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Previous: NUVEEN TAX FREE UNIT TRUST SERIES 1048, S-6, 1998-12-04 |
Next: COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-A, 8-K, 1998-12-04 |
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): November 25, 1998
OCWEN MORTGAGE LOAN
Asset Backed Certificates, Series 1998-1 Trust
New York (governing law of 333-44067-01 52-2094143
Pooling and Servicing Agreement) (Commission 52-2094145
(State or other File Number) 52-2094147
jurisdiction 52-2094150
IRS EIN
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
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 November 25, 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
Monthly report distributed to holders of
EX-99.1 Asset Backed Certificates, Series 1998-1
Trust, relating to the November 25, 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: 12/02/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-1 Trust, relating to the
November 25, 1998 distribution.
<TABLE>
<CAPTION>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
Mortgage Pass-Through Certificates
Record Date: 10/30/98
Distribution Date: 11/25/98
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: (301) 815-6600
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 5.41438% 105,809,567.26 477,411.00 3,808,704.13
B 67574TAF8 JUN_FL 6.46938% 10,491,329.00 56,560.33 0.00
M-1 67574TAD3 MEZ_FL 5.66938% 13,719,000.00 64,815.19 0.00
M-2 67574TAE1 MEZ_FL 5.86938% 11,701,000.00 57,231.35 0.00
OC OCW9801OC SEN_IO 0.00000% 0.00 439,830.44 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
OV_COLL OCW9801OC JUN_WA 0.00000% 3,066,606.27 0.00 0.00
Totals 144,787,502.53 1,095,848.31 3,808,704.13
</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 0.00 102,000,863.13 4,286,115.13 0.00
B 0.00 10,491,329.00 56,560.33 0.00
M-1 0.00 13,719,000.00 64,815.19 0.00
M-2 0.00 11,701,000.00 57,231.35 0.00
OC 0.00 0.00 439,830.44 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
OV_COLL 147,507.01 3,066,606.27 0.00 147,507.01
Totals 147,507.01 140,978,798.40 4,904,552.44 147,507.01
<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 125,489,000.00 105,809,567.26 76,350.85 3,732,353.28 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 0.00 0.00 0.00 0.00 0.00 0.00
R-I 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
R-III 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
OV_COLL 0.90 3,066,606.27 0.00 0.00 0.00 147,507.01
Totals 161,400,329.90 144,787,502.53 76,350.85 3,732,353.28 0.00 147,507.01
<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 3,808,704.13 102,000,863.13 0.81282713 3,808,704.13
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 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-III 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
OV_COLL 147,507.01 3,066,606.27 3,407,340.300000 0.00
Totals 3,956,211.14 140,978,798.40 0.87347280 3,808,704.13
</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 125,489,000.00 843.17802564 0.60842664 29.74247368 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 0.00 0.00000000 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
OV_COLL 0.90 3407340300.00000 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 30.35090032 812.82712533 0.81282713 30.35090032
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 0.00000000 0.00000000 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
OV_COLL 163896677.7777777 163896677.77777776 3,407,340,300.000 3407340.30000000 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 5.41438% 105,809,567.26 477,411.00 0.00 0.00
B 10,491,329.00 6.46938% 10,491,329.00 56,560.33 0.00 0.00
M-1 13,719,000.00 5.66938% 13,719,000.00 64,815.19 0.00 0.00
M-2 11,701,000.00 5.86938% 11,701,000.00 57,231.35 0.00 0.00
OC 0.00 0.00000% 0.00 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
OV_COLL 0.90 0.00000% 3,066,606.27 0.00 0.00 0.00
Totals 161,400,329.90 656,017.87 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 0.00 0.00 477,411.00 0.00 102,000,863.13
B 0.00 0.00 56,560.33 0.00 10,491,329.00
M-1 0.00 0.00 64,815.19 0.00 13,719,000.00
M-2 0.00 0.00 57,231.35 0.00 11,701,000.00
OC 0.00 0.00 439,830.44 0.00 0.00
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
OV_COLL 0.00 0.00 0.00 0.00 3,066,606.27
Totals 0.00 0.00 1,095,848.31 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 5.41438% 843.17802564 3.80440517 0.00000000 0.00000000
B 10,491,329.00 6.46938% 1000.00000000 5.39115016 0.00000000 0.00000000
M-1 13,719,000.00 5.66938% 1000.00000000 4.72448356 0.00000000 0.00000000
M-2 11,701,000.00 5.86938% 1000.00000000 4.89115033 0.00000000 0.00000000
OC 0.00 0.00000% 0.00000000 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
OV_COLL 0.90 0.00000% 3407340300.000000 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 0.00000000 0.00000000 3.80440517 0.00000000 812.82712533
B 0.00000000 0.00000000 5.39115016 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.72448356 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.89115033 0.00000000 1000.00000000
OC 0.00000000 0.00000000 1099576100000.00 0.00000000 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
OV_COLL 0.00000000 0.00000000 0.00000000 0.00000000 3407340300.000000
<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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,133,966.55
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (147,507.01)
Total Deposits 4,986,459.54
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 81,907.10
Payment of Interest and Principal 4,904,552.44
Total Withdrawals (Pool Distribution Amount) 4,986,459.54
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 60,328.08
Special Servicer Fee 19,920.00
Trustee Fee 1,659.02
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 81,907.10
</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 44 4,212,287.80 3.489294% 2.987887%
60 Days 22 1,490,642.75 1.744647% 1.057352%
90+ Days 8 510,327.02 0.634417% 0.361988%
Foreclosure 86 9,660,756.94 6.819984% 6.852631%
REO 5 631,932.75 0.396511% 0.448247%
Totals 165 16,505,947.26 13.084853% 11.708106%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 147,507.01
Cumulative Realized Losses - Includes Interest Shortfall 147,507.01
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.360988%
Weighted Average Net Coupon 9.860988%
Weighted Average Pass-Through Rate 9.847238%
Weighted Average Maturity(Stepdown Calculation 347
Beginning Scheduled Collateral Loan Count 1,293
Number Of Loans Paid In Full 32
Ending Scheduled Collateral Loan Count 1,261
Beginning Scheduled Collateral Balance 144,787,502.53
Ending Scheduled Collateral Balance 140,978,798.40
Ending Actual Collateral Balance at 30-Oct-1998 141,073,565.23
Monthly P &I Constant 1,323,511.84
Ending Scheduled Balance for Premium Loans 140,978,798.40
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 3,066,606.27
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 147,507.01
Excess Cash Amount 587,337.40
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Principal Prepayments 3,735,310.27
Loans in Bankruptcy 18
Aggregate Unpaid Principal balance of 1,726,958.83
Bankruptcies
</TABLE>
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