- -----------------------------------------------------------------
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)
August 15, 1998
ContiMortgage Home Equity Loan Trust 1998-1
(Exact name of registrant as specified in its charter)
16-1547408
16-1547407
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 July 15, 1998 a scheduled distribution was made from the Trust to
holders of the Class A, B, and C Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of July, 1998 dated August
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
August, 1998 was $673,328.12.
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 July, 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: August 28, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of July, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Aug-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 47,366,494.77 23,843,731.21 245,190.45 24,088,921.66 23,522,763.56
21075WGT6 A-2 340,466,000.00 340,466,000.00 0.00 1,753,399.90 1,753,399.90 340,466,000.00 340,466,000.00
21075WGU3 A-3 369,608,000.00 369,608,000.00 0.00 1,915,801.47 1,915,801.47 369,608,000.00 369,608,000.00
21075WGV1 A-4 126,682,000.00 126,682,000.00 0.00 662,969.13 662,969.13 126,682,000.00 126,682,000.00
21075WGW9 A-5 121,211,000.00 121,211,000.00 0.00 649,488.94 649,488.94 121,211,000.00 121,211,000.00
21075WGX7 A-6 80,668,000.00 80,668,000.00 0.00 442,329.53 442,329.53 80,668,000.00 80,668,000.00
21075WGY5 A-7 110,471,000.00 110,471,000.00 0.00 632,446.48 632,446.48 110,471,000.00 110,471,000.00
21075WGZ2 A-8 218,675,000.00 218,675,000.00 0.00 1,118,522.63 1,118,522.63 218,675,000.00
21075WHA6 A-9 171,344,000.00 162,284,896.89 3,519,524.38 868,207.29 4,387,731.67 158,765,372.51
21075WHC2 B 57,800,000.00 57,800,000.00 0.00 378,590.00 378,590.00 57,800,000.00
C 0.00 0.00 0.00 3,708,617.19 3,708,617.19 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,635,232,391.66 27,363,255.59 12,375,563.01 39,738,818.60 1,607,869,136.07
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
----------------------------------------------------------------------------------------------------------------------
21075WHB4 A-10IO 191,139,000.00 191,139,000.00 0.00 1,035,336.25 1,035,336.25 191,139,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
21075WGS8 A-1 231.32409614 2.37875770 233.70285384 228.2101727 A-1 5.64704% 5.64704%
21075WGT6 A-2 0.00000000 5.15000000 5.15000000 1,000.0000000 A-2 6.18000% 6.18000%
21075WGU3 A-3 0.00000000 5.18333334 5.18333334 1,000.0000000 A-3 6.22000% 6.22000%
21075WGV1 A-4 0.00000000 5.23333331 5.23333331 1,000.0000000 A-4 6.28000% 6.28000%
21075WGW9 A-5 0.00000000 5.35833332 5.35833332 1,000.0000000 A-5 6.43000% 6.43000%
21075WGX7 A-6 0.00000000 5.48333329 5.48333329 1,000.0000000 A-6 6.58000% 6.58000%
21075WGY5 A-7 0.00000000 5.72500005 5.72500005 1,000.0000000 A-7 6.87000% 6.87000%
21075WGZ2 A-8 0.00000000 127.87500057 127.87500057 25,000.0000000 A-8 5.73700% 5.58000%
21075WHA6 A-9 20.54069229 5.06704227 25.60773456 926.5884566 A-9 5.86750% 5.83625%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.000000 A-10IO 6.50000% 6.50000%
---------------------------------------------------------------------------------
Total 16.09603270 5.09820342 21.19423612 945.80537416 B 7.86000% 7.86000%
---------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.65625%
AUCTION RATE: 5.58000%
----------------------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
----------------------------------------------------------------------------------------
21075WHB4 A-10IO 0.00000000 5.41666667 5.41666667 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 1
Distribution Period: 15-Aug-98
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Class A-1 1,218,408.02 21,922,833.81 605,153.31 97,336.07 23,843,731.21
Per $1000 Unit 11.82059685 212.68817667 5.87099985 0.94432274 231.32409614
-------------------------------------------------------------------------------------------------------------
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 74,760.70 3,471,334.65 0.00 (26,570.97) 3,519,524.38
Per $1,000 Unit 0.43631933 20.25944676 0.00000000 (0.15507383) 20.54069229
-----------------------------------------------------------------------------------------------------------
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 1,293,168.72 25,394,168.46 605,153.31 70,765.10 27,363,255.59
Per $1000 Unit 0.76068748 14.93774615 0.35597254 0.04162653 16.09603270
-------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
</TABLE>
<TABLE>
<S> <C> <C>
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>
<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: 1,239,389,314.69 203,795,561.99 164,684,259.39 1,607,869,136.07
SEC. 7.09 (a)(vii) Scheduled Principal Received 1,125,029.37 93,378.65 74,760.70 1,293,168.72
Prepymnts incl. Curtailments & Purch Princ 19,331,591.70 2,591,242.11 3,471,334.65 25,394,168.46
Liquidation Proceeds applied to principal 605,153.31 0.00 0.00 605,153.31
Realized Loss of Principal 69,832.01 0.00 933.09 70,765.10
SEC. 7.09 (a)(viii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (a) (ix) Loan Purchase Prices 506,778.02 33,864.46 0.00 540,642.48
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.6030% 10.2278% 10.0591% 10.4996%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 227 355 354
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
Group I Group II Total
SEC. 7.09 (a) (xiii) Senior Enhancement Percentage 3.5949% 3.5941% 3.5948%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 1,261.01 (1,261.01) 0.00
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class B 0.00 0.00 0.00
Group I Group II
SEC. 7.09 (a) (xvii) Available Funds Cap 9.09433% 9.48710%
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 449,040.19
SEC. 7.09 (a) (xxii) Amount Remaining in the Auction Remainder Account 0.00 Page 2
</TABLE>
Distribution Period: 15-Aug-98
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage rin. Balance Percentage
---------------------------------------------------------------------------------------
----------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 527 2.76888% 32,253,912.25 2.60240%
Fixed Rate 60-89 Days 166 0.87217% 10,425,566.58 0.84119%
90+ Days 113 0.59371% 6,608,509.79 0.53321%
-------------------------------------------------------------------------------------------------------
----------------------
30-59 Days 52 2.39301% 4,857,110.55 2.38332%
Adjustable Rate I 60-89 Days 23 1.05844% 2,118,167.59 1.03936%
90+ Days 26 1.19650% 2,750,855.57 1.34981%
-------------------------------------------------------------------------------------------------------
----------------------
30-59 Days 42 2.44898% 3,513,702.21 2.13360%
Adjustable Rate II 60-89 Days 28 1.63265% 2,932,900.75 1.78092%
90+ Days 37 2.15743% 3,265,965.08 1.98317%
-------------------------------------------------------------------------------------------------------
----------------------
30-59 Days 621 2.70931% 40,624,725.01 2.52662%
TOTAL 60-89 Days 217 0.94673% 15,476,634.92 0.96256%
90+ Days 176 0.76785% 12,625,330.44 0.78522%
-------------------------------------------------------------------------------------------------------
Total Fixed 19,033 100.000001,239,389,314.69 100.00000%
---------------------------------------------------------------------------------
Total Adjust. I 2,173 100.00000% 203,795,561.99 100.00000%
---------------------------------------------------------------------------------
Total Adjust. II 1,715 100.00000% 164,684,259.39 100.00000%
---------------------------------------------------------------------------------
Total 22,921 100.00000 1,607,869,136.07 100.00000%
---------------------------------------------------------------------------------------
</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> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 78 12 10 100
Loans in Foreclosure (LIF): Balance 5,257,578.43 1,219,408.06 580,850.51 7,057,837.00
Newly Commenced LIF: Count 51 8 6 65
Newly Commenced LIF: Balance 3,559,997.87 965,194.17 397,557.95 4,922,749.99
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 54 8 14 76
Loans in Bankruptcy: Balance 3,283,467.43 851,590.05 1,578,028.18 5,713,085.66
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 11,634 0 3 11,637
Balloon Loans: Balance 872,481,695.77 0.00 173,459.17 872,655,154.94
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0 0 0
REO Properties: Balance 0.00 0.00 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 116,831.97 0.00 958.04 117,790.01
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 17,034,076.37 4,869,023.16 6,198,865.83 28,101,965.36
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day
Delinquency Rate 1.14335% 1.59462% 2.44714% 1.33427%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
Page 3
Distribution Period: 15-Aug-98
<TABLE>
<CAPTION>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 40,917,382.33
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C> <C>
Class A-1 Allocation 24,088,921.66 24,088,921.66
Class A-2 Allocation 1,753,399.90 1,753,399.90
Class A-3 Allocation 1,915,801.47 1,915,801.47
Class A-4 Allocation 662,969.13 662,969.13
Class A-5 Allocation 649,488.94 649,488.94
Class A-6 Allocation 442,329.53 442,329.53
Class A-7 Allocation 632,446.48 632,446.48
Class A-8 Allocation 1,118,522.63 1,118,522.63
Class A-9 Allocation 4,387,731.67 4,387,731.67
Class A-10IO Allocation 1,035,336.25 1,035,336.25
Class A Distribution Amount 36,686,947.66 36,686,947.66
Class B Allocation 378,590.00 378,590.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 47,366,494.77 23,843,731.21 23,522,763.56
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-9 162,284,896.89 3,519,524.38 158,765,372.51
A-10IO 191,139,000.NA 191,139,000.00
B 57,800,000.00 0.00 57,800,000.00
* Denotes Notional Amounts for Class A-10IO.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 96,360.43 0.00 958.04 97,318.47
Cumulative Realized Losses 116,831.97 0.00 958.04 117,790.01
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 28,101,965.36
Three-Month Rolling Average of 60+ Day Delinquency Rate 1.33427%
</TABLE>
Insurer's Report
Distribution Period: 15-Aug-98
<TABLE>
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,331,520.87 449,412.60 3,780,933.47
* Premium paid from cash flow (1) 86,956.00 9,923.00 96,879.00
* Trustee Fee paid from cash flow (1) 1,511.43 173.33 1,684.76
* Auction Agent Fee
(Incl. Broker Dealer Fee) 44,663.72 0.00 44,663.72
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,259,777.78 1,340,094.27 13,599,872.05
* Current Period Realized Losses:
Principal 69,832.01 933.09 70,765.10
Interest 26,528.42 24.95 26,553.37
(1) Allocated based upon the related Certificate Balances.
</TABLE>
