- -----------------------------------------------------------------
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)
September 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 August 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 August, 1998 dated September
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 $612,130.11.
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 August, 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: September 28, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
August, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Sep-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> <C>
21075WGS8 A-1 103,075,000.00 23,522,763.56 23,522,763.56 107,005.16 23,629,768.72 0.00
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 0.00 984,705.67 984,705.67 218,675,000.00
21075WHA6 A-9 171,344,000.00 158,765,372.51 3,118,177.08 744,425.56 3,862,602.64 155,647,195.43
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 3,974,583.93 3,974,583.93 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,607,869,136.07 26,640,940.64 12,245,745.77 38,886,686.41 1,581,228,195.43
--------------------------------------------------------------------------------------------------------------------------
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-1 228.21017279 1.03812913 229.24830192 0.00000000 A-1 5.64704% 5.64704%
21075WGT6 A-2 0.00000000 5.15000000 5.15000000 1,000.00000000 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 0.00000000 112.57638848 112.57638848 25,000.00000000 A-8 5.73700% 5.59000%
21075WHA6 A-9 18.19834415 4.34462578 22.54296993 908.39011246 A-9 5.86750% 5.82063%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
Total 15.67114155 4.86538932 20.53653087 930.13423261 B 7.86000% 7.86000%
-------------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.64063%
AUCTION RATE:5.59000%
---------------------------------------------------------------------------------------------------------------
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
<TABLE>
Page 1
Distribution Period: 15-Sep-98
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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 1,108,148.45 22,414,615.11 0.00 0.00 23,522,763.56
Per $1000 Unit 10.75089449 217.45927829 0.00000000 0.00000000 228.21017279
---------------------------------------------------------------------------------------------------
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 68,873.35 2,943,520.48 112,517.43 (6,734.18) 3,118,177.08
Per $1,000 Unit 0.40195951 17.17901111 0.65667563 (0.03930211) 18.19834415
---------------------------------------------------------------------------------------------------
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 1,177,021.80 25,358,135.59 112,517.43 (6,734.18) 26,640,940.64
Per $1000 Unit 0.69236576 14.91655035 0.06618672 (0.00396128) 15.67114155
---------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
</TABLE>
<TABLE>
<S>
<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: 1,218,940,216.37 200,622,521.72 161,552,721.74 1,581,115,459.83
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,026,459.99 81,688.46 68,873.35 1,177,021.80
Prepymts-Curtailments & Purch Princ) 19,381,914.05 3,091,351.81 2,943,520.48 25,416,786.34
Liquidation Proceeds applied to principal 40,724.28 0.00 112,517.43 153,241.71
Realized Loss of Principal 0.00 0.00 6,626.39 6,626.39
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C) Info-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 0.00 0.00 0.00 0.00
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.5911% 10.2234% 10.1590% 10.5002%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 226 354 353
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 3.6557% 3.6555% 3.6556%
SEC. 7.09 (a) (xiv) Overcollateralization Amount (155.83) 155.83 (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 9.06755% 9.58692%
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 112,735.60 Page 2
</TABLE>
Distribution Period: 15-Sep-98
<TABLE>
---------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 541 2.89088% 30,698,837.13 2.51849%
Fixed Rate 60-89 Days 222 1.18628% 13,784,480.89 1.13086%
90+ Days 321 1.71529% 20,473,277.59 1.67960%
--------------------------------------------------------------------------------------------------------
30-59 Days 53 2.47432% 3,765,616.57 1.87697%
Adjustable Rate I 60-89 Days 23 1.07376% 2,296,627.01 1.14475%
90+ Days 46 2.14753% 4,696,044.75 2.34074%
--------------------------------------------------------------------------------------------------------
30-59 Days 44 2.61593% 3,514,199.67 2.17526%
Adjustable Rate II 60-89 Days 19 1.12961% 1,598,097.54 0.98921%
90+ Days 48 2.85375% 4,764,351.93 2.94910%
--------------------------------------------------------------------------------------------------------
30-59 Days 638 2.83077% 37,978,653.37 2.40202%
TOTAL 60-89 Days 264 1.17136% 17,679,205.44 1.11815%
90+ Days 415 1.84133% 29,933,674.27 1.89320%
--------------------------------------------------------------------------------------------------------
Total Fixed 18,714 100.00000% 1,218,940,216.37 100.00000%
---------------------------------------------------------------------------------
Total Adjust. I 2,142 100.00000% 200,622,521.72 100.00000%
---------------------------------------------------------------------------------
Total Adjust. II 1,682 100.00000% 161,552,721.74 100.00000%
---------------------------------------------------------------------------------
Total 22,538 100.00000% 1,581,115,459.83 100.00000%
---------------------------------------------------------------------------------
(1) Includes Bankruptcies,
Foreclosures and REOs ; Based on each respective Group's loan count and balance.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 127 19 14 160
Loans in Foreclosure (LIF): Balance 7,586,939.72 1,884,588.58 1,246,990.59 10,718,518.89
Newly Commenced LIF: Count 120 17 13 150
Newly Commenced LIF: Balance 7,240,555.84 1,353,593.21 1,220,990.59 9,815,139.64
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 61 10 15 86
Loans in Bankruptcy: Balance 3,869,110.11 1,017,882.65 1,508,909.59 6,395,902.35
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 11,430 0 2 11,432
Balloon Loans: Balance 857,622,299.62 0.00 148,707.20 857,771,006.82
SEC. 7.09 (b) (v&vi) REO Properties: Count 2 0 0 2
REO Properties: Balance 72,392.53 0.00 0.00 72,392.53
SEC. 7.09 (b) (vii) Cumulative Realized Losses 117,309.20 0.00 14,180.03 131,489.23
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delin Loans 34,257,758.48 6,992,671.76 6,362,449.47 47,612,879.71
SEC. 7.09 (b) (ix) 3 Mnth Rolling Ave of 60+ Day Delinq 1.81255% 2.53512% 3.32440% 2.05900%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
Page 3
Distribution Period: 15-Sep-98
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 40,177,811.79
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
Class A-1 Allocation 23,629,768.72 23,629,768.72
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 1,097,441.27 984,705.67
Class A-9 Allocation 3,862,602.64 3,862,602.64
Class A-10IO Allocation 1,035,336.25 1,035,336.25
Class A Distribution Amount 35,681,584.33 35,568,848.73
Class B Allocation 378,590.00 378,590.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
<TABLE>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
---------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 23,522,763.56 23,522,763.56 0.00
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-9 158,765,372.51 3,118,177.08 155,647,195.43
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) 477.23 0.00 13,221.99 13,699.22
Cumulative Realized Losses 117,309.20 0.00 14,180.03 131,489.23
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 47,612,879.71
Three-Month Rolling Average of 60+ Day Delinquency Rate 2.05900%
Distribution Period: 15-Sep-98
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
5730130 39,592.53 New REO File
5732771 32,800.00 Eviction
</TABLE>
Insurer's Report
Distribution Period: 15-Sep-98
<TABLE>
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,416,692.13 532,615.50 3,949,307.63
* Premium paid from cash flow (1) 85,479.00 9,728.00 95,207.00
* Trustee Fee paid from cash flow (1) 1,493.78 170.46 1,664.24
* Auction Agent Fee
(Incl. Broker Dealer Fee) 46,182.29 0.00 46,182.29
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,073,142.76 1,318,982.31 13,392,125.07
* Current Period Realized Losses:
Principal 0.00 6,626.39 6,626.39
Interest 477.23 6,595.60 7,072.83
(1) Allocated based upon the
related Certificate Balances.
</TABLE>
