<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
January 25, 1999
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,
January 25, 1999.
<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: February 24, 1999
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, January 25, 1999........................................5
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410)846-2369
EXHIBIT 10.1
Certificateholder Distribution Summary
- ------------------------------------------------------------------------------------------------------------------------------------
Certificate
Certificate Pass- Beginning Current Ending
Class Through Certificate Interest Principal Realized Certificate
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 02926PAA9 SEQ 5.71438% 72,386,768.51 321,724.28 14,847,937.31 0.00 57,538,831.20
A-2 02926PAB7 SEQ 5.83438% 232,093,000.00 1,053,203.48 0.00 0.00 232,093,000.00
M-1 02926PAC5 SEQ 6.12438% 46,029,000.00 219,254.85 0.00 0.00 46,029,000.00
M-2 02926OAD3 SEQ 6.32438% 17,365,000.00 85,417.78 0.00 0.00 17,365,000.00
B 02926PAE1 SEQ 7.02438% 17,365,000.00 94,872.06 0.00 0.00 17,365,000.00
X ARE98001X IO 0.18217% 0.00 54,583.88 0.00 0.00 0.00
O ARE98001O RES 0.00000% 0.00 0.00 0.00 0.00 0.00
INV CERT ARE98INVC INV 0.00000% 0.00 1,329,920.56 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 385,238,768.51 3,158,976.89 14,847,937.31 0.00 370,390,831.20
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------
Cumulative
Total Realized
Class Distribution Losses
- -------------------------------------------
<S> <C> <C>
A-1 15,169,661.59 0.00
A-2 1,053,203.48 0.00
M-1 219,254.85 0.00
M-2 85,417.78 0.00
B 94,872.06 0.00
X 54,583.88 0.00
O 0.00 0.00
INV CERT 1,329,920.56 0.00
- -------------------------------------------
Totals 18,006,914.20 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.
19-Feb-1999 4:04P.M.
<PAGE> 2
<TABLE>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Statement
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 72,386,768.51 205,465.79 14,642,471.52 0.00 0.00 14,847,937.31
A-2 232,093,000.00 232,093,000.00 0.00 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 0.00
M-2 17,365,000.00 17,365,000.00 0.00 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 0.00
X 0.00 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 0.00
INV CERT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 456,822,000.00 385,238,768.51 205,456.79 14,642,471.52 0.00 0.00 14,847,937.31
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
- -----------------------------------------------------------------
<S> <C> <C> <C>
A-1 57,538,831.20 0.39965848 14,847,937.31
A-2 232,093,000.00 1.00000000 0.00
M-1 46,029,000.00 1.00000000 0.00
M-2 17,365,000.00 1.00000000 0.00
B 17,365,000.00 1.00000000 0.00
X 0.00 0.00000000 0.00
O 0.00 0.00000000 0.00
INV CERT 0.00 0.00000000 0.00
- -----------------------------------------------------------------
Totals 370,390,831.20 0.81079902 14,847,937.31
=================================================================
</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>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Factors Statement
- ---------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 502.79064048 1.42714309 101.70501855 0.00000000 0.00000000 103.13216163
A-2 232,093,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 46,029,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
- ----------------------------------------------------------
<S> <C> <C> <C>
A-1 399.65847885 0.39965848 103.13216163
A-2 1000.00000000 1.00000000 0.00000000
M-1 1000.00000000 1.00000000 0.00000000
M-2 1000.00000000 1.00000000 0.00000000
B 1000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000
O 0.00000000 0.00000000 0.00000000
INV CERT 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>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Statement
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Certificate Notional Accrued Interest Interest Interest
Class Face Amount Rate Balance Interest Shortfall Shortfall Shortfall
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.71438% 72,386,768.51 321,724.28 0.00 0.00 0.00
A-2 232,093,000.00 5.83438% 232,093,000.00 1,053,203.48 0.00 0.00 0.01
M-1 46,029,000.00 6.12438% 46,029,000.00 219,254.85 0.00 0.00 0.00
M-2 17,365,000.00 6.32438% 17,365,000.00 85,417.78 0.00 0.00 0.00
B 17,365,000.00 7.02438% 17,365,000.00 94,872.06 0.00 0.00 0.00
X 0.00 0.18217% 385,238,768.51 54,583.88 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 1,829,056.33 0.00 0.00 0.01
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses(4) Distribution Shortfall Balance
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 321,724.28 0.00 57,583,831.20
A-2 0.00 1,053,203.48 0.00 232,093,000.00
M-1 0.00 219,254.85 0.00 46,029,000.00
M-2 0.00 85,417.78 0.00 17,365,000.00
B 0.00 94,872.06 0.00 17,365,000.00
X 0.00 54,583.88 0.00 370,390,831.20
O 0.00 0.00 0.00 0.00
INV CERT 0.00 1,329,920.56 0.00 0.00
- --------------------------------------------------------------------------
Totals 0.00 3,158,976.89 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>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Factors Statement
- --------------------------------------------------------------------------------------------------------------------------
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Certificate Notional Accrued Interest Interest Interest
Class(5) Face Amount Rate Balance Interest Shortfall Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.71438% 502.79064048 2.23466194 0.00000000 0.00000000 0.00000000
A-2 232,093,000.00 5.83438% 1000.00000000 4.53785112 0.00000000 0.00000000 0.00000000
M-1 46,029,000.00 6.12438% 1000.00000000 4.76340677 0.00000000 0.00000000 0.00000000
M-2 17,365,000.00 6.32438% 1000.00000000 4.91896228 0.00000000 0.00000000 0.00000000
B 17,365,000.00 7.02438% 1000.00000000 5.46340685 0.00000000 0.00000000 0.00000000
X 0.00 0.18217% 843.30169850 0.11948610 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 Ending
Unpaid Certificate/
Realized Total Interest Interest Notional
Class(5) Losses(6) Distribution Shortfall Balance
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00000000 2.23466194 0.00000000 399.65847885
A-2 0.00000000 4.53785112 0.00000000 1000.00000000
M-1 0.00000000 4.76340677 0.00000000 1000.00000000
M-2 0.00000000 4.91896228 0.00000000 1000.00000000
B 0.00000000 5.46340685 0.00000000 1000.00000000
X 0.00000000 0.11948610 0.00000000 810.79902281
O 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00000000 00000.00000000 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>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificate Component Statement
- --------------------------------------------------------------------------------------------------------
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>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 17,873,168.81
Liquidations, Insurance Proceeds,
Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 365,807.13
Realized Losses 0.00
-------------
Total Deposits 18,238,975.94
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 232,061.74
Payment of Interest and Principal 18,006,914.20
-------------
Total Withdrawals (Pool Distribution Amount) 18,238,975.94
Ending Balance 0.00
=============
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
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>
<TABLE>
<S> <C>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest
Shortfall 0.00
====
SERVICING FEES
Gross Servicing Fee 163,120.95
Management Fee 1,000.00
Trustee Fee 64,923.02
Special Servicing Fee 2,446.84
Master Servicing Fee 570.93
Supported Prepayment/Curtailment Interest
Shortfall 0.00
----------
Net Servicing Fee 232,061.74
==========
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
---------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
30 Days 86 9,516,418.88 2.819672% 2.526646%
60 Days 55 5,827,123.30 1.803279% 1.547124%
90+ Days 54 6,674,277.99 1.770492% 1.772047%
Foreclosure 149 17,572,827.71 4.885246% 4.665654%
REO 14 2,260,238.63 0.459016% 0.600102%
--- ------------- --------- ---------
Totals 358 41,850,886.51 11.737705% 11.111572%
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 365,807.13
</TABLE>
<PAGE> 9
<TABLE>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<S> <C>
COLLATERAL STATEMENT
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 10.394250%
Weighted Average Net Coupon 9.695240%
Weighted Average Pass-Through Rate 9.682930%
Weighted Average Maturity (Stepdown Calculation) 347
Beginning Scheduled Collateral Loan Count 3,159
Number of Loans Paid in Full 109
Ending Scheduled Collateral Loan Count 3,050
Beginning Scheduled Collateral Balance 391,490,292.89
Ending Scheduled Collateral Balance 376,642,355.58
Ending Actual Collateral Balance at 31-Dec-1998 376,931,286.03
Monthly P&I Constant 3,432,240.51
Ending Scheduled Balance for Premium Loans 376,642,355.58
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>
<PAGE> 10
<TABLE>
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: 31-Dec-1998 11000 Broken Land Parkway
Distribution Date: 25-Jan-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<S> <C>
Bond Scheduled/Unscheduled Principal $205,465.79/$14,642,471.52
Bond Interest and Interest Rate 6.10438%/$1,829,056.33
Ending Bond Balance $370,390,831.20
Excess Mortgage Amount $1,329,920.56
REO loan number/REO principal balance 0008029084/$30,750.00
REO loan number/REO principal balance 7326432/$187,491.88
REO loan number/REO principal balance 7271935/$59,920.01
REO loan number/REO principal balance 7374630/$44,800.69
REO loan number/REO principal balance 7393283/$182,699.16
REO loan number/REO principal balance 7401573/$97,560.19
REO loan number/REO principal balance 7312994/$93,341.16
REO loan number/REO principal balance 0007311129/$178,139.07
REO loan number/REO principal balance 0007353923/$273,193.44
REO loan number/REO principal balance 0007397300/$89,635.59
REO loan number/REO principal balance 0007415805/$25,662.76
REO loan number/REO principal balance 0007742257/$580,977.70
REO loan number/REO principal balance 0003279544/$76,822.13
REO loan number/REO principal balance 0007327612/$339,274.85
November Scheduled Payments/Scheduled Payments for delinquent loans 60 days + $3,599,536.34/$290,945.21
January Scheduled Payments/Scheduled Payments for delinquent loans 60 days + $3,432,240.51/$354,376.72
December Scheduled Payments/Scheduled Payments for delinquent loans 60 days + $3,521,279.14/$336,236.88
</TABLE>
