<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
June 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, 1995)
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, June
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: July 8, 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>
10.1 Monthly Payment Date Statement relating to the distribution to
Certificateholders, June 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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301) 884-2369
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
- --------------- ------------- -------------- ------------ --------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
A-1 02926PAA9 SEQ 5.75000% 143,970,000.00 183,961.67 8,064,655.23
A-2 02926PAB7 SEQ 5.87000% 232,093,000.00 302,752.42 0.00
M-1 02926PAC5 SEQ 6.16000% 46,029,000.00 63,008.59 0.00
M-2 ARE9801M2 SEQ 6.36000% 17,365,000.00 24,542,53 0.00
B ARE98001B SEQ 7.06000% 17,365,000.00 27,243.76 0.00
OC ARE9801OC OC 0.00000% 6,253,879.91 0.00 0.00
X ARE09001X RES 0.00000% 0.00 2,932,009.33 0.00
O ARW090010 RES 0.00000% 0.00 0.00 0.00
- --------------- ------------- -------------- ------------ --------------- -------------- -------------
Totals 463,075,879.91 3,533,518.30 8,064,655.23
=============== ============= ============== ============ =============== ============== =============
</TABLE>
<TABLE>
<CAPTION>
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
- --------------- ------------- --------------- ------------- --------------
<S> <C> <C> <C> <C>
A-1 0.00 135,905,344.77 8,248,616.90 0.00
A-2 0.00 232,093,000.00 302,752.42 0.00
M-1 0.00 46,029,000.00 63,008.59 0.00
M-2 0.00 17,365,000.00 24,542.53 0.00
B 0.00 17,365,000.00 27,243.76 0.00
OC 0.00 6,251,524.38 0.00 0.00
X 0.00 0.00 2,932,009.33 0.00
O 0.00 0.00 0.00 0.00
- --------------- ------------- --------------- ------------- --------------
Totals 0.00 455,008,869.15 11,598,173.53 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.
24-June-1998
<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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301) 846-2369
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Certificate Principal Principal Realized
Class Face Amount Balance Distribution Distribution Accretion Loss(1)
- ------------- -------------- --------------- ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 143,970,000.00 239,083.39 7,825,571.84 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
OC 6,253,879.91 6,253,879.91 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
- ------------- -------------- --------------- ------------ ------------- ------------ ------------
Totals 463,075,879.91 463,075,879.91 239,083.39 7,825,571.84 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 8,064,655.23 135,905,344.77 0.94398378 8,064,655.23
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
OC 0.00 6,251,524.38 0.99962335 0.00
X 0.00 0.00 0.00000000 0.00
O 0.00 0.00 0.00000000 0.00
- ------------- ------------- -------------- ----------- -------------
Totals 8,064,655.23 455,008,869.15 0.98257951 8,064,655.23
============= ============= =============== ============ ==============
</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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301) 846-2369
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Certificate Principal Principal
Class(2) Face Amount Balance Distribution Distribution Accretion
- ------------- -------------- -------------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
A-1 143,970,000.00 1000.00000000 1.66064729 54.35557297 0.00000000
A-2 232,093,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 46,029,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 6,253,879.91 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00 0.00000000 0.00000000 0.00000000 0.00000000
============== ============== =============== ============= ============= ==============
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
- ------------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 56.01622025 943.98377975 0.94398378 56.01622025
A-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 999.62334902 0.99962335 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00000000 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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301)846-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
- --------- -------------- ----------- -------------- ------------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.75000% 143,970,000.00 183,961.67 0.00 0.00
A-2 232,093,000.00 5.87000% 232,093,000.00 302,752.42 0.00 0.00
M-1 46,029,000.00 6.16000% 46,029,000.00 63,008.59 0.00 0.00
M-2 17,365,000.00 6.36000% 17,365,000.00 24,542.53 0.00 0.00
B 17,365,000.00 7.06000% 17,365,000.00 27,243.76 0.00 0.00
OC 6,253,879.91 0.00000% 6,253,879.91 0.00 0.00 0.00
X 0.00 0.00000% 455,008,869.15 0.00 0.00 0.00
O 0.00 0.00000% 0.00 0.00 0.00 0.00
- --------- -------------- ----------- -------------- ------------- ------------ --------
Totals 463,075,879.91 601,508.97 0.00 0.00
========= ============== =========== ============== ============= ============ ========
</TABLE>
<TABLE>
<CAPTION>
Non- Remaining Ending
Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
- --------- ---------- -------- ------------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 183,961.67 0.00 135,905,344.77
A-2 0.00 0.00 302,752.42 0.00 232,093,000.00
M-1 0.00 0.00 63,008.59 0.00 46,029,000.00
M-2 0.00 0.00 24,542.53 0.00 17,365,000.00
B 0.00 0.00 27,243.76 0.00 17,365,000.00
OC 0.00 0.00 0.00 0.00 6,251,524.38
X 0.00 0.00 2,932,009.33 0.00 0.00
O 0.00 0.00 0.00 0.00 0.00
- --------- ---------- -------- ------------- ---------- ---------------
Totals 0.00 0.00 3,533,518.30 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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301)846-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall
- --------- -------------- ---------- -------------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.75000% 1000.00000000 1.27777780 0.00000000 0.00000000
A-2 232,093,000.00 5.87000% 1000.00000000 1.30444443 0.00000000 0.00000000
M-1 46,029,000.00 6.16000% 1000.00000000 1.36888896 0.00000000 0.00000000
M-2 17,365,000.00 6.36000% 1000.00000000 1.41333314 0.00000000 0.00000000
B 17,365,000.00 7.06000% 1000.00000000 1.56888914 0.00000000 0.00000000
OC 6,253,879.91 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000% 982.57950563 0.00000000 0.00000000 0.00000000
O 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
========== =============== ============ ============== =============== ============= ===========
</TABLE>
<TABLE>
<CAPTION>
Non- Remaining Ending
Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
- --------- ---------- ---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 1.27777780 0.00000000 943.98377975
A-2 0.00000000 0.00000000 1.30444443 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.36888896 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.41333314 0.00000000 1000.00000000
B 0.00000000 0.00000000 1.56888914 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 999.62334902
X 0.00000000 0.00000000 6.33159587 0.00000000 0.00000000
O 0.00000000 0.00000000 0.00000000 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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301)884-2369
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,194,699.88
Liquidations, Insurance Proceeds, Reserve 0.00
Funds
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 600,991.46
Realized Losses 0.00
-------------
Total Deposits 11,795,691.34
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 197,517.82
Payment of Interest and Principal 11,598,173.52
-------------
Total Withdrawals (Pool Distribution Amount) 11,795,691.34
=============
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
----
Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 192,948.27
Certificate Administration Fee 1,000.00
Trustee Fee 675.32
Master Servicing Fee 2,894.23
Supported Prepayment/Curtailment Interest 0.00
Shortfall
----------
Net Servicing Fee 197,517.82
==========
</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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301)846-2369
</TABLE>
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent Based On
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- ------------- -------- --------
<S> <C> <C> <C> <C>
30 Days 126 13,690,871.38 3.456790% 3.008914%
60 Days 78 9,125,768.63 2.139918% 2.005624%
90+ Days 50 6,523,961.17 1.371742% 1.433810%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
--- ------------- -------- --------
Totals 254 29,340,601.18 6.968450% 6.448358%
--- ------------- -------- --------
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 600,991.46
</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: 29-May-1998 11000 Broken Land Parkway
Distribution Date: 25-June-1998 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (301)846-2369
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<S> <C>
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 9.662383%
Weighted Average Net Coupon 9.162383%
Weighted Average Pass-Through Rate 9.153134%
Weighted Average Maturity (Stepdown Calculation) 354
Beginning Scheduled Collateral Loan Count 3,704
Number of Loans Paid in Full 59
Ending Scheduled Collateral Loan Count 3,645
Beginning Scheduled Collateral Balance 463,075,879.91
Ending Scheduled Collateral Balance 455,008,869.15
Ending Actual Collateral Balance at 29-May-1998 455,261,601.53
Monthly P&I Constant 3,967,763.98
Ending Scheduled Balance for Premium Loans 455,008,869.15
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 $239,083.39/$7,825,571.84
Bond Interest and Interest Rate $623,308.24 6.14%
Ending Bond Balance $448,757,344.77
Excess Mortgage Amount $2,910,210.06
Bond Overcollateralization Amount $6,253,879.91
===================================
</TABLE>
