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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) 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
(Address of Principal Executive ----------
Offices) (Zip Code)
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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<PAGE>
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 October 26, 1998.
<PAGE>
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
--------------------------
Name: Wallace Saunders
Title: Assistant Vice President
Dated: October 30, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
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Exhibit 10.1. Monthly Payment Date Statement distributed to
Noteholders, dated October 26, 1998
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
================================================================================
Certificateholder Statement The enclosed password protected
statement can be viewed or downloaded
in Excel from the Bankers Trust web
page at online.bankerstrust.com/invr.
CSSA Loan Level File The password protected data file can be
downloaded from the Bankers Trust BBS
by dialing (714) 253-7617 or downloaded
from the web page above. For
information regarding the
property-level file, please contact the
Master Servicer.
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Report Contents Page(s)
Statement to Certificateholders - Payment Information 2 - 3
Historical Delinquency Summary 4
Pool Information 5 - 7
========================================================================
The following report has been created from information provided to
Bankers Trust by parties associated with this transaction, including
the Master Servicer and Special Servicer. Bankers Trust makes no
representation as to the accuracy of the information provided and
expressly disclaims any liability to independently verify or confirm
data provided by third parties.
September 30, 1998
October 26, 1998
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Page 1 of 7
<PAGE>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
<TABLE>
<CAPTION>
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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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<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 125,000,000.00 122,898,960.60 591,323.23 1,262,760.84 1,854,084.07 0.00 0.00 121,636,199.76
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TOTALS 125,000,000.00 122,898,960.60 591,323.23 1,262,760.84 1,854,084.07 0.00 0.00 121,636,199.76
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</TABLE>
<TABLE>
<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
BOND CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 74925VAA6 983.191685 4.730586 10.102087 14.832673 973.089598 5.773750% 5.399380%
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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: September 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998 FACTOR INFORMATION: (800) 735-7777
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</TABLE>
Page 2 of 7
<PAGE>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
<TABLE>
<CAPTION>
<S> <C> <C> <C>
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Distribution Date: October 26, 1998
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DELINQUENT LOAN 30-59 60-89 90+
INFORMATION DAYS DAYS DAYS
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PRINCIPAL BALANCE 5,050,752.43 2,507,559.04 0.00
PERCENTAGE OF POOL BALANCE 5.1503% 2.5570% 0.0000%
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NUMBER OF LOANS 46 27 0
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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Distribution Date: October 26, 1998
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Loans Loans
DELINQUENT LOAN in in
INFORMATION Bankruptcy Foreclosure
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PRINCIPAL BALANCE 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000%
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NUMBER OF LOANS 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 : 45,390.84
INSURANCE PREMIUM DUE FOR PERIOD : 15,362.00
INDENTURE TRUSTEE FEE DUE FOR PERIOD : 1,547.42
MONTHLY PRINCIPAL AMOUNT : 914,039.13
PRINCIPAL PREPAYMENTS MADE FOR PERIOD : 844,681.24
EXCESS CASH PAYMENT : 348,721.71
AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT 0.00
UNPAID CLASS A NOTE INTEREST SHORTFALL AMOUNT 0.00
THE OVERCOLLATERALIZATION AMOUNT 894,242.62
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 122,879,164.09
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 350
WEIGHTED AVERAGE MORTGAGE RATE OF THE MORTGAGE LOANS AS OF THE BEGINNING DUE PERIOD 9.7163%
WEIGHTED AVERAGE MORTGAGE RATE OF THE MORTGAGE LOANS AS OF THE ENDING DUE PERIOD 9.7096%
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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</TABLE>
Page 3 of 7
<PAGE>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Distribution Date: October 26, 1998
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HISTORICAL DELINQUENCY SUMMARY
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========================================================================================================
30-59 DAYS 60-89 DAYS 90+ DAYS FORECLOSURE REO BANKRUPTCY TOTAL
DIST Number Number Number Number Number Number Number
DATE Balance Balance Balance Balance Balance Balance Balance
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46 27 0 0 0 0 73
October 26, 1998 5,050,752 2,507,559 0.00 0 0 0 7,558,311
4.1103% 2.0407% 0.0000% 0.0000% 0.0000% 0.0000% 6.1510%
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30 23 0 0 0 0 53
September 25, 1998 2,899,299 2,306,437 0.00 0 0 0 5,205,736
2.3421% 1.8631% 0.0000% 0.0000% 0.0000% 0.0000% 4.2052%
========================================================================================================
</TABLE>
Note: Foreclosure, REO and Bankruptcy Loans are broken out separately and are
not included in the delinquency categories. Percentages are based on
Principal Balance as a percentage of the Total Pool Principal Balance.
Page 4 of 7
<PAGE>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
Distribution Date: October 26, 1998
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POOL INFORMATION
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Distribution of Principal Balances
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Beginning Balances Loan Total Percentage of
From To Count Balance Balance
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0 25,000 11 264,196 0.2134%
25,000 50,000 144 5,830,073 4.7095%
50,000 75,000 231 14,497,812 11.7113%
75,000 100,000 200 17,560,235 14.1851%
100,000 125,000 177 19,797,397 15.9923%
125,000 150,000 102 13,878,505 11.2110%
150,000 175,000 64 10,395,412 8.3974%
175,000 200,000 60 11,234,017 9.0748%
200,000 225,000 33 7,039,243 5.6863%
225,000 250,000 21 4,953,644 4.0015%
250,000 275,000 12 3,164,174 2.5560%
275,000 300,000 11 3,175,671 2.5653%
300,000 325,000 13 4,071,561 3.2890%
325,000 350,000 9 3,011,193 2.4324%
350,000 375,000 1 367,392 0.2968%
375,000 400,000 5 1,943,544 1.5700%
400,000 425,000 2 821,982 0.6640%
425,000 450,000 3 1,312,066 1.0599%
450,000 475,000 0 0 0.0000%
475,000 500,000 1 475,085 0.3838%
500,000 1,000,000 0 0 0.0000%
============================================================
Total 1100 123,793,203 100%
Distribution of Final Grade
======================================================
Final Grade Loan Total Percentage of
Count Balance Balance
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A 526 65,987,368 53.3274%
A- 249 29,296,509 23.6759%
B 227 20,912,996 16.9008%
C 67 5,420,366 4.3804%
D 15 1,062,940 0.8590%
NA 15 1,059,861 0.8565%
======================================================
Total 1,099 123,740,040 100%
Page 5 of 7
<PAGE>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
Distribution Date: October 26, 1998
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POOL INFORMATION
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Distribution of Note Rates
===============================================================================
Note Rate Loan Total Percentage of
From To Count Balance Balance
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0.0000% 7.0000% 0 0 0.0000%
7.0000% 7.5000% 4 353,974 0.2859%
7.5000% 8.0000% 27 3,286,643 2.6549%
8.0000% 8.5000% 84 10,594,681 8.5584%
8.5000% 9.0000% 186 25,100,286 20.2760%
9.0000% 9.5000% 165 19,291,235 15.5834%
9.5000% 10.0000% 213 25,834,344 20.8690%
10.0000% 10.5000% 150 15,837,986 12.7939%
10.5000% 11.0000% 116 11,450,296 9.2495%
11.0000% 11.5000% 68 6,232,176 5.0343%
11.5000% 12.0000% 45 3,686,977 2.9783%
12.0000% 12.5000% 20 1,048,414 0.8469%
12.5000% 13.0000% 14 664,461 0.5368%
13.0000% 13.5000% 3 159,253 0.1286%
13.5000% 14.0000% 4 196,257 0.1585%
14.0000% and up 1 56,221 0.0454%
===============================================================================
Total 1,100 123,793,203 100%
Page 6 of 7
<PAGE>
RBMG Funding Trust
Mortgage - Backed Bonds
Series 1998-1
Statement To Certificateholders
Distribution Date: October 26, 1998
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POOL INFORMATION
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Distribution by State
==============================================================================
State Loan Total Percentage of
Count Balance Balance
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AL 127 9,139,157 7.3858%
AR 2 91,939 0.0743%
AZ 119 11,564,143 9.3455%
CA 175 31,574,018 25.5164%
CO 112 13,096,224 10.5837%
CT 1 274,197 0.2216%
FL 18 1,341,567 1.0842%
GA 19 1,538,900 1.2437%
ID 18 1,617,773 1.3074%
IL 59 5,796,190 4.6842%
IN 7 659,081 0.5326%
KS 8 566,551 0.4579%
LA 3 267,620 0.2163%
MD 1 74,105 0.0599%
MI 3 280,954 0.2271%
MN 2 245,091 0.1981%
MO 12 1,210,080 0.9779%
MS 2 91,250 0.0737%
MT 2 169,331 0.1368%
NC 8 872,483 0.7051%
NE 1 130,377 0.1054%
NJ 2 72,419 0.0585%
NV 6 653,623 0.5282%
NY 22 1,745,748 1.4108%
OH 13 774,806 0.6262%
OK 4 263,998 0.2133%
OR 185 21,210,265 17.1410%
PA 4 388,318 0.3138%
SC 4 239,027 0.1932%
SD 1 63,410 0.0512%
TN 23 1,507,377 1.2182%
TX 25 2,575,480 2.0814%
UT 14 1,873,405 1.5140%
VA 1 76,796 0.0621%
WA 93 11,477,023 9.2751%
WI 1 67,103 0.0542%
WV 1 48,346 0.0391%
WY 1 101,863 0.0823%
==============================================================================
1,099 123,740,040 100%
Page 7 of 7
