JANE K. 99000 98,933.43 980806
1094 10209846 ANDERSON FOREST L 72000 72,000.00 980731
1095 10209865 NEFF DANIEL R. 55250 55,250.00 980731
1096 10209895 JARQUIO LEON-ADLIA 59925 59,925.00 980731
1097 10209928 CARROLL WILLIE 351000 351,000.00 980724
1098 10209930 RODGERS GLENN 71250 71,230.71 980731
1099 10209935 SINES TONI L. 71200 71,200.00 980729
1100 10209972 DAY JOY 55500 55,500.00 980729
1101 10209977 SMITH DAVID 53950 53,950.00 980728
1102 10210014 COBB JOHN H. 110415 110,364.83 980804
1103 10210045 CAMPBELL DAVID B. 57400 57,400.00 980805
1104 10210059 WELSH AMBER 37600 37,600.00 980727
1105 10210069 ARRINGTON JOHN D. 42000 42,000.00 980803
1106 10210134 RAMSEY ANTHONY 31850 31,850.00 980803
1107 10210155 WRIGHT MELVIN J. 33750 33,750.00 980727
1108 10210174 PAGE MAXINE 39000 39,000.00 980731
1109 10210212 HIGHTER JUNIUS 68800 68,800.00 980805
1110 10210229 BENDUCCI MICHAEL 275000 274,815.10 980804
1111 10210267 HART RICHARD P. 125100 125,100.00 980731
1112 10210382 REIFSTECK WAYNE C. 81130 81,099.45 980805
1113 10210434 LEE KYE 156000 155,941.26 980803
1114 10210436 VALENTE JEFF 63200 63,173.49 980731
1115 10210439 COTTON KATHY R. 59200 59,200.00 980731
1116 10210482 RISTON ELLEN L. 92000 92,000.00 980729
1117 10210515 SAVRINE DAVID 88000 88,000.00 980807
1118 10210526 MESKERS THEODORE 131250 131,250.00 980805
1119 10210548 MARZARELLA MICHAEL 368000 368,000.00 980731
1120 10210558 IRELAND PAUL N. 69800 69,800.00 980731
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1121 10210580 ORTIZ LUCILA 33750 33,750.00 980803
1122 10210584 JOHNSON JOHN 65000 65,000.00 980803
1123 10210588 OUELLETTE DANIEL M. 53250 53,250.00 980731
1124 10210599 TURNBULL DAVID B. 180625 180,625.00 980804
1125 10211111 MENDOZA GUADELUPE 79702 79,702.00 980731
1126 10211112 PORTER ALBERT C 40000 40,000.00 980804
1127 10211135 LAMBERT KARLA A. 131750 131,750.00 980731
1128 10211215 PEREZ JR. RENE 139920 139,854.72 980730
1129 10211226 COOK EVA A. 33150 33,150.00 980805
1130 10211243 HOFF OREN 86250 86,250.00 980731
1131 10211265 BARRIOS ARMANDO 58800 58,714.50 980731
1132 10211277 MUELLER JOHN T. 95000 94,953.17 980807
1133 10211387 MILLER TERESA L. 36000 35,982.29 980804
1134 10211423 SALEM GAREEB 113900 113,900.00 980730
1135 10211468 BROWN MARIO 51800 51,800.00 980803
1136 10211476 VILORIA JR ROMEO 148000 147,930.95 980731
1137 10211480 NUNNALLY RODERICK 164000 164,000.00 980804
1138 10211505 PEREZ ARTURO 39000 38,986.04 980805
1139 10211510 OSBORN ERMA L. 105600 105,600.00 980729
1140 10211513 SCHREIBER SALLO 420000 420,000.00 980805
1141 10211521 PRINCE DARRELL W 123120 123,062.55 980731
1142 10211524 VILLANUEVA LEONARDO D. 26800 26,789.90 980807
1143 10211558 SARGENT ALVIN J. 53200 53,200.00 980731
1144 10211585 HAN HAI 145000 144,902.51 980810
1145 10212111 MELI SINAMA 102000 102,000.00 980805
1146 10212118 WALLACE GARY C. 44200 44,184.66 980731
1147 10212125 HARRIS GERALD E. 31200 31,200.00 980728
1148 10212130 DELOACH ANTHONY Q. 115200 115,200.00 980731
1149 10212171 BROWN SAMUEL 46000 46,000.00 980731
1150 10212173 WELLS MARTIN 76000 76,000.00 980731
1151 10212176 MIERA CARMEN T. 56000 56,000.00 980806
1152 10212190 KINERMAN SHERLEY 119000 119,000.00 980731
1153 10212230 STROUD JOSHUA 131250 131,250.00 980731
1154 10212271 CULP LEE ANN 83300 83,300.00 980731
1155 10212282 LA PERCHE DAVID J. 224000 223,883.87 980806
1156 10212301 FINGER KIRK 33800 33,787.27 980803
1157 10212307 GRAHAM PETER D. 34450 34,450.00 980731
1158 10212310 HICKMAN ROBERT 116250 116,250.00 980731
1159 10212319 BYARS JAMES 54400 54,400.00 980803
1160 10212336 JONES DONALD 75000 74,971.75 980805
1161 10212344 KENNEDY PETER 80750 80,750.00 980731
1162 10212345 FORBES MATTHEW H. 108000 107,952.12 980804
1163 10212348 LIPNICK GERI 70975 70,936.14 980730
1164 10212358 LANE SHERIE L. 104000 103,962.91 980731
1165 10212359 JOKINEN HELEN 148000 148,000.00 980731
1166 10212373 MONHEISER DAVID W. 171439 171,439.00 980731
1167 10212391 WRIGHT FRANK L. III 303000 303,000.00 980728
1168 10212404 JOHNSON DARRELL K. 111200 111,153.36 980805
1169 10212411 MAIN EARL F. 28000 27,991.53 980730
1170 10212446 COOK ROBERT E. 52000 51,971.54 980724
1171 10212447 CRIDER HAROLD 19000 19,000.00 980803
1172 10212450 CRAWFORD JOHNNY 104000 103,956.38 980731
1173 10212455 KEYES M.H. 76800 76,800.00 980731
1174 10212463 GLENN EDWARD 28000 28,000.00 980803
1175 10212464 LOVE MICHAEL J. 92000 92,000.00 980731
1176 10212510 DAVIS ANGIE 101700 101,663.65 980731
1177 10212511 ROCKWELL JAMES L. 89100 89,056.17 980731
1178 10212534 WATKINS JOHN 108715 108,715.00 980730
1179 10212537 DOYLE WANDA S. 92000 91,959.21 980731
1180 10212555 STRAWN MARTY 186300 186,300.00 980806
1181 10212559 ARPS CHRISTOPHER R. 26600 26,600.00 980730
1182 10212582 ALLIGOOD JULES 62910 62,890.93 980731
1183 10212586 NELSON DAVID M. 35700 35,700.00 980730
1184 10212587 JOHNSON JAMES 41200 41,200.00 980730
1185 10212602 HURST JAMES T. 276000 276,000.00 980804
1186 10212612 JOHNSON LEO I. 308000 308,000.00 980807
1187 10212644 JONES LARRY 106250 106,209.99 980731
1188 10212650 FEULNER ROBERT 54000 53,983.66 980803
1189 10212709 POSEN JOHN 74750 74,723.29 980806
1190 10213615 LEVESQUE MONIQUE 97750 97,701.91 980731
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1191 10213617 MITCHELL FERNANDO A. 152000 152,000.00 980731
1192 10213624 MOKUMOBI AUSTIN 37800 37,800.00 980731
1193 10213649 MOORE WILLIAM J. 80000 80,000.00 980804
1194 10213652 PESCHKA LAURIE 59500 59,444.92 980731
1195 10213662 WESTED SADIE 63000 63,000.00 980731
1196 10213671 TAYLOR SUSAN 99750 99,750.00 980803
1197 10213673 ROYAL CATHY 135145 135,145.00 980731
1198 10213692 HARRIS CHYRAL 120000 120,000.00 980731
1199 10213709 WALKER SR. KEVIN L. 120000 120,000.00 980803
1200 10213739 JACKSON DEUWAYNE 111650 111,612.30 980731
1201 10213794 DUTTON JOAN M. 90000 90,000.00 980731
1202 10213823 ERVIN KIMBERLY 97500 97,500.00 980731
1203 10213861 CRUZ FANNY 180000 180,000.00 980803
1204 10213892 COTHRON VYOYEN 168000 168,000.00 980805
1205 10213901 WELSCH TERRI 51100 51,100.00 980731
1206 10213926 WILSON WILLIAM 83200 83,171.91 980731
1207 10213982 HUNTER JIMMY 100800 100,800.00 980731
1208 10214053 KETTERMAN LARRY 22750 22,750.00 980803
1209 10214065 LINDENMUTH DAVID 29925 29,914.90 980806
1210 10215607 LAZAREV VARTAN 161100 161,100.00 980731
1211 10215611 BASSETT JEFFERY 110500 110,500.00 980731
1212 10215627 REYES MICHAEL P 300000 300,000.00 980805
1213 10215720 THOMPSON CLAUDE K. 183000 182,894.71 980731
1214 10215741 RAMOS ROSENDO 85500 85,500.00 980807
1215 10215796 ELLIS JAMES E. 54750 54,750.00 980731
1216 10215842 CANNATELLA LEON F. 97750 97,715.07 980731
1217 10216115 WATKINS JANICE 52000 52,000.00 980731
1218 10216147 LYNCH ROBERT W. 110500 110,500.00 980731
1219 10216154 LINSSEN TODD M. 88500 88,500.00 980731
1220 10216157 HADDEN MIKE K. 119700 119,700.00 980731
1221 10216174 FRANKLIN KENNETH 68327 68,327.00 980729
1222 10216178 BURIANEK DANIEL T. 82800 82,800.00 980729
1223 10216218 SHIELDS MIKE 46425 46,425.00 980731
1224 10216238 ALVEY JAN J. 104000 104,000.00 980731
1225 10216264 COLE SHARON L. 39000 38,877.56 980804
1226 10216272 SHAVER JOE J. 42000 41,984.99 980804
1227 10216277 NELSON JEFFREY A. 95400 95,362.08 980731
1228 10216285 SZUCS EMMA 205000 205,000.00 980731
1229 10216317 MILLER KATHLEEN 64500 64,500.00 980730
1230 10216325 CRENSHAW GWENDOLYN 106312 106,312.00 980806
1231 10216335 HORN JR. KENNITH E. 108000 107,952.12 980804
1232 10216349 CAMAHALAN WILFREDO 364500 364,500.00 980806
1233 10216351 GREINER RONALD E. 21000 21,000.00 980804
1234 10216367 FREEMAN JAMES 76000 76,000.00 980731
1235 10216381 COOK TERRY 40950 40,950.00 980731
1236 10216410 LINDSAY SHARON 46425 46,425.00 980803
1237 10216421 WARD JAMES 56000 55,978.92 980805
1238 10216428 PEARCE EZEKIEL 57000 56,976.10 980805
1239 10216435 WEILER DAVID H. 99200 99,200.00 980807
1240 10216461 VIRGIL VANESSA 43875 43,857.56 980731
1241 10216464 CONNER GLORIA A. 30375 30,375.00 980731
1242 10216547 NOSKO PATRICK 150000 149,926.21 980731
1243 10216551 HJORT CHRIS A. 44000 44,000.00 980805
1244 10216561 SMITH DARRYL 43778 43,778.00 980731
1245 10220120 FLAHERTY JR. MARTIN C. 108000 108,000.00 980803
1246 10220150 ALAMO JORGE 41600 41,600.00 980804
1247 10220223 HANSEN DENNIS E. 112500 112,435.27 980731
1248 10220255 BENTON JERMAIN 200000 200,000.00 980803
1249 10220354 GARCES BONIFACIO 152000 152,000.00 980731
1250 10220616 BORGES JOSH G 94775 94,748.62 980807
1251 10220732 CHAVEZ ANTHONY 126000 126,000.00 980807
1252 10220761 PURCELL JAMES 136000 135,929.49 980805
1253 10220826 WALKER KIP 135000 134,946.24 980731
1254 10087863 SYNDER HELEN R. 95390 94,751.67 971126
1255 10109224 DAVIDSON ROBERT M. 345950 345,950.00 980819
1256 10121313 NELSON THEODORE 44800 44,800.00 980818
1257 10136986 WILLIAMS ANTHONY C. 56000 56,000.00 980814
1258 10137317 COPLEA JERRY 89250 89,250.00 980814
1259 10145234 NEAL ANDREW TODD 108750 108,750.00 980811
1260 10145773 WALKER DAVID 51200 51,200.00 980807
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1261 10147658 WOODARD DANIEL J 103200 103,200.00 980813
1262 10149405 ZAPATA EDWARD S. 300000 300,000.00 980818
1263 10152216 SHRUM JESS 87920 87,920.00 980813
1264 10153104 ULMER DORIS 184000 184,000.00 980804
1265 10153204 AVELDSON STEVEN 79200 79,166.79 980731
1266 10155796 HILL KAREN 25350 25,350.00 980803
1267 10156744 RYAN SUSAN 71250 71,250.00 980818
1268 10158836 GUTIERREZ MARINA 57200 57,200.00 980818
1269 10160505 SOUCIE CHRISTIAN J. 46150 46,150.00 980813
1270 10160883 DAY SALLY A. 29400 29,400.00 980814
1271 10162467 SWEIGERT JONATHAN 167450 167,450.00 980817
1272 10162872 KORNIBE PETER 40000 38,750.81 980526
1273 10162996 GEE RUSSEL L. 78400 78,400.00 980807
1274 10163940 KOUBA DAVID 81900 81,900.00 980819
1275 10164024 GARNER STEVE 141000 141,000.00 980812
1276 10164025 BURNETT JULIAN DAVID 21000 21,000.00 980731
1277 10166284 HURLEY JEFFREY S. 34000 33,984.13 980804
1278 10166644 STERNLIEB LAURIE M. 120000 120,000.00 980814
1279 10167225 TRUEBLOOD SHARON K. 117600 117,600.00 980817
1280 10168573 WHEELER JOANN 120000 120,000.00 980819
1281 10173127 HAUS JEFFERY 83200 83,200.00 980803
1282 10173332 HALBOTH SUZANNE 78000 78,000.00 980807
1283 10173481 LIDY RONALD 47200 47,200.00 980812
1284 10175891 PYRON JONATHON K. 19500 19,500.00 980805
1285 10176042 KANG EUN HO 183750 183,568.14 980629
1286 10176972 LANE RALPH 47600 47,600.00 980817
1287 10177624 OBAZUAYE HECTOR 240000 240,000.00 980811
1288 10177735 RUPE RICK 183600 183,600.00 980818
1289 10177849 WHITE JOHN 165820 165,820.00 980814
1290 10177920 BELL MICHAEL 175200 175,200.00 980814
1291 10178346 BACH HEATHER 59250 59,250.00 980817
1292 10179160 ASKLIPIOUS SABRINA 75430 75,430.00 980810
1293 10179307 LANGFORD HERBERT 75000 75,000.00 980819
1294 10179652 DURANT BARBARA J 45500 45,500.00 980812
1295 10179677 CAMPBELL QUINCY 48750 48,750.00 980814
1296 10179738 BOZAI RAFIA 182400 182,334.82 980803
1297 10179890 NOWAK JULIE A. 137000 137,000.00 980817
1298 10179900 OBERHEIM ORRIE 89000 89,000.00 980814
1299 10179944 PRYOR RENEE 64000 64,000.00 980807
1300 10180045 GAGNON DOUGLAS L 62730 62,730.00 980810
1301 10180301 ERVIN KAREN 59200 59,138.37 980630
1302 10180414 FRAZIER DEREK W. 107950 107,950.00 980806
1303 10180770 GERSON BARRY J. 162000 161,821.98 980629
1304 10180942 CANDLER JEFFERY 151300 151,300.00 980807
1305 10180999 WATKINS JAMES 52500 52,500.00 980812
1306 10181304 FRAGNER WILLIAM K. 59925 59,925.00 980804
1307 10181749 CEPERO EUTIMIO 67150 67,150.00 980812
1308 10181792 TURNER LARRY 167400 167,400.00 980810
1309 10181870 SAGINARIO JONATHAN 87500 87,500.00 980814
1310 10181885 TORRES GABRIEL 34450 34,450.00 980806
1311 10181935 NABOZNY DENNIS 93000 93,000.00 980819
1312 10181962 PACHE BARBARA 50400 50,400.00 980807
1313 10181997 SMITH BOBBY 96750 96,750.00 980819
1314 10182004 BELL LARRY 140550 140,550.00 980810
1315 10182015 LUKE FLORENCE 134280 134,223.69 980729
1316 10182046 WOOLEY PAUL 49215 49,215.00 980806
1317 10182082 HARRIS GEORGE 52500 52,500.00 980814
1318 10182411 RIGGLE LISA 77850 77,850.00 980805
1319 10182530 RAMSEY CURTIS 37125 37,125.00 980806
1320 10184027 MOORE JAMES 39000 39,000.00 980812
1321 10184081 GUTHRIE NIMON 35925 35,911.47 980731
1322 10184308 TOPCHIAN LEVON 153600 153,600.00 980817
1323 10184520 FINELY ARLEEN H. 65450 65,450.00 980819
1324 10184628 NICKS KAWANA 62981.94 62,963.69 980731
1325 10185102 STRILCO MARK B 84750 84,725.75 980731
1326 10185134 TRICE SHELLY M 15050 15,050.00 980812
1327 10185243 POWELL LITTIE 37500 37,500.00 980803
1328 10185256 REEL DWIGHT H 26000 26,000.00 980803
1329 10185309 MAXSON DAVID M 39200 39,200.00 980817
1330 10185375 COPELAN EDWARD 49500 49,500.00 980807
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1331 10185416 SMITH LUCINDA I 29200 29,200.00 980812
1332 10185417 RUTHERFORD LYNISE 18850 18,850.00 980804
1333 10185426 DIMITROPOULOS PANAYIOTES 200000 200,000.00 980811
1334 10186202 BUSH MICHAEL J. 108750 108,750.00 980814
1335 10186450 HOPKINS MARY 23000 23,000.00 980811
1336 10186470 STEARNS B.D. 44200 44,200.00 980804
1337 10186477 RAVINS STEPHEN S. 489300 489,300.00 980819
1338 10187114 BUCHANAN MARLON 90961.84 90,845.41 980626
1339 10187248 EL DIANE L. 31460 31,460.00 980807
1340 10187284 WARD JAMES E 28050 28,050.00 980806
1341 10187304 STEEN DOROTHY M 46800 46,800.00 980811
1342 10187350 WHITE JR. ROBERT D 30000 30,000.00 980818
1343 10187362 HARPER WARREN 187500 187,500.00 980810
1344 10187401 JORDAN EDDIE C. 21600 21,593.50 980731
1345 10187664 HENLINE PEGGY 106250 106,250.00 980814
1346 10189223 PARKER DONNIE 92700 92,700.00 980818
1347 10189424 PERRY HAZEL L. 50150 50,150.00 980813
1348 10189587 FITZGERALD JAN 155250 155,250.00 980818
1349 10190650 ROCKSON GEORGINA 168750 168,635.51 980630
1350 10190670 NOVAK KELLY 87550 87,550.00 980803
1351 10190807 SANTMYER JOHN 110000 110,000.00 980804
1352 10190900 BYRNE JAMES 192000 192,000.00 980813
1353 10190988 MARQUES LUIS 108000 108,000.00 980814
1354 10191169 KNOX ANNA M 105700 105,700.00 980818
1355 10191391 PRIMAKY EUGENE 111600 111,600.00 980814
1356 10191452 HENDRICKS SHIRLEY 216750 216,750.00 980817
1357 10191508 STARK WENDY A. 66500 66,500.00 980817
1358 10191630 TURMEL KARINE 106200 106,200.00 980814
1359 10192253 YOREK ROBERT B 27200 27,200.00 980814
1360 10192313 AYNESWORTH-DAVI ALLYSON 59500 59,500.00 980807
1361 10192433 REED MARK E 250750 250,750.00 980818
1362 10192581 MARTINEZ PORFIRIO G. 48750 48,725.96 980728
1363 10192637 HANSEN DARROL 106250 106,250.00 980817
1364 10193242 YENSEN SHANE G. 73100 73,100.00 980814
1365 10193250 LOUALLEN PATRICIA 127500 127,386.47 980630
1366 10193266 GIBBENS JAN 70200 70,127.36 980630
1367 10193282 DIETER CALLIE 38150 38,125.49 980625
1368 10193479 HUNTER MARK 76050 76,050.00 980818
1369 10193634 JORDAN RONALD 348300 348,300.00 980814
1370 10193739 STACY DAVID 204000 204,000.00 980812
1371 10193799 STEVENS RON 261000 261,000.00 980813
1372 10193830 RUIZ LAURA 229500 229,500.00 980804
1373 10193870 PARUNGAO KATHRINA 136977 136,977.00 980814
1374 10193875 MAGANA RIGOBERTO 75000 75,000.00 980811
1375 10193923 CUSTODIO ARABELLA 139500 139,500.00 980814
1376 10193940 BEYLIK MELODIE 171000 171,000.00 980813
1377 10194008 DILLON JR. EDGAR 215900 215,900.00 980818
1378 10194012 JONES JOHN 315000 315,000.00 980811
1379 10194017 BOZZO GREGORY 93200 93,200.00 980806
1380 10194023 FAIR REGINALD 251200 251,200.00 980813
1381 10194048 DILLON DAN 86250 86,250.00 980810
1382 10194059 AGBUYA RAYMOND 224000 223,895.49 980810
1383 10194072 HOWARD NICOLE 78750 78,721.86 980804
1384 10194099 FUQUA ANTHONY J. 90400 90,400.00 980819
1385 10194178 SEBERT JR. LOUIS P. 62000 62,000.00 980818
1386 10194221 ATKINSON KEVIN S 32500 32,500.00 980819
1387 10194254 GAVIN JAMES A. 36400 36,400.00 980803
1388 10194289 PERKINS TIMOTHY 35000 35,000.00 980818
1389 10194312 BLACKWELL WILLIE L. 32000 32,000.00 980811
1390 10194327 RETLAND WILLIE J. 15800 15,800.00 980817
1391 10194346 PHELPS RANDALL A. 32500 32,391.15 980731
1392 10194357 EMOND MICHAEL 433500 433,500.00 980818
1393 10194358 HOWARD LARRY 24750 24,750.00 980803
1394 10194365 VELGUTH GEORGE C 104250 104,250.00 980810
1395 10194399 PACKHEISER KENNETH M. 51000 51,000.00 980807
1396 10194406 ARLANDSON MICHAEL H 120600 120,600.00 980807
1397 10194454 DODD KIMBERLY A. 48000 48,000.00 980803
1398 10194493 ZIOLKOWSKI BRIAN P 56000 56,000.00 980814
1399 10194509 DAY DAWN L 65800 65,800.00 980812
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1400 10194528 BROWNE RICHARD F. 51800 51,800.00 980817
1401 10194532 BRIGHAM ERIN 116025 116,025.00 980806
1402 10194533 EVANS DARTHIA A 35250 35,250.00 980803
1403 10194559 CHRISTIANSON RONALD L 163150 163,150.00 980807
1404 10194566 JOHNSON GRAYLING 68000 68,000.00 980814
1405 10194577 HOLLIDAY THOMAS R. 54000 54,000.00 980803
1406 10194584 JONES DAVID M. 30924 30,924.00 980807
1407 10194587 FROST JEFFERY L 35000 35,000.00 980807
1408 10195624 HAHN RICHARD 127500 127,500.00 980817
1409 10195697 LORMEUS GESTIN 69675 69,675.00 980810
1410 10195736 GUERRIERO VINCENT 156000 156,000.00 980810
1411 10195812 WALLACE JOHN 131200 131,200.00 980811
1412 10195842 BARD SHARON 114000 114,000.00 980812
1413 10195926 CLARK-WILSON MADELINE 186000 185,929.97 980729
1414 10195940 KEITH KENNETH R. 84500 84,500.00 980812
1415 10195977 BORDEAU THOMAS P. 35000 35,000.00 980818
1416 10195990 SMALL BERTHA 44250 44,250.00 980813
1417 10196036 AMADO LINDA 236385 236,385.00 980814
1418 10196090 SOMOGYI EUGENE 183750 183,750.00 980812
1419 10196896 HALL ERIN D. 60000 60,000.00 980805
1420 10196914 DELGADO TRACEY A. 85600 85,561.31 980804
1421 10197296 JONES TONY TYRONE 125550 125,550.00 980814
1422 10197566 BOONE TERRENCE A. 300000 300,000.00 980814
1423 10197616 EDMONDSON JEFFREY 82500 82,500.00 980817
1424 10197645 CALVO MARCO A. 172000 172,000.00 980810
1425 10197667 THOMPSON THERON 79650 79,650.00 980810
1426 10197679 COLLINS EVA M. 224000 224,000.00 980807
1427 10197700 LY JAY 160000 160,000.00 980812
1428 10197762 WILLIAMS HARRIET A. 64400 64,375.70 980813
1429 10197767 DUNN DANIEL A. 68800 68,691.53 980814
1430 10197811 BELL MAX 230000 230,000.00 980810
1431 10197821 STINSON TARNETTA 37825 37,825.00 980811
1432 10197825 GARCIA SAMUEL 442000 442,000.00 980731
1433 10197826 KING ANTHONY J. 97750 97,750.00 980812
1434 10197845 TRUITT STEWART E. 110700 110,700.00 980812
1435 10197850 TREMARCO ANTHONY 90000 90,000.00 980805
1436 10197868 REEVE ALEXANDER T. 70700 70,700.00 980811
1437 10197883 SINGLETON STACEY L. 116000 116,000.00 980812
1438 10197931 ANDERSON SANDRA T. 43350 43,350.00 980811
1439 10197934 CROOKS JOE 81000 80,971.11 980804
1440 10197964 TAYE DANIEL 180000 180,000.00 980814
1441 10197967 THOMAS FRED L 86000 86,000.00 980810
1442 10197968 KEY ROBERT E. 140000 140,000.00 980813
1443 10197969 KIDDER MARK A. 64500 64,500.00 980819
1444 10197972 SCOTT ADRIANE A. 199500 199,500.00 980807
1445 10197977 LUCERO MANUEL 90000 89,945.47 980804
1446 10197979 PERELLI SERGIO 141675 141,675.00 980813
1447 10197994 BISHOP LOIS B. 48750 48,750.00 980811
1448 10198030 WERNER NICHOLAS K. 86700 86,700.00 980819
1449 10198060 MERSHON UNA L. 199750 199,750.00 980813
1450 10198068 KNOWLTON JOSEPH T. 189520 189,520.00 980810
1451 10198071 SNOOK MELVIN E. 256500 256,500.00 980813
1452 10198084 WALLER DOUG M. 128000 128,000.00 980813
1453 10200622 HEARN DAVID 45000 45,000.00 980813
1454 10200625 ROSENTHAL NORMAN 85000 85,000.00 980812
1455 10200680 MORRIS WILLIAM 108550 108,550.00 980819
1456 10200691 BARNHILL KENNETH 129625 129,625.00 980807
1457 10200734 BRADY WILLIAM 58650 58,650.00 980817
1458 10200798 HENDERSON FAY 200000 200,000.00 980812
1459 10200852 HOMAN SUSAN 44000 44,000.00 980812
1460 10200859 WILSON ROBERT 32500 32,500.00 980812
1461 10201002 RICHARD STEVEN 53900 53,900.00 980804
1462 10201019 POTVIN ROGER 73430 73,430.00 980813
1463 10201046 SLINGER PAUL 25600 25,600.00 980812
1464 10201047 VOGT JOHN 95000 95,000.00 980807
1465 10201207 BURNS ELLEN 21000 21,000.00 980807
1466 10201337 WHILEY TROY A. 28800 28,800.00 980814
1467 10201407 MILLER GARY R. 118632 118,576.65 980728
1468 10201459 DOMINICK CARLOS 108000 108,000.00 980812
1469 10201463 ADAMSON RANDY E. 49350 49,350.00 980806
1470 10201486 GORMAN DONNA E. 72800 72,731.78 980630
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1471 10201520 MENDOZA GLORIA F 78593 78,593.00 980731
1472 10201562 MEZENSKI LESLIE G 118438 118,438.00 980731
1473 10201581 POWELL JAMES 54400 54,400.00 980812
1474 10201652 ECKHOLM CHERYL LYNN 220800 220,712.06 980731
1475 10201870 ALDA VICKI SUE 83850 83,850.00 980814
1476 10201904 FERGUSON ANGELA FORD 119200 119,200.00 980817
1477 10201953 REEDY JOHNNIE 679000 679,000.00 980812
1478 10202067 GARRISON SR. WILLIE M. 37500 37,500.00 980804
1479 10203613 DAVIS CLYDE 50000 50,000.00 980812
1480 10203630 CHERESKO MARILOU 79200 79,200.00 980818
1481 10203672 VEGA-CERCER HECTOR P. 51750 51,750.00 980818
1482 10203689 SALAS DEBBIE R. 70800 70,800.00 980818
1483 10203693 FEIOCK WADE 70320 70,320.00 980814
1484 10203701 JAMES GREGORY K. 89600 89,600.00 980812
1485 10203716 BERGSRUD RHONDA A. 117560 117,560.00 980813
1486 10203771 BATEN MANUEL 96000 96,000.00 980811
1487 10203812 ULLOA DANIEL 64000 64,000.00 980819
1488 10203819 MURRIETA MARTIN 63900 63,900.00 980812
1489 10203897 CAVANAUGH CHRIS E. 135000 135,000.00 980807
1490 10203900 MONTANARI CRAIG 133000 133,000.00 980811
1491 10203937 LAW JULIE 49100 49,100.00 980811
1492 10203981 CARLSEN CLAUDIA M. 89600 89,600.00 980818
1493 10203987 MEYER SHARON 136000 136,000.00 980819
1494 10204017 GOSSEN JEFFRY P 106650 106,650.00 980814
1495 10204040 MARTINEZ BAUTISTA 80231 80,231.00 980811
1496 10204100 MOROYOQUI NORMA 96000 96,000.00 980810
1497 10205682 FRANSON JAMES 46750 46,750.00 980818
1498 10205707 CYBULSKI GLENN 249600 249,600.00 980819
1499 10205794 SOEHL PATRICK 126562 126,562.00 980812
1500 10205809 LAFONT PAT 213775 213,775.00 980810
1501 10205819 MURPHY PAUL A 83990 83,990.00 980807
1502 10205870 STREETER ABRAHAM 131250 131,250.00 980810
1503 10205881 BRYANT MAE WILL 70490 70,490.00 980807
1504 10205883 TROUT MICHAEL D 91190 91,190.00 980731
1505 10206016 HILLS JAMES 44000 44,000.00 980817
1506 10206050 COUNCIL LLOYD 45000 44,982.11 980731
1507 10206055 GRIFFIN MICHAEL 84800 84,800.00 980817
1508 10206057 JENSEN RENEE 117500 117,500.00 980814
1509 10206072 GARCIA JOHN 68000 68,000.00 980811
1510 10206139 SATZ BRETT 62000 62,000.00 980810
1511 10206182 HAYES KELVIN 50000 50,000.00 980817
1512 10206189 MITCHELL MARY 53900 53,900.00 980817
1513 10206229 MCCRAY MICHAEL 51200 51,184.48 980803
1514 10206234 FARKAS JOHN 118400 118,400.00 980811
1515 10206235 DIAZ MIRIAM 49600 49,600.00 980810
1516 10206242 HOLLAND WILLARD 58800 58,800.00 980810
1517 10206245 HANSE DAVID 25000 24,798.19 980730
1518 10206252 WATKINS TERRY 46875 46,875.00 980803
1519 10206258 LARGENT PAM 36105 36,105.00 980810
1520 10206260 CLARK MICHELLE 83000 83,000.00 980806
1521 10206265 CHRISTIAN GRACE 93500 93,500.00 980804
1522 10206270 VANCE DEBBIE 69700 69,700.00 980811
1523 10206283 WATSON CLARENCE 66625 66,625.00 980811
1524 10206299 JOSEPH MAX 58400 58,400.00 980812
1525 10206302 GIOVANNETTI CLEMENTINE 197375 197,375.00 980811
1526 10206314 MARGISON BRUCE 40800 40,800.00 980806
1527 10206323 FERGUSON JOSEPH 51800 51,800.00 980814
1528 10206324 STONE SHARON 110925 110,925.00 980807
1529 10206328 MOSIMAN CHARLES 64000 64,000.00 980814
1530 10206334 GRASS KENNETH 307000 307,000.00 980806
1531 10206336 JEFFERSON JAMES 28700 28,700.00 980807
1532 10206341 LEE JOAN 72800 72,800.00 980810
1533 10206347 MOULTRIE ELISHA 77600 77,600.00 980807
1534 10206358 GRIER REUBEN 62910 62,910.00 980812
1535 10206360 OLSON DAVID 37700 37,700.00 980807
1536 10206363 WILSON BRIAN 31200 31,200.00 980810
1537 10206366 DOWNING BRIAN 81600 81,600.00 980814
1538 10206367 TOLBERT BARBARA 29250 29,250.00 980811
1539 10206368 MULLINGS ALPHANSO 63920 63,920.00 980813
1540 10206376 BRANDENBURG KEVIN 34875 34,875.00 980817
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1541 10206381 JENKINS GERALDINE 65450 65,450.00 980812
1542 10206383 WADSWORTH ANDREW 99200 99,200.00 980811
1543 10206398 DEMETRIADES GEORGE 97600 97,600.00 980812
1544 10206407 LYNCH JACQUELINE 247992 247,992.00 980810
1545 10206408 TRAINA GENO 123750 123,750.00 980818
1546 10206409 KYEI KENNEDY 78300 78,300.00 980811
1547 10206414 PERSER MARIE 130000 130,000.00 980810
1548 10206417 ORTIZ RAUL 46750 46,750.00 980807
1549 10206421 ANDERSON SHERRY 247500 247,500.00 980817
1550 10206431 TAYLOR RAKIEM 59600 59,600.00 980818
1551 10206435 CASADEMONT JUAN 98400 98,400.00 980807
1552 10206437 SPINA ROSEMARY 26000 26,000.00 980812
1553 10206438 BRYAN JERRY 35000 35,000.00 980818
1554 10206439 WOODARD DONNIE 45000 44,981.25 980804
1555 10206440 ANDERSON BARRY 121600 121,600.00 980819
1556 10206447 MCFADDEN TORRENCE 38400 38,400.00 980805
1557 10206454 GAIBOR JOSEPH 83884 83,884.00 980810
1558 10206472 FESPERMAN DONNIE 59400 59,400.00 980817
1559 10206473 BELL MICHAEL 43916 43,916.00 980817
1560 10206475 BATSON CHRISTOPHER 71315 71,315.00 980810
1561 10206486 JUBY BRENDA 177650 177,650.00 980819
1562 10206499 PRIETO CARLOS 53300 53,300.00 980806
1563 10206520 WILLIS OLIN 35000 35,000.00 980814
1564 10206524 BAFFORD CAROL 49500 49,500.00 980818
1565 10206535 DILL DAVID 93600 93,600.00 980819
1566 10206539 BAIN ANTHONY 32500 32,500.00 980817
1567 10206540 STEWART JAMES 66300 66,300.00 980818
1568 10206544 GRESHAM FALONZA 49600 49,600.00 980812
1569 10206551 VENTERS RICHARD 109600 109,600.00 980817
1570 10206558 STEWART JOANN 46400 46,400.00 980814
1571 10206566 HOLCOMBE STEVEN 53300 53,279.93 980818
1572 10206567 DAVISON RICHARD 40000 40,000.00 980817
1573 10206574 SUTHERLAND RONALD 63000 63,000.00 980814
1574 10206585 AGUILERA KRISTI 77000 77,000.00 980814
1575 10206589 BHOLA NAGASAR 43650 43,650.00 980814
1576 10206598 RENDA JOSEPH 58000 58,000.00 980814
1577 10206664 BRUNELLE JR. DAVID L. 146200 146,200.00 980814
1578 10206671 MOHAN-BOSQUET ROBIN 57500 57,500.00 980814
1579 10206736 COX GEORGE 60800 60,800.00 980817
1580 10206746 HALL DOROTHY B. 54800 54,800.00 980814
1581 10206779 BARRY MATTHEW 207900 207,900.00 980803
1582 10206839 CORRADO ANTHONY 173145 173,145.00 980814
1583 10206846 KATON JOHNATHON 91800 91,800.00 980807
1584 10206864 KARLIN ERIC J. 45000 45,000.00 980810
1585 10206871 MOSCHEN CHRISTOPHER 119850 119,803.63 980731
1586 10206909 COYLE JOHN 29040 29,040.00 980814
1587 10206923 HEADLEY IDA 191250 191,250.00 980814
1588 10206977 MAYO MICHAEL 61200 61,179.90 980731
1589 10207005 MOORE LINDSEY 60000 60,000.00 980817
1590 10207049 RANSIER CHERYL 188500 188,500.00 980803
1591 10207160 STANFIELD SIDNEY 49000 49,000.00 980812
1592 10207317 WALLACE HARLOWS.L 53550 53,550.00 980811
1593 10207326 MARIACHER RICHARD J 28000 28,000.00 980812
1594 10207351 STRACHAN DEBRA 33000 33,000.00 980819
1595 10207448 MACLEOD RICHARD H. 206250 206,250.00 980811
1596 10207527 ISAAC HUGH 59500 59,500.00 980814
1597 10207553 PALFREY ROBERT 61155 61,124.91 980730
1598 10207567 CLAY DEE ANNA 55800 55,800.00 980805
1599 10207602 MORENO CRISPIN 77400 75,980.00 980804
1600 10207604 BARBOUR MARK 50750 50,750.00 980810
1601 10207606 CULTON VIRGINIA I. 59500 59,500.00 980810
1602 10207659 GILMER JAMES L. 53000 53,000.00 980807
1603 10207660 BAKER PAMELA A 28000 28,000.00 980807
1604 10207672 CAMPBELL TEATTE B 25675 25,665.33 980807
1605 10207675 NEGRON HENRY Y. 104000 104,000.00 980805
1606 10207691 JACKSON LARUE F. 52000 52,000.00 980803
1607 10207711 KOSIOREK TIM 23500 23,500.00 980818
1608 10207725 FREDERICK JR. ELIJAH 44000 44,000.00 980818
1609 10207743 FRIEDBERG JOHN R. 380000 380,000.00 980810
1610 10207755 RODGERS WILLIAM C 74700 74,700.00 980818
1611 10207759 ISAAC ROD 65250 65,250.00 980810
1612 10207760 FULTON MARK 34500 34,500.00 980805
1613 10207768 NAPOLI JOAN T 165000 165,000.00 980814
1614 10207779 ANDERSON JEFFREY G. 57000 57,000.00 980806
1615 10207793 FEARMAN DARRYL E. 36000 36,000.00 980818
1616 10207798 DEGG DANIEL P. 23000 23,000.00 980805
1617 10207821 DAVIS JEFFREY L. 37600 37,600.00 980811
1618 10207825 GLASCOCK CHERYL L 41250 41,250.00 980810
1619 10207867 BUTCHER TRIZA L. 39860 39,860.00 980818
1620 10207879 EDWARDS JOHN M. 65450 65,450.00 980813
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1621 10207885 BRICE RACHEL A. 35000 35,000.00 980819
1622 10207893 LEDESMA GILBERT V 193500 193,500.00 980805
1623 10207906 BOSWELL DREENA 61250 61,250.00 980804
1624 10207908 JETER DARRYL R 42250 42,250.00 980812
1625 10207913 KOPROWSKI ROBERT M. 118800 118,800.00 980810
1626 10207915 MAYS TALVIN J 40800 40,800.00 980803
1627 10207928 STROTHER JACQUELINE 36000 36,000.00 980819
1628 10207936 EVANS DAVID 97200 97,200.00 980819
1629 10207937 COOPER JR. FRED 89250 89,250.00 980814
1630 10207964 RYAN CHRIS D. 35200 35,200.00 980818
1631 10207967 LOCKWOOD KEITH W. 44800 44,800.00 980813
1632 10207973 NELSON BRIAN C. 67200 67,200.00 980810
1633 10207978 FILIPOWICZ MARK F. 28000 28,000.00 980813
1634 10207981 MATTINGLY II PAUL EDWARD 42000 42,000.00 980807
1635 10207983 SMITH KENNETH W. 36050 36,050.00 980819
1636 10207989 MOREHOUSE ANTHONY B. 274000 274,000.00 980812
1637 10207999 CAUDILL DOUGLAS 90750 90,750.00 980807
1638 10208000 FLOREZ MARANDA J. 39000 39,000.00 980813
1639 10208002 PINEAU DONALD A. 38675 38,675.00 980817
1640 10208014 ROBERTS JACKIE 37200 37,200.00 980807
1641 10208015 LAWSON WILLIAM E. 39950 39,950.00 980817
1642 10208018 JOHNSTON STEPHEN D. 47625 47,625.00 980806
1643 10208028 REDMOND FREDERICK A. 215900 215,900.00 980818
1644 10208034 POOLE SHIRLEY D. 26000 26,000.00 980814
1645 10208042 DAWSON SR. DANIEL R. 52800 52,800.00 980819
1646 10208043 MENCEL EUGENIUSZ 86250 86,250.00 980813
1647 10208044 LAWS DENISE 48000 48,000.00 980811
1648 10208053 ELLIOTT BRENDA 30800 30,800.00 980819
1649 10208058 MARSHALL III WAYMON 41250 41,250.00 980812
1650 10208078 LEIGH-BYERS CAROLE 108375 108,375.00 980812
1651 10208086 UPSHAW CAROL L. 44200 44,200.00 980814
1652 10208094 PORTEN DONALD 100000 100,000.00 980818
1653 10208189 CYPHER ARLENE 94250 94,250.00 980812
1654 10208239 GUERRERO JOSE 48579.62 48,579.62 980818
1655 10208430 RANDOLPH GEORGE 94498.35 94,498.35 980818
1656 10208593 SCHIOPU MARIO 199901.62 199,901.62 980818
1657 10208658 GONZALES MANUEL 217500 217,500.00 980812
1658 10208707 DEO BRIJ 211883.96 211,883.96 980818
1659 10208756 CONATY PETER 328000 328,000.00 980819
1660 10208827 COTTEN JOHN 79600 79,600.00 980814
1661 10208838 MUNOZ MIRIAM 86250 86,250.00 980819
1662 10208853 WILSON JAMES 64400 64,400.00 980817
1663 10208862 POLEJEWSKI PAMELA 53600 53,600.00 980814
1664 10208915 ABDEL-RAZEK AHMED 87000 87,000.00 980817
1665 10209074 DIAZ GABRIEL 76500 76,500.00 980819
1666 10209107 TAMAYO HERNANDO 314500 314,500.00 980811
1667 10209139 MILES TERRY L. 52000 51,965.81 980729
1668 10209252 POWELL CHARLES 202500 202,500.00 980813
1669 10209280 RENARD SANDRA 98400 98,400.00 980814
1670 10209285 WILSON LUTHER 143500 143,500.00 980814
1671 10209342 WIENBERG STEVEN 240000 240,000.00 980817
1672 10209348 KIENEN/STAMISON KIKI 58500 58,500.00 980818
1673 10209407 WOOD JACK 66725 66,725.00 980818
1674 10209484 HYDE AMY E. 125910 125,910.00 980817
1675 10209524 HARTLEY BILLY 79475 79,475.00 980810
1676 10209628 DOCKWIELER RHONDA 59000 59,000.00 980812
1677 10209699 MACK MAUREEN L. 111703 111,703.00 980731
1678 10209733 WEBER WILLIAM 84000 83,900.00 980817
1679 10209739 SNIDER EVERETT 31875 31,866.12 980728
1680 10209743 BUTTARS DENNIS 104000 104,000.00 980813
1681 10209757 HAMIT DARWIN 40250 40,250.00 980818
1682 10209772 RIGLI DONALD 74750 74,750.00 980818
1683 10209792 TORRES GILBERTO M 83290 83,290.00 980731
1684 10209827 PRATHER LEARA 53125 53,125.00 980812
1685 10209862 BALLARD SR. ROBERT D. 82400 82,367.25 980731
1686 10209864 WEBSTER JAMES K. 136000 135,959.98 980731
1687 10209868 SHAW LINDA M. 114665 114,665.00 980810
1688 10209873 LUCHTERHAND CARL 123200 123,151.04 980731
1689 10209892 SMITHDORSEY PEGGY S. 104540 104,540.00 980731
1690 10209908 MOSLEY MARION B. 94000 94,000.00 980807
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1691 10209922 FERGUSON MICHELLE 144000 144,000.00 980813
1692 10209966 ROBERTS RAYMOND L. 375000 375,000.00 980819
1693 10209978 BROOKINS STEPHEN 76415 76,415.00 980818
1694 10210007 THACKER JOSEPHINE 110444 110,382.41 980731
1695 10210011 IWATA CHIEKA 140238 140,238.00 980731
1696 10210038 SHEPRARD TIMOTHY O. 101250 101,250.00 980814
1697 10210040 WILLIAMS GUY 34000 34,000.00 980804
1698 10210060 ROGERS JAY 101575 101,575.00 980817
1699 10210065 BELL JERRY 31450 31,450.00 980812
1700 10210110 DALE BRIAN F. 51850 51,850.00 980811
1701 10210125 REGAN KERI A. 228750 228,750.00 980804
1702 10210127 PATEL SAVITA 138000 138,000.00 980807
1703 10210130 SHACKFORD JAMES 83200 83,200.00 980810
1704 10210146 MEUSE, JR. JOSEPH 40600 40,600.00 980804
1705 10210147 CHAITKIN JOSEPH D. 129750 129,750.00 980814
1706 10210152 GUTZMER MYRIAM 49400 49,400.00 980803
1707 10210160 JONES DESPIE 114750 114,750.00 980805
1708 10210275 EMERSON LISA 52800 52,800.00 980805
1709 10210288 THOMPSON NOLAN 84950 84,950.00 980810
1710 10210294 STEMPLE JAMES L. 45500 45,500.00 980819
1711 10210295 PEREZ RAYMOND 40000 40,000.00 980803
1712 10210301 TEDESCHI GERARD 172250 172,250.00 980805
1713 10210333 REDDY STEVEN 86450 86,450.00 980819
1714 10210337 FOURNIER JAMES E. 45000 45,000.00 980813
1715 10210342 DUELL MARCIA 168000 168,000.00 980810
1716 10210357 WALKER GLENWOOD 126000 126,000.00 980819
1717 10210367 TETA ROBERT 80750 80,750.00 980810
1718 10210399 DEJONGE DANIEL 208000 208,000.00 980818
1719 10210413 LANDON HARLINE 144000 144,000.00 980817
1720 10210425 DELLIMORE ANDREW 118800 118,800.00 980807
1721 10210431 THEODORIDES BLANCA J. 91400 91,400.00 980810
1722 10210460 LACORCIA EDWARD J. 120000 120,000.00 980817
1723 10210475 KWIATKOWSKI DANIEL 65000 65,000.00 980819
1724 10210478 SENATO VALERIE 75000 75,000.00 980812
1725 10210507 LAMM HAROLD 266887 266,887.00 980814
1726 10210511 LAWSON BRADLEY N. 55250 55,250.00 980819
1727 10210552 FEASTER LINDA 48000 48,000.00 980817
1728 10210566 CONKLIN RICHARD 101250 101,250.00 980807
1729 10210571 SARGO LEONARD M. 59600 59,600.00 980818
1730 10210587 CANNON MARGARET 57000 57,000.00 980803
1731 10211107 OLDS CAROLYN KAY 31200 31,200.00 980807
1732 10211131 BRUNO GEORGE 69700 69,700.00 980810
1733 10211207 RAZO CARLOS 151200 151,200.00 980817
1734 10211283 WILLIS JOSEPH T. 62800 62,770.70 980804
1735 10211298 MULLIN DANIEL C. JR 52000 52,000.00 980814
1736 10211339 WILLIAMS ANTHONY 122000 122,000.00 980812
1737 10211386 GREENHAW JERRY 30400 30,400.00 980818
1738 10211403 THOMAS LARNCH 56000 56,000.00 980813
1739 10211408 GLEASON PAULINE L. 78750 78,750.00 980817
1740 10211421 OUTLAW EFFIE 82225 82,225.00 980819
1741 10211428 HILDERBRANDT MARGARET A 94000 94,000.00 980819
1742 10211436 STIVES BARBARA 99400 99,400.00 980817
1743 10211443 BROWN SUSAN C 144000 144,000.00 980817
1744 10211444 CERDA LUIS 80000 80,000.00 980811
1745 10211466 MYERS HOWARD L. 36450 36,432.99 980804
1746 10211494 SMITH BOB H 50400 50,400.00 980810
1747 10211538 ANDREWS JOE R 63700 63,700.00 980807
1748 10211568 BARRERA DOLLY ANN 148950 148,950.00 980813
1749 10211651 MOIMOI PAEA I. 112760 112,760.00 980814
1750 10211659 KADAR ARTHUR 172000 172,000.00 980814
1751 10211686 WHITE DAVID B. 106500 106,500.00 980818
1752 10211693 PUHR RORY M. 63800 63,800.00 980817
1753 10211694 GERVIN JUDITH L. 191200 191,200.00 980818
1754 10211700 CANTON JAMES P. 52657 52,657.00 980819
1755 10212116 HALL ANDRE 43180 43,180.00 980818
1756 10212157 JOHNSON STANLEY 59000 59,000.00 980813
1757 10212174 SCHWAB DINA 80100 80,100.00 980814
1758 10212182 THAMES ALVERINE 107525 107,525.00 980813
1759 10212288 SCHROTH RANDY SCOTT 93500 93,500.00 980810
1760 10212346 DAVIS STEPHEN B. 33750 33,750.00 980818
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1761 10212350 THOMPSON KATHRYN M. 72675 72,675.00 980813
1762 10212389 TRAUGHBER MICHAEL R. 19600 19,600.00 980807
1763 10212413 WHITMORE DAVID W. 63000 63,000.00 980819
1764 10212415 NOWAK EDWARD V. 97740 97,740.00 980731
1765 10212465 FINCH CAROLYN 27000 27,000.00 980805
1766 10212474 HARPER DEANNA L. 51040 51,040.00 980814
1767 10212485 CHING STACEY 135990 135,990.00 980807
1768 10212518 KVEINIS LEROY 98250 98,250.00 980812
1769 10212545 HARMON CHELSIE 30000 30,000.00 980807
1770 10212583 MILLER RUTH ANN 95988 95,988.00 980814
1771 10212585 MCCANDLESS MARK L. 94388 94,388.00 980807
1772 10212619 BULMAN III THOMAS M 139500 139,500.00 980813
1773 10212629 REECE, JR. ROBERT 67125 67,125.00 980814
1774 10212633 WISE CHARLES A 83200 83,163.11 980731
1775 10212667 HARMON ROBERT C 52000 52,000.00 980806
1776 10212707 PISHOTTA SHARON 86400 86,400.00 980811
1777 10212708 WOODS CLINTON 86400 86,400.00 980807
1778 10212710 BRIGHT ALAN H. 125600 125,600.00 980811
1779 10212716 ELLIOTT KEVIN J. 164700 164,700.00 980811
1780 10212730 FERGUSON DALE R. 58400 58,400.00 980804
1781 10212744 DIGGS RENEE K. 96800 96,800.00 980817
1782 10212789 DOMINGUEZ R. NORMAN 225000 225,000.00 980811
1783 10212804 VILLA JOHN M. 141250 141,250.00 980812
1784 10212825 GRAHAM EDWARD 191250 191,250.00 980818
1785 10212844 EPPERSON BRANDON L. 111770 111,770.00 980818
1786 10212927 GORDON CRAIG 166950 166,950.00 980819
1787 10213665 HUNTER BRIAN 34100 34,100.00 980804
1788 10213728 PAPSUN BRIAN L. 37700 37,700.00 980807
1789 10213732 JACOBSON MICHAEL 411000 411,000.00 980818
1790 10213736 MCGRAW MARTHA 87425 87,425.00 980811
1791 10213812 OTTO DAVID 55250 55,250.00 980812
1792 10213822 FELIX MARIA 196800 196,712.93 980731
1793 10213852 JENSON CHARLES 73450 73,450.00 980810
1794 10213893 HALL MICHAEL E. 39000 39,000.00 980807
1795 10213899 SANDERS JR. JAMES H. 65025 65,025.00 980812
1796 10213958 PUTNUM TERESA 52000 52,000.00 980818
1797 10213981 TERRY CLYDE 96050 96,050.00 980805
1798 10213983 WEAVER, JR. ROBERT 29900 29,900.00 980811
1799 10213996 TARNOWSKI TADEUSZ 118800 118,744.57 980731
1800 10214036 DALEY TERESA 67575 67,575.00 980813
1801 10214039 FORD HAROLD 79100 79,100.00 980803
1802 10214041 KENNEDY JOHN L. 59000 59,000.00 980819
1803 10214046 HICKMAN DANNY 69000 69,000.00 980806
1804 10214070 SHOFF FRANK 30000 30,000.00 980804
1805 10214083 HENDRICKSON BRIAN 96000 96,000.00 980804
1806 10215122 SKIDMORE RAYMOND G 83200 83,200.00 980817
1807 10215153 BROWNING GLEN E 40300 40,300.00 980819
1808 10215308 HOLDER PHILLIP E. 39000 39,000.00 980819
1809 10215605 TYLER PAMELA R. 38205 38,205.00 980812
1810 10215614 SCWARTZ ROBERT S. 206000 206,000.00 980818
1811 10215623 RYAN PATRICIA 54000 54,000.00 980805
1812 10215661 FERGUSON SAMUEL 42910 42,910.00 980814
1813 10215693 COCHRAN CHUCK 420000 420,000.00 980812
1814 10215698 CONTRERAS DAVID 30600 30,600.00 980806
1815 10215708 HUMPHRIES SALLY J 72900 72,900.00 980814
1816 10215713 MILLER ROBERT 82350 82,350.00 980806
1817 10215726 BURKE STEPHEN E. 68800 68,800.00 980811
1818 10215760 HAMRICK FLOYD 55120 55,120.00 980811
1819 10215769 NEGRETE ELLEN J 75200 75,200.00 980817
1820 10215777 FLORES HENRY 149175 149,112.44 980804
1821 10215779 KIRSCHNER CHERYL A. 44100 44,100.00 980805
1822 10215780 CRANFORD BRADLEY 62050 62,050.00 980807
1823 10215783 SMITH JR PORTER FIELD 36000 36,000.00 980819
1824 10215786 STEVENS TERRENCE K. 75600 75,600.00 980807
1825 10215810 FILKINS TINA S 68850 68,823.36 980731
1826 10215823 LU TEDDY F. 268000 268,000.00 980812
1827 10215829 PAGE SANDRA 54000 54,000.00 980807
1828 10215832 FLOTT LEO 42000 42,000.00 980812
1829 10215833 ALEXANDER SANDRA J 25000 24,989.51 980805
1830 10215854 ANDERSON DARRELL 80325 80,325.00 980804
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1831 10215855 GARCIA JAMES A 195500 195,500.00 980812
1832 10215867 MAHONEY JOSEPH 96800 96,800.00 980814
1833 10215939 BURT FRANCIS H. 72600 72,600.00 980819
1834 10215989 MAYFIELD III JOHN C. 75000 75,000.00 980819
1835 10216064 GRANDBERRY NORBERT 43200 43,200.00 980818
1836 10216101 FAIELLA VINCENT 131984 131,984.00 980807
1837 10216102 JACKSON KENNETH B. 23200 23,200.00 980805
1838 10216108 STRAIN CRAIG 164000 164,000.00 980818
1839 10216123 ANDERS RICHARD H 52800 52,800.00 980806
1840 10216125 ALEXANDER DANIEL L. 39200 39,200.00 980817
1841 10216126 GRIMES TERRENCE 57720 57,720.00 980803
1842 10216142 ERBY MICHAEL 60000 60,000.00 980812
1843 10216150 HOWELL STEVE A. 65700 65,700.00 980814
1844 10216151 SMITH KATHERINE B. 92650 92,650.00 980812
1845 10216171 FEAGIN GAYLA A. 279200 279,082.91 980731
1846 10216177 WILSON CYNTHIA C. 53550 53,550.00 980814
1847 10216184 OSWALD MARGARET 53990 53,990.00 980807
1848 10216186 RUSH VELMA A. 21450 21,441.92 980803
1849 10216222 VAUGHN PHILIP 200600 200,528.31 980731
1850 10216249 SCHUBERT DONALD S. 209554 209,554.00 980807
1851 10216261 MARTINEZ JERRY 99000 99,000.00 980805
1852 10216288 SEVERY DAVID P. 48685 48,685.00 980814
1853 10216319 PERRIN CALVIN G. 115920 115,920.00 980819
1854 10216324 BENDER EDWARD G 81375 81,375.00 980818
1855 10216338 WHITE JOHN W. 110490 110,490.00 980807
1856 10216339 CHOW ALLAN G. 99000 99,000.00 980818
1857 10216346 WERNER LOUIS D. 227990 227,990.00 980814
1858 10216353 FRIEDRICHS RICK W 87712 87,712.00 980810
1859 10216358 HAGLUND WILLARD A. 50000 50,000.00 980804
1860 10216380 MECHALKE JIM 41600 41,600.00 980807
1861 10216414 ISMAIL MOHAMMED Z. 111120 111,120.00 980810
1862 10216432 OCARROLL PATTIE 57200 57,200.00 980814
1863 10216433 BANKS GEORGE 66300 66,300.00 980806
1864 10216460 PEREYDA AL 28600 28,600.00 980817
1865 10216473 O'NEIL LINDA F. 86700 86,700.00 980818
1866 10216475 PAR MENCHITA N. 268000 268,000.00 980812
1867 10216476 ETKINS SIDNEY 100000 100,000.00 980817
1868 10216482 PIERSON JACK 68000 68,000.00 980817
1869 10216490 STOTLAND PHILLIP D. 82500 82,500.00 980817
1870 10216504 TAYLOR TABATHA TOIE 72900 72,900.00 980819
1871 10216513 MALONEY ELIZABETH E. 102000 102,000.00 980814
1872 10216522 GROSS HELEN M. 51316 51,316.00 980805
1873 10216533 GASTON RICHARD 104930 104,930.00 980807
1874 10216543 WOLFF MYLEA V. 126000 125,843.95 980731
1875 10216566 SOKOLOSKI DAWN S. 40000 40,000.00 980814
1876 10219624 ROGERS JIMMY 97750 97,750.00 980818
1877 10219629 WRIGHT ALFRED 63500 63,500.00 980812
1878 10219633 MCCROREY JASON 83000 83,000.00 980818
1879 10219648 VAINISI JOHN 43200 43,200.00 980817
1880 10219709 FERGUSON DAVID 37050 37,050.00 980818
1881 10219710 GREGORY SANDRA 37200 37,200.00 980819
1882 10220104 MEDEIROS WILLIAM 63700 63,700.00 980805
1883 10220141 PATE KENNETH T. 52000 52,000.00 980805
1884 10220148 DRINKARD WILLIS 133200 133,200.00 980810
1885 10220173 RUSSELL MARY 60000 60,000.00 980807
1886 10220183 MCDANIELS MATTIE 20800 20,800.00 980818
1887 10220210 BROWN ANITA 71400 71,400.00 980813
1888 10220221 LEMOINE GLORIA 34800 34,800.00 980813
1889 10220263 DEMBY CHARLES 50700 50,700.00 980810
1890 10220266 MILLER RICO 48000 48,000.00 980814
1891 10220313 MOORE CLAUDE 43875 43,875.00 980810
1892 10220318 TAYLOR FELICIA 31525 31,525.00 980812
1893 10220325 JORDAN BOBBY 123400 123,400.00 980805
1894 10220327 RISTUCCIA MICHAEL 50000 50,000.00 980818
1895 10220336 BARNETT SHIRLEY 54400 54,400.00 980810
1896 10220353 JONES MAUREEN 38250 38,250.00 980811
1897 10220386 WENZEL JENNIFER 141525 141,525.00 980813
1898 10220391 LUCIANO FRANK 113250 113,250.00 980812
1899 10220398 BLAIR CHARLES 46800 46,800.00 980814
1900 10220404 SHARROCK SCOTT 48000 48,000.00 980814
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1901 10220409 JONES SHEILA 183920 183,824.65 980803
1902 10220415 SERFASS JOHN 112000 112,000.00 980818
1903 10220420 SIMPSON RICHARD 247000 247,000.00 980810
1904 10220441 KEHRLEY ROBERTA F. 39000 39,000.00 980814
1905 10220446 HICKS JR. JAMES A. 36750 36,750.00 980817
1906 10220469 ESTES GARY 54000 54,000.00 980812
1907 10220480 TOKARICK JOHN 65800 65,800.00 980814
1908 10220496 TRAVERS PATRICIA 40000 40,000.00 980812
1909 10220545 YOUNG MICHAEL RAY 68250 68,250.00 980817
1910 10220554 PELLETIER JENNIE 61200 61,200.00 980818
1911 10220579 ETOLL FRED 57000 57,000.00 980814
1912 10220580 DEL VALLE WILLIAM 46875 46,875.00 980817
1913 10220593 MUGGLETON MICHELLE 20000 20,000.00 980814
1914 10220627 RAND ELIZABETH 61600 61,600.00 980811
1915 10220642 VEEDER BETTY A. 40500 40,500.00 980819
1916 10220687 BEDNARCZYK JOSEPH E. 40000 40,000.00 980817
1917 10220700 CRAWFORD TRACEY LANITA 41440 41,440.00 980817
1918 10220716 RITTERBUSH JANICE I. 45100 45,100.00 980814
1919 10220719 GILLIAM CLAUDE H. 70000 70,000.00 980814
1920 10220739 ROBINSON BRYAN W. 45450 45,450.00 980811
1921 10220750 BELL TERRI 109650 109,650.00 980818
1922 10220771 GODA DAVID 157050 157,050.00 980813
1923 10220832 CASTAGNET COLLEEN K 94500 94,500.00 980814
1924 10220838 GETTLER CATHERINE 44000 44,000.00 980811
1925 10220860 BOURN GARY 89000 89,000.00 980812
1926 10220865 KELSEY CONNIE L. 176000 176,000.00 980813
1927 10220867 PIORKOWSKI RAYMOND 124000 124,000.00 980812
1928 10220873 GABA JOHN R. 133200 133,200.00 980812
1929 10220914 MCMINN DONALD J. 112000 112,000.00 980818
1930 10220937 ALVAREZ THOMAS 68625 68,594.57 980805
1931 10220938 COMBS PATRICIA 102400 102,400.00 980812
1932 10220939 MCGEE STELLA 47000 47,000.00 980817
1933 10220969 JONES IRISH A. 24500 24,500.00 980813
1934 10220971 MCKESSON SARAH 48450 48,450.00 980819
1935 10220972 MITCHELL-PAGE SHELLEY 72000 72,000.00 980817
1936 10221011 BURKS SHARON 136000 136,000.00 980818
1937 10221014 MOFOR BOKWE G. 173600 173,600.00 980812
1938 10221027 GARSIDE WILLIAM A. 21250 21,250.00 980813
1939 10222111 PAIK YOUNG K. 110000 110,000.00 980818
1940 10222118 VINCENT WALTER 20000 20,000.00 980814
1941 10222245 SEAGLE THOMAS E. 61800 61,800.00 980817
1942 10222248 SMITH GREGORY STEVEN 48000 48,000.00 980812
1943 10222257 SALDIVAR CARLOS A. 80900 80,900.00 980818
1944 10222284 EATON CHARLES 119250 119,250.00 980819
1945 10222410 GRAVES JOHN B. 20000 20,000.00 980818
1946 10223609 CARTNER MARC 84000 84,000.00 980819
1947 10223611 CRIST ROBERT 30000 30,000.00 980817
1948 10223647 KATONA DENNIS 42250 42,250.00 980810
1949 10223718 HERMAN JOSEPHINE 20000 20,000.00 980819
1950 10223732 RANKIN ARLENE J. 87000 87,000.00 980819
1951 10223773 MCCONIHAY FONDA 56900 56,900.00 980819
1952 10223798 MORIN LOUIS J. 292500 292,500.00 980819
1953 10223814 HORN MARLENE 60000 60,000.00 980819
1954 10223848 PARMER BRADLEY 60000 60,000.00 980819
1955 10223864 TRACEY DOREEN 77200 77,200.00 980814
1956 10223869 HOUCK GERARD 93600 93,600.00 980818
1957 10224134 LUCAS ANGELA 52800 52,800.00 980805
1958 10224147 KEPHART TIMOTHY 123500 123,500.00 980813
1959 10224162 WILLIAMS ARDIS 200000 200,000.00 980818
1960 10224173 MARTINEZ REBECCA 166500 166,500.00 980814
1961 10224288 CHAVEZ HORTENCIA 173385 173,385.00 980813
1962 10192510 BROOME JAMES A. 37000 36,972.01 980708
1963 10197916 DREWRY JO ANNE 117600 117,532.34 980811
1964 10211520 ARMOUR MITCHELL J. 53600 53,561.32 980805
1965 10216187 MCGRATH CHARLENE 55083 55,083.00 980807
1966 10216190 KEVERN, JR. HAROLD LEE 338390 338,390.00 980807
1967 10216344 CUEVAS ANTHONY E. 147982 147,982.00 980814
1968 10216535 BORKOWSKI RICHARD 109640 109,640.00 980814
1969 10220658 WATERS SR. WAYNE D. 89240 89,240.00 980814
1970 10126711 GUERRERO STEVEN 283500 283,500.00 980729
1971 10205855 WILLIS HAROLD 322200 322,200.00 980731
1972 10209072 MARTINEZ ANNA 89950 89,950.00 980814
1973 10219610 OLIVER DEBORAH 63120 63,120.00 980814
1974 10220693 MCHUGH ELISABET B. 45000 45,000.00 980810
========================================================================================================
Bear Stearns Sale INV 709 199,962,729.45 199,898,984.68
========================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1 10012241 WINCKLER CARL F JR. 37425 37,405.59 980608
2 10025060 EVANS TONYA 87750 87,706.84 980609
3 10039264 SHEAD PERNELL 64000 63,965.04 980609
4 10045071 CARVALHO TERRY CAROLINE 300000 299,747.31 980604
5 10045337 COBB JAMES W. 465000 465,000.00 980713
6 10045391 VASCONCELLOS THOMAS 382500 382,330.42 980615
7 10045392 AH LOY RONALD D. 225000 224,900.25 980623
8 10045414 AH SAM WALTER W. 145000 144,902.51 980615
9 10069147 O'NEAL, JR. TONEY 77700 77,700.00 980714
10 10074856 FISHER DOUGLAS 200262.6 200,191.03 980612
11 10080013 TAYLOR-TATE PAULA RENEE 100400 100,353.15 980619
12 10084981 MARTINEZ ESPERANZA 131950 131,861.28 980709
13 10090546 HICKLE SANDRA K, 130050 129,987.69 980622
14 10096430 DODSON MILTON W. 72320 72,252.23 980622
15 10097687 HINSKE ROBERT 79050 78,983.42 980604
16 10101289 CHAMPION SKIP A. 74750 74,693.46 980604
17 10103268 NICHOLS JUDY A 127500 127,289.05 980603
18 10103991 GRISEL MELVIN 96000 95,889.77 980602
19 10104031 ROJAS GENEVIEVE 350000 349,808.41 980623
20 10104052 RADONICH NADA 193500 193,402.28 980611
21 10104059 WINGET DOROTHY 216750 216,650.67 980708
22 10104089 BOURIS TINA 180000 179,839.74 980601
23 10107723 DREHER JOLEEN K. 59000 58,924.50 980603
24 10113021 HEIM ROBERT 100100 100,024.28 980626
25 10113027 STONE LILLIAN C. 37100 37,086.76 980615
26 10113310 BALLOU KIMBERLY 81750 81,707.62 980610
27 10113350 CLELAND JAMES 152000 151,824.45 980630
28 10113816 RICOTTONE NICO 66500 66,478.85 980625
29 10113932 MOBLEY DAVE 32000 31,972.68 980609
30 10114558 GUEST JAMES E. 32400 32,389.64 980630
31 10114559 GUEST JAMES E. 32400 32,389.64 980630
32 10114624 SANDBERG JAMES 481600 481,375.31 980707
33 10114703 BROWN DEANN 80000 79,972.99 980626
34 10114764 SOLBERG ERIC 146400 146,319.86 980622
35 10114878 BUTLER DAVID P. 118000 117,932.11 980622
36 10114941 BIDDING JACK K. 82320 82,257.72 980604
37 10115695 CRONE BRAD A. 43800 43,790.28 980622
38 10117451 MOCKENHAUPT EDWARD F. 172800 172,723.39 980623
39 10119765 NEWBY BRENDA E. 98175 98,043.31 980605
40 10119962 LUCERO PETE 138750 138,645.05 980602
41 10120392 ARMSTRONG CLARA 20000 19,993.94 980615
42 10120889 MEDINA MARC A. 450000 449,821.17 980609
43 10121480 ABOUL RAHEEM TYRACE H. 112500 112,447.51 980702
44 10121521 MANCERA CHRISTINA 70000 69,934.41 980609
45 10121589 HANEY PAUL 164050 163,915.46 980622
46 10123249 SUREL ALAN J. 113750 113,707.17 980630
47 10123944 WILLIAMS DAWNIELLE 124800 124,800.00 980623
48 10124032 LAWRENCE GORDON 161000 160,905.43 980617
49 10124342 MOSES LYNETTE 67930 67,906.43 980629
50 10124361 SMALL STANCIL 45488 45,473.46 980603
51 10124461 EDWARDS FERNANDO 65000 64,971.24 980702
52 10124543 LOVITT KIM M. 148000 148,000.00 980709
53 10124561 BLOW MILFORD S. 44250 44,196.99 980601
54 10125637 BARCI JAMES 246500 246,318.54 980605
55 10125713 O'DELL GREG 69187 69,128.71 980603
56 10125900 DAY KARL W 63000 62,973.96 980612
57 10126618 BLUMBERG CLIFFORD 227800 227,696.50 980629
58 10127312 LEACH JULIUS A. 72000 71,966.40 980611
59 10127382 IRVIN DONNA R 32750 32,750.00 980709
60 10127435 FLARIDA CRAIG H. 64850 64,798.23 980630
61 10127459 VICTOR CHESTER J. 40000 39,960.67 980609
62 10127666 KRIETER WAYNE 78750 78,715.08 980625
63 10127701 POURABDOLLAH SAEID 267840 267,721.26 980710
64 10127744 UBOIS MARK 225000 224,799.66 980601
65 10127753 MCGAFFEE PERRY 200000 199,901.62 980625
66 10127857 STUART IRVING 37800 37,730.81 980414
67 10127925 HADDOCK SCOTT 236000 235,870.81 980615
68 10127960 STROME FREDERICK 299000 299,000.00 980714
69 10127990 KILHAM ELIZABETH 260000 259,850.40 980608
70 10128028 JACKSON DONALD 140250 140,250.00 980714
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
71 10128042 CHUN RONALD 280500 280,372.56 980626
72 10128044 NANG VUTHEA 180000 179,878.97 980610
73 10128086 JOHNSON WILLIAM 76075 76,048.60 980706
74 10128114 BRUSILOW BRYAN 40800 40,800.00 980714
75 10128141 ZAZZARINO MILDRED 108000 108,000.00 980707
76 10128314 ABBOTT, III JOSEPH 37500 37,500.00 980629
77 10128583 BRUNSON GARY 82500 82,470.58 980617
78 10129716 ANDERSON BARBARA 34800 34,800.00 980701
79 10130056 THOMPSON MICHAEL 32000 31,977.01 980608
80 10130631 SOLOMON JEREMY 165950 165,786.09 980617
81 10130759 MATHISEN JR. ARIL T. 198250 198,179.30 980619
82 10130810 KNOLL MICHAEL R. 94800 94,745.25 980611
83 10131783 SMITH RONALD B. 80000 79,951.53 980601
84 10131930 HAYMOND STEVEN 270000 269,530.55 980610
85 10131977 MAYTON OK HWA 96000 95,911.00 980608
86 10132075 MAREK CHRISTINE A. 187000 186,886.71 980630
87 10132434 STURGIS CARL PURNELL 36750 36,750.00 980626
88 10132796 QUIHUIS FRANK 56625 56,604.76 980612
89 10132818 GARCIA LUIS 138000 137,848.35 980604
90 10132973 WEIR ANTHONY K. 52500 52,457.99 980603
91 10132977 GALLOWAY THOMAS P. 75834 75,811.69 980702
92 10133059 BLAND DON W. 82500 82,500.00 980714
93 10133162 HOLDON HEIDI 108000 107,946.87 980605
94 10133175 WILSON RONALD 124000 123,901.01 980610
95 10133355 SCOTT WAYNE 247850.08 247,739.24 980626
96 10133524 KAGAN ANATOLY 136000 135,786.84 980604
97 10134610 HALL CATHERINE 70400 70,377.50 980616
98 10134929 CAMPBELL ROGER 54350.94 54,311.16 980609
99 10135726 CARRILLO AUGUSTINE 110500 110,460.51 980630
100 10135782 SHANAHAN DANIEL 245000 244,859.04 980615
101 10135803 TYLER DUNIA 161000 160,942.58 980626
102 10135831 BROWN JOESPH 42000 41,969.90 980623
103 10135885 DAVIS MARTHA 77350 77,311.71 980716
104 10135891 WYNNE GREG 72000 72,000.00 980716
105 10136210 ST. DENIS MARK A. 110000 109,948.56 980629
106 10136420 LUCISANO MARK 74925 74,901.05 980611
107 10136464 GATES JOHN M. 283500 283,423.27 980626
108 10136690 WILLIAMS OTIS T. 62475 62,451.47 980623
109 10136896 BARNES LINDA 29520 29,508.88 980604
110 10137672 EDWARDS DWAYNE K 28000 27,987.61 980608
111 10137734 WILLIS JOHN 26000 25,990.21 980615
112 10137900 EMERY GERALD 39540 39,540.00 980706
113 10138027 PUCKETT DAVID JAY 18750 18,742.75 980624
114 10139355 SCHERR KENNETH 57600 57,600.00 980715
115 10140858 FEIG JOSEPH 245000 244,866.70 980601
116 10141041 MOLINA ROSA 91000 90,896.29 980603
117 10141695 MOWDY JAMES G. 70200 70,137.50 980603
118 10141750 WILKINSON CARL 102000 101,906.93 980619
119 10141903 ADAMS LESLIE 18525 18,445.88 980602
120 10142015 BEATEY CLINTON 97650 97,579.08 980605
121 10142236 AHVAKANA MARY JANE 99100 99,051.25 980623
122 10142316 JOSEPH VINCENT M 171000 170,924.19 980622
123 10142321 CAREW ELIZABETH P 119900 119,834.37 980623
124 10142463 SCHULTE KERRY 68000 67,935.70 980630
125 10143643 TERRY THOMAS 46800 46,769.94 980603
126 10143703 BEIRNE DANIEL 106250 106,111.12 980708
127 10143743 DUNKO PAUL C. 102600 102,489.95 980601
128 10143897 COWAN ELLEN 110000 109,948.68 980623
129 10144107 WAREHIME MICHAEL E. 95000 94,964.23 980603
130 10144135 WHITE ALONZO 42400 42,400.00 980629
131 10144188 POLHAMUS III LAWRENCE A. 45500 45,500.00 980714
132 10144369 CULLETON THOMAS 30100 30,042.69 980630
133 10144373 GHANTT RAYDESS 184000 183,860.82 980605
134 10144465 THEODORE FRANK 168750 168,692.90 980626
135 10144524 POWELL ARNELL 60000 59,976.10 980608
136 10144569 HEEMAN DUANE A. 48000 47,961.67 980623
137 10145213 LERNER GLORIA 127355 127,265.11 980630
138 10145216 FERRENTE RALPH 109800 109,748.77 980630
139 10145227 WILLIAMS JENNIFER L. 156000 155,779.07 980707
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
140 10145241 SNOCK DAVID 96475 96,475.00 980715
141 10145639 LECOUNT BONNIE K. 45500 45,482.86 980612
142 10145710 GIRARD JOSEPH E 54000 53,963.35 980622
143 10145725 SINGLETON LARRY L 30100 30,090.87 980622
144 10145985 CLARK CHERIE L 30000 29,990.41 980626
145 10145988 LAWANI DENISE 89250 89,219.03 980629
146 10146001 BLAKE LISA A 40600 40,569.28 980601
147 10146073 PERINE RICHARD E 39000 39,000.00 980624
148 10146085 ROBISON CARRIE L 30000 29,982.73 980618
149 10146125 SCHULAREKE JAMES GORDON 122882.7 122,805.79 980626
150 10146147 BEGAY LORRAINE 70000 69,972.12 980605
151 10146270 WOFFORD NANCY W. 28800 28,777.00 980625
152 10146300 SLUSHER DELMONTE M. 114000 113,893.19 980603
153 10146319 KYGAR DANIEL 130000 130,000.00 980710
154 10146590 GOODWIN BRENDA 72250 72,212.54 980626
155 10146599 AGUILERA KARL 175000 174,922.42 980611
156 10146619 ISREAL LAWRENCE 565000 564,347.49 980630
157 10146664 ORTEGA ED 225600 225,470.20 980630
158 10147301 HEATH JOE 364000 363,767.88 980624
159 10147306 DAHLEN MERVIN 204000 203,902.27 980623
160 10147336 NOJIMA JAMES 199000 198,859.54 980707
161 10147363 WALKER STEVEN 132000 131,847.55 980630
162 10148706 DUCIOAME TIMOTHY 35250 35,237.40 980625
163 10148932 BONDS MELVIN 63450 63,418.78 980629
164 10148976 MANTHEI SHARON D. 111750 111,700.56 980630
165 10149074 GONZALEZ FRANCISCO 97500 97,354.97 980421
166 10149156 GOMEZ SOCORRO 55250 55,228.04 980626
167 10149170 MAILLY GUY 248200 248,089.97 980630
168 10149511 WRIGHT WRIGHT D. 60000 59,965.47 980602
169 10149584 GUIDRY CHRISTIE 47250 47,233.11 980609
170 10149593 DELUCA MARY JANE 169150 168,964.52 980602
171 10151636 CASTRO SERGIO 130500 130,395.82 980601
172 10151640 SCHIFF SHARYN 131750 131,670.18 980608
173 10151694 CLAYE WILLIAM 83700 83,666.74 980619
174 10151709 KOSTER WILLIAM 90400 90,308.82 980602
175 10151791 MAJOR SCOTT 94350 94,232.44 980609
176 10151838 FROST ARCHIE 42000 42,000.00 980630
177 10151852 NASCI MILO N. 126000 125,944.14 980622
178 10151869 VANCE BILL J. 96300 96,223.12 980601
179 10151906 BUONO CHARLES L. 76800 76,800.00 980707
180 10151955 TIBSHARAENY GARY 135000 134,949.17 980615
181 10151999 HURTADO RUBEN 48100 48,052.45 980623
182 10152090 KEARNS TROY 140400 140,337.75 980629
183 10152637 WHITE DIANE 24000 23,983.92 980623
184 10152733 JORDAN OLLIE 57750 57,703.88 980603
185 10152815 TEEKASINGH REYNOLD A. 104000 103,945.00 980617
186 10152828 RICHARD JEANNE 135000 134,938.66 980710
187 10152846 KELLEY ALBERT 99790 99,757.22 980616
188 10152851 BOLTON WILLIAM C. 121792 121,748.57 980609
189 10152887 NEWKIRK DON N. 72000 71,971.38 980623
190 10153000 CHAMBERS RAYMOND E. 163668 163,595.59 980615
191 10153035 WHITE PHYLLIS J. 45500 45,485.45 980714
192 10153114 LUELLEN JOHNEEN 58500 58,500.00 980707
193 10153177 ANDERSEN BLAIR 585000 584,507.26 980601
194 10153229 KWIATKOWSKI JOHN 119000 118,947.24 980605
195 10153245 CARLSON VANCE A. 55920 55,895.20 980630
196 10153381 BAUNHOFER DONALD N. 107300 107,300.00 980630
197 10153478 FORT DONALD 88000 87,956.71 980615
198 10154602 WHITE ROCHELLE 226400 226,124.71 980707
199 10154624 HERRERA HERIBERTO 132000 131,876.32 980610
200 10154647 HERTENBERGER JOHN B. 292500 292,315.63 980630
201 10154708 KONENCY RICHARD D. 90953.08 90,953.08 980629
202 10154784 FLOYD JAMES 148800 148,578.66 980414
203 10154813 ROBERSON DENNIS 118800 118,586.67 980410
204 10154998 BECERRA MARIA M. 60000 59,957.00 980612
205 10155114 STEIGH MICHAEL 265500 265,362.35 980618
206 10155142 OROZCO LIGIA 142000 141,880.38 980604
207 10155149 MAYORGA BERNIS 75000 74,901.93 980601
208 10155174 MOCTEZUMA ALFREDO 84000 83,828.81 980630
209 10155206 DECKER JOE 161000 160,884.39 980618
210 10155208 ELDER ROBERT 135960 135,818.48 980605
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
211 10155265 LOVE LARRY 172000 171,862.68 980604
212 10155273 HICKS LISLE 331500 331,204.83 980609
213 10155288 FLORES THOMAS 210740 210,509.79 980710
214 10155302 DOUGLASS DENNIS 314500 314,242.09 980609
215 10155303 GOMEZ RAFAEL 198400 198,312.04 980604
216 10155308 DEVERE DAVID 216000 215,881.76 980618
217 10155312 REILLY EDWARD 236000 235,754.35 980612
218 10155314 MUNDY KANWALJEET 283500 283,345.14 980706
219 10155335 ORTIZ JUAN 93000 92,961.75 980630
220 10155339 HENDRICKS II CLARENCE 468750 468,553.43 980626
221 10155357 ALDAMA LOUIE 280500 280,375.64 980605
222 10155360 JOHN RICHARD 154800 154,592.39 980603
223 10155366 MOALA SEMISI 56250 56,202.62 980623
224 10155374 WINTERSTAR JUDITH 131250 131,113.37 980609
225 10155377 MALLMAN JAMES 269955 269,714.64 980617
226 10155379 LOPEZ ISIDRO 195000 194,898.90 980615
227 10155391 WILSON PAUL 70550 70,517.08 980623
228 10155392 SOUZA RON 50400 50,312.37 980611
229 10155395 HUNT ANDRE 276250 276,114.12 980611
230 10155403 TAYLOR BRUCE 103875 103,720.49 980616
231 10155428 LOWERY ROBERT 251250 250,492.88 980602
232 10155429 JR. FLORES APOLONIO 167300 167,213.26 980625
233 10155449 JOHNSON BERNICE 300000 299,860.03 980622
234 10155454 MANERS DENNIS 182400 182,305.44 980615
235 10155464 VAN NEAL JERROLD 417750 417,469.69 980623
236 10155465 HARRIS PATRICIA 140000 139,915.01 980610
237 10155466 GOLD NORMA 88000 87,965.02 980615
238 10155492 DONNELLY CYNTHIA 162000 161,920.31 980630
239 10155493 LO CHIN 488000 488,000.00 980714
240 10155510 COFFEE DOUGLAS 71500 71,473.08 980630
241 10155513 THOMAS DANIEL 318750 318,575.52 980616
242 10155514 LAM HUONG 216000 215,869.14 980609
243 10155518 HERRERA GENOVEVA 159200 159,025.05 980626
244 10155523 ZUNIGA LIONEL 75510 75,476.52 980618
245 10155535 GLENN DANIEL 206400 206,281.25 980610
246 10155538 CARNABUCI CHARLES 77000 76,967.71 980625
247 10155562 GARCIA RAYMOND 138600 138,524.14 980629
248 10155564 ALBOR LEONILA 73100 73,062.10 980619
249 10155571 CORNINGSHIELD DAVID 139750 139,561.44 980617
250 10155578 TACHIBANA SABURO 480000 479,723.83 980622
251 10155579 LIU JIN 137600 137,503.33 980630
252 10155582 PATCHEN MARK 37500 37,478.42 980630
253 10155583 MORAN PATRICIA 195200 195,093.15 980615
254 10155591 RODRIGUEZ JOSE 296100 295,994.18 980629
255 10155614 ARVIN RON 41250 41,223.50 980604
256 10155625 LAWSON CATHERINE 71250 71,222.28 980616
257 10155633 JACKSON RONALD C 48750 48,727.25 980617
258 10155658 VANDERHOEVEN RAYMOND 83200 83,164.67 980619
259 10155670 ALSTON TENASIA 56250 56,217.64 980625
260 10155683 YANTA JAMES R. 66500 66,468.97 980701
261 10155703 WARE ROY 45000 44,980.00 980624
262 10155754 GIRALAMO GINGER 130500 130,448.14 980630
263 10155784 COSEY JACQUES D 148000 147,930.95 980603
264 10155889 DOYLE JOSEPH 72000 71,959.40 980630
265 10155961 ROSS LUCILLE 46500 46,470.12 980601
266 10155964 JOHNSON DELAINE 81000 80,969.50 980702
267 10155986 VANDERHEYDEN TIMOTHY W. 52720 52,701.16 980630
268 10156021 HIGGINS MICHELLE 32500 32,177.15 980706
269 10156047 DAVIS JR ISIAH 62900 62,854.29 980601
270 10156055 BASINSKI STEPHEN J 100100 100,069.73 980701
271 10156081 ARGAMASO BALTAZAR 142800 142,747.68 980615
272 10156301 SIDDLE WILLIAM 83200 83,161.18 980714
273 10156317 BYRD RICKY E. 41250 41,207.82 980603
274 10156330 LAVITT MARK 95400 95,369.51 980629
275 10156336 LAVITT MARK 160550 160,489.55 980629
276 10156447 NORTON PATRICK P. 82500 82,467.22 980610
277 10156523 HERN BRUCE 50000 49,947.96 980623
278 10156565 RAINES WILLIAM C. 175000 174,535.33 980603
279 10156578 PRUITT ROBERT L. 27300 27,289.71 980630
280 10156586 BOSTON ROBERT M. 138750 138,700.53 980615
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
281 10156595 ARENDSE CLEMENT 50050 50,031.15 980608
282 10156705 ZELAYA JAVIER 32250 32,220.44 980409
283 10156788 WILLIAMS GARY A. 211500 211,331.16 980630
284 10156913 METZGER DENNIS M. 49200 49,174.49 980618
285 10157050 LOPEZ FRANCISCO J. 85000 84,911.52 980619
286 10157092 SMITH TIMOTHY J. 93075 93,042.70 980604
287 10157177 MYSZKOWSKI DEMIAN 104000 103,912.39 980630
288 10157236 BRISTER MAGDALINE 84750 84,661.78 980601
289 10157328 MACKAY RONALD 99750 99,689.56 980630
290 10158139 CHOVANAK TIMOTHY 135000 134,770.09 980604
291 10158153 BAKER DEBRA 104975 104,932.14 980615
292 10158206 ARKANIT SURACHAI 144000 143,871.79 980601
293 10158216 FARRELL SCOTT J. 59250 59,225.15 980715
294 10158237 DANIELS JOAN 80000 79,958.52 980710
295 10158257 GOULD YVETTE L. 42000 41,960.66 980630
296 10158270 PEREZ SABRINA R.L. 111860 111,815.44 980616
297 10158297 HARRIS ALFRIEDA 149500 149,329.62 980422
298 10158305 COWAN GLORIA J. 216000 215,909.42 980630
299 10158315 KEI CHI HAK 162000 161,932.06 980622
300 10158391 BORSKE BRIAN R. 45000 45,000.00 980716
301 10158401 PETTIT WILLIAM 142500 142,440.24 980630
302 10158409 COYLE PERRY J. 55000 54,852.05 980605
303 10158448 PLACKIS ELIZABETH ANN 46750 46,720.78 980605
304 10158535 LINDQUIST ERIC 110500 110,418.65 980609
305 10158589 CURRY JEROME 46700 46,680.42 980612
306 10158753 CANN CHARLIE M. 96000 95,950.23 980706
307 10158760 EVANS LEONARD 106000 105,941.98 980702
308 10160104 SMITH DONALD 73000 72,921.57 980622
309 10160106 BAILEY BRADLEY S. 72000 71,953.76 980601
310 10160196 DIAMOND JEFFREY R. 100000 99,958.06 980611
311 10160253 ESCALONA MANUEL G. 56250 56,204.98 980612
312 10160254 BROZYNA ANTIONETTE 350000 349,868.23 980622
313 10160352 DUROCHER RICHARD 92650 92,650.00 980713
314 10160607 HOLLAND DAVID 95200 95,142.54 980713
315 10160612 OBERMILLER JOE L. 65720 65,696.51 980630
316 10160652 MORRICK PATRICK 102400 102,370.63 980630
317 10160660 GROSS ELAINA L. 84675 84,542.74 980626
318 10160664 MCLAIN SHELLY 105000 104,945.56 980630
319 10160677 BROWN JR. RAYMOND E. 72250 72,219.70 980714
320 10160728 MAXWELL JAMES 118400 118,224.79 980611
321 10160731 PIEHL DANIEL D. 64792 64,792.00 980702
322 10160772 ELLISON NANCY J. 91800 91,766.36 980630
323 10160778 TOLLIVER BEVERLY 64500 64,477.00 980612
324 10160855 ORIAKU SUNDAY 28500 28,467.50 980417
325 10160991 WATSON DARIUS 36750 36,736.57 980612
326 10161095 ARABO WISAM 236000 235,857.03 980612
327 10161114 ROLL JR. KENNETH C. 53600 53,574.50 980608
328 10161150 SEIBER SUE 25900 25,354.53 980603
329 10161189 BUTLER RANDOLPH 127500 127,414.56 980615
330 10161263 ENGQUIST ROBERT D. 125100 125,010.17 980602
331 10161289 DIMARIA FRANK 315000 314,688.22 980601
332 10161300 GOLDSTEIN ALON M. 168000 167,858.48 980603
333 10161313 WONG STEPHEN C.F. 150000 149,891.43 980629
334 10161316 BURNS JOHN W. 83000 83,000.00 980716
335 10161330 FILLMORE DIANA 485000 479,967.79 980602
336 10161393 WYNGARDE WAYNE 27200 27,187.94 980615
337 10161404 CASTAGNOLI BERTA 64000 63,926.09 980608
338 10161411 QUINTAL CHRISTOPHER P. 364000 363,600.02 980602
339 10161435 LEWIS JUDITH 52875 52,835.00 980602
340 10161442 HIPPENSTIEL CHARLES W. 147750 147,618.43 980605
341 10161450 QUINTANILLA EDGARDO 211500 211,291.11 980603
342 10161539 STRAUSER DON 440000 439,516.50 980622
343 10162178 DELGARDO CURTIS 147000 146,921.76 980618
344 10162190 BATTLE JAMES 164000 163,927.29 980610
345 10162191 ROELLE JAMES 69275 69,230.27 980707
346 10162228 BARISH ROBIN 126400 126,330.81 980616
347 10162233 DOMINICK CLIFFORD 274500 274,398.96 980630
348 10162237 WISDOM ERIC 148000 147,914.85 980630
349 10162257 WHIPPLE DORIS 120000 119,875.00 980702
350 10162270 VANDELAC JOHN 122500 122,453.88 980626
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
351 10162281 JOHNSON MICHAEL 112000 111,932.14 980623
352 10162309 MARUM THOMAS 243000 242,689.03 980629
353 10162602 TACKETT JAMES 79475 79,413.23 980601
354 10162649 MYERS PEGGY 89250 89,218.10 980608
355 10162680 FIORENZA JR. JASPER T. 59250 59,227.69 980615
356 10162751 MIREE STEVEN 39960 39,946.51 980629
357 10162782 HARVEY CRAIG C 21000 21,000.00 980709
358 10162806 BURCHETT SR. FREDRICK E. 36000 35,986.44 980626
359 10162919 WILLIAMS ROGER S. 119000 118,944.48 980615
360 10162931 WALKOWICZ WAYNE R. 157250 157,184.06 980610
361 10162936 KISER PAULETTE 46400 46,400.00 980714
362 10162945 BELLEZZO RONALD 112400 112,305.32 980630
363 10163003 AUSSIEKER BARBARA S. 45000 44,953.15 980601
364 10163033 SPECHT DUANE M. 34200 34,167.95 980615
365 10163034 ZETTLER VIRGIL R. 25600 25,581.60 980610
366 10163044 MUHAMMAD ALLEN 27750 27,740.16 980706
367 10163074 CSASZAR JR FREDERICK 62271 62,241.94 980608
368 10163089 KOLKOWSKI FRANCIS A. 40000 39,984.93 980608
369 10163093 MAISONET JOSE A 108000 107,963.53 980602
370 10163141 COURTNEY WALTER 204000 203,803.76 980602
371 10163624 BURKMAN JASON 59500 59,469.15 980630
372 10163626 DAVIS WALTER 325000 324,665.25 980608
373 10163647 WINCHESTER YOLANDA 50800 50,769.16 980624
374 10163696 LANG JOY 128740 128,686.59 980615
375 10163715 MOODY TAD 48025 47,980.00 980608
376 10163730 LARSEN TERRY 132000 131,915.82 980720
377 10163733 PICANZO NICK 106400 106,256.44 980602
378 10163735 RABANAL ALBERT 153000 152,924.74 980608
379 10163741 CASO LARRY 34650 34,632.95 980609
380 10163748 GARNER DAVID 264350 264,197.90 980619
381 10163780 CROMARTIE JEFFERY 35425 35,425.00 980706
382 10163849 FAUST PETER 121500 121,435.34 980714
383 10163884 ADAMS TERENCE 64600 64,566.51 980611
384 10163897 AGRAWAL MRIDULA 283500 283,344.82 980622
385 10163941 KEARNEY JOSEPH A. 145800 145,728.12 980630
386 10163990 BUTTROSS REGINA 48000 47,972.66 980619
387 10164050 ROBERTS GINA 76000 75,929.55 980626
388 10164054 SCHALL LAWRENCE D. 80750 80,651.81 980630
389 10164082 SCHWARTZ CAROLYN C. 69000 68,921.95 980630
390 10164107 SLONAKER MICHAEL L. 118125.5 118,067.39 980615
391 10164111 CYR NEIL E. 87500 87,458.31 980616
392 10165120 HAMMACK LISA 57050 56,990.61 980608
393 10165132 SWAGERTY DAVID 70500 70,467.10 980630
394 10165136 MANNING MICHAEL 110325 110,231.86 980601
395 10165162 LAPIDUS DAVID 111920 111,867.78 980708
396 10165165 WARD DONALD F. 76500 76,438.93 980602
397 10165168 CLEVELAND LAWRENCE 49000 48,962.93 980612
398 10165175 MAGUIRE KATHLEEN 135000 134,873.52 980609
399 10165179 GUTIERREZ LUCILLE T. 61200 61,098.96 980605
400 10165180 DEAN MALLORY M. 171250 170,821.14 980603
401 10165181 SCHOOLEY ERNEST 70400 70,367.15 980714
402 10165198 MURO KERRY 126750 126,580.00 980603
403 10165226 WALLER DAVID J. 109650 109,571.28 980630
404 10165242 SOBOSKI STEVEN 60000 59,946.58 980603
405 10165269 ROBINSON TONEY 88720 88,649.17 980630
406 10165287 SAMPSON CONNIE L. 70000 69,463.47 980611
407 10165288 ARANDA NICHOLAS R. 331000 330,837.19 980709
408 10165305 SORIA NICOLE C. 168000 167,933.23 980625
409 10165330 RASHDAN SALEM S. 107200 107,141.32 980611
410 10165332 OJERS WILLIAM JOHN 84420 84,378.33 980630
411 10165339 MCDONALD PATRICK 56699 56,653.74 980608
412 10165343 MOSS MICHEAL D. 109565 109,455.35 980619
413 10165352 WEST THOMAS 76500 76,458.12 980611
414 10165386 MCLAUGHLIN DENNIS 135920 135,853.14 980605
415 10165391 ANTHONY BRIAN J. 130500 130,366.90 980610
416 10165395 ZAVALA ANTONIO 61200 61,200.00 980630
417 10165398 KNIGHT-GILL RICHARD 115200 115,130.21 980625
418 10165404 STRANGE GARY L. 160000 159,912.42 980610
419 10165419 CARROLL GARY 80000 79,956.20 980616
420 10165452 HOLDER STEVEN 96000 95,883.27 980610
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
421 10165460 WALMAN GERALD 490000 489,563.71 980605
422 10165469 PARSONS NEAL S. 96400 96,318.79 980605
423 10165470 MARTINEZ SONIA 72250 72,187.50 980604
424 10165474 PACE VIRGIL 97750 97,710.09 980612
425 10165476 LOGAN MICHAEL A. 56210 56,210.00 980623
426 10165515 TINDLE WILLIAM 139200 139,115.67 980622
427 10165519 RIVAS ABEL 35000 34,974.87 980611
428 10165524 WINTER JEFF 131647 131,552.67 980619
429 10165528 BRISBON VAN H. 108000 107,934.34 980605
430 10165541 RAY JAMES J. 75600 75,569.95 980629
431 10165547 WALKER ELMO 126000 125,949.92 980604
432 10165553 NEAL PAUL D. 85050 85,012.29 980714
433 10165557 HENDERSON EDWARD 169000 168,849.53 980605
434 10165561 CHAVEZ LEO 57000 56,923.09 980608
435 10165563 OTERO FREDDIE 51000 50,934.73 980610
436 10165575 WHISENANT BENJAMIN 58650 58,607.88 980608
437 10165590 SANTOS ANTONIO 97750 97,700.22 980630
438 10165593 SAUCIER LAURA E. 109650 109,598.84 980710
439 10166238 RODRIGUEZ RUDY C. 86192.79 86,192.79 980630
440 10166304 MUTAFIS EMMANUEL 99450 99,410.48 980608
441 10166416 FOX RODNEY J. 21900 21,878.78 980422
442 10166423 MORANDO RUDOLPH J 108620.52 108,499.25 980717
443 10166616 DARAWSHEH MAZEN A. 51750 51,731.55 980610
444 10166706 BROCHU MARK S. 71400 71,370.84 980617
445 10166739 WARREN MARK 34800 34,763.76 980601
446 10166771 OSSERMAN MALKA R. 193569 193,473.78 980619
447 10166772 KING ROBERT 57850 57,828.22 980615
448 10166838 MIDDLEBROOKS SIDNEY 37800 37,787.91 980608
449 10166861 SIMONS JR. WILLIAM 92650 92,578.00 980602
450 10166948 WESNER GARY 175000 175,000.00 980709
451 10166962 SMEAL KENNETH R. 83980 83,921.43 980625
452 10167026 JONES JR. HARRY A. 60350 60,326.65 980707
453 10167043 MCELHENNEY SR. GERARD N. 39000 38,973.53 980601
454 10167044 WOOD MATTHEW 45000 44,982.11 980612
455 10167101 SAWYER DOROTHY 25500 25,489.30 980629
456 10167103 FILBECK TONY 57750 57,727.04 980702
457 10167131 MACCARTHY JOHN W. 146250 146,197.85 980629
458 10167191 GIOIELLO JOHN 218700 218,505.27 980605
459 10167197 OLSON DANIEL W. 56000 55,975.17 980619
460 10167234 SKIRKO JOANN 108000 107,952.12 980629
461 10167243 GERE GLENN A. 39000 38,981.80 980617
462 10167272 HAHN LOWELL 48000 47,952.49 980630
463 10167277 BRUMMER DANIEL 114750 114,697.87 980619
464 10167292 FETYKO ANDREW 122850 122,850.00 980630
465 10167307 HAWS CRAIG 120000 119,944.00 980616
466 10167309 BURK RANDALL 47120 47,062.69 980603
467 10167332 MUNSON ROBERT B. 100000 99,948.15 980714
468 10167334 TRUE JAMES A. 96750 96,697.04 980623
469 10167343 HOLMES MARIAN JEAN 87750 87,723.46 980630
470 10167376 RYAN JR CHARLES 47550 47,527.81 980629
471 10167413 MOORE MARY L. 86400 86,369.12 980714
472 10167424 WISE JR. JOHN B. 155000 154,862.29 980602
473 10167431 DOMINGUEZ ANNIE 68250 68,167.00 980626
474 10167444 JOHNSON SR. WILLIE J. 224000 223,753.84 980604
475 10167467 WELLS SAMUEL M. 132750 132,631.79 980603
476 10167476 WACKERMAN ROBERT J. 352500 352,307.45 980609
477 10167490 KNOPP GARY A. 75000 74,954.56 980625
478 10167505 PATNODE BUDDY 65000 64,969.67 980611
479 10167506 GENTRY STEVEN H. 332100 331,952.76 980629
480 10167561 TAYLOR MILDRED 60000 59,977.41 980713
481 10167588 WILLIAMS HORATIO 199750 199,530.50 980625
482 10167589 BOWER JANA LEE N. 79100 79,071.72 980616
483 10167598 OLIVERA BERNABE 78300 78,213.96 980611
484 10168235 GONZALEZ MANUEL 58650 58,597.76 980630
485 10168340 FINNEY JOHN C. 37500 37,471.63 980610
486 10168382 BEAR CHRISTOPHER LEE 101360 101,265.04 980604
487 10168407 MILLER JERRY 32925 32,898.71 980603
488 10168423 RODARTE JUAN 48300 48,133.69 980612
489 10168457 MIGUN PETER 113750 113,707.17 980602
490 10168485 GREATHOUSE EVA R. 59400 59,378.75 980714
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
491 10168495 HANNA LILLIAN 217000 216,774.13 980608
492 10168508 BIGGER NAOMI REESE 57800 57,779.94 980603
493 10168532 CALVIN LISA 25990.73 25,981.38 980618
494 10172616 MARSHALL ISAAC 52425 52,403.72 980619
495 10172644 JOHNSON SOPHIA 141865 141,802.11 980602
496 10172710 WHITESIDE-MOORE ROSIE 84800 84,637.59 980610
497 10172779 MONTGOMERY JOSHUA 52150 52,098.48 980601
498 10172805 FISHER KAY 32000 31,990.31 980619
499 10172824 BOOKHARDT KENNYTH 71250 71,229.57 980611
500 10172841 IZATT DAVID M 157500 157,374.27 980617
501 10172889 STOCKELMAN JOHN F. 76500 76,476.86 980605
502 10172937 GLADSON SONNY R 38920 38,892.86 980604
503 10172943 CORINA TIM K. 81750 81,688.15 980612
504 10172972 FRASURE ROBERT 91500 91,414.27 980604
505 10172978 BOYD CHARLES M. 25350 25,340.45 980612
506 10173072 AL-HAMID ABDUL JABAR H. 30000 29,988.70 980612
507 10173089 NELSON TIMOTHY 51000 50,980.27 980715
508 10173125 CAYWOOD ANTHONY E 35100 35,029.23 980701
509 10173133 CAUDLE JR. OTIS E. 24750 24,740.14 980612
510 10173167 THOMAS GWENDOLYN L 45600 45,587.65 980612
511 10173169 HANSEN DAVID L 72250 72,220.50 980624
512 10173185 BASSETT ERVIN 29400 29,388.31 980603
513 10173218 SOBERAL RUBEN 27750 27,723.99 980605
514 10173258 JETT NORMAN C. 67200 67,178.52 980612
515 10173264 MCINTYRE MICHAEL C 216750 216,656.64 980617
516 10173275 JAMES TINA M. 37500 37,500.00 980630
517 10173279 DECOSEY JERRY 108000 107,918.32 980602
518 10173284 BROWN MELISSA 39000 38,986.09 980605
519 10173291 BASSO PAUL J. 32500 32,487.76 980603
520 10173298 WOOLRIDGE PARTICIA A. 44000 43,981.04 980608
521 10173303 WILLIAMS ROBERT 23625 23,617.01 980624
522 10173306 MCCORMICK JONATHAN W 39950 39,938.24 980615
523 10173335 VERNON ANNETTE W 48000 47,977.50 980603
524 10173353 CALBAZA MUNTEAN IOAN 172000 171,838.50 980601
525 10173363 FENELON PATRICK 86250 86,215.72 980624
526 10173367 RAMOS LUZ S. 42000 41,981.38 980603
527 10173370 CURRIE ERNESTINE 73500 73,500.00 980629
528 10173379 LIVINGSTON CHARISE 48800 48,781.93 980616
529 10173404 WEAVER MARK 74750 74,693.46 980609
530 10173408 GEORGE SAMUEL 96000 95,961.85 980630
531 10173413 GARDNER MILTON B 70465 70,413.13 980602
532 10173418 SHELTON JERMAINE E. 56950 56,933.14 980709
533 10173421 SCOTT III ROBERT W. 56250 56,231.00 980616
534 10173423 WENDORF LEE M 66000 65,955.21 980630
535 10173427 CASTLE CHARLES S 92000 91,916.04 980601
536 10173435 TOYE JOHN 92000 91,961.41 980616
537 10173440 GUYSICK GEORGE P 38500 38,409.22 980608
538 10173465 GERJOL EDWARD 102850 102,803.27 980619
539 10173469 CASEY HANNAH M. 207000 207,000.00 980701
540 10173470 GAINUSS WILLIAM 97500 97,461.25 980715
541 10173471 MCNARY TSHOMBE 36000 36,000.00 980701
542 10173476 METCALF KEVIN 56250 56,229.90 980625
543 10173488 WALKER PAMELA 22750 22,732.79 980617
544 10173491 MITCHELL ROBIN R 66400 66,376.26 980622
545 10173498 ENGLISH MILTON 35000 34,986.09 980630
546 10173499 SEYMORE JESSICA 75000 74,921.93 980612
547 10173505 MARTZ SHAWNE 59100 59,055.30 980605
548 10173508 MORRIS DARYL J. 127500 127,461.44 980623
549 10173511 ESTRADA JOSE 24750 24,734.10 980624
550 10173518 BEASLEY BONNITA 66750 66,730.90 980715
551 10173522 WATKINS IRA LEE 25200 25,200.00 980716
552 10173538 WIMBUSH CHRISTOPHER 66000 65,980.03 980626
553 10173542 BLACKWELL JOSEPH 72750 72,750.00 980702
554 10173553 FLINN NICHOLAS 34875 34,862.54 980617
555 10173558 KENNEDY PATRICIA ANN 60125 60,102.36 980623
556 10173571 LOSTARAKOS MARY L 75000 74,876.16 980601
557 10173576 MILLACARDI LUIGI 114100 114,100.00 980716
558 10173587 WATTS CHRIS E. 53000 52,860.69 980601
559 10173598 MCCLENDON BECKY 28000 27,988.26 980624
560 10174172 TARRANT MONICA 161500 161,439.19 980609
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
561 10174213 MCCOY KENNETH 126000 125,909.66 980602
562 10174214 MATTOX, JR. JAMES 87550 87,550.00 980629
563 10174234 SCREEN ANTHONY T. 106250 106,203.59 980612
564 10174270 KUNZ ANGELA 90000 89,962.25 980612
565 10174297 NAGI ALI 360000 359,755.76 980602
566 10174361 MARSHALL MICHAEL J. 90000 89,933.75 980630
567 10174376 PRYOR DORTHY 103920 103,886.71 980617
568 10174380 LOWELL DARWIN 64000 63,964.47 980622
569 10174395 CAGAN LEONARD 105400 105,350.83 980605
570 10174399 KOCHKA ROBERT G. 59925 59,877.16 980604
571 10174417 FLORES MICHAEL 56800 56,759.20 980619
572 10174419 JACKSON SHINENA 40000 39,969.73 980603
573 10174446 WIEBEL GARY 98600 98,600.00 980714
574 10174468 SWAIN LORI 103600 103,560.99 980713
575 10174523 BANKS REBECCA 48000 47,982.84 980616
576 10174543 OSBORNE CHERYL 152000 151,902.37 980608
577 10174607 OIKNINE NICOLE 364810.77 364,620.08 980708
578 10174623 BECKMAN BARRY 165750 165,598.76 980602
579 10174667 KLEIN ROGER H 97750 97,719.60 980706
580 10174677 CALDWELL MELVIN 57800 57,753.86 980604
581 10174705 WIGGINS JAMES 85500 85,500.00 980713
582 10174717 NGUYEN TIEN 100000 99,901.23 980609
583 10174724 MULHOLLAN MARILYN L 196000 195,867.02 980608
584 10174727 BREWER LAURA 80000 79,845.89 980608
585 10174730 BEVINGTON JOHN C. 122400 122,258.63 980603
586 10174762 HOWE MITCHELL J. 82800 82,800.00 980707
587 10174825 BASMAGIAN DANIEL S. 275000 274,441.60 980602
588 10174887 RANSOM JO ANN 48000 47,935.62 980603
589 10174907 MAGNESS DAWN 80000 79,969.81 980706
590 10174921 MADDY GENE L. 193467 193,147.58 980608
591 10174942 MILLS DONALD 18750 18,737.58 980605
592 10175021 OLLE DAVID 195200 195,108.93 980609
593 10175023 TAYLOR BYRON 24050 24,040.94 980626
594 10175061 SCHUMPELT CONNIE 77600 77,563.79 980625
595 10175079 BOSTON JEFFREY A 45500 45,461.67 980608
596 10175084 ARANDA JOSE L. 123255 123,210.95 980626
597 10175609 BUCHAMAN RICHARD 56250 56,250.00 980706
598 10175620 CRAWELL GAILEEN 80000 79,960.64 980616
599 10175625 GLASS CHARLES 100000 99,807.37 980602
600 10175661 MEGALI DOMINIC III 142375 142,307.80 980707
601 10175675 GYERMAN TEREZ 50000 49,947.92 980629
602 10175691 CRIST LOUIS W. 57000 56,956.87 980605
603 10175730 BALLENTINE ETHEL 38250 38,226.10 980625
604 10175786 HANSON JOSHUA 40500 40,482.04 980706
605 10175793 LOWERY KENITH W. 20776 20,768.57 980629
606 10175796 AMMONS, JR. ROBERT E. 111555 111,474.89 980625
607 10175804 BECKNER VALERIE 40500 40,485.52 980624
608 10175806 KING JAMES G 91210 91,182.41 980615
609 10175821 JACOBSON JASON J. 112200 112,123.31 980629
610 10175824 WESTON SANDRA M. 43120 43,106.96 980716
611 10175843 BOOTH, JR. JOSEPH M. 60000 59,978.60 980609
612 10175872 MC COMAS SCOTT A. 103500 103,461.03 980612
613 10175888 MAHONE UNOSEAY 41250 41,224.91 980608
614 10175915 DELPINO RAFAEL D. 79147.31 79,066.39 980609
615 10175918 OSORTO IRMA 76429.35 76,405.65 980629
616 10175958 MUNDELL RODNEY C. 72500 72,474.09 980615
617 10175973 MOCKWITZ BOB 105600 105,524.17 980616
618 10175979 BAIN JULIA M. 60000 60,000.00 980630
619 10175998 JENNINGS REX L. 52000 51,912.29 980619
620 10175999 SMITH JOEY R. 120000 119,940.97 980625
621 10176029 CLARK ANTHONY R. 245000 244,910.22 980610
622 10176036 NELSON ERIC 61200 61,177.58 980623
623 10176060 THURMER WILLIAM 87750 87,696.83 980605
624 10176065 SWANSON LUCINDA 21700 21,691.38 980608
625 10176070 WHITE LINDA L. 65000 64,920.96 980629
626 10176074 AUSTIN CRAIG D. 112000 111,955.49 980609
627 10176079 HUNT, SR. ROGER 90000 89,968.25 980629
628 10176648 MARENNA DEBORAH 91200 91,167.41 980707
629 10176657 ENGEL STEVEN 48000 47,952.49 980623
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
630 10176684 METAYER MARC 108000 107,952.12 980630
631 10176706 RODRIGUEZ LUIS M. 67575 67,525.25 980601
632 10176728 PEMBERTON PAUL 44400 44,400.00 980708
633 10176745 FURER STEVEN J. 93750 93,712.74 980603
634 10176766 PICARILLO STEVEN 37450 37,434.30 980626
635 10176824 COLLINS PETER 160000 159,885.37 980605
636 10176840 KING ERIK D. 158100 157,980.41 980616
637 10176850 DEDMAN HUGH 143000 142,946.16 980701
638 10176862 BILODEAU STEVEN R. 68200 68,148.41 980601
639 10176877 HARTZ BRUCE 300000 299,887.05 980706
640 10176880 DINUZZI LUIGI 152750 152,634.46 980609
641 10176909 JENSEN ERIC 138400 138,331.92 980603
642 10176924 WALKER DANIEL 281250 280,972.21 980619
643 10176928 KATSINIS THOMAS 75000 74,970.13 980625
644 10176936 BARTENOPE DOMINICK 58400 58,376.79 980616
645 10176986 NAM SANG 285000 284,686.83 980603
646 10176988 SNELL TERRANCE 65000 65,000.00 980622
647 10177008 DIENER JUDD 192000 191,854.77 980609
648 10177016 ROSA MARK 30000 29,974.71 980601
649 10177052 TAYLOR SHARON E. 43200 43,200.00 980714
650 10177057 WATSON JAMES 84000 83,973.09 980609
651 10177068 SANICHAR DEOKIE 256000 255,795.63 980604
652 10177087 ELQAISI ABDELMA 178750 178,750.00 980715
653 10177091 PLAYER KIMBERLY 70400 70,373.49 980622
654 10177623 MCTIERNAN PATRICK 180000 179,812.64 980623
655 10177635 GORSKI MICHAEL 440000 439,704.17 980709
656 10177658 MURILLO ANA 240000 239,854.60 980626
657 10177659 NICOLAS JOCELYNE 158100 158,026.23 980615
658 10177663 ALCOCK RAYMOND 192100 192,000.41 980707
659 10177664 ADAMS JAMES 88000 87,954.37 980619
660 10177668 LEEKLEY PHILIP 252000 251,888.28 980630
661 10177675 WATSON VANESSA 97500 97,461.25 980611
662 10177678 KELLY MICHAEL 220000 219,688.44 980623
663 10177685 ROSALES ALBERT 234000 233,884.90 980624
664 10177688 BLEVINS PATRICK 78300 78,235.60 980626
665 10177697 ARMANINO DAVID 360000 359,781.91 980612
666 10177698 NGUYEN DUYEN 75600 75,566.48 980629
667 10177703 HAGOPIAN ROBERT 132000 132,000.00 980630
668 10177705 JR. HANSEN NORMAN 240000 239,888.02 980612
669 10177707 SR. WETHINGTON SYLVESTER 65000 64,924.93 980615
670 10177708 VARNADO LORETTA 104800 104,742.63 980617
671 10177721 CARTER STANLEY 120750 120,699.36 980611
672 10177727 PELTONEN WALTER 100500 100,450.46 980617
673 10177730 MOSCARDINI WILLIAM 184000 183,818.26 980615
674 10177736 LOPEZ SERGIO 189000 188,896.55 980615
675 10177764 ROSE ORANGE 170000 170,000.00 980626
676 10177766 EVANS KERRY 192000 191,894.90 980623
677 10177768 CHUONG RANDY 215600 215,481.98 980626
678 10177775 KENT DAVID 90000 89,878.56 980625
679 10177779 COLLINS DARYL 135600 135,479.26 980626
680 10177789 SHANKLIN CORNELIA 162400 162,324.23 980629
681 10177798 HOWELL ARVELL 187000 186,912.76 980701
682 10177803 HERRERA FRANK 189900 189,824.54 980623
683 10177804 FREELAND JACK 197600 197,453.35 980619
684 10177823 MAXWELL BETTY 155200 155,200.00 980714
685 10177824 BAE MAY 212000 211,901.09 980622
686 10177835 RAUKHMAN VLADIMIR 340000 339,794.02 980630
687 10177840 MOLINA JOHN 189000 188,902.01 980626
688 10177852 LUCIANO ROBERT 142200 142,143.49 980630
689 10177872 CRANDALL FRANK 111600 111,550.52 980630
690 10177881 RUBALCAVA FAUSTINO 240000 239,781.95 980710
691 10177893 WILDE PAULA 154500 154,411.10 980630
692 10177907 GIL DAVID 108800 108,743.59 980629
693 10177909 HUNTER STEVE 212000 211,871.57 980630
694 10177929 BRANCH SAMUEL 65250 65,224.07 980630
695 10177932 VILLALOVOS ELIZABETH 110500 110,378.57 980713
696 10177935 BROWN MAKIKO 57200 57,174.64 980629
697 10177941 PITTMAN LIANN 90000 89,964.23 980629
698 10177945 DIAZ JUAN 152000 151,916.79 980630
699 10177970 SHAKYA BIRENDRA 109950 109,883.25 980629
700 10177971 RAMIREZ DOLORES 52500 52,500.00 980714
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
701 10177976 DOLPHIN LINDA 330000 329,819.36 980626
702 10177999 REYNOLDS ALBERTO 172000 172,000.00 980716
703 10178002 VILLARUZ ALFREDO 155000 154,901.16 980707
704 10178012 RAEL ANTHONY 136800 136,725.00 980709
705 10178023 OYCO JESSIE 160200 160,200.00 980716
706 10178026 UDO UMOETUK 121500 121,446.13 980630
707 10178038 CARRANZA MARIA 182000 181,820.23 980709
708 10178044 TRENERY RICHARD 470000 470,000.00 980713
709 10178046 ORTEGA BILL 267750 267,603.43 980715
710 10178075 PITTMAN LIANN 87500 87,500.00 980713
711 10178103 KRUEGER MELVIN 95000 94,901.10 980707
712 10178110 ROHLF DONALD E. 33600 33,585.91 980630
713 10178124 SCHMAUTZ ERIKA 211500 211,395.74 980609
714 10178135 CORTINAS CLAUDIO 85000 84,958.10 980622
715 10178136 KENT-BIRO SUSAN M. 57000 56,971.25 980611
716 10178137 KENT-BIRO SUSAN M. 110500 110,389.14 980611
717 10178140 HANSEN JAY 228000 227,463.16 980611
718 10178141 REECE CATHY L. 120000 119,944.01 980618
719 10178150 KELLY JOSEPH 100000 99,960.26 980630
720 10178152 FREEMAN KENNETH L. 123750 123,627.78 980604
721 10178153 FLORETTA DAVID 170850 170,785.67 980716
722 10178154 PIERCE CRAIG B. 215000 214,882.31 980618
723 10178159 GUNDERSON SCOTT K. 72250 72,193.84 980605
724 10178167 SKOGERSON RICHARD P. 288000 287,872.32 980622
725 10178173 LOCHRIDGE HARRY 68000 67,968.27 980626
726 10178175 BOOTH ROBERT 153000 152,934.10 980616
727 10178183 COLBERT LEOLA 110250 110,210.60 980710
728 10178205 MARANG TINA 56000 56,000.00 980715
729 10178234 WHITESIDE JEFFREY K. 52500 52,460.29 980612
730 10178238 LOTT ALVIN 108000 107,954.71 980611
731 10178246 RODRIGUEZ JAMIE 59625 59,601.93 980630
732 10178267 DILLARD EDNA 144000 143,878.70 980602
733 10178269 LYONS PATRICK 52000 51,930.24 980604
734 10178295 FUJARSKI LEONARD 92800 92,725.92 980618
735 10178297 TAMEZ LEONEL 156000 155,819.83 980629
736 10178308 ANTONIO DONALD M. 144900 144,828.57 980717
737 10178316 VALDEZ FLORENTINO 36000 35,988.46 980713
738 10178320 NEAL MORGAN G. 66400 66,323.14 980602
739 10178321 NATWICK PETER 84000 83,978.45 980629
740 10178322 WILLING RICHARD A. 51870 51,852.48 980630
741 10178331 MOSCARITOLA VINCENT 244000 243,844.09 980616
742 10178337 MEDINA STEVE 33600 33,569.13 980602
743 10178351 JONES RYAN L. 113600 113,523.00 980629
744 10178353 BERGER BRIAN JOHN 197910 197,839.28 980610
745 10178355 BENINATI ROBERT J. 52000 51,971.59 980609
746 10178361 TYLER KERRY I. 55405 55,382.93 980612
747 10178362 FRIGEN MONTY 103500 103,386.27 980617
748 10178376 ZIMMERMAN DOUG ALLEN 36400 36,386.29 980619
749 10178379 MEREDITH DANIEL 42700 42,676.62 980603
750 10178383 CROSBY STEPHEN L. 121500 121,397.44 980608
751 10178394 DELGADO DONNA 83700 83,608.02 980608
752 10178402 DELA ROSA ARTHUR L. 120000 119,946.91 980618
753 10178419 ROBINSON JESSIE 43500 43,500.00 980702
754 10178428 LOVINCEY PETER 118915 118,814.44 980602
755 10178434 VAVALIS TIMOTHY 155000 154,861.08 980626
756 10178435 BOHL DAVID A. 20000 19,966.67 980619
757 10178441 JENKINS RICKY 90000 89,919.87 980622
758 10178443 BENDER LINDA L. 76500 76,473.45 980630
759 10178450 IDLER DARYL L. 54250 54,224.63 980622
760 10178452 WILSON DONALD 108500 108,434.13 980611
761 10178454 DAVIS JEFFREY D. 103500 103,386.27 980605
762 10178479 HOSKINS TIMOTHY 41600 41,568.54 980622
763 10178485 ANDERSON MICHAEL R. 206100 205,935.48 980702
764 10178495 TORIO SHEILA 131200 131,091.83 980710
765 10178498 PAWLOSKI VINCE J. 65000 64,962.60 980618
766 10178500 RINCON NORA R. 89800 89,720.04 980618
767 10178501 DAWSON JR. KEVIN 250000 249,840.58 980626
768 10178503 FETTA WILLIAM E. 95920 95,879.77 980630
769 10178518 MAGALLAN STEVEN A. 84800 84,743.09 980625
770 10178537 BOX EDWARD 99200 99,143.17 980609
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
771 10178546 PATTEN DON MICHAEL 101575 101,539.75 980710
772 10178549 SCHOEBERL DANIEL R. 38522 38,508.63 980616
773 10178551 SPURGEON PAUL 45600 45,581.87 980616
774 10178552 HUPPERT ROBERT 119000 118,866.07 980629
775 10178556 LOPEZ VICTOR 90950 90,950.00 980716
776 10178561 HERNANDEZ VERONICA 108000 107,951.47 980615
777 10178563 KATO GLORIA 94500 94,448.27 980625
778 10178573 BARTENI ROSE 54720 54,720.00 980709
779 10178575 VEJIL FRANK 89250 89,172.79 980623
780 10178580 MCCABE ERIC L. 94400 94,311.54 980618
781 10178581 VAZQUEZ JOSE 123000 122,948.42 980717
782 10178594 PERSONS CHARLES K. 217000 216,926.74 980626
783 10178595 TYKODI THOMAS 255500 255,374.32 980623
784 10178598 HAZARD MATHEW 210600 210,524.73 980625
785 10178603 BARFIELD JAMES L. 74000 73,967.19 980630
786 10178605 RAMIREZ ROLANDO 97750 97,677.62 980610
787 10178617 HICKS JIM 208250 207,882.83 980605
788 10178670 ARELLANO FELIPE 265837 265,742.21 980622
789 10178679 ANDERSON WILLIAM A. 48000 47,955.32 980619
790 10178697 HENLEY DAVID 104000 103,806.98 980619
791 10178706 ARMSTRONG PAULETTE 39200 39,184.07 980602
792 10178718 ATILANO MILAGROS 400000 399,840.70 980629
793 10178719 HILLMER STEPHEN H 83725 83,690.81 980617
794 10178726 MASON LINDA 80100 80,064.48 980622
795 10178769 CLARK CHARLES H. 44100 43,976.69 980626
796 10178781 TEAGUE JOHN C. 78750 78,709.17 980707
797 10178792 NUTTER TONY R. 127398.23 127,346.67 980709
798 10178810 ROBBINS DAN 238000 238,000.00 980629
799 10178827 MARTINEZ JOAQUIN 146250 146,139.38 980615
800 10178830 HIGHTOWER CHARLES 285000 284,886.74 980610
801 10178832 DOCKERY GREGORY 124000 123,942.02 980616
802 10178833 WILSON RONALD L. 63871.66 63,822.44 980617
803 10178834 SMITH MONTES B 84000 83,970.00 980610
804 10178838 GAYNIER JAMES 40000 39,960.48 980619
805 10178839 ROBERSON THOMAS J 55250 55,159.74 980605
806 10178847 MCCULLION JOHN 160800 160,401.48 980609
807 10178851 FORKEL DELIA 78400 78,318.39 980623
808 10178866 EALDER LINDA 62800 62,778.79 980616
809 10178867 WILSON MARCUS A. 150400 150,336.93 980629
810 10178873 CARTER CYNTHIA 50903.07 50,886.36 980623
811 10178953 ESPARZA DEAN 161000 160,831.93 980604
812 10178978 PARKER JOHNEL 18750 18,742.54 980605
813 10179005 SMITH GENEVIEVE 76406.99 76,359.99 980722
814 10179024 WITHLOCK SANDRA JEAN 55875 55,857.10 980601
815 10179026 CARLISLE KENNETH 62800 62,706.59 980602
816 10179039 RANDALL HARRY 38400 38,376.65 980619
817 10179044 SANDERS JAMES 137600 137,448.78 980605
818 10179054 FREEMAN MATTHEW D. 286400 285,926.17 980604
819 10179078 SIMS ROBIN L. 153850 153,409.78 980608
820 10179084 ANDERSON TIMOTHY M 98400 98,337.18 980612
821 10179090 THOMPSON 111 ROBERT L 148000 147,881.03 980604
822 10179110 MBIANGO KIZITO 387000 386,854.29 980626
823 10179117 KELLY PATRICK 63200 63,143.73 980630
824 10179136 JOHNNY WALKER 112200 112,125.93 980602
825 10179137 HAYMAKER DONNA 108430 108,393.31 980612
826 10179148 DAVIS TROY 65450 65,427.51 980608
827 10179155 LARRY RICHARD 100800 100,800.00 980623
828 10179169 LEGWIN ANITA 57200 57,178.46 980615
829 10179179 OLMEDA MARLA 42250 42,228.49 980608
830 10179193 SOBALBARRO FACUNDO 82365 82,287.82 980609
831 10179204 MARTINEZ NOTIORA 116800 116,742.55 980610
832 10179220 WHITFIELD WILLIAM 104975 104,945.78 980610
833 10179230 HALL H. JOSEPH 123250 123,201.28 980618
834 10179232 DON YEATTS 109200 109,068.39 980610
835 10179242 GRIFFIN PAULA 39000 38,974.94 980610
836 10179245 DUTY RAQUEL 54600 54,472.40 980603
837 10179246 PATTERSON ROBERT 73100 73,023.91 980605
838 10179277 MIROLI ENRICA 88200 88,133.27 980601
839 10179281 GRIMSLEY DENNY 80000 79,971.41 980616
840 10179282 MILLER JULIA 38000 37,971.25 980617
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
841 10179284 COVELLI DEBRA 113400 113,357.30 980721
842 10179286 MIMS MELVIN 53550 53,533.77 980618
843 10179293 JOYCE CATHY 138200 138,076.94 980618
844 10179310 KHAN ZAHID 142120 142,076.92 980601
845 10179313 MIDOLO CHARLENE 123250 123,203.59 980626
846 10179316 PLAVNICK KIM 52000 51,984.23 980616
847 10179317 HOLMES BARBARA 68400 68,374.24 980615
848 10179319 THOMPSON JODY 50850 50,835.45 980615
849 10179327 CARRION RAPHAEL 41600 41,581.55 980609
850 10179332 YOUNG RUTH 43600 43,565.19 980605
851 10179334 HEMPSTEAD GERALD 60800 60,784.87 980601
852 10179335 KENDRICK JOHN 55250 55,234.62 980617
853 10179349 DICKSON PAULETTE 51000 50,977.63 980603
854 10179351 SHEPPARD JAMES 76000 75,972.83 980612
855 10179352 CRAVATT SHIRLEY 45750 45,718.95 980629
856 10179353 HARTLEY BRIAN 75650 75,619.11 980608
857 10179357 VOLTAIRE INGRID 102000 101,959.46 980710
858 10179359 FAUST KIM 52800 52,760.50 980601
859 10179360 THOMAS DENNIS 37700 37,671.47 980612
860 10179361 HARRIS MATILDA 70000 69,967.27 980615
861 10179364 WILLIAMS GWENDOLYN 59800 59,772.10 980615
862 10179368 SANTIAGO MIGDALIA 52500 52,477.80 980619
863 10179377 TACCATI DARLENE 24000 24,000.00 980623
864 10179381 PARKER ZELDA 57520 57,476.49 980619
865 10179382 HOPKINS MICHAEL 91000 91,000.00 980707
866 10179383 JONES BARBARA 140000 139,952.73 980616
867 10179384 WISE WILLIAM 144950 144,840.35 980612
868 10179385 HERNANDEZ YOLANDA 59500 59,452.51 980626
869 10179386 BILLUE JIMMIE 46500 46,485.93 980616
870 10179387 HOENIG GREGORY 126025 126,025.00 980622
871 10179392 MCKEITHAN RUTH 72800 72,775.42 980630
872 10179394 DASH CHARLIE 71200 71,175.96 980610
873 10179397 STANCIL ANDRE 71250 71,250.00 980715
874 10179407 WARE SANDRA 172500 172,431.30 980605
875 10179414 DREHER CARL 50000 49,981.17 980626
876 10179420 CASSELL DIANE 47710 47,673.90 980623
877 10179424 JOHNSON TYRONE 24000 23,990.96 980619
878 10179429 TOUSSAINT ELISSON 55380 55,363.24 980617
879 10179430 LITTLE LEWIS 44000 43,986.66 980604
880 10179433 ROBERTS ALEX 268000 267,918.76 980629
881 10179437 DREW DAVID 72250 72,229.89 980630
882 10179445 RODRIGUEZ RAMON 81250 81,250.00 980713
883 10179453 PARKS LARRY 40950 40,928.91 980622
884 10179455 TUCKER BOBBY 50750 50,735.44 980616
885 10179461 LAWSON KENDRA 63700 63,673.28 980611
886 10179465 DAY JOE 165665 165,618.90 980615
887 10179466 WILLIAMS FRANCINE 44400 44,371.48 980609
888 10179467 FREITAG JOHN 76500 76,445.07 980615
889 10179468 JOHNSON NICOLE 42500 42,484.81 980616
890 10179472 JOHNSON VICTOR 84700 84,672.93 980630
891 10179473 JOHNSON DAVID 59200 59,173.75 980615
892 10179486 WILLIAMS KEVIN 70200 70,173.56 980626
893 10179487 PLONK CHRISTOPHER 27000 26,990.37 980611
894 10179489 EDWARDS OTHA 107100 107,069.29 980617
895 10179500 GHIONE MARIA 106200 106,133.64 980616
896 10179501 LYMUS CHRISTINA 71200 71,200.00 980707
897 10179504 HANRAHAN EDWARD 70000 69,963.70 980617
898 10179506 NOBLE JOSEPH 28800 28,787.23 980708
899 10179508 LANNI STEVE 50000 49,969.71 980622
900 10179509 MOTON SHEIREBA 80750 80,712.32 980622
901 10179510 GAYDER GARY 26712 26,702.98 980713
902 10179511 OSORIA LISETTE 57000 56,978.53 980618
903 10179514 MEJIAS LUCRECIO 60000 59,981.81 980629
904 10179515 JENKINS CLINTON 140000 140,000.00 980715
905 10179516 GORDON JOHN 55260 55,241.34 980623
906 10179518 NOEL LOUSELINE 56550 56,524.98 980623
907 10179526 WHITE JOHN 112450 112,407.66 980617
908 10179531 BOMHOLD ROY 140400 140,330.94 980630
909 10179539 DICEMBRINO MARIA 50000 49,975.40 980708
910 10179548 ZEGZDRYN SHEILA 52700 52,684.02 980618
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
911 10179552 WEAMERT JAMES 89000 88,951.38 980623
912 10179553 PALADE KAY 64000 63,977.18 980616
913 10179554 D'ONOFRIO RAYMOND 241600 241,426.53 980630
914 10179563 LONG DONALD 218450 218,293.48 980626
915 10179564 MALLETT MARCUS 90000 89,967.90 980629
916 10179565 MIMS TINA 61200 61,156.06 980630
917 10179572 MOORE GILDA 314500 314,384.77 980626
918 10179574 MELENDEZ VICTOR 70800 70,774.70 980629
919 10179577 SMITH JAMES 84150 84,150.00 980715
920 10179578 GIDDINGS ROBERT 57600 57,578.31 980622
921 10179579 HANDY GREGORY 50400 50,361.79 980625
922 10179580 SHARZAMAN MOHAMAD 77650 77,591.26 980622
923 10179581 BLACHER MARK 75000 74,971.75 980629
924 10179582 HARPER JERRY 47600 47,582.56 980630
925 10179585 BURGESS ELMA 50400 50,383.89 980623
926 10179589 MOTTOLA GARY 50050 50,050.00 980715
927 10179590 MOSLEY ALLEN 78000 77,969.75 980629
928 10179593 DAVIS FREDRICK 44925 44,908.08 980619
929 10179594 WALSH DELROY 56000 55,983.02 980623
930 10179610 IKERD TROY S. 69600 69,578.95 980623
931 10179613 BOWERS DARLENE 108000 107,941.00 980602
932 10179630 BIG PETRU 150450 150,345.11 980630
933 10179638 NICHOLS BARBARA L 31500 31,490.96 980708
934 10179641 MITCHELL TEENA C 118500 118,459.94 980619
935 10179646 GLAZE BRIAN 60350 60,325.36 980603
936 10179657 ROBINSON LILLIE 75780 75,692.10 980618
937 10179658 WOOD LORETTA 35000 34,974.87 980608
938 10179664 FURLONG JERRY 42000 41,980.40 980604
939 10179667 MESCHNARK TOM 45000 44,983.05 980609
940 10179668 CLIFTON CHARLES 45500 45,465.57 980603
941 10179670 PICKETT REGINALD N 70400 70,372.02 980625
942 10179673 CORNELL-JOHNSON MARY A 67500 67,477.20 980617
943 10179674 LLOYD NANETTE 89000 89,000.00 980708
944 10179678 FREEMAN LAWRENCE E 137600 137,490.14 980616
945 10179681 KRUEGER TODD R 112000 111,900.27 980622
946 10179692 STAFF PAUL 336600 336,600.00 980630
947 10179698 MORRISON BRUNA E 84000 81,880.01 980601
948 10179703 CHIRUMBOLO JOSEPH 196000 195,913.28 980610
949 10179712 ROACH RICHARD 32000 31,977.01 980629
950 10179722 HOFFMAN WILLIAM G 117600 117,449.50 980605
951 10179726 WILLIAMS DENNIS R 53300 53,259.68 980603
952 10179734 COLEMAN JOHN 76000 75,920.12 980601
953 10179736 DONAKOWSKI ROBERT L 48000 47,984.66 980608
954 10179739 MCCONNELL LONNIE 44800 44,785.33 980622
955 10179745 BANKS KENNETH 45937 45,919.70 980604
956 10179746 GOLDSTEIN COREY 50050 50,050.00 980630
957 10179760 LUND MARVIN E. 90000 89,924.18 980630
958 10179763 ERKINS ROSEMARY 161500 161,439.19 980609
959 10179765 FELLER MATTHEW J. 43800 43,779.52 980713
960 10179768 LOGAN KELLY E. 33600 33,587.99 980708
961 10179784 WOODS FREDERICK 60000 59,952.79 980601
962 10179793 CONSTANZA ARMANDO 165600 165,544.09 980605
963 10179806 ARGUETA GLORIA J DE 81000 80,972.65 980714
964 10179815 EVANS DAVID K 108000 107,952.12 980623
965 10179817 FORD SHERRY 44000 43,977.35 980610
966 10179818 HOLTE PETER A. 84000 83,959.30 980605
967 10179837 BELCHER BARBARA 67500 67,459.88 980615
968 10179838 SPENCE LINDA A 74250 74,222.05 980604
969 10179850 DAVIS SANDRA D PRATER 40300 40,284.82 980605
970 10179861 COLEMAN JOYCE A 28000 27,988.87 980605
971 10179872 GORDON JOSEPH L. 52000 51,936.16 980610
972 10179882 KOSCIOLEK NORMA J 82500 82,446.99 980629
973 10179889 ADCOCK STEVEN A 61200 61,171.44 980624
974 10179898 VANDERWARF JONATHAN D 30000 29,977.30 980616
975 10179901 FOSTER DEBORAH 34450 34,437.02 980616
976 10179905 ZIMMERMAN KIM 90100 90,067.80 980610
977 10179911 ANTHONY ARTHUR A 52000 51,980.41 980612
978 10179913 SALTER ROSE E. 95250 95,200.62 980630
979 10179919 LAWRENCE III JOHNNIE 85000 84,972.07 980615
980 10179921 GALARZA GLORIA 63000 62,976.27 980615
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
981 10179922 JONES CARL 22800 22,800.00 980710
982 10179923 REESE ISSAC 69520 69,495.16 980608
983 10179929 BARTLEY TONI JO 23725 23,716.07 980709
984 10179936 CORBIN MARK 31800 31,789.83 980616
985 10179939 MILLARD DEBRA 50000 49,955.48 980605
986 10179946 ERVIN JR. CHARLES T. 44000 43,982.97 980713
987 10179954 RICHARDSON EDGAR P 109800 109,762.93 980605
988 10179965 WHITMIRE RICHARD 49000 48,985.14 980615
989 10179974 MANUEL JR EUGENE H 70200 70,176.30 980609
990 10179976 BROWNING DAVID 33750 33,666.41 980618
991 10179983 BARNES AMIKA 35750 35,736.54 980612
992 10179990 KINTREN LAURA 29250 29,193.51 980708
993 10179991 ADAMS CAROL S 19500 19,492.66 980713
994 10180004 SIMMS LINDA B 45600 45,584.60 980609
995 10180019 ROGERS BRANDY 28700 28,674.09 980630
996 10180027 HART PHILIP D. 105000 104,964.55 980629
997 10180031 MCLEAN RONALD J. 148650 148,580.49 980611
998 10180036 CHUPICH MICHAEL R 205200 205,130.72 980612
999 10180037 EDWARDS PERRIETTA M 46800 46,782.38 980626
1000 10180038 BOONE PATRICIA 28500 28,489.81 980619
1001 10180041 DUNAWAY MARTIN L. 64000 63,942.14 980609
1002 10180042 BELL TIMOTHY JR 24375 24,375.00 980701
1003 10180043 BELLAH ROBERT NEIL 27937 27,918.03 980626
1004 10180044 ELLIOT LORETTA 42000 41,986.50 980622
1005 10180050 EPPERHEIMER RUSSELL 95625 95,539.85 980615
1006 10180054 HENSLEY THERESE L 110000 109,956.18 980616
1007 10180055 BOYD PATRICIA A 50700 50,676.34 980622
1008 10180060 HAAMID SHAHIDAH U. 40000 40,000.00 980706
1009 10180061 DAVIS DOUGLAS C 97500 97,440.81 980608
1010 10180062 SHELTON ROBERT 55675 55,656.70 980612
1011 10180075 HUTT DIANE M 36000 35,953.63 980610
1012 10180079 GLANDON BRIAN 116800 116,800.00 980624
1013 10180082 ADDISON-WREEN LINDA J 28875 28,865.24 980612
1014 10180084 LOFTON C.A. 75000 74,970.19 980612
1015 10180087 MARCHUNT FRANK J 44250 44,237.33 980617
1016 10180089 JASIM MUSTAFA A M 40950 40,930.89 980622
1017 10180091 BRANCH BRUCE 38350 38,332.10 980629
1018 10180095 DZIEDZIC WALTER A 45000 44,979.01 980622
1019 10180100 DISHAUZI STEPHEN 223550 223,463.52 980617
1020 10180108 COMBS PATRICIA A 85300 85,266.10 980615
1021 10180110 FUNK RUSSEL 61125 61,097.90 980630
1022 10180112 HEIN THERESA A. 105000 104,414.23 980603
1023 10180116 KIMBALL KENNETH H. 106000 105,871.11 980609
1024 10180125 KONJAN FOMBA 66400 66,372.15 980611
1025 10180127 CLEMENS TANIA L. 40300 40,300.00 980716
1026 10180142 SCHULTZ KENNETH PAUL JR 70500 70,426.62 980605
1027 10180157 RAMIREZ MICHAEL 157500 157,394.10 980617
1028 10180158 SCHUMACHER MIKE C. 30800 30,789.60 980608
1029 10180173 HARDAKER CHARLES A. 132000 131,938.41 980618
1030 10180211 SCHROEDER STEVE 113250 113,184.86 980603
1031 10180216 SCHLIDT DAVID M. 131200 131,150.60 980609
1032 10180222 HARVEY JACQUELINE G. 109600 109,502.42 980622
1033 10180250 ROGERS ROBERT L. 52000 51,976.94 980611
1034 10180266 WOOLERY JAMES 57600 57,555.22 980623
1035 10180269 MARVULLI CYNTHIA M. 120690 120,565.68 980605
1036 10180273 SWANK PHILLIP 66000 65,969.20 980609
1037 10180308 MEEKS ANN N 148000 148,000.00 980716
1038 10180322 BRANYON ANDRE R. 45000 44,971.08 980630
1039 10180335 HERROD IDA 29625 29,616.50 980612
1040 10180352 HILL BRENDA 94410 94,368.14 980630
1041 10180357 BUIS MICHAEL 98000 97,886.81 980610
1042 10180372 MC SHANE DANIEL D 72250 72,165.39 980603
1043 10180376 RAY THOMAS E. 136000 135,850.56 980603
1044 10180380 BROOKS WARD 124411 124,366.54 980608
1045 10180385 BAKER THEODORE 157250 157,163.92 980611
1046 10180400 SANDOVAL LEE E. 104400 104,296.87 980630
1047 10180432 JOHNSON MICHAEL 104000 103,897.28 980604
1048 10180440 EKLUND JASON G 27750 27,740.63 980603
1049 10180447 BULL KENNETH R. 88000 87,966.86 980612
1050 10180448 SALIMA TAPAAU 61500 61,478.86 980625
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1051 10180491 LEE KEIR 92000 91,947.06 980604
1052 10180507 MATHIS DEREK D. 45000 44,965.95 980617
1053 10180509 BELL MARNETTA L. 59215 59,196.07 980609
1054 10180519 PETERSON DON W 106200 106,152.92 980616
1055 10180525 STANTON DARYL J II 46320 46,278.75 980629
1056 10180557 GREENFIELD STEVEN C. 26000 25,990.21 980616
1057 10180568 MAXWELL LINDA 96000 95,944.76 980608
1058 10180570 KELLUM BOYD 165000 164,837.04 980608
1059 10180572 HARRIS JR. GLENN S. 39950 39,412.05 980604
1060 10180584 HORNSBY WALLACE J. 35100 35,086.78 980612
1061 10180604 PUTRA RAY 127500 127,500.00 980709
1062 10180615 TAHVILDARI FEEROZ 59500 59,476.36 980629
1063 10180622 CRANE JR. HERSCHEL 48000 47,984.66 980708
1064 10180623 NOYES JAMES S. 98320 98,172.62 980603
1065 10180625 MICHEL HECTOR 70400 70,349.45 980604
1066 10180631 MARTIN TOMMY 177565 177,411.38 980602
1067 10180634 STEVENS ROBERT 110400 110,353.70 980615
1068 10180640 SILVA JR. JAMES W. 64900 64,832.44 980603
1069 10180678 LUND CHRIS 60000 59,545.86 980605
1070 10180679 KLEIN TERRY 261000 260,857.43 980616
1071 10180684 EDERY JENNIFER 108750 108,701.78 980709
1072 10180692 SHEPHERD JASON L. 73600 73,500.69 980604
1073 10180695 MAGOUIRK MARY 112616 112,533.09 980702
1074 10180700 KAPLAN MICHAEL 141950 141,842.64 980603
1075 10180701 CAGE ROBERT A. 56250 56,225.06 980615
1076 10180704 MCDONALD CLAY S. 111300 111,300.00 980714
1077 10180714 AUSTIN LEOLA ANN 88500 88,466.67 980619
1078 10180715 SWICEGOOD JERRY D 51000 50,946.90 980616
1079 10180716 MOE RICHARD 70500 70,455.04 980611
1080 10180723 MADORE DANIEL 157600 157,459.68 980610
1081 10180728 LAW CHARLES E. 112000 111,928.43 980610
1082 10180730 MALATY GHAUS W. 105600 105,333.08 980629
1083 10180733 DUNLAP THERESA 48000 47,952.59 980608
1084 10180743 MUELLER JR. WILLIAM 96000 95,950.23 980615
1085 10180757 PHILLIPS MELISSA M. 79030 79,003.32 980609
1086 10180764 CHARLOFF GAIL 62400 62,341.52 980608
1087 10180780 STROPOLI JOHN 85600 85,515.44 980602
1088 10180783 GILLEY CURTIS 193500 193,168.90 980603
1089 10180784 CHURCH AVERY ALLEN 93750 93,712.66 980626
1090 10180785 CHASSE CHRISTOPHER 61750 61,712.61 980630
1091 10180788 CLARK FANK 112050 111,960.55 980604
1092 10180796 MARSHALL VERNON 74400 74,400.00 980630
1093 10180797 ADDINGTON ROBERT 168000 167,925.52 980616
1094 10180798 CRISTALL LINDA 141750 141,609.99 980626
1095 10180807 PREIBUS PAUL H. 92650 92,608.92 980612
1096 10180821 BROWN JOHNNY 45600 45,600.00 980630
1097 10180823 KELLY JOHN R. 500000 500,000.00 980716
1098 10180824 EVANS JEFFERY 76000 75,968.13 980707
1099 10180826 WAGNER RHETT A. 139500 139,438.15 980626
1100 10180827 OLKEN HARVEY 96750 96,709.43 980630
1101 10180833 TOSIELLO MICHELE A. 108000 107,903.84 980611
1102 10180837 KENT BILLY 62475 62,475.00 980714
1103 10180850 PARRIS WALTER 55200 55,180.27 980618
1104 10180861 RACHELE SALVATORE 125100 125,044.54 980626
1105 10180871 WHITE DOROTHY M. 153900 153,824.30 980612
1106 10180875 KOTIK NICKOLAS 144500 144,448.36 980619
1107 10180896 SMELL STEVE 119000 118,956.40 980603
1108 10180897 TENA ORALIA 23600 23,586.42 980618
1109 10180900 WHITMAN DEBRA 72250 72,224.93 980630
1110 10180923 BYRD KERRI 66375 66,375.00 980708
1111 10180926 CAMPOS HIGINIO 54400 54,383.99 980630
1112 10180930 LENS JOHN 95920 95,885.72 980616
1113 10180931 PIRIE LYNNE 425125 424,936.53 980715
1114 10180934 LICHTER WALTER H. 104775 104,699.76 980619
1115 10180935 DOUROS JIM 103950 103,874.52 980630
1116 10180940 GULICK DANIEL 35000 34,764.64 980619
1117 10180967 ECKERT CHARLES 71200 71,174.55 980625
1118 10180970 MURRAY ANEDA 128800 128,684.04 980616
1119 10180971 AICHER MARK E. 90000 89,967.83 980615
1120 10180975 THOMPSON DAVID 378000 377,857.69 980609
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1121 10180976 MCFADYEN MARK K. 134250 134,202.03 980615
1122 10180979 LOPEZ FELIX 67500 67,468.51 980630
1123 10180981 FISCHER JUSTINE SUSAN 344000 343,863.29 980630
1124 10181008 FLUELLYN TRACEY 56000 55,944.69 980630
1125 10181018 JACKSON JAMES B. 112000 111,957.83 980623
1126 10181021 MCQUEEN MELVIN 393750 393,623.89 980630
1127 10181033 ROSS PETER O. 77600 77,565.59 980618
1128 10181034 MOODY CHRISTY L. 53975 53,957.75 980710
1129 10181035 WANEK JOHN 379570 379,419.16 980619
1130 10181037 OWEN ROSEMARY 117725 117,670.08 980630
1131 10181038 PLANK KEITH 221600 221,356.49 980618
1132 10181039 CLANCY ANDREW 101700 101,618.82 980619
1133 10181040 MARRON BALTAZAR 71100 70,891.36 980630
1134 10181048 RICH MICHELLE 105200 105,129.27 980616
1135 10181050 HOEGNER III RUDOLPH 62625 62,606.05 980709
1136 10181059 WATKINS RALPH 210000 209,911.93 980708
1137 10181065 EDMONSON STARLING F. 165600 165,526.58 980702
1138 10181078 CRUZE DAVID 41600 41,584.34 980630
1139 10181088 NESS BRUCE 82500 82,401.56 980707
1140 10181091 DIAL BEVERLY 51210 51,187.29 980626
1141 10181096 WILLIAMS DONNELL 139500 139,434.91 980629
1142 10181101 ROACH BRYON 106400 106,362.05 980608
1143 10181117 SALLS JOHN D. 33800 33,768.33 980605
1144 10181131 WRIGHT MARY J. 27950 27,935.39 980617
1145 10181133 PERRY ANNELL 70125 70,100.67 980617
1146 10181135 ROLLINS ERNEST 200000 199,911.52 980615
1147 10181141 DABNEY HAZEL 58650 58,573.55 980605
1148 10181175 CLEVELAND BRADFORD J. 90000 89,972.72 980609
1149 10181185 QUIMBY CURTIS LEE 48750 48,720.36 980630
1150 10181198 DE FILIPPIS JAMES 64800 64,750.98 980701
1151 10181199 PITT RODERICK 139500 139,452.90 980603
1152 10181248 DELAWARE BERNIE 108720 108,665.69 980701
1153 10181262 BLASBERG DONALD 250000 249,905.87 980701
1154 10181279 ANDREWS JAMES 48700 48,680.13 980618
1155 10181289 DELLINGER BARBARA 67500 67,475.88 980625
1156 10181295 PALMER WALTON 27750 27,742.06 980619
1157 10181300 SO SOKHOM 300000 299,860.03 980612
1158 10181302 PELLETIER CRAIG 110415 110,382.52 980616
1159 10181323 CAVE CAROL A. 211250 211,250.00 980629
1160 10181358 MCNEELY GARY 101150 101,114.89 980612
1161 10181378 SCHROPP JAMES L. 33000 32,988.86 980603
1162 10181384 JONES SANDRA 63750 63,721.79 980716
1163 10181410 CLOSE KEVIN 42000 41,876.25 980721
1164 10181420 PRUDDEN LINDA 66000 65,976.46 980616
1165 10181444 LEVIN BARBARA 276250 276,127.78 980603
1166 10181470 KALAM RAFIUL 52500 52,136.87 980601
1167 10181471 JACOBS DAVID 82000 81,957.08 980630
1168 10181491 JOSEPH HERBERT 85500 85,467.81 980622
1169 10181496 FERREIRA MICHAEL 108900 108,856.72 980626
1170 10181506 COATES MARSDEN 178200 178,065.20 980612
1171 10181507 KING JOHN W. 80500 80,472.82 980604
1172 10181529 JARVIS BRIAN C. 133000 132,931.05 980630
1173 10181550 BAFRAS ALEXANDROS 119000 118,882.46 980602
1174 10181569 O'BRIEN MARTIN 69275 69,229.26 980612
1175 10181570 HERRON JAMES P. 52700 52,677.30 980622
1176 10181578 ST. FRANCIS JULIE A. 63000 62,959.83 980610
1177 10181579 PETRELLO, JR. AMERICO 63665 63,603.85 980619
1178 10181582 EPPS RUBY 70000 69,930.86 980630
1179 10181587 CIPKO EDGEWOOD 52000 51,981.41 980630
1180 10181605 HIATT ROD 88400 88,355.93 980715
1181 10181606 SCOTT SURASAK 59500 59,481.96 980630
1182 10181613 BORDEN DOROTHY 86700 86,700.00 980713
1183 10181632 ADAMS DIANE 363750 363,307.70 980629
1184 10181644 DAVIS ELAINE 63975 63,953.40 980706
1185 10181655 BLACKWELL JERRY 120600 120,600.00 980713
1186 10181656 THOMAS JUSTINA 197200 197,009.10 980630
1187 10181663 WHITEHORNE CARLOS 55250 55,231.84 980626
1188 10181669 PETERS ACEY 60000 60,000.00 980714
1189 10181671 WILLIAMS ARTHUR 82950 82,950.00 980715
1190 10181678 PHOMSOPHA SANTI 100800 100,800.00 980710
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1191 10181681 MORRIS ELLIOTT 135900 135,785.52 980626
1192 10181691 HOLTZ PERDITA 80800 80,775.56 980715
1193 10181695 MURILLO DANILO 68250 68,224.30 980629
1194 10181696 SCORES JOSEPH 216650 216,531.41 980629
1195 10181697 LENTZ MARTHA 34400 34,400.00 980715
1196 10181700 MARTOGLIO ELIZABETH 39000 38,985.31 980630
1197 10181708 CARRODINE JEROME 85500 85,500.00 980709
1198 10181713 BRADY RUTH 35100 35,100.00 980710
1199 10181715 O'HARA ANNETTE 60350 60,350.00 980714
1200 10181717 TAYLOR BRENDA 21450 21,450.00 980708
1201 10181725 DEVOE BERNARD 54400 54,400.00 980714
1202 10181731 FLETCHER RICHARD 499000 499,000.00 980710
1203 10181735 CUNNINGHAM ROBERT 99000 98,962.72 980722
1204 10181743 MAYFIELD STEPHANIE 78607 78,607.00 980706
1205 10181746 MOSES DORIS 52700 52,700.00 980709
1206 10181775 LANGDON DEE 205650 205,650.00 980715
1207 10181790 BRANCH REGINALD 132800 132,800.00 980714
1208 10181799 BUNKER STEVEN 44200 44,200.00 980715
1209 10181803 RINK SHERI 103950 103,950.00 980706
1210 10181805 STARKS DARRELL 99200 99,166.50 980710
1211 10181809 DAVIS ALTHEA 54600 54,600.00 980715
1212 10181811 HUGHES DANIEL 382500 382,500.00 980713
1213 10181813 DIAZ GEORGE 90000 89,966.11 980720
1214 10181816 MILLER TIMOTHY 121400 121,340.28 980710
1215 10181835 GOMEZ LEON 154350 154,350.00 980709
1216 10181837 WATSON DESHANE 65000 65,000.00 980710
1217 10181851 NICHOLS LINDA 76000 76,000.00 980714
1218 10181855 HERDMANN LAURA 99450 99,450.00 980713
1219 10181858 SPURLEY CYNTHIA 45500 45,483.77 980714
1220 10181869 SUNBURY SUE 68850 68,850.00 980710
1221 10181871 RICH ROBERT 290000 289,857.05 980720
1222 10181881 BUIS ANTHONY 65000 64,975.52 980713
1223 10181883 SEEGOLAM MADHUDRI 66300 66,272.92 980710
1224 10181888 FREET GARIE 33000 33,000.00 980713
1225 10181890 SPEDOON ROBERT 107440 107,387.04 980710
1226 10181901 BROOKS IVAN 46000 46,000.00 980709
1227 10181903 ROMEO SALVATORE 44200 44,200.00 980715
1228 10181909 LOMBARDO CLAUDIA 42500 42,486.03 980715
1229 10181919 SCOTT HAROLD 33000 33,000.00 980716
1230 10181928 SESSIONS LORI 108485 108,433.02 980710
1231 10181929 KAMYK LEO 56000 55,928.33 980715
1232 10181957 MC MILLAN CHARLES 39000 38,985.31 980720
1233 10181980 DOCAMPO ILEANA 66300 66,275.04 980716
1234 10181987 VIRGIL JOSEPH 58800 58,777.86 980715
1235 10181994 EDWARDS DIANE 50700 50,700.00 980715
1236 10182003 SHELTON SCOTT 101056 101,013.62 980715
1237 10182028 STAFFORD CONNIE 65000 64,975.52 980722
1238 10182031 BRANCH REGINALD 53400 53,400.00 980714
1239 10182103 JORDAN JOHN 36000 35,964.44 980629
1240 10182104 BARDGE JOHN J. 158300 158,225.87 980630
1241 10182107 KIRKLAND CURTIS 25600 25,559.86 980601
1242 10182115 SELVAGE LARRY E. 59500 59,435.61 980601
1243 10182140 ALLEN DONALD 91500 91,465.55 980610
1244 10182147 ABDULMASIH FAUD TAWFIG 55124.39 55,105.04 980716
1245 10182152 HAGERMAN DARRELL 157400 157,326.57 980713
1246 10182164 MULLINS ROBERT 23200 23,180.45 980601
1247 10182202 LAKE VANDORIA 21600 21,593.00 980630
1248 10182205 PATTON ANTWAN K 93500 93,460.80 980708
1249 10182206 KERMELIS DIMITRI 336000 335,873.50 980617
1250 10182231 WHITE DOROTHY 131701.18 131,652.46 980618
1251 10182250 RAMIREZ ABEL 99450 99,305.90 980604
1252 10182258 JOHNSON JR HOWARD H 104250 104,205.09 980622
1253 10182262 ALVERSON JOLEEN 123750 123,620.15 980605
1254 10182300 CARROLL SALLY 27625 27,604.65 980708
1255 10182301 SHERWOOD KENT N. 487500 487,204.66 980714
1256 10182310 IRIAJEN JOHN H. 64600 64,549.80 980610
1257 10182322 AVERY ERVIN 147050 146,969.68 980608
1258 10182340 REYNOLDS THOMAS A 130400 130,345.31 980617
1259 10182341 DRURY DAVID LEE 101600 101,504.79 980619
1260 10182349 MCELROY DONALD 33704 33,691.30 980623
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1261 10182368 ZHANG ZHI MIN 118800 118,671.45 980602
1262 10182374 DENT RETHIA R 67120 67,094.28 980707
1263 10182376 CASTANEDA RENE 44000 43,962.93 980608
1264 10182431 MEDINA ELIZABETH R. 355000 354,784.38 980609
1265 10182445 RODRIGUEZ SAM 38350 38,335.55 980616
1266 10182447 HANSEN TRAVIS 76000 75,968.13 980619
1267 10182451 FREEMAN MARSHALL 77322.84 77,268.02 980625
1268 10182460 KEY DALTON 110000 109,902.05 980608
1269 10182477 GARCIA ROBERT 76050 76,007.00 980615
1270 10182484 HANSON JO ANN 42700 42,670.21 980602
1271 10182486 KUHN PIERRE 132400 132,275.94 980602
1272 10182491 WELCH PAUL 176800 176,625.37 980608
1273 10182494 DYER WILLIAM D. 252000 251,882.18 980612
1274 10182496 VICKERS GARY V. 59925 59,840.43 980603
1275 10182510 TYREE JOHN O 80325 80,296.29 980618
1276 10182513 DOBROWITSKY JILL A. 198900 198,814.32 980714
1277 10182521 JOHNSEN GARY M. 81600 81,561.52 980626
1278 10182542 ACUNA MARIA 18000 17,986.38 980610
1279 10182543 WARNER DAVID 254000 253,735.62 980630
1280 10182598 SHARMA LOMAS 38400 38,386.30 980605
1281 10182600 SMITH DONNELL LAVOLD 126000 125,904.69 980612
1282 10183102 HEINEMAN DAVID M. 74630 74,588.23 980605
1283 10183103 BROWN ROBERT M. 106650 106,650.00 980710
1284 10183105 DEERING MICHAEL J 51000 50,962.45 980610
1285 10183108 PAGE DEBRA 147000 146,820.88 980602
1286 10183111 MALONE TRAVIS P. 75650 75,574.73 980609
1287 10183122 BARBER ROBERTA S. 111350 111,310.29 980617
1288 10183167 GLOVER TONI L. 47250 47,236.45 980619
1289 10183169 GALLO EDWARD J. 499000 498,741.30 980609
1290 10183194 KALOUSEK BUTCH J. 64800 64,775.60 980709
1291 10183202 FRENCH STEPHEN H. 124200 124,144.94 980609
1292 10183222 WINTROUB DAVID S. 68800 68,745.06 980602
1293 10183232 MILLER GARY 46750 46,733.41 980619
1294 10183245 DAVIS BRADLEY A. 42000 41,981.75 980630
1295 10183249 BROWN ALVIN 107990 107,930.89 980605
1296 10183257 SHURTE CARL 220500 220,341.68 980605
1297 10183264 WILLIAMS GEORGE 25000 24,992.00 980602
1298 10183276 MIHAL DONNA 74800 74,770.27 980609
1299 10183294 MACHADO EDWARD 132000 131,924.05 980619
1300 10183297 REDMOND AILEEN 40000 39,975.68 980619
1301 10183319 HARRISON DONALD I 114390 113,773.51 980605
1302 10183324 PLEMEL LARRY 28400 28,388.68 980611
1303 10183335 WILLS JERRY J. 35250 35,235.99 980623
1304 10183337 HANES DONNA 118800 118,750.18 980629
1305 10183352 BURGESS DARREN L. 80250 80,221.32 980608
1306 10183365 DAVIS, JR. JOHNSON L. 43250 43,250.00 980630
1307 10183366 WIDICK RICHARD S. 78400 78,378.77 980608
1308 10183367 ZASKE COLE 43750 43,750.00 980706
1309 10183376 CRUISE PEGGY 30300 30,288.92 980617
1310 10183385 HARRISON ADAM C. 36000 35,987.13 980623
1311 10183396 HELLAND JASON A 75750 75,714.66 980604
1312 10183402 OVERTON DAVID K. 85000 84,970.50 980618
1313 10183450 GATES RHONDA 48800 48,727.24 980603
1314 10183462 ATKINSON GARY 208000 207,917.00 980612
1315 10183464 CRUM JEFFRY R. 150000 149,892.29 980610
1316 10183475 POINTER ANGELA 49725 49,699.16 980602
1317 10183487 REED ROBERT 67000 66,926.37 980629
1318 10183488 AVALOS HECTOR 33800 33,782.47 980616
1319 10183492 HALES KEVIN 135000 134,940.15 980623
1320 10183502 TILLEY MARY ELIZABETH 25075 25,066.30 980603
1321 10183544 LYONS BENNETT 499950 499,676.34 980630
1322 10183545 PARKER JOHN O 135500 135,413.59 980630
1323 10183547 FOOTE PAMELA D. 47700 47,682.95 980608
1324 10183549 DEL VALLE MERCEDES R. 245600 245,497.00 980617
1325 10183550 COOPER TERENCE W. 152957 152,847.18 980617
1326 10183562 DANIELS GREGORY 48750 48,732.58 980612
1327 10183567 KRADIN LINDA A. 384990 384,770.33 980630
1328 10183571 RIES FRANK J. 94347.8 94,261.90 980626
1329 10183575 HERMOSILLO RICHARD A. 60365 60,334.03 980612
1330 10183587 EDWARDS GEORGE S. 170000 170,000.00 980629
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1331 10183592 FOX NITA J. 100000 99,958.06 980619
1332 10183593 SCIALDO MARSHALL 124000 123,871.95 980603
1333 10183599 SPIRO MARCUS 425000 424,767.37 980619
1334 10183622 CUNNINGHAM EMMETT P. 147000 146,888.81 980602
1335 10183625 QUICKMIRE BENJAMIN 62230 62,190.03 980626
1336 10183630 CHANDLER KAREN L. 46800 46,782.38 980616
1337 10183634 PEZZO ANTHONY 157500 157,443.72 980626
1338 10183657 LEWIS BILL 41250 41,236.07 980713
1339 10183659 TERISON J. GAIL 114000 113,961.51 980626
1340 10183667 LABAR THOMAS A. 79950 79,912.69 980619
1341 10183669 TISDALE ALGERNON 27700 27,689.69 980609
1342 10183671 GERENCIR THOMAS 88500 88,458.70 980622
1343 10183676 QUINTERO GRACIANO 67500 67,451.64 980612
1344 10183680 LEWIS WILLIAM B. 90900 90,900.00 980710
1345 10183685 BARDEN HERBERT 60000 60,000.00 980714
1346 10183686 O'MALLEY DENIS 55000 55,000.00 980715
1347 10183687 KELLEY KATHRYN 95400 95,367.79 980610
1348 10183689 KNIGHT LAMONA 116450 116,408.38 980615
1349 10183706 FULLER EDWIN A. 62000 61,967.86 980608
1350 10183714 BOUCHARD CATHY 84915 84,891.00 980615
1351 10183720 BLENKER JEFFREY T. 58000 57,956.13 980630
1352 10183765 LLAMETA MAUREEN 51000 50,985.80 980626
1353 10183767 COPPOLA RICHARD L. 139400 139,350.18 980615
1354 10183797 CROWLEY WILLIAM D. 106400 106,094.39 980630
1355 10183804 LEMIEUX RAYMOND 69375 69,347.36 980608
1356 10183805 ISMAEL GHOUSE 180000 179,498.50 980629
1357 10183806 PELLETIER DANIEL 83330 83,298.63 980629
1358 10183807 WATSON SCOTT G. 104000 103,853.23 980603
1359 10183817 HILL WILLIAM 48000 47,990.20 980608
1360 10183828 HALLMAN SCOTT 153000 152,932.17 980610
1361 10183829 SAUNDERS JOHN A. 90350 90,315.98 980623
1362 10183838 BLOOD JOAN A. 92000 91,930.25 980608
1363 10183842 MEDLEY SR. STEVEN E. 37425 37,409.30 980626
1364 10183859 FRANKLIN JR. WILLIAM 44000 43,985.14 980610
1365 10183871 HIGHTOWER DARREN 69000 69,000.00 980709
1366 10183876 TILLEY RICKIE 39000 38,963.45 980603
1367 10183882 JOHNSON JAQUELYN 75000 74,974.68 980619
1368 10183885 VAUGHAN CORRINE 94500 94,453.52 980605
1369 10183895 CAREY JR. JAMES F. 63510 63,486.73 980623
1370 10183899 PIPINO LUCY 66500 66,465.78 980605
1371 10183900 SEYLHOUWER ROBERT K. 225250 225,169.50 980610
1372 10183903 MACKIN II GREGORY T. 372000 372,000.00 980713
1373 10183904 RANSOM LESA 61500 61,448.18 980615
1374 10183911 BOWIE LARRY 60000 59,973.45 980622
1375 10183915 SANTOMASSIMO MARK 88800 88,748.91 980630
1376 10183921 FERRARO THOMAS 71250 71,250.00 980707
1377 10183926 ENSLEY SHELIA K. 60000 59,978.55 980622
1378 10183959 BONDS ANNIE L. 55250 55,216.34 980619
1379 10183961 WARD ANITA 81600 81,544.64 980626
1380 10183971 PEACHY CHRISTA A. 118400 118,360.02 980604
1381 10183990 HAMPTON MARTINA 21375 21,367.39 980605
1382 10184008 LANE CLEOPHEUS 48750 48,731.64 980625
1383 10184016 ALVAREZ TANYA 65025 64,996.16 980616
1384 10184021 TURNER CARLTON 208500 208,412.56 980609
1385 10184022 NICHOLS ROBERT A. 36750 36,736.16 980702
1386 10184025 LANG JEFFERY A. 42500 42,486.03 980605
1387 10184031 BONE RUDOLPH 42000 41,987.95 980603
1388 10184066 JOSEPH LYNETTE 144000 143,936.29 980611
1389 10184067 MAXWELL RICHARD 164900 164,792.05 980601
1390 10184070 HOPPE JR. CRAIG H. 124000 123,901.01 980604
1391 10184082 HINES ROBERT M. 136000 135,943.83 980630
1392 10184088 KOZAK DONALD 87750 87,720.37 980619
1393 10184104 HILL BOBBIE J. 45680 45,624.45 980605
1394 10184115 KIRKLAND FRANKIE 36550 36,550.00 980715
1395 10184120 CONTRERAS MARIA 42000 41,951.30 980619
1396 10184128 CALOVE EDGARDO 207000 206,903.43 980611
1397 10184134 WEATHERSPOON MARIA 63920 63,705.60 980626
1398 10184149 AUZENNE HAROLOD 62000 61,869.50 980612
1399 10184163 WEBB A. GAYLE B. 76000 75,971.38 980713
1400 10184165 IVES M. KEITH 188820 188,716.65 980630
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1401 10184171 NITZ ERIC H. 74900 74,871.80 980611
1402 10184172 ARMSTRONG DOUGLAS W 90000 89,935.37 980604
1403 10184180 GARCIAGODOY CECILIA MARIA 55000 54,962.50 980616
1404 10184182 TINSLEY DEAN 38400 38,387.72 980623
1405 10184205 WASHINGTON VERNIDA 28000 27,989.45 980617
1406 10184206 BARNES JAMES H. 80800 80,769.57 980710
1407 10184220 ESTES CECILLIA 50400 50,367.63 980602
1408 10184226 ETHIER TIMOTHY S. 157250 157,176.63 980630
1409 10184229 KING TOMMY J. 98320 98,211.96 980622
1410 10184252 STARKOVICH LAWRENCE J. 47120 47,080.29 980616
1411 10184269 DAUGHERTY CLIFFORD M. 119250 118,990.14 980601
1412 10184272 RIGDON SR. BOBBY L. 138800 136,793.24 980706
1413 10184275 GOODRIDGE MICHAEL 50000 49,874.58 980706
1414 10184286 PEREZ ELVIA OFELIA 49350 49,316.52 980715
1415 10184293 GARCIA JESUS 82400 82,337.68 980630
1416 10184295 LEE DAVID M 81600 81,369.27 980701
1417 10184299 SERAILLE RAYMOND 105400 105,363.43 980619
1418 10184301 ROBINSON RICKY LEE 56000 55,973.87 980616
1419 10184302 ONTIVEROS LOUIE 108000 107,952.12 980616
1420 10184310 WRIGHT DUANE D. 85000 84,920.37 980610
1421 10184312 JUNIEL JAMES 32000 31,981.92 980611
1422 10184313 SPIES CHRISTOPHER 116100 115,996.59 980612
1423 10184322 COTTEN SCOTT D. 134385 134,336.97 980601
1424 10184324 ESCARCIGA DANIEL 234000 233,729.76 980608
1425 10184325 MAYEUX, JR. JAMES L. 91800 91,748.64 980601
1426 10184326 OEHME SAEED S. 131250 131,120.35 980618
1427 10184332 BOX RICHARD W 79450 79,383.07 980615
1428 10184347 FALCON MICHELLE 57600 57,573.12 980610
1429 10184354 RICHARDSON WANDA S. 52000 51,978.19 980609
1430 10184358 JONES JACK 270000 269,880.30 980626
1431 10184364 EASLER MICHAEL 356000 355,872.78 980622
1432 10184368 ROBINSON JAMES D 138600 138,500.47 980626
1433 10184395 ROCISSONO RAMSAY B. 87550 87,515.20 980616
1434 10184396 BLACK JR. WARREN 46800 46,766.47 980619
1435 10184401 IBARCENA CARMEN V 499000 498,507.15 980617
1436 10184403 POLLARD SEAN 79900 79,842.62 980611
1437 10184420 GREER PATRICK 117000 116,915.98 980609
1438 10184427 WAKRIM HOUCINE 75600 75,532.68 980611
1439 10184429 ROUTH, SR. WALLACE E. 126000 125,952.56 980622
1440 10184431 WASHINGTON ALICE 33600 33,575.87 980611
1441 10184432 MAGEE LONA K. 47250 47,250.00 980709
1442 10184444 MATCHETTE CAROLE 499000 498,489.83 980602
1443 10184453 PARKS TRACI L 66000 64,925.50 980624
1444 10184454 ORMAN RANDY 121500 121,391.81 980608
1445 10184458 SHELTON ARTHUR W. 108750 108,624.40 980616
1446 10184471 ANDERSON VICKY L 79600 79,568.36 980630
1447 10184477 PLEASANT BENNY 49500 49,462.55 980601
1448 10184480 YOUNG CAREY M. 104000 103,953.89 980610
1449 10184482 BOWEN JODI A 212000 211,811.24 980625
1450 10184487 CASTANEDA CLORINDA D. 92800 92,717.36 980619
1451 10184488 HAMILTON BROOKS 123250 123,206.05 980617
1452 10184498 RUBALCAVA DIANA 36000 36,000.00 980707
1453 10184511 MERCADO SUSANA 52125 52,104.28 980619
1454 10184526 MARTIN WINDI F 126000 125,918.95 980610
1455 10184530 MORALES RUBEN 61500 61,472.73 980706
1456 10184531 MEDINA JR. JAIME 68310 68,310.00 980709
1457 10184537 JONES ICIE B. 30600 30,567.33 980630
1458 10184540 ATWELL DAVID A. 45000 44,960.01 980605
1459 10184543 ROE WALTER A 28800 28,787.23 980618
1460 10184544 CHORON THOMAS M 34000 33,973.57 980610
1461 10184545 JONES ICIE B. 42573 42,554.50 980630
1462 10184551 JONES ICIE B. 41400 41,355.78 980630
1463 10184558 WON HELEN 121600 121,491.73 980604
1464 10184562 CROSSON LARRY D 138000 137,935.61 980630
1465 10184563 CULBRETH STEPHEN M 69300 69,270.94 980612
1466 10184568 CARROL JR. JOHN W. 213350 213,236.46 980619
1467 10184573 CUELLAR RONALD 39920 39,878.44 980615
1468 10184579 CRABTREE NEIL 100000 99,580.53 980618
1469 10184585 PIERCE JACQUELINE 41600 41,582.55 980616
1470 10184597 PHILLIPS DEAN A. 104550 104,503.65 980630
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1471 10184598 MURRAY JAMES P 488750 488,539.48 980616
1472 10184605 SMIT CONSTANCE 62475 62,423.76 980609
1473 10184612 CATELLO CHRISTOPHER 71250 71,198.83 980605
1474 10184619 DONLON MICHAEL J. 241600 241,401.57 980612
1475 10184629 JAMES RICKY M 68000 67,968.27 980716
1476 10184647 JOHNSON FRED H. 70400 70,368.85 980625
1477 10184652 GOODGAIM IRIS R. 30000 29,992.32 980630
1478 10184668 WHITAKER STEVEN D. 139500 139,446.69 980617
1479 10184672 WALKER LAVERNE 90000 89,972.78 980623
1480 10184686 MASON RHONDA 144000 143,936.16 980608
1481 10184689 HANKINS JESS P. 67500 67,429.73 980603
1482 10184708 HOPP WILLIAM 50000 49,980.08 980617
1483 10184716 CHRISTENSEN JASON 95200 95,078.16 980626
1484 10184720 WINTERS CHRIS 54000 53,984.51 980605
1485 10184721 MCKEEVER MINYONG 58500 58,476.75 980603
1486 10184747 TOSCANO FERNANDO JOSE 263490 263,490.00 980605
1487 10184756 NOLAN EVELYN D. 40800 40,775.20 980605
1488 10184757 MORLOCK ROGER D. 31025 31,006.14 980617
1489 10184764 FLETCHER III MARKWELL 66800 66,737.41 980629
1490 10184767 ROBERTS CARMEN 46800 46,782.57 980605
1491 10184775 DEVERS MICHAEL 30550 30,539.10 980609
1492 10184781 FATTY MOMODOU L. 79600 79,562.86 980604
1493 10184793 GORIAL PUTRUS 68000 67,975.75 980615
1494 10184794 STANLEY CHRISTINE 58500 58,481.29 980608
1495 10184800 MAKHSOOS MOSTAFA 21000 20,991.65 980622
1496 10184801 CHANCE JEFFREY L 30000 30,000.00 980622
1497 10184803 CRAWLEY GLEN L 136000 135,885.45 980622
1498 10184806 TAYLOR-CANNON REGINA 30750 30,735.04 980629
1499 10184818 POWERS GENEVA 99999 99,949.79 980612
1500 10184829 ARAUJO KATHRYN E. 212000 211,601.93 980623
1501 10184830 CONSENTINO JOHN V 100000 99,958.06 980626
1502 10184851 LASHLEY VERNON R. 51800 51,774.46 980608
1503 10184857 PLATT MARK 63750 63,727.27 980608
1504 10184861 NEILL KAREN D. 56250 56,229.90 980709
1505 10184864 MARCH KATHERINE 96800 96,663.38 980603
1506 10184869 CHACON VIOLA R 70800 70,774.70 980630
1507 10184886 WEATHERFORD SANDRA 80600 80,544.57 980605
1508 10184888 BAILLIE MELISSA K. 102400 102,337.75 980604
1509 10184898 FURLOW WILLIAM L. 86400 86,400.00 980706
1510 10184901 LANE VERONICA M. 102390 102,329.86 980626
1511 10184904 CUSHMAN STEWART E 170000 169,871.42 980605
1512 10184911 BARNHILL CHRIS M 63750 63,727.27 980604
1513 10184913 DAVIS LARRY 156000 155,914.61 980622
1514 10184914 GREEN LISA 46400 46,382.53 980626
1515 10184918 BURNLEY KAREN D. 38500 38,500.00 980714
1516 10184922 KLEIN JEFF 117300 117,249.47 980618
1517 10184926 KOONCE BRENDA 80250 80,226.07 980612
1518 10184928 EVANS MARY N. 204000 203,787.66 980603
1519 10184937 JORDAN GLADYS 37730 37,702.95 980612
1520 10184941 RASCON LAURA 60750 60,701.40 980602
1521 10184943 EVANS RANDY 133500 133,381.14 980615
1522 10184953 GALLACHER PATRICK 103700 103,610.28 980611
1523 10184955 WONG YUKI 56100 56,072.41 980618
1524 10184958 EASTBURN DRAKE 115200 115,136.94 980623
1525 10184971 RYNIKER ROBERT L 100000 99,915.76 980618
1526 10184972 FIKRU DANIEL 33300 33,285.23 980605
1527 10184984 ODETTE THOMAS D 63920 63,866.15 980612
1528 10185014 TOWNSEND KATHY 75200 75,143.12 980528
1529 10185025 GREENE LAWRENCE 43500 43,478.60 980612
1530 10185029 JONES KEVIN F. 102850 102,772.20 980603
1531 10185034 ALCANTAR JAVIER S. 89250 89,215.47 980708
1532 10185039 EVANS ROBERT W. 123250 123,195.36 980623
1533 10185043 CAMPBELL DAVID L. 76400 76,326.03 980608
1534 10185048 ROBINSON CURLEE 93750 93,714.70 980622
1535 10185065 DIAZ RAMIRO 41250 41,238.48 980604
1536 10185066 JONES RICHARD L. 20000 19,987.82 980626
1537 10185067 HUNSAKER DENNIS L 51100 51,100.00 980625
1538 10185080 DEWEY PAUL 462000 462,000.00 980708
1539 10185084 OLIVER MICHAEL T. 52000 51,979.33 980610
1540 10185085 STICHA LAWRENCE J. 86250 86,219.25 980602
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1541 10185092 HILL WILLIAM K. 42000 41,983.30 980612
1542 10185093 ROGERS DENISE J. 60000 59,978.55 980609
1543 10185104 GATES ALONZO E 36000 36,000.00 980708
1544 10185114 PEREZ AMERICA 62100 62,057.86 980611
1545 10185121 BESLIC IVAN 87550 87,518.71 980623
1546 10185135 LUCK JAMES G. 62910 62,887.51 980715
1547 10185138 RUCKER KYLE 62400 62,377.70 980701
1548 10185145 KELSO STEVE 92300 92,256.94 980626
1549 10185146 EMERY DANA T. 63000 62,972.62 980701
1550 10185171 BOLERJACK JR. RUSSELL P 60000 60,000.00 980715
1551 10185175 PUGH JR. EARL L. 57000 56,910.62 980624
1552 10185176 PONZO BRADLEY D 72000 71,974.27 980616
1553 10185178 JONES FAYETTE 36000 35,985.00 980619
1554 10185180 RUECKL TOBIN J. 59200 59,173.75 980702
1555 10185185 THOMAS ROBERT 140675 140,619.10 980706
1556 10185190 VANDENBERG ROGER E 137800 137,748.12 980629
1557 10185203 WEBB LEILANI C. 33000 32,977.61 980612
1558 10185204 WALLACE LELA F 24000 23,990.92 980630
1559 10185205 PIERCE WILLIAM L. 180000 179,935.56 980623
1560 10185207 POLLITT JENNY A. 74700 74,643.49 980630
1561 10185210 GLATZ BRIAN K 81600 81,600.00 980713
1562 10185214 BUFFA JEROME 39950 39,936.87 980625
1563 10185215 PECNICK PAMELA R 51800 51,756.35 980622
1564 10185222 LIVINGSTON TRACY 58225 58,225.00 980716
1565 10185228 WHITAKER JAMES 20800 20,784.25 980623
1566 10185235 TOOMER FREDERICK M. 63000 62,978.73 980629
1567 10185236 ALLISON PRESTON 43500 43,470.48 980629
1568 10185247 DILLON JULIA M. 120750 120,704.54 980623
1569 10185249 VOLM RANDY J 86320 86,293.89 980709
1570 10185250 WEBER CLAY C 56800 56,779.69 980626
1571 10185251 ORAVEC BRIAN G 74250 74,221.09 980618
1572 10185254 BERNAU GREGORY R 112500 112,457.64 980630
1573 10185264 WESTERFIELD TROINA 44850 44,833.11 980611
1574 10185271 GRZYMEK DEBORAH F. 123200 123,071.76 980619
1575 10185272 RAYMOND RICHARD T 76457 76,407.22 980625
1576 10185274 BURTON ELDRICK R 57000 56,971.77 980629
1577 10185275 COVAULT FLOYDE 108000 107,952.12 980706
1578 10185281 BURNETT LEON J 28000 27,982.97 980615
1579 10185290 PIERSON FRANK E 42400 42,400.00 980708
1580 10185300 SMITH PRATHER 30550 30,537.68 980617
1581 10185307 GRANT BARBARA 54600 54,600.00 980708
1582 10185311 KELLY SR ROBERT A 46500 46,484.30 980625
1583 10185313 RETZLER ALLAN 60000 60,000.00 980713
1584 10185321 WICKS GAYNELL 34450 34,437.02 980707
1585 10185325 RANDALL RACHEL 37425 37,425.00 980713
1586 10185350 CRENSHAW DAVID W. 41599 41,599.00 980707
1587 10185353 KELLER DAVID E 73015 72,955.12 980619
1588 10185355 IVERSON PATRICIA A. 105400 105,365.37 980626
1589 10185361 MCKNIGHT REVALL 28000 28,000.00 980701
1590 10185370 GREENE DELORES 31000 31,000.00 980708
1591 10185372 ELLIS OPAL L 57000 56,976.10 980630
1592 10185373 DAVIS SHAMAYIM S. 52000 52,000.00 980708
1593 10185379 HOSKINS LAWRENCE A 40800 40,785.42 980630
1594 10185392 RITCHIE EARESTINE M. 45600 45,583.62 980713
1595 10185393 MASTERS ERIC 75650 75,625.15 980708
1596 10185400 MOORE JR BOOKER T 20000 20,000.00 980707
1597 10185404 PASKELL GINA L 128300 128,300.00 980715
1598 10185405 KAMP SHERRY G 110000 109,948.68 980710
1599 10185408 CORBIN WANDA J. 46320 46,320.00 980707
1600 10185409 BUTCHER ISAAC 37500 37,489.24 980714
1601 10185411 UPTON DEBORAH 93500 93,500.00 980715
1602 10185425 SNEEZE SHEILA A 22500 22,500.00 980709
1603 10185443 BROWN RONALD W. 93500 93,500.00 980715
1604 10185444 ROBY LISA K 112500 112,459.79 980626
1605 10185447 DAVIS SANDRA 49500 49,484.60 980626
1606 10185453 WILLIAMS TERRANCE L 33520 33,508.02 980625
1607 10185460 SMOLIK DANIEL W. 40500 40,484.75 980630
1608 10185467 AGUILAR CIRIACO R 81600 81,527.34 980624
1609 10185472 MOODY CONNIE S 20400 20,393.48 980630
1610 10185473 MELICK STACY A 52800 52,769.62 980626
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1611 10185475 HALL TOI Y. 70320 70,320.00 980622
1612 10185476 MURDOCK TERRENCE R 39600 39,587.34 980624
1613 10185478 ANZALDI SHARON A 245000 245,000.00 980708
1614 10185482 SMITH JOHN W 41250 41,250.00 980715
1615 10185495 PIERCE JANET 160550 160,489.55 980630
1616 10185499 CHAVEZ DIEGO 29600 29,600.00 980702
1617 10185507 REYNOLDS WALTER C. 47600 47,600.00 980706
1618 10185514 TODD JR. ZEMRIAH 65800 65,800.00 980715
1619 10185517 WILKES III WALLACE 22200 22,200.00 980708
1620 10185518 DICKERSON DIONNE 31200 31,189.46 980630
1621 10185533 TELLIS MICHAEL A. 77350 77,350.00 980709
1622 10185535 DUNN RAYNARD E 39000 39,000.00 980710
1623 10185545 FOWLER-COMBS JOANN 52200 52,151.10 980630
1624 10185582 LOR KANG 42750 42,732.07 980707
1625 10185586 JENNINGS SEAN J. 45500 45,482.86 980701
1626 10185587 GIANFRANCESKO MICHAEL J 135900 135,791.50 980624
1627 10185588 HOUSTON-PAYNE DAMITA 43500 43,500.00 980715
1628 10185589 SMITH JR DALE W 48750 48,731.64 980630
1629 10185617 BUTTERFIELD JR. RICHARD T 43500 43,482.71 980630
1630 10185622 PRIM SANDRA 93600 93,574.66 980629
1631 10185633 WOODFORK STANLEY W. 86000 85,963.93 980612
1632 10185634 THOMAS SR. GEORGE E. 144500 144,445.59 980706
1633 10185636 CHAVEZ JAVIER 104400 104,303.71 980616
1634 10185637 THRELKELD RICHARD 190500 190,411.12 980617
1635 10185638 RUBIO CRISTOBAL M. 114750 114,699.12 980707
1636 10185643 FRODE-HANSEN SAM 97240 97,181.08 980622
1637 10185651 GOLUB EDWARD 165750 165,664.07 980616
1638 10185665 FRERICHS RONALD 55000 54,952.40 980707
1639 10185672 BACA ANGELO 122500 122,445.69 980713
1640 10185684 NICHOLSON RAYMOND 105000 104,913.93 980702
1641 10185696 HILLIER JOHN J. 241339 241,339.00 980714
1642 10185703 BOYCE ROBERT LEWIS 87750 87,715.05 980710
1643 10185706 ROBBINS JEFFREY 54000 53,894.76 980625
1644 10185709 MONTOYA JR. J. HORACE 102100 102,033.94 980616
1645 10185720 HILLS REBECCA L. 81600 81,559.86 980625
1646 10185726 LABRUM JOSEPH R. 197200 197,117.30 980630
1647 10185742 SHUMAN PHILIP 239717 239,605.16 980630
1648 10185747 RAMOS ROGELIO 91500 91,438.48 980625
1649 10185758 SWENSON MITCH 142500 142,446.34 980713
1650 10185761 KARSHNER CHRISTOPHER 66710 66,683.43 980629
1651 10185764 CROSS JAMES C. 92625 92,525.46 980623
1652 10185766 HAACKER VICTORIA 100000 99,807.52 980619
1653 10185768 HAMEN GENE 56250 56,219.21 980618
1654 10185770 MERKER GEORGE E. 250092 249,992.62 980717
1655 10185777 DUARTE DAVID 64500 64,478.22 980623
1656 10185779 DUPIN DE ST CYR ELIZABETH 216750 216,659.11 980630
1657 10185781 ARBOGAST JIMMY 154880 154,807.74 980630
1658 10185785 VERLEY JON A. 114300 114,300.00 980708
1659 10185800 DAVIS T.D. 108500 108,456.38 980710
1660 10185805 MARES RICHARD E. 104000 103,962.83 980623
1661 10185808 PAHKAMAA II JAMES W. 58500 58,457.99 980630
1662 10185809 PETERSON TODD F. 211500 211,406.43 980625
1663 10185813 HOTCHKINS ANNETTE 65250 65,224.07 980630
1664 10185815 FOLEY RICHARD 272000 271,897.60 980630
1665 10185823 PAPANDREA THOMAS A. 124000 124,000.00 980716
1666 10185834 MILLER JEFF E. 148500 148,500.00 980715
1667 10185835 KARTES ALEN J. 81600 81,561.93 980630
1668 10185839 TAILLON BEVERLY ANN 55920 55,920.00 980629
1669 10185848 PEREZ MICHAEL M. 109520 109,470.48 980623
1670 10185855 JOHNSON GREG L. 135600 135,472.95 980625
1671 10185869 MENDIOLA DENNIS S. 106400 106,361.98 980625
1672 10185876 NASH CHRISTINA M. 193500 193,414.21 980706
1673 10185879 THOMAS STACI 46000 45,949.45 980625
1674 10185896 BRADLEY RALPH J. 103550 103,506.58 980630
1675 10185897 FERNANDEZ MANUEL 170000 169,936.00 980630
1676 10185916 TULLIS JAMICE 371250 370,883.32 980626
1677 10185917 QUAN WHILING 94500 94,461.42 980630
1678 10185921 LANGE MICHAEL 52000 52,000.00 980629
1679 10185922 HEROLD JAMES 416500 416,325.33 980629
1680 10185926 JONES THOMAS H. 300000 299,798.70 980629
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1681 10185929 MADDEN THOMAS P. 140675 140,605.65 980707
1682 10185935 MAGNO ARIEL C. 146700 146,594.68 980630
1683 10185955 WORTHY ROBERT D. 96250 96,191.69 980630
1684 10185956 CLOWES SHIELA K. 71500 71,425.92 980630
1685 10185958 ANEMA VERN 85000 84,969.62 980630
1686 10185963 WINCHESTER JERRY E. 82450 82,411.53 980710
1687 10185964 SCHERR JAMES M. 93750 93,750.00 980716
1688 10185968 CUNNINGHAM DARRYL 24500 24,490.76 980629
1689 10185970 ROSER DAVID 101600 101,561.75 980630
1690 10185971 PELEGRIN JR. GIL F. 300950 300,950.00 980715
1691 10185980 GABRIEL PAUL 182400 182,229.11 980630
1692 10185998 CLEMENT GEORGE 139200 139,150.25 980630
1693 10186002 PECK NICHOLE J. 102600 102,554.51 980630
1694 10186004 HICKS MATT 111600 111,550.52 980702
1695 10186009 GAW REYDAVID 199000 198,712.16 980702
1696 10186011 LINCOLN PATRICK T. 90100 90,100.00 980709
1697 10186015 WINNE NORMAN R. 64875 64,875.00 980707
1698 10186023 KNIGHT DANIEL W. 75200 75,159.67 980707
1699 10186025 MCFADDEN FRANCIS 166831 166,647.68 980630
1700 10186030 BADGER FLOYD 209700 209,700.00 980714
1701 10186032 BURGER RONALD L. 140000 139,910.72 980630
1702 10186033 OUTLAND LARRY G. 254250 254,250.00 980630
1703 10186037 STEEL JAMES R. 140000 140,000.00 980707
1704 10186042 ALAALATOA GEORGE V. 120000 119,937.78 980715
1705 10186047 TIDWELL JAMES D. 75650 75,650.00 980708
1706 10186051 SOMERA VICENTE ABALOS 300000 299,844.14 980630
1707 10186052 BERTRAND PHILIP 170625 170,625.00 980709
1708 10186080 GARCIA PATRICK A. 255000 255,000.00 980715
1709 10186086 PEREZ THERESA 136500 136,500.00 980715
1710 10186089 ZAMANZADEH HASSAN 221000 220,866.12 980710
1711 10186092 CUMMINGS DENISE M. 148800 148,800.00 980713
1712 10186097 HERMES RICHARD W. 152760 152,676.38 980713
1713 10186114 SHARPE ELVIS 111520 111,480.15 980625
1714 10186118 WILSON DWIGHT 65000 64,925.90 980602
1715 10186127 WILSON DWIGHT 86450 86,351.47 980602
1716 10186144 HARRIS EVELYN W. 30000 29,990.41 980609
1717 10186145 LONG CLOTHILDE 100000 99,953.24 980608
1718 10186177 CAMPINHA GUY 60350 60,254.98 980619
1719 10186198 BRICKEY GEORGE 156825 156,762.68 980622
1720 10186200 BARNES KENNETH 86985 86,952.25 980612
1721 10186208 WYNN MICHAEL 52500 52,352.53 980630
1722 10186227 WILLISTON MICHAEL 42400 42,400.00 980707
1723 10186240 MITCHELL VINCENT 80000 79,970.67 980622
1724 10186253 MENDLOWITZ SIDNEY 48000 47,977.60 980605
1725 10186256 SULLIVAN KAREN 81000 80,958.00 980616
1726 10186280 STRYPE GREGORY T. 139750 139,750.00 980629
1727 10186291 SPENCER LORRAINE 24500 24,492.15 980612
1728 10186296 BRYDEN DARREN 300000 299,653.52 980611
1729 10186313 COSTILLO JOSE 71910 71,861.21 980610
1730 10186318 BRATTON LATARSHA L. 25500 25,491.84 980609
1731 10186322 GLOVER CAROLYN A. 31500 31,469.36 980615
1732 10186323 REED LORELEI 53100 53,082.07 980611
1733 10186328 CARMAN JAMES 403650 403,379.15 980630
1734 10186331 MCBRYDE MICHAEL 58320 58,278.11 980630
1735 10186334 BELL TERRANCE D. 33750 33,735.03 980630
1736 10186337 LEWIS PAUL V. 109000 108,946.38 980629
1737 10186354 COLE DERRICK 101200 101,119.21 980626
1738 10186365 DUSANG JACK 115090 114,995.61 980603
1739 10186373 CLAY DANNY 136000 135,944.47 980612
1740 10186386 BARISH ROBERT 102425 102,357.38 980629
1741 10186393 NUTT JOHN P. 31200 31,188.25 980605
1742 10186399 SMITH GWEN 38100 38,071.17 980603
1743 10186403 BENTLEY DINELLA 63700 63,675.65 980615
1744 10186408 GUERRERO ANTHONY 61875 61,828.19 980611
1745 10186411 EDMANDS DONALD N. 35000 34,986.54 980603
1746 10186413 RAMOS ISREAL 93000 92,887.89 980605
1747 10186422 FREDETTE ROBERT 83200 83,166.93 980615
1748 10186434 DOWERY ISABELLA 55000 54,963.67 980617
1749 10186454 PARKS, SR. ELDRIDGE V. 155000 154,869.44 980605
1750 10186455 HEINECKER JASON 132000 131,947.54 980623
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1751 10186459 PARKS, SR. ELDRIDGE V. 69600 69,541.37 980605
1752 10186465 TRYBALSKI BARRIE 93000 92,976.20 980629
1753 10186468 GANESH VIDYARTIE 162500 162,438.82 980716
1754 10186481 DIAL GENE 24000 23,981.84 980630
1755 10186482 GOGGANS TONY 38325 38,305.08 980610
1756 10186486 SMITH JOHN 68000 67,941.41 980603
1757 10186503 MCALLISTER MARC C. 61600 61,600.00 980709
1758 10186506 CHONA GISELE 60200 60,178.53 980610
1759 10186508 REEVES SHAWN 75000 74,968.55 980611
1760 10186513 PEOPLES TYRONE 37700 37,685.73 980625
1761 10186514 HARRELL ROCHELLE D. 26000 25,990.21 980612
1762 10186515 SYKES MICHAEL 88900 88,866.53 980622
1763 10186519 HOLIFIELD HENRY L. 33150 33,137.52 980625
1764 10186521 EDWIN DORIS 91000 90,965.74 980615
1765 10186536 BROWN ARTHUR A. 141700 141,633.88 980603
1766 10186543 BAUR DAVID 43550 43,517.05 980619
1767 10186544 JOVANOSKI ZORAN 165000 164,845.41 980603
1768 10186546 SMALL STEVEN S. 27885 27,874.49 980619
1769 10186547 JONES JAMES E. 72800 72,771.06 980623
1770 10186549 BROWN VIOLETTE 179350 179,350.00 980707
1771 10186550 COX DANNY 60000 59,977.41 980722
1772 10186553 BETOR, III DANIEL 59400 59,344.35 980605
1773 10186555 EISENHART FRANCES H. 280000 279,869.36 980715
1774 10186556 LAMBERT RICHARD A. 35500 35,310.93 980608
1775 10186577 DEJESUS CARMEN 39000 38,985.31 980619
1776 10186587 QUINONES JOSE U. 125000 124,952.93 980617
1777 10187105 DOBSON JUDY 41400 41,370.27 980604
1778 10187116 MAGEE DOUGLAS L. 125900 125,722.34 980610
1779 10187120 MONGER TAMMY 47600 47,600.00 980713
1780 10187122 NEWTON FAITH 30400 30,388.55 980616
1781 10187136 YOUNG VIGINIA 41730 41,694.83 980611
1782 10187137 COSSON TIMOTHY 49300 49,256.10 980603
1783 10187144 CANALES FRANK 72000 71,974.27 980630
1784 10187149 LYNAUGH COLLEEN A. 74625 74,597.65 980618
1785 10187157 TOPP CHARLES W. 132000 132,000.00 980709
1786 10187158 WOMACK JANNIS 45200 45,172.62 980619
1787 10187159 MCMILLAN KARL J. 225000 224,799.66 980604
1788 10187160 WIMBLE NICK 40625 40,625.00 980706
1789 10187162 HORN JEFFI 175900 175,735.21 980610
1790 10187163 OSBORNE BERNICE 76650 76,615.35 980610
1791 10187166 MORRIS KAREN 131750 131,696.21 980619
1792 10187168 LANCASTER LEWIS E 76415 76,384.63 980622
1793 10187170 CHANCELLOR GERALD 61200 61,046.44 980609
1794 10187173 MOORE PAMELA 63050 63,000.42 980612
1795 10187177 CHAN ANSON 88000 87,968.62 980630
1796 10187187 GRIMES DANIEL 43920 43,901.58 980630
1797 10187195 APPLEFIELD LORNA 242100 241,916.89 980605
1798 10187199 FIFFIE PATRICK W 104400 104,321.03 980609
1799 10187202 BONDOC HECTOR 39200 39,160.89 980622
1800 10187212 LEWIS DARRELL F. 95000 94,955.68 980707
1801 10187213 BARNEBY NANCY 70000 69,961.68 980602
1802 10187221 OLMOS SUZANA 168000 167,892.87 980630
1803 10187222 ESHENBAUGH ROBERT D. 72280 72,183.06 980618
1804 10187223 BUTLER SR. BILLY R. 53600 53,557.18 980617
1805 10187238 DUCRE, SR. ERNEST 44000 43,983.43 980610
1806 10187240 HOLLEY RICKY 36400 36,388.99 980612
1807 10187254 BARMORE GEORGE 34500 34,500.00 980629
1808 10187257 FOSTER LINDA J 136875 136,800.07 980611
1809 10187263 SILVERMAN JEFFREY 364500 364,318.81 980625
1810 10187276 TYLER BEN 73800 73,720.14 980603
1811 10187288 CEBALLOS ERNESTO 124600 124,553.09 980618
1812 10187289 BRADLEY JAMES 55900 55,900.00 980622
1813 10187300 NORWOOD ANDY D. 52500 52,442.31 980602
1814 10187315 YOCUM PATRICK 48750 48,734.38 980716
1815 10187317 SHEN DAVID S. 250750 250,620.00 980611
1816 10187324 PITTMAN CAREY 34500 34,472.46 980629
1817 10187325 RAMIREZ MARIA G. 74800 74,773.33 980610
1818 10187329 HANTZOPULOS NICOLAS S. 52650 52,630.18 980617
1819 10187332 PENA-MICHES ARISTOTELES 56250 56,230.97 980610
1820 10187333 HOUSTON JEANNETT 59200 59,176.47 980608
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1821 10187335 WILLIAMS LISA H 59500 59,453.76 980617
1822 10187338 GONZALEZ RODOLFO 38000 38,000.00 980706
1823 10187341 ALEXANDER ERICA 33915 33,889.75 980610
1824 10187342 PERKINS THOMAS 150300 150,192.09 980605
1825 10187346 GARCIA ARMANDO 117560 117,485.04 980605
1826 10187347 MATTHEWS LOWELL C. 80750 80,718.76 980612
1827 10187363 RASH DONNALDLE 28500 28,490.38 980629
1828 10187367 SOUTH MICHAEL L. 95355 95,274.68 980626
1829 10187371 MAYES SAMMIE 20150 20,143.55 980626
1830 10187374 STARNS CHRIS M. 41650 41,635.11 980625
1831 10187382 LONG JAY 168150 168,071.55 980619
1832 10187385 DOTY EDWARD W. 225000 224,870.55 980609
1833 10187399 JONES GRETA M. 86963.51 86,963.51 980629
1834 10187407 DILLARD DANIEL 103500 103,461.03 980611
1835 10187412 HAGGERTY JESSE 51100 51,077.34 980707
1836 10187415 SCARBOROUGH JASON 47200 47,184.24 980702
1837 10187417 HARRISON III PHILLIP 115000 114,949.02 980622
1838 10187427 HOLMQUIST LINDA K. 96200 86,163.78 980622
1839 10187438 ROBERTS NAOMI G. 82800 82,770.41 980624
1840 10187460 KOBAISSI GHALEB 132000 131,872.50 980618
1841 10187470 REIMANN SCOTT 242900 242,813.20 980618
1842 10187472 CORRAL GASTON B. 228000 227,875.20 980619
1843 10187481 WILLIAMS KEN 84000 83,973.88 980626
1844 10187483 JAMES VERONICA 63750 63,750.00 980623
1845 10187491 JAMES GUY 110250 110,203.77 980710
1846 10187492 GARZA ARIEL VALDER 38500 38,479.03 980617
1847 10187502 AREVALO JOSE E. 85500 85,431.74 980706
1848 10187506 SANDERS LEXIX A 160000 159,824.74 980622
1849 10187508 MCCLANAHAN JOHN T. 38500 38,486.27 980609
1850 10187511 NICHOLS ARLEY E 431250 430,974.22 980708
1851 10187514 PROGOSH BEN 80000 79,902.71 980707
1852 10187524 LOPEZ RENE 55640 55,619.05 980623
1853 10187525 NEWMAN HASZEL 69750 69,722.22 980708
1854 10187533 IDUSUYI JOSEPHINE 56400 56,379.88 980603
1855 10187537 PRUETT LEONARD 72000 71,974.32 980630
1856 10187542 KATZMAN DREW 250000 249,784.75 980604
1857 10187547 ZIV YUVAL Y. 261000 260,925.16 980611
1858 10187548 THOMAS JOHN R. 30150 30,135.93 980625
1859 10187559 BRISTRICAN PAUL J. 184400 184,313.96 980609
1860 10187561 ROSPIGLIOSI JOHN 108000 107,961.40 980609
1861 10187564 SCHLANGER MICHAEL 101600 101,567.53 980625
1862 10187566 CAMP DON O 26600 26,570.77 980619
1863 10187575 OKAFOR ELIZABETH 327250 327,116.40 980618
1864 10187576 THORESEN KEVIN P. 109500 109,417.19 980615
1865 10187577 DENUCCIO MICHAEL 138600 138,455.73 980715
1866 10187578 CARRION RICHARD 56250 56,227.59 980707
1867 10187580 DICKENSON VIRGINA 71500 71,433.01 980615
1868 10187581 MONROY JON F. 332000 332,000.00 980715
1869 10187582 HILL BOBBY J 29400 29,389.51 980611
1870 10187583 STONE ANGELA R. 28500 28,489.55 980609
1871 10187594 GONZALEZ LUIS R. 58330.31 58,181.34 980630
1872 10187596 FLORES STELLA 127000 126,930.48 980626
1873 10187597 EISBACH KARL 89000 89,000.00 980715
1874 10189102 BARTHOLOMEW RICHARD G. 58500 58,457.99 980604
1875 10189104 BARR THOMAS 65000 64,546.24 980630
1876 10189107 GAUSE MICHAEL 82800 82,733.89 980603
1877 10189112 BARNETT PETER 131200 131,100.54 980605
1878 10189114 PORTER REBEKAH 144300 144,232.68 980626
1879 10189120 MARTIN JULIE L. 100000 99,953.34 980622
1880 10189121 REUTER REBECCA S. 58800 58,778.51 980612
1881 10189123 GLOVER DIANA M. 72000 71,928.88 980609
1882 10189129 NADLER HAROLD 22042.95 22,042.95 980630
1883 10189131 GULDNER JESSE B. 55250 55,230.82 980603
1884 10189135 HARRINGTON SHARON 81600 81,538.26 980608
1885 10189144 ELIOPOULOS EMILY 56790 56,790.00 980630
1886 10189150 SHORES PAUL W 79040 78,989.69 980612
1887 10189152 TWEED ROY 36000 35,916.26 980617
1888 10189153 RICH WAYNE M. 81450 81,422.49 980608
1889 10189161 WHEELER THOMAS D. 82800 82,800.00 980715
1890 10189168 BURCHETT BOB G 112190 112,190.00 980605
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1891 10189170 AVILEZ LEONEL 25550 25,540.35 980619
1892 10189173 HUMPHREY STEVEN L. 45500 45,469.12 980605
1893 10189175 ALLISON MICHAEL SHANE 34380 34,335.04 980615
1894 10189176 ROAT JEREMY W. 144000 143,885.04 980609
1895 10189180 FORD JAMES 47250 47,225.78 980603
1896 10189185 FEHLHAFER WILBUR 42250 42,031.66 980626
1897 10189189 NYLEN LESLIE ANN 85000 84,901.83 980623
1898 10189191 WALKER MICHAEL 113400 113,269.04 980626
1899 10189193 BASS SHELIA J. 38800 38,788.26 980622
1900 10189201 LAKASCHUS ROLAND G. 97325 97,289.34 980630
1901 10189206 JOHNSON SHIRLYNE 72000 71,966.40 980612
1902 10189212 STONG GERARD 73000 72,972.51 980608
1903 10189213 BALDWIN DARRELL 41600 41,588.95 980612
1904 10189216 CARRELL DEAN R 104465 104,418.68 980626
1905 10189228 MCCRARY DENNIS R. 17000 16,988.46 980626
1906 10189231 ODUM DEBRA 25025 25,025.00 980707
1907 10189237 RYAN JAMES C. 59120 59,097.74 980612
1908 10189241 BARGLOF MELISSA S. 145600 145,365.70 980615
1909 10189245 GRAY WILLIE C 112187 112,025.21 980626
1910 10189246 BRYAN DELTON 51100 51,061.35 980622
1911 10189248 LOPATI NUUAUSALA 116100 116,058.50 980618
1912 10189270 YEARSLEY DAVID A 170800 170,573.86 980603
1913 10189275 KOUKAL JULIE 97750 97,658.41 980605
1914 10189281 WESSELS MARCIA 49000 48,958.73 980619
1915 10189283 JAACKS KATHY J. 50150 50,113.65 980612
1916 10189287 BALDWIN GREGORY 58500 58,500.00 980709
1917 10189288 WHELTEN CLARK 131400 128,170.85 980603
1918 10189294 HARKER DANIEL A. 91060 91,010.49 980626
1919 10189299 FREEMAN DIANA C. 166400 166,333.87 980610
1920 10189305 HOWELL LARRY 47200 47,171.30 980622
1921 10189314 KULKE CHRISTOPHER 98175 98,123.77 980629
1922 10189325 NICHOLS, JR. BOB 61625 61,601.16 980630
1923 10189331 SCOTT THOMAS H. 22400 22,393.22 980626
1924 10189336 BRADLEY WILLIE 36750 36,728.80 980612
1925 10189341 CRAWFORD RAINEY J. 56550 56,525.37 980608
1926 10189343 GAYNOR LAURA 56950 56,936.21 980610
1927 10189348 MURPHY JAY T. 220000 219,902.46 980617
1928 10189356 INYANG JOSEPH A. 192555 192,438.34 980605
1929 10189366 BOROHOV EDUARD 114000 113,943.92 980605
1930 10189370 KILBOURNE JERRY C. 79475 79,414.88 980630
1931 10189371 MCJUNKIN INEZ O. 86250 86,083.86 980603
1932 10189385 VAUGHN ERIC L. 112500 112,455.29 980709
1933 10189394 BELLOFF DENNIS 87490 87,451.21 980630
1934 10189404 NIXON ANGELO J. 18750 18,737.26 980612
1935 10189406 MONTGOMERY WACHOVIA 36000 35,978.59 980605
1936 10189407 SOYODE ANETTA C. 182000 181,869.32 980617
1937 10189409 CLARK WILLIE 38000 37,990.27 980610
1938 10189414 JOHNSON CHRISTIN 36750 36,739.45 980612
1939 10189416 MOORE MELISSA 106250 106,100.42 980604
1940 10189423 BLACKETT JOSEPH 73500 73,475.18 980618
1941 10189429 BROWN MYRA D. 43125 43,112.63 980622
1942 10189430 CURRY JULIUS 35925 35,904.28 980618
1943 10189443 KERBY CRYSTALL 62000 61,953.11 980619
1944 10189453 SMITH MARC 68370 68,342.24 980602
1945 10189455 PAHNKE DIANA L. 31500 31,477.40 980608
1946 10189456 WRIGHT CURTIS L. 106845 106,802.53 980602
1947 10189465 WIDLUND MARK A. 112000 111,947.74 980610
1948 10189471 GALE JUDITH 55000 54,971.48 980622
1949 10189475 TREADWELL JAMES 27200 27,190.56 980629
1950 10189483 STEWART RANDALL J 154700 154,627.82 980630
1951 10189484 SMITH JR. LOUIS J. 69590 69,562.64 980626
1952 10189507 LANGE STEPHEN 95550 95,481.39 980618
1953 10189519 MORGAN LARRY D. 54400 54,381.12 980619
1954 10189523 MCMURRAY PIERRE 78750 78,704.60 980618
1955 10189524 LINDSEY KEESHA K. 38500 38,487.64 980611
1956 10189526 LENHARDT TERRY 43925 43,910.10 980630
1957 10189529 VAFEADES VERNIECE 107910 107,823.85 980630
1958 10189536 SCHMIDT DONALD 53900 53,877.87 980619
1959 10189538 JEFFERS EARNEST J. 34300 34,278.69 980715
1960 10189542 ULRICH TOM 80150 80,078.78 980629
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
1961 10189543 KING SCOTT 108500 108,449.37 980622
1962 10189544 CURRY DIANE 53340 53,318.75 980612
1963 10189546 CARRILLO ANGELINA 92790 92,790.00 980710
1964 10189548 LEWIS BRENDA ANN 62400 62,362.19 980608
1965 10189561 MALLARD ORLANDO L. 27375 27,364.12 980623
1966 10189572 MONCRIEF LESTER 80000 79,968.20 980615
1967 10189573 PENNELL LOUIS J. 64600 64,575.68 980610
1968 10189579 PIHLAJISTO ARTO 25000 24,982.35 980608
1969 10189582 CLAYTON SAAFFGOOTO M. 54750 54,728.06 980611
1970 10189588 PASTOR HECTOR 79760 79,726.54 980626
1971 10189591 LAVIN VICTORIA 200000 199,890.52 980630
1972 10189593 NOVY TIMOTHY J. 75600 75,569.89 980625
1973 10189595 JOHNSTON RICHARD S. 114000 113,898.70 980619
1974 10189599 CROSSGO PONCE 36550 36,535.08 980616
1975 10190108 MCCARL JAMES 108500 108,475.19 980630
1976 10190612 WEBER DEBRA 84000 83,897.86 980601
1977 10190616 OUTLAW SANDRA 44040 44,006.68 980603
1978 10190618 JAMEEL MUHAMMED 36000 35,643.41 980609
1979 10190625 DECELLE LOWELL 88315 88,256.69 980630
1980 10190657 STEIN PAULA 105000 104,920.57 980603
1981 10190665 SMITH DONALD F. 74400 74,354.66 980609
1982 10190666 LOVE AARON 109800 109,725.51 980622
1983 10190667 HOWELL JOE A. 102000 101,961.59 980708
1984 10190669 WAYMER STEPHANIE 99000 98,966.58 980618
1985 10190692 HINES MARCONO R. 280000 279,928.34 980622
1986 10190693 PARENTI ANITA M. 74400 74,370.43 980605
1987 10190694 BERGER HAROLD 67600 67,574.54 980617
1988 10190695 EDELMAN ALBERT R. 124800 124,604.40 980610
1989 10190703 VILLA MICHAEL 81600 81,573.19 980609
1990 10190719 DAVIS BRIAN 32175 32,162.23 980608
1991 10190723 PIPER PAMELA 231000 230,719.11 980615
1992 10190729 RAMOS MIGUELINA 112000 111,938.64 980630
1993 10190733 CORRENTE LINDA 60000 59,922.68 980623
1994 10190736 HEBERT CRAIG 52500 52,480.23 980616
1995 10190746 JORDAN MICHAEL 46900 46,887.99 980615
1996 10190751 GRAY JUNIOUS 104000 104,000.00 980716
1997 10190758 DUBZAK CHARLOTTE 78000 77,970.63 980713
1998 10190759 ROLFE JR. EDDIE R. 79200 79,143.12 980617
1999 10190761 GOLEMBA VIRGINIA E. 42500 42,476.22 980612
2000 10190763 DAVIS GLENN 40300 40,300.00 980630
2001 10190783 CAPPABIANCA FIONA 66725 66,680.95 980626
2002 10190785 MARTINEZ EDILBERTO 39900 39,884.14 980626
2003 10190795 GOODWIN SONJA D. 43550 43,533.60 980609
2004 10190804 WHITTHORNE MARIE 42400 42,384.84 980616
2005 10190813 MORIN JAMES A. 128000 128,000.00 980626
2006 10190814 IRIZARRY DONNA M. 71250 71,225.94 980629
2007 10190816 WEBB CAMILLE 78000 77,970.63 980611
2008 10190840 LAWRENCE TIMOTHY 107250 107,209.62 980610
2009 10190845 REED DAVID 123500 123,371.45 980622
2010 10190846 SCIBELLI JUDITH A. 30400 30,391.00 980713
2011 10190847 KNIGHT CHRISTINE 58400 58,376.79 980707
2012 10190849 MATZ ALICIA 45000 44,975.37 980709
2013 10190850 MORALES ERIK 112000 111,938.82 980630
2014 10190860 REIMER GREGORY 78000 77,895.39 980605
2015 10190882 CARPO MATIATRIX 104000 103,958.67 980610
2016 10190884 SANTEL DAVID J. 129600 129,517.66 980629
2017 10190885 MASSY KENNETH 55000 54,971.48 980615
2018 10190887 WARD MICHAEL L. 114400 114,308.66 980611
2019 10190901 ARAUJO ANGEL 112400 112,359.83 980622
2020 10190905 ARNTZ JASON 130000 129,917.10 980609
2021 10190906 SMITH HAROLD 54600 54,600.00 980626
2022 10190910 OSTASIEWSKI LEONARD 75000 74,949.12 980626
2023 10190923 BERKHEIMER TROY 51350 51,330.66 980617
2024 10190932 THOMAS PATRICIA 58950 58,917.80 980617
2025 10190948 BLUE JULIUS 124500 124,453.12 980612
2026 10190949 HEATH CURTIS 46750 46,732.86 980629
2027 10190951 TOMA RICHARD 35750 35,736.54 980610
2028 10190971 HEFFNER D. LEE 87920 86,788.21 980622
2029 10190987 LAGASSE LEONARD P. 100000 99,932.50 980716
2030 10190990 CLEMENS JAMES 112500 112,457.64 980625
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2031 10191006 MOSLEY DEBORAH 41600 41,585.13 980617
2032 10191008 SOUZA DONALD 28800 28,790.79 980618
2033 10191014 DIPPERY MICHAEL 33800 33,787.27 980626
2034 10191018 PEARSON BARRINGTON 155700 155,623.42 980626
2035 10191019 DOMINECH RENE 28200 28,185.37 980619
2036 10191022 GARRETT BONNIE K. 74550 74,518.73 980625
2037 10191025 WHITE HERSE 21000 20,985.69 980710
2038 10191030 LIZIK LEONARD 55250 55,227.99 980619
2039 10191040 BORER THOMAS J. 123500 123,466.57 980630
2040 10191050 WEINER RANDI 150000 149,866.45 980615
2041 10191054 FAULKNER JEFFREY P. 65500 65,452.97 980619
2042 10191055 CONNOR JODY 140000 139,527.42 980622
2043 10191068 ALTMAN CARL 33800 33,800.00 980710
2044 10191083 LEMCKE LINDA 71500 71,473.08 980626
2045 10191126 MARTIN ALLEN L 45000 44,980.05 980709
2046 10191128 KANGRGA REBECCA 144000 144,000.00 980710
2047 10191129 LEWIS JAMES 145600 145,507.15 980713
2048 10191155 WEHR DANIEL 59415 59,390.08 980626
2049 10191200 FRANK ADAM 252000 251,775.63 980721
2050 10191216 TABISH GEORGE 84000 84,000.00 980714
2051 10191264 OKAMOTO YOSHIHIRO 247500 247,398.41 980715
2052 10191383 CARRADINE LYNN 102000 101,957.22 980716
2053 10191478 PIECHA BEVERLY 303200 302,996.14 980717
2054 10191602 MAJERSKY NICK F. 172800 172,529.16 980629
2055 10191605 PEACOCK CARLA 78375 78,338.43 980622
2056 10191611 MONEY JAMES 62900 62,876.95 980630
2057 10191620 BOWER RAYMOND 57600 57,575.84 980630
2058 10191624 BROWN JOHN S. 88000 87,962.67 980629
2059 10191631 RICH GRANT E. 71100 71,071.75 980630
2060 10191639 MARTINEZ JESUS 67500 67,475.88 980626
2061 10191643 DI DONNA MICHAEL 159300 159,150.74 980629
2062 10191644 MEDINA JOANNE 68212 68,212.00 980626
2063 10191645 JOHNSON RANDALL 140000 139,919.28 980630
2064 10191650 DRAAYER ROBERT 241280 241,196.28 980630
2065 10191656 DIROCCO RANDOLPH 100000 99,932.76 980622
2066 10191659 STONE IRENE 101275 101,219.56 980630
2067 10191663 FRANCO ESTEBAN R. 71250 71,224.59 980717
2068 10191670 WILLIAMS THEODORE 63600 63,600.00 980623
2069 10191684 DOMINGUEZ JUAN 62050 62,027.26 980630
2070 10191690 WHITE KENNETH 55200 55,200.00 980623
2071 10191702 BROWN RONALD S. 64800 64,772.82 980702
2072 10191718 CLAWSON TROY 144000 143,936.16 980710
2073 10191726 STRICKLAND WALTER 97500 97,446.63 980630
2074 10191762 NABOR THOMAS 80750 80,718.76 980630
2075 10191769 EIDSON CHRISTINE E. 51000 51,000.00 980707
2076 10191778 PARKER JENNIFER 193500 193,394.08 980630
2077 10191785 KONGLAN ERIC D. 156600 156,526.94 980630
2078 10191793 BRADY-VALDES KATHLEEN 153550 153,478.35 980715
2079 10191820 IVIE TERRIE 45430 45,409.89 980709
2080 10191826 L'ESPERANCE WILLIAM A. 144000 143,939.61 980702
2081 10191859 WARNER LISA M 95000 94,953.26 980702
2082 10191860 VOLLENTINE MARK 47200 47,184.91 980707
2083 10191861 GALL TRAVIS 245000 244,891.61 980710
2084 10191862 GILMORE PAUL 93800 93,762.64 980630
2085 10191879 PADILLA BRIAN 110700 110,648.35 980706
2086 10191893 GUADAGNO NORMAN 168300 168,124.81 980630
2087 10191895 GONZALEZ JUANA 77250 77,212.00 980715
2088 10191918 LEONE CHRIS 107200 107,200.00 980710
2089 10191934 VIGIL TIM 229000 228,821.35 980710
2090 10191945 VOGEL LESLEE 141200 141,107.63 980717
2091 10191950 HUMPHREY ROSA M. 45900 45,900.00 980710
2092 10191963 BACA RUBEN 114800 114,751.85 980709
2093 10191967 ADAMS JOHN W. 51200 51,200.00 980710
2094 10191969 SLATER LAWRENCE 468750 468,750.00 980714
2095 10191971 RHODES DANIEL 85275 85,275.00 980708
2096 10191976 WILLIAMS DENISE 76410 76,410.00 980717
2097 10191986 GROSS PAULA 241200 241,200.00 980714
2098 10191987 KELLER JONATHAN 102500 102,381.63 980702
2099 10191990 CRUMP MICHAEL 117000 117,000.00 980709
2100 10191998 ABRIGO CHRISTOPHER 79110 79,074.92 980715
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2101 10192009 LOVE PAUL 315000 314,827.58 980710
2102 10192013 DAVIS WALTER 79900 79,862.72 980710
2103 10192058 RUNCO ARMUND 155700 155,605.67 980715
2104 10192062 CLITES CHARLOTTE 43200 43,181.88 980715
2105 10192101 MARTINEZ BRENDA 39200 39,200.00 980707
2106 10192106 EGHBAL AFSANEH S. 250000 249,926.45 980611
2107 10192109 SANTOY JOSE 45000 44,950.55 980619
2108 10192111 KENNEDY LASLO 34400 34,366.01 980616
2109 10192113 PREECE LISA W 127500 127,449.33 980608
2110 10192121 MARVE KIMBEAU 168000 167,933.23 980618
2111 10192130 MOKBAL MOHAMED 164699 164,573.86 980609
2112 10192135 YATES GREGORY ALVIN 135000 134,684.84 980623
2113 10192148 BURKETT MIKE 92000 91,955.92 980630
2114 10192153 MUIR JEFF 136000 135,942.97 980619
2115 10192169 LAWSON JAMIE L 42000 41,983.27 980626
2116 10192183 PENA VICTOR 50000 49,942.23 980615
2117 10192186 GUTIERREZ TIBURCIO 127000 126,943.70 980707
2118 10192196 PICKETT DANIEL 58100 57,956.04 980720
2119 10192204 BRANYAN JEFFREY 131250 131,250.00 980630
2120 10192214 FUSON RICHARD J. 135000 134,933.59 980630
2121 10192223 CALHOUN RONITA 22800 22,787.52 980611
2122 10192231 MINK CHRISTOPHER 49555 49,474.01 980702
2123 10192241 MESAROS MARK 60457.3 60,414.32 980630
2124 10192245 STARTZ SHERMAN S. 108000 107,913.78 980630
2125 10192252 BOWSER LINWOOD R. 131750 131,696.21 980618
2126 10192254 LAUTMAN ANDREW D. 120000 119,839.40 980609
2127 10192267 VILLANUEVA JR. NICK 46400 46,360.90 980626
2128 10192278 DELGADO LEO 273750 273,750.00 980630
2129 10192283 LOONEY BRUCE R. 63450 63,307.02 980618
2130 10192287 MCKINNEY CHARLES 56800 56,657.03 980630
2131 10192302 ISRAEL MANOCHEHR 22500 22,490.04 980615
2132 10192309 RUBIN KELLY 374000 374,000.00 980717
2133 10192317 SCHECHTER MICHAEL E. 100000 99,906.30 980625
2134 10192327 JACKSON ERIC JOSEPH 68222.88 68,222.88 980716
2135 10192328 BRANTINGHAM TODD 141695.2 141,642.66 980707
2136 10192335 RUCKETT CYNTHIA A 59150 59,127.73 980706
2137 10192341 ELLIOTT BENNIE J. 61200 61,144.17 980619
2138 10192368 SCHWARTZ MERRILL B. 144000 143,865.07 980619
2139 10192372 MILLER CHARLES D 92000 91,967.19 980626
2140 10192373 PENA CESAR 234000 233,911.90 980630
2141 10192386 JALALA FARID 52000 51,961.65 980618
2142 10192392 WASHINGTON VALERIE H 252000 251,888.28 980630
2143 10192393 MORAN ALFRED C 266000 265,850.52 980622
2144 10192403 DUNN, SR. DAVID W. 39100 39,087.16 980622
2145 10192404 KEESEE KENNETH C 80000 79,946.21 980709
2146 10192410 MCCLURE IRIS I. 129500 129,429.26 980619
2147 10192412 HEBRON ADRIANNE 63750 63,726.63 980630
2148 10192419 SWEEZY SHARON L. 135100 134,888.25 980610
2149 10192424 CLARK GARY W. 42000 41,971.51 980622
2150 10192442 HSU SHU-I 272700 272,597.33 980629
2151 10192448 DECOSTA ARTHUR 68000 67,974.40 980630
2152 10192455 SCOTT JOHN P. 86100 86,100.00 980629
2153 10192476 DE LA ROSA MARY 97300 97,300.00 980629
2154 10192477 BARBEE LAURA G. 49000 48,986.74 980612
2155 10192479 HEIDT MICHAEL S. 115500 115,412.63 980629
2156 10192482 HALUM RAED D 284000 283,893.08 980623
2157 10192485 BODIS JOHN 233750 233,750.00 980708
2158 10192487 KEMATS TODD ALAN 55000 55,000.00 980715
2159 10192496 JONES ANDRE J. 69300 69,273.90 980611
2160 10192498 JOHNSON CHRIS B. 263925 263,801.86 980717
2161 10192499 RAMIREZ JESSE 60000 59,974.83 980629
2162 10192512 FORD ROSALYN 185045 184,979.02 980702
2163 10192535 ADAMS MARK ADAMS 66000 65,849.63 980629
2164 10192538 SAKS DANIEL A. 187500 187,402.79 980623
2165 10192546 RODGERS KENNETH 125910 125,797.90 980622
2166 10192560 ROBINSON GERALD L 112648 112,592.59 980713
2167 10192564 SOWELLS PATRICIA 47250 47,250.00 980710
2168 10192567 ORGERON SHERRIL J. 89100 89,073.05 980617
2169 10192568 FLEMING CHERYL 62250 61,470.44 980630
2170 10192569 GARCIA AUDREY 84000 83,968.37 980713
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2171 10192583 HILL II PAUL ALLEN 301410 301,193.58 980617
2172 10192588 GARCIA EDWIN M. 131200 131,053.11 980618
2173 10192599 THIBEAUX DARRELL 40320 40,281.06 980720
2174 10192611 WARREN DONALD 58500 58,500.00 980710
2175 10192613 LOVATO ANNETTE S. 72800 72,800.00 980715
2176 10192614 MC CLOY DELORES 95500 95,464.04 980629
2177 10192615 MC CLOY DOLORES A. 86400 86,372.38 980629
2178 10192616 JOHNSON KENT 86400 86,326.41 980701
2179 10193124 BRYAN MIKE 52400 52,376.76 980615
2180 10193132 BARBER WILLIAM 97750 97,709.01 980630
2181 10193133 VINCENT BRUCE L. 153600 153,542.17 980629
2182 10193138 CASCONE JR. EDWARD J. 67208 67,179.51 980630
2183 10193140 MANZANARES CATHERINE P. 123750 123,695.13 980605
2184 10193141 MARTIN WILBUR V. 92240 92,035.24 980717
2185 10193147 PETCHINSKY MARK E. 43200 43,181.88 980630
2186 10193150 LONG MICHAEL 101520 101,472.63 980626
2187 10193151 REES STEVEN 165000 164,927.00 980625
2188 10193162 REITER JOHN 127200 127,140.65 980612
2189 10193167 LEGRAIR JOHNNIE 72000 71,967.40 980611
2190 10193169 ORGILL JAIME 104250 104,197.18 980612
2191 10193173 LEON PHILLIP 58400 58,379.17 980708
2192 10193179 HOUSMAN JESSE E. 36000 35,974.14 980608
2193 10193181 VALENCIA GENE E. 59500 59,477.59 980625
2194 10193183 FITZGERALD HANK 300000 299,867.00 980710
2195 10193185 DYAS CHARLES 56000 55,969.34 980612
2196 10193192 FLORES ANA IRMA 44167 44,133.57 980608
2197 10193193 FLOYD CARBIE 34800 34,788.25 980623
2198 10193195 LOVETT ADA 71500 71,440.52 980615
2199 10193196 FRITZ JAMES A. 69750 69,728.31 980611
2200 10193202 LATHROP JAMES 216000 215,899.01 980617
2201 10193204 KAISER IRENE M. 36000 35,962.52 980617
2202 10193206 SHANNON LILLIE 42800 42,787.05 980622
2203 10193208 GATWOOD JOHNNY R. 80000 79,951.53 980630
2204 10193212 NICHOLSON LADONNA 40400 40,382.13 980612
2205 10193214 WARD JAMES 148750 148,698.39 980629
2206 10193217 NEVALA STEVEN 65250 65,224.07 980626
2207 10193221 ALBRECHT III. CHARLES G. 68000 67,945.70 980612
2208 10193222 HENDERSON JENNIFER L. 60000 59,978.60 980619
2209 10193226 MAMEA KELLY 113900 113,859.29 980616
2210 10193228 MURPHY MELLISSA 41400 41,369.62 980618
2211 10193229 SKIPPER PAULA 45175 45,157.98 980616
2212 10193231 VILLNEAUVE TERRENCE J. 67425 67,396.72 980615
2213 10193234 ALLPHIN JAMES W. 25500 25,490.40 980622
2214 10193238 LESNIK DEBORAH 86100 86,100.00 980629
2215 10193239 GAMMON HARRY 83240 83,240.00 980626
2216 10193240 RANDALL PHILLIP 44000 43,975.33 980619
2217 10193244 MEZA ANTONIO 73600 73,578.94 980619
2218 10193257 ROE LORETTA 105400 105,350.83 980615
2219 10193263 CAMPER GARLAND L. 35700 35,690.06 980617
2220 10193265 KRECH PHILIP 82250 82,225.12 980629
2221 10193273 WHITE RUSSELL 51100 51,086.17 980630
2222 10193280 HOGGE DAVID A. 131750 131,707.89 980617
2223 10193285 YEAGER MONICA 142400 142,340.28 980626
2224 10193292 TURNER DAVINA R. 42375 42,361.45 980629
2225 10193293 COLISTER DAVID G. 242950 242,853.45 980629
2226 10193303 PALMER THAD 54600 54,558.12 980615
2227 10193311 CAMPBELL ROY BLASTON 77250 77,219.30 980612
2228 10193314 DUSTIN GUY 39650 39,505.07 980710
2229 10193322 MEYER DANIEL M. 35000 34,972.00 980616
2230 10193326 FRUMKIN RONALD 227000 226,862.48 980630
2231 10193337 JACKSON GOLDMAN 103500 103,449.09 980616
2232 10193338 HODGES GILBERT 104000 103,956.38 980702
2233 10193340 SEELY DALE W. 121550 121,436.10 980619
2234 10193342 ASHENFELTER KENNETH G. 171000 170,923.58 980623
2235 10193344 RYDEN RANDY C. 104000 103,921.33 980630
2236 10193353 BRADSHAW MICHAEL 109600 109,543.17 980615
2237 10193363 PATTON JOY 51000 50,979.73 980617
2238 10193368 CULPEPPER TOMMY F. 60000 59,978.60 980623
2239 10193369 NICHOLSON PEGGY A. 32000 31,984.25 980617
2240 10193375 HULL WALTER M. 75750 75,719.89 980612
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2241 10193377 JORDAN REGGIE J. 66375 66,351.27 980617
2242 10193388 LIFTON PAULETTE V. 152000 151,864.66 980622
2243 10193399 KABA SHELBY 43200 43,179.84 980629
2244 10193400 PICKERING DENNIS 75200 75,168.46 980706
2245 10193401 RICHARDSON MILTON D. 47200 47,177.97 980707
2246 10193403 JEFFRIES VICKIE D. 24000 23,990.46 980626
2247 10193408 ROBERTS BRANDY D. 150300 150,226.07 980623
2248 10193419 GRAY ANTHONY A. 48000 47,781.92 980724
2249 10193421 VAQUERA MARIA DEL R. 187000 186,929.59 980626
2250 10193435 ROBINSON SHAWN 97300 97,252.03 980702
2251 10193438 CARPENTER JOHN L. 66300 66,175.86 980612
2252 10193439 PURIFOY TODD 54400 54,382.13 980622
2253 10193454 GRANT III CHARLES J. 35000 34,986.82 980710
2254 10193456 STEINKE BRUCE 94500 94,396.37 980616
2255 10193457 TAYLOR PATRICK J. 110500 110,390.85 980623
2256 10193462 WELLS DONETTA M. 52700 52,685.73 980629
2257 10193467 PEDERSEN GREG 138800 138,715.91 980626
2258 10193468 SCROGGINS TAMI 53100 53,100.00 980710
2259 10193475 FICHTER FRANK 43200 43,184.56 980625
2260 10193480 TURNER ALEXIS 39750 39,738.17 980619
2261 10193482 BEAMON LAMAR 22750 22,392.81 980622
2262 10193493 JONES, SR. JAMES IVORY 30750 30,750.00 980706
2263 10193506 HENDERSON GEORGE H. 21000 20,990.33 980625
2264 10193517 HANSULD HENRY 30550 30,538.50 980622
2265 10193525 MCNULTY KELLY 43500 43,479.70 980615
2266 10193538 WILLIAMS CLINT A. 119750 119,637.80 980611
2267 10193539 MOSIER KATHY L. 51000 50,950.63 980623
2268 10193547 CARRINGTON ROBERT 128000 127,933.64 980625
2269 10193549 TIPA TALO 99200 99,107.04 980625
2270 10193550 CAREY SALLY A 54000 53,961.22 980626
2271 10193551 THOMPSON LINDA D. 99500 99,445.65 980623
2272 10193558 ROGERS JAMES E. 63750 63,722.54 980622
2273 10193561 RUSH GENNIE L. 52500 52,482.19 980626
2274 10193565 TURNER ETHEL 54000 53,980.70 980622
2275 10193566 FINKLE HUGH 39900 39,878.20 980619
2276 10193568 ROSS DONALD 81250 81,039.74 980622
2277 10193570 BARNES SHANNA 43500 43,485.31 980630
2278 10193572 HYDE VINCENT 82500 82,470.51 980622
2279 10193576 VERRILL PHILLIP R. 334750 334,630.63 980617
2280 10193581 JONES LAURA A. 46400 46,378.35 980708
2281 10193594 WILLIAMS DEBRA D. 53850 53,822.07 980626
2282 10193595 YEAGER JIMMY B. 21450 21,450.00 980716
2283 10193598 RAXTEN HECTOR 349000 348,727.74 980630
2284 10193599 BAKER WANDA 71200 71,156.86 980630
2285 10193612 BAKER MICHAEL 113450 113,450.00 980710
2286 10193620 VALANI RIAZ 184455 184,455.00 980715
2287 10193636 PARKS RICHARD 196000 195,908.55 980713
2288 10193666 VERHOEVER NORBERTINA 132586 132,538.62 980710
2289 10193691 CARRANZA JAVIER 103500 103,500.00 980716
2290 10193786 JACKSON THOMAS 472500 472,500.00 980717
2291 10194105 ORMAN JAMES A. 64000 63,974.56 980708
2292 10194110 MARCUKAITIS THERESA J. 81600 81,546.13 980701
2293 10194112 HEADY JR EDWARD L 44800 44,800.00 980701
2294 10194115 EWING SHARON 47250 47,250.00 980702
2295 10194117 WILLIAMS NANCY E 32000 31,987.28 980701
2296 10194118 SLECHTA SHARON A. 108000 107,965.48 980626
2297 10194129 JOHNSON ALBERT H. 44200 44,200.00 980706
2298 10194131 SMITH JEFFREY W 35100 35,086.78 980630
2299 10194132 KUNA JOSEPH P. 143000 143,000.00 980717
2300 10194147 JANSEN SHAYNA L 58140 58,140.00 980701
2301 10194157 JONES BRIAN K 32300 32,300.00 980702
2302 10194166 WASHBURN SHANE 23000 22,561.91 980715
2303 10194186 LABRIOLA JUDITH 51000 51,000.00 980713
2304 10194187 RAYMOND GAROLD W. 37500 37,500.00 980713
2305 10194191 DAWSON WILLIAM E. 45000 45,000.00 980717
2306 10194192 VIVAS RENE R. 70400 70,379.85 980706
2307 10194193 WEBER DAVID M. 71400 71,380.13 980707
2308 10194194 DERRICKSON PAUL L 32175 32,162.88 980717
2309 10194197 DERRICKSON PAUL L 28500 28,490.88 980706
2310 10194204 WYATT STEPHANIE A. 28000 28,000.00 980707
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2311 10194212 WATSON CORTRICE M. 25125 25,125.00 980710
2312 10194244 CASTANEDA JR MARIO L 108000 108,000.00 980717
2313 10194252 BOND MICHAEL E 26625 26,614.98 980630
2314 10194253 ALEXANDER BESSIE 78000 77,970.63 980630
2315 10194270 SHERMAN HENRY L 153000 153,000.00 980717
2316 10194281 DALTON JUDY A. 52000 51,981.41 980710
2317 10194283 KOZLOWSKI ALEXANDER 82800 82,770.47 980630
2318 10194285 BLAND GARY M. 35000 35,000.00 980717
2319 10194287 HELLER BARBARA M. 87750 87,707.97 980630
2320 10194291 RUSSELL OLA J. 41250 41,250.00 980713
2321 10194300 GATHINGS CARL 42600 42,586.38 980717
2322 10194319 BANGAYAN NARIZA D. 363750 363,750.00 980715
2323 10194320 JACKSON JR. TERRY J 30400 30,400.00 980710
2324 10194331 MOSS IRMA J. 42250 42,234.09 980713
2325 10194350 BENEFIELD DANIEL H 100000 99,950.81 980630
2326 10194356 THOMPSON CELESTE DENISE 33375 33,361.00 980710
2327 10194375 NELSON BRADLEY D. 105400 105,362.33 980715
2328 10194378 KYLES LESLIE C 30000 30,000.00 980715
2329 10194382 PENDLETON CHARLES L. 71400 71,353.90 980714
2330 10194404 ARGIANAS JOHN 33750 33,750.00 980713
2331 10194415 BRUNNER DOUGLAS A. 60720 60,699.50 980715
2332 10194431 WILEY DENISE V 42400 42,400.00 980717
2333 10194441 ALLEN HERMAN 68800 68,775.41 980713
2334 10194475 SALGADO FRANCISCO 119000 118,902.71 980717
2335 10194497 CLARK NINA 74800 74,775.42 980717
2336 10194522 LEE MICAH L 38700 38,700.00 980717
2337 10194565 DORMAN JACK B 22400 22,400.00 980717
2338 10195605 RAYBURN STEVE 141050 140,996.89 980623
2339 10195616 BASHAM KENNETH 55650 55,635.69 980612
2340 10195618 CAIN MARGARET 60450 60,450.00 980623
2341 10195623 KALISZ MONICA 75000 75,000.00 980715
2342 10195630 DION, JR. DAVID 51750 51,750.00 980707
2343 10195632 PRICE ROSALIND 71825 71,777.58 980630
2344 10195634 WALKER WILLIAM 26250 26,250.00 980626
2345 10195635 FIELDHOUSE DANIEL 132000 131,900.15 980615
2346 10195640 BEACH DUANE 94500 94,479.44 980615
2347 10195647 MITCHELL ANN 110250 110,212.77 980612
2348 10195648 STEPHENS LISA 88800 88,736.23 980617
2349 10195655 TRAVIS JOSEPH C. 25200 25,200.00 980717
2350 10195658 VIOLET FREDDIE 46800 46,800.00 980623
2351 10195665 HANNIBAL LEONARD 176000 175,926.19 980618
2352 10195688 WELLS-MERLINO DEBORAH 156000 155,941.26 980612
2353 10195689 COPPOLA DOMINIC 160000 159,850.09 980617
2354 10195703 KING KEVIN 71055 71,028.24 980626
2355 10195704 RICHBERG KEVIN 161600 161,431.24 980611
2356 10195713 JOYCE JEFFERY 81600 81,567.57 980626
2357 10195721 DAVIS JAMES 149500 149,386.92 980615
2358 10195723 OLIVERI PAULE 272700 272,591.63 980612
2359 10195726 CLARK LISA 75400 75,400.00 980629
2360 10195742 MOORE MARCUS 46200 46,176.22 980623
2361 10195744 DOMBROSKI KENNETH 45000 44,984.81 980615
2362 10195775 O'HALLORAN TERENCE 51750 51,714.89 980625
2363 10195781 SHAW WILLIAM C. 41400 41,371.90 980625
2364 10195786 FREEMAN DANA 55300 55,300.00 980710
2365 10195793 TORRES HERMINIO 29250 29,240.12 980630
2366 10195795 RODRIQUEZ MICHELE 40000 39,969.73 980623
2367 10195798 SALKOVSKY GENE 35900 35,824.32 980618
2368 10195800 PEREIRA ISABEL 76700 76,671.11 980622
2369 10195806 TROUTMAN CARL 77600 77,568.25 980707
2370 10195807 HARDY ALAN 44000 44,000.00 980713
2371 10195811 GOINS JACK 65600 65,573.93 980629
2372 10195815 NEMETH JOLITA 64800 64,800.00 980629
2373 10195823 WRIGHT WILLIE 63900 63,873.20 980629
2374 10195824 LATHAM WANDA 78000 77,970.63 980702
2375 10195831 THOMPSON CALVIN 250000 249,905.87 980630
2376 10195835 BROWN CARLTON 200000 200,000.00 980708
2377 10195844 KING MARY 32045 32,032.93 980714
2378 10195857 CORTON JAMES 48000 47,981.92 980629
2379 10195868 HIRSCH RICHARD 130500 130,435.67 980630
2380 10195881 GOODWICH GLENDA 80000 79,971.47 980630
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2381 10195885 BURGESS JUDY 44900 44,883.09 980717
2382 10195904 TAYLOR WILLIAM J. 128000 127,954.26 980625
2383 10195911 FUNICELLI JOSEPH 129500 129,439.58 980708
2384 10195924 RICKS WOOLISE 46500 46,500.00 980713
2385 10195942 BREUNIG DARLENE 33600 33,587.00 980629
2386 10195948 BRODE WILLIAM 55000 54,958.39 980629
2387 10195958 CONSOLI ANTONINA 82000 81,700.42 980713
2388 10195968 CROCKETT DANIEL M. 61500 61,500.00 980710
2389 10195989 SILVERSTEIN F. JERMOME 78000 77,967.29 980722
2390 10195993 WITLOW KEVIN 92400 92,400.00 980625
2391 10195998 MONTGOMERY ROBERT J. 51100 51,100.00 980710
2392 10196047 DAWSON LISA 21000 20,993.28 980622
2393 10196063 LAWLOR CHAD 166400 166,237.35 980629
2394 10196075 HARRIS RONALD 480000 480,000.00 980708
2395 10196082 LOZIER ROSETTE 62550 62,523.76 980716
2396 10196084 MORAN MICHAEL 103500 103,456.59 980701
2397 10196088 THOMAS ELIAS 68250 68,250.00 980715
2398 10196098 DANIELS GARRIE 114750 114,750.00 980710
2399 10196601 STEEDE THERESA M. 51120 51,066.78 980617
2400 10196602 FRITZ DAWN 243750 243,630.10 980629
2401 10196607 REA TED W. 70725 70,661.59 980617
2402 10196610 SCHOTT GLORIA 78000 77,943.93 980629
2403 10196613 TARWATER BRYAN G. 105600 105,539.24 980622
2404 10196616 CARLISLE GAYNELL 65000 64,975.52 980619
2405 10196623 RAY MONICA 90000 89,967.83 980622
2406 10196640 LASKA COURTNEY 88855 88,736.71 980717
2407 10196642 MITSCH ROBERT 60000 59,981.85 980716
2408 10196661 MURRAY BARBARA 39920 39,920.00 980715
2409 10196667 KREUTZER BLAIN H. 81500 81,500.00 980714
2410 10196669 JOHNSON JERRY 23925 23,916.92 980629
2411 10196670 KELLEY MICHAEL A. 51000 51,000.00 980706
2412 10196674 ROMERO THOMAS J. 108157 108,120.48 980629
2413 10196681 PAPPAS THELMA A. 84500 84,468.18 980714
2414 10196682 RABURN JAMES 80320 80,320.00 980710
2415 10196685 ENSMINGER DONALD F. 139955.26 139,955.26 980716
2416 10196691 KEYKPO ANTOINETTE 76800 76,738.69 980626
2417 10196692 MASON DORYCE 35000 34,933.04 980615
2418 10196693 MACKENZIE WAYNE 200000 200,000.00 980715
2419 10196695 WILSON JERRY 39000 38,983.65 980623
2420 10196699 FEY DAVID 48750 48,695.79 980617
2421 10196709 MEEKS JOHN W. 38400 38,400.00 980707
2422 10196723 MOHR SUSAN C. 22462 22,455.57 980626
2423 10196724 METZ JACK 74175 74,142.11 980626
2424 10196725 KARTCHNER KERRY 71400 71,400.00 980717
2425 10196729 GRISSOM RHONDA J. 43316 43,246.08 980630
2426 10196732 GONZALES OSCAR 128000 127,880.07 980630
2427 10196751 TULLOCK DARCI J.K. 196000 196,000.00 980714
2428 10196755 HOLGERSON ERIC C. 94500 94,500.00 980716
2429 10196760 JOHNSON BRUCE W. 89250 89,178.75 980625
2430 10196761 HIGHLAND GILBERT 108800 108,757.91 980630
2431 10196763 WILLIAMS CAROL 39000 38,986.83 980630
2432 10196764 TROTTER JULIE R. 51000 50,978.13 980630
2433 10196770 KEISER HAROLD 95850 95,805.28 980630
2434 10196773 CAMENZIND JOSEPH 120000 119,963.70 980622
2435 10196774 NANCE DOUGLAS 33300 33,288.09 980710
2436 10196782 BOSHERS ROBERT 44450 44,437.97 980630
2437 10196784 MENDOZA SALVADOR C 89600 89,575.75 980617
2438 10196790 WEIR JOHN GREGORY 63200 63,140.78 980623
2439 10196797 PENTZ JOHN T. 28000 27,945.45 980623
2440 10196799 LETEMPT NORMAN E 45500 45,500.00 980707
2441 10196802 WATSON MICHAEL 70125 70,104.08 980630
2442 10196803 WISE LINDA 38800 38,788.89 980625
2443 10196810 JEFFERSON DON LOUIS 72000 71,960.67 980626
2444 10196813 HOLMES RENEE 59500 59,500.00 980626
2445 10196816 BENEDA DOREEN 49000 49,000.00 980716
2446 10196821 LETEMPT NORMAN E 73500 73,500.00 980707
2447 10196823 KING, JR. SIDNEY 65600 65,571.79 980707
2448 10196825 BRIGGS SUSAN 42750 42,737.14 980626
2449 10196828 TONETTE ROBIN 134300 134,233.94 980623
2450 10196836 BARNUM MICHAEL 176790 176,563.88 980629
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2451 10196839 BRIODY JOSEPH P SR 187990 187,990.00 980710
2452 10196841 STEPHENS BRUCE 56525 56,502.53 980717
2453 10196850 DEATON CINDY L. 28600 28,600.00 980708
2454 10196879 JURGENS SHANE 65600 65,570.98 980630
2455 10196895 CRIBBS CHARLES 69120 69,120.00 980630
2456 10196899 BOWLING RICHARD 52500 52,481.23 980626
2457 10196902 HARALDSON DENNIS L. 25360 25,340.80 980625
2458 10196907 BELL PATRICIA 52275 52,242.33 980630
2459 10196908 JOHNSON MARTHA 59075 59,059.01 980630
2460 10196910 MOORE JAMES D. 52500 52,484.94 980707
2461 10196911 BECKER ELDON 155670 155,533.83 980630
2462 10196915 KOKENGE RAQUEL 87080 87,080.00 980706
2463 10196918 TURNER CYNTHIA B. 82350 82,350.00 980717
2464 10196929 PETERSON GARY 88000 88,000.00 980706
2465 10196933 DAY BRENT W. 142200 142,136.96 980630
2466 10196935 BURROW DONNA 28000 27,991.53 980630
2467 10196936 EVANS SCOTT 85125 85,089.30 980630
2468 10196947 JAGGERS JOHN 165740 165,740.00 980710
2469 10196951 HIGGINS AARON 79050 79,018.58 980622
2470 10196954 TORRES JUAN DE DIOS 68000 67,951.28 980629
2471 10196956 GAUMITZ GLENN E 57580 57,580.00 980715
2472 10196957 MCCARTHY JOHN 145800 145,548.23 980626
2473 10196970 DECKER ROBERT 37100 37,088.14 980713
2474 10196976 POER SHARON L. 124000 123,889.58 980630
2475 10196977 MLADY DALE 29050 29,050.00 980706
2476 10196994 RODGERS JOHN J. 45000 44,980.05 980720
2477 10196998 HACKETT CARL T. 50000 49,960.76 980630
2478 10197003 DONNICI MICHAEL 42375 42,350.58 980630
2479 10197013 JOHNSON CHARLES W. 56250 56,250.00 980630
2480 10197027 GIERINGER TERESA 36000 35,976.87 980629
2481 10197029 DILLON JUSTIN 95200 95,142.32 980630
2482 10197033 OBRYAN JOHN M JR 216900 216,775.20 980716
2483 10197034 DREYOVICH RICHARD E. 81900 81,858.63 980619
2484 10197041 GANT WILLIE D. 50625 50,625.00 980708
2485 10197048 BOW JR. JAMES 36000 35,988.49 980715
2486 10197049 ROGERS MICHAEL R. 40600 40,578.95 980623
2487 10197051 THADDIES CARRIE L. 33750 33,750.00 980710
2488 10197052 HALSTEAD LINDA 90000 89,901.09 980629
2489 10197055 RODHAM JOHN 84000 83,951.50 980626
2490 10197059 ZAMORA-CHIMAN JOSE R. 46750 46,717.39 980625
2491 10197069 ORDYNA RONALD T 75640 75,604.63 980710
2492 10197094 PIZZITOLA TONY 98600 98,572.56 980630
2493 10197095 SCHAFFER ROBERT 117000 116,958.18 980625
2494 10197097 HUEZO JUAN C 94500 94,458.10 980720
2495 10197098 LAREW SERENA L. 32215 32,165.61 980630
2496 10197101 SAUNDERS ROBERT C. 30000 28,675.00 980717
2497 10197124 BROWN RICHARD R. 165000 164,845.41 980707
2498 10197129 DELFINO RACHEL 137600 137,516.64 980625
2499 10197131 HENDEE STEPHANIE 147200 147,150.30 980709
2500 10197144 JONES GREG 38000 37,967.99 980710
2501 10197147 ANDERSON LEON 71894.66 71,872.96 980630
2502 10197157 RAY RONALD 45000 45,000.00 980707
2503 10197159 WHEATFALL BRIDGETTE 46400 46,379.42 980701
2504 10197163 TURNER BRYAN 65650 65,585.01 980626
2505 10197165 JACKSON CHERYL L. 41310 41,293.58 980717
2506 10197170 COX MARY JANE 136755 136,693.49 980625
2507 10197178 BOYD ROBERT 85500 85,431.74 980626
2508 10197189 LAZENBY CHARLES H. 36750 36,739.48 980629
2509 10197215 LAU KITTY 175500 175,430.26 980618
2510 10197222 DUNNE DENISE L. 120000 119,944.01 980706
2511 10197240 RILEY STACY 29925 29,917.34 980710
2512 10197244 CARLTON DAVID 80000 79,942.57 980715
2513 10197261 ILOG CONSTANTINO C. 238500 238,394.26 980623
2514 10197267 BONES ALEX A. 63200 63,176.20 980630
2515 10197273 DARBY JESSICA 107200 107,147.27 980630
2516 10197278 PHILLIPS JAMES 50880 50,842.63 980630
2517 10197285 FISHER WILLIAM EDWARD 164800 164,718.94 980619
2518 10197294 SUMMERS TIMOTHY 37200 37,186.70 980713
2519 10197314 HOLMES EDDIE 173000 172,928.66 980702
2520 10197324 DORSEY 111 EDWARD 83300 83,300.00 980706
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2521 10197330 PEREZ ALFRED 108750 108,701.78 980708
2522 10197331 HENRY SHELDON 53250 53,230.68 980702
2523 10197332 KRAMER RICHARD W. 132600 132,469.02 980619
2524 10197334 TAYLOR STEVE 108000 108,000.00 980706
2525 10197340 JUSTICE MACRON 116000 115,948.57 980714
2526 10197341 RAMSELL CHARLES E. 40000 39,984.93 980623
2527 10197342 RITCHE TARA J 403750 403,561.63 980707
2528 10197348 HEIDELBERG RON 99000 98,957.99 980706
2529 10197351 PURVIS GREGROY 127500 127,405.19 980710
2530 10197353 PHILLIPS MARY 37800 37,784.15 980626
2531 10197363 ABDO KAMEL 452000 451,777.66 980630
2532 10197368 HAMED BASIM 193500 193,418.85 980721
2533 10197383 QUESADA ARMANDO P. 57200 57,200.00 980706
2534 10197385 NICHOLS CONNIS E. 142500 142,446.34 980630
2535 10197392 FRONTI CARLOS 200000 199,140.31 980626
2536 10197398 GUTIERREZ ANTONIO 170100 170,011.81 980707
2537 10197402 HOLDEN DONALD L 255000 254,881.03 980630
2538 10197423 ARRIOLA ORLANDO 212500 212,405.79 980625
2539 10197430 CLAY JR RBERT 28800 28,784.23 980625
2540 10197433 GRUSZCZYNSKI KRZYSTOF 69200 69,172.50 980629
2541 10197436 RIMOLDI SONDRA 26350 26,342.25 980708
2542 10197454 HERNANDEZ ROGELIO 34000 33,685.74 980702
2543 10197459 SRITHAMRONGRAT ANCHULEE 210000 209,916.54 980626
2544 10197460 RAMIREZ CECILIA 120000 119,946.91 980629
2545 10197471 BLAND ROLAND 88200 88,166.78 980708
2546 10197476 GIBBS WILLIE 157250 157,184.06 980721
2547 10197479 WONG RANDOLPH C. 139400 139,334.96 980630
2548 10197487 EARLY CHARLES F. 39000 38,967.16 980626
2549 10197488 GOURLEY RANDALL 112000 112,000.00 980706
2550 10197517 FADIL ARMAD 101500 101,500.00 980629
2551 10197548 TOWNSLEY SCOTT J. 143000 142,865.72 980630
2552 10197553 ESTRADA CLAUDIO O. 57600 57,027.13 980630
2553 10197556 SAPIEN JAVIER 283500 283,387.34 980713
2554 10197558 WILSON STEVEN D. 595000 594,600.77 980630
2555 10197565 POTTS DONALD G 84750 84,750.00 980717
2556 10197584 MCDERMITT ANGELA R. 25000 24,983.13 980713
2557 10197587 HART DAN 131750 131,658.14 980630
2558 10197608 DOUGLASS TODD 110500 110,500.00 980716
2559 10197613 WOOD RICHARD JAY. 273000 273,000.00 980715
2560 10197620 WARD ROGER 368000 368,000.00 980714
2561 10197627 BROCKWAY DEBORAH G. 202500 202,500.00 980714
2562 10197651 MURRAY JR. GLENN J. 93500 93,500.00 980715
2563 10197654 STANCIL BRENDA 66750 66,750.00 980714
2564 10197668 EGGE JOHN 84000 84,000.00 980716
2565 10200601 KLOHA KENNETH 42250 42,250.00 980708
2566 10200621 MAZZA MICHELE R. 103920 103,866.12 980626
2567 10200624 MURRILL JONI L. 60800 60,756.34 980630
2568 10200638 CLAY ROBERT E. 76500 76,466.08 980714
2569 10200661 TROY TERRY 338800 338,685.61 980630
2570 10200678 DEFEO ANGELO E. 107250 107,166.41 980622
2571 10200695 LUNA NORBERTO 104000 103,951.47 980629
2572 10200705 FRY JASON 30000 29,985.24 980630
2573 10200709 GARCIA REBECA 87200 87,159.31 980716
2574 10200714 KELLEY PATRICIA 35100 35,086.78 980626
2575 10200736 KITTS TIMOTHY W. 93500 93,458.55 980630
2576 10200740 HARINOWO CYRILLUS 168000 167,825.13 980619
2577 10200745 SIMETI SALVATORE 191250 191,250.00 980713
2578 10200760 WALSH LORI 262500 262,395.46 980630
2579 10200778 LOYAL PATRICIA 152000 151,932.61 980630
2580 10200781 TEXTER, SR. JAMES 46800 46,782.38 980629
2581 10200782 AUGUST ANDREW 101600 101,600.00 980706
2582 10200783 WATKINS MARY 59500 59,500.00 980713
2583 10200785 SLOAN MICHAEL 46900 46,900.00 980714
2584 10200788 MUTTER RUSSELL O. 44200 44,183.36 980630
2585 10200795 STANCEL SALLIE 62050 62,050.00 980714
2586 10200802 KORB JAN 69600 69,569.14 980709
2587 10200816 WARNER K. LAMAR 32000 32,000.00 980708
2588 10200829 HEAVEY LINDA 42250 42,250.00 980717
2589 10200833 SULLIVAN GABRIELLA 161250 161,192.50 980630
2590 10200843 BRADY KEVIN 83300 83,269.48 980716
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2591 10200854 KRANZ III WILLIAM C. 139750 139,644.29 980630
2592 10200856 CONNERS MIKE 105000 104,810.02 980630
2593 10200867 DIXON JR. RALPH W. 20085 20,077.44 980629
2594 10200882 FAIRLEY JOSEPH 143500 143,456.50 980707
2595 10200883 REECE WAYNE 44100 44,100.00 980715
2596 10200891 BOYCE CHAD 92000 92,000.00 980710
2597 10200899 NEWTON INGRID 180000 180,000.00 980706
2598 10200911 DOTSON RICARDO 67150 67,120.22 980717
2599 10200916 ADAMEK LESLIE 110500 110,448.44 980630
2600 10200923 JENKINS ADRIAN 61750 61,655.51 980630
2601 10200930 FORD JOHN 90000 89,971.23 980630
2602 10200932 LEWIS GARY 64000 63,970.14 980721
2603 10200936 CONAWAY CAROLYN 86250 86,250.00 980707
2604 10200944 YOOK RICHARD I. 180000 180,000.00 980715
2605 10200963 WILLIAMS SAMUEL 114400 114,349.38 980716
2606 10200994 GORDINEER EUGENE 33800 33,764.81 980630
2607 10200997 DICKENS ROGELIO 198000 198,000.00 980708
2608 10201013 HOFFNAGLE SCOTT 52200 52,133.31 980702
2609 10201014 LAFFEY JOSEPH 54275 54,254.21 980715
2610 10201020 JONES RONALD 115200 115,164.18 980710
2611 10201023 RUTLEDGE LUTHER 25350 25,350.00 980630
2612 10201027 DENNIS RALPH 101150 101,150.00 980717
2613 10201043 AITKEN DANNA 110160 110,062.11 980630
2614 10201074 WERT WILLIAM 31200 31,200.00 980713
2615 10201097 BUDMAN SCOT 35000 35,000.00 980710
2616 10201099 HORN JIMMY 71250 71,250.00 980717
2617 10201106 JACKSON JOHN L. 95200 95,164.15 980706
2618 10201111 WIMBLEY OLIVER 82750 82,750.00 980710
2619 10201114 PHELPS BRANDY 32000 32,000.00 980716
2620 10201118 KAMPPI KENNETH M 109650 109,650.00 980707
2621 10201122 RODRIGUEZ ANTONIO 28000 27,877.21 980630
2622 10201126 WORDEN RONALD L 103920 103,837.04 980630
2623 10201137 GLYNN CHRISAL M. 101250 101,205.11 980630
2624 10201143 SUNSHINE DAVID S. 272000 271,885.93 980630
2625 10201155 PARKS JERRY 89250 89,215.47 980629
2626 10201156 TYSON THEODORE 49200 49,186.68 980629
2627 10201168 CORDOVA MATTHEW 140000 139,930.99 980630
2628 10201172 ROMERO RAQUEL 55000 54,950.71 980626
2629 10201174 WHITE LONDELL E. 104925 104,878.48 980629
2630 10201185 EGGERSON DEBRA L. 98625 98,583.42 980708
2631 10201192 KOTTWITZ DONALD E. 26600 26,600.00 980710
2632 10201196 HARRIS ANDREA P. 37425 37,425.00 980710
2633 10201197 WILEY CHARLES E. 96000 95,955.11 980717
2634 10201198 DALTON ANGEL 92250 92,250.00 980709
2635 10201200 WILLIAMS JR. ROOSEVELT 90000 89,915.68 980630
2636 10201209 CLARKE PHYLLIS N. 175000 175,000.00 980710
2637 10201211 ROSSER FRANCES P. 101500 101,457.43 980626
2638 10201236 HONEBEIN STACEY 124000 123,889.58 980630
2639 10201237 HOWARD, JR. EARL D. 33600 33,600.00 980630
2640 10201252 CHANE MECHELLE 86250 86,212.53 980715
2641 10201259 GUAJARDO VICTOR 125000 124,968.00 980630
2642 10201262 AINSLEY CONNIE 68000 68,000.00 980710
2643 10201270 MOUNSAVATH PHET 113310 113,203.83 980702
2644 10201274 HARRISON KARLA 98000 97,956.55 980713
2645 10201287 LOFTON, JR. JAMES M. 97200 97,149.60 980702
2646 10201310 SULLIVAN MELISSA 44100 44,016.98 980626
2647 10201317 ECKERT MAURA 67425 67,384.97 980629
2648 10201324 HENRY GARY R. 24050 24,040.94 980630
2649 10201325 NAYLOR DONALD R. 82400 82,400.00 980708
2650 10201338 GROSS EUGENE 155000 154,907.06 980716
2651 10201344 ARCHIBALD HOLLY 49500 49,430.13 980626
2652 10201354 MILLER MICHAEL G. 108800 108,636.92 980630
2653 10201358 WHEELER MICHAEL D. 42750 42,750.00 980717
2654 10201370 SIMPSON HARDY 27750 27,750.00 980710
2655 10201374 MORRISON ROBYN 200700 200,501.77 980630
2656 10201376 FLECK BETTY J. 65000 64,962.60 980630
2657 10201379 COEN STEVEN 134400 134,349.40 980708
2658 10201388 FOBER TERRY 96000 95,957.44 980625
2659 10201397 GORDON WILLIE L. 66000 65,973.75 980629
2660 10201398 BEVERLY JAMES 56250 56,227.64 980626
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2661 10201400 AGOSTO JULIO 60480 60,312.49 980626
2662 10201432 SAPP BERNARD L 86903 86,903.00 980717
2663 10201449 TRIPLETT TERRENCE 54600 54,600.00 980708
2664 10201451 RYAN TIMOTHY 72800 72,682.52 980629
2665 10201464 BROWN DONALD 90000 89,931.92 980626
2666 10201465 SATO RICH M 104250 104,162.19 980625
2667 10201471 MABONE CARL 97110 97,039.34 980625
2668 10201481 MERRITT LAVERNE 40590 40,590.00 980713
2669 10201490 LEBLANC CHRISTOPHER 91800 91,800.00 980715
2670 10201491 MILLS-HAWKINS CAROL 75200 75,200.00 980713
2671 10201498 TOTTON ANNETTE 53600 53,582.67 980710
2672 10201513 SMITH CINDY 82552 82,504.50 980630
2673 10201515 HENRY ROBERT 83300 83,271.87 980629
2674 10201518 SAVAGE, JR. JOHN M. 78400 78,370.48 980710
2675 10201530 WELTON DAVID A. 41000 41,000.00 980707
2676 10201535 NEITZEL REBEKAH A. 72375 72,344.64 980706
2677 10201541 BURT ALLEN 35350 35,350.00 980709
2678 10201544 HOUSE LEON K. 75000 75,000.00 980708
2679 10201557 ROSEMOND DONNA 84700 84,648.51 980630
2680 10201559 TAYAG DAVID Y. 151200 151,025.37 980710
2681 10201567 FENTON JACK D. 66290 66,290.00 980706
2682 10201575 FRIZZELL AMANDA 92625 92,591.97 980713
2683 10201597 STEWART TERRY 178000 177,929.26 980720
2684 10201599 GILGE HEATHER L. 94500 94,447.34 980707
2685 10201603 TINGLE DAVID S. 164800 164,727.09 980629
2686 10201604 BRADLEY BILLIE E. 123250 123,148.92 980625
2687 10201616 MACIAS ISRAEL 253000 252,084.44 980716
2688 10201629 ROJAS GUILLERMO B. 119000 118,882.22 980630
2689 10201640 MULLETTE DWAIN 111950.35 111,900.29 980702
2690 10201660 LESSARD KENNETH R. 67500 67,480.64 980708
2691 10201664 MCBRAYER R.C. 78400 78,367.92 980630
2692 10201686 MITCHELL BRANDON 46320 46,320.00 980706
2693 10201706 BOONE ERIC O. 49500 49,479.23 980630
2694 10201718 GIBSON RALPH E. 78000 77,965.49 980710
2695 10201732 BILANSKI BRENDEN 128000 127,943.25 980625
2696 10201745 ZAMARRIPA MICHAEL 305100 304,949.93 980707
2697 10201748 WILEY DANA 107250 107,250.00 980717
2698 10201761 NORMAN RAYMOND 101850 101,802.48 980626
2699 10201764 VAUGHN RONALD 127500 127,441.44 980630
2700 10201773 TOGAMI SHANE 215100 215,100.00 980714
2701 10201780 APARICIO RUDOLPH 136000 136,000.00 980715
2702 10201785 KNOPP MYRA 130000 129,951.05 980630
2703 10201787 CORCORAN JOHN T. 149500 149,446.58 980630
2704 10201793 MCNAIR, JR. LEMAR 45560 45,560.00 980713
2705 10201805 CASAZZA RALPH M. 259250 259,056.41 980715
2706 10201809 NGUYEN JOHN 194400 194,318.47 980715
2707 10201816 JEANPIERRE SYNTHIA 82400 82,400.00 980707
2708 10201824 SCHRODER ROBERT 165000 165,000.00 980714
2709 10201833 SALAIS JESUS M. 58000 57,852.82 980626
2710 10201837 BOULWARE RONALD L. 48000 47,840.00 980717
2711 10201842 BELL BENJAMIN D 24375 24,365.82 980716
2712 10201845 CLINE STEVE 86400 86,372.38 980708
2713 10201847 BRISCO BARBARA 52000 51,980.41 980708
2714 10201848 LEBARON JR WILLIAM 234000 233,916.38 980708
2715 10201884 SPINDLE CECILIA ANN 44000 44,000.00 980710
2716 10201885 JOHNSON LINDA K. 49400 49,381.40 980702
2717 10201898 MURRAY LARRY 110000 109,958.59 980630
2718 10201907 THOMPSON MICHAEL 34875 34,847.09 980706
2719 10201911 SMITH JUDY ANN 36800 36,785.37 980715
2720 10201925 EUBANKS JAY 73755 73,728.64 980714
2721 10201933 SMITH CHARLES C. 116000 115,956.33 980717
2722 10201946 ZONE GAIL 194200 194,107.88 980630
2723 10201957 VAUGHN JERRY 44520 44,501.33 980713
2724 10201958 RADEMACHER RICHARD 126320 126,233.07 980629
2725 10201963 COURTNEY RONAELE S. 200000 199,901.62 980710
2726 10201965 MENDOZA JOHN A 29750 29,738.49 980710
2727 10201982 DE LATORRE MARTHA MARIA 81000 80,967.81 980715
2728 10201987 RUBIN ZION 243000 242,927.98 980713
2729 10201988 RICHARDSON BRUCE 111920 111,920.00 980707
2730 10201998 MARTINEZ CELIA 39950 39,936.51 980710
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2731 10202000 ALMAN JACK 450000 450,000.00 980710
2732 10202005 YOUNG CALVIN 122400 122,400.00 980708
2733 10202012 MUNOZ JUAN 250000 250,000.00 980708
2734 10202013 JACOBS STEVEN D. 227700 227,700.00 980716
2735 10202025 RICHARDS TRAMELL 60800 60,771.49 980702
2736 10202033 NATAL CHRISTOPHER 56695 56,655.46 980701
2737 10202035 KALO GEORGE E. 100300 100,300.00 980709
2738 10202050 BENSON MARVIN L. 381000 380,791.45 980707
2739 10202074 IZUAGBE MARIAM 63000 63,000.00 980710
2740 10202075 TUBB KELLIE A. 68000 67,974.40 980715
2741 10202094 JARRELL MONICA 95200 95,200.00 980715
2742 10202099 NIBLACK-SWAN REBECCA L 74375 74,375.00 980713
2743 10203626 LOMBARDI THOMAS 101250 101,207.53 980717
2744 10203643 CORTEZ MICHAEL R 58000 58,000.00 980715
2745 10203664 MILOS GHEORGE 180000 179,916.02 980724
2746 10203675 GARZA FRANK 84103 84,103.00 980715
2747 10203697 THOMIS TIMOTHY 422320 422,112.27 980715
2748 10203717 WARREN JOHN 94400 94,348.32 980716
2749 10203735 TRIESCHMAN MARGAUX 147900 147,847.15 980717
2750 10203768 SAN MIGUEL ANTHONY 57400 57,361.40 980716
2751 10205601 BURKHART WILLIAM 100000 99,969.76 980630
2752 10205603 ESTES DAWN 23800 23,800.00 980717
2753 10205617 WESTON DANIEL 123129 123,074.41 980706
2754 10205619 LANCE RANDY RAY 91000 90,927.18 980630
2755 10205627 WATSON MACK E. 21600 21,600.00 980625
2756 10205631 RUCKER EDITH H. 40125 40,113.51 980710
2757 10205638 ENGELHART TERRY J. 51100 51,100.00 980716
2758 10205644 GEESEN JOHN S 73500 73,441.30 980630
2759 10205676 CHAPWESKE GERTRUDE Z 89600 89,600.00 980714
2760 10205680 MASTERMAN JAMES E. 206400 206,400.00 980715
2761 10205683 CHAPMAN ALEXANDER L 84140 84,140.00 980717
2762 10205684 WELCHERT RONALD L. 37100 37,100.00 980717
2763 10205687 BURG DANIEL R. 372000 371,859.94 980717
2764 10205691 RODRIGUEZ RICK R. 245000 244,902.63 980709
2765 10205694 EVANS RICHARD 24000 24,000.00 980710
2766 10205695 ROBERTSON MICHAEL 71600 71,574.46 980714
2767 10205703 WEBB MARK 39360 39,349.92 980706
2768 10205714 BROWN JR. JAMES 345000 345,000.00 980707
2769 10205728 ORELLANA NIXON 50400 50,381.02 980629
2770 10205745 BAKER STACEY 44500 44,466.54 980706
2771 10205748 TAYLOR JEFF R. 92000 92,000.00 980709
2772 10205754 MOODY THOMAS 211250 211,151.44 980716
2773 10205755 TAYLOR MARCIA 45280 45,280.00 980707
2774 10205769 FUTRELL DWIGHT 59250 59,250.00 980713
2775 10205784 WELSH VICTOR 234400 234,400.00 980708
2776 10205789 BRISON RAYMON 33600 33,579.00 980630
2777 10205805 KRYPEL JEFFREY PAUL 50901 50,870.16 980710
2778 10205808 MCKEE VICTORIA L. 102029 102,029.00 980710
2779 10205825 CURRY DIANE 68000 68,000.00 980713
2780 10205830 EDLIN ANNE 60000 59,799.50 980717
2781 10205831 STOREY JEFF 141300 141,240.74 980710
2782 10205835 KEYS BELINDA J. 44800 44,800.00 980717
2783 10205837 CORRELL DENICE A. 65000 65,000.00 980706
2784 10205843 FITZPATRICK MICHELLE 64720 64,720.00 980709
2785 10205851 SMITH-REED DENISE 48000 48,000.00 980714
2786 10205863 BLOUNT DONALD 28800 28,800.00 980709
2787 10205892 PAGE ROBERTA 92500 92,500.00 980717
2788 10205893 ARNOLD LARRY 37300 37,300.00 980709
2789 10205901 PLUMLEY DENISE 24700 24,700.00 980713
2790 10205908 MORRIS FELIETA A. 36975 36,962.17 980710
2791 10205926 SHEILDS SR. CHARLES J. 42400 42,400.00 980710
2792 10205930 TERUEL LEONEL 116955 116,955.00 980709
2793 10205932 FRANCIS, III ROBERT L. 48712 48,712.00 980708
2794 10205949 GALANG ESTANISLAO C. 168000 167,921.62 980710
2795 10205954 WEBER ALLEN 54400 54,400.00 980715
2796 10205958 GANCMAN ALEK 318750 318,750.00 980710
2797 10205961 GERARD EDMOND 108750 108,687.43 980707
2798 10205964 ROGERS JAMES 68850 68,825.39 980716
2799 10205975 LARSON JAMES M. 44240 44,240.00 980707
2800 10205983 DELEON MICHAEL J. 199800 199,711.42 980717
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2801 10205994 HUFFMAN ROCHELLE 52000 51,973.03 980714
2802 10205996 BROOKS ANTONIO 78750 78,750.00 980709
2803 10206008 KIRCHNER MARK P. 101250 101,250.00 980710
2804 10206011 NICHOLSON TOSHIA L. 44250 44,250.00 980716
2805 10206021 BUGENHAGEN TERESA B. 33000 32,986.88 980715
2806 10206024 WOMACK ELANIE 75200 75,200.00 980713
2807 10206031 BOOKER KATINA 36550 36,550.00 980716
2808 10206066 BARNES-WADE CYNTHIA 72250 72,250.00 980716
2809 10206099 HODOH BRIDGET 36000 35,984.90 980716
2810 10206100 FOWLER FREDDIE MAE 38320 38,308.41 980716
2811 10206611 JACKSON DARNELL 115500 115,448.90 980629
2812 10206616 BARNES AARON 38000 38,000.00 980710
2813 10206636 SCAFFA DORIS 50000 49,971.22 980710
2814 10206644 THEOFILOS GEORGE 144500 144,456.30 980702
2815 10206679 BENTLEY TERRY 123500 123,500.00 980713
2816 10206694 BAZEMORE ELISHA 192000 191,910.42 980630
2817 10206706 KRUTUL ROBERT 83000 82,959.17 980714
2818 10206708 WONDERLIN BRIAN 82225 82,225.00 980708
2819 10206716 SIMS SHELIA 50700 50,700.00 980713
2820 10206721 MANN DENNIS 123500 123,500.00 980709
2821 10206724 LLOYD CHARLES 112200 112,200.00 980713
2822 10206729 COUTURE GREGORY 63750 63,726.63 980709
2823 10206731 SMITH MICHAEL 136800 136,736.17 980716
2824 10206758 SIMPSON THEODORE 71250 71,250.00 980715
2825 10206772 ROBERTS KENNETH 33600 33,587.99 980709
2826 10206785 SYKES CORY 150450 150,400.57 980714
2827 10206812 HONAKER BOBBY 101600 101,600.00 980708
2828 10206830 BORDNER NADINE 165750 165,687.59 980709
2829 10206856 WINSTON, JR. PAUL R. 34450 34,450.00 980713
2830 10206859 PALMA ALESIA B. 130000 130,000.00 980714
2831 10206865 BASS GRACE 80600 80,600.00 980710
2832 10206905 SANCHEZ CHRISTINE J. 96000 96,000.00 980708
2833 10206914 FRENCHIK LAURA L. 80000 80,000.00 980715
2834 10206959 NICHOLS LISA 33600 33,600.00 980715
2835 10206962 CURRY APRIL 113750 113,750.00 980710
2836 10206967 HARRISON VERBENA 39000 39,000.00 980708
2837 10206975 TSETTOS JOHN 102500 102,381.08 980721
2838 10206979 MOSLEY MELVIN 234000 234,000.00 980710
2839 10206985 FOSTER WILLIAM D. 368000 368,000.00 980717
2840 10207004 WHITE T ROBINSON 70000 70,000.00 980713
2841 10207021 DUKES BRENDA 52500 52,482.27 980715
2842 10207048 DEHLINGER JOHNNA 169000 169,000.00 980715
2843 10207078 ROBERTSON KEVIN 79950 79,950.00 980717
2844 10207086 KIMBER BOSIE 82500 82,500.00 980715
2845 10207100 WEBB STACEY 51000 50,983.70 980710
2846 10207133 GUEST JUTTA 58100 58,100.00 980716
2847 10207141 MCCORMICK DERRELL 87750 87,164.55 980717
2848 10207146 RICHERSON DAVEY B. 112000 111,944.91 980713
2849 10207147 NAQUIN SR DARREN C. 69210 69,210.00 980707
2850 10207158 LAMPKIN SHERRELL 480000 480,000.00 980710
2851 10207189 TURNER WILLIAM C. 323100 323,100.00 980709
2852 10207199 HALL ROBERT 35000 35,000.00 980714
2853 10207216 PERDUE ZEBEDEE 49500 49,500.00 980715
2854 10207219 NICHOLS TROY L. 65625 65,625.00 980713
2855 10207241 WASHINGTON KEVIN 49600 49,600.00 980715
2856 10207254 ALVA MARIA L. 361250 361,250.00 980713
2857 10207269 GONZALES RICHARD 205000 204,875.80 980716
2858 10207320 GRABERT DALE 39000 38,985.31 980714
2859 10207329 ARMENTI JACK 69660 69,629.11 980716
2860 10207334 LANE JOHN W. 135000 134,956.85 980716
2861 10207336 HUGHES RON 168000 168,000.00 980717
2862 10207344 HOWERY CALVIN D. 66725 66,725.00 980713
2863 10207410 TUCKER JANICE 75000 74,959.03 980717
2864 10207518 LAMBERT JR. JOHN A. 60000 59,972.00 980717
2865 10207520 CAMPBELL KONSTANTINE 475000 475,000.00 980717
2866 10207555 BROWN CORRIAL T. 60750 60,750.00 980715
2867 10207578 JACKS SANDRA D. 88650 88,650.00 980717
2868 10208112 BEED JOAN 48000 47,985.00 980717
2869 10208118 MAJORS LINDA G. 60000 59,944.62 980630
2870 10208119 INFANTE ABEL 130000 129,951.05 980702
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
2871 10208126 MACKENZIE 11 DONALD P. 102555 102,511.99 980714
2872 10208154 HATCHERSON CHARLES 95920 95,885.72 980630
2873 10208180 FAULKNER WILLIAM 73572.29 73,572.29 980716
2874 10208200 TURNER CAROL L. 60000 59,968.89 980709
2875 10208215 YEAGER JIMMY 23725 23,725.00 980714
2876 10208248 CONTRERAS JORGE A. 35600 35,600.00 980717
2877 10208296 GRYDER JAMES B. 71024.23 71,024.23 980716
2878 10208298 DILLEY DEBORAH D. 54800 54,800.00 980714
2879 10208315 SPRINGER NANCY 43760 43,688.98 980715
2880 10208333 HILL MARY 78000 77,972.12 980714
2881 10209608 HANE JASON 68600 68,581.43 980715
2882 10209616 MCQUEEN MELISSA 115500 115,443.19 980717
2883 10209627 TRAEGER CRAIG 34850 34,850.00 980715
2884 10209645 DEROSIER TINA 31200 31,200.00 980710
2885 10209647 SAGER BRADLEY R 76500 76,500.00 980715
2886 10209656 ODUAH MERCY N. 92000 92,000.00 980717
2887 10209664 THOMAS HARVEY L. 84500 84,500.00 980715
2888 10209665 MOORE VELMA M. 61600 61,600.00 980717
2889 10209690 ANGULO RAFAEL 132175 132,175.00 980715
2890 10209710 CLARK WILLIE 88900 88,900.00 980714
2891 10209762 SHORT TIMOTHY D. 55000 54,979.29 980717
2892 10209768 PATEL DIPAN 117300 117,300.00 980714
2893 10209773 SAYAMA DALE H. 336000 335,816.08 980715
2894 10209782 BROWN RAYMOND D. SR. 121500 121,500.00 980715
2895 10209850 CAPAROON JAMES 61000 60,975.75 980714
2896 10209876 GREENE JONATHAN 80500 80,500.00 980714
2897 10209899 JONES MONICA BUTLER 49520 49,520.00 980716
2898 10209917 PETERSON MELISSA 94875 94,875.00 980715
2899 10209918 RILEY JAMES R. 94125 94,125.00 980715
2900 10209924 GRAVENSTEIN DERK 56700 56,682.85 980713
2901 10209957 HOWARD JOE 109710 109,670.79 980716
2902 10210104 BROCK ALFRED 78000 78,000.00 980715
2903 10210157 LEWIS MAURICE 34800 34,791.56 980721
2904 10210213 STEWART ANN 29400 29,400.00 980710
2905 10210255 PARHAM WAYNE J. 100000 100,000.00 980715
2906 10210277 SCHMITT MARC 34300 34,289.60 980722
2907 10210279 CHOWDHURY MOHAMMED 200000 199,920.52 980716
2908 10210280 COOK NELSON 30225 30,225.00 980717
2909 10210283 ELIAS LORRAINE 41600 41,590.49 980715
2910 10210360 COOK NELSON 35940 35,928.50 980717
2911 10210369 BOLES RONALD 52000 51,980.41 980722
2912 10210373 MERCADO JAMES 95400 95,400.00 980717
2913 10210537 WARREN THOMAS 142400 142,400.00 980717
2914 10212108 WHITE STEVE 199800 199,800.00 980717
2915 10212276 EIKENBERG KAREN E. 34860 34,860.00 980715
2916 10212368 WALTERS NICK 81600 81,567.57 980717
2917 10212416 SALAZAR ROBERT C. 98600 98,508.88 980720
2918 10213616 COBB MICHAEL 142400 142,400.00 980717
========================================================================================================
Bear Stearns Repo INV 896 299,644,005.47 299,448,425.73
========================================================================================================
1 10021961 FREY ELOISE M 80000 79,853.55 980407
2 10039432 HODGES RUTH 110400 108,518.48 980331
3 10045433 MAHIAI BALBINA W. 106000 105,935.78 980624
4 10045459 ASAM ESTHER 90000 90,000.00 980729
5 10045484 SMITH JAMES 91700 91,700.00 980728
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
6 10045485 MARCINIAK GEORGE A. 427500 427,310.48 980729
7 10098376 MOJICA MICHAEL 102400 102,361.44 980624
8 10100337 THOMAS CLIFTON 28000 27,989.45 980624
9 10103209 BUTLER NERMIA J. 50400 50,400.00 980728
10 10113065 JONES ORA M. 24000 23,981.84 980624
11 10117454 RODRIGUEZ RUBEN 41400 41,350.19 980429
12 10120644 BYRNES PAUL 140000 140,000.00 980727
13 10127525 MIRELES ERNESTO 55755 55,735.07 980728
14 10127734 LOPEZ SERGIO 125630 125,630.00 980730
15 10127881 BAIRAN MARLINA 280000 279,862.27 980729
16 10132847 MACFARLANE PETER A. 112000 111,601.45 980331
17 10135857 LIDDELL MELVIN 49000 49,000.00 980724
18 10135898 GRIFFIN CLARETHA 93500 93,500.00 980729
19 10137026 WILLIAMS RITA 109800 109,565.87 980413
20 10137081 FOLEY GEROLD E. 72250 72,214.46 980624
21 10137156 ARMSTRONG PAMELA 78400 78,357.17 980724
22 10140684 RODRIGUEZ FRANCISCO 162000 161,677.43 980331
23 10141085 KIME MARY ANN 339500 339,385.37 980724
24 10141861 MOORE KELLEY 123200 123,136.13 980624
25 10144086 RODRIGUEZ DELVIS 108000 107,781.61 980331
26 10145182 WILLIAMS WILLIE 61110 61,110.00 980728
27 10145212 SEAN BRITTON 122400 122,348.67 980710
28 10145230 STEWART, II CARLTON LOUIS 96800 96,800.00 980730
29 10145250 EMERY MOON 90672 90,579.69 980731
30 10146017 TROUP KAREN 51800 51,673.16 980406
31 10146046 KLIMA DAVE 55600 55,533.12 980407
32 10146702 TOLLIVER MICHAEL T 287000 287,000.00 980727
33 10146704 PHAN TAI 205500 205,500.00 980727
34 10146717 NGUYEN CUONG KIM THI 228750 228,750.00 980724
35 10147242 ROWLAND WILLIAM 189600 189,511.54 980724
36 10148751 DAVIS TERRY 58500 58,429.63 980506
37 10148868 STEWART DON 225000 224,870.55 980624
38 10148945 SPURGEON ELDON 104000 103,916.78 980624
39 10149294 KITTELL STEPHEN M. 69600 69,567.69 980624
40 10151611 SINGH RAYMOND 110000 109,879.11 980710
41 10151624 RIEDEL DAMIAN B. 92650 92,607.90 980727
42 10151671 SILVERSTEIN EDWARDS 176544 176,431.42 980730
43 10151971 CARPENTER THEODORE 50000 49,980.13 980701
44 10151984 BALDER MARK 140250 140,250.00 980731
45 10153339 LINDSAY KRISTOPHER 26000 26,000.00 980728
46 10155023 BAUL AUSTIN 206250 205,999.10 980701
47 10155196 DAVID ANGELITO 153000 153,000.00 980730
48 10155524 ABARY MICHAEL 272000 271,858.99 980624
49 10155569 STAMP ANA 145000 144,928.52 980706
50 10155606 GIBSON DAVID 33000 32,957.19 980403
51 10155782 MALESHAFSKE TERRENCE T 77600 77,506.67 980409
52 10155821 SMITH BETTY 55500 55,449.13 980430
53 10156313 SENSALE SR. GEORGE M. 227500 227,500.00 980708
54 10157044 SPITZENGLE LEE J. 72995 72,838.46 980331
55 10158438 HEIDER DAVID 161955 161,883.20 980730
56 10158499 THOMAS ALBERT 38250 38,185.00 980506
57 10158566 HOFBAUER THOMAS G. 66000 65,918.65 980624
58 10160574 COSTA MIGUEL 89000 89,000.00 980708
59 10160983 KELVIE CHAD A 68250 68,218.15 980624
60 10162370 BENJAMIN BENJAMIN 118400 118,400.00 980731
61 10162395 PIERCE JERRY 101600 101,467.83 980729
62 10162413 JOHNSON CLARENCE 195000 195,000.00 980730
63 10162710 STEWART DONALD 46400 46,364.90 980702
64 10162882 ROBB CYNTHIA 37800 37,756.80 980429
65 10163191 SHEALEY TOMMYCINE 138975 138,975.00 980730
66 10163763 SALMON STEVEN 61500 61,445.23 980706
67 10163864 JOHNSON PATRICIA 81000 80,927.88 980624
68 10163951 STEPHENS CHAD 105749 105,691.12 980701
69 10163952 VARELA MANUEL 103500 103,436.78 980701
70 10163968 KURZ NANCIE 80550 80,478.28 980624
71 10164198 AVERY RICHARD 216750 216,750.00 980731
72 10165278 OMSTEAD GERALD 121500 121,433.49 980706
73 10165533 SHAFFER AARON 60750 60,729.48 980707
74 10165567 MARISCAL MARY LOU 61200 61,200.00 980729
75 10166464 GARCIA DIANE E. 100000 99,962.27 980708
76 10166691 AKINKUNMI ABBIE 450000 450,000.00 980729
77 10166722 LAMARRE CLIFFORD S. 73600 73,572.28 980728
78 10166872 THORSELL PHILLIP 243750 243,658.22 980728
79 10167510 BROWN SCOTT R. 75600 75,600.00 980727
80 10170134 MENDOZA LORIE 94000 94,000.00 980729
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
81 10170154 GARVER LYNDEN L 195600 195,600.00 980729
82 10170157 WALTERS RONALD 56000 55,976.51 980727
83 10170161 PUTNUM ROBERT 138000 138,000.00 980729
84 10172743 THOMPSON DOUGLAS 46200 46,157.64 980504
85 10172859 HAAGLUND MICHAEL R 105000 104,949.70 980624
86 10172954 BRACKIN KATHY J. 31430 31,407.43 980624
87 10173081 LOMBARDI JOSEPH 102000 101,856.06 980429
88 10173164 BARRETT DWIGHT 37800 37,763.38 980501
89 10173171 BARRETT DWIGHT 36600 36,576.49 980506
90 10173203 FARRAR DAVID 48800 48,781.63 980724
91 10173583 KELLER RONALD L. 73865 73,865.00 980724
92 10174116 MILLER DALE M. 54000 53,941.69 980430
93 10174366 HARVEY DAVID 193200 193,012.97 980430
94 10174518 JONES OSCAR 39750 39,736.58 980624
95 10174634 RILEY CLIFF 191700 191,621.31 980624
96 10175048 KING, JR. CALVIN 93750 93,750.00 980729
97 10175667 TRAMS IGOR 111000 110,741.74 980429
98 10177618 NOLASCO ROMEO 300000 299,687.74 980624
99 10177755 SMITH GARY 175500 175,399.03 980727
100 10177829 MILLER DAVID 154800 154,800.00 980730
101 10177869 SOUSA JANICE 141750 141,623.78 980624
102 10177898 BURKHARD AARON 310500 310,355.13 980624
103 10177987 SR. LACHAPELLE NICK 210000 210,000.00 980710
104 10178001 VILLAFUERTE RALPH 234000 233,884.90 980723
105 10178010 MICHELETTI MARIO 118150 118,150.00 980730
106 10178047 FEDAIY WIDA 296250 296,087.84 980727
107 10178051 MARTIN EVELYN 73950 73,915.49 980729
108 10178059 WILSON DAVE 191200 191,084.16 980727
109 10178067 LA TUYEN CAM 180000 180,000.00 980730
110 10178068 MEDINA BERNABE 209100 209,100.00 980727
111 10178089 HUERTA TOM 167120 167,033.36 980728
112 10178169 WHITTLE GLENN L. 58875 58,815.44 980624
113 10178176 DALKE JODI R. 80150 80,150.00 980727
114 10178264 THOMAS PHILLIP 96000 95,957.44 980624
115 10178461 HANSEN DORIAN 144000 144,000.00 980730
116 10178564 GOMEZ DAVID A. 76000 76,000.00 980729
117 10178591 VILLEGAS ANTOINETTE 99600 99,558.23 980730
118 10178597 THORNES MICHAEL J. 172800 172,723.39 980727
119 10178780 BRODY LAWRENCE 393750 393,750.00 980730
120 10179240 THOMPSON WINDELL 38250 38,234.98 980624
121 10179370 HOYLE THOMAS 121500 121,500.00 980727
122 10179431 FORERO MERCEDES 45500 45,481.92 980624
123 10179458 SNYDER LAMONT 73600 73,513.02 980624
124 10179474 JACK WALTON 55485 55,464.05 980702
125 10179484 CHENEY NORA 49300 49,300.00 980707
126 10179545 PHILLIPS CYNTHIA 61200 61,200.00 980707
127 10179550 STERNLOFF SCOTT 116800 116,670.09 980624
128 10179561 GARDNER MILDRED 131750 131,661.34 980624
129 10179568 MERCHANT GEREMY 66500 66,500.00 980701
130 10179584 PALACIO MARIA 151200 151,143.07 980702
131 10179595 CROSBY CINDY 48800 48,722.86 980701
132 10179597 SLOSSBERG ADRIENNE 61750 61,726.75 980624
133 10179846 ROBINSON SHARON 40375 40,360.57 980723
134 10179893 TRAVIS CARLA D. 68250 68,250.00 980723
135 10180165 STEWARD DAVID S. 91446.77 91,446.77 980724
136 10180482 BROOKS LORNA L. 121500 121,446.13 980731
137 10180488 BROOKS LORNA L. 59200 59,178.84 980728
138 10180668 BARRAND WALTER L. 78000 77,914.28 980624
139 10180672 CRAWFORD DANNY E. 73600 73,567.37 980624
140 10180721 CARUSO ANTHONY M 90000 89,960.10 980702
141 10180747 MYERS WILLIAM 138125 137,981.21 980624
142 10180749 FOSTER JOHN 186750 186,673.76 980730
143 10180771 GONZALEZ GUADALUPE 41650 41,633.45 980624
144 10180835 WAKEFORD ADDISON 162500 162,385.31 980729
145 10180919 HEWITT JEANETTE 120000 120,000.00 980727
146 10180928 ISHMAEL JOSEPH 88000 87,966.86 980729
147 10181016 HERNANDEZ LUIS 60000 59,977.41 980729
148 10181064 JASPERSON RICHARD H. 93500 93,429.27 980624
149 10181097 STEPHENS JAMES G. 388000 387,845.81 980706
150 10181098 HILLMAN WILLIAM 107100 107,061.73 980701
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
151 10181263 HARRIS KARL 78800 78,773.39 980624
152 10181333 CATAPANO ANTHONY 135750 135,704.17 980727
153 10181352 ANDERSON JAMES E. 27000 26,986.25 980706
154 10181385 DREW DANNY J. 73525 73,483.66 980708
155 10181547 MCTERNAN DOUGLAS M. 160800 160,696.49 980624
156 10181556 KELLY MARTHA 224250 224,165.47 980701
157 10181566 HUDSON TERRY 68255 68,255.00 980706
158 10181615 RYDER WAYNE 176000 175,913.42 980702
159 10181619 ALVEREZ CELIA 27000 26,989.83 980706
160 10181624 BIVINS INEZ 79900 79,900.00 980707
161 10181634 FOSTER RANDALL 108950 108,950.00 980702
162 10181637 GROSS PAUL 124000 123,962.50 980706
163 10181641 WRIGHT EUSTACE 62400 62,376.50 980707
164 10181642 WELLS WILBERT 65600 65,581.18 980701
165 10181646 GATES LARRY 62900 62,877.52 980701
166 10181649 MILLER ROBERT 25000 24,958.72 980703
167 10181654 ALLEN EMMA 61100 61,076.99 980706
168 10181673 GRAY EUGENE 64000 64,000.00 980727
169 10181686 GRUNDON JOHN 65450 65,450.00 980707
170 10181687 HEYNE DANIEL 48000 48,000.00 980707
171 10181698 STOUTE WILLIAM 58500 58,480.25 980709
172 10181701 TROISI AURELLIO 76500 76,474.17 980723
173 10181737 MOSLEY DOROTHY 47120 47,103.16 980724
174 10181738 FRAZEE WILLIAM 59500 59,500.00 980702
175 10181752 BOYD RODNEY 37700 37,685.80 980701
176 10181756 BARRINGER TAMMIE 82450 82,450.00 980706
177 10181758 ROBINSON RONNIE 108000 108,000.00 980730
178 10181759 CANNON RON 168000 168,000.00 980723
179 10181780 FORD DAVID 128000 128,000.00 980729
180 10181832 CUNNINGHAM BARBARA 24000 23,990.96 980708
181 10181833 GOLSTON EARNEST 31800 31,800.00 980722
182 10181840 BUTLER CHARLTON 166500 166,500.00 980717
183 10181852 LUHM FRED 499990 499,990.00 980729
184 10181864 WALIZER ROSS 61600 61,576.75 980721
185 10181874 NELSON KIMBERLY 53100 53,100.00 980722
186 10181875 MALMIN FORREST 35750 35,736.54 980702
187 10181878 WRIGHT PAUL 54400 54,400.00 980730
188 10181894 MCDOWELL BOBBY 90000 90,000.00 980724
189 10181902 SMITH GEORGE 63750 63,750.00 980728
190 10181907 MYERS'BEY WILLO 72800 72,800.00 980728
191 10181914 PAULET EUGENIO 68250 68,224.30 980728
192 10181933 BRABOY DANIEL 58450 58,450.00 980724
193 10181934 BOYLS THOMAS 66750 66,750.00 980716
194 10181937 BARTHELL ALICE 71250 71,225.94 980724
195 10181948 WETHINGTON EVERETTE 25200 25,200.00 980727
196 10181949 BRYCE ZAIDA 90000 90,000.00 980724
197 10181951 PALACIO MAGDALENA 67500 67,474.59 980730
198 10181958 DAVIS WILLIE 44530 44,530.00 980729
199 10181966 RIVERS JANICE 338000 338,000.00 980727
200 10181984 HILLMAN KATIE 53550 53,550.00 980729
201 10181992 COMPTON ERNEST 176250 176,250.00 980727
202 10182010 HOBBS VALERIE 73800 73,800.00 980729
203 10182022 FRITTS PATRICIA 32100 32,100.00 980729
204 10182023 ALBRITTON NORMA 101250 101,207.53 980727
205 10182033 BUSSOLA PHYLLIS 199750 199,750.00 980729
206 10182039 PATTERSON ERIC 54400 54,400.00 980724
207 10182049 DOUGLAS WILLIE 39120 39,106.01 980723
208 10182054 HALL SAMUEL 243100 242,989.55 980724
209 10182098 EDGERTON WILLIAM 73100 73,100.00 980727
210 10182158 JONES DALE M. 74880 74,809.84 980624
211 10182283 PEAVY RODERICK 125900 125,900.00 980727
212 10182458 HARPER ANTHONY C. 63665 63,641.66 980728
213 10182459 DELGADO LUIS ANTHONY 147041.54 147,041.54 980728
214 10182577 SIMPSON RICHARD L. 117600 117,550.68 980701
215 10183161 CARLSON RYAN WALTER 81000 80,901.08 980624
216 10183560 SMITH GARY 215000 214,904.89 980702
217 10183707 SHULL CHARLES 70000 69,979.93 980624
218 10183835 CARMICHAEL ROBERT 70000 69,973.64 980624
219 10183839 SIMS STERLING B. 30550 30,550.00 980706
220 10183897 GROSSER ELIZABETH 24700 24,700.00 980706
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
221 10183918 NIEVES IRIS 80000 79,978.35 980724
222 10183972 BALLICK DAVID 31500 31,488.14 980706
223 10184033 ACOSTA JORGE 99675 99,641.34 980728
224 10184142 FLOWERS KELVIN D. 38634.64 38,619.14 980727
225 10184231 HUANG JULIE C. 218700 218,621.85 980624
226 10184244 STERGO STEVE 350000 350,000.00 980729
227 10184362 JEFFERSON TERRY L 69280 69,249.29 980624
228 10184448 RUZ JESSIE Q 78400 78,369.67 980701
229 10184450 KINCAID RAYMON H 55000 54,979.29 980624
230 10184675 COMBS WILLIAM 37800 37,787.89 980722
231 10184862 TABOR DARYL 79900 79,870.72 980624
232 10184944 BEHRMANN CLAUDE 193410 193,332.97 980630
233 10185069 MAES CHARLES J. 65700 65,652.83 980624
234 10185078 JOYCE MIKE 132480 132,421.27 980624
235 10185133 EDWARDS LINDA D. 30000 30,000.00 980728
236 10185213 MILLER CARL 144000 144,000.00 980729
237 10185351 BOECKMAN GARY L. 50150 50,133.52 980731
238 10185399 WILLIAMS LINDA V. 59500 59,500.00 980729
239 10185449 HITTS TROY 69000 68,976.70 980729
240 10185468 YOPP JESSIE M. 32500 32,500.00 980723
241 10185579 MINIX JERRY B. 100000 100,000.00 980724
242 10185618 BOOTH DONALD C. 123250 123,250.00 980729
243 10185632 FARNWORTH GARY B. 55500 55,475.39 980624
244 10185646 ROWE DAVID 143550 143,479.39 980701
245 10185701 JOHNSON MICHAEL 57600 57,574.46 980730
246 10185731 WHITTENBERGER DAVID E. 104000 104,000.00 980730
247 10185816 CROSS PAUL C. 220000 220,000.00 980729
248 10185817 GALLEGOS JOSE A. 95000 95,000.00 980730
249 10185862 LUEBKE BRETT 130857 130,715.18 980729
250 10185865 MOI MOI VILIAMI O. 165000 164,914.90 980624
251 10185867 CROSSWHITE JOYCE N. 45000 44,953.15 980624
252 10185894 SIMPSON EULA 105000 104,956.46 980710
253 10185936 NELSON SHARON VEE 74250 74,250.00 980624
254 10185937 NELSON SHARON V. 84000 83,981.85 980624
255 10185961 WILLIAMS REBECCA K. 111920 111,920.00 980730
256 10185979 STINE MARK F. 172800 172,738.38 980709
257 10185991 WITT ROY L. 90100 90,100.00 980729
258 10186019 RAY TERRY L. 103456 103,456.00 980729
259 10186024 HUBBARD SR. DAVID B. 169200 169,200.00 980727
260 10186036 BANKS LESLIE K. 120000 120,000.00 980731
261 10186085 GORZE KEITH P. 45600 45,600.00 980729
262 10186099 RUTHERFORD FREDA 140000 140,000.00 980727
263 10186241 VAN ORMAN GLENN C. 107250 107,199.96 980624
264 10186244 SCOTT DERRICK 29000 29,000.00 980707
265 10186265 LICHAA JACK 137360 137,313.62 980702
266 10186285 AULTMON DANIEL 58500 58,477.97 980731
267 10186306 BROWN BURTON 35275 35,263.41 980624
268 10186307 ROGACKI LOUIS S. 76500 76,460.34 980730
269 10186370 BARRETT KENNETH 131200 131,200.00 980702
270 10186453 TUTRONE GILBERT 56600 56,600.00 980724
271 10186478 ROBERTS JOHN C. 139500 139,500.00 980724
272 10186479 STEVENS GEORGE 58500 58,500.00 980707
273 10186578 MARCHESE ANNA 123250 123,076.96 980701
274 10186591 SURIA BLANCA 133000 132,931.05 980624
275 10186598 MINER SR. RICHARD K. 77775 77,738.71 980724
276 10187258 AREVALO GLORIA 40000 39,984.10 980728
277 10187360 HOULE MARIA S. 45000 45,000.00 980724
278 10187480 HE XIANGDONG 410400 410,218.05 980701
279 10187497 LIMA JAVIER 97600 97,549.39 980624
280 10187516 CASTRO MARIO A. 54800 54,777.01 980724
281 10187520 SOLOMON SANDRA K. 60300 60,003.14 980624
282 10187565 PIERCE FRANK D. 25718 24,894.05 980624
283 10187570 COLLINS MARSHALL 36975 36,975.00 980731
284 10189115 STONE WARWICK 376000 375,805.07 980708
285 10189119 GASCOIGNE JERALD D. 51800 51,800.00 980728
286 10189261 LYNCH BRIAN 160000 159,850.09 980624
287 10189315 WALKER CONNIE 45000 44,981.13 980624
288 10189361 WALKER OTHA J. 76160 76,160.00 980624
289 10189454 PEARSON GERALD L. 63750 63,720.25 980731
290 10189537 TAYLOR SHERRY V. 51750 51,729.43 980630
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
291 10190608 KRAMER JR. JAMES C. 92400 92,373.50 980708
292 10190701 IANNI BRIAN 97500 97,500.00 980708
293 10190710 WILLEY KERRI 47125 47,089.34 980624
294 10190737 HAWCK, JR. ARTHUR F. 136430 136,390.87 980724
295 10190782 HALL KENNETH E. 37500 37,391.42 980624
296 10190789 COTRONEO JOSEPH 97500 97,426.25 980701
297 10190797 PEETE NATHANIEL 35400 35,388.68 980624
298 10190842 LAVO KIPLING 46400 46,382.49 980624
299 10190856 EBANKS DELLY 107250 107,209.62 980624
300 10190859 DUGAN LISA 100300 100,171.62 980701
301 10190868 SHAW LOLA 41930 41,930.00 980707
302 10190873 LAWSON ALICE 24000 24,000.00 980701
303 10190880 FIDELL ALLEN 39000 39,000.00 980729
304 10190925 KANE THOMAS J. 120000 119,946.91 980723
305 10191009 MARIN RAMIRO 78400 78,376.23 980624
306 10191060 KASCHAK DAVID W. 243750 243,662.89 980624
307 10191066 COLLUMS TIM D. 30000 29,989.27 980702
308 10191096 JOHNSON CHARLES 39900 39,884.98 980730
309 10191182 VALLES JOSEPH 90100 90,100.00 980727
310 10191243 DE LEON MARIA A 88000 87,951.83 980707
311 10191530 HINES ROBERT 328500 328,320.18 980730
312 10191589 LOPEZ ROSA M 132750 132,750.00 980728
313 10191592 EWING KEITH 136850 136,775.25 980729
314 10191615 ORTEGA RUBEN 113900 113,900.00 980730
315 10191658 RENO BRANNON 85400 85,328.05 980702
316 10191680 RUSSELL RANDOLA 100875 100,825.37 980730
317 10191738 FOX MARY 37875 37,859.95 980624
318 10191815 GRAHAM KATHERINE 84500 84,424.77 980701
319 10191834 NEUHART HANS J. 129375 129,314.64 980730
320 10191840 GALLEGOS DESI A 97750 97,750.00 980728
321 10191841 GUTIERREZ LOUISE 65520 65,490.94 980728
322 10191890 CARSON RACHAEL TRINA 105592 105,592.00 980731
323 10191911 BOUKAS EDITH M. 36000 36,000.00 980728
324 10191921 LEWALLEN CHRISTOPHER 331500 331,299.17 980701
325 10191929 OLIVER J. DANIEL 85000 84,964.35 980727
326 10191984 PASSALALPI DARIO MICHAEL 308000 308,000.00 980729
327 10192004 GALLEGOS DORA 61200 61,200.00 980730
328 10192029 SHAFFER CINDA 118900 118,900.00 980730
329 10192041 GARCIA CRUCELINA 45500 45,500.00 980731
330 10192061 PANKEY JOYCE 137250 137,250.00 980727
331 10192076 JARAMILLO RONALD M. 108000 108,000.00 980728
332 10192079 ADAMS RALPH 79200 79,200.00 980731
333 10192083 WARD PETER M. 196000 195,903.59 980729
334 10192089 WHITE LAMAR 41400 41,377.34 980729
335 10192110 TAHMASBI FRED 41325 41,286.28 980702
336 10192133 PILPA FLORENCIA I. 398640 398,640.00 980730
337 10192188 BURRELL NETA 48100 48,100.00 980624
338 10192205 HERRON EARSUL D. 136800 135,616.49 980728
339 10192211 LYONS RANDY 50000 49,953.15 980624
340 10192280 HOCKEY GARY 74375 74,345.92 980730
341 10192307 ASHTON LARRY J. 225600 225,456.14 980727
342 10192334 SEVY ROBERT L. 160000 159,903.06 980706
343 10192353 LAWRENCE PAULETTE 76500 76,474.87 980624
344 10192432 VINNETT CAROLYN H. 96000 96,000.00 980624
345 10192518 TANGEMAN MICHAEL 48875 48,875.00 980730
346 10192563 RUGH DOUGLAS 98250 98,250.00 980727
347 10192645 BURKE ELDON L. 99000 99,000.00 980730
348 10193103 TOMPKINS MICHAEL M. 88500 88,417.07 980624
349 10193161 LAMAS EUNICE 36400 36,386.29 980624
350 10193175 THOMAS ALICE E. 36000 35,984.04 980624
351 10193198 PARR STUART G. 41600 41,580.47 980630
352 10193201 PUNDT WESLEY 148000 147,842.72 980624
353 10193210 CUNNINGHAM TROY R. 72879 72,802.26 980701
354 10193339 RUSH LAURIE 96050 96,050.00 980724
355 10193345 PARRISH EILEEN 145800 145,742.06 980624
356 10193417 HOFFMAN JAMES 378250 378,250.00 980727
357 10193424 BARRERE DANIEL 397000 397,000.00 980708
358 10193426 ALLEN LILLIAN L. 40125 40,125.00 980702
359 10193463 WITHERSPOON MARVA 40000 40,000.00 980708
360 10193489 WRIGHT THOMAS B. 60000 60,000.00 980706
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
361 10193523 EWING TIFFANY 48000 47,985.48 980624
362 10193536 SMITH MARY J. 55200 55,200.00 980706
363 10193543 ROSSELL DEWEY R. 93500 93,454.01 980706
364 10193545 ROBERTS TONI BOLER 42750 42,737.73 980624
365 10193575 LIST JEFFREY 24000 24,000.00 980727
366 10193676 AUSANO JERRY 108000 108,000.00 980728
367 10193716 BERRYHILL TINA 168000 168,000.00 980727
368 10193717 PRESTO MARCELINO 220000 220,000.00 980730
369 10193772 DEMILLO HARRY 460200 459,948.10 980730
370 10193779 HECHEMA BISHARA 252450 252,319.12 980729
371 10193841 LEPORI DONALD 150500 150,440.19 980730
372 10193876 THOMPSON BILLYE JEAN 81000 81,000.00 980728
373 10193907 BENAVIDEZ MEDARDO 142200 142,200.00 980730
374 10193909 TAUFALELE DAVID 207400 207,400.00 980727
375 10193913 DUGYON ISABEL 252000 251,882.43 980730
376 10193928 BERNAL ESTHER 111000 111,000.00 980727
377 10193938 HANSEN JAN 107600 107,600.00 980728
378 10193986 CUCCIA ROBIN 141750 141,750.00 980730
379 10194103 CERONE THOMAS 147500 147,500.00 980706
380 10194127 BARRET LARRY L. 129600 129,600.00 980731
381 10194190 RUFFIN RAMONA Y 19750 19,750.00 980710
382 10194267 BERNARD CATHERINE M. 77700 77,700.00 980731
383 10194272 COLE TIMOTHY S. 27200 27,200.00 980727
384 10194292 FORD DEBORAH L. 33750 33,750.00 980724
385 10194303 ADERHOLD JR. CHARLES G. 27300 27,300.00 980731
386 10194370 DOREZA LORNA Z 69750 69,750.00 980724
387 10194401 HINES BOBBY D. 45050 45,050.00 980724
388 10194410 BARGER THOMAS A. 39600 39,585.84 980724
389 10194411 SELVA GARY V 185000 185,000.00 980722
390 10194438 FELTON HENRY 59250 59,250.00 980723
391 10194439 AARON RUTH E 23812 23,805.17 980724
392 10194460 STEWART TIM 32250 32,250.00 980729
393 10194500 GAST GRETCHEN E 18750 18,740.75 980729
394 10194555 KELLOGG KERI S. 116450 116,398.37 980722
395 10195639 RIVERA HIPOLITO 65000 65,000.00 980727
396 10195645 CAMMARANO LAURA 128250 128,179.80 980708
397 10195735 BROWN JOHNEL 42250 42,250.00 980727
398 10195748 MICHL FRANCIS 85800 85,800.00 980727
399 10195749 SCOTT SANDRA 28000 27,978.77 980624
400 10195756 MCMANAMON DONALD 212000 211,906.01 980706
401 10195829 BALZANO PATRICIA A. 35000 35,000.00 980720
402 10195832 AMORETTI LAWRENCE 49000 48,981.55 980727
403 10195863 THOMPSON WILLIAM 46400 46,385.96 980701
404 10195871 REID CHRISTOPHER 34450 34,437.02 980706
405 10195888 YOUNG PAUL S. 38000 37,960.24 980702
406 10195945 BRYANT ALVIN L. 32000 32,000.00 980706
407 10195963 DAMICO RONALD 113750 113,597.82 980624
408 10195983 CARR BILLY 64500 64,500.00 980727
409 10196000 LENTO WILLIAM 132600 132,551.41 980708
410 10196011 STEINHOFF PHYLLIS 71400 71,370.84 980729
411 10196029 GOODMAN III THOMAS D. 87750 87,651.88 980624
412 10196071 HILL WILLIAM 110500 110,458.40 980727
413 10196722 KALE KORY K. 80910 80,910.00 980729
414 10196743 RITTER CLAUDEEN A. 74212 74,138.69 980624
415 10196757 MARRIOTT SALLY 87000 86,904.40 980707
416 10196786 TANNER TERESA 45000 44,977.86 980624
417 10196788 DUNKLEY GEORGE 37520 37,520.00 980729
418 10196807 THOMPSON EDWARD W. 39000 39,000.00 980706
419 10196840 ROBINSON KAREN R. 81000 80,948.35 980624
420 10196875 BOSLER THOMAS J. 297500 297,500.00 980707
421 10196898 HAKIM RAGAIE 212000 211,742.23 980624
422 10196949 HENDRICKS TYRONE H 108790 108,739.25 980724
423 10196980 TANGHETTI LEONOR S. 57750 57,721.19 980729
424 10196981 CAMBELL DOUGLAS 52500 52,500.00 980729
425 10196993 GRUND DEBORAH A. 62800 62,777.61 980624
426 10197019 AGUILAR JOSEPH T. 123250 123,198.31 980707
427 10197117 NICHOLS ANN M. 196000 196,000.00 980730
428 10197196 SOTO RODOLFE 74700 74,700.00 980710
429 10197248 CHAUVIN BECKY M. 52000 51,985.12 980729
430 10197263 CAMPAGNA MICHAEL 146115 146,115.00 980729
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
431 10197292 KAPUSCINSKI LAWRENCE 172000 172,000.00 980727
432 10197299 QUINTANILLA RAMIRO 70000 69,970.64 980730
433 10197311 SOLDATE TODD 32000 32,000.00 980713
434 10197317 FERGUSON BARRINGTON 94500 94,500.00 980727
435 10197335 SCRUGGS JOE M. 76000 76,000.00 980729
436 10197349 ESTONE RANDI B. 202500 202,354.60 980624
437 10197370 FARRAND JAMES E. 41000 40,965.16 980728
438 10197378 GONZALES HENRY 28700 28,692.23 980724
439 10197396 NIPP MARK A. 70400 70,400.00 980730
440 10197425 BUGG TODD M. 153000 153,000.00 980731
441 10197452 TRAHAN OLIVIA 71400 71,364.88 980701
442 10197457 OVERTON ALFRED 35750 35,735.00 980701
443 10197573 AWAD DOREID 63000 62,977.48 980724
444 10197589 ANDERSON WILLIE L. 423000 423,000.00 980728
445 10197592 LOCKHART STEVEN 34450 34,450.00 980701
446 10197656 YANCY COSUNDRA 297500 297,353.21 980728
447 10197657 STEIN DONALD V. 231000 230,730.58 980729
448 10197670 VOLKEL CHARLES 188000 187,912.28 980728
449 10197689 MC LAURIN WILLIAM EDWARD 116025 116,025.00 980729
450 10197715 VIVONETTO JACK 367838.93 367,838.93 980728
451 10197729 THURSTON TIMOTHY 66600 66,600.00 980730
452 10197735 DUGAS DANIEL W. 96000 95,948.91 980727
453 10197743 ASSEFAW TAREKE 108000 108,000.00 980728
454 10197746 BLY JACK 156000 155,884.22 980728
455 10197747 BRASMER RICHARD 168000 167,933.23 980731
456 10197753 TAPIA JOSE L. 55165 55,165.00 980729
457 10197757 WARD DANIEL W. 61600 61,600.00 980728
458 10197760 BACHARACH PHYLLIS G. 150000 149,926.06 980728
459 10197788 BODELSON CECIL F. 52020 51,998.76 980730
460 10197795 TOSTADO JOSE J. 55300 55,284.14 980730
461 10197812 MUHAMMAD SHARON G. 88000 87,956.71 980727
462 10197813 TRESHAM HOWARD 155000 154,923.96 980729
463 10197816 WOODRASKA MICHAEL D. 54400 54,377.19 980727
464 10197833 MALKOV AUATOLIY 130500 130,439.11 980729
465 10197853 FRITZINGER IAN 52440 52,440.00 980730
466 10197863 MAXWELL TANYA M. 85800 77,172.53 980727
467 10197876 GADOW MARTY 41200 41,200.00 980729
468 10197913 MORRIS ROSA E. 51525 51,525.00 980730
469 10197918 ANGLIN LEONIDAS 203700 203,700.00 980730
470 10197933 REDMON LENARD P. 47200 47,200.00 980729
471 10197953 MANNING DENISE 382500 382,500.00 980730
472 10197954 BORRO NAOMI 143800 143,721.28 980731
473 10197978 ERNST BRAD 44000 43,981.54 980731
474 10198036 TIESZEN BRAD 51680 51,655.88 980730
475 10200605 BRUCCOLIERE MICHAEL 131950 131,900.32 980707
476 10200646 ETOLUE CHUKWUDUM 102200 102,200.00 980703
477 10200682 PETSCHULAT SANDRA 37050 37,050.00 980728
478 10200701 JONES ROBERTA C. 30550 30,538.50 980703
479 10200725 TOHER ELIZABETH 70550 70,524.78 980707
480 10200741 TALBOT KURT 75650 75,620.74 980701
481 10200776 ALMEIDA JOSEPH 58500 58,383.26 980702
482 10200811 JACKSON ERWIN 52000 51,980.41 980730
483 10200813 TURNER EVERETT 56000 55,959.79 980702
484 10200857 WALTERS GEORGE 43900 43,883.47 980703
485 10200878 BOYLE KAREN 47600 47,600.00 980707
486 10200931 NESBITT DORRIS 87500 87,463.31 980708
487 10200940 SULLIVAN CHRISTOPHER 199750 199,656.80 980701
488 10200953 CLAPPER EDMOND 148500 148,444.09 980731
489 10200968 FLUEHMANN MATTHIAS 82450 82,420.53 980729
490 10200971 LOOS KEVIN 112500 112,500.00 980729
491 10201010 CURCIO FRANK 156000 155,947.33 980729
492 10201016 FRANKLIN THELMA 86850 86,850.00 980731
493 10201087 HENRY ROBERT 62000 61,972.51 980706
494 10201165 GREGG JASON M. 114000 113,949.05 980624
495 10201175 ALTHOEN MORGAN 34760 34,729.05 980624
496 10201179 GOLDMAN LACY 23250 23,243.33 980702
497 10201201 WALLEY WAYNE C. 48750 48,731.64 980624
498 10201214 PENRY TONY D. 41325 41,311.04 980630
499 10201215 MOOSMAN CORDIE 24412 24,402.80 980708
500 10201224 BOLYARD DAVID 102000 102,000.00 980721
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
501 10201235 SORENSEN JON R 123240 123,240.00 980710
502 10201332 MILLER BRUCE C. 44000 43,983.43 980701
503 10201387 HINES LERICO 84720 84,678.35 980724
504 10201403 STONE KURT 97200 97,200.00 980710
505 10201429 LUND HARVEY 26400 26,308.78 980727
506 10201435 CABALLERO SAMSON D 101590 101,394.27 980724
507 10201472 SINGER CLIFFORD D. 100300 100,300.00 980713
508 10201516 FELDMAN MICHAEL D 237550 237,550.00 980724
509 10201525 STIDHAM JAMES 30000 30,000.00 980724
510 10201528 HALOUSEK BONNIE M 148000 147,918.99 980710
511 10201542 CASTNER AMY L. 39000 38,983.65 980723
512 10201572 STANCIU BOGDAN 94400 94,320.32 980702
513 10201591 HAWTHORNE RAYMOND 50000 49,976.67 980707
514 10201592 CUSHINBERRY ARRON JR 110977 110,922.29 980724
515 10201647 GUERRERO BRENDA R. 164800 164,800.00 980728
516 10201659 PATEE GEORGE F. 50000 49,975.35 980701
517 10201662 COPE ANTHONY 112500 112,500.00 980730
518 10201665 DANIEL MARCUS G. 48000 47,978.72 980730
519 10201667 BAKER WILLIE 120000 120,000.00 980729
520 10201700 WATSON STEVE 102800 102,800.00 980727
521 10201728 MORAD OVADYA 193500 193,409.72 980730
522 10201733 PEDERSON DENNIS E. 120000 120,000.00 980730
523 10201768 ALVAREZ GLORIA 180000 180,000.00 980729
524 10201779 SOULES WAYNE J. 61600 61,600.00 980709
525 10201796 SALTER NORMAN J 499462 499,462.00 980729
526 10201832 ANDERSON KIRBY 72250 72,229.89 980701
527 10201899 RICHEY RUTH J. 75000 75,000.00 980727
528 10201919 MURRAY JUDY C. 90000 89,950.73 980728
529 10201927 BAZEMORE JOHN W. 48750 48,730.62 980701
530 10201932 MANIS GENEVA I. 32000 32,000.00 980728
531 10201967 SHAW BEN B. 67120 67,093.32 980706
532 10201990 DOTY JOHN 157250 157,094.90 980724
533 10202016 UNDERWOOD SHARON E. 76500 76,500.00 980730
534 10202042 RUSSO BRIAR 110700 110,700.00 980727
535 10203610 PINPIN BIENNENIDO 124000 124,000.00 980730
536 10203639 WHITELAW DUANE 194400 194,400.00 980728
537 10203651 WUAGNEUX EDWARD 124000 123,960.36 980728
538 10203654 DOMINGUEZ LYDIA 70400 70,400.00 980731
539 10203674 DARMANI HOSSEIN A. 108000 108,000.00 980731
540 10203676 GRZELCZYK STANLEY U. 79200 79,200.00 980728
541 10203696 STARKEY LOUIS 63900 63,877.16 980727
542 10203700 GARNER BRUCE 499000 499,000.00 980731
543 10203714 FRIDAY IVAN 53600 53,600.00 980729
544 10203715 DIAZ OCTAVIO 34400 34,400.00 980731
545 10203718 ANDERSON BRIDGETTE 48800 48,779.53 980730
546 10203746 DAVIS DEAN R 123200 123,136.13 980731
547 10203793 FRAZIER JAMES P. 88200 88,200.00 980731
548 10203813 NAKAMURA DARYL 208250 208,250.00 980730
549 10203846 HARRIS SARA V. 228000 228,000.00 980730
550 10203896 BROWN THOMAS 87750 87,750.00 980731
551 10203899 LINTON CHRISTOPHER 99365 99,365.00 980729
552 10203940 MORA HENRY T. 288000 288,000.00 980728
553 10203955 GEORGE CHRIS 80800 80,769.57 980730
554 10203963 MORREALE ANTHONY 91425 91,388.66 980728
555 10204027 BRANDT JAMES 72000 72,000.00 980731
556 10204033 AISPURO FLAVIO M 42500 42,500.00 980731
557 10204054 MAXWELL GARY 84400 84,400.00 980730
558 10205602 WOLTI GARY J 84066 84,066.00 980724
559 10205605 GALVAN ALFREDO S. 33750 33,737.22 980728
560 10205647 TOURIGNY EDWARD N. 60000 59,925.00 980728
561 10205674 SCHULTZ WILLIAM 53200 53,200.00 980709
562 10205690 MEYER DAVID 66750 66,750.00 980728
563 10205722 COOK DIANNE E. 31500 31,490.96 980722
564 10205730 MORGAN SLOANE 104000 104,000.00 980730
565 10205744 HAMPTON JR. PERCY 114300 114,256.97 980707
566 10205764 GUENTHER PAUL 231990 231,990.00 980724
567 10205790 HARRIS CHARLIE 36000 36,000.00 980728
568 10205817 JOHNSON LYNNE A 154690 154,611.47 980724
569 10205896 DORR TED 90100 90,050.83 980727
570 10205910 CHRISTENSEN BRETT 96000 96,000.00 980702
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
571 10205917 MURRAY JR. JAMES W. 172000 171,908.47 980722
572 10205933 HAYDEN SHARON 44925 44,912.14 980723
573 10205936 HUNTER DARRYL 53200 53,200.00 980728
574 10205938 MCCLURE SHANTIELA 32830 32,830.00 980722
575 10205948 KIRBOS STEVEN 175990 175,990.00 980724
576 10205963 DERANI NOUHAD 102400 102,400.00 980710
577 10205982 HOLLOWAY JAMES E. 51000 51,000.00 980728
578 10205989 NICKELSON TODD 77600 77,600.00 980727
579 10206015 GRAHAM WILLIAM M. 49000 49,000.00 980727
580 10206035 DAVIS CHRISTOPHER 84750 84,750.00 980731
581 10206048 BEECHLER RICKY 39950 39,936.13 980724
582 10206096 TREVINO YVETTE 34875 34,875.00 980728
583 10206098 SIEGEL JAY 73950 73,918.14 980728
584 10206101 OWENS RICHARD 146250 146,250.00 980728
585 10206102 NICEWANDER HARVEY 36125 36,112.08 980722
586 10206106 MORRIS HENRY 151200 151,146.08 980724
587 10206119 KALER ROBERT 40800 40,787.63 980728
588 10206121 JUDD PHILLIP 73525 73,498.06 980727
589 10206124 AARON DOYLE 46800 46,800.00 980724
590 10206128 STEPHENS REGINA 49300 49,267.45 980729
591 10206146 RICH MARJORIE 117650 117,605.70 980727
592 10206156 SIMON DEBRA 81600 81,600.00 980727
593 10206157 HALL LOUIS 277030 277,030.00 980730
594 10206166 ENGLE STEVEN 108800 108,756.76 980728
595 10206176 CAMPBELL WILLIE 48750 48,750.00 980724
596 10206183 CUMMINGS EVELYN 188700 188,700.00 980731
597 10206188 SMITH CHERYL 126000 126,000.00 980729
598 10206192 PINK LORETTA 32175 32,175.00 980729
599 10206193 BENEDICT RON 55250 55,250.00 980729
600 10206194 EDWARDS JAMES 57200 57,200.00 980729
601 10206200 ADAMS LUCLETA 53300 53,300.00 980729
602 10206202 COREY KAREN 61120 61,092.95 980727
603 10206206 ASKEW VERA 56800 56,800.00 980730
604 10206210 TANNER CLAY 38610 38,596.96 980728
605 10206214 HODGE ANTHONY 99365 99,365.00 980728
606 10206218 JONES MICHAEL 62400 62,400.00 980729
607 10206222 WILLIAMS ZITA 102811 102,811.00 980728
608 10206255 PARHAM KEITH 108058.8 108,058.80 980730
609 10206601 DOOLEY BRIAN 54180 54,180.00 980728
610 10206652 LEPUS CHERYL 72000 71,974.32 980728
611 10206657 ADAMS ROBERT 104650 104,610.60 980702
612 10206665 DOAK JAMES 50000 50,000.00 980707
613 10206681 GORDY SONJA 72500 72,500.00 980727
614 10206697 DONALDSON ELIZABETH A. 77200 77,200.00 980727
615 10206698 RODRIGUEZ MARIA 123200 123,139.39 980701
616 10206719 ROBERTS JONATHAN 36000 35,987.50 980729
617 10206726 SHAHEED NASIR 28500 28,488.05 980706
618 10206824 ICARD TIMMY E. 67925 67,899.42 980729
619 10206832 KINNEY BLAINE 58435 58,435.00 980730
620 10206838 GILLIAM SHARON 50635 50,635.00 980706
621 10206840 BYRD, JR. HERBERT 420000 420,000.00 980731
622 10206853 FLYNN NANCY 176000 175,684.63 980727
623 10206917 EVANS SEPIDEH 156955 156,877.79 980731
624 10206933 NORMANDIN MARY SUE 60000 59,978.55 980722
625 10206946 ELKINS BARBARA 103700 103,665.93 980727
626 10207012 MORIN PAUL 84000 83,966.61 980724
627 10207050 DEANE JOHN 42300 42,300.00 980724
628 10207054 LE KIM 34800 34,788.87 980728
629 10207095 BOGGS LORETTA 36550 36,550.00 980731
630 10207116 HARRIS JAMES G. 50000 50,000.00 980731
631 10207163 POWELL BOBBY R. 315000 315,000.00 980728
632 10207170 FAIN GARY 33750 33,750.00 980731
633 10207201 MUNOZ MARK V. 126400 126,341.02 980723
634 10207233 HARPER REBECCA 62100 62,077.80 980724
635 10207296 FORD CHARLES W. 45500 45,500.00 980724
636 10207312 GRIJALVA RICHARD 48750 48,727.25 980729
637 10207330 BOUDREAUX ALLEN P. 63000 62,976.27 980724
638 10207346 HAWKINS EDDYE 24000 24,000.00 980727
639 10207364 VICARS SANDRA L. 43040 43,040.00 980724
640 10207439 GONZALES DAVID A. 209700 209,602.16 980729
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
641 10207511 BRACHAR AVI 318750 318,750.00 980723
642 10207512 SHAPIRO MARTIN C. 424000 424,000.00 980728
643 10207542 NELSON MARGARET L. 72000 71,972.89 980730
644 10207562 KUNG YUN PING 191250 191,250.00 980727
645 10207582 DE LA PENA CARLOS 315000 314,860.35 980727
646 10207584 BORDERS RICHARD L. 39975 39,959.11 980724
647 10207599 GROSSMAN MARTIN 134960 134,960.00 980724
648 10207603 COLLINS MICHAEL D. 165600 165,544.09 980730
649 10207642 FERENCIK BOBBY A. 78000 78,000.00 980727
650 10207651 JOHNSON JEFFREY L 63750 63,729.06 980724
651 10207663 SHIVELY DONNA L 34200 34,189.07 980723
652 10207700 JOHNSON BARBARA A 45500 45,500.00 980729
653 10207702 TAYLOR LAMONT 25200 25,191.94 980729
654 10207716 DART LONNIE R 14300 14,300.00 980731
655 10207721 JARVIS MICHAEL 304000 303,865.51 980730
656 10207764 WINCHELL MARY A. 24800 24,692.49 980730
657 10207790 BENNETT DEAN W. 31000 31,000.00 980731
658 10207801 GIVENS ROSILAND Y. 43800 43,800.00 980724
659 10207815 ROSE JR. ROBERT E. 22500 22,492.81 980730
660 10207895 PERILLO JR. MICHAEL A. 84575 84,544.78 980727
661 10208102 SELNES JAN 55000 54,841.36 980709
662 10208145 BOZEMAN MICHAEL 208250 208,250.00 980728
663 10208285 MAY TIMOTHY C 78650 78,624.79 980729
664 10208358 KENT SHEILA 169500 169,420.92 980730
665 10208375 WRIGHT NANCY L 113750 113,750.00 980728
666 10208402 MOHR DUSTIN L. 64000 64,000.00 980729
667 10208420 CARROCCIO JEANINE A 250000 250,000.00 980730
668 10208422 LUCIEN WENDY K 133250 133,165.03 980729
669 10208513 MARRERO CARLOS 270000 270,000.00 980727
670 10208596 FRIAR MARK K. 42000 41,742.18 980730
671 10208604 DEMENDONCA ANTONIO 84800 84,751.20 980728
672 10208654 JASUTA LEONARD W. 360000 360,000.00 980729
673 10209605 HARKIN PATRICK 136000 135,941.42 980728
674 10209609 MITCHELL LEE C. 41240 41,240.00 980724
675 10209615 PAPENHAUSEN JAMES H. 55990 55,990.00 980724
676 10209619 HUNT KAREE B. 74750 74,750.00 980727
677 10209642 NASH RHONDA 56000 55,867.95 980727
678 10209654 WATSON DENISE 130050 130,050.00 980723
679 10209677 DAVIS COREY 74375 74,349.19 980727
680 10209692 NORRIS MICHAEL W. 88790 88,790.00 980724
681 10209708 VARNER DOMINIC 41600 41,600.00 980724
682 10209729 RICH JAMES D. 154776 154,776.00 980730
683 10209745 ROBERTS JAMES 37800 37,800.00 980728
684 10209754 RAMSEY MELINDA A. 40500 40,500.00 980722
685 10209758 ZAUSS DARLENE A. 32300 32,273.91 980724
686 10209766 LEWIS ARMA 46750 46,728.18 980729
687 10209767 MASKE MICHAEL W 36800 36,786.14 980724
688 10209774 MACKLIN VERONICA 65600 65,600.00 980724
689 10209779 WOOD FRED 96000 95,963.85 980721
690 10209811 COLLINS ERIC J. 119000 118,955.19 980727
691 10209821 BRYNAT DARRELL 54750 54,728.24 980727
692 10209938 RIGGLE TRACY A. 112000 112,000.00 980720
693 10209940 CHUNN GLORIA 36000 36,000.00 980724
694 10209943 COLLIER DONALD 61500 61,500.00 980723
695 10210004 WATERS RUSSELL 81600 81,570.10 980729
696 10210006 JEFFERSON VANITA 78750 78,750.00 980724
697 10210015 DRURY AVERY H. 70000 69,973.64 980728
698 10210041 BEVERIDGE GLEN K. 68000 67,964.75 980727
699 10210043 NEAL DEBORAH A. 157500 157,433.95 980727
700 10210046 ROBERTS CHANDLER 22500 22,500.00 980729
701 10210071 SHEPARD SHARILYN M. 31500 31,485.30 980723
702 10210077 MADRID JOHN 58500 58,500.00 980728
703 10210081 UZOR OKECHUKWU O. 139500 139,500.00 980727
704 10210091 DIONISI JORENNE D. 62400 62,400.00 980731
705 10210132 PRICE MARVIN 33150 33,137.52 980727
706 10210219 REITER ROSE MARGARET 28800 28,800.00 980729
707 10210227 CELOTTO GEORGIANNA 93600 93,600.00 980727
708 10210248 WILLIAMS JR. LEROY 96000 96,000.00 980723
709 10210260 REISS WILLIAM M. 130900 130,900.00 980729
710 10210274 SCHMITT MARC 34300 34,289.60 980722
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
711 10210281 MASELOW KEVIN 212500 212,500.00 980724
712 10210293 JONES VALERIE 36600 36,576.49 980724
713 10210305 FIX GEORGE 52000 51,944.17 980728
714 10210340 RICHARDSON THEODORE 128000 128,000.00 980727
715 10210372 PURSELL LYNN MARIE 70000 70,000.00 980727
716 10210375 HOWELL A. MICHEAL 59200 59,200.00 980729
717 10210376 BROWN TAMMY 86800 86,800.00 980727
718 10210381 BROADNAX WALTER 21450 21,450.00 980729
719 10210383 SHAPIRO CHANAN 80500 80,474.27 980730
720 10210406 FLAGER MARSHA 40000 40,000.00 980731
721 10210437 SMITH CLIFFORD 36000 36,000.00 980727
722 10210498 FORSHEY WILLIAM 40300 40,300.00 980727
723 10210499 MARTIN REBECCA E. 63920 63,920.00 980730
724 10210500 D'AMICO MICHAEL 55000 54,979.29 980729
725 10210501 SEPP WILLIAM 43550 43,550.00 980727
726 10210576 ANDERSON PAUL 138720 138,673.16 980729
727 10211123 SLUDER RICK D. 140000 139,937.93 980727
728 10211179 ZAMAN JAMSHID 499000 499,000.00 980730
729 10211198 KAMERLING MARK J. 310000 310,000.00 980730
730 10211201 DAVIES ROBIN M. 73710 73,710.00 980730
731 10211202 BOURNE ARTHUR K. 70000 69,965.49 980730
732 10211211 ROJAS JUANA 27950 27,938.48 980727
733 10211246 SPIVERY TYNA D. 89700 89,664.35 980724
734 10211255 BETTS CHARLES 386750 386,569.56 980730
735 10211289 ZORRILLA BENITO 51800 51,800.00 980729
736 10211313 CHAPMAN LILLIAN 21450 21,450.00 980727
737 10211315 BRAZELL CLAUDE M. 17500 17,492.66 980727
738 10211329 THOMAS DEBORAH 53550 53,529.84 980729
739 10211330 HAWKINS SUE ANN 56100 56,100.00 980728
740 10211347 ROJAS ROBERT 88650 88,650.00 980723
741 10211417 WILSON WILLIAM 47250 47,250.00 980724
742 10211431 COX CARL 36000 36,000.00 980728
743 10211433 ALESNA STELLA 189600 189,600.00 980729
744 10211450 RHOADS DEBORAH E. 120000 119,934.31 980730
745 10211462 GRAY ROBERT 72558 72,558.00 980730
746 10211472 URENA ANGELICA 85000 85,000.00 980728
747 10211482 COHEN LISA E. 300000 299,827.39 980724
748 10211483 JACKSON WAYNE 441000 441,000.00 980730
749 10211497 HOWELL ERIN 243750 243,750.00 980724
750 10211539 WANG MICHELLE C. C. 185299 185,299.00 980728
751 10212101 MC COWN ADRIENNE 73430 73,430.00 980724
752 10212128 ELLSWORTH DIANNE S. 67500 67,500.00 980727
753 10212158 DAVIS ROCHELLE 70400 70,400.00 980727
754 10212194 JOHNSON ARLENE J. 112500 112,500.00 980727
755 10212195 THEODOROPOULIS DIMITRIOS 118800 118,750.18 980722
756 10212196 BATCHMAN WENDELL R. 52650 52,650.00 980727
757 10212206 WATKINS, JR. JIMMIE L. 56000 55,797.15 980724
758 10212215 LANGSTON MARTHA 132500 132,500.00 980728
759 10212229 FAVRE SCOTT 384000 384,000.00 980727
760 10212244 SCOTT, JR. HAROLD 35600 35,600.00 980727
761 10212285 TOLMAN CLYDE J. 99920 99,920.00 980727
762 10212293 GAYLER TAMMY L. 91500 91,453.44 980730
763 10212311 WHITEHOUSE JEFF D. 35000 34,990.52 980727
764 10212334 ARMIJO BENNY L. 106250 106,250.00 980729
765 10212385 CRAWFORD LAURIE 39750 39,732.37 980730
766 10212386 BALMER DAVID K. 216000 215,904.24 980729
767 10212426 MORGAN JILL 44000 44,000.00 980731
768 10212442 RODNEY VIOLA 48750 48,750.00 980724
769 10212453 CHRISTIAENS TRAVIS M 59500 59,500.00 980729
770 10212461 BALCAO DARRYL 92800 92,800.00 980729
771 10212549 WALKER RUSSELL D. 21250 21,241.99 980730
772 10212562 JACKSON OLLIE B. 27200 27,200.00 980728
773 10212569 DAVIS KENT 115200 115,200.00 980728
774 10212570 RIGHTSELL TIMOTHY B. 99200 99,200.00 980728
775 10212599 GONZALES DAVID 68000 67,959.17 980729
776 10212645 DUNN KIPPERT 94410 94,357.74 980731
777 10213602 ALLAN CYNTHIA 57850 57,732.08 980724
778 10213608 DAVIDSON ARTHUR 142500 142,500.00 980724
779 10213614 NICHOLS RYAN 164000 164,000.00 980722
780 10213620 LACROIX ALGUILELE 162000 162,000.00 980728
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
781 10213621 ACOSTA RICARDO L. 192000 192,000.00 980723
782 10213625 VAN OMEN LARRY 130000 129,935.91 980723
783 10213640 SMITH EVELYN 87750 87,750.00 980729
784 10213658 TASKER, III ALBERT 320000 320,000.00 980729
785 10213659 PATTERSON DONALD H. 94250 94,250.00 980728
786 10213661 PIERCE MAGGIE 24700 24,690.70 980728
787 10213694 VOISINE CARL 93500 93,500.00 980806
788 10213703 LUNDY CHARLES 133200 133,140.94 980730
789 10213714 DIAMOND TERRY 123750 123,703.40 980729
790 10213747 ALI RASHEED 168000 168,000.00 980724
791 10213800 KOCHER JOSEPH 22500 22,500.00 980727
792 10213801 KOCHER JOSEPH 27300 27,300.00 980727
793 10213814 HEINBAUGH KEITH 71175 71,175.00 980730
794 10213833 WELLS ROBBIE 72670 72,642.63 980728
795 10213836 TUTTLE JOSEPH 97600 97,600.00 980724
796 10213837 BAILEY JAMES H. 37000 37,000.00 980729
797 10213851 BARTON THOMAS 46750 46,750.00 980730
798 10213868 LADUE RONALD 195000 194,941.03 980728
799 10213869 KILLORAN PRISCILLA 51350 51,350.00 980729
800 10213873 CAMARDO MICHAEL 76700 76,671.11 980729
801 10213897 JONES WILLIAM H. 184000 184,000.00 980723
802 10216128 CASTEEL JON D. 73950 73,922.16 980731
803 10216180 DELAY, JR. CHARLES 31200 31,188.87 980728
804 10216268 LANIER BRIAN 118000 117,947.68 980729
805 10216539 FORTT REUBEN J. 108800 108,800.00 980729
806 10220116 MORGAN BLAKE 88000 87,954.37 980730
807 10220202 GLOVER KATHLEEN M. 26600 26,600.00 980730
========================================================================================================
First Boston Repo INV 898 85,004,797.68 84,966,637.25
========================================================================================================
1 10021891 DAILEY DOLORES B 66000 65,779.08 971229
2 10043032 CLARE JEFFREY 64000 63,774.32 971224
3 10047248 SCHNEIDER KAREN M. 131750 131,190.93 971224
4 10055033 GOLDSTEIN ERIC 316000 314,478.47 970827
5 10061071 CASCI KATHLEEN 157250 156,652.98 971231
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
6 10061100 POHAHAU SETALEKI 154400 153,788.59 971223
7 10072653 BROWN DEIDRE 46400 46,137.19 970912
8 10084662 GOMEZ ROLANDO 130000 129,240.89 971229
9 10087227 FOSTER RALPH A. 123750 123,341.95 971204
10 10087523 FINCH LYNDA 122280 121,870.32 971231
11 10096594 HAMAKER VERNAN E. 76560 76,422.82 980330
12 10097667 BETANCOURT EFRAIN 54400 54,283.98 980305
13 10097841 RAGANIT-RISOLI ANGIE 43500 43,329.53 980113
14 10098589 WENRICH RICHARD 340000 338,492.14 971231
15 10100368 THOMAS KAREN 44200 44,067.70 971229
16 10101167 SMITH PATRICIA 23800 23,739.47 971223
17 10101793 SCARVILLE IVELAW 55250 55,100.40 971223
18 10103328 POWERS RANDALL 69700 69,484.42 971230
19 10103738 SR. LACKEY TJ 88000 87,790.92 980304
20 10103805 THYRRING JAN 525000 523,525.90 980313
21 10105508 OLAH PETER 499500 497,420.40 980120
22 10109661 MELIA SUSAN 88985 86,726.17 971224
23 10113043 KEEFOVER JAMES 94500 94,355.76 980309
24 10113340 REED WENDY 160000 159,555.47 980211
25 10113477 GARRISON JASON 112500 112,161.30 980305
26 10113530 MILLER DAVID 64125 64,003.84 980317
27 10113771 TREAT DAVID A. 40500 40,438.19 980306
28 10114144 HERNANDEZ JUAN 65590 65,432.06 980316
29 10114376 FARLEY BRADLEY 32250 32,175.50 980130
30 10114696 DAVIS ROMONA 34125 34,026.91 980122
31 10116130 PARKER MELVIN F. 94850 94,693.39 980428
32 10117188 DIAZ ANGEL 146400 145,696.99 980204
33 10117371 AYALA ALMA 92000 91,723.02 980203
34 10117409 WIERENGA PETER A. 344000 343,373.97 980227
35 10119638 SIEGAL MARTHA S. 352000 351,432.12 980306
36 10119691 FIELDS MICHAEL 107250 107,008.24 980304
37 10119767 ROEMMICH KAREN 123200 122,922.32 980302
38 10119776 BACH DAVID S. 148500 148,206.80 980305
39 10120652 RODRIGUEZ LAZARO 19200 18,854.28 980311
40 10120658 RODRIGUEZ LAZARO 22800 22,380.30 980311
41 10120936 BUTLER FRED 88000 87,827.14 980218
42 10121030 MACHMALI HERTZEL 21000 20,950.18 980313
43 10121135 TREYES EDGARDO 91200 90,998.47 980323
44 10123112 LEMBACH TOM 21900 21,871.55 980320
45 10125847 HUTCHERSON JERRY W 27950 27,897.01 980224
46 10125858 MANOUCHEHRI MARKAR 59250 59,080.34 980227
47 10126002 HUNEYCUTT THIMOTY 153600 153,271.77 980313
48 10127452 TORRES JESUS 50000 49,919.47 980313
49 10127466 SCOTT DEWAYNE R. 36400 36,319.54 980330
50 10127500 WATSON MICHAEL T. 33950 33,910.53 980318
51 10128482 FARHAT HAREF O. 46150 46,061.52 980304
52 10129811 LOYSELLE BRYAN C. 57750 57,670.88 980330
53 10130334 TOWNER JAMES JR. 69700 69,551.29 980227
54 10130753 CARROLL JR. WILLIE 108750 108,463.73 980227
55 10130950 MALTAIS MICHAEL 320000 319,317.46 980306
56 10131037 SHEA THOMAS 75000 74,850.64 980325
57 10131051 LAWLOR CHRISTOPHER 81000 80,811.73 980320
58 10132267 WALLACE BRODERICK 22750 22,706.39 980224
59 10132393 HOUCK HASKELL 48750 48,651.40 980304
60 10132584 JONES JAMES 52200 52,097.43 980225
61 10133489 GATHRIGHT CZELL 165000 164,541.57 980227
62 10133522 MCLIN FREDDIE 72000 71,810.04 980226
63 10134738 WALSH WILLIAM 69000 68,887.57 980227
64 10134953 PRICE BERNICE 174200 173,853.16 980306
65 10136324 HARPER JOHN L. 19600 19,523.51 980227
66 10136617 HOLTMEYER TRUDY M. 32250 32,200.78 980311
67 10136797 BELL JAMES 39500 39,372.26 980316
68 10136893 MARTINEZ ANTHONY 78400 78,297.70 980316
69 10137099 AVANZADO EDITH C. 488000 484,612.67 980306
70 10137701 BRIGHTWELL BRUCE 24400 24,364.72 980320
71 10137945 PACHECO EDUARDO 27000 26,933.86 980310
72 10138093 BAUM JEFFREY R 122400 122,249.41 980325
73 10139167 MILES ADELA 71250 71,058.61 980313
74 10139387 CONBOY MARK 32250 32,203.23 980327
75 10141881 HATCHUAL JONATHAN 69000 68,855.23 980320
76 10141933 GAGAN, JR. W.D. 48000 47,937.58 980326
77 10142085 JOLLEY JACKSON 78000 77,874.37 980330
78 10144046 BROWN DAVID 107950 107,737.46 980313
79 10144259 PRICE C.THOMAS 30000 29,954.19 980320
80 10146402 NORFUL CAROLYN 63000 62,874.56 980316
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
========================================================================================================
This is the total cut-off (9/1/98) pool balance for the WMC 1998-B Security
loanno name origamt cur_bal origdate
========================================================================================================
<S> <C> <C> <C> <C> <C>
81 10146584 MONIE JAMES W. 74375 74,281.12 980327
82 10149303 WILLARD MARK D. 99600 99,447.64 980325
83 10152626 ROBERTS DALE 85000 84,851.69 980320
84 10166394 KOLBERG DOUGLAS 152000 151,748.50 980427
85 10166405 BOBO DAVID L. 54600 54,544.04 980423
86 10168185 COOPER THOMAS C. 107250 107,059.00 980428
========================================================================================================
Nations Bank Repo INV 899 9,123,840.00 9,094,381.97
========================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
===================================================
Total Security $ Amount = 642,680,490.42
Total Number Of Units = 6,279
===================================================
10189401 JENNINGS BONNIE J. 107233 106,976.18 980626
===================================================
<S> <C> <C> <C> <C>
69 10189467 GUEVIN THOMAS W. 164484 164,425.22 980626
70 10189585 SILVA RAUL 108000 107,881.32 980629
71 10190630 CAPPELLA PAUL 78000 77,941.00 980629
72 10190848 LEWIS THEODORE S. 150000 149,797.61 980630
73 10191168 BEOUGHER JERRY 108800 108,708.35 980630
74 10191733 DANG TRANG L. 104450 104,341.28 980625
75 10193354 PECK GORDEN 167930 167,802.98 980623
76 10193496 DYRDAL MICHAEL 119700 119,590.80 980625
77 10196781 DEVORE JR. ROBERT 30400 30,372.97 980623
78 10196827 LOGAN
</TABLE>
<PAGE>
EXHIBIT D
FORM OF REQUEST FOR RELEASE
DATE:
TO:
RE: REQUEST FOR RELEASE OF DOCUMENTS
In connection with the administration of the pool of Mortgage Loans held by you
for the referenced pool, we request the release of the Mortgage File described
below.
Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one) Mortgage Loan Prepaid in Full
Mortgage Loan Repurchased
"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Pooling and Servicing Agreement."
WMC Mortgage Corp.
Authorized Signature
********************************************************************
TO CUSTODIAN/TRUSTEE: Please acknowledge this request, and check off documents
being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.
Enclosed Documents: [ ] Mortgage Note
[ ] Mortgage
[ ] Assignment(s) of Mortgage
[ ] Title Insurance Policy
[ ] Other:_____________________________
_____________________________
Name
_____________________________
Title
_____________________________
Date
D-1
<PAGE>
EXHIBIT E-1
FORM OF INITIAL CERTIFICATION
WHEREAS, the undersigned is of The First National Bank of Chicago, a
national banking corporation, acting in its capacity as trustee (the "Trustee")
of a certain pool of mortgage loans (the "Mortgage Loans") heretofore conveyed
in trust to the Trustee, pursuant to that certain Pooling and Servicing
Agreement dated as of September 1, 1998 (the "Pooling and Servicing Agreement")
among WMC Secured Assets Corp., as Company, WMC Mortgage Corp., as Master
Servicer, and The First National Bank of Chicago, as Trustee; and
WHEREAS, the Trustee is required, pursuant to Section 2.02 of the
Pooling and Servicing Agreement, to review the Files relating to the Mortgage
Loans within a specified period following the Closing Date and to notify the
Master Servicer, the Seller and the Company promptly of any defects with respect
to the Mortgage Loans, and the Seller is required to remedy such defects or take
certain other action, all as contemplated in Section 2.02 of the Pooling and
Servicing Agreement; and
WHEREAS, Section 2.02 of the Pooling and Servicing Agreement
requires the Trustee to deliver this Initial Certification upon the satisfaction
of certain conditions set forth therein.
NOW, THEREFORE, the Trustee hereby certifies that it has determined
that all required documents listed in Section 2.01(b) of the Pooling and
Servicing Agreement have been received, and that such documents relate to the
Mortgage Loans identified in the Initial Mortgage Loan Schedule.
THE FIRST NATIONAL BANK OF CHICAGO, as Trustee
By:________________________________
Name:
Title:_____________________________
<PAGE>
EXHIBIT E-2
FORM OF INTERIM CERTIFICATION
________ __, 199_
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
WMC Mortgage Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
Re: Pooling and Servicing Agreement, dated as of September 1, 1998
among WMC Secured Assets Corp., as Company, WMC Mortgage
Corp., as Master Servicer, and The First National Bank of
Chicago, as Trustee, regarding WMC Mortgage Pass-Through
Certificates, Series 1998-B
--------------------------------------------------------------
Ladies and Gentlemen:
In accordance with the provisions of the above-referenced Pooling
and Servicing Agreement, the undersigned, as Trustee, hereby certifies that as
to each Mortgage Loan Listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan listed on the exceptions report
attachment hereto), it has reviewed the documents delivered to it pursuant to
the Pooling and Servicing Agreement and has determined that (i) all documents
required to be delivered to it pursuant to the above referenced Pooling and
Servicing Agreement are in its possession and relate to the Mortgage Loan
identified in the Mortgage Loan Schedule and (ii) each such document has been
reviewed by it and appears regular on its face, appears to bear original
signatures, and has not been mutilated, damaged, torn or otherwise physically
altered and relates to such Mortgage Loan. The Trustee has made no independent
examination of such documents beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representations or warranties as to: (i) the validity, legality, enforceability
or genuineness of any such documents contained in each Mortgage File or any of
the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
collectability, insurability, effectiveness or suitability of any such Mortgage
Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above captioned Pooling and Servicing
Agreement.
THE FIRST NATIONAL BANK OF CHICAGO, as Trustee
By:________________________________
Name:
Title:
E-2-1
<PAGE>
EXHIBIT E-3
FORM OF FINAL CERTIFICATION
________ __, 199_
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
WMC Mortgage Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
Re: Pooling and Servicing Agreement, dated as of September 1, 1998
among WMC Secured Assets Corp., as Company, WMC Mortgage
Corp., as Master Servicer, and The First National Bank of
Chicago, as Trustee, regarding WMC Mortgage Pass-Through
Certificates, Series 1998-B
--------------------------------------------------------------
Ladies and Gentlemen:
In accordance with the provisions of the above-referenced Pooling
and Servicing Agreement, the undersigned, as Trustee, hereby certifies that as
to each Mortgage Loan Listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan listed on the exceptions report
attachment hereto), it has reviewed the documents delivered to it pursuant to
the Pooling and Servicing Agreement and has determined that (i) all documents
required to be delivered to it pursuant to the above referenced Pooling and
Servicing Agreement are in its possession and relate to the Mortgage Loans
identified in the Mortgage Loan Schedule and (ii) each such document has been
reviewed by it and appears regular on its face, appears to bear original
signatures, and has not been mutilated, damaged, torn or otherwise physically
altered and relates to such Mortgage Loan. The Trustee has made no independent
examination of such documents beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representations or warranties as to: (i) the validity, legality, enforceability
or genuineness of any such documents contained in each Mortgage File or any of
the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
collectability, insurability, effectiveness or suitability of any such Mortgage
Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above captioned Pooling and Servicing
Agreement.
THE FIRST NATIONAL BANK OF CHICAGO, as Trustee
By:________________________________
Name:
Title:
<PAGE>
EXHIBIT F-1
FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
: ss.:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he/she is [Title of Officer] of [Name of Owner] (record or
beneficial owner of the WMC Mortgage Pass-Through Certificates, Series 1998-B
Class [R-I][R-II][R-III] (the "Owner")), a [savings institution] [corporation]
duly organized and existing under the laws of [the State of ] [the United
States], on behalf of which he/she makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) will
endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Class [R-I][R-II][R-III] Certificates, and
(iii) is acquiring the Class [R-I][R-II][R-III] Certificates for its own account
or for the account of another Owner from which it has received an affidavit and
agreement in substantially the same form as this affidavit and agreement. (For
this purpose, a "disqualified organization" means the United States, any state
or political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity) or any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any rural electric
or telephone cooperative, or any organization (other than certain farmers'
cooperatives) that is generally exempt from federal income tax unless such
organization is subject to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of Class [R-I][R-II][III] Certificates to disqualified organizations
under the Code, that applies to all transfers of Class [R-I][R-II][R-III]
Certificates after March 31, 1988; (ii) that such tax would be on the
transferor, or, if such transfer is through an agent (which person includes a
broker, nominee or middleman) for a disqualified organization, on the agent;
(iii) that the person otherwise liable for the tax shall be relieved of
liability for the tax if the transferee furnishes to such person an affidavit
that the transferee is not a disqualified organization and, at the time of
transfer, such person does not have actual knowledge that the affidavit is
false; and (iv) that the Class [R-I][R-II][R-III] Certificates may be
"noneconomic residual interests" within the meaning of Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual
<PAGE>
interest, unless no significant purpose of the transfer was to impede the
assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through
entity" holding Class [R-I][R-II][R-III] Certificates if at any time during the
taxable year of the pass-through entity a disqualified organization is the
record holder of an interest in such entity. (For this purpose, a "pass through
entity" includes a regulated investment company, a real estate investment trust
or common trust fund, a partnership, trust or estate, and certain cooperatives.)
5. That the Owner is aware that the Trustee will not register the
transfer of any Class [R-I][R-II][R-III] Certificates unless the transferee, or
the transferee's agent, delivers to it an affidavit and agreement, among other
things, in substantially the same form as this affidavit and agreement. The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes that any of the representations contained in such affidavit and
agreement are false.
6. That the Owner has reviewed the restrictions set forth on the
face of the Class [R-I][R-II][R-III] Certificates and the provisions of Section
5.02(f) of the Pooling and Servicing Agreement under which the Class R
Certificates were issued (in particular, clause (iii)(A) and (iii)(B) of Section
5.02(f) which authorize the Trustee to deliver payments to a person other than
the Owner and negotiate a mandatory sale by the Trustee in the event the Owner
holds such Certificates in violation of Section 5.02(f)). The Owner expressly
agrees to be bound by and to comply with such restrictions and provisions.
7. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class [R-I][R-II][R-III]
Certificates will only be owned, directly or indirectly, by an Owner that is not
a disqualified organization.
8. The Owner's Taxpayer Identification Number is .
9. This affidavit and agreement relates only to the Class
[R-I][R-II][R-III] Certificates held by the Owner and not to any other holder of
the Class [R-I][R-II][R-III] Certificates. The Owner understands that the
liabilities described herein relate only to the Class [R-I][R-II][R-III]
Certificates.
10. That no purpose of the Owner relating to the transfer of any of
the Class [R-I][R-II][R-III] Certificates by the Owner is or will be to impede
the assessment or collection of any tax.
11. That the Owner has no present knowledge or expectation that it
will be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class
[R-I][R-II][R-III] Certificate that the Owner intends to pay taxes associated
with
F-1-2
<PAGE>
holding such Class R Certificate as they become due, fully understanding that it
may incur tax liabilities in excess of any cash flows generated by the Class
[R-I][R-II][R-III] Certificate.
12. That the Owner has no present knowledge or expectation that it
will become insolvent or subject to a bankruptcy proceeding for so long as any
of the Class [R-I][R-II][R-III] Certificates remain outstanding.
13. The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof (except, in the
case of a partnership, to the extent provided in regulations) or an estate whose
income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more such United
States Persons have the authority to control all substantial decisions of the
trust. To the extent prescribed in regulations by the Secretary of the Treasury,
which have not yet been issued, a trust which was in existence on August 20,
1996 (other than a trust treated as owned by the grantor under subpart E of part
I of subchapter J of chapter 1 of the Code), and which was treated as a United
States person on August 20, 1996 may elect to continue to be treated as a United
States person notwithstanding the previous sentence.
14. Either (a) or (b) is satisfied, as marked below:
a. Purchaser is not any employee benefit plan subject to the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or the Internal Revenue Code of 1986 (the "Code"), a
Person acting, directly or indirectly, on behalf of any such plan or
any Person acquiring such Certificates with "plan assets" of a Plan
within the meaning of the Department of Labor regulation promulgated
at 29 C.F.R. ss.2510.3-101; or
b. Purchaser will provide the Trustee, the Company and the
Master Servicer with either: (i) an opinion of counsel, satisfactory
to the Trustee, the Company and the Master Servicer, to the effect
that the purchase and holding of a Certificate by or on behalf of
the Purchaser is permissible under applicable law, will not
constitute or result in a prohibited transaction under Section 406
of ERISA or Section 4975 of the Code (or comparable provisions of
any subsequent enactments) and will not subject the Trustee, the
Company or the Master Servicer to any obligation or liability
(including liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in the Pooling and Servicing Agreement,
which opinion of counsel shall not be an expense of the Trustee, the
Company or the Master Servicer; or (ii) in lieu of such opinion of
counsel, a certification in the form of Exhibit G-2 to the Pooling
and Servicing Agreement.
F-1-3
<PAGE>
15. The Purchaser is not a non-United States person or an electing
large partnership within the meaning of section 775(a) of the Code.
Very truly yours,
________________________________
By:
Name:
Title:
F-1-4
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this ____ day of _______________, 199__.
[NAME OF OWNER]
By:_______________________________
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
________________________________
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed the same as his free act and deed and the free act and deed of
the Owner.
Subscribed and sworn before me this ____ day of ________________,
199__.
________________________________
NOTARY PUBLIC
COUNTY OF _____________________________
STATE OF ______________________________
My Commission expires the ____ day of
_______________, 19__.
F-1-5
<PAGE>
EXHIBIT F-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
The First National Bank of Chicago
One First National Plaza
Chicago, Illinois 60670-0126
Re: WMC Mortgage Pass-Through Certificates,
Series 1998-B, Class [R-I][R-II][R-III]
---------------------------------------
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
____________________________ (the "Seller") to _________________________ (the
"Purchaser") of ___% Percentage Interest of WMC Mortgage Pass-Through
Certificates, Series 1998-B, Class [R-I][R-II][R-III] (the "Certificates"),
pursuant to Section 5.02 of the Pooling and Servicing Agreement (the "Pooling
and Servicing Agreement"), dated as of September 1, 1998, among WMC Secured
Assets Corp., as company (the "Company"), WMC Mortgage Corp., as master
servicer, and The First National Bank of Chicago, as trustee (the "Trustee").
All terms used herein and not otherwise defined shall have the meanings set
forth in the Pooling and Servicing Agreement. The Seller hereby certifies,
represents and warrants to, and covenants with, the Company and the Trustee
that:
1. No purpose of the Seller relating to the transfer of the
Certificate by the Seller to the Purchaser is or will be to impede the
assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee and the Master Servicer a transfer affidavit and agreement in the form
attached to the Pooling and Servicing Agreement as Exhibit F-1. The Seller does
not know or believe that any representation contained therein is false.
3. The Seller, at the time of the transfer, has conducted a
reasonable investigation of the financial condition of the Purchaser as
contemplated by Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result
of that investigation, the Seller has determined that the Purchaser has
historically paid its debts as they become due and has found no significant
evidence to indicate that the Purchaser will not continue to pay its debts as
they become due in the future. The Seller
<PAGE>
understands that the transfer of a Class [R-I][R-II][R-III] Certificate may not
be respected for United States income tax purposes (and the Seller may continue
to be liable for United States income taxes associated therewith) unless the
Seller has conducted such an investigation.
4. The Seller has no actual knowledge that the proposed Transferee
is not both a United States Person and a Permitted Transferee.
Very truly yours,
________________________________
(Seller)
By:________________________________
Name:______________________________
Title:_____________________________
F-2-2
<PAGE>
EXHIBIT G-1
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
The First National Bank of Chicago
One First National Plaza, Suite 0126
Chicago, Illinois 60670-0126
RE: WMC Mortgage Pass-Through Certificates,
Series 1998-B, Class [R-I][R-II][R-III]
---------------------------------------
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to purchase from
___________________________ (the "Seller") ___% Percentage Interest of WMC
Mortgage Pass- Through Certificates, Series 1998-B, Class ___ (the
"Certificates"), issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of September 1, 1998 among WMC
Secured Assets Corp., as company (the "Company"), WMC Mortgage Corp., as master
servicer, and The First National Bank of Chicago, as trustee (the "Trustee").
All terms used herein and not otherwise defined shall have the meanings set
forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies,
represents and warrants to, and covenants with, the Company and the Trustee
that:
1. The Purchaser understands that (a) the Certificates have not been
and will not be registered or qualified under the Securities Act of 1933,
as amended (the "Act") or any state securities law, (b) the Company is not
required to so register or qualify the Certificates, (c) the Certificates
may be resold only if registered and qualified pursuant to the provisions
of the Act or any state securities law, or if an exemption from such
registration and qualification is available, (d) the Pooling and Servicing
Agreement contains restrictions regarding the transfer of the Certificates
and (e) the Certificates will bear a legend to the foregoing effect.
<PAGE>
2. The Purchaser is acquiring the Certificates for its own account
for investment only and not with a view to or for sale in connection with
any distribution thereof in any manner that would violate the Act or any
applicable state securities laws.
3. The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business
matters, and, in particular, in such matters related to securities similar
to the Certificates, such that it is capable of evaluating the merits and
risks of investment in the Certificates, (b) able to bear the economic
risks of such an investment and (c) an "accredited investor" within the
meaning of Rule 501(a) promulgated pursuant to the Act.
4. The Purchaser has been furnished with, and has had an opportunity
to review (a) a copy of the Prospectus Supplement, dated ________________,
19__, to the Prospectus, dated ___________, 19___ (collectively, the
"Prospectus") relating to the Certificates (b) a copy of the Pooling and
Servicing Agreement and (c) such other information concerning the
Certificates, the Mortgage Loans and the Company as has been requested by
the Purchaser from the Company or the Seller and is relevant to the
Purchaser's decision to purchase the Certificates. The Purchaser has had
any questions arising from such review answered by the Company or the
Seller to the satisfaction of the Purchaser. [If the Purchaser did not
purchase the Certificates from the Seller in connection with the initial
distribution of the Certificates and was provided with a copy of the
Prospectus relating to the original sale (the "Original Sale") of the
Certificates by the Company, the Purchaser acknowledges that such
Prospectus was provided to it by the Seller, that the Prospectus was
prepared by the Company solely for use in connection with the Original
Sale and the Company did not participate in or facilitate in any way the
purchase of the Certificates by the Purchaser from the Seller, and the
Purchaser agrees that it will look solely to the Seller and not to the
Company with respect to any damage, liability, claim or expense arising
out of, resulting from or in connection with (a) error or omission, or
alleged error or omission, contained in the Prospectus, or (b) any
information, development or event arising after the date of the
Prospectus.]
5. The Purchaser has not and will not nor has it authorized or will
it authorize any person to (a) offer, pledge, sell, dispose of or
otherwise transfer any Certificate, any interest in any Certificate or any
other similar security to any person in any manner, (b) solicit any offer
to buy or to accept a pledge, disposition of other transfer of any
Certificate, any interest in any Certificate or any other similar security
from any person in any manner, (c) otherwise approach or negotiate with
respect to any Certificate, any interest in any Certificate or any other
similar security with any person in any manner, (d) make any general
solicitation by means of general advertising or in any other manner or (e)
take any other action, that (as to any of (a) through (e) above) would
constitute a distribution of any Certificate under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the
Act or any state securities law, or that would require registration or
qualification pursuant thereto. The Purchaser will not sell or
G-1-2
<PAGE>
otherwise transfer any of the Certificates, except in compliance with the
provisions of the Pooling and Servicing Agreement.
6. The Purchaser represents that either (a) or (b) is satisfied, as
marked below:
a. is not any employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or the
Internal Revenue Code of 1986 (the "Code"), a Person acting,
directly or indirectly, on behalf of any such plan or any Person
acquiring such Certificates with "plan assets" of a Plan within the
meaning of the Department of Labor regulation promulgated at 29
C.F.R. ss.2510.3-101; or
b. will provide the Trustee, the Company and the Master
Servicer with either: (i) an opinion of counsel, satisfactory to the
Trustee, the Company and the Master Servicer, to the effect that the
purchase and holding of a Certificate by or on behalf of the
Purchaser is permissible under applicable law, will not constitute
or result in a prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code (or comparable provisions of any subsequent
enactments) and will not subject the Trustee, the Company or the
Master Servicer to any obligation or liability (including
liabilities under ERISA or Section 4975 of the Code) in addition to
those undertaken in the Pooling and Servicing Agreement, which
opinion of counsel shall not be an expense of the Trustee, the
Company or the Master Servicer; or (ii) in lieu of such opinion of
counsel, a certification in the form of Exhibit G-2 to the Pooling
and Servicing Agreement.
7. The Purchaser is not a non-United States person or an electing
large partnership within the meaning of section 775(a) of the Code.
Very truly yours,
________________________________
By:
Name:
Title:
G-1-3
<PAGE>
EXHIBIT G-2
FORM OF ERISA REPRESENTATION LETTER
ERISA REPRESENTATION LETTER
___________________
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
WMC Mortgage Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
The First National Bank of Chicago
One First National Plaza, Suite 0126
Chicago, IL 60670
Attention: WMC Mortgage Pass-Through Certificates, Series 1998-B, Class_____
-----------------------------------------------------------------
Dear Sirs:
________________________ (the "Purchaser") intends to purchase from
_________________________ (the "Seller") $_______________ initial Certificate
Principal Balance of WMC Mortgage Pass-Through Certificates, Series 1998-B,
Class _____________________________________ (the "Certificates"), issued
pursuant to the Pooling and Servicing Agreement (the"Pooling and Servicing
Agreement"), dated as of September 1, 1998, among WMC Secured Assets Corp., as
company (the "Company"), WMC Mortgage Corp., as master servicer (the "Master
Servicer") and The First National Bank of Chicago, as trustee (the "Trustee").
All terms used herein and not otherwise defined shall have the meanings set
forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies,
represents and warrants to, and covenants with the Company, the Trustee and the
Master Servicer that the following statements in either (1) or (2) are accurate:
(1) The Certificates (i) are not being acquired by, and will not be
transferred to, any employee benefit plan within the meaning of section
3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA") or other retirement arrangement, including individual retirement
accounts and annuities, Keogh plans and bank collective investment funds
and insurance company general or separate accounts in which
<PAGE>
such plans, accounts or arrangements are invested, that is subject
to Section 406 of ERISA or Section 4975 of the Internal Revenue Code of
1986 (the "Code") (any of the foregoing, a "Plan"), (ii) are not being
acquired with "plan assets" of a Plan within the meaning of the Department
of Labor ("DOL") regulation, 29 C.F.R. ss. 2510.3-101, and (iii) will not
be transferred to any entity that is deemed to be investing in plan assets
within the meaning of the DOL regulation, 29 C.F.R. ss. 2510.3-101; or
(2) The purchase of Certificates is permissible under applicable
law, will not constitute or result in any prohibited transaction under
ERISA or Section 4975 of the Code, will not subject the Company, the
Trustee or the Master Servicer to any obligation in addition to those
undertaken in the Pooling and Servicing Agreement and, with respect to
each source of funds ("Source") being used by the Purchaser to acquire the
Certificates, each of the following statements are accurate: (a) the
Purchaser is an insurance company; (b) the Source is assets of the
Purchaser's "general account;" (c) the conditions set forth in Sections I
and III of Prohibited Transaction Class Exemption ("PTCE") 95-60 issued by
the DOL have been satisfied and the purchase, holding and transfer of
Certificates by or on behalf of the Purchaser are exempt under PTCE 95-60;
and (d) the amount of reserves and liabilities for such general account
contracts held by or on behalf of any Plan do not exceed 10% of the total
reserves and liabilities of such general account plus surplus as of the
date hereof (for purposes of this clause, all Plans maintained by the same
employer (or affiliate thereof) or employee organization are deemed to be
a single Plan) in connection with its purchase and holding of such
Certificates.
Very truly yours,
[Purchaser]
________________________________
By:_____________________________
Name:
Title:
G-2-2
<PAGE>
EXHIBIT H
FORM OF TRANSFEROR REPRESENTATION LETTER
_________, 19__
WMC Secured Assets Corp.
6320 Canoga Avenue
Woodland Hills, CA 91367
The First National Bank of Chicago
One First National Plaza, Suite 0126
Chicago, Illinois 60670-0126
Re: WMC Mortgage Pass-Through Certificates,
Series 1998-B, Class [R-I][R-II][R-III]
---------------------------------------
Ladies and Gentlemen:
In connection with the sale by ________________________________ (the
"Seller") to ________________________________ (the "Purchaser") ___% Percentage
Interest of WMC Mortgage Pass-Through Certificates, Series 1998-B, Class ____
(the "Certificates"), issued pursuant to the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of September 1, 1998 among WMC
Secured Assets Corp., as company (the "Company"), WMC Mortgage Corp., as master
servicer, and The First National Bank of Chicago, as trustee (the "Trustee").
The Seller hereby certifies, represents and warrants to, and covenants with, the
Company and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state
<PAGE>
securities law, or that would require registration or qualification pursuant
thereto. The Seller will not act, in any manner set forth in the foregoing
sentence with respect to any Certificate. The Seller has not and will not sell
or otherwise transfer any of the Certificates, except in compliance
with the provisions of the Pooling and Servicing Agreement.
Very truly yours,
________________________________
(Seller)
By:______________________________
Name:
Title:
H-2
<PAGE>
EXHIBIT I
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
______________________________________________________
______________________________________________________
______________________________________________________
______________________________________________________
The undersigned seller, as registered holder (the "Seller"), intends
to transfer the Rule 144A Securities described above to the undersigned buyer
(the "Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the
Seller, the Trustee and the Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement")), dated as of September 1, 1998 among WMC
Mortgage Corp., as Master Servicer, WMC Secured Assets Corp. as company and The
First National Bank of Chicago as trustee, pursuant to Section 5.02 of the
Agreement, as follows:
a. The Buyer understands that the Rule 144A Securities have
not been registered under the 1933 Act or the securities laws of any
state.
<PAGE>
b. The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks
of investment in the Rule 144A Securities.
c. The Buyer has been furnished with all information regarding
the Rule 144A Securities that it has requested from the Seller, the
Trustee or the Servicer.
d. Neither the Buyer nor anyone acting on its behalf has
offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security from, or otherwise
approached or negotiated with respect to the Rule 144A Securities, any
interest in the Rule 144A Securities or any other similar security with,
any person in any manner, or made any general solicitation by means of
general advertising or in any other manner, or taken any other action,
that would constitute a distribution of the Rule 144A Securities under the
1933 Act or that would render the disposition of the Rule 144A Securities
a violation of Section 5 of the 1933 Act or require registration pursuant
thereto, nor will it act, nor has it authorized or will it authorize any
person to act, in such manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that term
is defined in Rule 144A under the 1933 Act and has completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex
2. The Buyer is aware that the sale to it is being made in reliance on
Rule 144A. The Buyer is acquiring the Rule 144A Securities for its own
account or the accounts of other qualified institutional buyers,
understands that such Rule 144A Securities may be resold, pledged or
transferred only (i) to a person reasonably believed to be a qualified
institutional buyer that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the 1933 Act.
3. The Buyer represents that either (a) or (b) is satisfied, as
marked below:
_____ a. is not any employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or the
Internal Revenue Code of 1986 (the "Code"), a Person acting, directly or
indirectly, on behalf of any such plan or any Person acquiring such
Certificates with "plan assets" of a Plan within the meaning of the
Department of Labor regulation promulgated at 29 C.F.R. ss.2510.3-101; or
_____ b. will provide the Trustee, the Company and the Master
Servicer with either: (i) an opinion of counsel, satisfactory to the
Trustee, the Company and the Master Servicer, to the effect that the
purchase and holding of a Certificate by or on behalf of the
I-2
<PAGE>
Buyer is permissible under applicable law, will not constitute or result
in a prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code and will not subject the Trustee, the Company or the Master
Servicer to any obligation or liability in addition to those undertaken in
the Pooling and Servicing Agreement, which opinion of counsel shall not be
an expense of the Trustee, the Company or the Master Servicer; or (ii) in
lieu of such opinion of counsel, a certification in the form of Exhibit
G-2 to the Pooling and Servicing Agreement.
4. This document may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this document
as of the date set forth below.
____________________________ ________________________________
Print Name of Seller Print Name of Buyer
By:________________________________ By:______________________________
Name: Name:
Title: Title:
Taxpayer Identification: No._____ Taxpayer Identification: No._____
Date:__________________ Date:____________________________
I-3
<PAGE>
ANNEX 1 TO EXHIBIT I
--------------------
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.
2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis $---------------------- in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.
___ CORPORATION, ETC. The Buyer is a corporation (other than a bank,
savings and loan association or similar institution), Massachusetts
or similar business trust, partnership, or charitable organization
described in Section 501(c)(3) of the Internal Revenue Code.
___ BANK. The Buyer (a) is a national bank or banking institution
organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking
and is supervised by the State or territorial banking commission or
similar official or is a foreign bank or equivalent institution, and
(b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements, A COPY OF WHICH IS
ATTACHED HERETO.
I-4
<PAGE>
___ SAVINGS AND LOAN. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such
institutions or is a foreign savings and loan association or
equivalent institution and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial
statements.
___ BROKER-DEALER. The Buyer is a dealer registered pursuant to Section
15 of the Securities Exchange Act of 1934.
___ STATE OR LOCAL PLAN. The Buyer is a plan established and maintained
by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the
benefit of its employees.
___ ERISA PLAN. The Buyer is an employee benefit plan within the meaning
of Title I of the Employee Retirement Income Security Act of 1974.
___ INVESTMENT ADVISER. The Buyer is an investment adviser registered
under the Investment Advisers Act of 1940.
___ SBIC. The Buyer is a Small Business Investment Company licensed by
the U.S. Small Business Administration under Section 301(c) or (d)
of the Small Business Investment Act of 1958.
___ BUSINESS DEVELOPMENT COMPANY. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940.
___ TRUST FUND. The Buyer is a trust fund whose trustee is a bank or
trust company and whose participants are exclusively (a) plans
established and maintained by a State, its political subdivisions,
or any agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees, or (b) employee
benefit plans within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, but is not a trust fund that
includes as participants individual retirement accounts or H.R. 10
plans.
3. The term "SECURITIES" as used herein DOES NOT INCLUDE (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the
I-5
<PAGE>
Buyer and did not include any of the securities referred to in the preceding
paragraph. Further, in determining such aggregate amount, the Buyer may have
included securities owned by subsidiaries of the Buyer, but only if such
subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Buyer's direction.
However, such securities were not included if the Buyer is a majority-owned,
consolidated subsidiary of another enterprise and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification as of the date of such
purchase.
________________________________
Print Name of Buyer
By:________________________________
Name:
Title:
Date:______________________________
I-6
<PAGE>
ANNEX 2 TO EXHIBIT I
--------------------
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
--------------------------------------------------------
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.
____ The Buyer owned $___________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer's
most recent fiscal year (such amount being calculated in accordance
with Rule 144A).
____ The Buyer is part of a Family of Investment Companies which owned in
the aggregate $______________ in securities (other than the excluded
securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with
Rule 144A).
3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein means
two or more registered investment companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "SECURITIES" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan participations, (iv) repurchase agreements, (v)
securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps.
I-7
<PAGE>
5. The Buyer is familiar with Rule 144A and understands that each of
the parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
________________________________
Print Name of Buyer
By:_____________________________
Name:___________________________
Title:__________________________
IF AN ADVISER:
________________________________
Print Name of Buyer
Date:___________________________
I-8
<PAGE>
EXHIBIT J
FORM OF SUBSEQUENT TRANSFER AGREEMENT
Pursuant to this Subsequent Transfer Agreement (the "Agreement"),
dated __________, 1998, between WMC Secured Assets Corp., as company (the
"Company") WMC Mortgage Corp., as Seller and Master Servicer (the "Seller"), and
The First National Bank of Chicago, as Trustee of the WMC Mortgage Pass-Through
Certificates, Series 1998-B, as purchaser (the "Trustee"), and pursuant to the
Pooling and Servicing Agreement, dated as of September 1, 1998, by and among the
Company, the Master Servicer and the Trustee (the "Pooling and Servicing
Agreement"), the Company and the Trustee agree to the sale by Seller and the
purchase by the Company and the sale by the Company and the purchase by the
Trustee, on behalf of the Trust Fund, of the Mortgage Loans listed on the
attached Schedule of Mortgage Loans (the "Subsequent Mortgage Loans").
Capitalized terms used and not defined herein have their respective
meanings as set forth in the Pooling and Servicing Agreement.
Section 1. CONVEYANCE OF SUBSEQUENT MORTGAGE LOANS.
(a) The Seller does hereby sell, transfer, assign, set over and
convey to the Company and the Company does hereby sell, transfer, assign, set
over and convey to the Trustee, on behalf of the Trust Fund, without recourse,
all of its right, title and interest in and to the Subsequent Mortgage Loans,
including all interest due and principal received with respect to the Subsequent
Mortgage Loans after the related Subsequent Cut-Off Date, and all items with
respect to the Subsequent Mortgage Loans to be delivered pursuant to Section
2.01 of the Pooling and Servicing Agreement; provided, however that the Seller
reserves and retains all right, title and interest in and to interest due and
principal received (including Prepayments and Curtailments) due on the
Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date.
The Seller and the Company, contemporaneously with the delivery of this
Agreement, have delivered or caused to be delivered to the Trustee each item set
forth in Section 2.01 of the Pooling and Servicing Agreement. The transfer to
the Company by the Seller and to the Trustee by the Company of the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is
intended by the Company, the Seller, the Master Servicer, the Trustee and the
Certificateholders to constitute and to be treated as a sale by the Seller to
the Company and the Company to the Trust Fund.
(b) The expenses and costs relating to the delivery of the
Subsequent Mortgage Loans, this Agreement and the Pooling and Servicing
Agreement shall be borne by the Seller.
<PAGE>
(c) Additional terms of the sale are set forth on Attachment A
hereto. The Subsequent Cut-off Date for each of the Subsequent Mortgage Loans
being transferred pursuant to this Agreement is set forth on Attachment A
hereto.
Section 2. REPRESENTATIONS AND WARRANTIES; CONDITIONS PRECEDENT.
(a) The Seller hereby reaffirms the representations and warranties
set forth in Section 3.1(b) of the Mortgage Loan Purchase Agreement with respect
to the Subsequent Mortgage Loans as of the related Subsequent Cut-off Date. The
Seller hereby confirms that each of the conditions set forth in Section 2.1(c)
of the Mortgage Loan Purchase Agreement are satisfied as of the date hereof.
(b) All terms and conditions of the Pooling and Servicing Agreement
and the Mortgage Loan Purchase Agreement are hereby ratified and confirmed;
provided, however, that in the event of any conflict the provisions of this
Agreement shall control over the conflicting provisions of the Pooling and
Servicing Agreement and the Mortgage Loan Purchase Agreement.
Section 3. RECORDATION OF INSTRUMENT.
To the extent permitted by applicable law, this Agreement, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Master
Servicer at the Certificateholders' expense on direction of the
Certificateholders entitled to at least 25% of the Voting Rights, but only when
accompanied by an Opinion of Counsel to the effect that such recordation
materially and beneficially affects the interests of the Certificateholders or
is necessary for the administration or servicing of the Mortgage Loans.
Section 4. GOVERNING LAW.
This Agreement shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
Section 5. COUNTERPARTS.
This Agreement may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.
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<PAGE>
Section 6. SUCCESSORS AND ASSIGNS.
This Agreement shall inure to the benefit of and be binding upon the
Seller, the Company and the Trustee and their respective successors and assigns.
WMC SECURED ASSETS CORP.
as Company
By:______________________________
Name:
Title:
WMC MORTGAGE CORP.
as Seller
By:______________________________
Name:
Title:
THE FIRST NATIONAL BANK OF
CHICAGO
as Trustee
By:______________________________
Name:
Title:
Attachments
- -----------
A. Additional terms of the sale.
B. Schedule of Subsequent Mortgage Loans.
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<PAGE>
WMC MORTGAGE PASS-THROUGH CERTIFICATES, Series 1998-B
ATTACHMENT A TO SUBSEQUENT TRANSFER AGREEMENT
Series 1998-B
__________, 1998
A.
1. Subsequent Cut-off Date: __________, 1998
2. Subsequent Transfer Date: __________, 1998
3. Aggregate Principal Balance of the Subsequent
Mortgage Loans as of the Subsequent Cut-off Date: $_____________
4. Purchase Price: 100.00%
B.
As to the final transfer of Subsequent Mortgage Loans:
1. Weighted average gross margin:
2. Weighted average LTV:
3. Highest LTV:
4. % of 2/28 Loans:
5. % of 3/27 Loans:
6. % of 5/25 Loans:
7. Non-owner occupied Mortgaged Properties:
8. % located in California:
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<PAGE>
EXHIBIT K
ADDITION NOTICE
__________, 1998
The First National Bank of Chicago
One National Plaza, Suite 0126
Chicago, Illinois 60670
Standard & Poor's, a division of the McGraw-Hill Companies, Inc.
25 Broadway
New York, New York 10004
Attention: Mortgage Surveillance
Moody's Investors Service, Inc.
99 Church Street
New York, New York 10007
Re: Pooling and Servicing Agreement, dated as of September 1, 1998
(the "Pooling and Servicing Agreement"), by and among WMC
Secured Assets Corp., as Company, WMC Mortgage Corp., as
Master Servicer and The First National Bank of Chicago, as
Trustee, relating to WMC Mortgage Pass-Through Certificates,
Series 1998-B
-------------------------------------------------------------
Ladies and Gentlemen:
Pursuant to Section 2.09 of the Pooling and Servicing Agreement, the
Company has designated Subsequent Mortgage Loans to be sold to the Trust Fund on
__________, 1998, with an aggregate principal balance of $__________.
Capitalized terms not otherwise defined herein have the meaning set forth in the
Pooling and Servicing Agreement.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
WMC SECURED ASSETS CORP.,
Company
K-1
<PAGE>
By:_____________________________
Name:
Title:
WMC MORTGAGE CORP.,
Seller and Master Servicer
By:_____________________________
Name:
Title:
K-2
<PAGE>
ACKNOWLEDGED AND AGREED:
THE FIRST NATIONAL BANK OF CHICAGO
By:_____________________________
Name:
Title:
Date:
K-3
<PAGE>
EXHIBIT L
FORM OF LOST NOTE AFFIDAVIT
STATE OF _____________________ )
) ss.:
COUNTY OF _____________________ )
_____________________, being duly sworn, deposes and says:
That s/he is a ______________ of ______________________________ (the
"Company");
That, after having conducted a diligent investigation in its records
and files, the Company has been unable to locate the following original note and
believes that said original note has either been lost, misfiled, misplaced or
destroyed:
A note in the original principal sum of $___________ made by
_________________________ to _________________________, and dated
__________, 19__.
That the records of the Company do not show that such note was ever
released, paid off, satisfied, assigned, transferred, pledged, hypothecated or
otherwise disposed of and that such note has been either lost, mislaid, misfiled
or destroyed by the Company;
That the Company is aware that the Trustee, for the benefit of the
Certificateholders, is relying upon the statements made herein as to such note
having been lost, mislaid, misfiled or destroyed by the Company and never having
been released, paid off, satisfied, assigned, transferred, pledged, hypothecated
or otherwise disposed of;
In the event that the Company should ever locate said mortgage note,
the Company agrees to provide said note to the Trustee, for the benefit of the
Certificateholders; and
The Company hereby indemnifies and holds the Trustee and the Trust
Fund harmless from and against any and all losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments,
and other costs and expenses resulting from any claim, demand, defense or
assertion based on or grounded upon, or resulting from the
L-1
<PAGE>
Company's breach of any covenant, representation or warranty contained herein or
based upon the loss, misplacement or destruction of the lost note.
Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Pooling and Servicing Agreement dated as of
September 1, 1998 among the Company, the Trustee and WMC Mortgage Corp.
IN WITNESS WHEREOF, the undersigned has executed this instrument on
behalf of the Company, this ____ day of ______________, 199__.
_____________________________
By:_____________________________
Name:___________________________
Title:__________________________
STATE OF ___________________ )
) SS.
COUNTY OF ___________________ )
On the ______ day of ________, 199__ before me, a Notary Public in
and for said State, personally appeared _______________ known to me to be
_____________________ of ______________, the company that executed the within
instrument and also known to me to be the person who executed it on behalf of
said company, and acknowledged to me that such company executed the within
instrument.
IN WITNESS WHEREOF, I have hereunto set my hand affixed my official
seal the day and year first above written.
_____________________________
Notary Public
My Commission expires ________
L-2
