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)
November 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 November 15, 1998 a scheduled distribution was made from the Trust to holders
of the Class A, B, C and A-10IO Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of October, 1998 dated November
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 October, 1998 was
$629,345.56.
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 October,
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: November 25, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
October, 1998.
Page 5
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-Nov-98
- ------------------------------------------------------------------------------------------------------------------------------------
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-2 340,466,000.00 311,846,653.87 31,797,043.56 1,606,010.27 33,403,053.83 280,049,610.31 280,049,610.31
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-8 218,675,000.00 216,800,000.00 1,400,000.00 1,108,088.89 2,508,088.89 215,400,000.00
21075WHA6 A-9 171,344,000.00 151,647,130.27 5,055,000.99 753,327.68 5,808,328.67 146,592,129.28
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 31,152.57 31,152.57 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,546,733,784.14 38,252,044.55 8,180,204.96 46,432,249.51 1,508,481,739.59
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
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 93.39271340 4.71709442 98.10980782 822.54794990 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-8 160.05487596 126.68216417 286.73704013 24,625.58591517 A-8 5.73700% 5.75000%
21075WHA6 A-9 29.50206012 4.39658045 33.89864057 855.54282193 A-9 5.86750% 5.58859%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
- --------------------------------------------------------------------------------------------------------------------
Total 22.50120268 4.79356023 27.29476291 887.34219976 B 7.86000% 7.86000%
-------------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.40859%
AUCTION RATE: 5.75000%
------------------------------------------------------------------------------------------------------
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-Nov-98
----------------------------------------------------------------------------------------------------
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
----------------------------------------------------------------------------------------------------
<S> <C> <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 1,159,104.24 28,605,093.70 340,476.66 1,692,368.96 31,797,043.56
Per $1000 Unit 3.40446400 84.01747517 1.00003131 4.97074292 93.39271340
----------------------------------------------------------------------------------------------------
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 1,400,000.00 1,400,000.00
Per $25,000 Unit 0.00000000 0.00000000 0.00000000 160.05487596 160.05487596
----------------------------------------------------------------------------------------------------
Class A-9 67,661.65 4,064,499.13 451,437.21 471,403.00 5,055,000.99
Per $1,000 Unit 0.39488777 23.72128076 2.63468350 2.75120810 29.50206012
----------------------------------------------------------------------------------------------------
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 1,226,765.89 32,669,592.83 791,913.87 3,563,771.96 38,252,044.55
Per $1000 Unit 0.72162699 19.21740755 0.46583169 2.09633645 22.50120268
----------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit. Total for Class A-8 Includes Auction Remainder Account
Withdrawal of $0.00
</TABLE>
SEC.7.09a)(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>
Fixed Rate Adj. Rate I Adj. Rate II Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,169,143,970.43 193,168,632.35 153,455,153.39 1,515,767,756.17
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,074,631.68 84,472.56 67,661.65 1,226,765.89
Prpymts incl.Curtailments&Purch Princ) 24,670,857.54 3,934,236.16 4,064,499.13 32,669,592.83
Liquidation Proceeds applied to principal 340,476.66 0.00 451,437.21 791,913.87
Realized Loss of Principal 14,082.93 0.00 27,787.24 41,870.17
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 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 10.5762% 10.2117% 10.2689% 10.4985%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 225 352 351
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 4.2754% 4.4723% 4.2953%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 6,284,858.63 1,022,304.65 7,307,163.28
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 8.52275% 9.19783%
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 448,444.40
SEC. 7.09 (a) (xxii) Amount Remaining in the Auction Remainder Account 21,146.70 Page 2
</TABLE>
<TABLE>
Distribution Period: 15-Nov-98
--------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 457 2.54823% 27,003,418.47 2.30967%
Fixed Rate 60-89 Days 178 0.99253% 10,868,244.35 0.92959%
90+ Days 510 2.84376% 31,956,619.11 2.73333%
-------------------------------------------------------------------------------------------------
30-59 Days 46 2.22976% 3,828,879.87 1.98214%
Adjustable Rate I60-89 Days 19 0.92099% 1,405,607.35 0.72766%
90+ Days 67 3.24770% 6,785,767.52 3.51287%
-------------------------------------------------------------------------------------------------
30-59 Days 38 2.36613% 2,470,403.34 1.60985%
Adjustable Rate II 60-89 Days 25 1.55666% 2,113,009.06 1.37696%
90+ Days 76 4.73225% 7,212,682.92 4.70019%
-------------------------------------------------------------------------------------------------
30-59 Days 541 2.50428% 33,302,701.68 2.19708%
TOTAL 60-89 Days 222 1.02764% 14,386,860.76 0.94915%
90+ Days 653 3.02273% 45,955,069.55 3.03180%
--------------------------------------------------------------------------------------------------------
Total Fixed 17,934 100.0000 1,169,143,970.43 100.00000%
-------------------------------------------------------------------------------------
Total Adjust. I 2,063 100.00000% 193,168,632.35 100.00000%
-------------------------------------------------------------------------------------
Total Adjust. II 1,606 100.00000% 153,455,153.39 100.00000%
-------------------------------------------------------------------------------------
Total 21,603 100.0000 1,515,767,756.17 100.00000%
--------------------------------------------------------------------------------
(1) Includes Bankruptcies,Foreclosures and REOs ; Based on each respective
Group's loan count and balance.
</TABLE>
<TABLE>
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 243 37 34 314
Loans in Foreclosure (LIF): Balance 15,889,876.06 3,485,063.65 3,681,540.90 23,056,480.61
Newly Commenced LIF: Count 122 19 15 156
Newly Commenced LIF: Balance 7,642,770.62 1,579,456.40 1,666,953.33 10,889,180.35
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 114 10 16 140
Loans in Bankruptcy: Balance 7,186,835.78 1,177,531.48 1,520,705.77 9,885,073.03
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 7,426 0 0 7,426
Balloon Loans: Balance 539,616,785.05 0.00 0.00 539,616,785.05
SEC. 7.09 (b) (v&vi REO Properties: Count 20 1 0 21
REO Properties: Balance 1,425,487.76 44,800.00 0.00 1,470,287.76
SEC. 7.09 (b) (vii)Cumulative Realized Losses 148,730.97 13,135.81 56,125.32 217,992.10
SEC. 7.09 (b) (viii)Loan Balance of 60+ Day Delinq Loans 42,824,863.46 8,191,374.87 9,325,691.98 60,341,930.31
SEC. 7.09 (b) (ix) 3 Mth Rolling Ave of 60+ Day Delinq Rate 3.23419% 3.83750% 5.00051% 3.49049%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
Page 3
<PAGE>
Distribution Period: 15-Nov-98
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 47,608,408.78
SEC. 7.08(b)(ii)(iv)
<TABLE>
Amount Due Amount Paid
---------- -----------
<S> <C> <C>
Class A-1 Allocation 0.00 0.00
Class A-2 Allocation 33,403,053.83 33,403,053.83
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 2,512,622.35 2,508,088.89
Class A-9 Allocation 5,808,328.67 5,808,328.67
Class A-10IO Allocation 1,035,336.25 1,035,336.25
----------------------------------
Class A Distribution Amount 47,062,376.65 47,057,843.19
==================================
Class B Allocation 378,590.00 378,590.00
</TABLE>
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer0.00
SEC. 7.08(b)(v)
<TABLE>
Beginning Principal Ending
Class Balance * Distribution Balance *
------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 311,846,653.87 31,797,043.56 280,049,610.31
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-8 216,800,000.00 1,400,000.00 215,400,000.00
A-9 151,647,130.27 5,055,000.99 146,592,129.28
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) 29,844.53 0.00 41,945.29 71,789.82
Cumulative Realized Losses 148,730.97 13,135.81 56,125.32 217,992.10
SEC. 7.08(b)(vii)Loan Balance of 60+ Day Delinquent Loans 60,341,930.31
Three-Month Rolling Average of 60+ Day Delinquency Rate 3.49049%
</TABLE>
<PAGE>
Distribution Period: 15-Nov-98
REO Status
SEC. 7.09 (b) (v&vi)Loan Number Book Value Status
----------- ---------- ------
4623096 $74,741.55 LIST PENDING
4775219 $69,215.75 LIST PENDING
5260328 $126,627.77 LIST PENDING
5429972 $121,542.06 EVICTION
5466735 $59,986.12 LIST PENDING
5511662 $46,400.00 LIST PENDING
5554621 $27,300.00 LIST PENDING
5564281 $55,203.46 LIST PENDING
5628862 $72,225.81 LISTED
5640438 $67,923.15 LIST PENDING
5649918 $124,905.17 LIST PENDING
5659719 $39,200.00 EVICTION
5661970 $19,748.39 LIST PENDING
5723952 $71,887.06 EVICTION
5730130 $39,592.53 LISTED
5732771 $32,800.00 LIST PENDING
5734629 $50,374.68 LIST PENDING
5738984 $94,474.42 LIST PENDING
5755251 $63,190.97 EVICTION
5951454 $168,148.87 LIST PENDING
5919394 $44,800.00 LIST PENDING
Insurer's Report
Distribution Period: 15-Nov-98
<TABLE>
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,096,902.42 471,403.00 3,568,305.42
* Premium paid from cash flow (1) 81,505.00 9,162.00 90,667.00
* Trustee Fee paid from cash flow (1) 1,453.40 164.99 1,618.39
* Auction Agent Fee
(Incl. Broker Dealer Fee) 44,004.17 0.00 44,004.17
* Interest Collected on Mortgage
Loans (net of Service Fee) 11,616,366.76 1,272,616.86 12,888,983.62
* Current Period Realized Losses:
Principal 14,082.93 27,787.24 41,870.17
Interest 15,761.60 14,158.05 29,919.65
(1) Allocated based upon the related Certificate Balances.
</TABLE>
