-----------------------------------------------------------------
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)
July 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 June, 1998 dated July
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 June,
1998 was $672,439.36.
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 June, 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: July 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of June, 1998.
Page 5
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Distribution Period: 15-Jul-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 68,608,625.72 21,242,130.95 322,863.04 21,564,993.99 47,366,494.77
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 1,024,127.92 1,024,127.92 218,675,000.00------------------
21075WHA6 A-9 171,344,000.00 164,754,115.34 2,469,218.45 801,288.50 3,270,506.95 162,284,896.89
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 4,059,361.14 4,059,361.14 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,658,943,741.06 23,711,349.40 12,642,666.05 36,354,015.45 1,635,232,391.66
---------------------------------------------------------------------------------------------------------
<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
- ------------------------------------------------------------------------------------------------------------------
<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-1 206.08421974 3.13231181 209.21653155 459.53426893 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 117.08333371 117.08333371 25,000.00000000 A-8 5.73700% 5.62000%
21075WHA6 A-9 14.41088366 4.67648999 19.08737365 947.12914891 A-9 5.86750% 5.83625%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
- ----------------------------------------------------------------------------------------
Total 13.94785259 5.04900289 18.99685548 961.90140686 B 7.86000% 7.86000%
-------------------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.65625%
AUCTION RATE: 5.62000%
<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-Jul-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 1,181,211.62 19,868,543.52 182,211.96 10,163.85 21,242,130.95
Per $1000 Unit 11.45972952 192.75812292 1.76776095 0.09860635 206.08421974
----------------------------------------------------------------------------------------------------------------
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 78,211.13 2,390,562.20 0.00 445.12 2,469,218.45
Per $1,000 Unit 0.45645678 13.95182907 0.00000000 0.00259782 14.41088366
----------------------------------------------------------------------------------------------------------------
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 1,259,422.75 22,259,105.72 182,211.96 10,608.97 23,711,349.40
Per $1000 Unit 0.74083691 13.09359160 0.10718351 0.00624057 13.94785259
----------------------------------------------------------------------------------------------------------------
* 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
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,260,520,921.08 206,480,182.75 168,231,287.83 1,635,232,391.66
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,094,663.83 86,547.79 78,211.13 1,259,422.75
Prepayments (incl.
Curtailments & Purchased Principal) 17,117,256.78 2,751,286.74 2,390,562.20 22,259,105.72
Liquidation Proceeds applied to principal 182,211.96 0.00 0.00 182,211.96
Realized Loss of Principal 10,608.97 0.00 0.00 10,608.97
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ix) Loan Purchase Prices 571,332.81 0.00 0.00 571,332.81
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.6123% 10.2354% 10.0047% 10.5023%
SEC. 7.09 (a) (xi) Weighted Average Remaining
Term to Maturity 228 356 355
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event
Occurrence NO
Cumulative Realized Loss Termination
Trigger Occurrence NO
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (xiii) Senior Enhancement Percentage 3.5347% 3.5347% 3.5347%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 23.68 (23.68) 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
<CAPTION>
Group I Group II
------- --------
<S> <C> <C> <C>
SEC. 7.09 (a) (xvii) Available Funds Cap 9.11106% 9.43220%
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 449,235.43
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-Jul-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 484 2.50000% 25,813,971.83 2.04788%
Fixed Rate 60-89 Days 170 0.87810% 10,204,732.64 0.80956%
90+ Days 84 0.43388% 5,587,243.58 0.44325%
----------------------------------------------------------------------------------------------------------------
30-59 Days 53 2.40690% 4,026,381.03 1.95001%
Adjustable Rate I 60-89 Days 24 1.08992% 2,139,445.49 1.03615%
90+ Days 13 0.59037% 1,434,101.29 0.69455%
----------------------------------------------------------------------------------------------------------------
30-59 Days 37 2.12278% 3,051,388.56 1.81381%
Adjustable Rate II 60-89 Days 24 1.37694% 2,557,451.31 1.52020%
90+ Days 19 1.09007% 1,262,725.85 0.75059%
----------------------------------------------------------------------------------------------------------------
30-59 Days 574 2.46299% 32,891,741.42 2.01144%
TOTAL 60-89 Days 218 0.93542% 14,901,629.44 0.91129%
90+ Days 116 0.49775% 8,284,070.72 0.50660%
----------------------------------------------------------------------------------------------------------------
Total Fixed 19,360 100.00000% 1,260,520,921.08 100.00000%
----------------------------------------------------------------------------------------
Total Adjust. I 2,202 100.00000% 206,480,182.75 100.00000%
----------------------------------------------------------------------------------------
Total Adjust. II 1,743 100.00000% 168,231,287.83 100.00000%
----------------------------------------------------------------------------------------
Total 23,305 100.00000% 1,635,232,391.66 100.00000%
----------------------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
<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 37 5 6 48
Loans in Foreclosure (LIF): Balance 2,101,666.67 535,880.04 382,667.38 3,020,214.09
Newly Commenced LIF: Count 32 4 4 40
Newly Commenced LIF: Balance 1,890,218.16 254,280.04 183,292.56 2,327,790.76
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 37 2 9 48
Loans in Bankruptcy: Balance 2,220,517.39 83,679.09 1,055,422.94 3,359,619.42
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 11,830 0 3 11,833
Balloon Loans: Balance 887,081,297.63 0.00 173,565.22 887,254,862.85
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 20,471.54 0.00 0.00 20,471.54
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 15,791,976.22 3,573,546.78 3,820,177.16 23,185,700.16
SEC. 7.09 (b) (ix) Three Month Rolling Average of
60+ Day Delinquency Rate 0.79679% 0.91737% 1.39502% 0.87363%
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-Jul-98
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 37,540,382.27
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C>
Class A-1 Allocation 21,564,993.99 21,564,993.99
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 1,024,127.92 1,024,127.92
Class A-9 Allocation 3,270,506.95 3,270,506.95
Class A-10IO Allocation 1,035,336.25 1,035,336.25
-------------------------------
Class A Distribution Amount 32,951,400.56 32,951,400.56
===============================
Class B Allocation 378,590.00 378,590.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
----- --------- ------------ ---------
<S> <C> <C> <C> <C>
A-1 68,608,625.72 21,242,130.95 47,366,494.77
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-9 164,754,115.34 2,469,218.45 162,284,896.89
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.
<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) 20,402.54 0.00 0.00 20,402.54
Cumulative Realized Losses 20,471.54 0.00 0.00 20,471.54
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 23,185,700.16
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.87363%
</TABLE>
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Insurer's Report
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,546,707.68 501,485.57 4,048,193.25
* Premium paid from cash flow (1) 88,447.00 10,143.00 98,590.00
* Trustee Fee paid from cash flow (1) 1,527.36 175.19 1,702.55
* Auction Agent Fee
(Incl. Broker Dealer Fee) 50,738.02 0.00 50,738.02
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,465,816.65 1,352,048.33 13,817,864.98
* Current Period Realized Losses:
Principal 10,608.97 0.00 10,608.97
Interest 9,793.57 0.00 9,793.57
</TABLE>
(1) Allocated based upon the related Certificate Balances.
