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)
January 15, 1999
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 January 15, 1999 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 December, 1998 dated January
15, 1999 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 December,
1998 was $595,192.08.
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 December, 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: January 29, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December, 1998.
Page 5
================================================================================
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>
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-2 104.34049353 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%
=======
</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>
================================================================================
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
================================================================================
Distribution Period: 15-Jan-99
Page 1
<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
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C> <C>
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
---------------- -------------- -------------- ----------------
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.
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C> <C>
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
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
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
<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>
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
</TABLE>
<PAGE>
================================================================================
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
================================================================================
Distribution Period: 15-Jan-99
Page 2
<TABLE>
<CAPTION>
============================================================================================
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
--------------------============================================================================================
<S> <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%
----------------------------------------------------------------------------------------------------------------
(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 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>
================================================================================
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-1
================================================================================
Distribution Period: 15-Jan-99
Page 3
<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> <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.
<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) 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
================================================================================
Distribution Period: 15-Jan-99
REO Status
<TABLE>
<CAPTION>
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
<S> <C> <C> <C>
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
</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
(1) Allocated based upon the related Certificate Balances.
</TABLE>
