SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-339505
----------
ContiMortgage Home Equity Loan Trust 1998-1
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
16-1547407
16-1547408
New York 16-1547409
- ------------------------------------------------- ----------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Manufacturers and Traders Trust Company
Corporate Trust Department
One M&T Plaza
Buffalo, New York 14240-2599
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 842-5589
---------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
None None
-------------------- ------------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
None
- --------------------------------------------------------------------------------
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be file by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (e 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. |X|
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-1
INDEX
Page
PART 1 ................................................................... 3
ITEM 1 - Business..................................................... 3
ITEM 2 - Properties................................................... 3
ITEM 3 - Legal Proceedings............................................ 3
ITEM 4 - Submission of Matters to a Vote of Security Holders.......... 3
PART II .................................................................. 3
ITEM 5 - Market for Registrant's Common Stock and
Related Stockholder Matters.................................. 3
ITEM 6 - Selected Financial Data...................................... 3
ITEM 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations ............... 4
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk... 4
ITEM 8 - Financial Statements and Supplementary Data.................. 4
ITEM 9 - Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure....................... 4
PART III................................................................... 4
ITEM 10 - Directors and Executive Officers of the Registrant........... 4
ITEM 11 - Executive Compensation....................................... 4
ITEM 12 - Security Ownership of Certain Beneficial
Owners and Management........................................ 4
ITEM 13 - Certain Relationships and Related Transactions............... 11
PART IV .................................................................. 11
ITEM 14 - Exhibits, Financial Statement Schedules and
Reports on Form 8-K......................................... 11
SIGNATURES ............................................................. 12
INDEX TO EXHIBITS ........................................................ 13
-1-
<PAGE>
PART I
ITEM 1 - Business
Not Applicable.
ITEM 2 - Properties
Not Applicable.
ITEM 3 - Legal Proceedings
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1998-1 (the "Trust")
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated March 1, 1998, among Manufacturers and Traders Trust Company, as trustee
(the "Trustee"), ContiSecurities Asset Funding Corp., as depositor (the
"Depositor") and ContiMortgage Corporation, as servicer (the "Servicer"), the
Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4 - Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - Market for Registrants Common Stock and Related Stockholders
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, Class A-8 Certificates, Class A-9
Certificate, Class B Certificates, and Class A-10IO Certificates issued by the
Trust are held by the Depository Trust Company ("DTC") which in turn maintains
records of holders of beneficial interests in such Certificates. Based on
information obtained by the Trust from DTC, as of March 4, 1999, there were no
holders of the Class A-1 Certificates, 15 holders of the Class A-2 Certificates,
24 holders of the Class A-3 Certificates, 18 holders of the Class A-4
Certificates, 35 holders of the Class A-5 Certificates, 25 holders of the Class
A-6 Certificates, 10 holders of the Class A-7 Certificates, 11 holders of the
Class A-8 Certificates, 2 holders of the Class A-9 Certificates, 4 holders of
the Class B Certificate and 1 holder of the Class A-10IO Certificates.
ITEM 6 - Selected Financial Data
Not applicable.
-2-
<PAGE>
ITEM 7 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
Not applicable.
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk
Not applicable.
ITEM 8 - Financial Statements and Supplementary Data
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1998
was $6,030,612.
ITEM 9 - Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - Directors and Executive Officers of the Registrant
Not applicable.
ITEM 11 - Executive Compensation
Not applicable.
ITEM 12 - Security Ownership of Certain Beneficial Owners and Management
The following table sets forth (i) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Certificates is based upon information obtained by the Trust from
DTC and represents ownership of beneficial interest in the Certificates held by
DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
-3-
<PAGE>
Amount Owned
------------
Name and Address All Dollar Amounts Are in Thousands
---------------- -----------------------------------
Principal Percent
--------- -------
Class A-1 Certificates
- - none -
Class A-2 Certificates
- ----------------------
The Bank of New York $24,764 11.75%
925 Patterson Plank Road
Secaucus, NJ 07094
Boston Safe Deposit and Trust Company $47,968 22.76%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $22,277 10.57%
4 New York Plaza - 13th Floor
New York, NY 10004
Citibank, N.A. $33,426 15.86%
P. O. Box 30576
Tampa, FL 33630-3576
First Union National Bank $14,858 7.05%
P.O. Box 7618 F.C. #1-9-1-21
Philadelphia, PA 19106-7618
State Street Bank and Trust Company $38,969 18.49%
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Wachovia Bank, N.A. $11,760 5.58%
100 N. Main Street, NC 37121
Winston-Salem, NC 27150
-4-
<PAGE>
Class A-3 Certificates
- ----------------------
The Bank of New York $30,200 8.17%
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company $118,775 32.14%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Bear Stearns Securities Corp. $35,000 9.46%
One Metrotech Center North
4th Floor
Brooklyn, NY 11201-3862
Chase Manhattan Bank $123,408 33.39%
4 New York Plaza - 13th Floor
New York, NY 10004
State Street Bank and Trust Company $20,000 5.41%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-4 Certificates
- ----------------------
The Bank of New York $11,100 8.76%
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company $38,200 30.15%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $40,382 31.88%
4 New York Plaza
New York, NY 10004
-5-
<PAGE>
Citibank $8,500 6.71%
P. O. Box 30576
Tampa, FL 33630-3576
The First National Bank of Maryland $6,600 5.21%
9th Floor - M/C 109-911
110 So. Paca Street
Baltimore, MD 21201
State Street Bank and Trust Company $9,500 7.50%
Global Corp Action Dept. JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-5 Certificates
American Express Trust Company $47,000 38.76%
1200 Northstar West
Minneapolis, MN 55440
Bankers Trust Company $15,320 12.64%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN
Boston Safe Deposit and Trust Company $15,979 13.18%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room 153-3015
Pittsburgh, PA 15259
Firstar Trust Company $7,600 6.27%
777 E. Wisconsin Avenue
Milwaukee, WI 53202
State Street Bank and Trust Company $7,864 6.49%
Global Corp Action Dept. JAB5W
-6-
<PAGE>
P.O. Box 1631
Boston, MA 02105-1631
Class A-6 Certificates
- ----------------------
Bank of New York $9,115 11.30%
925 Patterson Plank Road
Seacaucus, NJ 07094
Bankers Trust Company $28,670 35.54%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $6,835 8.47%
4 New York Plaza - 13th Floor
New York, New York 10004
The First National Bank of Maryland $6,000 7.44%
9th Floor - M/C 109-911
110 South Paca Street
Baltimore, MD 21201
National City Bank $4,900 6.07%
1900 East 9th Street
Cleveland, OH 44114
State Street Bank and Trust Company $7,850 9.73%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
-7-
<PAGE>
Class A-7 Certificates
- ----------------------
The Bank of New York $32,000 28.97%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank $15,000 13.58%
4 New York Plaza - 13th Floor
New York, NY 10004
Morgan Stanley & Co. Incorporated $20,500 18.56%
One Pierrepont Plaza - 7th Floor
Brooklyn, NY 11201
Prudential Securities Incorporated $16,971 15.36%
Issuer Services
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
State Street Bank and Trust Company $6,000 5.43%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-8 Certificates
- ----------------------
CIBC Oppenheimer Corp. $15,300 7.13%
1 Battery Park Plaza
New York, NY 10004
Donaldson, Lufkin and Jenrette Securities
Corporation $23,925 11.15%
I Pershing Plaza
Jersey City, NJ 07399
Lewco Securities Corp.
34 Exchange Place Plaza $22,000 10.25%
4th Floor
Jersey City, NJ 07311-3988
Merrill Lynch, Pierce Fenner & Smith Safekeeping
4 Corporate Place $74,600 34.76%
Corporate Park 287
Piscataway, NJ 08855
Nationsbank Montgomery Securities LLC/Equities
600 Montgomery Street - 4th Floor
San Francisco,CA 94111 $11,950 5.57%
State Street Bank and Trust Company
Global Corp Action Dept JAB5W
P.P. Box 1631 $35,000 16.31%
Boston, MA 02105-1631
Class A-9 Certificates
- ----------------------
State Street Bank and Trust Company $12,000 7.00%
Global Corp Action Dept JAB5W
P.P Box 1631
Boston, MA 02105-1631
Chase Manhattan Bank $159,344 93.00%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Class B Certificates
Boston Safe Deposit and Trust Company $6,921 11.98%
-8-
<PAGE>
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $19,762 34.19%
4 New York Plaza
13th Floor
New York, NY 10004
The Northern Trust Company $20,000 34.60%
801 S.Canal C-IN
Chicago, IL 60607
State Street Bank and Trust Company $11,117 19.23%
Global Corp. Action Dept JA5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-10IO
- ------------
Northern Trust Company $191,139 100%
801 S. Canal C-IN
Chicago, IL 60607
(1) Represents the "Notional Principal Amount" of the Certificates which is
based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
-9-
<PAGE>
ITEM 13 - Certain Relationships and Related Transactions
None
PART IV
ITEM 14 - Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
----------- -----------
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with
respect to the Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
-10-
<PAGE>
b) Reports on Form 8-K.
10 reports on Form 8-K has been filed by the Issuer during the period covered by
this report.
Date of Report on Form 8-K Items Reported/Financial
Statements Filed
April 15, 1998 Trustee's Monthly Report for the March
Monthly Period.
May 15, 1998 Trustee's Monthly Report for the April
Monthly Period.
June 15, 1998 Trustee's Monthly Report for the May
Monthly Period.
July 15, 1998 Trustee's Monthly Report for the June
Monthly Period.
August 15, 1998 Trustee's Monthly Report for the July
Monthly Period.
September 15, 1998 Trustee's Monthly Report for the August
Monthly Period.
October 15, 1998 Trustee's Monthly Report for the September
Monthly Period.
November 15, 1998 Trustee's Monthly Report for the October
Monthly Period.
December 15, 1998 Trustee's Monthly Report for the November
Monthly Period.
January 15, 1999 Trustee's Monthly Report for the December
Monthly Period.
-11-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
AS DEPOSITOR
By: /s/ Peter Abeles
--------------------------------------
Name: Peter Abeles
Title: President
By: /s/ Robert Riedl
--------------------------------------
Name: Robert Riedl
Title: Vice President, Secretary & Treasurer
Date: March 31, 1999
-12-
<PAGE>
INDEX TO EXHIBITS
Item 14(a)3.
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to
the Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
-13-
[LETTERHEAD OF CONTIMORTGAGE CORPORATION]
March 12, 1999
Arthur Andersen, LLP
1345 Avenue of the America
New York, NY 10105
Dear Sirs:
As of and for the year ended December 31, 1998, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of December 31,1998 ContiMortgage Corporation had in effect fidelity
bond and errors and omissions policy in the amounts of $14,000,000 and
$6,000,000, respectively.
/s/ Margaret M. Curry /s/ William P. Higgins
- ------------------------------ -------------------------------
Margaret M.Curry William P. Higgins
Sr. Vice President - Servicing Vice President and Controller
March 12, 1999 March 12, 1999
Exhibit 99.2
CONTIMORTGAGE CORPORATION
UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
FOR THE YEAR ENDED DECEMBER 31, 1998
TOGETHER WITH AUDITORS' REPORT
<PAGE>
INDEPENDENT ACCOUNTANTS' REPORT
To the Board of Directors of ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers ("USAP") and that ContiMortgage Corporation had in effect a fidelity
bond and errors and omissions policy in the amount of $14,000,000 and $6,000,000
as of December 31, 1998, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $14,000,000 and $6,000,000 as of December 31, 1998, is fairly stated,
in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 12, 1999
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<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 0.00 0.00 0.00 0.00 0.00
21075WGT6 A-2 340,466,000.00 246,282,286.54 35,524,390.47 1,268,353.78 36,792,744.25 210,757,896.07 210,757,896.07
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-8 218,675,000.00 214,600,000.00 8,475,000.00 1,290,282.50 9,765,282.50 206,125,000.00
21075WHA6 A-9 171,344,000.00 141,930,147.24 5,851,370.67 698,531.18 6,549,901.85 136,078,776.57
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 27,908.49 27,908.49 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Total 1,700,000,000.00 1,469,252,433.78 49,850,761.14 7,966,701.50 57,817,462.64 1,419,401,672.64
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <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> <C>
21075WGS8 A-1 0.00000000 0.00000000 0.00000000 0.00000000 A-1 5.64704% 5.64704%
21075WGT6 A-2 104.34049353 3.72534638 108.06583991 619.02773278 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-8 968.90362410 150.31250000 1,116.41505659 23,565.22236195 A-8 5.73700% 5.85000%
21075WHA6 A-9 34.14984283 4.07677643 38.22661926 794.18466109 A-9 5.86750% 5.71547%
21075WHC2 B 0.00000000 6.55000000 6.55000000 1,000.00000000 A-10IO 6.50000% 6.50000%
- ----------------------------------------------------------------------------------------
Total 29.32397714 4.66987824 33.99385538 834.94216038 B 7.86000% 7.86000%
-----------------------------------------------------------------------------------------------------------------
* Class A-8 Per $25,000 Unit of Current Balance (Interest) or Original Balance (Principal, Total)
LIBOR: 5.53547%
---------------------
AUCTION RATE: 5.85000%
---------------------
<CAPTION>
----------------------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------------------
<S> <C> <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-Jan-99
<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 1,116,079.43 34,408,311.04 0.00 0.00 35,524,390.47
Per $1000 Unit 3.27809364 101.06239989 0.00000000 0.00000000 104.34049353
-----------------------------------------------------------------------------------------------------------
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 4,888,597.28 931,009.89 2,655,392.83 8,475,000.00
Per $25,000 Unit 0.00000000 558.88845090 106.43762319 303.57755002 968.90362410
-----------------------------------------------------------------------------------------------------------
Class A-9 63,189.22 5,318,095.59 0.00 470,085.86 5,851,370.67
Per $1,000 Unit 0.36878572 31.03753613 0.00000000 2.74352099 34.14984283
-----------------------------------------------------------------------------------------------------------
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 1,179,268.65 44,615,003.91 931,009.89 3,125,478.69 49,850,761.14
Per $1000 Unit 0.69368744 26.24411995 0.54765288 1.83851688 29.32397714
-----------------------------------------------------------------------------------------------------------
* Class A-8 Amounts Per $25,000 Unit. Total for Class A-8 Includes Auction Remainder Account
Withdrawal of $0.00
<CAPTION>
<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 Total
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,103,945,321.42 185,225,935.88 143,969,498.76 1,433,140,756.06
---------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,031,146.85 84,932.58 63,189.22 1,179,268.65
Prepayments (incl. Curtailments &
Purchased Principal) 35,207,675.95 4,089,232.37 5,318,095.59 44,615,003.91
Liquidation Proceeds applied to
principal 799,984.26 131,025.63 0.00 931,009.89
Realized Loss of Principal 121,220.46 0.00 0.00 121,220.46
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 70,003.17 0.00 0.00 70,003.17
--------- ---- ---- ---------
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.5516% 10.2021% 10.2765% 10.4790%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 223 350 349
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 4.9389% 5.4808% 4.9933%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 11,901,458.34 1,859,985.03 13,761,443.37
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 8.45578% 9.20672%
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 448,038.68
SEC. 7.09 (a) (xxii) Amount Remaining in the Auction Remainder Account 22,359.95 Page 2
</TABLE>
<PAGE>
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<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 481 2.83910% 28,765,201.37 2.60567%
Fixed Rate 60-89 Days 178 1.05064% 11,161,596.46 1.01106%
90+ Days 660 3.89564% 41,152,863.82 3.72780%
-----------------------------------------------------------------------------------------------------------
30-59 Days 60 3.03030% 5,169,611.87 2.79098%
Adjustable Rate I 60-89 Days 19 0.95960% 1,509,105.42 0.81474%
90+ Days 88 4.44444% 8,330,927.37 4.49771%
-----------------------------------------------------------------------------------------------------------
30-59 Days 54 3.59281% 4,263,474.90 2.96137%
Adjustable Rate II 60-89 Days 15 0.99800% 1,372,290.67 0.95318%
90+ Days 104 6.91949% 9,631,098.29 6.68968%
-----------------------------------------------------------------------------------------------------------
30-59 Days 595 2.91310% 38,198,288.14 2.66535%
TOTAL 60-89 Days 212 1.03794% 14,042,992.55 0.97988%
90+ Days 852 4.17136% 59,114,889.48 4.12485%
-----------------------------------------------------------------------------------------------------------
Total Fixed 16,942 100.00000% 1,103,945,321.42 100.00000%
----------------------------------------------------------------------------------------
Total Adjust. I 1,980 100.00000% 185,225,935.88 100.00000%
----------------------------------------------------------------------------------------
Total Adjust. II 1,503 100.00000% 143,969,498.76 100.00000%
----------------------------------------------------------------------------------------
Total 20,425 100.00000% 1,433,140,756.06 100.00000%
----------------------------------------------------------------------------------------
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective
Group's loan count and balance.
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 360 50 51 461
Loans in Foreclosure (LIF): Balance 22,882,409.36 4,887,084.27 4,998,075.16 32,767,568.79
Newly Commenced LIF: Count 96 6 15 117
Newly Commenced LIF: Balance 5,238,504.04 689,197.22 1,117,941.37 7,045,642.63
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 150 18 22 190
Loans in Bankruptcy: Balance 9,166,997.84 1,745,224.54 2,064,352.05 12,976,574.43
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 6,958 0 0 6,958
Balloon Loans: Balance 505,887,363.18 0.00 0.00 505,887,363.18
SEC. 7.09 (b) (v&vi) REO Properties: Count 31 2 0 33
REO Properties: Balance 2,435,010.76 132,300.00 0.00 2,567,310.76
SEC. 7.09 (b) (vii) Cumulative Realized Losses 431,356.87 164,095.23 56,125.32 651,577.42
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 52,314,460.28 9,840,032.79 11,003,388.96 73,157,882.03
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day
Delinquency Rate 4.17678% 4.82846% 6.93417% 4.53842%
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-Jan-99
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
3781069 $43,000.00 Eviction
4623096 $74,741.55 Listed
4775219 $69,215.75 Listed
5251095 $172,275.21 List Pending
5260328 $126,627.77 Listed
5305891 $93,332.46 Listed
5343611 $168,000.00 List Pending
5429972 $121,542.06 List Pending
5466735 $59,986.12 Under Contract
5511662 $46,400.00 Listed
5554621 $27,300.00 Listed
5561493 $90,874.31 Listed
5562541 $38,772.46 List Pending
5564281 $55,203.46 Under Contract
5575675 $44,790.74 Listed
5577366 $199,290.07 List Pending
5605712 $65,996.13 List Pending
5623541 $25,390.42 List Pending
5628862 $72,225.81 Under Contract
5640438 $67,923.15 Listed
5659719 $39,200.00 Listed
5662424 $52,959.46 List Pending
5723952 $71,887.06 Listed
5730130 $39,592.53 Listed
5732771 $32,800.00 Listed
5734629 $50,374.68 Listed
5738984 $94,474.42 Listed
5755251 $63,190.97 Eviction
5889449 $42,400.00 List Pending
5917612 $117,095.30 Listed
5951454 $168,148.87 Listed
5760392 $87,500.00 List Pending
5919394 $44,800.00 Listed
Page 4
<PAGE>
Distribution Period: 15-Jan-99
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 59,002,995.82
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
------------ --------------
<S> <C> <C> <C>
Class A-1 Allocation 0.00 0.00
Class A-2 Allocation 36,792,744.25 36,792,744.25
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 9,782,452.09 9,765,282.50
Class A-9 Allocation 6,549,901.85 6,549,901.85
Class A-10IO Allocation 1,035,336.25 1,035,336.25
---------------------------------------------
Class A Distribution Amount 58,463,469.99 58,446,300.40
=============================================
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-2 246,282,286.54 35,524,390.47 210,757,896.07
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-8 214,600,000.00 8,475,000.00 206,125,000.00
A-9 141,930,147.24 5,851,370.67 136,078,776.57
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) 175,524.17 3,280.03 0.00 178,804.20
Cumulative Realized Losses 431,356.87 164,095.23 56,125.32 651,577.42
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 73,157,882.03
Three-Month Rolling Average of 60+ Day Delinquency Rate 4.53842%
</TABLE>
<PAGE>
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
------------------------------------------------------------------------------
Insurer's Report
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 2,672,562.42 470,085.86 3,142,648.28
* Premium paid from cash flow (1) 76,594.00 8,505.00 85,099.00
* Trustee Fee paid from cash flow (1) 1,346.63 151.15 1,497.78
* Auction Agent Fee
(Incl. Broker Dealer Fee) 46,430.56 0.00 46,430.56
* Interest Collected on Mortgage
Loans (net of Service Fee) 11,033,030.36 1,216,774.52 12,249,804.88
* Current Period Realized Losses:
Principal 121,220.46 0.00 121,220.46
Interest 57,583.74 0.00 57,583.74
</TABLE>
(1) Allocated based upon the related Certificate Balances.
