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Previous: NUVEEN TAX FREE UNIT TRUST SERIES 1005, S-6, 1998-06-05 |
Next: RAINBOW RENTALS INC, 424B1, 1998-06-05 |
UNITED STATES
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 26, 1998
OCWEN Mortgage Loan
Asset Backed Certificates, Series 1998-1 Trust
New York (governing law of 333-39649-01 Pending
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On May 26, 1998 a distribution was made to holders of OCWEN, Mortgage Loan
Asset Backed Certificates, Series 1998-1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Mortgage Loan Certificates, Series 1998-1 Trust, relating
to the May 26, 1998 distribution.
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.
OCWEN Mortgage Loan
Asset Backed Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 6/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed Mortgage
Loan Certificates, Series 1998-1 Trust, relating to the May 26,
1998 distribution.
<TABLE>
<CAPTION>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
OCW Series: 1998-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (410) 884-2173
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A 67574TAC5 SEN_FL 5.85125% 124,293,515.79 585,858.34 3,985,945.13
B 67574TAF8 JUN_FL 6.90625% 10,491,329.00 58,367.12 0.00
M-1 67574TAD3 MEZ_FL 6.10625% 13,719,000.00 67,482.71 0.00
M-2 67574TAE1 MEZ_FL 6.30625% 11,701,000.00 59,441.49 0.00
OC OCW9801OC JUN_WA 0.00000% 235,451.52 0.00 0.00
R-I OCW9801R1 SEN_FL 0.00000% 0.00 0.00 0.00
R-II OCW9801R2 SEN_FL 0.00000% 0.00 0.00 0.00
R-III OCW9801R3 SEN_FL 0.00000% 0.00 0.00 0.00
R-IV OCW9801R4 SEN_FL 0.00000% 0.00 0.00 0.00
Totals 160,440,296.31 771,149.66 3,985,945.13
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A 0.00 120,307,570.66 4,571,803.47 0.00
B 0.00 10,491,329.00 58,367.12 0.00
M-1 0.00 13,719,000.00 67,482.71 0.00
M-2 0.00 11,701,000.00 59,441.49 0.00
OC 0.00 792,815.79 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00
Totals 0.00 157,011,715.45 4,757,094.79 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A 125,489,000.00 124,293,515.79 88,548.31 3,897,396.81 0.00 0.00
B 10,491,329.00 10,491,329.00 0.00 0.00 0.00 0.00
M-1 13,719,000.00 13,719,000.00 0.00 0.00 0.00 0.00
M-2 11,701,000.00 11,701,000.00 0.00 0.00 0.00 0.00
OC 0.90 235,451.52 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 161,400,329.90 160,440,296.31 88,548.31 3,897,396.81 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A 3,985,945.13 120,307,570.66 0.95871009 3,985,945.13
B 0.00 10,491,329.00 1.00000000 0.00
M-1 0.00 13,719,000.00 1.00000000 0.00
M-2 0.00 11,701,000.00 1.00000000 0.00
OC 0.00 792,815.79 880,906.43333333 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
Totals 3,985,945.13 157,011,715.45 0.97280914 3,985,945.13
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A 125,489,000.00 990.47339440 0.70562607 31.05767685 0.00000000
B 10,491,329.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 13,719,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 11,701,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 0.90 261612800.000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All denominations are Per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A 0.00000000 31.76330300 958.71009140 0.95871009 31.76330300
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 880,906,433.33333 880906.43333333 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 125,489,000.00 5.85125% 124,293,515.79 585,858.35 0.00 0.00
B 10,491,329.00 6.90625% 10,491,329.00 58,367.12 0.00 0.00
M-1 13,719,000.00 6.10625% 13,719,000.00 67,482.71 0.00 0.00
M-2 11,701,000.00 6.30625% 11,701,000.00 59,441.49 0.00 0.00
OC 0.90 0.00000% 235,451.52 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 161,400,329.90 771,149.67 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.01 0.00 585,858.34 0.00 120,307,570.66
B 0.00 0.00 58,367.12 0.00 10,491,329.00
M-1 0.00 0.00 67,482.71 0.00 13,719,000.00
M-2 0.00 0.00 59,441.49 0.00 11,701,000.00
OC 0.00 0.00 0.00 0.00 792,815.79
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00
Totals 0.01 0.00 771,149.66 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 125,489,000.00 5.85125% 990.47339440 4.66860322 0.00000000 0.00000000
B 10,491,329.00 6.90625% 1000.00000000 5.56336762 0.00000000 0.00000000
M-1 13,719,000.00 6.10625% 1000.00000000 4.91892339 0.00000000 0.00000000
M-2 11,701,000.00 6.30625% 1000.00000000 5.08003504 0.00000000 0.00000000
OC 0.90 0.00000% 261612800.0000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00000008 0.00000000 4.66860314 0.00000000 958.71009140
B 0.00000000 0.00000000 5.56336762 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.91892339 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.08003504 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 880906433.3333334
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
SEN_IO 0.00000% 0.00 0.00 235,450.62 0.00 0.00000000%
SEN_IO 0.00000% 0.00 0.00 0.00 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,825,783.31
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 4,825,783.31
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 68,688.52
Payment of Interest and Principal 4,757,094.79
Total Withdrawals (Pool Distribution Amount) 4,825,783.31
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 66,850.30
Trustee Fee 1,838.22
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 68,688.52
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 35 4,507,336.26 2.492877% 2.870701%
60 Days 14 1,493,109.07 0.997151% 0.950954%
90+ Days 1 55,919.67 0.071225% 0.035615%
Foreclosure 2 282,756.15 0.142450% 0.180086%
REO 0 0.00 0.000000% 0.000000%
Totals 52 6,339,121.15 3.703704% 4.037356%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
<S> <C>
Weighted Average Gross Coupon 10.253097%
Weighted AverageNet Coupon 9.753096%
Weighted Average Pass-Through Rate 9.739348%
Weighted Average Maturity(Stepdown Calculation ) 353
Begin Scheduled Collateral Loan Count 1,429
Number Of Loans Paid In Full 25
End Scheduled Collateral Loan Count 1,404
Begining Scheduled Collateral Balance 160,440,296.31
Ending Scheduled Collateral Balance 157,011,715.45
Ending Actual Collateral Balance at 30-Apr-1998 157,074,892.26
Monthly P &I Constant 1,447,007.97
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 3,066,606.27
Overcollateralized Amount 792,815.79
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra_principal_distribuition_Amoount 557,364.27
Excess Cash Amount 557,364.27
Principal Prepayments 3,352,414,47
Loans in Bankruptcy 7
Aggregate Unpaid Principal balance of 500,738.12
Bankruptcies
</TABLE>
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