- --------------------------------------------------------------------------------
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 event reported)
April 15, 1998
ContiMortgage Home Equity Loan Trust 1998-1
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1547407
16-1547408
New York 33-339505 16-1547409
---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
-------------------------------- ----------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On April 15, 1998 a scheduled distribution was made from the Trust to
holders of the Class A, B, C and R Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of March, 1998 dated April
15, 1998 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of March,
1998 was $203,283.92.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of March, 1998.
Page 3
<PAGE>
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Robert Riedl
--------------------
Name: Robert Riedl
Title: Vice President, Secretary and Treasurer
Dated: April 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of March, 1998.
Page 5
------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------
Distribution Period: 15-Apr-98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WGS8 A-1 103,075,000.00 103,075,000.00 4,980,832.56 323,371.47 5,304,204.03 98,094,167.44
21075WGT6 A-2 340,466,000.00 340,466,000.00 0.00 584,466.63 584,466.63 340,466,000.00 340,466,000.00
21075WGU3 A-3 369,608,000.00 369,608,000.00 0.00 638,600.49 638,600.49 369,608,000.00 369,608,000.00
21075WGV1 A-4 126,682,000.00 126,682,000.00 0.00 220,989.71 220,989.71 126,682,000.00 126,682,000.00
21075WGW9 A-5 121,211,000.00 121,211,000.00 0.00 216,496.31 216,496.31 121,211,000.00 121,211,000.00
21075WGX7 A-6 80,668,000.00 80,668,000.00 0.00 147,443.18 147,443.18 80,668,000.00 80,668,000.00
21075WGY5 A-7 110,471,000.00 110,471,000.00 0.00 210,815.49 210,815.49 110,471,000.00 110,471,000.00
-----------------
21075WGZ2 A-8 218,675,000.00 218,675,000.00 0.00 696,965.82 696,965.82 218,675,000.00
21075WHA6 A-9 171,344,000.00 171,344,000.00 697,833.82 558,533.84 1,256,367.66 170,646,166.18
21075WHC2 B 57,800,000.00 57,800,000.00 0.00 126,196.67 126,196.67 57,800,000.00
C 0.00 0.00 0.00 509,274.61 509,274.61 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,700,000,000.00 5,678,666.38 4,233,154.22 9,911,820.60 1,694,321,333.62
---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHB4 A-10IO 191,139,000.00 191,139,000.00 0.00 345,112.08 345,112.08 191,139,000.00
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------- ----------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
- ----------------------------------------------------------------------------------------- ----------------------------------------
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
- ----------------------------------------------------------------------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WGS8 A-1 48.32241145 3.13724443 51.45965588 951.67758855 A-1 5.64704% 5.64704%
21075WGT6 A-2 0.00000000 1.71666666 1.71666666 1,000.00000000 A-2 6.18000% 6.18000%
21075WGU3 A-3 0.00000000 1.72777778 1.72777778 1,000.00000000 A-3 6.22000% 6.22000%
21075WGV1 A-4 0.00000000 1.74444444 1.74444444 1,000.00000000 A-4 6.28000% 6.28000%
21075WGW9 A-5 0.00000000 1.78611108 1.78611108 1,000.00000000 A-5 6.43000% 6.43000%
21075WGX7 A-6 0.00000000 1.82777781 1.82777781 1,000.00000000 A-6 6.58000% 6.58000%
21075WGY5 A-7 0.00000000 1.90833332 1.90833332 1,000.00000000 A-7 6.87000% 6.87000%
21075WGZ2 A-8 0.00000000 79.68055562 79.68055562 25,000.00000000 A-8 5.73700% 5.73700%
21075WHA6 A-9 4.07270649 3.25972220 7.33242868 995.92729351 A-9 5.86750% 5.86750%
21075WHC2 B 0.00000000 2.18333339 2.18333339 1,000.00000000 A-10IO 6.50000% 6.50000%
- -----------------------------------------------------------------------------------------
Total 3.34039199 2.19051742 5.53090941 996.65960801 B 7.86000% 7.86000%
--------------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.68750%
---------
AUCTION RATE: 5.73700%
---------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
21075WHB4 A-10IO 0.00000000 1.80555554 1.80555554 1,000.00000000
- ---------------------------------------------------------------------------------------------
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
<PAGE>
------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------
Distribution Period: 15-Apr-98
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ii) Class A-1 230,818.97 4,630,636.29 115,110.76 4,266.54 4,980,832.56
Per $1000 Unit 2.23933029 44.92492156 1.11676701 0.04139256 48.32241145
------------
Class A-2 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $25,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Class A-9 10,569.99 690,935.00 0.00 (3,671.17) 697,833.82
Per $1,000 Unit 0.06168871 4.03244349 0.00000000 (0.02142573) 4.07270649
------------
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------
Total 241,388.96 5,317,900.12 115,110.76 595.37 5,678,666.38
Per $1000 Unit 0.14199351 3.12817654 0.06771221 0.00035022 3.34039199
--------------------------------------------------------------------------------------------
</TABLE>
* Class A-8 Amounts Per $25,000 Unit.
SEC. 7.09(a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Fixed Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10IO Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09(a)(vi) Outstanding Loan Balance: 1,305,301,947.90 212,346,330.42 176,673,055.30 1,694,321,333.62
SEC. 7.09(a)(vii) Scheduled Principal Received 222,195.08 8,623.89 10,569.99 241,388.96
Prepayments (incl. Curtailments & Purchased
Principal) 4,360,447.88 270,188.41 690,935.00 5,321,571.29
Liquidation Proceeds applied to principal 115,110.76 0.00 0.00 115,110.76
Realized Loss of Principal 0.00 0.00 0.00 0.00
SEC. 7.09(a)(viii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
</TABLE>
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ix) Loan Purchase Prices 48,001.91 0.00 0.00 48,001.91
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09(a)(x) Weighted Average Coupon 10.6298% 10.2396% 9.9939% 10.5146%
SEC. 7.09(a)(xi) Weighted Average Remaining Term to Maturity 230 358 358
SEC. 7.09(a)(xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09(a)(xiii) Senior Enhancement Percentage 3.4114% 3.4113% 3.4114%
SEC. 7.09(a)(xiv) Overcollateralization Amount 131.86 (131.86) 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09(a)(xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- -----------
<S> <C> <C> <C>
Class B 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Group I Group II
------- --------
<S> <C> <C> <C>
SEC. 7.09(a)(xvii) Available Funds Cap 9.14950% 9.42056%
SEC. 7.09(a)(xviii) Insured Payment 0.00 0.00
SEC. 7.09(a)(xix) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09(a)(xxi) Largest Home Equity Loan Balance Outstanding 480,000.00
SEC. 7.09(a)(xxii) Amount Remaining in the Auction Remainder Account 0.00
</TABLE>
<PAGE>
------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------
Distribution Period: 15-Apr-98
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
SEC. 7.09(b)(ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 116 0.57907% 6,439,977.92 0.49337%
Fixed Rate 60-89 Days 26 0.12979% 1,196,851.73 0.09169%
90+ Days 1 0.00499% 52,650.00 0.00403%
-----------------------------------------------------------------------------------------------
30-59 Days 6 0.26619% 613,392.21 0.28886%
Adjustable Rate I 60-89 Days 1 0.04437% 33,750.00 0.01589%
90+ Days 1 0.04437% 281,600.00 0.13261%
-----------------------------------------------------------------------------------------------
30-59 Days 21 1.15894% 1,997,318.91 1.13052%
Adjustable Rate II 60-89 Days 2 0.11038% 320,450.00 0.18138%
90+ Days 0 0.00000% 0.00 0.00000%
-----------------------------------------------------------------------------------------------
30-59 Days 143 0.59341% 9,050,689.04 0.53418%
TOTAL 60-89 Days 29 0.12034% 1,551,051.73 0.09154%
90+ Days 2 0.00830% 334,250.00 0.01973%
-----------------------------------------------------------------------------------------------
Total Fixed 20,032 100.00000% 1,305,301,947.90 100.00000%
----------------------------------------------------------------------------
Total Adjust. I 2,254 100.00000% 212,346,330.42 100.00000%
----------------------------------------------------------------------------
Total Adjust. II 1,812 100.00000% 176,673,055.30 100.00000%
----------------------------------------------------------------------------
Total 24,098 100.00000% 1,694,321,333.62 100.00000%
----------------------------------------------------------------------------
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on
each respective Group's loan count and balance.
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C>
SEC. 7.09(b)(iii) Loans in Foreclosure (LIF): Count 0 0 0 0
Loans in Foreclosure (LIF): Balance 0.00 0.00 0.00 0.00
Newly Commenced LIF: Count 0 0 0 0
Newly Commenced LIF: Balance 0.00 0.00 0.00 0.00
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 3 0 1 4
Loans in Bankruptcy: Balance 163,026.80 0.00 108,804.21 271,831.01
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 12,221 0 3 12,224
Balloon Loans: Balance 915,834,000.78 0.00 173,792.88 916,007,793.66
SEC. 7.0(b)(v&vi) REO Properties: Count 0 0 0 0
REO Properties: Balance 0.00 0.00 0.00 0.00
SEC. 7.0(b)(vii) Cumulative Realized Losses 69.00 0.00 0.00 69.00
SEC. 7.0(b)(viii) Loan Balance of 60+ Day Delinquent Loans 1,249,501.73 315,350.00 320,450.00 1,885,301.73
SEC. 7.0(b)(ix) Three Month Rolling Average of 60+ Day Delinquency Rate 0.03191% 0.04950% 0.06046% 0.03709%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
<PAGE>
------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------
Distribution Period: 15-Apr-98
<TABLE>
<S> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 10,407,131.30
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 5,304,204.03 5,304,204.03
Class A-2 Allocation 584,466.63 584,466.63
Class A-3 Allocation 638,600.49 638,600.49
Class A-4 Allocation 220,989.71 220,989.71
Class A-5 Allocation 216,496.31 216,496.31
Class A-6 Allocation 147,443.18 147,443.18
Class A-7 Allocation 210,815.49 210,815.49
Class A-8 Allocation 696,965.82 696,965.82
Class A-9 Allocation 1,256,367.66 1,256,367.66
Class A-10IO Allocation 345,112.08 345,112.08
------------------------------
Class A Distribution Amount 9,621,461.40 9,621,461.40
==============================
Class B Allocation 126,196.67 126,196.67
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
--------------------------------------------------------------
A-1 103,075,000.00 4,980,832.56 98,094,167.44
A-2 340,466,000.00 0.00 340,466,000.00
A-3 369,608,000.00 0.00 369,608,000.00
A-4 126,682,000.00 0.00 126,682,000.00
A-5 121,211,000.00 0.00 121,211,000.00
A-6 80,668,000.00 0.00 80,668,000.00
A-7 110,471,000.00 0.00 110,471,000.00
A-8 218,675,000.00 0.00 218,675,000.00
A-9 171,344,000.00 697,833.82 170,646,166.18
A-10IO 191,139,000.00 NA 191,139,000.00
B 57,800,000.00 0.00 57,800,000.00
* Denotes Notional Amounts for Class A-10IO.
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 69.00 0.00 0.00 69.00
Cumulative Realized Losses 69.00 0.00 0.00 69.00
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 1,885,301.73
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.03709%
</TABLE>
<PAGE>
------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------
Insurer's Report
Distribution Period: 15-Apr-98
Group I Group II Total
* Monthly Excess Cashflow Amount 509,869.98 3,671.17 513,541.15
* Premium paid from cash flow (1) 91,617.00 10,666.00 102,283.00
* Trustee Fee paid from cash flow (1) 1,552.48 180.85 1,733.33
* Auction Agent Fee
(Incl. Broker Dealer Fee) 46,182.29 0.00 46,182.29
* Interest Collected on Mortgage
Loans (net of Service Fee) 4,261,287.11 467,773.18 4,729,060.29
* Current Period Realized Losses:
Principal 0.00 0.00 0.00
Interest 69.00 0.00 69.00
(1) Allocated based upon the related Certificate Balances.
<PAGE>
- --------------------------------------------------------------------------------
RECONCILIATION REPORT 11:02:37 AM
ISSUE DATE: 26-MAR-98
DISTRIBUTION DATE: 15-APR-98
CONTIMORTGAGE HOME EQUITY LOAN TRUST DETERMINATION DATE: 12-APR-98
DEAL NAME: SERIES 1998-1 RUN DATE: 10-APR-98
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
I. CASH RECONCILIATION
- --------------------------------------------------------------------------------
A. Computed Information
Total Collection - per Servicer Report 10,407,131.30 A
=============
B. Cash Receipts from Servicer, net of service fees 10,407,131.30 B
=============
Difference between A and B 0.00
- --------------------------------------------------------------------------------
II. DISTRIBUTION SUMMARY AND RECONCILIATION
- --------------------------------------------------------------------------------
A. Amounts Distributed:
- ------------------------------------
Class A-1 Distribution Amount 5,304,204.03
Class A-2 Distribution Amount 584,466.63
Class A-3 Distribution Amount 638,600.49
Class A-4 Distribution Amount 220,989.71
Class A-5 Distribution Amount 216,496.31
Class A-6 Distribution Amount 147,443.28
Class A-7 Distribution Amount 210,815.49
Class A-8 Distribution Amount 696,965.82
Class A-9 Distribution Amount 1,256,367.66
Class A-10IO Distribution Amount 345,112.08
Class B Distribution Amount 126,196.67
Class C Certificates 509,274.61
Delinquency & Servicer Advances 0.00
Trustee Fees 1,733.33
Premium Amount 102,283.00
Certificate Insurer Reimbursement Amount 0.00
Auction Agent Fee 46,182.29
Auction Remainder Account Deposit 0.00
Class R Certificates
-------------
Total Amount Distributed: 10,407,131.30
=============
B. Amounts Available:
- ------------------------------------
Cash Receipts from Servicer, net of service fees 10,407,131.30
Investment Income 0.00
Insurance Payment 0.00
-------------
10,407,131.30
=============
Difference between A and B (0.00)
