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) : October 26, 1998
Saxon Asset Securities Trust 1998-1
Mortgage Loan Asset Backed Certificates, Series 1998-1
(Exact name of registrant as specified in its charter)
Virginia 34-0-20552 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7 consecutively numbered pages.
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Item 5. Other Events.
On October 26, 1998 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibit 99.1. No other reportable
transactions or matters have occurred during the current reporting
period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on October 26, 1998 filed
as Exhibit 99.1 hereto.
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<PAGE>
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.
SAXON ASSET SECURITIES TRUST 1998-1,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-1
Date: November 2, 1998 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
October 26, 1998 6
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Exhibit 99.1
Monthly Certificateholder Statement on October 26, 1998
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<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1998-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-Oct-98 PAGE # 1
RECORD DATE: 30-Sep-98
- ------------------------------------------------------------------------------------------------------------------------------------
Certi- Certifi-
fi- cates
Interest cates Carry- Applied
Original Beginning Principal Interest Carry Carry- over Realized Total Ending
Certificate Certificate Distri- Distri- Forward over Amt Loss Distri- Certificate
Class Cusip # Balance Balance bution bution Amt Amt Paid Amount bution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
AF-1 805564AA9 118,609,000.00 89,615,449.98 5,590,458.87 484,670.23 - N/A N/A N/A 6,075,129.10 84,024,991.11
AF-2 805564AB7 12,784,000.00 12,784,000.00 - 68,394.40 - N/A N/A N/A 68,394.40 12,784,000.00
AF-3 805564AC5 74,108,000.00 74,108,000.00 - 398,330.50 - N/A N/A N/A 398,330.50 74,108,000.00
AF-4 805564AD3 18,897,000.00 18,897,000.00 - 104,720.88 - N/A N/A N/A 104,720.88 18,897,000.00
AF-5 805564AE1 34,303,000.00 34,303,000.00 - 203,531.13 - N/A N/A N/A 203,531.13 34,303,000.00
AF-6 805564AF8 34,493,000.00 34,493,000.00 - 187,411.97 - N/A N/A N/A 187,411.97 34,493,000.00
MF-1 805564AG6 20,696,000.00 20,696,000.00 - 121,589.00 - N/A N/A - 121,589.00 20,696,000.00
MF-2 805564AH4 12,073,000.00 12,073,000.00 - 72,538.61 - N/A N/A - 72,538.61 12,073,000.00
BF-1 805564AJ0 10,348,000.00 10,348,000.00 - 65,709.80 - N/A N/A - 65,709.80 10,348,000.00
BF-2 805564AQ4 6,899,000.00 6,899,000.00 - 45,993.33 - N/A N/A - 45,993.33 6,899,000.00
BF-3 805564AR2 1,725,000.00 1,725,000.00 - 12,362.50 - N/A N/A - 12,362.50 1,725,000.00
AV-1 805564AK7 50,000,000.00 42,232,295.68 1,901,373.02 210,154.06 - - - N/A 2,111,527.08 40,330,922.66
AV-2 805564AL5 64,127,000.00 52,621,683.67 1,900,835.61 262,306.30 - - - N/A 2,163,141.91 50,720,848.06
MV-1 805564AM3 10,567,000.00 10,567,000.00 - 54,539.30 - - - - 54,539.30 10,567,000.00
MV-2 805564AN1 8,454,000.00 8,454,000.00 - 45,089.47 - - - - 45,089.47 8,454,000.00
BV-1 805564AP6 4,227,000.00 4,227,000.00 - 24,364.69 - - - - 24,364.69 4,227,000.00
BV-2 805564AS0 2,818,000.00 2,818,000.00 - 21,356.04 - - 710.96 - 22,067.00 2,818,000.00
BV-3 805564AT8 705,000.00 705,000.00 - 4,253.38 - - - - 4,253.38 705,000.00
C N/A N/A N/A N/A 719,729.73 N/A N/A N/A N/A 719,729.73 N/A
R N/A N/A N/A N/A 159,733.01 N/A N/A N/A N/A 159,733.01 N/A
==================================================================================================================================
TOTALS 485,833,000.00 437,566,429.33 9,392,667.50 3,266,778.33 - - 710.96 - 12,660,156.79 428,173,761.83
==================================================================================================================================
Grp I 344,935,000.00 315,941,449.98 5,590,458.87 1,765,252.35 7,355,711.22 310,350,991.11
Grp II 140,898,000.00 121,624,979.35 3,802,208.63 622,063.24 4,424,982.83 117,822,770.72
===============
LIBOR RATE 5.59375%
===============
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- --------------------------------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates Certificates End Prin Current Pass
Class Cusip # Distribution Distribution Carry Forward Carryover Carryover Paid Balance Through Rate
- --------------------------------------------------------------------------------------------------------------------------------
AF-1 805564AA9 47.13351322 4.08628544 0.0000000 N/A N/A 708.4200281 6.4900%
AF-2 805564AB7 - 5.35000000 0.0000000 N/A N/A 1000.0000000 6.4200%
AF-3 805564AC5 - 5.37500000 0.0000000 N/A N/A 1000.0000000 6.4500%
AF-4 805564AD3 - 5.54166693 0.0000000 N/A N/A 1000.0000000 6.6500%
AF-5 805564AE1 - 5.93333324 0.0000000 N/A N/A 1000.0000000 7.1200%
AF-6 805564AF8 - 5.43333343 0.0000000 N/A N/A 1000.0000000 6.5200%
MF-1 805564AG6 - 5.87500000 0.0000000 N/A N/A 1000.0000000 7.0500%
MF-2 805564AH4 - 6.00833347 0.0000000 N/A N/A 1000.0000000 7.2100%
BF-1 805564AJ0 - 6.35000000 0.0000000 N/A N/A 1000.0000000 7.6200%
BF-2 805564AQ4 - 6.66666618 0.0000000 N/A N/A 1000.0000000 8.0000%
BF-3 805564AR2 - 7.16666667 0.0000000 N/A N/A 1000.0000000 8.6000%
AV-1 805564AK7 38.02746040 4.20308120 0.0000000 0.0000000 0.0000000 806.6184532 5.7788%
AV-2 805564AL5 29.64173609 4.09041901 0.0000000 0.0000000 0.0000000 790.9437220 5.7888%
MV-1 805564AM3 - 5.16128513 0.0000000 0.0000000 0.0000000 1000.0000000 5.9938%
MV-2 805564AN1 - 5.33350722 0.0000000 0.0000000 0.0000000 1000.0000000 6.1938%
BV-1 805564AP6 - 5.76406198 0.0000000 0.0000000 0.0000000 1000.0000000 6.6938%
BV-2 805564AS0 - 7.57843861 0.0000000 0.0000000 0.2522907 1000.0000000 8.8008%
BV-3 805564AT8 - 6.03316312 0.0000000 0.0000000 0.0000000 1000.0000000 7.0063%
- -------------------------------------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
600 Travis Street, 10th Floor
Houston, Texas
(713) 216-4756
---------------------------------------
CHASE BANK OF TEXAS
MASTER SERVICER
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SAXON ASSET SECURITIES TRUST 1998-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-Oct-98 PAGE # 2
RECORD DATE: 30-Sep-98
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Aggregate Scheduled Mortgage Principal Balance 310,350,991.11 117,822,770.72
Prepayment Amount 5,353,021.35 3,597,440.84
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount - 139,247.84
Applied Realized Loss Amount - -
Unpaid Realized Loss Amount - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate 9.43839%
Group II Net Rate 9.09413%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I 666,427.82
The Largest Mortgage Loan Balance Outstanding in Group II 945,890.43
Group I Group II
----------------------------------
Sec.3.04(a)(iv) Servicing Fees 134,112.07 50,677.07
Master Servicing Fees 7,898.54 3,040.62
----------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
----------------------------------------------------------------------------------------------------
30-59 Days 113 3.02298% 9,381,847.80 23 2.76154% 3,253,727.53
60-89 Days 35 0.77015% 2,390,172.17 14 1.35000% 1,590,612.26
90+ Days 7 0.10500% 325,875.01 5 0.74035% 872,300.15
----------------------------------------------------------------------------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings 127 31
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings 10,905,411.08 4,080,045.22
Number of Mortgage Loans in Foreclosure in Prior Month 120 34
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month 10,744,689.94 4,573,752.52
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings 32 8
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings 2,136,703.78 624,689.65
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period 9 3
Aggregate book value of REO Preperties 551,221.58 174,134.03
-----------------------------------
Servicer Group I Group II
---------------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech 193 57
Ameriquest N/A -
---------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 15,123,418.52 7,018,367.28
Ameriquest N/A -
---------------------------------------------------
CHASE BANK OF TEXAS
MASTER SERVICER
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