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Previous: INTERNATIONAL SMART SOURCING INC, 8-A12G, 1999-01-06 |
Next: MORGAN J P COMM MORT FN COR COM MT PS THRU CERT SER 1996-C3, 8-K, 1999-01-06 |
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):
December 28, 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 333-30759-9 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Norwest Bank Minnesota,
National Association
Sixth Street and Marquette Avenue
Minneapolis, MN 55479-1026
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (612) 667-8058
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 November 1, 1998 to
November 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: January 6, 1999
<TABLE>
<CAPTION>
AMRESCO Residential Securities Corporation Contact: Customer Service Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-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
Class Pass-Through Certificate Interest Principal
CLASS CUSIP Description Rate Balance Distribution Distribution
Current Ending Cumulative
Realized Certificate Total Realized
Loss Balance Distribution Losses
<S> <C> <C> <C> <C> <C>
A-1 03215PEL9 SEQ 6.50000% 93,399,491.33 505,913.91 4,351,802.88
0.00 89,047,688.45 4,857,716.79 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 5.08234% 100,383,145.78 467,666.17 11,052,605.87
0.00 89,330,539.91 11,520.272.04 0.00
A-8 03215PEW5 SEQ 5.19734% 326,883,145.78 1,557,345.94 11,052,605.87
0.00 315,830,539.91 12,609,951.81 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 5.37234% 52,000,000.00 256,081.54 0.00
0.00 52,000,000.00 256,081.54 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 5.59234% 39,000,000.00 199,926.15 0.00
0.00 39,000,000.00 199,926.15 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 6.19234% 32,500,000.00 184,480.13 0.00
0.00 32,500,000.00 184,480.13 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% 0.00 446,994.17 0.00
0.00 0.00 446,994.17 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 41,027.59 0.00
0.00 0.00 41,027.59 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
878,165,782.89 5,370,649.14 26,457,014.62
TOTALS 0.00 851,708,768.27 31,827,663.76 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 93,399,491.33 0.00 4,351,802.88 0.00 0.00
4,351,802.88 89,047,688.45 0.76765249 4,351,802.88
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-7 150,000,000.00 100,383,145.78 0.00 11,052,605.87 0.00 0.00
11,052,605.87 89,330,539.91 0.59553693 11,052,605.87
A-8 376,500,000.00 326,883,145.78 0.00 11,052,605.87 0.00 0.00
11,052,605.87 315,830,539.91 0.83885934 11,052,605.87
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 1,000,000,000.00 878,165,782.89 0.00 26,457,014.62 0.00 0.00
26,457,014.62 851,708,768.27 0.85170877 26,457,014.62
(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(2) Face Certificate Principal Principal Realized
Amount Balance Distribution Distribution Accretion Loss (3)
Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
A-1 116,000,000.00 805.16802871 0.00000000 37.51554207 0.00000000 0.00000000
37.51554207 767.65248664 0.76765249 37.51554207
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-7 150,000,000.00 669.22097187 0.00000000 73.68403913 0.00000000 0.00000000
73.68403913 595.53673273 0.59553693 73.68403913
A-8 376,500,000.00 868.21552664 0.00000000 29.35619089 0.00000000 0.00000000
29.35619089 838.85933575 083885934 29.35619089
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.
</TABLE>
<TABLE>
<CAPTION>
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
<C> <S> <C> <C> <C> <C> <C> <C> <C>
A-1 116,000,000.00 6.50000% 93,399,491.33 505,913.91 0.00 0.00 0.00 0.00
505,913.91 0.00 8,047,688.45
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 5.08234% 100,383,145.78 467,666.17 0.00 0.00 0.00 0.00
467,666.17 0.00 89,830,539.91
A-8 376,500,000.00 5.19734% 326,883,145.78 1,557,345.94 0.00 0.00 0.00 0.00
1,557,345.94 0.00 315,830,539.91
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 5.37234% 52,000,000.00 256,081.54 0.00 0.00 0.00 0.00
256,081.54 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 5.59234% 39,000,000.00 199,926.15 0.00 0.00 0.00 0.00
199,926.15 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 6.19234% 32,500,000.00 184,480.13 0.00 0.00 0.00 0.00
184,480.13 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% 71,500,000.00 446,994.17 0.00 0.00 0.00 0.00
446,994.17 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% 492,331,026.82 41,027.59 0.00 0.00 0.00 0.00
41,027.59 0.00 487,117,166.00
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 5,370,649.14 0.00 0.00 0.00 0.00
5,370,649.14 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(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (6)
Total Remaining Ending
Interest Unpaid Certificate/
Distribution Interest Notional
Shortfall Balance
A-1 116,000,000.00 6.50000% 805.16802871 4.36132681 0.00000000 0.00000000 0.00000000 0.00000000
4.3613268 0.00000000 767.65248664
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 5.08234% 669.22097187 3.11777447 0.00000000 0.00000000 0.00000000 0.00000000
3.11777447 0.00000000 595.53693273
A-8 376,500,000.00 5.19734% 868.21552664 4.13637700 0.00000000 0.00000000 0.00000000 0.00000000
4.13637700 0.00000000 838.85933575
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 5.37234% 1000.00000000 4.92464500 0.0000000 0.00000000 0.00000000 0.00000000
4.92464500 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 5.59234% 1000.00000000 5.12631154 0.00000000 0.00000000 0.00000000 0.00000000
5.12631154 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 6.19234% 1000.00000000 5.67631169 0.00000000 0.00000000 0.00000000 0.00000000
5.67631169 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 6.25166671 0.00000000 0.00000000 0.00000000 0.00000000
6.25166671 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% 980.93612370 0.08174469 0.00000000 0.00000000 0.00000000 0.00000000
0.08174469 0.00000000 970.54786023
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 31,384,707.78
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 686,875.29
Realized Losses 0.00
Total Deposits 32,071,583.07
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 342,978.55
Payment of Interest and Principal 31,827,663.76
Total Withdrawals (Pool Distribution Amount) 32,170,642.31
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 328,209.04
Trustee Fee 1,846.17
Master Servicing Fee 12,923.34
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 342,978.55
</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 274 21,886,685.31 2.763490% 2.540622%
60 Days 75 6,867,126.21 0.756430% 0.797141%
90+ Days 173 13,901,325.58 1.744831% 1.613676%
Foreclosure 400 29,660,240.38 4.034291% 3.442981%
REO 5 477,860.93 0.050429% 0.055470%
Totals 927 72,793,238.41 9.349470% 8.449890%
Current Period Realized Loss-Includes Interest Shortfall 0.00
Cumulative Realized Losses-Includes Interest Shortfall 26,004.46
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 686,875.29
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 10.118628%
Weighted Average Net Coupon 9.674186%
Weighted Average Pass-Through Rate 9.654185%
Weighted Average Maturity (Stepdown Calculation) 334
Beginning Scheduled Collateral Loan Count 10,207
Number of Loans Paid in Full 292
Ending Scheduled Collateral Loan Count 9,915
Beginning Scheduled Collateral Balance 886,167,981.31
Ending Scheduled Collateral Balance 861,469,674.53
Ending Actual Collateral Balance at 30-Nov-1998 861,978,621.73
Monthly P&I Constant 8,067,436.07
Ending Scheduled Balance for Premium Loans 855,150,039.09
Scheduled Principal 595,099.25
Unscheduled Principal 24,103,206.23
Group ID 1 2
Collateral Description Mixed Fixed 6 Month LIBOR Arm
Weighted Average Coupon Rate 9.802714 10.305278
Weighted Average Net Rate 9.364920 9.825090
Weighted Average Maturity 323.00 338.00
Record Date 11/30/98 11/30/98
Principal And Interest Constant 2,960,130.29 5,107,305.78
Beginning Loan Count 4,002 6,205
Loans Paid In Full 51 241
Ending Loan Count 3,951 5,964
Beginning Scheduled Balance 329,118,350.72 557,049,630.59
Ending Scheduled Balance 325,095,346.63 536,374,327.90
Scheduled Principal 271,586.10 323,513.15
Unscheduled Principal 3,751,417.99 20,351,788.24
Scheduled Interest 2,688,544.19 4,783,792.63
Servicing Fee 114,586.32 213,622.72
Master Servicing Fee 4,799.65 8,123.69
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 685.67 1,160.53
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 2,568,472.55 4,560,885.69
Realized Loss Amount 0.00 0.00
Cummulative Realized Loss 26,004.46 0.00
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 2,047,658.18 7,713,248.08
Overcollateralization Deficiency Amount 4,406,140.61 9,316,662.27
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 328,798.79 1,429,910.35
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Deliquency Status By Group
<S> <C> <C> <C> <C> <C> <C>
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
1 Principal Balance 7,104,941.95 2,862,035.12 7,152,140.47 4,839,819.96 45,950.20 2,248,340.40
Percentage Of Balance 2.185% 0.880% 2.200% 1.489% 0.014% 0.692%
Loan Count 103 30 100 70 1 34
Percentage Of Loan Count 2.607% 0.759% 2.531% 1.772% 0.025% 0.861%
2 Principal Balance 14,781,743.36 4,005,091.09 6,749,185.11 24,820,420.42 431,910.73 5,467,762.06
Percentage Of Balance 2.756% 0.747% 1.258% 4.627% 0.081% 1.019%
Loan Count 171 45 73 330 4 58
Percentage Of Loan Count 2.867% 0.755% 1.224% 5.533% 0.067% 0.973%
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