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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 3, 1998
Home Equity Securitization Corp.
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(Exact name of registrant as specified in its charter)
North Carolina 333-44409 56-2064715
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(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
301 South College Street
Charlotte, North Carolina 28202-6001
(Address of Principal Executive ----------
Offices) (Zip Code)
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Registrant's telephone number, including area code (704) 374-4868
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No Change
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Home Equity Securitization Corp. has previously registered
the offer and sale of its RBMG Funding Co. Home Equity Loan
Trust 1998-1, Asset-Backed Notes, Series 1998-1 (the
"Notes").
The following exhibit which relates specifically to the Notes
is included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated August 25, 1998.
1
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
HOME EQUITY SECURITIZATION CORP.,
as Depositor and on behalf of RBMG Funding Co.
Home Equity Loan Trust 1998-1
Registrant
By: /S/ WALLACE SAUNDERS
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Name: Wallace Saunders
Title: Assistant Vice President
Dated: August 31, 1998
2
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EXHIBIT INDEX
Exhibit No. Description
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Exhibit 10.1. Monthly Payment Date Statement distributed to Noteholders,
dated August 25, 1998
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<CAPTION>
<S> <C>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement to Certificateholders
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
BOND FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
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1 125,000,000.00 124,782,169.76 606,317.47 784,155.88 1,390,473.35 0.00 0.00 123,998,013.88
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TOTALS 125,000,000.00 124,782,169.76 606,317.47 784,155.88 1,390,473.35 0.00 0.00 123,998,013.88
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
BOND CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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1 74925VAA6 998.257358 4.850540 6.273247 11.123787 991.984111 5.836250% 5.828440%
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SELLER: RBMG FUNDING CO. HOME EQUITY LOAN TRUST 1998-1 ADMINISTRATOR: Hermi A. Alignay
SERVICER: Resource Bancshares Mortgage Group, Inc. Bankers Trust Company
LEAD UNDERWRITER: First Union Capital Markets Group 3 Park Plaza
RECORD DATE: July 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998 FACTOR INFORMATION: (800) 735-7777
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</TABLE>
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<CAPTION>
<S> <C>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
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Distribution Date: August 25, 1998
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Loans Loans
DELINQUENT LOAN 30-59 60-89 90+ in in
INFORMATION DAYS DAYS DAYS Bankruptcy Foreclosure
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PRINCIPAL BALANCE 4,157,776.94 262,094.10 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 4.1764% 0.2633% 0.0000% 0.0000% 0.0000%
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NUMBER OF LOANS 37 3 0 0 0
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THE AMOUNT OF P&I ADVANCES MADE THIS PERIOD 0.00
THE AGGREGATE AMOUNT OF UNREIMBURSED P&I ADVANCES: 0.00
THE AGGREGATE AMOUNT OF UNREIMBURSED SERVICING ADVANCES: 0.00
SERVICING FEE DUE AND PAYABLE FOR PERIOD: 36,646.00
INSURANCE PREMIUM DUE FOR PERIOD: 15,583.00
INDENTURE TRUSTEE FEE DUE FOR PERIOD: 1,249.30
MONTHLY PRINCIPAL AMOUNT: 389,778.01
PRINCIPAL PREPAYMENTS MADE FOR PERIOD: 325,941.85
EXCESS CASH PAYMENT: 394,377.87
AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT 0.00
UNPAID CLASS A NOTE INTEREST SHORTFALL AMOUNT 0.00
THE OVERCOLLATERALIZATION AMOUNT 264,422.99
THE REQUIRED OVERCOLLATERALIZATION AMOUNT 5,625,000.00
THE OVERCOLLATERALIZATION SURPLUS 0.00
OVERCOLLATERALIZATION DEFICIT 0.00
TOTAL LOAN SUBSTITUTION AMOUNT 0.00
TOTAL LOAN REPURCHASE PRICE AMOUNT 0.00
THE AGGREGATE STATED PRINCIPAL BALANCE AT THE END OF THE RELATED DUE PERIOD 99,553,871.21
PRINCIPAL BALANCE OF REO PROPERTIES AT END OF DUE PERIOD: 0.00
BOOK VALUE OF REO PROPERTIES AT END OF DUE PERIOD: 0.00
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 351
WEIGHTED AVERAGE MORTGAGE RATE OF THE MORTGAGE LOANS AS OF THE BEGINNING DUE PERIOD 9.7139%
WEIGHTED AVERAGE MORTGAGE RATE OF THE MORTGAGE LOANS AS OF THE ENDING DUE PERIOD 9.7157%
THE AGGREGATE AMOUNT OF EXTRAORDINARY TRUST EXPENSES WITHDRAWN FROM THE COLLECTION ACCOUNT 0.00
THE AGGREGATE AMOUNT OF PREPAYMENT INTEREST SHORTFALLS FOR SUCH PAYMENT DATE 0.00
THE AGGREGATE AMOUNT OF RELIEF ACT INTEREST SHORTFALLS FOR SUCH PAYMENT DATE 0.00
THE AMOUNT OF REIMBURSED PAYMENTS MADE TO BOND INSURER THIS PERIOD 0.00
THE AMOUNT OF CUMULATIVE INSURED PAYMENTS MADE BY BOND INSURER 0.00
THE AMOUNT OF INSURED PAYMENT MADE THIS PERIOD (INTEREST PORTION): 0.00
THE AMOUNT OF INSURED PAYMENT MADE THIS PERIOD (PRINCIPAL PORTION): 0.00
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