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<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 and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 8, 1998
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-43583-02 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
4726 Airport Highway
Louisville, TN 37777
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For each of the following Remittance Dates, The Chase Manhattan Bank,
as Trustee, made the monthly distributions to the holders of the Vanderbilt
Mortgage and Finance, Inc. Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1998A:
Remittance Dates
----------------
June 8, 1998
May 7, 1998
April 7, 1998
March 9, 1998
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
20 Monthly Reports delivered by 3
the Trustee to Certificateholders in
connection with the distributions on the
Remittance Dates specified in Item 5 above.
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 hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
--------------------------------
Name: David R. Jordan
Title: Vice President and Controller
Dated: June 8, 1998
<PAGE> 1
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-FEB-98
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
CLASS I A-1 CLASS I A-2 CLASS I A-3 CLASS I A-4
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,235,809.52 172,994.50 130,520.83 58,490.79
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 840,983.26
(b) Partial Prepayments Received 65,808.40
(c) Principal Payments in Full (Scheduled Balance) 1,300,975.16
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 2,207,766.82 0.00 0.00 0.00
(c) Interest Distribution 28,042.70 172,994.50 130,520.83 58,490.79
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 28,042.70 172,994.50 130,520.83 58,490.79
(d) Beginning Class I A and Class I B Principal Balance 43,650,000.00 33,810,000.00 25,000,000.00 10,790,000.00
Less: Principal Distribution 2,207,766.82 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 41,442,233.18 33,810,000.00 25,000,000.00 10,790,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.94942115
Section 6.02 Reimbursement Amount 0.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 0.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 67 1,195,036
60-89 Days Delinquent 7 108,220
90+ Days Delinquent 1 17,959
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 54,827.29
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 38,924.22
(y) Remaining Amount Available 702,075.90
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 2 54,827.29
(q) Principal Prepayments paid 1,366,783.56
(r) Scheduled Principal Payments 840,983.26
(s) Weighted Average Interest Rate 11.38%
<CAPTION>
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
CLASS I A-5 CLASS I A-6 CLASS I B-1 CLASS I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 62,192.19 69,496.68 54,210.45 38,924.22
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 62,192.19 69,496.68 54,210.45 38,924.22
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 62,192.19 69,496.68 54,210.45 38,924.22
(d) Beginning Class I A and Class I B Principal Balance 11,265,000.00 12,148,000.00 9,111,000.00 6,074,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 11,265,000.00 12,148,000.00 9,111,000.00 6,074,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 43,650,000.00 5.7820% 5.6720% Libor
Section 6.02 Reimbursement Amount 33,810,000.00 6.1400% 0.11% Spread
Reimburseable Fees 25,000,000.00 6.2650%
10,790,000.00 6.5050%
Total Fees Due Servicer 11,265,000.00 6.6250%
12,148,000.00 6.8650%
9,111,000.00 7.1400%
6,074,000.00 7.6900%
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-FEB-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,110,949.23
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 529,851.88
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 128,855.50
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 26,154.75
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 0.00
Available Distribution Amount-Vanderbilt 2,982,093.73
Available Distribution Amount-SubServicer-21st 503,697.13
To Class A and B 2,822,639.18
Monthly Excess Cashflow 663,151.68
Weighted Average Remaining Term (months) 184.00
Scheduled Balance Computation
Prior Month Balance 151,848,253.76
Current Balance 149,688,742.88
Adv Principal 50,922.36
Del Principal 99,178.30
Pool Scheduled Balance 149,640,486.94
Principal Payments in Full 1,300,975.16
Partial Prepayments 65,808.40
Scheduled Principal 840,983.26
Collateral Balance 149,688,742.88
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-FEB-98
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 2,236,928.87 5,394.35 2,657.68 3,675.58
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 331,670.55
(b) Partial Prepayments Received 81,903.29
(c) Principal Payments in Full (Scheduled Balance) 654,355.47
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 1,135,148.78
------------- ------------ ------------ ------------
Total Principal Distribution 2,203,078.09 0.00 0.00 0.00
(x) Interest Distribution 33,850.78 5,394.35 2,657.68 3,675.58
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
Total Interest Distribution 33,850.78 5,394.35 2,657.68 3,675.58
(y) Beginning Class I A and Class I B Principal Balance 51,883,000.00 8,022,000.00 3,585,000.00 4,779,000.00
Less: Principal Distribution 2,203,078.09 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 49,679,921.91 8,022,000.00 3,585,000.00 4,779,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.95753757 51,883,000.00 5.8720%
Section 6.02 Reimbursement Amount 0.00 Class II B-1 1.00000000 8,022,000.00 6.0520%
Reimburseable Fees 0.00 Class II B-2 1.00000000 3,585,000.00 6.6720%
------------- Class II B-3 1.00000000 4,779,000.00 6.9220%
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 19 688,528
60-89 Days Delinquent 2 125,353
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 53,364.60
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 3,675.58
(y) Remaining Amount Available 471,997.10
-----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 3 53,364.60
(al) Principal Prepayments paid 736,258.76
(am) Scheduled Principal Payments 331,670.55
(an) Weighted Average Interest Rate 10.83%
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-FEB-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,612,346.94
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 26,842.14
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distrubution Amount 1,585,504.80
To Class A and B - Scheduled Principal and Interest 1,113,507.70
Monthly Excess Cashflow Class II 471,997.10
Monthly Excess Cashflow Class I 663,151.68
Accelerated Principal Payment 1,135,148.78
Weighted Average Remaining Term (months) 198.00
Scheduled Balance Computation
Prior Month Balance 68,269,356.87
Current Balance 67,213,701.09
Adv Principal 7,868.60
Del Principal 20,142.13
Pool Scheduled Balance 67,201,427.56
Principal Payments in Full 654,355.47
Partial Prepayments 81,903.29
Scheduled Principal 331,670.55
Collateral Balance 67,213,701.09
Overcollateralization Amount 1,135,506
Required Overcollateralization Amount 5,694,310
</TABLE>
<PAGE> 5
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAR-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
(a) Class I A and Class I B Distribution Amounts 2,239,039.49 172,994.50 130,520.83 58,490.79
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 721,208.66
(b) Partial Prepayments Received 47,837.58
(c) Principal Payments in Full (Scheduled Balance) 1,276,702.39
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) (253.00)
------------- ------------- ------------- -------------
Total Principal Distribution 2,045,495.63 0.00 0.00 0.00
(c) Interest Distribution 193,543.86 172,994.50 130,520.83 58,490.79
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- -------------- ------------- -------------
Total Interest Distribution 193,543.86 172,994.50 130,520.83 58,490.79
(d) Beginning Class I A and Class I B Principal Balance 41,442,233.18 33,810,000.00 25,000,000.00 10,790,000.00
Less: Principal Distribution 2,045,495.63 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 39,396,737.55 33,810,000.00 25,000,000.00 10,790,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.90255985
Section 6.02 Reimbursement Amount 10,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 10,000.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 60 1,254,272
60-89 Days Delinquent 7 113,675
90+ Days Delinquent 5 82,464
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 11,534.48
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 38,924.22
(y) Remaining Amount Available 655,710.17
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 29,912.60
(q) Principal Prepayments paid 1,324,539.97
(r) Scheduled Principal Payments 721,208.66
(s) Weighted Average Interest Rate 11.37%
<CAPTION>
<S> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-5 Class I A-6 Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 62,192.19 69,496.68 54,210.45 38,924.22
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------- ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 62,192.19 69,496.68 54,210.45 38,924.22
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Total Interest Distribution 62,192.19 69,496.68 54,210.45 38,924.22
(d) Beginning Class I A and Class I B Principal Balance 11,265,000.00 12,148,000.00 9,111,000.00 6,074,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 11,265,000.00 12,148,000.00 9,111,000.00 6,074,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 43,650,000.00 5.7975% 5.6875% Libor
Section 6.02 Reimbursement Amount 33,810,000.00 6.1400% 0.11% Spread
Reimburseable Fees 25,000,000.00 6.2650%
10,790,000.00 6.5050%
Total Fees Due Servicer 11,265,000.00 6.6250%
12,148,000.00 6.8650%
No. of 9,111,000.00 7.1400%
(f) Delinquency Contracts 6,074,000.00 7.6900%
31-59 Days Delinquent 60
60-89 Days Delinquent 7
90+ Days Delinquent 5
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
(p) Units repossessed 1
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAR-98
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,980,014.57
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 603,036.09
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 6,920.86
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 1,249.93
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 112,866.38
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 25,699.97
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 10,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 10,000.00
Available Distrubution Amount-Vanderbilt 2,864,069.05
Available Distrubution Amount-SubServicer-21st 578,586.05
To Class A and B 2,825,869.15
Monthly Excess Cashflow 616,785.95
Weighted Average Remaining Term (months) 183.00
Scheduled Balance Computation
Prior Month Balance 149,640,486.94
Current Balance 147,656,370.14
Adv Principal 47,650.64
Del Principal 109,282.47
Pool Scheduled Balance 147,594,738.31
Principal Payments in Full 1,276,702.39
Partial Prepayments 47,837.58
Scheduled Principal 721,208.66
Collateral Balance 147,656,370.14
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAR-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,756,427.41 39,209.20 19,312.94 26,707.64
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 156,424.74
(b) Partial Prepayments Received 31,816.31
(c) Principal Payments in Full (Scheduled Balance) 490,480.74
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a)
through (e) 0.00
(g) Accelerated Principal Payment 842,088.24
------------- ------------ ------------ ------------
Total Principal Distribution 1,520,810.03 0.00 0.00 0.00
(x) Interest Distribution 235,617.38 39,209.20 19,312.94 26,707.64
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
Total Interest Distribution 235,617.38 39,209.20 19,312.94 26,707.64
(y) Beginning Class I A and Class I B Principal Balance 49,679,921.91 8,022,000.00 3,585,000.00 4,779,000.00
Less: Principal Distribution 1,520,810.03 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 48,159,111.88 8,022,000.00 3,585,000.00 4,779,000.00
(z) Fees Due Servicer Pool Original
Monthly Servicing Fee 0.00 (ac) Factor Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.92822527 51,883,000.00 5.8875%
Section 6.02 Reimbursement Amount 14,000.00 Class II B-1 1.00000000 8,022,000.00 6.0675%
Reimburseable Fees 0.00 Class II B-2 1.00000000 3,585,000.00 6.6875%
------------- Class II B-3 1.00000000 4,779,000.00 6.9375%
Total Fees Due Servicer 14,000.00
<CAPTION>
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
<S> <C> <C> <C> <C>
31-59 Days Delinquent 26 712,956
60-89 Days Delinquent 6 244,171
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 26,707.64
(y) Remaining Amount Available 225,302.29
------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 522,297.05
(am) Scheduled Principal Payments 156,424.74
(an) Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAR-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,262,312.05
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 2,670.88
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 26,111.69
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 14,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 14,000.00
Available Distrubution Amount 1,224,871.24
To Class A and B - Scheduled Principal and Interest 999,568.95
Monthly Excess Cashflow Class II 225,302.29
Monthly Excess Cashflow Class I 616,785.95
Accelerated Principal Payment 842,088.24
Weighted Average Remaining Term (months) 197.00
Scheduled Balance Computation
Prior Month Balance 67,201,427.56
Current Balance 66,538,098.19
Adv Principal 8,954.86
Del Principal 24,347.28
Pool Scheduled Balance 66,522,705.77
Principal Payments in Full 490,480.74
Partial Prepayments 31,816.31
Scheduled Principal 156,424.74
Collateral Balance 66,538,098.19
Overcollateralization Amount 1,977,594
Required Overcollateralization Amount 5,694,310
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-APR-98
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
(a) Class I A and Class I B Distribution Amounts 2,481,421.67 172,994.50 130,520.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 592,860.33
(b) Partial Prepayments Received 38,254.46
(c) Principal Payments in Full (Scheduled Balance) 1,660,995.71
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
--------------- ------------- -------------
Total Principal Distribution 2,292,110.50 0.00 0.00
(c) Interest Distribution 189,311.17 172,994.50 130,520.83
Unpaid Interest Shortfall 0.00 0.00 0.00
--------------- ------------- -------------
Total Interest Distribution 189,311.17 172,994.50 130,520.83
(d) Beginning Class I A and Class I B Principal Balance 39,396,737.55 33,810,000.00 25,000,000.00
Less: Principal Distribution 2,292,110.50 0.00 0.00
--------------- ------------- -------------
Remaining Class A and Class B Principal Balance 37,104,627.05 33,810,000.00 25,000,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.85004873
Section 6.02 Reimbursement Amount 22,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
--------------- Class I A-4 1.00000000
Total Fees Due Servicer 22,000.00 Class I A-5 1.00000000
Class I A-6 1.00000000
Class I B-1 1.00000000
Class I B-2 1.00000000
<CAPTION>
<S> <C> <C> <C>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-4 Class I A-5 Class I A-6
(a) Class I A and Class I B Distribution Amounts 58,490.79 62,192.19 69,496.68
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
--------------- ------------- -----------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 58,490.79 62,192.19 69,496.68
Unpaid Interest Shortfall 0.00 0.00 0.00
--------------- ------------- -----------
Total Interest Distribution 58,490.79 62,192.19 69,496.68
(d) Beginning Class I A and Class I B Principal Balance 10,790,000.00 11,265,000.00 12,148,000.00
Less: Principal Distribution 0.00 0.00 0.00
--------------- ------------- -----------
Remaining Class A and Class B Principal Balance 10,790,000.00 11,265,000.00 12,148,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 43,650,000.00 5.7663%
Section 6.02 Reimbursement Amount 33,810,000.00 6.1400%
Reimburseable Fees 25,000,000.00 6.2650%
10,790,000.00 6.5050%
Total Fees Due Servicer 11,265,000.00 6.6250%
12,148,000.00 6.8650%
9,111,000.00 7.1400%
6,074,000.00 7.6900%
<S> <C> <C>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 54,210.45 38,924.22
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
--------------- -------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 54,210.45 38,924.22
Unpaid Interest Shortfall 0.00 0.00
--------------- -------------
Total Interest Distribution 54,210.45 38,924.22
(d) Beginning Class I A and Class I B Principal Balance 9,111,000.00 6,074,000.00
Less: Principal Distribution 0.00 0.00
--------------- -------------
Remaining Class A and Class B Principal Balance 9,111,000.00 6,074,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.6563% Libor
Section 6.02 Reimbursement Amount 0.11% Spread
Reimburseable Fees
Total Fees Due Servicer
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 62 1,333,130
60-89 Days Delinquent 15 402,809
90+ Days Delinquent 7 133,246
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 138,609.45
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 38,924.22
(y) Remaining Amount Available 522,712.34
--------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 1,699,250.17
(r) Scheduled Principal Payments 592,860.33
(s) Weighted Average Interest Rate 11.37%
</TABLE>
<PAGE> 10
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-APR-98
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,274,481.69
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 415,745.13
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 12,938.03
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 1,221.06
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 109,260.81
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 21,085.65
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 22,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 22,000.00
Available Distrubution Amount-Vanderbilt 3,156,158.91
Available Distrubution Amount-SubServicer-21st 395,880.54
To Class A and B 3,068,251.33
Monthly Excess Cashflow 483,788.12
Weighted Average Remaining Term (months) 182.00
Scheduled Balance Computation
Prior Month Balance 147,594,738.31
Current Balance 145,376,159.55
Adv Principal 46,500.17
Del Principal 120,031.91
Pool Scheduled Balance 145,302,627.81
Principal Payments in Full 1,660,995.71
Partial Prepayments 38,254.46
Scheduled Principal 592,860.33
Collateral Balance 145,376,159.55
</TABLE>
<PAGE> 11
<TABLE>
<S> <C> <C> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-APR-98
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,569,913.52 40,352.67 19,885.70 27,504.34
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 180,344.43
(b) Partial Prepayments Received 82,733.88
(c) Principal Payments in Full (Scheduled Balance) 355,536.34
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in
(a) through (e) 0.00
(g) Accelerated Principal Payment 716,270.36
------------ ----------- --------- -------------
Total Principal Distribution 1,334,885.01 0.00 0.00 0.00
(x) Interest Distribution 235,028.51 40,352.67 19,885.70 27,504.34
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------ ----------- --------- -------------
Total Interest Distribution 235,028.51 40,352.67 19,885.70 27,504.34
(y) Beginning Class I A and Class I B Principal Balance 48,159,111.88 8,022,000.00 3,585,000.00 4,779,000.00
Less: Principal Distribution 1,334,885.01 0.00 0.00 0.00
------------ ----------- --------- -------------
Remaining Class A and Class B Principal Balance 46,824,226.87 8,022,000.00 3,585,000.00 4,779,000.00
(z) Fees Due Servicer Pool Original
Monthly Servicing Fee 0.00 (ac) Factor Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.90249652 51,883,000.00 5.8563%
Section 6.02 Reimbursement Amount 8,000.00 Class II B-1 1.00000000 8,022,000.00 6.0363%
Reimburseable Fees 0.00 Class II B-2 1.00000000 3,585,000.00 6.6563%
--------- Class II B-3 1.00000000 4,779,000.00 6.9063%
Total Fees Due Servicer 8,000.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 38 1,377,630
60-89 Days Delinquent 7 210,433
90+ Days Delinquent 4 201,031
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 27,612.62
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 27,504.34
(y) Remaining Amount Available 232,482.24
-----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 438,270.22
(am) Scheduled Principal Payments 180,344.43
(an) Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 12
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-APR-98
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,202,674.88
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 4,693.07
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 25,499.84
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 8,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 8,000.00
Available Distrubution Amount 1,173,868.11
To Class A and B - Scheduled Principal and Interest 941,385.87
Monthly Excess Cashflow Class II 232,482.24
Monthly Excess Cashflow Class I 483,788.12
Accelerated Principal Payment 716,270.36
Weighted Average Remaining Term (months) 196.00
Scheduled Balance Computation
Prior Month Balance 66,522,705.77
Current Balance 65,925,832.85
Adv Principal 8,425.26
Del Principal 30,166.99
Pool Scheduled Balance 65,904,091.12
Principal Payments in Full 355,536.34
Partial Prepayments 82,733.88
Scheduled Principal 180,344.43
Collateral Balance 65,925,832.85
Overcollateralization Amount 2,693,864
Required Overcollateralization Amount 5,694,310
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
Chase Bank, Trustee DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES FOR THE PERIOD ENDED: 25-MAY-98
SERIES 1998A
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C> <C>
Class I A-1 Class I A-2 Class I A-3 Class I A-4
(a) Class I A and Class I B Distribution Amounts 2,224,673.06 172,994.50 130,520.83 58,490.79
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 822,088.97
(b) Partial Prepayments Received 78,230.61
(c) Principal Payments In Full (Scheduled Balance) 1,134,302.69
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls In (a) Through (e) (0.76)
------------- ------------- ------------- -------------
Total Principal Distribution 2,034,621.51 0.00 0.00 0.00
(c) Interest Distribution 190,051.55 172,994.50 130,520.83 58,490.79
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 190,051.55 172,994.50 130,520.83 58,490.79
(d) Beginning Class I A and Class I B Principal Balance 37,104,627.05 33,810,000.00 25,000,000.00 10,790,000.00
Less: Principal Distribution 2,034,621.51 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 35,070,005.54 33,810,000.00 25,000,000.00 10,790,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 151,356.90 (H) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.80343655
Section 6.02 Reimbursement Amount 18,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 169,356.90 Class I A-5 1.00000000
Class I A-6 1.00000000
No. Of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 122 2,502,990
60-89 Days Delinquent 16 427,247
90+ Days Delinquent 17 420,350
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 221,247.92
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 38,924.22
(y) Remaining Amount Available 472,804.35
-------------
Amount of (x) Over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units Repossessed 2 71,654.06
(q) Principal Prepayments Paid 1,212,533.30
(r) Scheduled Principal Payments 822,088.97
(s) Weighted Average Interest Rate 11.37%
<CAPTION>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C> <C>
Class I A-5 Class I A-6 Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 62,192.19 69,496.68 54,210.45 38,924.22
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments In Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls In (a) Through (e)
------------- ------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 62,192.19 69,496.68 54,210.45 38,924.22
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Total Interest Distribution 62,192.19 69,496.68 54,210.45 38,924.22
(d) Beginning Class I A and Class I B Principal Balance 11,265,000.00 12,148,000.00 9,111,000.00 6,074,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 11,265,000.00 12,148,000.00 9,111,000.00 6,074,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 43,650,000.00 5.7623% 5.6523 Libor
Section 6.02 Reimbursement Amount 33,810,000.00 6.1400% 0.11% Spread
Reimburseable Fees 25,000,000.00 6.2650%
10,790,000.00 6.5050%
Total Fees Due Servicer 11,265,000.00 6.6250%
12,148,000.00 6.8650%
No. Of 9,111,000.00 7.1400%
(f) Delinquency Contracts 6,074,000.00 7.6900%
31-59 Days Delinquent 122
60-89 Days Delinquent 16
90+ Days Delinquent 17
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) Over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Units Repossessed
(q) Principal Prepayments Paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 14
<TABLE>
<S> <C> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAY-98
Computation of Available Distribution Amount
(I) Certificate Account Balance At Monthly Cutoff-Vanderbilt 2,888,310.77
Certificate Account Balance At Monthly Cutoff-Subservicer-21st 621,414.45
(ii) Monthly Advance Made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 10,015.21
(iii)Section 5.05 Certificate Fund Income-Subservicer-21st 1,704.66
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal And Interest
due subsequent to the Due Period-Vanderbilt 94,338.34
(i) Scheduled Payments of principal And interest
due subsequent To The Due Period-Subservicer-21st 12,367.00
(ii) Due To The Servicer Pursuant To Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement For taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 151,356.90
(iv) Reimburseable Liquidation Expenses 18,000.00
(v) Section 6.04 (C) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-Subservicer-21st 0.00
Total Due Servicer 169,356.90
Available Distrubution Amount-Vanderbilt 2,634,630.74
Available Distrubution Amount-Subservicer-21st 610,752.11
To Class A and B 2,811,502.72
Monthly Excess Cashflow 433,880.13
Weighted Average Remaining Term (Months) 181.00
Scheduled Balance Computation
Prior Month Balance 145,302,627.81
Current Balance 143,380,069.41
Adv Principal 39,701.93
Del Principal 151,765.80
Pool Scheduled Balance 143,268,005.54
Principal Payments In Full 1,134,302.69
Partial Prepayments 78,230.61
Scheduled Principal 822,088.97
Collateral Balance 143,380,069.41
</TABLE>
<PAGE> 15
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAY-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(V) Class II A And Class Ii B Distribution Amounts 914,869.25 43,014.32 21,198.66 29,320.97
(W) Formula Principal Distribution Amount
(A) Scheduled Principal Due 163,991.84
(B) Partial Prepayments Received 126,977.76
(C) Principal Payments In Full (Scheduled Balance) 514,080.94
(D) Liquidated Contract Scheduled Balance 0.00
(E) Section 3.05 Purchase Scheduled Balance 0.00
(F) Previously Undistributed Shortfalls In (a) through (e) 0.00
(G) Overpayment Of Accelerated Principal Payment (133,763.00)
------------- ------------ ------------ -------------
Total Principal Distribution 671,287.54 0.00 0.00 0.00
(x) Interest Distribution 243,581.71 43,014.32 21,198.66 29,320.97
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ -------------
Total Interest Distribution 43,581.71 43,014.32 21,198.66 29,320.97
(y) Beginning Class I A And Class I B Principal Balance 46,824,226.87 8,022,000.00 3,585,000.00 4,779,000.00
Less: Principal Distribution 671,287.54 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A And Class B Principal Balance 46,152,939.33 8,022,000.00 3,585,000.00 4,779,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 68,650.09 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.88955803 51,883,000.00 5.8523%
Section 6.02 Reimbursement Amount 18,000.00 Class II B-1 1.00000000 8,022,000.00 6.0323%
Reimburseable Fees 0.00 Class II B-2 1.00000000 3,585,000.00 6.6523%
------------- Class II B-3 1.00000000 4,779,000.00 6.9023%
Total Fees Due Servicer 86,650.09
No. Of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 55 1,856,592
60-89 Days Delinquent 9 372,044
90+ Days Delinquent 6 213,487
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 730,324.64
Reposession Profits 0.00
(ae) Principal Balance Of Contracts In Repossession 107,860.61
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 29,320.97
(y) Remaining Amount Available 296,444.51
-------------
Amount of (x) Over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 641,058.70
(am) Scheduled Principal Payments 163,991.84
(an) Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 16
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998A FOR THE PERIOD ENDED: 25-MAY-98
Computation Of Available Distribution Amount
(i) Certificate Account Balance At Monthly Cutoff-Vanderbilt 1,408,544.38
(ii) Monthly Advance Made 0.00
(iii)section 5.05 Certificate Fund Income-Vanderbilt 4,512.45
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments Of principal and interest
due subsequent to the Due Period-Vanderbilt 21,559.03
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 68,650.09
(iv) Reimburseable Liquidation Expenses 18,000.00
(v) Section 6.04 (C) reimbursement 0.00
(vi) Section 8.06 Reimbursement 0.00
(vii) Amounts not required to be deposited-Subservicer 0.00
Total Due Servicer 86,650.09
Available Distrubution Amount 1,304,847.71
To Class A and B - Scheduled Principal and Interest 1,008,403.20
Monthly Excess Cashflow Class II 296,444.51
Monthly Excess Cashflow Class I 433,880.13
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (Months) 195.00
Scheduled Balance Computation
Prior Month Balance 65,904,091.12
Current Balance 65,131,566.59
Adv Principal 7,288.81
Del Principal 39,814.82
Pool Scheduled Balance 65,099,040.58
Principal Payments In Full 514,080.94
Partial Prepayments 126,977.76
Scheduled Principal 163,991.84
Collateral Balance 65,131,566.59
Overcollateralization Amount 2,560,101
Required Overcollateralization Amount 2,560,101
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