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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: October 30, 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
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Address of Principal Executive (Zip Code)
Offices)
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
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Home Equity Securitization Corp. has previously registered the
offer and sale of its First Greensboro Home Equity
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
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10.1 Monthly Payment Date Statement distributed to
Noteholders, dated October 26, 1998.
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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 First Greensboro
Home Equity Loan Trust 1998-1
Registrant
By: /s/ WALLACE M. SAUNDERS
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Name: Wallace Saunders
Title: Assistant Vice President
Dated: October 29, 1998
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EXHIBIT INDEX
Exhibit No. Description
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Exhibit 10.1. Monthly Payment Date Statement distributed to
Noteholders, dated October 26, 1998.
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<CAPTION>
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
=========================================================================================================================
DISTRIBUTION: 26-Oct-98 PAGE # 1
==========================================================================================================================
ORIGINAL BEGINNING ENDING OVER- ENDING
CLASS NOTE NOTE PRINCIPAL INTEREST TOTAL NOTE COLLATERALIZATON LOAN
NAME BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 72,650,000.00 70,816,760.88 871,179.17 385,361.21 1,256,540.38 69,945,581.71 744,074.10 70,689,655.81
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A-2 102,350,000.00 100,351,759.37 1,439,535.58 547,753.35 1,987,288.93 98,912,223.79 1,050,159.23 99,962,383.02
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TOTAL 175,000,000.00 171,168,520.25 2,310,714.75 933,114.56 3,243,829.31 168,857,805.50 1,794,233.33 170,652,038.83
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FACTOR INFORMATION PER $1,000 NOTE RATES
============================================== ====================================
PRINCIPAL INTEREST ENDING NOTE INITIAL NOTE CURR NOTE
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE RATE
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<S> <C> <C> <C> <S> <C> <C>
A-1 11.991455 5.304353 962.774697 A-1 6.53% 6.53%
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A-2 14.064832 5.351767 966.411566 A-2 6.55% 6.55%
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TOTAL 13.204084 5.332083 964.901746
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=========================================================================================================================
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE
CONTACT THE ADMINISTRATOR LISTED BELOW:
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KRISTEN DRISCOLL
THE CHASE MANHATTAN BANK
450 WEST 33RD STREET, 8TH FLOOR
NEW YORK, NEW YORK 10001
(212)946-3425
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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
=======================================================================================================
DISTRIBUTION: 26-Oct-98 PAGE # 2
<S> <C> <C>
SECTION 2.08(d)(i) CLASS A-1 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINICPAL COLLECTED 67,587.58
PRINCIPAL PREPAYMENTS 617,960.08
EXCESS CASH PAYMENT 185,631.51
OTHER 0.00
CLASS A-2 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINICPAL COLLECTED 93,859.68
PRINCIPAL PREPAYMENTS 1,082,526.55
EXCESS CASH PAYMENT 263,149.35
OTHER 0.00
SECTION 2.08(d)(iv) CLASS A-1 INSURED PAYMENTS 0.00
CLASS A-2 INSURED PAYMENTS 0.00
SECTION 2.08(d)(v) CLASS A-1 OVERCOLLATERALIZATION AMOUNT 744,074.10
CLASS A-2 OVERCOLLATERALIZATION AMOUNT 1,050,159.23
CLASS A-1 REQUIRED OVERCOLLATERALIZATION AMOUNT 3,450,909.06
CLASS A-2 REQUIRED OVERCOLLATERALIZATION AMOUNT 4,861,590.94
CLASS A-1 OVERCOLLATERALIZATION DEFICIT AMOUNT 0.00
CLASS A-2 OVERCOLLATERALIZATION DEFECIT AMOUNT 0.00
SECTION 2.08(d)(vi) GROUP I ENDING AGGREGATE LOAN BALANCE 70,689,655.81
GROUP I ENDING NUMBER OF LOANS OUTSTANDING 1,151.00
GROUP II ENDING AGGREGATE LOAN BALANCE 99,962,383.02
GROUP II ENDING NUMBER OF LOANS OUTSTANDING 1,499.00
SECTION 2.08(d)(xvi) GROUP I LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
GROUP I SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
GROUP II LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
GROUP II SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
SECTION 2.08(d)(xiv) GROUP I SERVICING FEE 29,739.67
GROUP II SERVICING FEE 42,141.15
SECTION 2.08(d)(xv) GROUP I AGGREGATE BALANCE OF LARGEST LOAN 224,439.14
GROUP II AGGREGATE BALANCE OF LARGEST LOAN 696,810.22
SECTION 2.08(d)(xvi) GROUP I WEIGHTED AVERAGE COUPON RATE 10.2842%
GROUP II WEIGHTED AVERAGE COUPON RATE 10.2923%
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
===================================================================================================================================
26-Oct-98 PAGE # 3
SECTION 2.08(d)(vii) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
GROUP 1
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 14 682,365.96 0.97%
60-89 DAYS 9 459,548.97 0.65%
90 + DAYS 3 201,721.25 0.29%
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GROUP 2
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 16 845,649.05 0.85%
60-89 DAYS 5 276,755.43 0.28%
90 + DAYS 3 201,721.25 0.20%
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*The number and aggregate principal balances of delinquent mortgage loans
includes loans in foreclosure and bankruptcy
GROUP I GROUP II
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<S> <C> <C>
SECTION 2.08(d)(viii) NUMBER OF LOANS IN FORECLOSURE 2 3
AGGREGATE PRINCIPAL BALANCE OF LOANS IN
FORECLOSURE 119,688.29 201,721.25
NUMBER OF LOANS IN FORECLOSURE THAT WERE
COMMENCED IN THE PRIOR MONTH 1 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN
FORECLOSURE THAT WERE COMMENCED IN THE
PRIOR MONTH 58116.20 26,650.00
SECTION 2.08(d)(ix) NUMBER OF LOANS IN BANKRUPTCY 1 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY 75,894.20 44,433.66
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 30 54
AGG PRIN BALANCE OF LOANS THAT ARE
"BALLOON LOANS" 2,166,133.38 4,611,242.39
NUMBER OF REO PROPERTIES 0 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00 0.00
BOOK VALUE OF REO PROPERTY 0.00 0.00
SECTION 2.08(d)(x) CUMMULATIVE REALIZED LOSSES 0.00 0.00
SECTION 2.08(d)(xi) NET LIQUIDATION PROCEEDS 0.00 0.00
SECTION 2.08(d)(xii) ANNUAL LOSS PERCENTAGE 0.0000% 0.0000%
SECTION 2.08(d)(xiii) 60+ DELINQUENCY PERCENTAGE 0.382986% 0.177753%
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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