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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 30, 1998
Residential Asset Funding Corporation
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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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<PAGE>
Item 5. Other Events
Residential Asset Funding Corporation 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 December 28, 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.
RESIDENTIAL ASSET FUNDING CORPORATION
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 30, 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 July 27, 1998
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
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DISTRIBUTION: 28-Dec-98 PAGE # 1
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<CAPTION>
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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 68,853,272.47 1,810,905.24 374,676.56 2,185,581.80 67,042,367.23 1,112,539.59 68,154,906.82
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A-2 102,350,000.00 97,213,775.83 2,121,709.25 530,625.19 2,652,334.44 95,092,066.58 1,569,664.45 96,661,731.03
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TOTAL 175,000,000.00 166,067,048.30 3,932,614.49 905,301.75 4,837,916.24 162,134,433.81 2,682,204.04 164,816,637.85
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FACTOR INFORMATION PER $1,000
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PRINCIPAL INTEREST ENDING NOTE
CLASS DISTRIBUTION DISTRIBUTION BALANCE
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A-1 24.926431 5.157282 922.813038
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A-2 20.729939 5.184418 929.087119
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TOTAL 22.472083 5.173153 926.482479
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NOTE RATES
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INITIAL NOTE CURR NOTE
CLASS RATE RATE
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A-1 6.53% 6.53%
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A-2 6.55% 6.55%
===================================================
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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<CAPTION>
<S> <C>
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
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ISTRIBUTION: 28-Dec-98 PAGE # 2
SECTION 2.08(d)(i) CLASS A-1 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINICPAL COLLECTED 70,129.31
PRINCIPAL PREPAYMENTS 1,557,422.12
EXCESS CASH PAYMENT 183,353.81
OTHER 0.00
CLASS A-2 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINICPAL COLLECTED 94,678.40
PRINCIPAL PREPAYMENTS 1,768,308.98
EXCESS CASH PAYMENT 258,721.87
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 1,112,539.59
CLASS A-2 OVERCOLLATERALIZATION AMOUNT 1,569,664.45
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 68,154,906.82
GROUP I ENDING NUMBER OF LOANS OUTSTANDING 1,116.00
GROUP II ENDING AGGREGATE LOAN BALANCE 96,661,731.03
GROUP II ENDING NUMBER OF LOANS OUTSTANDING 1,464.00
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 29,076.02
GROUP II SERVICING FEE 41,051.97
SECTION 2.08(d)(xv) GROUP I AGGREGATE BALANCE OF LARGEST LOAN 223,915.69
GROUP II AGGREGATE BALANCE OF LARGEST LOAN 695,870.40
SECTION 2.08(d)(xvi) GROUP I WEIGHTED AVERAGE COUPON RATE 10.2706%
GROUP II WEIGHTED AVERAGE COUPON RATE 10.2930%
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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<TABLE>
<CAPTION>
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FIRST GREENSBORO
HOME EQUITY LOAN TRUST
SERIES 1998-1
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<S> <C>
PAGE # 3
28-Dec-98
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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30-59 DAYS 7 288,407.98 0.42%
60-89 DAYS 8 543,580.33 0.80%
90 + DAYS 10 506,312.94 0.74%
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GROUP 2
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 20 1,114,866.80 1.15%
60-89 DAYS 4 304,318.00 0.31%
90 + DAYS 9 522,309.71 0.54%
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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 7 6
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 405,322.31 384,356.69
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 6 3
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 343,750.22 182,635.44
SECTION 2.08(d)(ix) NUMBER OF LOANS IN BANKRUPTCY 6 6
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 522,220.32 365,547.41
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 30 52
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 2,164,604.81 3,954,106.83
NUMBER OF REO PROPERTIES 1 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 58,116.20 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 1.151113% 0.650612%
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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