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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR L5(D) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
Commission file number 333-32775
THE MONEY STORE INC. (AS REPRESENTATIVE UNDER AN INDENTURE, DATED AS OF
FEBRUARY 28, 1998 PROVIDING FOR THE ISSUANCE OF THE MONEY STORE RESIDENTIAL
TRUST SERIES 1998-I).
TMS MORTGAGE INC
THE MONEY STORE/D.C. INC.
THE MONEY STORE/KENTUCKY INC.
THE MONEY STORE HOME EQUITY CORP.
THE MONEY STORE/MINNESOTA INC.
(Exact name of registrant as specified in its charter)
* *
(State or other jurisdiction (Trust I.R.S. Employer
of incorporation or organization) Identification No.)
707 THIRD STREET, WEST SACRAMENTO, CALIFORNIA 95605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (917) 617-1000
Securities registered pursuant to section 12(b) of the Act:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
NONE NONE
Securities registered pursuant to section 12(g) of the Act:
NONE
(Title of class)
* Schedule A attached hereto.
<PAGE>
Schedule A
State of IRS Employer
Registrant Incorporation Id Number
TMS Mortgage Inc. New Jersey 22-3217781
The Money Store/D.C. Inc. D.C. 22-2133027
The Money Store/Kentucky Inc. Kentucky 22-2459832
The Money Store Home Equity Corp. Kentucky 22-2522232
The Money Store/Minnesota Inc. Minnesota 22-3003495
<PAGE>
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
|X| Yes |_| No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (ss. 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.
Not Applicable.
State the aggregate market value of the Voting Stock held by non-affiliates of
the registrant.
Not Applicable
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of December 31, 1996.
Not Applicable
PART I
ITEM 1. BUSINESS
Omitted.
ITEM 2. PROPERTIES
Reference is made to the Annual Compliance Certificate attached hereto as
Exhibit 20.
Reference is made to the Annual Statement attached hereto as Exhibit 13.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
There is no established trading market for Registrant's securities subject
to this filing.
Number of holders of record of the Notes as of March 10, 1999: 81
ITEM 6. SELECTED FINANCIAL DATA
Omitted.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Omitted.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Reference is made to the Annual Compliance Certificate attached as Exhibit
20.
Reference is made to the annual Independent Accountant's Report on the
Servicer's compliance with loan servicing standards as prepared by KPMG
Peat Marwick, the Servicer's and Registrant's Independent Certified Public
Accountants, accompanied by the Registrant's Management
Assertion, and attached as Exhibit 99 hereto.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Omitted.
ITEM 11. EXECUTIVE COMPENSATION
Omitted.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following information is furnished as of March 10, 1999 as to each
Noteholder of record of more than 5% of the Certificates:
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store DB Clearing Services 3,000,000 5.5
Residential Trust, (Deutsche Morgan Grenfell)
Series 1998-I, 175 Water Street
Class A-1 Note New York, NY 10038
Donaldson, Lufkin and 3,000,000 5.5
Jenrette Securities Corporation
Securities Corporation
1 Pershing Plaza
Jersey City, NJ 07399
FUNB-Phila. Main 9,000,000 16.5
530 Walnut Street, FC1-9-81-48
Philadelphia, PA 19101
The Northern Trust Company 6,000,000 11.0
801 S. Canal C-IN
Chicago, IL 60607
PNC Bank, National Association 3,893,000 7.1
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
State Street Bank and 23,200,000 42.6
Trust Company
Global Corp. Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
<PAGE>
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store The Bank of New York 985,000 4.99
Residential Trust, 925 Patterson Plank Rd.
Series 1998-I, Secaucus, NJ 07094
Class A-2 Note
Bankers Trust Company 4,390,000 22.2
c/o BT Services
Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Firstar Trust Company 2,250,000 11.4
777 E. Wisconsin Avenue
Milwaukee, WI 53202
The Northern Trust Company 7,150,000 36.2
801 S. Canal C-IN
Chicago, IL 60607
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store Bankers Trust Company 9,692,000 33.1
Residential Trust, c/o BT Services Tennessee Inc.
Series 1998-I, 648 Grassmere Park Drive
Class A-3 Note Nashville, TN 37211
Boston Safe Deposit and 1,725,000 5.9
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center,
Room 153-3015
Pittsburgh, PA 15259
Commerce Bank of Kansas 2,750,000 9.4
City, N.A.
Investment Management Group
922 Walnut
Kansas City, MO 64106
The Northern Trust Company 4,250,000 14.5
801 S. Canal C-IN
Chicago, IL 60607
State Street Bank and 4,690,000 16.0
Trust Company
Global Corp. Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store The Bank of New York 3,600,000 15.3
Residential Trust, 925 Patterson Plank Rd.
Series 1998-I, Secaucus, NJ 07094
Class A-4 Note
Bankers Trust Company 2,200,000 9.4
c/o BT Services
Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Investors Bank & Trust/ 2,000,000 8.5
M.F. Custody
200 Clarendon Street
15th Floor-Hancock Tower
Boston, MA 02116
PNC Bank, National 9,000,000 38.3
Association
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
State Street Bank and 4,000,000 17.0
Trust Company
Global Corp. Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
TOYO Trust Company of New York 1,496,000 6.4
280 Park Avenue
39th Floor West Building
New York, NY 10017
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
he Money Store
Residential
Trust,
Series 1998-I,
Class A-5 Note
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store Citibank, N.A. 22,500,000 100%
Residential Trust, P.O. Box 30576
Series 1998-I, Tampa, FL 33630-3576
Class M-1 Note
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store Citibank, N.A. 10,000,000 52.6
Residential Trust, P.O. Box 30576
Series 1998-I, Tampa, FL 33630-3576
Class M-2 Note
Mercantile-Safe Deposit 3,750,000 19.7
& Trust Company
766 Old Hammonds Ferry Road
Proxy Unit #230-20
Linthicum, MD 21090
Morgan, Keegan & Company, Inc. 2,500,000 13.2
50 North Front Street
Memphis, TN 38103
Amount of
Name and Address of Security of
Title of Class Beneficial Owner Beneficial % of
Owner Class
The Money Store The Bank of New York 1,500,000 11.1
Residential Trust, 925 Patterson Plank Rd.
Series 1998-I, Secaucus, NJ 07094
Class B-1 Note
Bankers Trust Company 12,000,000 88.9
c/o BT Services
Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) None
(b)-(d) Omitted.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, AND REPORTS ON FORM 8-K
(a)
1. Not applicable.
2. Not applicable
3. Exhibits
13. Annual Statement
20. Annual Compliance Certificate
99.Annual Independent Accountant's Report on the Servicer's
compliance with loan servicing standards as prepared by KPMG Peat
Marwick, the Servicer's and Registrant's Independent Certified
Public Accountants, accompanied by the Registrant's
Management Assertion.
(b)-(d) Omitted.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 as representative on behalf
of the trust on the 31st day of March, 1999.
TMS MORTGAGE INC.
THE MONEY STORE/D.C. INC.
THE MONEY STORE/KENTUCKY INC.
THE MONEY STORE HOME EQUITY CORP.
THE MONEY STORE/MINNESOTA INC.
By: /s/ JAMES RANSOM
------------------------------
James Ransom
Chief Accounting Officer
<PAGE>
EXHIBIT INDEX
DESCRIPTION PAGE NUMBER
Annual Statement 12
Annual Compliance Certificate 19
Annual Independent Accountant's Report 21
EXHIBIT 13
SERVICER'S CERTIFICATE
In accordance with Section 6.10 of the Pooling and Servicing Agreement dated as
of March 31, 1998, The Money Store, Inc. reports the following information
pertaining to Series Resid 98-I, for the calendar year 1998
Per Section 6.10
(IX) Amount of Interest Received 20,719,524.59
(XIII) Class "A-1" Remittance Amount
(A) Current Interest Requirement 2,252,797.86
(B) Principal Distribution Amount 29,311,520.16
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS "A-1" REMITTANCE AMOUNT 31,564,318.02
Class "A-2" Remittance Amount:
(A) Current Interest Requirement 1,020,158.30
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS "A-2" REMITTANCE AMOUNT 1,020,158.30
Class "A-3" Remittance Amount:
(A) Current Interest Requirement 1,516,304.60
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS "A-3" REMITTANCE AMOUNT 1,516,304.60
Class "A-4" Remittance Amount:
(A) Current Interest Requirement 1,275,637.00
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS "A-4" REMITTANCE AMOUNT 1,275,637.00
Class "A-5" Remittance Amount:
(A) Current Interest Requirement 1,074,842.80
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS "A-5" REMITTANCE AMOUNT 1,074,842.80
Class A Remittance Amount:
(A) Current Interest Requirement 7,139,740.56
(B) Principal Distribution Amount 29,311,520.16
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS A REMITTANCE AMOUNT 36,451,260.72
Class M-1 Remittance Amount:
(A) Current Interest Requirement 1,362,945.00
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 1,362,945.00
Class M-2 Remittance Amount:
(A) Current Interest Requirement 1,186,708.30
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 1,186,708.30
Class M Remittance Amount:
(A) Current Interest Requirement 2,549,833.30
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS M REMITTANCE AMOUNT 2,549,833.30
Class B-1 Remittance Amount:
(A) Current Interest Requirement 945,000.00
(B) Principal Distribution Amount 0.00
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL CLASS B-1 REMITTANCE AMOUNT 945,000.00
Aggregated Remittance Amount:
(A) Current Interest Requirement 10,634,573.88
(B) Principal Distribution Amount 29,311,520.16
(C) Carry Forward Amount 0.00
(D) Monthly Advance for Bankruptcy 0.00
TOTAL REMITTANCE AMOUNT 39,946,094.04
(XIX) (A) Servicing Fee for the Related Due Period 372,348.38
(B) Contingency fee for the related
due period 372,348.38
(C) Amount to be deposited to the expense
account - TRUSTEE 85,200.49
(D) FHA Premium Account 23,833.37
<TABLE>
<CAPTION>
Per Section 6.10 Resid98I JANUARY FEBRUARY MARCH APRIL MAY JUNE
<S> <C> <C> <C> <C> <C> <C>
(IX) Amount of Interest Received 0.00 0.00 1,468,521.79 2,043,072.14 2,241,719.01 2,172,600.70
(XIII) Class "A-1" Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 290,856.39 281,680.73 265,870.30 249,946.81
(B) Principal Distribution Amount 0.00 0.00 1,719,092.10 2,962,141.66 2,983,323.49 2,680,029.59
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-1" REMITTANCE AMOUNT 0.00 0.00 2,009,948.49 3,243,822.39 3,249,193.79 2,929,976.40
Class "A-2" Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 102,015.83 102,015.83 102,015.83 102,015.83
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-2" REMITTANCE AMOUNT 0.00 0.00 102,015.83 102,015.83 102,015.10 2,015.83
Class "A-3" Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 151,630.46 151,630.46 151,630.46 151,630.46
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-3" REMITTANCE AMOUNT 0.00 0.00 151,630.46 151,630.46 151,630.46 151,630.46
Class "A-4" Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 127,563.70 127,563.70 127,563.70 127,563.70
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-4" REMITTANCE AMOUNT 0.00 0.00 127,563.70 127,563.70 127,563.70 127,563.70
Class "A-5" Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 107,484.28 107,484.28 107,484.28 107,484.28
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-5" REMITTANCE AMOUNT 0.00 0.00 107,484.28 107,484.28 107,484.28 107,484.28
Class A Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 779,550.66 770,375.00 754,564.57 738,641.08
(B) Principal Distribution Amount 0.00 0.00 1,719,092.10 2,962,141.66 2,983,323.49 2,680,029.59
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS A REMITTANCE AMOUNT 0.00 0.00 2,498,642.76 3,732,516.66 3,737,888.06 3,418,670.67
Class M-1 Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 136,312.50 136,312.50 136,132.50 136,312.50
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 0.00 0.00 136,312.50 136,312.50 136,132.50 136,312.50
Class M-2 Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 118,670.83 118,670.83 118,670.83 118,670.83
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 0.00 0.00 118,670.83 118,670.83 118,670.83 118,670.83
Class M Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 254,983.33 254,983.33 254,983.33 254,983.33
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS M REMITTANCE AMOUNT 0.00 0.00 254,983.33 254,983.33 254,983.33 254,983.33
Class B-1 Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 94,500.00 94,500.00 94,500.00 94,500.00
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS B-1 REMITTANCE AMOUNT 0.00 0.00 94,500.00 94,500.00 94,500.00 94,500.00
Aggregated Remittance Amount:
(A) Current Interest Requirement 0.00 0.00 1,129,033.99 1,119,858.34 1,104,047.90 1,088,124.41
(B) Principal Distribution Amount 0.00 0.00 1,719,092.10 2,962,141.66 2,983,323.49 2,680,029.59
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL REMITTANCE AMOUNT 0.00 0.00 2,848,126.09 4,082,000.00 4,087,371.39 3,768,154.00
(XIX) (A) Servicing Fee for the
Related Due Period 0.00 0.00 26,276.16 36,655.66 40,318.47 39,022.33
(B) Contingency fee for the
related due period 0.00 0.00 26,276.16 36,655.66 40,318.47 39,022.33
(C) Amount to be deposited to
the expense account - TRUSTEE 0.00 0.00 9,100.55 9,914.05 9,765.94 9,616.77
(D) FHA Premium Account 0.00 0.00 1,654.23 953.57 862.75 82.10
</TABLE>
<TABLE>
<CAPTION>
Per Section 6.10 Resid98I JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
<S> <C> <C> <C> <C> <C> <C>
(IX) Amount of Interest Received 2,241,653.36 2,166,547.86 2,081,953.27 2,232,025.92 2,004,161.44 2,067,269.10
(XIII) Class "A-1" Remittance Amount 235,642.16 217,630.28 202,022.58 186,335.28 168,653.07 154,160.26
(A) Current Interest Requirement 3,374,591.07 2,924,159.18 2,939,071.70 3,312,826.83 2,715,279.84 3,701,004.70
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-1" REMITTANCE AMOUNT 3,610,233.23 3,141,789.46 3,141,094.28 3,499,162.11 2,883,932.91 3,855,164.96
Class "A-2" Remittance Amount: 102,015.83 102,015.83 102,015.83 102,015.83 102,015.83 102,015.83
(A) Current Interest Requirement 0.00 0.00 0.00 0.00 0.00 0.00
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy
TOTAL CLASS "A-2" REMITTANCE AMOUNT 102,015.83 102,015.83 102,015.83 102,015.83 02,015.83 102,015.83
Class "A-3" Remittance Amount:
(A) Current Interest Requirement 151,630.46 151,630.46 151,630.46 151,630.46 151,630.46 151,630.46
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-3" REMITTANCE AMOUNT 151,630.46 151,630.46 151,630.46 151,630.46 151,630.46 151,630.46
Class "A-4" Remittance Amount:
(A) Current Interest Requirement 127,563.70 127,563.70 127,563.70 127,563.70 127,563.70 127,563.70
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-4" REMITTANCE AMOUNT 127,563.70 127,563.70 127,563.70 127,563.70 127,563.70 127,563.70
Class "A-5" Remittance Amount:
(A) Current Interest Requirement 107,484.28 107,484.28 107,484.28 107,484.28 107,484.28 107,484.28
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS "A-5" REMITTANCE AMOUNT 107,484.28 107,484.28 107,484.28 107,484.28 107,484.28 107,484.28
Class A Remittance Amount:
(A) Current Interest Requirement 724,336.43 706,324.55 690,716.85 675,029.55 657,347.34 642,854.53
(B) Principal Distribution Amount 3,374,591.07 2,924,159.18 2,939,071.70 3,312,826.83 2,715,279.84 3,701,004.70
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS A REMITTANCE AMOUNT 4,098,927.50 3,630,483.73 3,629,788.55 3,987,856.38 3,372,627.18 4,343,859.23
Class M-1 Remittance Amount:
(A) Current Interest Requirement 136,312.50 136,312.50 136,312.50 136,312.50 136,312.50 136,312.50
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 136,312.50 136,312.50 136,312.50 136,312.50 136,312.50 136,312.50
Class M-2 Remittance Amount:
(A) Current Interest Requirement 118,670.83 118,670.83 118,670.83 118,670.83 118,670.83 118,670.83
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 118,670.83 118,670.83 118,670.83 118,670.83 118,670.83 118,670.83
Class M Remittance Amount:
(A) Current Interest Requirement 254,983.33 254,983.33 254,983.33 254,983.33 254,983.33 254,983.33
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS M REMITTANCE AMOUNT 254,983.33 254,983.33 254,983.33 254,983.33 254,983.33 254,983.33
Class B-1 Remittance Amount:
(A) Current Interest Requirement 94,500.00 94,500.00 94,500.00 94,500.00 94,500.00 94,500.00
(B) Principal Distribution Amount 0.00 0.00 0.00 0.00 0.00 0.00
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL CLASS B-1 REMITTANCE AMOUNT 94,500.00 94,500.00 94,500.00 94,500.00 94,500.00 94,500.00
Aggregated Remittance Amount:
(A) Current Interest Requirement 1,073,819.76 1,055,807.88 1,040,200.18 1,024,512.88 1,006,830.67 992,337.87
(B) Principal Distribution Amount 3,374,591.07 2,924,159.18 2,939,071.70 3,312,826.83 2,715,279.84 3,701,004.70
(C) Carry Forward Amount 0.00 0.00 0.00 0.00 0.00 0.00
(D) Monthly Advance for Bankruptcy 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL REMITTANCE AMOUNT 4,448,410.83 3,979,967.06 3,979,271.88 4,337,339.71 3,722,110.51 4,693,342.57
(XIX) (A) Servicing Fee for the
Related Due Period 40,294.85 38,964.11 37,418.81 40,122.63 36,046.97 37,228.39
(B) Contingency fee for the
related due period 40,294.85 38,964.11 37,418.81 40,122.63 36,046.97 37,228.39
(C) Amount to be deposited to
the expense account - TRUSTEE 9,482.77 9,314.04 9,167.83 6,389.79 6,272.46 6,176.29
(D) FHA Premium Account 918.82 816.79 4,596.29 4,413.52 4,369.42 4,365.88
</TABLE>
By: /s/ JAMES RANSOM
------------------------------
James Ransom
Chief Accounting Officer
EXHIBIT 20
OFFICER'S CERTIFICATE
I, James Ransom, Chief Accounting Officer of The Money Store Inc., a New
Jersey Corporation (The "Company") do hereby certify that:
1. The Company (as Servicer under the following Pooling and Servicing
Agreements);
A. TMS Home Equity Loan Asset Backed Certificates, Series
1994-D, under the Pooling and Servicing Agreement dated as
of November 30, 1994
B. TMS Home Equity Loan Asset Backed Certificates, Series
1995-A, under the Pooling and Servicing Agreement dated as
of February 28, 1995
C. TMS Home Equity Loan Asset Backed Certificates, Series
1995-B, under the Pooling and Servicing Agreement dated as
of August 31, 1995
D. TMS Home Equity Loan Asset Backed Certificates, Series
1995-C, under the Pooling and Servicing Agreement dated as
of November 30, 1995
E. TMS Home Equity Loan Asset Backed Certificates, Series
1996-A, under the Pooling and Servicing Agreement dated as
of February 29, 1996
F. TMS Home Equity Loan Asset Backed Certificates, Series
1996-B, under the Pooling and Servicing Agreement dated as
of May 31, 1996
G. TMS Home Equity Loan Asset Backed Certificates, Series
1996-C, under the Pooling and Servicing Agreement dated as
of August 31, 1996
H. TMS Home Equity Loan Asset Backed Certificates, Series
1996-D, under the Pooling and Servicing Agreement dated as
of November 30, 1996
I. TMS Home Equity Loan Asset Backed Certificates, Series
1997-A, under the Pooling and Servicing Agreement dated as
of February 28, 1997
J. TMS Home Equity Loan Asset Backed Certificates, Series
1997-B, under the Pooling and Servicing Agreement dated as
of May 31, 1997
K. TMS Home Equity Loan Asset Backed Certificates, Series
1997-C, under the Pooling and Servicing Agreement dated as
of August 31, 1997
L. TMS Home Equity Loan Asset Backed Certificates, Series
1997-D, under the Pooling and Servicing Agreement dated as
of November 30, 1997
M. TMS Home Equity Loan Asset Backed Certificates, Series Resid
1997-I, under the Pooling and Servicing Agreement dated as
of August 31, 1997
N. TMS Home Equity Loan Asset Backed Certificates, Series Resid
1997-II, under the Pooling and Servicing Agreement dated as
of November 30, 1997
O. The Money Store Residential Trust, Series 1998-I, under the
Sale and Servicing Agreement dated as of February 28, 1998
has fulfilled all of its obligations pursuant to the above referenced agreement,
as described in Section 7.04 (Annual Statements as to Compliance) for the period
of January 1, 1998 through December 31, 1998, and for those transactions which
closed in 1998, from their closing dates through December 31, 1998.
The Company has provided this Officer's Certificate to those parties listed
in Section 7.04 of the respective Pooling and Servicing Agreements.
IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
March 1, 1999.
/s/ JAMES RANSOM
------------------------------
James Ransom
Chief Accounting Officer
EXHIBIT 99
INDEPENDENT ACCOUNTANTS' REPORT
The Board of Directors
The Money Store Inc.:
We have examined management's assertion about The Money Store Inc.'s (a
wholly-owned subsidiary of First Union National Bank) compliance with the
minimum servicing standards relating to its servicing of mortgage loans set
forth in the Mortgage Bankers Association of America's UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKERS (USAP) as of and for the year ended
December 31, 1998 included in the accompanying management assertion. Management
is responsible for The Money Store Inc.'s compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about The Money Store Inc.'s compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about The Money Store Inc.'s compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on The Money Store Inc.'s compliance with the minimum
servicing standards.
In our opinion, management's assertion that, except for noncompliance by The
Money Store Inc. relating to custodial bank account reconciliations and the
titling of custodial bank accounts, The Money Store Inc. complied in all
material respects with the aforementioned minimum servicing standards relating
to its servicing of mortgage loans as of and for the year ended December 31,
1998 is fairly stated, in all material respects.
March 12, 1999
<PAGE>
MANAGEMENT'S ASSERTION
As of and for the year ended December 31, 1998, The Money Store Inc. ("the
Company") has complied in all material respects with the minimum servicing
standards relating to its servicing of mortgage loans set forth in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP).
In 1998, the Company was not in compliance with USAP standard I.1. During 1998,
management of the Company implemented processes and staffing changes to ensure
that custodial accounts met the requirements of USAP standard I.1.. Based on the
method that the Company uses to calculate investor remittances, it is
management's belief that this instance of custodial bank account noncompliance
did not materially affect the accuracy of any amounts remitted to trustees or
investors.
In 1998, the Company was not in compliance with USAP standard I.3., which
requires each custodial account be maintained at a federally insured depository
institution in trust for the applicable investor. While all custodial accounts
are maintained in a federally insured depository institution, some accounts are
lacking the appropriate "in trust for" designations. Management is in the
process of correcting the titling of these accounts.
As of and for the year ended December 31, 1998, the Company had in effect a
fidelity bond policy in the amount of $16 million. The Company had in effect an
errors and omissions policy in the amount of $3 million for the period from
January 1, 1998 to June 30, 1998 and an errors and omissions policy in the
amount of $20 million for the period from July 1, 1998 to December 31, 1998.
/s/ ARTHUR Q. LYON
__________________________________ MARCH 12, 1999
Arthur Q. Lyon, CFO --------------
The Money Store Inc. Date
/s/ RUSSELL B. PLEASANTS
__________________________________ MARCH 12, 1999
Russell B. Pleasants --------------
SVP-Mortgage Loan Servicing Date
The Money Store Inc.
