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Previous: NORTH AMERICAN SENIOR FLOATING RATE FUND INC, 497, 1998-08-28 |
Next: MONEY STORE HOME EQUITY LOAN TRUST 1998-A, 8-K, 1998-08-28 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) August 15, 1998
----------------------
The Money Store Residential Trust 1998-I and the Originators as listed below
under a Pooling and Servicing Agreement dated as of February 28, 1998 providing
for the issuance of The Money Store Residential Loan Certificates, Series 1998-I
TMS Mortgage Inc.
The Money Store Home Equity Corp.
The Money Store/ Minnesota Inc.
The Money Store/ Kentucky Inc.
The Money Store/ D.C. Inc.
--------------------------
(Exact name of registrant as specified in its charter)
New Jersey Applied For
- ---------- -----------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
- -------------------------------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
--------------
n/a
- -------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to
Class A Certificate holders with respect to the August 17, 1998 Remittance Date.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
-------------------------------
Harry Puglisi
Treasurer
Dated: 08/31/98
<PAGE>
Schedule A
List of Originators
-------------------
Residential Trust 1998-I
------------------------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 28, 1998, THE MONEY STORE INC. REPORTS THE FOLLOWING
INFORMATION PERTAINING TO THE RESIDENTIAL TRUST 1998-I FOR THE AUGUST 12,
1998 DETERMINATION DATE.
1. AGGREGATE AMOUNT RECEIVED $4,545,739.81
LESS: SERVICE FEE 40,294.85
CONTINGENCY FEE 40,294.85
OTHER SERVICER FEES (Late Charges/Escrow) 7,256.51
UNREIMBURSED MONTHLY ADVANCES 0.00
----------------
87,846.21
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 0.00
PRE-FUNDING ACCOUNT TRANSFER 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER 0.00
----------------
0.00
AMOUNT WITHDRAWN FROM THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01(b)(vi) 0.00
----------------
AVAILABLE REMITTANCE AMOUNT (I-2) 4,457,893.60
================
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 44,148,413.16
(B) CLASS A-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 19,745,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 29,277,000.00
(D) CLASS A-4 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 23,496,000.00
(E) CLASS A-5 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 17,989,000.00
(F) CLASS M-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 22,500,000.00
(G) CLASS M-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 19,000,000.00
(H) CLASS B PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 13,500,000.00
3. PRINCIPAL DISTRIBUTION AMOUNTS:
CLASS A-1 3,374,591.07
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS A-5 0.00
CLASS M-1 0.00
CLASS M-2 0.00
CLASS B 0.00
TOTAL PRINCIPAL DISTRIBUTION AMOUNT: 3,374,591.07
<PAGE>
<TABLE>
<S> <C> <C>
4. (A) CLASS A INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS M INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS B INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
AGGREGATE INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
(B) CLASS A REALIZED LOSS AMOUNT 0.00
CLASS M REALIZED LOSS AMOUNT 0.00
CLASS B REALIZED LOSS AMOUNT 0.00
AGGREGATE REALIZED LOSS AMOUNT 0.00
5. AVAILABLE MAXIMUM SUBORDINATION AMOUNT 7,604,173.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD
AMOUNT 1,625,391.45
# OF LOANS 141
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 203,330.26
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 467,210.19
9. AMOUNT OF INTEREST RECEIVED 2,241,653.36
10. (A) AMOUNT OF MONTHLY ADVANCES TO BE MADE ON
THE DETERMINATION DATE
MONTHLY ADVANCE TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii) 0.00
(B) AMOUNT OF COMPENSATING INTEREST 254.98
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT L)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 5,323.27
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 235,642.16
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,374,591.07
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 3,610,233.23
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 102,015.83
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 102,015.83
CLASS A-3 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 151,630.46
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-3 REMITTANCE AMOUNT 151,630.46
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CLASS A-4 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 127,563.70
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-4 REMITTANCE AMOUNT 127,563.70
CLASS A-5 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 107,484.28
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-5 REMITTANCE AMOUNT 107,484.28
CLASS A REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 724,336.43
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,374,591.07
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 4,098,927.50
CLASS M-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 136,312.50
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 136,312.50
CLASS M-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 118,670.83
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 118,670.83
CLASS M REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 254,983.33
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M REMITTANCE AMOUNT 254,983.33
CLASS B REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 94,500.00
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B REMITTANCE AMOUNT 94,500.00
AGGREGATE REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,073,819.76
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,374,591.07
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 4,448,410.83
14. (A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) GP REMITTANCE AMOUNT PAYABLE 0.00
15. (A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 40,773,822.09
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 19,745,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 29,277,000.00
(D) CLASS A-4 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 23,496,000.00
(E) CLASS A-5 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 17,989,000.00
(F) CLASS M-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 22,500,000.00
(G) CLASS M-2 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 19,000,000.00
(H) CLASS B PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 13,500,000.00
(I) TOTAL POOL PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 186,280,822.09
16. TRIGGER EVENT CALCULATION TRIGGER ACTIVATED
THE TRIGGER EVENT WILL BE IN EFFECT IF EITHER
(1) (i) EXCEEDS 50% OF (ii)
(i) SIXTY-DAY DELINQUENCY RATIO 1.34%
(ii) CLASS A CREDIT ENHANCEMENT PERCENTAGE 39.74% 3.37% NO
(2) BOTH (A) AND (B) OCCUR
(A) EITHER (X) OR (Y) OCCUR
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 9% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEEDS $28,200,000 5,323.27 NO
(B) EITHER (X) OR (Y) OCCUR
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 15% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEED $9,400,000 5,323.27 NO NO
----------
IF EITHER (1) OR (2) = "YES", THEN THE TRIGGER EVENT IS ON EFFECT NO
----------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
17. CUMULATIVE REALIZED LOSSES 5,323.27
18. AMOUNT BY WHICH THE FORMULA DISTRIBUTION AMOUNT
EXCEEDS THE CLASS DISTRIBUTION AMOUNT 0.00
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 40,294.85
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 40,294.85
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 9,482.77
(D) FHA PREMIUM ACCOUNT 918.82
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE SERVICERS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f)(i) 80,589.70
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 40,773,822.09 0.74823963
ORIGINAL CLASS A-1 PRINCIPAL BALANCE 54,493,000.00
CLASS A-2 POOL FACTOR (I-5):
CURRENT CLASS A-2 PRINCIPAL BALANCE 19,745,000.00 1.00000000
ORIGINAL CLASS A-2 PRINCIPAL BALANCE 19,745,000.00
CLASS A-3 POOL FACTOR (I-5):
CURRENT CLASS A-3 PRINCIPAL BALANCE 29,277,000.00 1.00000000
ORIGINAL CLASS A-3 PRINCIPAL BALANCE 29,277,000.00
CLASS A-4 POOL FACTOR (I-5):
CURRENT CLASS A-4 PRINCIPAL BALANCE 23,496,000.00 1.00000000
ORIGINAL CLASS A-4 PRINCIPAL BALANCE 23,496,000.00
CLASS A-5 POOL FACTOR (I-5):
CURRENT CLASS A-5 PRINCIPAL BALANCE 17,989,000.00 1.00000000
ORIGINAL CLASS A-5 PRINCIPAL BALANCE 17,989,000.00
CLASS M-1 POOL FACTOR (I-5):
CURRENT CLASS M-1 PRINCIPAL BALANCE 22,500,000.00 1.00000000
ORIGINAL CLASS M-1 PRINCIPAL BALANCE 22,500,000.00
CLASS M-2 POOL FACTOR (I-5):
CURRENT CLASS M-2 PRINCIPAL BALANCE 19,000,000.00 1.00000000
ORIGINAL CLASS M-2 PRINCIPAL BALANCE 19,000,000.00
CLASS B POOL FACTOR (I-5):
CURRENT CLASS B-1 PRINCIPAL BALANCE 13,500,000.00 1.00000000
ORIGINAL CLASS B-2 PRINCIPAL BALANCE 13,500,000.00
POOL FACTOR:
CURRENT POOL PRINCIPAL BALANCE 186,280,822.09 0.93140411
ORIGINAL POOL PRINCIPAL BALANCE 200,000,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 13.897%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 15.447%
(C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2, CLASS A-3,
CLASS A-4, CLASS A-5, CLASS M-1, CLASS M-2 AND CLASS B
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 6.861%
--------------------------------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 02/28/98 06/30/98 07/31/98
--------------------------------------------------------
13.900% 13.896% 13.897%
23. (A) SENIOR PERCENTAGE 100.00%
(B) CLASS B PERCENTAGE 0.00%
24. (A) SPREAD AMOUNT 5,026,846.07
(B) SPECIFIED SUBORDINATED AMOUNT 10,800,000.00
25. (A) CLASS A APPLIED REALIZED LOSS AMOUNT 0.00
CLASS M APPLIED REALIZED LOSS AMOUNT 0.00
CLASS B APPLIED REALIZED LOSS AMOUNT 0.00
(B) UNPAID CLASS A REALIZED LOSS AMOUNT 0.00
UNPAID CLASS M REALIZED LOSS AMOUNT 0.00
UNPAID CLASS B REALIZED LOSS AMOUNT 0.00
26. ACCELERATED PRINCIPAL AMOUNT FOR THE CURRENT REMITTANCE DATE 1,078,659.17
27. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 918.82
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT TO 6.06(b)(i) 695.13
28. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE MONTH 0.00
29. THE RESERVE AMOUNT FOR THE DUE PERIOD 20,000,000.00
30. CLAIMS FILED DURING THE DUE PERIOD 0.00
31. CLAIMS PAID DURING THE PERIOD 0.00
32. CLAIMS DENIED BY FHA DURING THE PERIOD 0.00
33. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
34. OTHER INFORMATION N/A
</TABLE>
<PAGE>
EXHIBIT L
REMIC DELINQUENCIES AS OF -JULY 31, 1998
<TABLE>
<CAPTION>
RESIDENTIAL OUTSTANDING #
TRUST DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1998-I $191,307,668.16 9,992 1 TO 29 DAYS 14,607,828.98 970 7.64%
30 TO 59 DAYS 1,512,599.16 146 0.79%
60 TO 89 DAYS 1,004,103.06 83 0.52%
90 AND OVER 1,463,546.99 127 0.77%
FORECLOSURE 91,402.66 2 0.05%
REO PROPERTY 0.00 0 0.00%
TOTALS $18,679,480.85 1,328 9.76%
================================================
</TABLE>
<PAGE>
RESIDENTIAL TRUST 1998-I
The following additional information, presented in dollars, pursuant to Section
6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxii) is provided for
each Class per $1,000 original dollar amount as of the Cut-Off Date.
<TABLE>
<CAPTION>
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
- ----------------------- -------------------- ---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C>
(ii) 810.17 1,000.00 1,000.00 1,000.00 1,000.00
(vi) 29.83 0.00 0.00 0.00 0.00
(vii) 3.73 0.00 0.00 0.00 0.00
(viii) 8.48 0.00 0.00 0.00 0.00
(xiii) (a) 4.32 5.17 5.18 5.43 5.98
(b) 61.93 0.00 0.00 0.00 0.00
(c) 0.00 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00 0.00
(xv) 748.24 1,000.00 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00 0.00 0.00
<CAPTION>
SUBCLAUSE CLASS M-1 CLASS M-2 CLASS B
- ----------------------- -------------------- ---------------- ----------------
<S> <C> <C> <C>
(ii) 1,000.00 1,000.00 1,000.00
(vi) 0.00 0.00 0.00
(vii) 0.00 0.00 0.00
(viii) 0.00 0.00 0.00
(xiii) (a) 6.06 6.25 7.00
(b) 0.00 0.00 0.00
(c) 0.00 0.00 0.00
(d) 0.00 0.00 0.00
(xv) 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00
</TABLE>
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