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)
May 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 May 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 April, 1998 dated May
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
April, 1998 was $636,050.31.
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 April, 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 1, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of April, 1998.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
Distribution Period: 15-May-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>
21075WGS8 A-1 103,075,000.00 98,094,167.44 14,238,001.16 461,618.07 14,699,619.23 83,856,166.28 <C>
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 1,025,039.06 1,025,039.06 218,675,000.00
21075WHA6 A-9 171,344,000.00 170,646,166.18 2,812,105.73 829,944.74 3,642,050.47 167,834,060.45
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 4,206,533.62 4,206,533.62 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------
TOTAL 1,700,000,000.00 1,694,321,333.62 17,050,106.89 12,958,160.94 30,008,267.83 1,677,271,226.73
-----------------------------------------------------------------------------------------------------------------
</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
-----------------------------------------------------------------------------------------------------------------
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>
21075WGS8 A-1 138.13243910 4.47846781 142.61090691 813.54514945 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 117.18749971 117.18749971 25,000.00000000 A-8 5.73700% 5.62500%
21075WHA6 A-9 16.41204670 4.84373389 21.25578059 979.51524681 A-9 5.86750% 5.83625%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
Total 10.02947464 5.14801607 15.17749071 986.63013337 B 7.86000% 7.86000%
* Class A-8 Amounts Per $25,000 Unit.
LIBOR: 5.65625%
AUCTION RATE: 5.62500%
</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>
Distribution Period:15-May-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 1,103,248.31 13,096,611.13 0.00 38,141.72 14,238,001.16
Per $1000 Unit 10.70335494 127.05904565 0.00000000 0.37003849 138.13243910
-----------------------------------------------------------------------------------------------------
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 $25,000Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
------------------------------------------------------------------------------------------------------------------
Class A-9 68,515.71 2,781,731.74 0.00 (38,141.72) 2,812,105.73
Per $1,000 Unit 0.39987225 16.23477763 0.00000000 (0.22260318) 16.41204670
------------------------------------------------------------------------------------------------------------------
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 1,171,764.02 15,878,342.87 0.00 0.00 17,050,106.89
Per $1000 Unit 0.68927295 9.34020169 0.00000000 0.00000000 10.02947464
------------------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit.
</TABLE>
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>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi)Outstanding Loan Balance: 1,292,846,349.66 210,602,069.22 173,822,807.85 1,677,271,226.73
SEC. 7.09 (a)(vii)Scheduled Principal Received 1,020,041.47 83,206.84 68,515.71 1,171,764.02
Prepayments(incl.Curtailments&Purchased Princ) 11,435,556.77 1,661,054.36 2,781,731.74 15,878,342.87
Liquidation Proceeds applied to principal 0.00 0.00 0.00 0.00
Realized Loss of Principal 0.00 0.00 0.00 0.00
SEC. 7.09 (a)viii)Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
</TABLE>
<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 134,735.96 0.00 75,254.42 209,990.38
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.6262% 10.2405% 9.9911% 10.5117%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 229 357 357
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 3.4462% 3.4453% 3.4461%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 1,361.31 (1,361.31) 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 9.14295% 9.41863%
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 O/S 449,620.97
SEC. 7.09 (a) (xxii) Amount Remaining in the Auction Remainder Account 0.00
</TABLE>
<PAGE>
Distribution Period: 15-May-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 293 1.47473% 15,592,684.98 1.20607%
Fixed Rate 60-89 Days 56 0.28186% 3,437,303.42 0.26587%
90+ Days 19 0.09563% 890,069.10 0.06885%
----------------------------------------------------------------------------------------------------
30-59 Days 22 0.98127% 1,639,232.39 0.77836%
Adjustable Rate I 60-89 Days 3 0.13381% 437,383.38 0.20768%
90+ Days 2 0.08921% 315,350.00 0.14974%
----------------------------------------------------------------------------------------------------
30-59 Days 26 1.44766% 2,333,604.69 1.34252%
Adjustable Rate II 60-89 Days 9 0.50111% 735,956.97 0.42339%
90+ Days 2 0.11136% 320,450.00 0.18435%
----------------------------------------------------------------------------------------------------
30-59 Days 341 1.42642% 19,565,522.06 1.16651%
TOTAL 60-89 Days 68 0.28445% 4,610,643.77 0.27489%
90+ Days 23 0.09621% 1,525,869.10 0.09097%
----------------------------------------------------------------------------------------------------
Total Fixed 19,868 100.00000%1,292,846,349.66 100.00000%
-------------------------------------------------------------------------
Total Adjust.I 2,242 100.00000% 210,602,069.22 100.00000%
-------------------------------------------------------------------------
Total Adjust.II 1,796 100.00000% 173,822,807.85 100.00000%
-------------------------------------------------------------------------
Total 23,906 100.00000%1,677,271,226.73 100.00000%
-------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs
; Based on each respective Group's loan count and balance.
</TABLE>
<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 1 1 0 2
Loans in Foreclosure (LIF): Balance 59,150.00 281,600.00 0.00 340,750.00
Newly Commenced LIF: Count 1 1 0 2
Newly Commenced LIF: Balance 59,150.00 281,600.00 0.00 340,750.00
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 6 0 1 7
Loans in Bankruptcy: Balance 375,426.93 0.00 108,753.00 484,179.93
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 12,132 0 3 12,135
Balloon Loans: Balance 908,686,221.42 0.00 173,707.86 908,859,929.28
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 69.00 0.00 0.00 69.00
SEC. 7.09 (b) (viii)Loan Balance of 60+Delinquent Loans 4,327,372.52 752,733.38 1,056,406.97 6,136,512.87
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Delinq Rate 0.14348% 0.16864% 0.26304% 0.15904%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
</TABLE>
<PAGE>
Distribution Period: 15-May-98
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 31,194,251.03
<CAPTION>
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
<S> <C> <C>
Class A-1 Allocation 14,699,619.23 14,699,619.23
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 1,025,039.06 1,025,039.06
Class A-9 Allocation 3,642,050.47 3,642,050.47
Class A-10IO Allocation 1,035,336.25 1,035,336.25
------------------------------
Class A Distribution Amount 26,458,480.46 26,458,480.46
==============================
Class B Allocation 378,590.00 378,590.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
-------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 98,094,167.44 14,238,001.16 83,856,166.28
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-9 170,646,166.18 2,812,105.73 167,834,060.45
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.
</TABLE>
<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 6,136,512.87
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.15904%
</TABLE>
<PAGE> Insurer's Report
<TABLE>
<CAPTION>
Distribution Period: 15-May-98
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,680,944.83 555,401.05 4,236,345.88
* Premium paid from cash flow (1) 90,727.00 10,490.00 101,217.00
* Trustee Fee paid from cash flow (1) 1,548.78 180.30 1,729.08
* Auction Agent Fee
(Incl. Broker Dealer Fee) 47,700.87 0.00 47,700.87
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,738,463.32 1,397,351.36 14,135,814.68
* Current Period Realized Losses:
Principal 0.00 0.00 0.00
Interest 0.00 0.00 0.00
(1) Allocated based upon the related Certificate Balances.
</TABLE>
