RESIDENTIAL ASSET FUNDING CORP
8-K, 1999-01-06
ASSET-BACKED SECURITIES
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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
- ---------------------------------------------------------------------------
          (Exact name of registrant as specified in its charter)



          North Carolina                333-44409          56-2064715
- ----------------------------------- ----------------   --------------------
 (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                           (Zip Code)
             Offices)


    Registrant's telephone number, including area code (704) 374-4868
                                                       --------------

                                No Change
- ---------------------------------------------------------------------------
      (Former name or former address, if changed since last report)


- ---------------------------------------------------------------------------
<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
                                        -------------------------------
                                        Name:  Wallace Saunders
                                        Title: Assistant Vice President


Dated:  December 30, 1998

<PAGE>
                                  EXHIBIT INDEX




Exhibit No.       Description
- -----------       -----------
Exhibit 10.1.     Monthly Payment Date Statement distributed to
                  Noteholders, dated July 27, 1998

- --------------------------------------------------------------------------------
                                FIRST GREENSBORO
                             HOME EQUITY LOAN TRUST
                                  SERIES 1998-1
================================================================================


DISTRIBUTION: 28-Dec-98                                                 PAGE # 1

<TABLE>
<CAPTION>
===================================================================================================================================
            ORIGINAL       BEGINNING                                                    ENDING            OVER-          ENDING
  CLASS       NOTE           NOTE         PRINCIPAL      INTEREST        TOTAL           NOTE       COLLATERALIZATION     LOAN
  NAME       BALANCE        BALANCE     DISTRIBUTION   DISTRIBUTION   DISTRIBUTION      BALANCE           AMOUNT         BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<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
- -----------------------------------------------------------------------------------------------------------------------------------
   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
- -----------------------------------------------------------------------------------------------------------------------------------
  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
===================================================================================================================================
</TABLE>


FACTOR INFORMATION PER $1,000

============================================================
              PRINCIPAL        INTEREST      ENDING NOTE
  CLASS     DISTRIBUTION     DISTRIBUTION      BALANCE
- ------------------------------------------------------------
   A-1        24.926431        5.157282       922.813038
- ------------------------------------------------------------
   A-2        20.729939        5.184418       929.087119
- ------------------------------------------------------------
  TOTAL       22.472083        5.173153       926.482479
============================================================


NOTE RATES

===================================================
                   INITIAL NOTE       CURR NOTE
     CLASS              RATE            RATE
- ---------------------------------------------------
      A-1              6.53%            6.53%
- ---------------------------------------------------
      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
- --------------------------------------------------------------------------------

<PAGE>
<TABLE>
<CAPTION>
<S> <C>
====================================================================================================================================
                                             FIRST GREENSBORO                                                              
                                          HOME EQUITY LOAN TRUST
                                             SERIES 1998-1

====================================================================================================================================
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>
<PAGE>
<TABLE>
<CAPTION>

====================================================================================================================================
                                                                            FIRST GREENSBORO
                                                                         HOME EQUITY LOAN TRUST
                                                                           SERIES 1998-1

====================================================================================================================================
<S>  <C>
                                                                                                                            PAGE # 3
28-Dec-98                                                                                                                 

SECTION 2.08(d)(vii)               NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*

                                   GROUP 1                             
                                   ------------------------------------------------------------------------------------

                                                          CATEGORY        COUNT        AGG. PRIN. BAL.      PERCENTAGE
                                   ------------------------------------------------------------------------------------
                                                         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%
                                   ------------------------------------------------------------------------------------
                                   GROUP 2
                                   ------------------------------------------------------------------------------------

                                                          CATEGORY        COUNT        AGG. PRIN. BAL.      PERCENTAGE
                                   ------------------------------------------------------------------------------------
                                                         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%
                                   ------------------------------------------------------------------------------------
                                   *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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</TABLE>


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