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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) December 3, 1998
Residential Asset Funding 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)
Registrant's telephone number, including area code (704) 374-4868
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Formerly Home Equity Securitization Corp.
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Residential Asset Funding Corp., formerly 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
10.1 Monthly Payment Date Statement distributed to
Noteholders, dated November 25, 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.
RESIDENTIAL ASSET FUNDING CORP.
as Depositor and on behalf of First Greensboro
Home Equity Loan Trust 1998-1
Registrant
By: /s/ Wallace Saunders
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Name: Wallace Saunders
Title: Assistant Vice President
Dated: December 2, 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 November 25, 1998
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
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DISTRIBUTION 25-Nov-98 PAGE # 1
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ORIGINAL BEGINNING ENDING OVER- ENDING
CLASS NOTE NOTE PRINCIPAL INTEREST TOTAL NOTE COLLATERALIZATION 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 69,945,581.71 1,092,309.24 380,620.54 1,472,929.78 68,853,272.47 929,185.78 69,782,458.25
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A-2 102,350,000.00 98,912,223.79 1,698,447.96 539,895.89 2,238,343.85 97,213,775.83 1,310,942.58 98,524,718.41
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TOTAL 175,000,000.00 168,857,805.50 2,790,757.20 920,516.43 3,711,273.63 166,067,048.30 2,240,128.36 168,307,176.66
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FACTOR INFORMATION PER $1,000 NOTE RATES
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PRINCIPAL INTEREST ENDING NOTE INITIAL NOTE CURR NOTE
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE RATE
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A-1 15.035227 5.239099 947.739470 A-1 6.53% 6.53%
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A-2 16.594509 5.274996 949.817057 A-2 6.55% 6.55%
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TOTAL 15.947184 5.260094 948.954562
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
KRISTEN DRISCOLL
THE CHASE MANHATTAN BANK
450 WEST 33RD STREET, 8TH FLOOR
NEW YORK, NEW YORK 10001
(212)946-3425
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
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DISTRIBUTION: 25-Nov-98 PAGE # 2
<S> <C> <C>
SECTION 2.08(d)(i) CLASS A-1 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINICPAL COLLECTED 71,090.74
PRINCIPAL PREPAYMENTS 836,106.82
EXCESS CASH PAYMENT 185,111.68
OTHER 0.00
CLASS A-2 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINICPAL COLLECTED 95,081.00
PRINCIPAL PREPAYMENTS 1,342,583.61
EXCESS CASH PAYMENT 260,783.35
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 929,185.78
CLASS A-2 OVERCOLLATERALIZATION AMOUNT 1,310,942.58
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 69,782,458.25
GROUP I ENDING NUMBER OF LOANS OUTSTANDING 1,138.00
GROUP II ENDING AGGREGATE LOAN BALANCE 98,524,718.41
GROUP II ENDING NUMBER OF LOANS OUTSTANDING 1,483.00
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 29,454.02
GROUP II SERVICING FEE 41,650.99
SECTION 2.08(d)(xv) GROUP I AGGREGATE BALANCE OF LARGEST LOAN 224,439.14
GROUP II AGGREGATE BALANCE OF LARGEST LOAN 696,341.92
SECTION 2.08(d)(xvi) GROUP I WEIGHTED AVERAGE COUPON RATE 10.2762%
GROUP II WEIGHTED AVERAGE COUPON RATE 10.2941%
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
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25-Nov-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 16 842,796.30 1.21%
60-89 DAYS 7 321,269.78 0.46%
90 + DAYS 7 360,664.07 0.52%
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GROUP 2
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 21 1,085,440.24 1.10%
60-89 DAYS 5 250,654.15 0.25%
90 + DAYS 5 358,231.01 0.36%
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*The number and aggregate principal balances of delinquent mortgage loans includes loans in
foreclosure and bankruptcy
GROUP I GROUP II
SECTION 2.08(d)(viii) NUMBER OF LOANS IN FORECLOSURE 2 3
AGGREGATE PRINCIPAL BALANCE OF LOANS IN 119,688.29 201,721.25
FORCLOSURE
NUMBER OF LOANS IN FORECLOSURE THAT WERE
COMMENCED IN THE PRIOR MONTH 0 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN
FORECLOSURE THAT WERE COMMENCED IN THE
PRIOR MONTH 0.00 0.00
SECTION 2.08(d)(ix) NUMBER OF LOANS IN BANKRUPTCY 7 1
AGGREGATE PRINCIPAL BALANCE OF LOANS
IN BANKRUPTCY 509,518.06 44,388.56
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 30 54
AGG PRIN BALANCE OF LOANS THAT ARE
"BALOON LOANS" 2,165,527.67 4,610,373.63
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 0.687587% 0.471333%
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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