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 ev 05/26/98
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(as depositor under the Sale and Servicing Agreement, dated as of
February 1, 1998, relating to the Empire Funding Home Loan Owner Trust 1998-1,
Home Loan Asset Backed Notes, Series 1998-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(Exact name of registrant as specified in its charter)
Delaware 333-40467-03 06-1204982
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1285 Avenue of the Americas
New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 713-2000
Item 5. Other Events
One behalf of Empire Funding Home Loan Owner Trust 1998-1, Home Loan Asset
Backed Notes, Series 1998-1, a Trust created pursuant to the Sale
and Servicing Agreement, dated February 1, 1998, by U.S. Bank
National Association d.b.a. First Bank National Association, as
Indenture Trustee for the Trust, the Indenture Trustee has caused to be
filed with the Commission, the monthly report dated
26-May-98 .
The Monthly Report is filed pursuant to and in accordance with (1)
numerous no-action letters and (2) current Commission policy in the area.
The filing of the Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1
1. Monthly Distribution Report
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-1
SERIES 1998-1
DISTRIBUTION STATEMENT
Distribution Date: 05/26/98
Beginning Ending
Certificate Principal Interest Total Certificate
ClassBalance Distribution Distribution Distribution Balance
A-1 53,596,907.21 3,906,593.01 250,686.51 4,157,279.52 49,690,314.20
A-2 36,928,000.00 26,861.16 191,410.13 218,271.29 36,901,138.84
A-3 23,094,000.00 16,798.41 120,473.70 137,272.11 23,077,201.59
A-4 31,843,000.00 23,162.37 176,197.93 199,360.30 31,819,837.63
A-5 18,501,075.00 13,457.55 110,698.10 124,155.65 18,487,617.45
M-1 20,193,700.00 14,688.75 121,667.04 136,355.79 20,179,011.25
M-2 18,462,800.00 13,429.71 114,315.50 127,745.21 18,449,370.29
B-1 16,154,950.00 11,751.00 115,238.64 126,989.64 16,143,199.00
B-2 8,077,475.00 5,875.50 65,562.17 71,437.67 8,071,599.50
Total226,851,907.21 4,032,617.47 1,266,249.72 5,298,867.19 222,819,289.74
Payment of LossInterest Allocable
Reimbursement Carry Forward Loss
ClassDeficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
A-4 NA 0.00 NA
A-5 NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B-1 0.00 0.00 0.00
B-2 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass Through
ClassDistribution Distribution Distribution Balance Interest Rate
A-1 67.90531913 4.35749192 72.26281105 863.72873632 5.80625%
A-2 0.72739290 5.18333324 5.91072614 999.27260710 6.22000%
A-3 0.72739290 5.21666667 5.94405956 999.27260710 6.26000%
A-4 0.72739290 5.53333323 6.26072613 999.27260710 6.64000%
A-5 0.72739290 5.98333340 6.71072630 999.27260710 7.18000%
M-1 0.72739290 6.02499988 6.75239277 999.27260710 7.23000%
M-2 0.72739290 6.19166649 6.91905938 999.27260710 7.43000%
B-1 0.72739290 7.13333313 7.86072603 999.27260710 8.56000%
B-2 0.72739290 8.11666641 8.84405931 999.27260710 9.74000%
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-1
PASS-THROUGH CERTIFICATES
SERIES 1998-1
Distribution Date: 05/26/98
Payment Statement
Sale and Servicing Agreement Dated February 1, 1998
i) Available Collection Amount 5,320,935.24
Available Payment Amount 5,298,867.19
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 225,721,532.80
Ending Pool Principal Balance 223,193,536.19
iii) Class Factors Class A-1 0.93163406 0.86372874
Class A-2 1.00000000 0.99927261
Class A-3 1.00000000 0.99927261
Class A-4 1.00000000 0.99927261
Class A-5 1.00000000 0.99927261
Class M-1 1.00000000 0.99927261
Class M-2 1.00000000 0.99927261
Class B-1 1.00000000 0.99927261
Class B-2 1.00000000 0.99927261
iv) Interest from Mortgagors / Master Servicer 2,560,132.32
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 0.00
Interest from Capitalized Interest Subsequent Deposit 0.00
2,560,132.32
Principal Collections (Regular Installments) 369,425.12
Principal Collections (Curtailments and Paid in Fulls) 2,158,571.49
Substitution Adjustment 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from Purchased Loans 0.00
2,527,996.61
Total Payments 5,088,128.93
plus: Capitalized Interest Requirement 227,004.00
plus: Amts remaining upon termination of Pre Funded Account 167,871.37
plus: Int. Income on Collection, Certificate, & Note Dist. Accts 5,802.31
less: Trust Fees and Expenses 189,939.42
Available Distribution Amount 5,298,867.19
v) Optimal Principal Balances: 0.00
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
vi) Overcollateralization Deficiency Amount (before distributions 7,997,500.00
Amounts distributed to the Residual Interest 0.00
vii) Servicing Compensation 188,101.28
Indenture Trustee Fee 1,504.81
Owner Trustee Fee 333.33
viii) Overcollateralization Amount 374,246.45
Overcollateralization Target Amount 7,997,500.00
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 1,504,620.86
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 188 190
weighted avg. Home Loan Int Rate of the Home Loans 13.775% 13.766%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 1,174,177.07
Six-Month Rolling Delinquency Average 529,732.33
Net Delinquency Calculation Amount 0.00
xiii) Current
Aggregate
Combination Loans Number Prin Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
Cumulative
Aggregate
Combination Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
Current
Aggregate
Debt Consolidation Loans Number Prin Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
Cumulative
Aggregate
Debt Consolidation Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
xiv) Delinquency And Foreclosure Information:
# of Accounts Prin Balance % of Total
30-59 Days Delinquent 46 1,833,342.38 0.821%
60-89 Days Delinquent 18 720,064.75 0.323%
90-179 Days Delinquent 4 200,214.90 0.090%
180 or more Days Delinquent 0 0.00 0.000%
Loans in foreclosure proceedings 0 0.00 0.000%
Foreclosed Properties 0 0.00 0.000%
Loans in bankruptcy proceedi # of Accounts Prin Balance % of Total
30-59 Days Delinquent 4 166,827.16 0.075%
60-89 Days Delinquent 4 152,626.55 0.068%
90-179 Days Delinquent 3 101,270.87 0.045%
180 or more Days Delinquent 0 0.00 0.000%
Aggregate 11 420,724.58 0.189%
Current
Original Period
Class A-1 Note Interest Rate 5.77500% 5.80625%
One-Month LIBOR 5.62500% 5.65625%
SIGNATURES
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.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
By:/sTina Hatfield
Name:Tina Hatfield
Title: Vice President
U.S. Bank Trust National Association
Dated 05/31/98