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Previous: SENIOR RETIREMENT COMMUNITIES INC, 10QSB, 1998-11-10 |
Next: BAUPOST GROUP LLC /ADV, SC 13G/A, 1998-11-10 |
<PAGE> 1
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
October 25, 1998
Date of Report (Date of Earliest Event Reported)
American Residential Eagle, Inc. (as Depositor of American Residential Eagle
Certificate Trust 1998-1, Issuer of the Mortgage-Backed Callable Certificates,
Series 1998-1, under a Trust Agreement dated June 1, 1998, and as Depositor of
American Residential Eagle Bond Trust 1998-1, Issuer of the Class A
Collateralized Callable Mortgage Bonds under an Indenture dated June 1, 1998)
AMERICAN RESIDENTIAL EAGLE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-47311 33-0787975
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
445 Marine View Avenue, Suite 100, Del Mar, CA 92014
(Address of Principal Executive Offices)
(619) 350-5001
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
American Residential Eagle, Inc. has previously registered
the offer and sale of Mortgage-Backed Callable
Certificates, Series 1998-1 (the "Certificates") issued by
American Residential Eagle Certificate Trust 1998-1 and
Class A Collateralized Callable Mortgage Bonds issued by
American Residential Eagle Bond Trust 1998-1 (the "Bonds").
The following exhibit which relates specifically to the
Certificates and the Bonds is included with this Current
Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement
relating to the distribution to
Certificateholders, October 25, 1998.
<PAGE> 3
SIGNATURE
Pursuant to the requirements 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.
Date: November 10, 1998
AMERICAN RESIDENTIAL EAGLE, INC.
By: /s/ Mark A. Conger
---------------------------------
Mark A. Conger
Chief Financial Officer
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C> <C>
10.1 Monthly Payment Date Statement relating to the distribution to
Certificateholders, October 25, 1998.................................................5
</TABLE>
<PAGE> 1
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
EXHIBIT 10.1.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate
Certificate Pass- Beginning
Class Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
- --------------- -------------- ------------- ------------- -------------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
A-1 02926PAA9 SEQ 5.68375% 105,904,463.97 518,332.48 10,950,226.15
A-2 02926PAB7 SEQ 5.80375% 232,093,000.00 1,159,925.06 0.00
M-1 02926PAC5 SEQ 6.09375% 46,029,000.00 241,532.38 0.00
M-2 02926OAD3 SEQ 6.29375% 17,365,000.00 94,111.67 0.00
B 02926PAE1 SEQ 6.99375% 17,365,000.00 104,578.90 0.00
X ARE98001X IO 0.19881% 0.00 71,668.51 0.00
O ARE98001O RES 0.00000% 0.00 0.00 0.00
INV CERT ARE98INVC INV 0.00000% 0.00 1,139,896.21 0.00
- ------------ -------------- ------------ -------------
Totals 418,756,463.97 3,330,065.21 10,950,226.15
</TABLE>
<TABLE>
<CAPTION>
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
- --------------- ------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
A-1 0.00 94,954,237.82 11,468,558.63 0.00
A-2 0.00 232,093,000.00 1,159,925.06 0.00
M-1 0.00 46,029,000.00 241,532.38 0.00
M-2 0.00 17,365,000.00 94,111.67 0.00
B 0.00 17,365,000.00 104,578.90 0.00
X 0.00 0.00 71,688.51 0.00
O 0.00 0.00 0.00 0.00
INV CERT 0.00 0.00 1,139,896.21 0.00
- ------------ ---- -------------- ------------- ----
Totals 0.00 407,806,237.82 14,280,291.36 0.00
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
06-Nov-1998 3:22:53P.M.
<PAGE> 2
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
- -------------- --------------- -------------- ------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 105,904,463.97 221,103.32 10,729,122.83 0.00 0.00
A-2 232,093,000.00 232,093,000.00 0.00 0.00 0.00 0.00
M-1 46,029,000.00 46,029,000.00 0.00 0.00 0.00 0.00
M-2 17,365,000.00 17,365,000.00 0.00 0.00 0.00 0.00
B 17,365,000.00 17,365,000.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
O 0.00 0.00 0.00 0.00 0.00 0.00
INV CERT 0.00 0.00 0.00 0.00 0.00 0.00
-------- -------------- -------------- ---------- ------------- ---- ----
Totals 456,822,000.00 418,756,463.97 221,103.32 10,729,122.83 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
- -------------- ------------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
A-1 10,950,226.15 94,954,237.82 0.65954183 10,950,226.15
A-2 0.00 232,093,000.00 1.00000000 0.00
M-1 0.00 46,029,000.00 1.00000000 0.00
M-2 0.00 17,365,000.00 1.00000000 0.00
B 0.00 17,365,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
O 0.00 0.00 0.00000000 0.00
INV CERT 0.00 0.00 0.00000000 0.00
-------- ------------- -------------- ---------- -------------
Totals 10,950,226.15 407,806,237.82 0.89270271 10,950,226.15
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 3
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class(2) Amount Balance Distribution Distribution Accretion Loss(3)
- -------------- --------------- -------------- ------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 735.60091665 1.53575967 74.52332312 0.00000000 0.00000000
A-2 232,093,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 46,029,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Principal Certificate Certificate Principal
Class(2) Reduction Balance Percentage Distribution
- -------------- ------------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
A-1 76.05908280 659.54183385 0.65954183 76.05908280
A-2 0.00000000 1000.00000000 1.00000000 0.00000000
M-1 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 1000.00000000 1.00000000 0.00000000
B 0.00000000 1000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
(2) All Denominations Are Per $1,000.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 4
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
Non-
Current Beginning Payment of Current Supported
Original Face Certificate Certificate/ Current Accrued Unpaid Interest Interest Interest
Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall
- ------------- -------------- ----------- ---------------- --------------- --------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.68375% 105,904,463.97 518,332.48 0.00 0.00 0.00
A-2 232,093,000.00 5.80375% 232,093,000.00 1,159,925.06 0.00 0.00 0.01
M-1 46,029,000.00 6.09375% 46,029,000.00 241,532.38 0.00 0.00 0.00
M-2 17,365,000.00 6.29375% 17,365,000.00 94,111.67 0.00 0.00 0.00
B 17,365,000.00 6.99375% 17,365,000.00 104,578.90 0.00 0.00 0.00
X 0.00 0.19881% 418,756,463.97 71,688.51 0.00 0.00 0.00
O 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
INV CERT 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
- ---------- -------------- ------------ ---- ---- ----
Totals 456,822,000.00 2,190,169.00 0.00 0.00 0.01
</TABLE>
<TABLE>
<CAPTION>
Remaining
Unpaid Ending
Realized Total Interest Interest Certificate/
Class Losses(4) Distribution Shortfall Notional Balance
- ------------- --------- -------------- --------- -----------------
<S> <C> <C> <C> <C>
A-1 0.00 518,332.48 0.00 94,954,237.82
A-2 0.00 1,159,925.06 0.00 232,093,000.00
M-1 0.00 241,532.38 0.00 46,029,000.00
M-2 0.00 94,111.67 0.00 17,365,000.00
B 0.00 104,578.90 0.00 17,365,000.00
X 0.00 71,688.51 0.00 407,806,237.82
O 0.00 0.00 0.00 0.00
INV CERT 0.00 1,139,896.21 0.00 0.00
- ---------- ---- ------------ ----
Totals 0.00 3,330,065.21 0.00
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 5
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Non-
Current Beginning Payment of Current Supported
Original Face Certificate Certificate/ Current Accrued Unpaid Interest Interest Interest
Class(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall
- ------------- -------------- ----------- ---------------- --------------- ------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.68375% 735.60091665 3.60028117 0.00000000 0.00000000 0.00000000
A-2 232,093,000.00 5.80375% 1000.00000000 4.99767360 0.00000000 0.00000000 0.00000000
M-1 46,029,000.00 6.09375% 1000.00000000 5.24739577 0.00000000 0.00000000 0.00000000
M-2 17,365,000.00 6.29375% 1000.00000000 5.41961820 0.00000000 0.00000000 0.00000000
B 17,365,000.00 6.99375% 1000.00000000 6.02239562 0.00000000 0.00000000 0.00000000
X 0.00 0.19881% 916.67315490 0.15692876 0.00000000 0.00000000 0.00000000
O 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Remaining
Unpaid Ending
Realized Total Interest Interest Certificate/
Class(5) Losses(6) Distribution Shortfall Notional Balance
- ------------- --------- -------------- --------- -----------------
<S> <C> <C> <C> <C>
A-1 0.00000000 3.60028117 0.00000000 659.54183385
A-2 0.00000000 4.99767360 0.00000000 1000.00000000
M-1 0.00000000 5.24739577 0.00000000 1000.00000000
M-2 0.00000000 5.41961820 0.00000000 1000.00000000
B 0.00000000 6.02239562 0.00000000 1000.00000000
X 0.00000000 0.15692876 0.00000000 892.70271095
O 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00000000 25000.00000000 0.00000000 0.00000000
</TABLE>
(5) All Denominations Are Per $1,000.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 6
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificate Component Statement
<TABLE>
<CAPTION>
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
----- ------------ ---------- -------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
0C 0.00000% 0.00 0.00 6,251,524.38 6,251,524.38 99.96233490%
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 14,159,004.08
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 341,101.13
Realized Losses 0.00
-------------
Total Deposits 14,500,105.21
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 219,813.85
Payment of Interest and Principal 14,280,291.36
-------------
Total Withdrawals (Pool Distribution Amount) 14,500,105.21
Ending Balance 0.00
=============
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ------------ --------- ----------- -------- -------
<S> <C> <C> <C> <C>
Reserve Fund 0.00 0.00 0.00 0.00
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 177,086.66
Certificate Administration Fee 1,000.00
Trustee Fee 619.80
Spread 1 Fee 38,451.07
Master Servicing Fee 2,656.32
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 219,813.85
==========
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
Current --------------------------
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- --------- ---------
<S> <C> <C> <C> <C>
30 Days 89 9,600,876.12 2.672673% 2.318729%
60 Days 74 8,428,848.90 2.222222% 2.035670%
90+ Days 79 10,220,554.18 2.372372% 2.468388%
Foreclosure 73 10,690,971.44 2.192192% 2.582000%
REO 1 80,235.48 0.030030% 0.019378%
--- ------------- -------- --------
Totals 316 39,021,486.12 9.489489% 9.424165%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 341,101.13
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Sep-1998 11000 Broken Land Parkway
Distribution Date: 26-Oct-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description 6 Month LIBOR ARM
<S> <C>
Weighted Average Gross Coupon 10.023000%
Weighted Average Net Coupon 9.414000%
Weighted Average Pass-Through Rate 9.402000%
Weighted Average Maturity (Stepdown Calculation) 350
Beginning Scheduled Collateral Loan Count 3,413
Number of Loans Paid in Full 83
Ending Scheduled Collateral Loan Count 3,330
Beginning Scheduled Collateral Balance 425,007,988.35
Ending Scheduled Collateral Balance 414,057,762.20
Ending Actual Collateral Balance at 30-Sep-1998 414,334,560.56
Monthly P&I Constant 3,687,331.43
Ending Scheduled Balance for Premium Loans 414,057,762.20
Required Overcollateralized Amount 6,251,524.38
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 6,251,524.38
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
</TABLE>
<TABLE>
<S> <C>
Bond Scheduled/Unscheduled Principal $221,103.32/$10,729,122.83
Bond Interest and Interest Rate 6.07375%/$2,190,169.00
Ending Bond Balance $407,806,237.82
Excess Mortgage Amount $1,139,896.21
Bond Overcollateralization Amount $3,874,284.68/$215,746.78
July Scheduled Payments/Scheduled Payments for Delinquent Loans 60 days + $3,762,211.75/$239,613.92
August Scheduled Payments/Scheduled Payments for Delinquent Loans 60 days + $3,687,331.43/$271,468.74
September Schedule Payments/Scheduled Payments for Delinquent Loans 60 days + 7366511/$80,235.48
REO loan number/REO principal balance
</TABLE>
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