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)
October 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 October 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 September, 1998 dated
October 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
September, 1998 was $633,604.84.
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 September,
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: October 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the
Month of September, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Oct-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 0.00 0.00 0.00 0.00 0.00
21075WGT6 A-2 340,466,000.00 340,466,000.00 28,619,346.13 1,753,399.90 30,372,746.03 311,846,653.87 311,846,653.87
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 1,875,000.00 1,020,483.33 2,895,483.33 216,800,000.00
21075WHA6 A-9 171,344,000.00 155,647,195.43 4,000,065.16 748,382.85 4,748,448.01 151,647,130.27
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 27,089.17 27,089.17 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,581,228,195.43 34,494,411.29 8,230,980.80 42,725,392.09 1,546,733,784.14
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
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 0.00000000 0.00000000 0.00000000 0.00000000 A-1 5.64704% 5.64704%
21075WGT6 A-2 84.05933670 5.15000000 89.20933670 915.94066330 A-2 6.18000% 6.18000%
21075WGU3 A-3 0.00000000 5.18333334 5.18333334 1,000.00000000 A-3 6.22000% 6.22000%
21075WGV1 A-4 0.00000000 5.23333331 5.23333331 1,000.00000000 A-4 6.28000% 6.28000%
21075WGW9 A-5 0.00000000 5.35833332 5.35833332 1,000.00000000 A-5 6.43000% 6.43000%
21075WGX7 A-6 0.00000000 5.48333329 5.48333329 1,000.00000000 A-6 6.58000% 6.58000%
21075WGY5 A-7 0.00000000 5.72500005 5.72500005 1,000.00000000 A-7 6.87000% 6.87000%
21075WGZ2 A-8 214.35920887 116.66666629 331.02587516 24,785.64079113 A-8 5.73700% 5.60000%
21075WHA6 A-9 23.34523041 4.36772137 27.71295178 885.04488205 A-9 5.86750% 5.76984%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
- -----------------
-----------------------------------------------------------------
Total 20.29083017 4.82581861 25.11664878 909.84340244 B 7.86000% 7.86000%
-------------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.58984%
AUCTION RATE: 5.60000%
- ----------------------------------------------------------------------------------------------------------------
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> Page 1
<TABLE>
<CAPTION>
Distribution Period:15-Oct-98
----------------------------------------------------------------------------------------------
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 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-2 1,160,260.30 25,425,111.38 545,286.41 1,488,688.04 28,619,346.13
Per $1000 Unit 3.40785952 74.67738740 1.60158844 4.37250134 84.05933670
----------------------------------------------------------------------------------------------
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 1,778,877.64 1,875,000.00
Per $25,000Unit0.00000000 0.00000000 0.00000000 203.37002858 214.35920887
----------------------------------------------------------------------------------------------
Class A-9 67,011.60 3,419,171.52 0.00 513,882.04 4,000,065.16
Per $1,000 Unit 0.39109394 19.95501167 0.00000000 2.99912480 23.34523041
----------------------------------------------------------------------------------------------
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 1,227,271.90 28,844,282.90 545,286.41 3,781,447.72 34,494,411.29
Per $1000 Unit 0.72192465 16.96722524 0.32075671 2.22438101 20.29083017
----------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit. Total for Class A-8 Includes Auction Remainder Account
Withdrawal of $96,122.36
</TABLE>
<TABLE>
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
<S> <C> <C>
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>
SEC.7.09(a)(vi)Outstanding Loan Balance: 1,195,244,019.24 197,187,341.07 158,066,538.62 1,550,497,898.93
SEC.7.09(a)(vii)Scheduled Principal Received 1,074,546.54 85,713.76 67,011.60 1,227,271.90
Prpymnts(incl.Curtailments&Purch Princ) 22,533,851.45 2,891,259.93 3,419,171.52 28,844,282.90
Liquidation Proceeds applied to principal 87,799.14 457,487.27 0.00 545,286.41
Realized Loss of Principal 0.00 719.69 0.00 719.69
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 72,801.93 0.00 0.00 72,801.93
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.5839% 10.2167% 10.2350% 10.5017%
SEC. 7.09 (a) (xi) Wghtd Ave Remng Term to Maturity 225 353 352
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 3.9615% 4.0612% 3.9717%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 3,248,219.57 532,508.46 3,780,728.03
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 9.04350% 9.66307%
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 448,644.69
SEC. 7.09 (a) (xxii) Amount Remng in the Auction Remainder Account 16,613.24 Page 2
</TABLE>
<PAGE>
Distribution Period: 15-Oct-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 493 2.68855% 27,971,454.42 2.34023%
Fixed Rate 60-89 Days 187 1.01980% 10,632,441.18 0.88956%
90+ Days 432 2.35589% 27,964,302.58 2.33963%
--------------------------------------------------------------------------------------------------------------------
----------------
30-59 Days 48 2.27920% 3,759,801.10 1.90672%
Adjustable Rate I 60-89 Days 24 1.13960% 2,353,904.41 1.19374%
90+ Days 54 2.56410% 5,112,534.34 2.59273%
---------------------------------------------------------------------------------------------------------------------
----------------
30-59 Days 46 2.79126% 3,703,892.41 2.34325%
Adjustable Rate II 60-89 Days 27 1.63835% 2,202,632.65 1.39348%
90+ Days 60 3.64078% 5,678,682.12 3.59259%
---------------------------------------------------------------------------------------------------------------------
----------------
30-59 Days 587 2.65719% 35,435,147.93 2.28540%
TOTAL 60-89 Days 238 1.07736% 15,188,978.24 0.97962%
90+ Days 546 2.47159% 38,755,519.04 2.49955%
------------------------------------------------------------------------------------------------------
Total Fixed 18,337 100.00000% 1,195,244,019.24 100.00000%
---------------------------------------------------------------------------------------
Total Adjust. I 2,106 100.00000% 197,187,341.07 100.00000%
---------------------------------------------------------------------------------------
Total Adjust. II 1,648 100.00000% 158,066,538.62 100.00000%
---------------------------------------------------------------------------------------
Total 22,091 100.00000% 1,550,497,898.93 100.00000%
---------------------------------------------------------------------------------------
</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 185 29 25 239
Loans in Foreclosure (LIF): Balance 11,713,601.06 3,037,393.68 2,607,090.66 17,358,085.40
Newly Commenced LIF: Count 146 24 17 187
Newly Commenced LIF: Balance 8,964,071.40 2,092,075.25 1,860,237.70 12,916,384.35
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 90 8 15 113
Loans in Bankruptcy: Balance 5,775,389.37 936,475.97 1,320,061.79 8,031,927.13
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 11,191 0 2 11,193
Balloon Loans: Balance 841,202,163.16 0.00 148,630.50 841,350,793.66
SEC. 7.09 (b) (v&vi) REO Properties: Count 7 0 0 7
REO Properties: Balance 586,514.44 0.00 0.00 586,514.44
SEC. 7.09 (b) (vii) Cumulative Realized Losses 118,886.44 13,135.81 14,180.03 146,202.28
SEC. 7.09 (b) (viii)Loan Balance of 60+ Day Delinq Loans 38,596,743.76 7,466,438.75 7,881,314.77 53,944,497.28
SEC. 7.09 (b) (ix) 3 Month Rolling Ave 60+Day Delinq Rate 2.47135% 3.22038% 4.22949% 2.74610%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
Page 3
<PAGE>
<TABLE>
15-Oct-98
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 43,808,117.01
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C>
Class A-1 Allocation 0.00 0.00
Class A-2 Allocation 30,372,746.03 30,372,746.03
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 2,799,360.97 2,895,483.33
Class A-9 Allocation 4,748,448.01 4,748,448.01
Class A-10IO Allocation 1,035,336.25 1,035,336.25
Class A Distribution Amount 43,258,926.81 43,355,049.17
Class B Allocation 378,590.00 378,590.00
</TABLE>
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
<TABLE>
SEC. 7.08(b)(v) Beginning Principal Ending
<CAPTION>
Class Balance * Distribution Balance *
--------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 340,466,000.00 28,619,346.13 311,846,653.87
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 1,875,000.00 216,800,000.00
A-9 155,647,195.43 4,000,065.16 151,647,130.27
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.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 1,577.24 13,135.81 0.00 14,713.05
Cumulative Realized Losses 118,886.44 13,135.81 14,180.03 146,202.28
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 53,944,497.28
Three-Month Rolling Average of 60+ Day Delinquency Rate 2.74610%
</TABLE>
Distribution Period: 15-Oct-98
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
5554621 27300.00 NEW REO FILE
5732771 32800.00 EVICTION
5730130 39592.53 LISTED
5628862 72225.81 NEW REO FILE
5429972 121542.06 NEW REO FILE
5649918 124905.17 NEW REO FILE
5951454 168148.87 NEW REO FILE
<PAGE>
<TABLE>
<CAPTION>
Insurer's Report
Distribution Period: 15-Oct-98
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,267,565.68 513,882.04 3,781,447.72
* Premium paid from cash flow (1) 83,586.00 9,478.00 93,064.00
* Trustee Fee paid from cash flow (1) 1,476.25 168.00 1,644.25
* Auction Agent Fee
(Incl. Broker Dealer Fee) 48,802.78 0.00 48,802.78
* Interest Collected on Mortgage
Loans (net of Service Fee) 11,853,595.56 1,310,591.07 13,164,186.63
* Current Period Realized Losses:
Principal 719.69 0.00 719.69
Interest 13,993.36 0.00 13,993.36
(1) Allocated based upon the related
Certificate Balances.
</TABLE>
