- --------------------------------------------------------------------------------
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)
December 15, 1998
ContiMortgage Home Equity Loan Trust 1998-1
(Exact name of registrant as specified in its charter)
16-1547407
16-1547408
16-1547409
New York 33-339505 (I.R.S. Employer
(State or Other Jurisdiction (Commission) Identification No.)
of Incorporation) File Number)
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 December 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 November, 1998 dated
December 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 November,
1998 was $599,888.68.
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 November, 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/ Joy B. Tobert
--------------------------------------
Name: Joy B. Tobert
Title: Vice President and Assistant Secretary
Dated: December 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
19. Trustee's Monthly Servicing Report for the Month of November, 1998.
Page 5
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning
Certificate Certificate Principal Interest Total
CUSIP Class Face Value Balance Distribution Distribution Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
21075WGS8 A-1 103,075,000.00 0.00 0.00 0.00 0.00
21075WGT6 A-2 340,466,000.00 280,049,610.31 33,767,323.77 1,442,255.49 35,209,579.26
21075WGU3 A-3 369,608,000.00 369,608,000.00 0.00 1,915,801.47 1,915,801.47
21075WGV1 A-4 126,682,000.00 126,682,000.00 0.00 662,969.13 662,969.13
21075WGW9 A-5 121,211,000.00 121,211,000.00 0.00 649,488.94 649,488.94
21075WGX7 A-6 80,668,000.00 80,668,000.00 0.00 442,329.53 442,329.53
21075WGY5 A-7 110,471,000.00 110,471,000.00 0.00 632,446.48 632,446.48
21075WGZ2 A-8 218,675,000.00 215,400,000.00 800,000.00 980,369.17 1,780,369.17
21075WHA6 A-9 171,344,000.00 146,592,129.28 4,661,982.04 644,502.44 5,306,484.48
21075WHC2 B 57,800,000.00 57,800,000.00 0.00 378,590.00 378,590.00
C 0.00 0.00 0.00 34,300.62 34,300.62
R 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,508,481,739.59 39,229,305.81 7,783,053.27 47,012,359.08
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------
Ending Planned
Certificate Principal
CUSIP Class Balance Balance
- --------------------------------------------------------------
<S> <C> <C> <C>
21075WGS8 A-1 0.00
21075WGT6 A-2 246,282,286.54 246,282,286.54
21075WGU3 A-3 369,608,000.00 369,608,000.00
21075WGV1 A-4 126,682,000.00 126,682,000.00
21075WGW9 A-5 121,211,000.00 121,211,000.00
21075WGX7 A-6 80,668,000.00 80,668,000.00
21075WGY5 A-7 110,471,000.00 110,471,000.00
21075WGZ2 A-8 214,600,000.00 --------------
21075WHA6 A-9 141,930,147.24
21075WHC2 B 57,800,000.00
C 0.00
R 0.00
- ---------------------------------------------
Total 1,469,252,433.78
-------------------------------
</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 0.00000000 0.00000000 0.00000000 0.00000000 A-1 5.64704% 5.64704%
21075WGT6 A-2 99.17972358 4.23612193 103.41584552 723.36822631 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 91.45992912 113.78472261 203.54054762 24,534.12598605 A-8 5.73700% 5.65000%
21075WHA6 A-9 27.20831800 3.76145322 30.96977122 828.33450392 A-9 5.86750% 5.45781%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
- -----------------------------------------------------------------------------------------------------------------------------------
Total 23.07606224 4.55808979 27.63415204 864.26613752 B 7.86000% 7.86000%
---------------------------------------------------------------------------------------------------------------------
* Class A-8 Per $25,000 Unit of Current Balance (Interest) or Original Balance (Principal, Total)
LIBOR: 5.27781%
-----------
AUCTION RATE: 5.65000%
-----------
</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>
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-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 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 1,124,709.31 29,481,074.52 890,630.14 2,270,909.80 33,767,323.77
Per $1000 Unit 3.30344090 86.59036297 2.61591507 6.67000464 99.17972358
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 0.00 792,985.33 800,000.00
Per $25,000 Unit 0.00000000 0.00000000 0.00000000 90.65797759 91.45992912
Class A-9 63,695.61 4,040,674.21 0.00 557,612.22 4,661,982.04
Per $1,000 Unit 0.37174112 23.58223346 0.00000000 3.25434343 27.20831800
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 1,188,404.92 33,521,748.73 890,630.14 3,621,507.35 39,229,305.81
Per $1000 Unit 0.69906172 19.71867572 0.52390008 2.13029844 23.07606224
--------------------------------------------------------------------------------------------------------------
</TABLE>
* Class A-8 Amounts Per $25,000 Unit. Total for Class A-8
Includes Auction Remainder Account
Withdrawal of $7,014.67
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: 1,141,105,348.94 189,531,126.46 149,350,783.57 1,479,987,258.97
---------------- -------------- -------------- ----------------
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,040,767.70 83,941.61 63,695.61 1,188,404.92
Prepayments (incl. Curtailments
& Purchased Principal) 26,325,036.73 3,156,037.79 4,040,674.21 33,521,748.73
Liquidation Proceeds applied to principal 616,560.34 274,069.80 0.00 890,630.14
Realized Loss of Principal 56,256.72 123,456.69 0.00 179,713.41
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 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 10.5623% 10.2098% 10.2799% 10.4888%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 224 351 350
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 4.5932% 4.9686% 4.6311%
------ ------ ------
SEC. 7.09 (a) (xiv) Overcollateralization Amount 9,350,116.38 1,389,899.17 10,740,015.55
<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
<CAPTION>
Group I Group II
------- --------
<S> <C> <C> <C>
SEC. 7.09 (a) (xvii) Available Funds Cap 8.47995% 9.20901%
------- -------
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 448,242.40
SEC. 7.09 (a) (xxii) Amount Remaining in the Auction Remainder Account 5,190.36
</TABLE>
Page 2
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-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 539 3.07631% 33,484,155.11 2.93436%
Fixed Rate 60-89 Days 175 0.99880% 10,259,019.03 0.89904%
90+ Days 591 3.37310% 36,852,253.07 3.22952%
-----------------------------------------------------------------------------------------------------------
30-59 Days 52 2.56790% 4,375,497.61 2.30859%
Adjustable Rate I 60-89 Days 21 1.03704% 1,803,073.63 0.95133%
90+ Days 76 3.75309% 7,545,365.82 3.98107%
-----------------------------------------------------------------------------------------------------------
30-59 Days 41 2.62148% 3,592,193.94 2.40521%
Adjustable Rate II 60-89 Days 20 1.27877% 1,565,031.24 1.04789%
90+ Days 95 6.07417% 9,012,732.81 6.03461%
-----------------------------------------------------------------------------------------------------------
30-59 Days 632 2.99384% 41,451,846.66 2.80082%
TOTAL 60-89 Days 216 1.02321% 13,627,123.90 0.92076%
90+ Days 762 3.60966% 53,410,351.70 3.60884%
-----------------------------------------------------------------------------------------------------------
Total Fixed 17,521 100.00000% 1,141,105,348.94 100.00000%
-------------------------------------------------------------------------------------
Total Adjust. I 2,025 100.00000% 189,531,126.46 100.00000%
-------------------------------------------------------------------------------------
Total Adjust. II 1,564 100.00000% 149,350,783.57 100.00000%
-------------------------------------------------------------------------------------
Total 21,110 100.00000% 1,479,987,258.97 100.00000%
-------------------------------------------------------------------------------------
(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>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 290 48 39 377
Loans in Foreclosure (LIF): Balance 19,125,352.48 4,461,484.85 4,133,140.34 27,719,977.67
Newly Commenced LIF: Count 104 21 9 134
Newly Commenced LIF: Balance 6,677,045.61 1,803,218.67 736,069.30 9,216,333.58
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 131 13 21 165
Loans in Bankruptcy: Balance 7,978,644.50 1,117,464.51 1,957,626.58 11,053,735.59
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 7,227 0 0 7,227
Balloon Loans: Balance 525,438,516.45 0.00 0.00 525,438,516.45
SEC. 7.09 (b) (v&vi) REO Properties: Count 27 1 0 28
REO Properties: Balance 1,903,667.46 44,800.00 0.00 1,948,467.46
SEC. 7.09 (b) (vii) Cumulative Realized Losses 255,832.70 160,815.20 56,125.32 472,773.22
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 47,111,272.10 9,348,439.45 10,577,764.05 67,037,475.60
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day
Delinquency Rate 3.67356% 4.31980% 6.04857% 3.99657%
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-Dec-98
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 48,177,248.46
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 0.00 0.00
Class A-2 Allocation 35,209,579.26 35,209,579.26
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 1,773,354.50 1,780,369.17
Class A-9 Allocation 5,306,484.48 5,306,484.48
Class A-10IO Allocation 1,035,336.25 1,035,336.25
----------------------------------------
Class A Distribution Amount 47,627,790.04 47,634,804.71
========================================
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>
A-1 0.00 0.00 0.00
A-2 280,049,610.31 33,767,323.77 246,282,286.54
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-8 215,400,000.00 800,000.00 214,600,000.00
A-9 146,592,129.28 4,661,982.04 141,930,147.24
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) 107,101.73 147,679.39 0.00 254,781.12
Cumulative Realized Losses 255,832.70 160,815.20 56,125.32 472,773.22
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 67,037,475.60
Three-Month Rolling Average of 60+ Day Delinquency Rate 3.99657%
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-98
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
3781069 43000.00 List Pending
4623096 74741.55 Listed
4775219 69215.75 Listed
5260328 126627.77 List Pending
5305891 93332.46 List Pending
5429972 121542.06 Eviction
5466735 59986.12 Listed
5511662 46400.00 List Pending
5554621 27300.00 List Pending
5561493 90874.31 List Pending
5564281 55203.46 Listed
5575675 44790.74 List Pending
5623541 25390.42 List Pending
5628862 72225.81 Listed
5640438 67923.15 Listed
5649918 124905.17 Under Contract
5659719 39200.00 Eviction
5661970 19748.39 List Pending
5723952 71887.06 Eviction
5725098 63696.47 Eviction
5730130 39592.53 Listed
5732771 32800.00 Listed
5734629 50374.68 List Pending
5738984 94474.42 Listed
5755251 63190.97 Eviction
5917612 117095.30 List Pending
5951454 168148.87 List Pending
5919394 44800.00 Listed
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
- --------------------------------------------------------------------------------
Insurer's Report
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,063,895.13 557,612.22 3,621,507.35
* Premium paid from cash flow (1) 79,346.00 8,871.00 88,217.00
* Trustee Fee paid from cash flow (1) 1,372.58 154.61 1,527.19
* Auction Agent Fee
(Incl. Broker Dealer Fee) 46,823.61 0.00 46,823.61
* Interest Collected on Mortgage
Loans (net of Service Fee) 11,291,522.45 1,250,641.60 12,542,164.05
* Current Period Realized Losses:
Principal 179,713.41 0.00 179,713.41
Interest 75,067.71 0.00 75,067.71
</TABLE>
(1) Allocated based upon the related Certificate Balances.
