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Previous: AMRESCO RESIDENTIAL SECURITIES CORP MORTGAGE LOAN TR 1998-1, 8-K, 1998-04-14 |
Next: WORLDS INC, 10KSB40, 1998-04-15 |
UNITED STATES
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): March 25, 1998
Centex Home Equity Corporation
Home Equity Loan Asset-Backed Certs., Series 1998-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-39325 52-2088119
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2173
Former name or former address, if changed since last report)
ITEM 5. Other Events
On March 25, 1998 a distribution was made to holders of Centex Home Equity
Corporation, Home Equity Loan Asset-Backed Certs., Series 1998-1
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home
Equity Loan Asset-Backed Certs., Series 1998-1
Trust, relating to the March 25, 1998
distribution.
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.
Centex Home Equity Corporation
Home Equity Loan Asset-Backed Certs., Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 4/8/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1998-1 Trust, relating to the
March 25, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 2/27/98
Distribution Date: 3/25/98
CHEC Series: 1998-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (410) 884-2173
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 152314AA8 SEQ 6.41000% 44,500,000.00 237,704.17 528,474.74
A-2 152314AB6 SEQ 6.40000% 46,000,000.00 245,333.33 0.00
A-3 152314AC4 SEQ 6.92000% 13,000,000.00 74,966.67 0.00
A-4 152314AD2 SEQ 6.40000% 11,500,000.00 61,333.33 0.00
A-5 152314AE0 SEQ 5.85500% 60,000,000.00 263,474.98 329,225.31
OC CTX9801OC SUB 0.00000% 0.00 0.00 0.00
R CTX98001R R 0.00000% 0.00 0.02 0.00
Totals 175,000,000.00 882,812.50 857,700.05
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 $0.00 $43,971,525.26 $766,178.91 $0.00
A-2 $0.00 $46,000,000.00 $245,333.33 $0.00
A-3 $0.00 $13,000,000.00 $74,966.67 $0.00
A-4 $0.00 $11,500,000.00 $61,333.33 $0.00
A-5 $0.00 $59,670,774.69 $592,700.29 $0.00
OC $0.00 $0.00 $0.00 $0.00
R $0.00 $0.00 $0.02 $0.00
Totals $0.00 $174,142,299.95 $1,740,512.55 $0.00
<FN>
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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 44,500,000.00 44,500,000.00 528,474.74 0.00 0.00 0.00
A-2 46,000,000.00 46,000,000.00 0.00 0.00 0.00 0.00
A-3 13,000,000.00 13,000,000.00 0.00 0.00 0.00 0.00
A-4 11,500,000.00 11,500,000.00 0.00 0.00 0.00 0.00
A-5 60,000,000.00 60,000,000.00 329,225.31 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals $175,000,000.00 $175,000,000.00 $857,700.05 $0.00 $0.00 $0.00
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 $528,474.74 $43,971,525.26 0.98812416 $528,474.74
A-2 $0.00 $46,000,000.00 1.00000000 $0.00
A-3 $0.00 $13,000,000.00 1.00000000 $0.00
A-4 $0.00 $11,500,000.00 1.00000000 $0.00
A-5 $329,225.31 $59,670,774.69 0.99451291 $329,225.31
OC $0.00 $0.00 1.00000000 $0.00
R $0.00 $0.00 1.00000000 $0.00
Totals $857,700.05 $174,142,299.95 0.99509886 $857,700.05
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 44,500,000.00 1000.00000000 11.87583685 0.00000000 0.00000000
A-2 46,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 13,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 11,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 60,000,000.00 1000.00000000 5.48708850 0.00000000 0.00000000
OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 11.87583685 988.12416315 0.98812416 11.87583685
A-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-5 0.00000000 5.48708850 994.51291150 0.99451291 5.48708850
OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 44,500,000.00 6.41000% 44,500,000.00 237,704.17 0.00 0.00
A-2 46,000,000.00 6.40000% 46,000,000.00 245,333.33 0.00 0.00
A-3 13,000,000.00 6.92000% 13,000,000.00 74,966.67 0.00 0.00
A-4 11,500,000.00 6.40000% 11,500,000.00 61,333.33 0.00 0.00
A-5 60,000,000.00 5.85500% 60,000,000.00 263,475.00 0.00 0.00
OC 0.00 0.00000% 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 175,000,000.00 882,812.50 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 237,704.17 0.00 43,971,525.26
A-2 0.00 0.00 245,333.33 0.00 46,000,000.00
A-3 0.00 0.00 74,966.67 0.00 13,000,000.00
A-4 0.00 0.00 61,333.33 0.00 11,500,000.00
A-5 0.02 0.00 263,474.98 0.00 59,670,774.69
OC 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.02 0.00 0.00
Totals 0.02 0.00 882,812.50 0.00
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 44,500,000.00 6.41000% 1000.00000000 5.34166674 0.00000000 0.00000000
A-2 46,000,000.00 6.40000% 1000.00000000 5.33333326 0.00000000 0.00000000
A-3 13,000,000.00 6.92000% 1000.00000000 5.76666692 0.00000000 0.00000000
A-4 11,500,000.00 6.40000% 1000.00000000 5.33333304 0.00000000 0.00000000
A-5 60,000,000.00 5.85500% 1000.00000000 4.39125000 0.00000000 0.00000000
OC 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.34166674 0.00000000 988.12416315
A-2 0.00000000 0.00000000 5.33333326 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.76666692 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.33333304 0.00000000 1000.00000000
A-5 0.00000033 0.00000000 4.39124967 0.00000000 994.51291150
OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 20000.00000000 0.00000000 0.00000000
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,831,365.18
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 1,831,365.18
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 90,852.63
Payment of Interest and Principal 1,740,512.55
Total Withdrawals (Pool Distribution Amount) 1,831,365.18
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 65,560.97
Trustee Fee 1,458.33
Spread 1 Fee 15,333.33
Spread 2 Fee 8,500.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 90,852.63
</TABLE>
<TABLE>
<CAPTION>
GROUP 1 MORTGAGE LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
Bankruptcy 0 0.00 0.00% 0.00%
30 Days 14 748,906.00 0.76% 0.75%
60 Days 0 0.00 0.00% 0.00%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 14 748,906.00 0.76% 0.75%
</TABLE>
<TABLE>
<CAPTION>
GROUP 2 MORTGAGE LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
Bankruptcy 0 0.00 0.00% 0.00%
30 Days 2 78,075.00 0.33% 0.14%
60 Days 0 0.00 0.00% 0.00%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 2 78,075.00 0.33% 0.14%
</TABLE>
<TABLE>
<CAPTION>
Group 1 Group 2
Collateral Description FIXED ARM
<S> <C> <C>
Weighted Average Gross Coupon 11.199283% 10.889652%
Weighted Average Net Coupon 10.504585% 10.199960%
Beginning Scheduled Collateral Loan Count 1839 614
Number of Loan Payoffs 4 1
Ending Scheduled Collateral Loan Count 1835 613
Ending Actual Collateral Balance at: 28-Feb-98 100,148,486.19 56,820,255.05
Monthly P&I Constant 1,042,021.43 315,648.46
Group Specified Subordinated Amount 2,932,500.00 3,630,000.00
Beg. Group Subordinated Amount 0.00 0.00
End. Group Subordinated Amount 259,650.38 220,465.61
Group Subordination Increase Amount 259,650.38 220,465.61
Group Subordination Reduction Amount 0.00 0.00
Largest Home Equity Loan Balance Outstanding 220,379.30 419,776.54
Subsequent Loans Added 0.00 0.00
Substitution Amounts 0.00 0.00
Prefunded Principal Amount Remaining 14,588,085.77 3,065,588.93
Insured Payment 0.00 0.00
</TABLE>
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