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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):
July 27, 1998
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1998-2
(Exact name of registrant as specified in its charter)
New York 333-30759-4 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Bankers Trust Company
3 Park Plaza 16th Floor
Irvine, CA 92614
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (714) 253-7575
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
Information relating to the distributions to
Certificateholders for the period from June 11, 1998 to June 30,
1998 (the "Monthly Period") of the AMRESCO Residential Securities
Corporation Mortgage Loan Trust 1998-2 (the "Registrant" or
"Trust") in respect of the Mortgage Loan Asset Backed
Certificates, Series 1998-2, Class A (the "Certificates") issued
by the Registrant and the performance of the Trust (including
distributions of principal and interest, delinquent balances of
mortgage loans, and the subordinated amount remaining), together
with certain other information relating to the Certificates, is
contained in the Monthly Report for the Monthly Period provided
to Certificateholders pursuant to the Pooling and Servicing
Agreement dated as of June 1, 1998, among AMRESCO Residential
Securities Corporation in its capacity as Depositor, AMRESCO
Residential Capital Markets, Inc. in its capacity as the Seller
and Master Servicer, Advanta Mortgage Corp. USA, Ameriquest
Mortgage Company and Wendover Financial Services Corporation as
the Servicers, and Norwest Bank Minnesota, National Association,
in its capacity as the trustee.
Item 7. Exhibit.
Monthly Report for the Monthly Period relating to the
Certificates issued by the Trust.
SIGNATURE
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: AMRESCO Residential Securities Corporation
Mortgage Loan Trust 1998-2
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: August 3, 1998
<TABLE>
<CAPTION>
AMRESCO Residential Securities Corporation Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Jun-1998 Securities Administration Services
Distribution Date: 27-Jul-1998 11000 Broken Land Parkway
Columbia, MD 21044
AMRESCO Series 1998-2 Telephone: (301) 815-6600
Fax: (401) 884-2369
Certificate Holder Distribution Summary
Certificate Certificate Beginning Current Ending Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized
CLASS CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 03215PEL9 SEQ 6.50000% 116,000,000.00 628,333.33 5,344,899.57 0.00 110,655,100.43 5,973,232.90 0.00
A-2 03215PEM7 SEQ 6.24500% 61,000,000.00 317,454.17 0.00 0.00 61,000,000.00 317,454.17 0.00
A-3 03215PEN5 SEQ 6.31500% 36,000,000.00 189,450.00 0.00 0.00 36,000,000.00 189,450.00 0.00
A-4 03215PEP0 SEQ 6.44500% 37,000,000.00 198,720.83 0.00 0.00 37,000,000.00 198,720.83 0.00
A-5 03215PEQ8 SEQ 6.80000% 16,000,000.00 90,666.67 0.00 0.00 16,000,000.00 90,666.67 0.00
A-6 03215PER6 SEQ 6.40500% 35,000,000.00 186,812.50 0.00 0.00 35,000,000.00 186,812.50 0.00
A-7 03215PEV7 SEQ 5.69625% 150,000,000.00 1,091,781.25 9,518,653.29 0.00 140,481,346.71 10,610,434.54 0.00
A-8 03215PEW5 SEQ 5.81125% 376,500,000.00 2,795,695.52 9,518,653.29 0.00 366,981,346.71 12,314,348.81 0.00
M-1F 03215PES4 SUB 6.74500% 19,250,000.00 108,201.04 0.00 0.00 19,250,000.00 108,201.04 0.00
M-1A 03215PEX3 SUB 5.98625% 52,000,000.00 397,753.06 0.00 0.00 52,000,000.00 397,753.06 0.00
M-2F 03215PET2 SUB 7.04000% 15,750,000.00 92,400.00 0.00 0.00 15,750,000.00 92,400.00 0.00
M-2A 03215PEY1 SUB 6.20625% 39,000,000.00 309,278.12 0.00 0.00 39,000,000.00 309,278.12 0.00
B-1F 03215PEU9 SUB 7.71500% 14,000,000.00 90,008.33 0.00 0.00 14,000,000.00 90,008.33 0.00
B-1A 03215PEZ8 SUB 6.80625% 32,500,000.00 282,648.44 0.00 0.00 32,500,000.00 282,648.44 0.00
C-FIO ARS98CFIO IO 15.00000% 0.00 437,500.00 0.00 0.00 0.00 437,500.00 0.00
C-AIO ARS98CAIO IO 6.82000% 0.00 623,082.78 0.00 0.00 0.00 623,082.78 0.00
D ARS98002D IO 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
S ARS98002S IO 0.10000% 0.00 41,824.93 0.00 0.00 0.00 41,824.93 0.00
R ARS98002R R 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RL ARS9802RL R 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 7,881,610.97 24,382,206.15 0.00 975,617,793.85 32,263,817.12 0.00
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.
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
CLASS Amount Balance Distribution Distribution Accretion Loss (1)
Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
A-1 116,000,000.00 116,000,000.00 269,715.60 5,075,183.97 0.00 0.00
5,344,899.57 110,655,100.43 0.95392328 5,344,899.57
A-2 61,000,000.00 61,000,000.00 0.00 0.00 0.00 0.00
0.00 61,000,000.00 1.00000000 0.00
A-3 36,000,000.00 36,000,000.00 0.00 0.00 0.00 0.00
0.00 36,000,000.00 1.00000000 0.00
A-4 37,000,000.00 37,000,000.00 0.00 0.00 0.00 0.00
0.00 37,000,000.00 1.00000000 0.00
A-5 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00
0.00 16,000,000.00 1.00000000 0.00
A-6 35,000,000.00 35,000,000.00 0.00 0.00 0.00 0.00
0.00 35,000,000.00 1.00000000 0.00
A-7 150,000,000.00 150,000,000.00 182,101.25 9,336,552.04 0.00 0.00
9,518,653.29 140,481,346.71 0.93654231 9,518,653.29
A-8 376,500,000.00 376,500,000.00 182,101.25 9,336,552.04 0.00 0.00
9,518,653.29 366,981,346.71 0.97471805 9,518,653.29
M-1F 19,250,000.00 19,250,000.00 0.00 0.00 0.00 0.00
0.00 19,250,000.00 1.00000000 0.00
M-1A 52,000,000.00 52,000,000.00 0.00 0.00 0.00 0.00
0.00 52,000,000.00 1.00000000 0.00
M-2F 15,750,000.00 15,750,000.00 0.00 0.00 0.00 0.00
0.00 15,750,000.00 1.00000000 0.00
M-2A 39,000,000.00 39,000,000.00 0.00 0.00 0.00 0.00
0.00 39,000,000.00 1.00000000 0.00
B-1F 14,000,000.00 14,000,000.00 0.00 0.00 0.00 0.00
0.00 14,000,000.00 1.00000000 0.00
B-1A 32,500,000.00 32,500,000.00 0.00 0.00 0.00 0.00
0.00 32,500,000.00 1.00000000 0.00
C-FIO 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
C-AIO 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
D 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
S 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
RL 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
TOTALS 1,000,000,000.00 1,000,000,000.00 633,918.10 23,748,288.05
24,382,206.15 975,617,793.85 0.97561779 24,382,206.15
(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.
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Class Face Certificate Principal Principal Realized
(2) Amount Balance Distribution Distribution Accretion Loss (3)
Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
A-1 116,000,000.00 1000.00000000 2.32513448 43.75158595 0.00000000 0.00000000
46.07672043 953.92327957 0.95392328 46.07672043
A-2 61,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-3 36,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-4 37,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-5 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-6 35,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-7 150,000,000.00 1000.00000000 1.21400833 62.24368027 0.00000000 0.00000000
63.45768860 936.54231140 0.93654231 63.45768860
A-8 376,500,000.00 1000.00000000 0.48366866 24.79827899 0.00000000 0.00000000
25.28194765 974.71805235 0.97471805 25.28194765
M-1F 19,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
M-1A 52,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
M-2F 15,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
M-2A 39,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
B-1F 14,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
B-1A 32,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
C-FIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
C-AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
D 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
S 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
RL 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
(2) All Denominations are Per $1000
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise
Disclosed, Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement
Beginning Payment of Non
Original Current Certificate Current Unpaid Current Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
CLASS Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (4)
Total Remaining Ending
Interest Unpaid Certificate/
Distribution Interest Notional
Shortfall Balance
A-1 116,000,000.00 6.50000% 116,000,000.00 628,333.33 0.00 0.00 0.00 0.00
628,333.33 0.00 110,655,100.43
A-2 61,000,000.00 6.24500% 61,000,000.00 317,454.17 0.00 0.00 0.00 0.00
317,454.17 0.00 61,000,000.00
A-3 36,000,000.00 6.31500% 36,000,000.00 189,450.00 0.00 0.00 0.00 0.00
189,450.00 0.00 36,000,000.00
A-4 37,000,000.00 6.44500% 37,000,000.00 198,720.83 0.00 0.00 0.00 0.00
198,720.83 0.00 37,000,000.00
A-5 16,000,000.00 6.80000% 16,000,000.00 90,666.67 0.00 0.00 0.00 0.00
90,666.67 0.00 16,000,000.00
A-6 35,000,000.00 6.40500% 35,000,000.00 186,812.50 0.00 0.00 0.00 0.00
186,812.50 0.00 35,000,000.00
A-7 150,000,000.00 5.69625% 150,000,000.00 1,091,781.25 0.00 0.00 0.00 0.00
1,091,781.25 0.00 140,481,346.71
A-8 376,500,000.00 5.81125% 376,500,000.00 2,795,695.52 0.00 0.00 0.00 0.00
2,795,695.52 0.00 366,981,346.71
M-1F 19,250,000.00 6.74500% 19,250,000.00 108,201.04 0.00 0.00 0.00 0.00
108,201.04 0.00 19,250,000.00
M-1A 52,000,000.00 5.98625% 52,000,000.00 397,753.06 0.00 0.00 0.00 0.00
397,753.06 0.00 52,000,000.00
M-2F 15,750,000.00 7.04000% 15,750,000.00 92,400.00 0.00 0.00 0.00 0.00
92,400.00 0.00 15,750,000.00
M-2A 39,000,000.00 6.20625% 39,000,000.00 309,278.12 0.00 0.00 0.00 0.00
309,278.12 0.00 39,000,000.00
B-1F 14,000,000.00 7.71500% 14,000,000.00 90,008.33 0.00 0.00 0.00 0.00
90,008.33 0.00 14,000,000.00
B-1A 32,500,000.00 6.80625% 32,500,000.00 282,648.44 0.00 0.00 0.00 0.00
282,648.44 0.00 32,500,000.00
C-FIO 0.00 15.00000% 35,000,000.00 437,500.00 0.00 0.00 0.00 0.00
437,500.00 0.00 35,000,000.00
C-AIO 0.00 6.82000% 71,500,000.00 623,082.78 0.00 0.00 0.00 0.00
623,082.78 0.00 71,500,000.00
D 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
S 0.00 0.10000% 501,899,170.52 41,824.93 0.00 0.00 0.00 0.00
41,824.93 0.00 496,842,077.09
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
RL 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
Totals1,000,000,000.00 7,881,610.97
7,881,610.97 0.00
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise
Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement
Beginning Payment of Non
Original Current Certificate Current Unpaid Current Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
CLASS Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (6)
(5) Total Remaining Ending
Interest Unpaid Certificate/
Distribution Interest Notional
Shortfall Balance
A-1 116,000,000.00 6.50000% 1000.00000000 5.41666664 0.00000000 0.00000000 0.00000000 0.00000000
5.41666664 0.00000000 953.92327957
A-2 61,000,000.00 6.24500% 1000.00000000 5.20416672 0.00000000 0.00000000 0.00000000 0.00000000
5.20416672 0.00000000 1000.00000000
A-3 36,000,000.00 6.31500% 1000.00000000 5.26250000 0.00000000 0.00000000 0.00000000 0.00000000
5.26250000 0.00000000 1000.00000000
A-4 37,000,000.00 6.44500% 1000.00000000 5.37083324 0.00000000 0.00000000 0.00000000 0.00000000
5.37083324 0.00000000 1000.00000000
A-5 16,000,000.00 6.80000% 1000.00000000 5.66666688 0.00000000 0.00000000 0.00000000 0.00000000
5.66666688 0.00000000 1000.00000000
A-6 35,000,000.00 6.40500% 1000.00000000 5.33750000 0.00000000 0.00000000 0.00000000 0.00000000
5.33750000 0.00000000 1000.00000000
A-7 150,000,000.00 5.69625% 1000.00000000 7.27854167 0.00000000 0.00000000 0.00000000 0.00000000
7.27854167 0.00000000 936.54231140
A-8 376,500,000.00 5.81125% 1000.00000000 7.42548611 0.00000000 0.00000000 0.00000000 0.00000000
7.42548611 0.00000000 974.71805235
M-1F 19,250,000.00 6.74500% 1000.00000000 5.62083325 0.00000000 0.00000000 0.00000000 0.00000000
5.62083325 0.00000000 1000.00000000
M-1A 52,000,000.00 5.98625% 1000.00000000 7.64909731 0.0000000 0.00000000 0.00000000 0.00000000
7.64909731 0.00000000 1000.00000000
M-2F 15,750,000.00 7.04000% 1000.00000000 5.86666667 0.00000000 0.00000000 0.00000000 0.00000000
5.86666667 0.00000000 1000.00000000
M-2A 39,000,000.00 6.20625% 1000.00000000 7.93020821 0.00000000 0.00000000 0.00000000 0.00000000
7.93020821 0.00000000 1000.00000000
B-1F 14,000,000.00 7.71500% 1000.00000000 6.42916643 0.00000000 0.00000000 0.00000000 0.00000000
6.42916643 0.00000000 1000.00000000
B-1A 32,500,000.00 6.80625% 1000.00000000 8.69687508 0.00000000 0.00000000 0.00000000 0.00000000
8.69687508 0.00000000 1000.00000000
C-FIO 0.00 15.00000% 1000.00000000 12.50000000 0.00000000 0.00000000 0.00000000 0.00000000
12.50000000 0.00000000 1000.00000000
C-AIO 0.00 6.82000% 1000.00000000 8.71444448 0.00000000 0.00000000 0.00000000 0.00000000
8.71444448 0.00000000 1000.00000000
D 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
S 0.00 0.10000% 1000.00000000 0.08333333 0.00000000 0.00000000 0.00000000 0.00000000
0.08333333 0.00000000 989.92408490
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
RL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
(5) All Denominations are Per $1000
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or
Fraud Losses Unless Otherwise Disclosed. Please Refer to the
Prospectus Supplement for a Full Description.
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Account Statement
Certificate account
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 32,644,265.55
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 32,644,265.55
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 380,448.43
Payment of Interest and Principal 32,263,817.12
Total Withdrawals (Pool Distribution Amount) 32,644,265.55
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
Gross Servicing Fee 363,904.02
Trustee Fee 2,068.05
Master Servicing Fee 14,476.36
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 380,448.43
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid Number Unpaid
Number Principal Of Loans Balance
Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 102 8,011,653.24 0.922910% 0.820904%
60 Days 68 5,490,863.28 0.615273% 0.562614%
90+ Days 44 4,180,993.89 0.398118% 0.428400%
Foreclosure 32 2,606,625.70 0.289540% 0.267085%
REO 0 0.00 0.000000% 0.000000%
Totals 246 20,290,136.11 2.225841% 2.079003%
Current Period Realized Loss-Includes Interest Shortfall 0.00
Cumulative Realized Losses-Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 161,200.56
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 9.986297%
Weighted Average Net Coupon 9.538852%
Weighted Average Pass-Through Rate 9.518899%
Weighted Average Maturity (Stepdown Calculation) 338
Beginning Scheduled Collateral Loan Count 11,283
Number of Loans Paid in Full 231
Ending Scheduled Collateral Loan Count 11,052
Beginning Scheduled Collateral Balance 1,000,000,000.00
Ending Scheduled Collateral Balance 975,954,973.21
Ending Actual Collateral Balance at 30-Jun-1998 976,376,273.07
Monthly P&I Constant 8,755,731.48
Ending Scheduled Balance for Premium Loans 968,631,711.22
Scheduled Principal 633,918.10
Unscheduled Principal 23,385,082.03
</TABLE>
<TABLE>
<CAPTION>
Group ID 1 2
Collateral Description Mixed Fixed 6 Month LIBOR Arm
<S> <C> <C>
Weighted Average Net Rate 9.259096 9.306665
Weighted Average Maturity 328.00 343.00
Beginning Loan Count 4,249 7,034
Loans Paid In Full 56 175
Ending Loan Count 4,193 6,859
Beginning Scheduled Balance 350,000,081.17 650,000,000.00
Ending Scheduled Balance 344,992,276.79 623,639,434.43
Record Date 06/30/98 06/30/98
Principal And Interest Constant 3,096,422.90 5,659,308.58
Scheduled Principal 269,715,60 364,202.50
Unscheduled Principal 4,725,603.66 18,659,478.37
1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 6,125,000.00 15,600,000.00
Overcollateralization Amount 337,179.36 0.00
Overcollateralization Deficiency Amount 5,787,820.64 15,600,000.00
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 337,098.19 0.00
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Deliquency Status By Group
30 Days 60 Days 90 + Days Foreclosures REOs
Groups Number Balance Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 10 967,066.27 9 579,243.95 6 402,102.06 4 241,127.48 0 0.00
2 92 7,044,586.97 59 4,911,619.33 38 3,778,891.83 28 2,365,498.22 0 0.00
Total 102 $8,011,653.24 68 $5,490,863.28 44 $4,180,993.89 32 $2,606,625.70 0 0.00
Group 1 Group 2
Collateral Description FIXED ARM
Monthly P&I Constant 3,096,422.90 5,659,308.58
Weighted Average Gross Coupon 9.826632% 10.109020%
Weighted Average Net Rate 9.388136% 9.624110%
Weighted Average Maturity 329 344
Beginning Collateral Loan Count 4186 6880
Number of Loan Payoffs 56 175
Ending Collateral Loan Count 4130 6705
Beginning Scheduled Collateral Balance 345,189,365.05 628,560,173.30
Loans First Due 8/1/98 Balance 4,798,234.00 14,102,942.00
Subsequent Mortgage Loan Balance 0.00 7,323,258.99
Balance of Prefunding (included in Distribution) 12,482.12 13,625.71
Principal Remittance Amount 4,995,319.26` 19,023,680.87
Ending Scheduled Collateral Balance 344,979,797.67 630,976,319.13
Gross Scheduled Interest 2,826,707.30 5,295,106.08
Servicing Fee 120,383.83 243,520.77
Master Servicing Fee 5,034.27 9,166.25
Trustee Fee 718.55 1,308.94
Net Scheduled Interest 2,700,570.65 5,041,110.12
Group Targeted Overcollateralization Amount 6,125,000.00 15,600,000.00
Group Subordinated Amount 337,098.19 0.00
Group Subordination Increase Amount 337,098.19 0.00
Group Senior Enhancement Percentage 14.502634% 8.038895%
Group Senior Specified Enhancement Percentage 31.500% 42.800%
Group Interest Coverage Addition 0.00 0.00
Current liquidation Loan Losses: 0.00 0.00
Cumulative Liquidation Loan Losses (%): 0.00 0.000% 0.00 0.000%
60+ Day Delinquent Loans 981,376.01 8,690,511.16
Trigger Event Percentage 0.28848% 1.42576%
Loans in Bankruptcy 66,909.20 1,104,631.89
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