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Previous: IMS HEALTH INC, 8-K/A, 1998-06-30 |
Next: ADVANTA MORTGAGE LOAN TRUST 1998-1, 8-K, 1998-06-30 |
<PAGE>
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)
June 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 June 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 May, 1998 dated
June 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 May,
1998 was $775,349.01.
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 May, 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: June 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of May,
1998.
Page 5
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Jun-98
<TABLE>
<CAPTION>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
- -------- ------ --------------- --------------- -------------- ------------- -------------- ----------------
21075WGS8 A-1 103,075,000.00 83,856,166.28 15,247,540.56 407,769.80 15,655,310.36 68,608,625.72
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
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
21075WGV1 A-4 126,682,000.00 126,682,000.00 0.00 662,969.13 662,969.13 126,682,000.00
21075WGW9 A-5 121,211,000.00 121,211,000.00 0.00 649,488.94 649,488.94 121,211,000.00
21075WGX7 A-6 80,668,000.00 80,668,000.00 0.00 442,329.53 442,329.53 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
21075WGZ2 A-8 218,675,000.00 218,675,000.00 0.00 1,054,499.44 1,054,499.44 218,675,000.00
21075WHA6 A-9 171,344,000.00 167,834,060.45 3,079,945.11 843,476.88 3,923,421.99 164,754,115.34
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 4,088,145.20 4,088,145.20 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -------- ------ --------------- --------------- -------------- ------------- -------------- ----------------
Total 1,700,000,000.00 1,677,271,226.73 18,327,485.67 12,828,916.77 31,156,402.44 1,658,943,741.06
- -------- ------ --------------- --------------- -------------- ------------- -------------- ----------------
Planned
Principal
Balance
<S> <C>
- -------- --------------
21075WGS8
21075WGT6 340,466,000.00
21075WGU3 369,608,000.00
21075WGV1 126,682,000.00
21075WGW9 121,211,000.00
21075WGX7 80,668,000.00
21075WGY5 110,471,000.00
21075WGZ2
21075WHA6
21075WHC2
</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 1,035,336.25 1,035,336.25 191,139,000.00
- --------- ------ -------------- -------------- -------------- ------------- -------------- ----------------
</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-1 147.92666078 3.95604948 151.88271026 665.61848867 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 120.55555505 120.55555505 25,000.00000000 A-8 5.73700% 5.60000%
21075WHA6 A-9 17.97521425 4.92271034 22.89792458 961.54003257 A-9 5.86750% 5.83625%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
------ ------------ -------------- -------------- ------------- ----- -------------- ------------
Total 10.78087392 5.14163034 15.92250426 975.84925945 B 7.86000% 7.86000%
------ ------------ -------------- -------------- ------------- ----- -------------- ------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.65625%
------------
AUCTION RATE: 5.60000%
------------
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- --------- ------ ------------ -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
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
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Jun-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 1,125,390.79 14,079,348.19 0.00 42,801.58 15,247,540.56
Per $1000 Unit 10.91817405 136.59323978 0.00000000 0.41524695 147.92666078
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 72,348.77 3,050,397.92 0.00 (42,801.58) 3,079,945.11
Per $1,000 Unit 0.42224280 17.80277056 0.00000000 (0.24979912) 17.97521425
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 1,197,739.56 17,129,746.11 0.00 0.00 18,327,485.67
Per $1000 Unit 0.70455268 10.07632124 0.00000000 0.00000000 10.78087392
---------------- -------------- -------------- ------------- ----------------- ------------
</TABLE>
* Class A-8 Amounts Per $25,000 Unit.
<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
------------------ -------------- ---------------
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,278,925,662.62 209,318,017.28 170,700,061.16
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,037,925.37 87,465.42 72,348.77
Prepayments (incl. Curtailments & Purchased Principal) 12,882,761.67 1,196,586.52 3,050,397.92
Liquidation Proceeds applied to principal 0.00 0.00 0.00
Realized Loss of Principal 0.00 0.00 0.00
Total
----------------
<S> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,658,943,741.06
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,197,739.56
Prepayments (incl. Curtailments & Purchased Principal) 17,129,746.11
Liquidation Proceeds applied to principal 0.00
Realized Loss of Principal 0.00
</TABLE>
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C) Information-Required Market
Discount Information Provided at Calendar Year End.
<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 543,854.66 0.00 368,102.32 911,956.98
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.6205% 10.2383% 9.9997% 10.5082%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 229 356 356
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 3.4842% 3.4833% 3.4841%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 1,545.10 (1,545.10) 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 9.13087% 9.42740%
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 449,429.02
SEC. 7.09 (a) (xxii) Amount Remaining in the Auction Remainder Account 0.00
</TABLE>
Page 2
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass - Through Certificates
Series 1998 - 1
Distribution Period: 15-Jun-98
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
------------------ ------------- -------- ----------- --------------- ------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 473 2.40761% 25,981,733.15 2.03153%
Fixed Rate 60-89 Days 124 0.63117% 7,841,734.91 0.61315%
90+ Days 39 0.19851% 2,425,959.56 0.18969%
------------------ ------------- -------- ----------- --------------- ------------
30-59 Days 44 1.97133% 3,859,484.23 1.84384%
Adjustable Rate I 60-89 Days 11 0.49283% 757,128.96 0.36171%
90+ Days 4 0.17921% 632,733.38 0.30228%
------------------ ------------- -------- ----------- --------------- ------------
30-59 Days 61 3.45218% 5,266,110.98 3.08501%
Adjustable Rate II 60-89 Days 20 1.13186% 1,681,301.56 0.98494%
90+ Days 8 0.45274% 548,940.57 0.32158%
------------------ ------------- -------- ----------- --------------- ------------
30-59 Days 578 2.44449% 35,107,328.36 2.11625%
TOTAL 60-89 Days 155 0.65553% 10,280,165.43 0.61968%
90+ Days 51 0.21569% 3,607,633.51 0.21747%
------------- -------- ----------- --------------- ------------
Total Fixed 19,646 100.00000% 1,278,925,662.62 100.00000%
------------- -------- ----------- --------------- ------------
Total Adjust. I 2,232 100.00000% 209,318,017.28 100.00000%
------------- -------- ----------- --------------- ------------
Total Adjust. II 1,767 100.00000% 170,700,061.16 100.00000%
------------- -------- ----------- --------------- ------------
Total 23,645 100.00000% 1,658,943,741.06 100.00000%
------------- -------- ----------- --------------- ------------
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective
Group's loan count and balance.
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I
----------- -----------
<S> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 5 1
Loans in Foreclosure (LIF): Balance 201,800.00 281,600.00
Newly Commenced LIF: Count 4 2
Newly Commenced LIF: Balance 142,650.00 199,768.41
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 16 0
Loans in Bankruptcy: Balance 971,320.47 0.00
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 12,012 0
Balloon Loans: Balance 900,193,359.64 0.00
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0
REO Properties: Balance 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 69.00 0.00
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 10,267,694.47 1,389,862.34
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day Delinquency Rate 0.41109% 0.38997%
Delinquency Trigger Event Occurrence
Cumulative Realized Loss Trigger Event Occurrence
Cumulative Realized Loss Termination Trigger Occurrence
Adj. Rate II Total
------------- -----------
<S> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 2 8
Loans in Foreclosure (LIF): Balance 199,768.41 683,168.41
Newly Commenced LIF: Count 0 6
Newly Commenced LIF: Balance 0.00 342,418.41
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 5 21
Loans in Bankruptcy: Balance 511,139.16 1,482,459.63
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 3 12,015
Balloon Loans: Balance 173,622.16 900,366,981.80
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0
REO Properties: Balance 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 0.00 69.00
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 2,230,242.13 13,887,798.94
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day Delinquency Rate 0.69855% 0.43809%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
Page 3
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Jun-98
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 32,339,708.27
<TABLE>
<CAPTION>
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
-------------- ---------------
<S> <C> <C> <C>
Class A-1 Allocation 15,655,310.36 15,655,310.36
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 1,054,499.44 1,054,499.44
Class A-9 Allocation 3,923,421.99 3,923,421.99
Class A-10IO Allocation 1,035,336.25 1,035,336.25
----------------------------------
Class A Distribution Amount 27,725,003.49 27,725,003.49
----------------------------------
----------------------------------
Class B Allocation 378,590.00 378,590.00
SEC. 7.08(b)(iii) Insured Payment made by the 0.00
Certificate Insurer
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
-------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
A-1 83,856,166.28 15,247,540.56 68,608,625.72
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-9 167,834,060.45 3,079,945.11 164,754,115.34
A-10IO 191,139,000.00 NA 191,139,000.00
B 57,800,000.00 0.00 57,800,000.00
</TABLE>
* 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) 0.00 0.00 0.00 0.00
Cumulative Realized Losses 69.00 0.00 0.00 69.00
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 13,887,798.94
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.43809%
</TABLE>
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Insurer's Report
Distribution Period: 15-Jun-98
<TABLE>
<CAPTION>
Group I Group II Total
------------ ------------ -------------
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,581,766.20 525,671.29 4,107,437.49
* Premium paid from cash flow (1) 89,774.00 10,297.00 100,071.00
* Trustee Fee paid from cash flow (1) 1,538.42 177.87 1,716.29
* Auction Agent Fee
(Incl. Broker Dealer Fee) 46,182.29 0.00 46,182.29
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,612,656.64 1,376,056.67 13,988,713.31
* Current Period Realized Losses:
Principal 0.00 0.00 0.00
Interest 0.00 0.00 0.00
</TABLE>
(1) Allocated based upon the related Certificate Balances.
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